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1994-06-21 Minutes
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1994-06-21 Minutes
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• remarketing to be made on the .date on which such Tendered Bonds are <br />to be purchased, at a price equal to 100 of the principal amount <br />thereof plus accrued interest, if any. The Remarketing Agent shall <br />inform the Tender Agent and the Trustee in writing (which may be <br />by telecopy) no later than 11:00 a.m., New York City time, on such <br />date of the aggregate principal amount of Tendered Bonds remarketed <br />on such date, and shall deliver any proceeds of the remarketing to <br />the Tender Agent for deposit to the Bond Purchase Fund. <br />With respect to Bonds delivered or deemed delivered for <br />purchase under Section 501 hereof, the Remarketing Agent shall use <br />its best efforts to give telephonic notice to the Trustee, the <br />Tender Agent, the Authority and the Credit Facility Issuer no later <br />than 10:30 a.m., New York City time, on the date of such delivery <br />or deemed delivery, of the aggregate principal amount of such Bonds <br />to be purchased on such date which it has reasonable ,grounds to <br />expect will not be remarketed on such date. .With respect to Bonds <br />delivered or deemed delivered for purchase under Section 502, 503, <br />504 or 505 hereof, the Remarketing Agent shall use its best efforts <br />to give telephonic notice to the Trustee, the Tender Agent, the <br />Authority and the Credit Facility Issuer no later than 3:00 p.m., <br />New York City time, on the Business Day next preceding any day on <br />which Bonds are so delivered or deemed delivered if it has <br />reasonable grounds to expect that any such Bonds will not be <br />remarketed on such date. <br />• The Remarketing Agent shall remarket any Pledged Bonds <br />to the extent and subject to the conditions set forth herein, in <br />the Remarketing Agreement and in the Credit Facility Agreement. <br />Upon the remarketing of Pledged Bonds, the Remarketing Agent shall <br />immediately provide telephonic notice, promptly followed by <br />telecopy, of such remarketing to the Trustee, the Tender Agent, the <br />Authority and the Credit Facility Issuer, and thereupon the Tender <br />Agent (in its capacity as custodian under the Pledge Agreement) or <br />the Credit Facility Issuer, whichever has possession of such <br />Pledged Bonds, shall, subject to Section 508(a)(ii) hereof, <br />immediately deliver such Bonds to the Tender Agent for delivery to <br />the purchasers thereof. <br />In addition to all other requirements to be met before <br />the remarketing of Pledged Bonds, if the Pledged Bonds have been <br />pledged as a result of the purchase of Bonds pursuant to <br />Section 503 hereof on a Renewal Date, the Remarketing Agent shall <br />not remarket any such Pledged Bonds unless the conditions of <br />Section 406 hereof have been satisfied with respect to the delivery <br />of a Renewal Credit Facility or an Alternate Credit Facility. <br />Section 508. Delivery of Bonds• Delivery of Proceeds of <br />Sale; Payments from Credit Facility. <br />(a)(i) Subject to Section 509 hereof, Bonds remarketed <br />by the Remarketing Agent pursuant to Section 507 hereof shall be <br />• <br />46 <br />
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