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1994-06-21 Minutes
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1994-06-21 Minutes
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to be the owner of a Bond maybe conclusively relied upon by the <br />Tender Agent as a true, irrevocable notice of demand with respect <br />to such Bond. The Tender Agent shall immediately give telephonic <br />notice (subsequently confirmed in writing) to the Trustee, the <br />Remarketing Agent, the Authority and the Credit Facility Issuer as <br />to the contents of any such notices received by it. <br />Section 502. Purchase on Substitution Date. On any <br />Substitution Date with respect to a Bond bearing interest at a <br />Weekly Rate or an Adjustable Long Rate (other than a Pledged Bond), <br />such Bond shall be purchased at a purchase price equal to 100% of <br />the principal amount thereof plus accrued interest, if any. The <br />owner of such Bond may not elect to retain its Bond. <br />The Authority shall give the Trustee, the Tender Agent, <br />and the Remarketing Agent Immediate Notice promptly following <br />receipt of the Rating Decline Notice, stating the rating, if any, <br />specified in such Rating Decline Notice. The Trustee shall furnish <br />Immediate Notice to the owners of Bonds bearing interest at a <br />Weekly Rate or an Adjustable Long Rate (other than Pledged Bonds) <br />not later than the tenth day next preceding the Substitution Date <br />indicating that (i) the then effective Credit Facility is being <br />replaced by such Alternate Credit Facility, (ii) a Rating Decline <br />Notice has been received and (iii) such Bonds are required to be <br />purchased by the Tender Agent on the Substitution Date specified <br />in such Immediate Notice. <br />• Section 503. Purchase on a Renew <br />al Date if No Renewal <br />Credit Facility or Alternate Credit Facility is in Place and <br />Special Mandatory Purchase. (a) If by the tenth day preceding any <br />Renewal Date, the Trustee has not received a Renewal Credit <br />Facility or Alternate Credit Facility complying with the provisions <br />of Section 406 hereof, all Bonds (other than Pledged Bonds and <br />Bonds bearing interest at a Fixed Rate) shall be purchased on the <br />Renewal Date pursuant to this Section 503 at a purchase price for <br />each such Bond equal to (a) the optional redemption price for such <br />Bond set forth in Section 510(a) hereof or, (b) if the purchase <br />described in this Section 503 will occur during the No-Call Period <br />for such Bond, 103% of the principal amount thereof plus accrued <br />interest, if any, to the Renewal Date. The owner of such Bond may <br />not elect to retain its Bond. <br />Not later than the tenth day next preceding the Renewal <br />Date, if no such Renewal Credit Facility or Alternate Credit <br />Facility has been delivered, the Trustee shall give notice by mail <br />to the owners of such Bonds stating (i) the Renewal Date and that <br />no Renewal Credit Facility or Alternate Credit Facility has been <br />received by the Trustee and (ii) that such Bonds are required to <br />be purchased on the Renewal Date. <br />(b) Special Mandatory Purchase. The Bonds outstanding <br />under this Indenture bearing interest at other than a Fixed Rate <br />• <br />43 <br />
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