Alternate Credit Facility. If the Borrower exercises its option to convert the interest rate borne by the Bonds from the Weekly Interest Rate to the Fixed Interest Rate pursuant to the terms and provisions of the Indenture, the Borrower may cause to be delivered to the Trustee an Alternate Credit Facility, effective as of the Fixed Rate Date, in lieu of keeping the Letter of Credit in place as required by Section 5.08 hereof. Such Alternate Credit Facility must meet the following conditions:
Alternate Credit Facility. The Borrower may (without penalty or premium) provide and the Trustee shall accept any Alternate Credit Facility, provided that any Alternate Credit Facility shall meet the requirements of Section 706 of the Indenture and an opinion of counsel acceptable to the Trustee has been delivered to the Trustee to substantially the same effect as the opinion of counsel to the Credit Enhancer delivered in connection with the issuance of the initial Credit Facility and, in addition, to the effect that the exemption of the Bonds (or any securities evidenced thereby) from the registration requirements of the Securities Act of 1933, as amended, shall not be impaired by the substitution of such Alternate Letter of Credit or that the applicable registration or qualification requirements of such Act have been satisfied.
Alternate Credit Facility. The Borrower may at any time substitute an Alternate Credit Facility for an existing Letter of Credit, subject to the limitations set forth in this Article VI and any limitations set forth in the Reimbursement Agreement. An Alternate Credit Facility shall be an irrevocable letter of credit, bank bond purchase agreement, bond insurance policy, surety bond or other agreement or instrument under which any person or entity (other than the Issuer or the Borrower) undertakes to make or provide funds to make payments of the principal and purchase price of, and interest on, the Bonds, as and when due and, if an irrevocable direct pay letter of credit, shall have terms similar in all material respects to the terms of the initial Letter of Credit; provided that the Alternate Credit Facility must be effective as of a date on or before the date of expiration of the then existing Letter of Credit and must provide coverage in an amount at least equal to the sum of (A) the aggregate principal amount of Bonds (other than Pledged Bonds or Borrower Bonds) at the time Outstanding, plus (B) Adequate Interest Coverage for the period to be covered by the Letter of Credit. As a condition to the issuance of any Alternate Credit Facility, either the Bonds or the L/C Bank issuing the Alternate Credit Facility or the Confirming Bank shall have long-term ratings of at least one of the three highest rating categories of one of the Rating Agencies and all obligations owing to the L/C Bank pursuant to the then outstanding Reimbursement Agreement shall be paid in full. The Borrower shall notify the Trustee of its intention to cause an Alternate Credit Facility to be delivered to the Trustee at least 25 days before the date of such delivery. Such notice shall specify the L/C Bank that is to deliver such Alternate Credit Facility and its effective date. Upon receipt of such notice, the Trustee will, at least 20 days prior to the anticipated delivery date, mail a notice of the anticipated delivery of the Alternate Credit Facility by first class mail to the Issuer, the Remarketing Agent, the L/C Bank, the Confirming Bank, if any, and each Bondholder. Such notice shall specify the L/C Bank that is to deliver the Alternate Credit Facility and that the Bonds will be subject to mandatory purchase on the date of delivery thereof in accordance with Section 4.02 of this Agreement. During the Flexible Mode, an existing Letter of Credit may not be replaced before the expiration date of the then appli...
Alternate Credit Facility. Cause a substitute credit facility to be established for the Company without payment in full to the Banks of all obligations hereunder through and including the Termination Date.
Alternate Credit Facility. An Alternate Credit Facility, in substitution for the Credit Facility then in effect, may be provided prior to any Termination Date if the Borrower shall give written notice not more than 60 nor less than 30 calendar days prior to the Alternate Credit Facility Date to the Issuer, the Trustee, the Tender Agent, the Remarketing Agent, the Rating Agency and the Credit Enhancer stating its election to provide an Alternate Credit Facility. Any such Alternate Credit Facility must be either (a) an irrevocable direct pay letter of credit, or (b) bond insurance contract, in both cases constituting an unconditional and irrevocable commitment to pay principal of and interest on the Bonds. If the Bonds are in any Interest Mode other than a Multiyear Mode, the Alternate Credit Facility Date must be a Rate Adjustment Date.
Alternate Credit Facility. Cause a substitute letter of ------------------------- credit or other similar facility to be delivered to the Trustee in substitution of a Letter of Credit without paying to the Banks all obligations hereunder following the Cancellation Date. (g)
Alternate Credit Facility. The Borrower may deposit with the Trustee an Alternate Credit Facility, in lieu of keeping each Letter of Credit in place as required by Section 5.8 hereof, at least 60 days before the expiration date of any existing Letter of Credit. Upon deposit with the Trustee, an Alternate Credit Facility must meet the following conditions:
Alternate Credit Facility. The Borrower shall furnish to the Trustee, the Issuer and the Credit Facility Trustee (i) an opinion of Counsel stating that the delivery of such Alternate Credit Facility to the Credit Facility Trustee is authorized under this Indenture and complies with the terms hereof and that such Alternate Credit Facility is enforceable against the Credit Facility Issuer thereof in accordance with its terms, (ii) an opinion of Co-Bond Counsel stating that the delivery of such Alternate Credit Facility will not adversely affect the tax-exempt status of interest on the Bonds, and (iii) if the Bonds are rated by Xxxxx'x and/or S&P, written evidence from Xxxxx'x, if the Bonds are rated by Xxxxx'x, and from S&P, if the Bonds are rated by S&P, in each case to the effect that such rating agency has reviewed the proposed Alternate Credit Facility and that the substitution of the proposed Alternate Credit Facility for the then current Credit Facility will not, by itself, result in (A) a permanent withdrawal of its rating of the Bonds or (B) a reduction of the then current rating of the Bonds, or if the Bonds are not rated by Xxxxx'x and/or S&P, written evidence that the commercial paper of the bank or institution issuing the proposed Alternate Credit Facility is rated P-1 or higher by Xxxxx'x or A-1 or higher by S&P. The Credit Facility Trustee shall then accept such Alternate Credit Facility and surrender the previously held Credit Facility to the previous Credit Facility Issuer for cancellation promptly on or before the 15th day after the Alternate Credit Facility becomes effective, but not later than the 15th day following the last Interest Payment 48 Date covered by the Credit Facility to be canceled. Notwithstanding anything to the contrary contained herein, the Trustee shall not accept an Alternate Credit Facility unless it shall have received from the Credit Facility Issuer of the Credit Facility being replaced a certificate stating that any and all requirements of the Letter of Credit Documents executed and delivered in connection with the Credit Facility to be replaced have been satisfied.
Alternate Credit Facility. The Borrower may at any time ------------------------- substitute an Alternate Credit Facility for an existing Letter of Credit, subject to the limitations set forth in this Section 709(b) and any limitations which may be set forth in the Letter of Credit Agreement. An Alternate Credit Facility must be an irrevocable direct pay letter of credit issued by one or more commercial banks, with terms in all respects material to the Bondholders the same as in the initial Letter of Credit (except for the term and maximum interest rate set forth in such Alternate Credit Facility or a change in number of days of interest required to be covered as contemplated by Section 302(e)(iii)(6) hereof). If an Alternate Credit Facility is furnished in order to avoid mandatory tender pursuant to Section 305 hereof, the Borrower must furnish the Trustee written confirmation (by the 30th day prior to the expiration or termination of the current Letter of Credit) and further written confirmation (on the date of delivery of the Alternate Credit Facility) from each Rating Agency then having a rating in effect for the Bonds that the replacement of the current Letter or Credit with the Alternate Credit Facility will not by itself result in a withdrawal or reduction of the Rating Agency's current rating for the Bonds (a "Maintenance of Rating"). Notwithstanding the foregoing, an existing Letter of Credit may not under any circumstances be replaced prior to its stated expiration date (as extended from time to time) or termination date with an Alternate Credit Facility unless either (i) the Trustee is furnished with evidence of a Maintenance of Rating by the date described above (so that the Bonds will not be subject to mandatory tender as a result thereof) or (ii) the substitution occurs on the first Business Day following the last day of such Interest Period. The Borrower shall promptly notify the Trustee, the Remarketing Agent and the Letter of Credit Issuer of its intention to deliver an Alternate Credit Facility. Upon receipt of such notice the Trustee will promptly mail a notice the anticipated delivery of the Alternate Credit Facility to the Issuer, the Remarketing Agent and each Bondholder at the holder's registered address.
Alternate Credit Facility. (a) The Issuer covenants that as of the Termination Date, the Issuer shall have obtained (i) an Alternate Credit Facility to replace the Letter of Credit or (ii) a written commitment of an underwriter to purchase the Bonds.
