1994-06-21 Minutes - Laserfiche WebLink

Home Browse Search

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