1994-06-21 Minutes - Laserfiche WebLink

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• The Trustee shall draw moneys under the Credit Facility in accordance with its terms and in accordance with Section 508(c) hereof to the extent necessary to pay to the Bondholders the purchase price of Tendered Bonds. Immediately following each drawing under the Credit Facility other than one to pay principal or interest on the Bonds on an Interest Payment Date, and not as a condition to such drawing, the Trustee shall give notice by telecopy to the Authority that such a drawing under the Credit Facility was made. The Trustee and the Tender Agent shall use their best efforts to return any moneys drawn under the Credit Facility to the Credit Facility Issuer as soon as reasonably practicable on or after the applicable purchase date to the extent such moneys exceed the amount necessary to pay the purchase price of Tendered Bonds. (b) Cancellation of Credit Facilitv. The Authority covenants that prior to the Conversion Date of all the Bonds the Authority will not request the Credit Facility Issuer to cancel the Credit Facility then in effect unless it provides a Renewal Credit Facility or an Alternate Credit Facility satisfying the requirements hereof. (c) Renewal Credit Facilitv. The Authority may, subject to the provisions of the Credit Facility Agreement, at any time arrange for the deposit with the Trustee of a Renewal Credit • Facility in substitution for the existing Credit Facility. In connection with such renewal, the Trustee shall receive an opinion of counsel for the Credit Facility Issuer issuing the Renewal Credit Facility in substantially the form of opinion of counsel for the Initial Credit Facility Issuer delivered to the Trustee upon the issuance of the Initial Credit Facility; however, if the Initial Credit Facility is extended pursuant to an amendment thereto; no such opinion shall be required. Upon the delivery of a Renewal Credit Facility, the Trustee shall promptly give written notice by first class mail, postage prepaid, to each owner of a Bond bearing interest at a Weekly Rate or an Adjustable Long Rate that a Renewal Credit Facility and Renewal Credit Facility Agreement will secure such Bond. (d) Alternate Credit Facilitv. The Authority may, subject to the provisions of the Credit Facility Agreement, at any time arrange for the deposit with the Trustee of an Alternate Credit Facility in substitution for the existing Credit Facility. 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. In addition to all other requirements to be met therefor, a draft of such Alternate Credit Facility, a draft of the related Credit Facility Agreement and a draft of any supplemental • 36