Series 53: 4.2.4.4. When, As And If Issued Basis

4.2.4.4. When, As and If Issued Basis

The underwriter will not actually own the bonds until the issuer has delivered them, and the issuer cannot deliver them until the bonds have been duly registered and printed. As a result, all orders will be contingent on the actual delivery of the bonds, and sales will be made on a when, as and if issued (or when-issued) basis.

No money changes hands during the when-issued period until delivery, which may not happen for as long as 30 calendar days following the date the issue was offer