1994-06-21 Minutes - Laserfiche WebLink

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is obliged to postpone the Termination- Date. The Initial Credit Facility provides that the Trustee shall surrender. • the Initial Credit Facility to the Initial Credit Facility Issuer on the expiration date of the Initial Credit Facility. The Initial Credit Facility is transferable to any successor Trustee. The Initial Credit Facility does not provide for payment of any premium upon redemption of the Bonds or purchase in lieu thereof. Reimbursement Agreement The Authority has entered into the Reimbursement Agreement with the Initial Credit Facility Issuer. The Reimbursement Agreement provides for the issuance of the Initial Credit Facility and the reimbursement of the Initial Credit Facility Issuer for draws upon the Initial Credit Facility. The Reimbursement Agreement also sets forth the various other conditions, obligations, representations, covenants, events of default and miscellaneous provisions applicable to the Initial Credit Facility Issuer and the Authority. See "SUMMARY OF CERTAIN LEGAL DOCUMENTS--Reimbursement Agreement" in Appendix C herein. The Reimbursement Agreement is solely for the benefit of the Authority and the Initial Credit Facility Issuer. Neither the Trustee nor any holder of any Bond will have any right, title or interest in or to the Reimbursement Agreement or any payment made by the Authority thereunder or any pledge, security interest or lien therein or thereon. RENEWAL CREDIT FACILITIES; ALTERNATE CREDIT FACII,ITIES The Authority may, subject to the provisions of the Indenture and the Reimbursement Agreement, at any time arrange for the deposit with the Trustee of a Renewal Credit Facility in substitution for the Credit Facility then in effect. Upon the issuance and delivery to the Trustee of a Renewal Credit Facility, the Trustee shall also receive an opinion of counsel for the Credit Facility Issuer issuing the Renewal Credit Facility in substantially the form of • the opinion that counsel for the Initial Credit Facility Issuer delivered to the Trustee upon the issuance of the Initial Credit Facility. The Authority may, subject to the provisions of the Indenture and the Reimbursement Agreement, at any time arrange for the deposit with the Trustee of an Alternate Credit Facility in substitution for the Credit Facility then in effect. The Alternate Credit Facility shall expire no earlier than one year from the date of its deposit with the Trustee and, in the event any of the Bonds bear interest at an Adjustable Long Rate for a Rate Period extending beyond the .Stated Expiration Date of such Alternate Credit Facility, no earlier than the Credit Facility which it replaces. Drafts of such Alternate Credit Facility, the related Credit Facility Agreement and any supplemental Indenture required to be executed in connection with the delivery of the Alternate Credit Facility, and appropriate information concerning the entity which will issue such Alternate Credit Facility, must be submitted by the Authority to each Rating Agency then maintaining a rating on the Bonds secured by the Credit Facility then in effect. The Authority shall request each such Rating Agency to give notice, promptly confirmed in writing, to the Trustee at .least 40 days (unless a shorter time is acceptable to the Trustee, DTC and the Remarketing Agent) prior to the date such Alternate Credit Facility is to become effective as to what rating the Bonds entitled to the benefit of the Alternate Credit Facility will bear after such substitution. In the event Moody's or S&P notifies the Authority that upon substitution of the Credit Facility the rating on the Bonds will be withdrawn or reduced from the rating borne prior to such substitution, the Trustee shall give Immediate Notice to the owners of the Bonds bearing interest at a Weekly Rate or Adjustable Long Rate that such Bonds will be subject to mandatory tender on the Substitution Date. See "THE BONDS-Mandatory Purchase". In addition, prior to such replacement by an Alternate Credit Facility, the Authority will deliver to the Trustee an Opinion of Bond Counsel to the effect that such replacement will not adversely affect the validity or enforceability of the Bonds in accordance with their terms or any exemption from federal income taxation to which interest on the Bonds would otherwise be entitled, and an opinion of counsel for the Credit Facility Issuer issuing the Alternate Credit Facility in substantially the form of the opinion that counsel for the Initial Credit Facility Issuer delivered to the Trustee upon the issuance of the Initial Credit Facility. -16-