1994-06-21 Minutes - Laserfiche WebLink

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• remarketing to be made on the .date on which such Tendered Bonds are to be purchased, at a price equal to 100 of the principal amount thereof plus accrued interest, if any. The Remarketing Agent shall inform the Tender Agent and the Trustee in writing (which may be by telecopy) no later than 11:00 a.m., New York City time, on such date of the aggregate principal amount of Tendered Bonds remarketed on such date, and shall deliver any proceeds of the remarketing to the Tender Agent for deposit to the Bond Purchase Fund. With respect to Bonds delivered or deemed delivered for purchase under Section 501 hereof, the Remarketing Agent shall use its best efforts to give telephonic notice to the Trustee, the Tender Agent, the Authority and the Credit Facility Issuer no later than 10:30 a.m., New York City time, on the date of such delivery or deemed delivery, of the aggregate principal amount of such Bonds to be purchased on such date which it has reasonable ,grounds to expect will not be remarketed on such date. .With respect to Bonds delivered or deemed delivered for purchase under Section 502, 503, 504 or 505 hereof, the Remarketing Agent shall use its best efforts to give telephonic notice to the Trustee, the Tender Agent, the Authority and the Credit Facility Issuer no later than 3:00 p.m., New York City time, on the Business Day next preceding any day on which Bonds are so delivered or deemed delivered if it has reasonable grounds to expect that any such Bonds will not be remarketed on such date. • The Remarketing Agent shall remarket any Pledged Bonds to the extent and subject to the conditions set forth herein, in the Remarketing Agreement and in the Credit Facility Agreement. Upon the remarketing of Pledged Bonds, the Remarketing Agent shall immediately provide telephonic notice, promptly followed by telecopy, of such remarketing to the Trustee, the Tender Agent, the Authority and the Credit Facility Issuer, and thereupon the Tender Agent (in its capacity as custodian under the Pledge Agreement) or the Credit Facility Issuer, whichever has possession of such Pledged Bonds, shall, subject to Section 508(a)(ii) hereof, immediately deliver such Bonds to the Tender Agent for delivery to the purchasers thereof. In addition to all other requirements to be met before the remarketing of Pledged Bonds, if the Pledged Bonds have been pledged as a result of the purchase of Bonds pursuant to Section 503 hereof on a Renewal Date, the Remarketing Agent shall not remarket any such Pledged Bonds unless the conditions of Section 406 hereof have been satisfied with respect to the delivery of a Renewal Credit Facility or an Alternate Credit Facility. Section 508. Delivery of Bonds• Delivery of Proceeds of Sale; Payments from Credit Facility. (a)(i) Subject to Section 509 hereof, Bonds remarketed by the Remarketing Agent pursuant to Section 507 hereof shall be • 46