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1994-06-21 Minutes
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1994-06-21 Minutes
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shall be subject to purchase at any time prior to the Conversion <br />Date for such Bonds: (i) if the Trustee receives written notice <br />from the Credit Facility Issuer of the occurrence of a default <br />under the Credit Facility Agreement and that the Credit Facility <br />shall be terminated as set forth in the notice or (ii) if the <br />Trustee receives notice from the Credit Facility Issuer within the <br />applicable period specified in the Credit Facility that the Credit <br />Facility Issuer is not reinstating the Credit Facility following <br />a drawing under the Credit Facility to pay interest on the Bonds, <br />to the amount available thereunder immediately prior to such <br />drawing less any reduction resulting from the payment of principal <br />on the Bonds entitled to the benefits of the Credit Facility; <br />provided, however, that Bonds will not be purchased to the extent <br />that such Bonds have been declared due and payable pursuant to <br />Section 903 hereof. The purchase price for each Bond shall be <br />equal to 100% of the principal amount thereof plus interest accrued <br />thereon to the date fixed for purchase. The Trustee shall <br />establish a purchase date at least five days prior to the <br />termination of the Credit Facility, but in no event more than five <br />days after the notice of a default under the Credit Facility <br />Agreement or of a determination of a Credit Facility Issuer not to <br />reinstate the Credit Facility shall have been received by the <br />Trustee. <br />Section 504. Purchase While Bonds Bear Adjustable Lona <br />Rate. While any Bond bears interest at an Adjustable Long Rate, <br />• such Bond (other than a Pledged Bond) shall be purchased pursuant <br />to this Section 504 on each Rate Change Date within an Adjustable <br />Long Mode for such Bond, other than the Rate Change Date which is <br />the first day of an Adjustable Long Mode applicable to such Bond, <br />and on the Adjustment Date immediately following the last day of <br />such Adjustable Long Mode at a purchase price equal to 100% of the <br />principal amount thereof. The owner of such Bond may not elect to <br />retain its Bond. <br />Not later than the tenth day next preceding such Rate <br />Change Date for each Rate Period exceeding 366 days in duration, <br />the Trustee shall give notice by first class mail to the owners of <br />the Bonds stating (i) the last day of the Rate Period then ending <br />and (ii) that the Bonds are required to be purchased on such Rate <br />Change Date. <br />Section 505. Purchase on any Adjustment Date. On each <br />Adjustment Date with respect to a Bond, including, without <br />limitation, a proposed Conversion Date, such Bond shall be <br />purchased pursuant to this Section 505 at a purchase price equal <br />to 100% of the principal amount thereof, except that a Bond which <br />is to be purchased on an Adjustment Date which immediately follows <br />the last day of an Adjustable Long Mode shall be purchased pursuant <br />to Section 505 hereof. The owner of such Bond may not elect to <br />retain its Bond. <br />44 <br />
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