1994-06-21 Minutes - Laserfiche WebLink

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