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1994-06-21 Minutes
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1994-06-21 Minutes
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delivery, transfer or exchange of Bonds, receipt of notices <br />• pursuant to Section 501, purchase of tendered Bonds and payment of <br />Bonds by the Tender Agent pursuant to this Section shall be deemed <br />to be the authentication, delivery, transfer or exchange of Bonds, <br />receipt of such notices, purchase of tendered Bonds and payment of <br />Bonds by the Trustee. Such Tender Agent shall at all times be a <br />commercial bank with trust .powers or trust company organized under <br />the laws of the United States of America or one of the States <br />thereof, and shall at all times be an institution organized and <br />doing business under the laws of the United States or of any state <br />authorized under such laws to exercise corporate trust powers, <br />subject to supervision or examination by federal or state <br />authorities (a) with a combined capital and surplus of at least <br />$50,000,000 or (b) affiliated with and indemnified by the Trustee. <br />If such institution publishes reports of condition at least <br />annually pursuant to law or the requirements of such authorities, <br />then for the purposes of this Section the combined capital and <br />surplus of such institution shall be deemed to be its combined <br />capital and surplus as set forth in its most recent report of <br />condition so published. The appointment of a Tender Agent under <br />this Section shall be effective upon acceptance by the Tender Agent <br />and shall continue until the Trustee making such appointment shall <br />rescind such appointment or until the effective date of the <br />resignation or removal of such Trustee pursuant to Section 1010 <br />or 1011 hereof. The Tender Agent may act through an agent <br />constituting a commercial bank with trust powers or trust company. <br />• If at any time on or prior to the final Conversion Date applicable <br />to all of the Bonds there is no Tender Agent, all references herein <br />to the Tender Agent shall be deemed to refer to the Trustee. The <br />Tender Agent shall be entitled to the same rights and shall be <br />subject to the same obligations hereunder as the Trustee, and shall <br />enjoy the same protective provisions in the performance of its <br />duties hereunder as are specified in Section 1001 hereof with <br />respect to the Trustee insofar as such provisions may be <br />applicable. <br />I• <br />The Trustee shall make such arrangements with the Tender <br />Agent, in addition to those made as provided herein, as are <br />necessary to be made and to be thereafter continued whereby funds <br />from the sources specified herein will be made available to pay <br />when due the principal and redemption price of, and interest on, <br />Bonds bearing interest at a Weekly Rate or an Adjustable Long Rate . <br />Section 1018. Remarketing Agent. The Authority shall <br />appoint a Remarketing Agent for the Bonds, and initially appoints <br />First Chicago Capital Markets, Inc. as Remarketing Agent. The <br />appointment of a different Remarketing Agent may be approved by the <br />Authority and approved by the Credit Facility Issuer, which <br />approvals. shall not be unreasonably withheld. The Remarketing <br />Agent shall designate its Principal Office to the Trustee, the <br />Authority, the Tender Agent and the Credit Facility Issuer and <br />signify its acceptance of the duties and obligations imposed upon <br />96 <br />
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