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1994-06-21 Minutes
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1994-06-21 Minutes
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delivered by the Trustee or the Tender Agent as directed by the <br />• purchasers thereof by 2:00 p.m., New York City time, on the date <br />of purchase. <br />(ii) Pledged Bonds shall be delivered to the Trustee (in <br />its capacity as custodian under the Pledge Agreement) or otherwise <br />at the direction of the Credit Facility Issuer pursuant to the <br />Pledge Agreement. Notwithstanding anything herein to the contrary, <br />if the Trustee holds Pledged Bonds as custodian for the Credit <br />Facility Issuer pursuant to the Pledge Agreement, the Trustee shall <br />not release to the purchaser thereof Pledged Bonds remarketed <br />pursuant to Section 507 hereof except in accordance with the <br />provisions regarding such release in the Pledge Agreement. <br />(b) Tendered Bonds delivered as provided in this <br />Section 508 shall be registered in the manner directed by the <br />purchaser thereof, except that Pledged Bonds shall be registered <br />in the manner directed by the Credit Facility Issuer. <br />(c) The Tender Agent (if other than the Trustee) shall <br />notify the Trustee in writing (which may be delivered by telecopy) <br />no later than a.m., New York, New York time, on each day on <br />which Tendered Bonds are delivered or deemed delivered for purchase <br />of the aggregate principal amount of Tendered Bonds to be purchased <br />on such date and of the aggregate amount of moneys which the Tender <br />Agent (if other than the Trustee) has received pursuant to <br />• Section 506(a)(i) hereof to make such purchase. The Trustee shall <br />take such actions as are necessary to draw under the Credit <br />Facility in accordance with its terms to the extent necessary, <br />after taking into account moneys in its possession pursuant to <br />Section 506(a)(i), to pay the purchase price of all Tendered Bonds <br />on such date. The Initial Credit Facility requires a draw request <br />to be submitted for such purpose by a.m., New York, New York <br />time, on the Business Day payment is due thereunder. If the <br />Trustee has not received notice of the amount of the proceeds of <br />the remarketing from the Remarketing Agent by the time necessary <br />to draw on the Credit Facility, the Trustee shall draw on the <br />Credit Facility in an amount sufficient to pay the purchase price <br />of any Tendered Bonds. <br />Section 509. No Purchases, Sales or Remarketing After <br />Certain Defaults. Anything in this Indenture to the contrary <br />notwithstanding, (a) if at any time there is no Credit Facility in <br />effect, there shall be no purchases, sales or remarketing of Bonds <br />pursuant to Section 501, 502, 503, 504 or 505, hereof, (b) in no <br />event shall Pledged Bonds be remarketed prior to the reinstatement <br />of the amount of principal of and interest, if any, paid on such <br />Tendered Bonds pursuant to a drawing under the Credit Facility and <br />(c) at any time during which the Credit Facility is in effect, <br />there shall be no remarketing of Tendered Bonds pursuant to <br />Section 507 hereof, if there shall have occurred and be continuing <br />an Event of Default described in Section 902 (a), (b), (c) or (d) <br />• 4 <br />7 <br />
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