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1994-06-21 Minutes
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1994-06-21 Minutes
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the giving of such notice, such portion shall cease to be entitled <br />• to any. lien, benefit or security under this Indenture. The <br />liability of the Authority in respect of such Bonds or such portion <br />thereof shall continue but the owners thereof shall thereafter be <br />entitled to payment (to the exclusion of all other Bondholders) <br />only out of the moneys or Government Obligations deposited with the <br />Trustee as aforesaid and the lien of this Indenture to the extent <br />that it secures the interests of the Credit Facility Issuer shall <br />continue until all amounts due and owing or to be due and owing at <br />any time to the Credit Facility Issuer under the Credit Facility <br />Agreement have been paid in full to the satisfaction of the Credit <br />Facility Issuer and the Credit Facility shall have been returned <br />to the Credit Facility Issuer for cancellation. The provisions of <br />subparagraphs (b) and (d) of this paragraph shall only apply if <br />(x) such Bond matures or is called for redemption prior to the next <br />date upon which such Bond is subject to purchase pursuant to <br />Sections 501, 502, 504, 505 and 506 hereof, and (y) the Authority <br />waives, to the satisfaction of the Trustee, its right to convert <br />the method for determining the interest rate borne by such Bond <br />pursuant to Sections 601, 602 and 603 hereof. <br />Section 1204. When Refunding is Not Permitted. None of <br />the Bonds outstanding hereunder may be refunded as aforesaid nor <br />may this Indenture be discharged if under any circumstances such <br />refunding or discharge would result in the loss of <br />exclusion from Gross Income under Section 103 of the Code to which <br />the interest on such Bonds would otherwise be entitled. As a <br />• condition precedent to the advance refunding of any Bonds <br />outstanding hereunder, the Trustee shall obtain an Opinion of Bond <br />Counsel to the effect that such advance refunding will not result <br />in the loss of any exclusion from Gross Income under <br />Section 103 of the Code to which the interest on such Bonds would <br />otherwise be entitled, notwithstanding the satisfaction and <br />discharge of this Indenture. <br />ARTICLE XIII <br />REFERENCES TO CREDIT FACILITY ISSUER; MANNER OF EVIDENCING <br />OWNERSHIP OF BONDS <br />Section 1301. References to Credit Facility Issuer. At <br />any time when there is no Credit Facility in effect, references to <br />the Credit Facility Issuer shall be ineffective, except with <br />respect to amounts payable to the Credit Facility Issuer which have <br />not been paid and except that such references shall remain in full <br />force and effect with respect to Bonds bearing interest at a Weekly <br />Rate or an Adjustable Long Rate notwithstanding that some Bonds may <br />concurrently bear interest at a Fixed Rate and not be entitled to <br />the benefits provided by the Credit Facility; provided that, if an <br />Alternate Credit Facility has been delivered in accordance <br />herewith, references to the Credit Facility Issuer herein shall, <br />• 105 <br />
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