1994-06-21 Minutes - Laserfiche WebLink

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shall promptly surrender any Credit Facility after it expires in • accordance with its terms. (f) Transfer of Credit Facility. The Trustee shall not sell, assign or otherwise transfer the Credit Facility except to a successor Trustee hereunder and in accordance with the terms of the Credit Facility. (g) Terms of Initial Credit Facility. The Initial Credit Facility shall be an irrevocable letter of credit of a commercial bank providing for direct payments to or upon the order of the Trustee of amounts up to (i) an amount equal to the outstanding principal amount of the Bonds to be used (A) to pay the principal of the Bonds, (B) to enable the Trustee or the Tender Agent to pay the portion of the purchase price equal to the principal amount of the Bonds delivered or deemed delivered for purchase and not remarketed or (C) to enable the Authority to purchase Bonds in lieu of redemption under certain circumstances, plus ( ii ) an amount equal to ~~>~ days' accrued interest on the Bonds (calculated at the Maximum~~~Rate based on a year of 365 days) to be used (A) to pay interest on the Bonds or (B) to pay the portion of the purchase price of the Bonds properly delivered or deemed delivered for purchase equal to the accrued interest, if any, on such Bonds. The Initial Credit Facility will otherwise be in the form attached to the Initial Credit Facility Agreement. • (h) Terms of Credit Facility. So long as any Bonds bear interest at a Weekly Rate or an Adjustable Long Rate, the Authority is required to cause to be delivered to the Trustee a Renewal Credit Facility or Alternate Credit Facility the Interest Component of which shall be determined using an Interest Coverage Period for Bonds bearing interest in a particular Mode no less than the sum of (i) with respect to Bonds bearing interest at a Weekly Rate or an Adjustable Long Rate, ~'r~' days, plus (ii) the number of days designated by the Remarketing Agent as the maximum number of days the Credit Facility Issuer is allowed pursuant to the provisions of the Credit Facility then in effect to reinstate the Credit Facility after a drawing for interest, plus (iii) the maximum number of days the Trustee is allowed pursuant to Section 510(c) hereof to call the Bonds for special mandatory redemption, plus (iv) any additional number of days then required by any Rating Agency then maintaining a rating on the Bonds entitled to the benefit of such Credit Facility. When a Credit Facility is in effect, the Authority is required to maintain the Interest Component of the Credit Facility in an amount which shall be calculated using an Interest Coverage Rate or Rates no less than the actual interest rates on the Bonds bearing interest at a Weekly Rate or an Adjustable Long Rate and no less than the Interest Coverage Rate or Rates specified by the Remarketing Agent to the Trustee for the Bonds in each particular Mode as the maximum interest rate at which the Remarketing Agent will remarket the Bonds in such Mode. If any Bond is in an Adjustable Long Mode and • 38