1994-06-21 Minutes - Laserfiche WebLink

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