Refunding Bonds. In the event that an offer shall be made by an obligor of any of the Bond in a Trust to issue new obligations in exchange and substitution for any issue of Bonds pursuant to a plan for the refunding or refinancing of such Bonds, the Depositor shall instruct the Trustee in writing to reject such offer and either to hold or sell such Bonds, except that if (1) the issuer is in default with respect to such Bonds or (2) in the opinion of the Depositor, given in writing to the Trustee, the issuer will probably default with respect to such Bonds in the reasonably foreseeable future, the Depositor shall instruct the Trustee in writing to accept or reject such offer or take any other action with respect thereto as the Depositor may deem proper. Any obligation so received in exchange shall be deposited hereunder and shall be subject to the terms and conditions of this Indenture to the same extent as the Bonds originally deposited hereunder. Within five days after such deposit, notice of such exchange and deposit shall be given by the Trustee to each Unitholder of such Trust, including an identification of the Bonds eliminated and the securities substituted therefor.
Refunding Bonds. In the event Bonds are refunded by bonds which are not Additional Bonds, the District may assign the Loan Documents and the Borrower Bond to secure such refunding bonds, and all references in this Loan Agreement to Series 2008 Bonds, Bonds and Additional Bonds shall be deemed to refer to the refunding bonds and any bonds of the District issued on a parity with such refunding bonds (together, “Refunding Bonds”) or, in the case of a crossover refunding, to the Series 2008 Bonds, Bonds and Additional Bonds and the Refunding Bonds and references to the Trustee, Credit Enhancer and other terms herein shall be deemed to refer to the trustee, credit enhancer or other party or document for the Refunding Bonds (or both the Refunding Bonds and the Bonds prior to the crossover date of a crossover refunding) and the District may assign the Loan Documents and the Borrower Bond to such trustee to secure the Refunding Bonds. In the event Bonds are refunded by an issue of Additional Bonds, all references in the Loan Documents to the Bonds so refunded shall be deemed to refer to such Additional Bonds and any other Bonds then outstanding under the Indenture, or, in the case of a crossover refunding, both the Bonds so refunded and such Additional Bonds.
Refunding Bonds. In the event the Bond is refunded, all references in this Loan Agreement to the Bond shall be deemed to refer to the refunding bonds.
Refunding Bonds. In the event that an offer shall be made by an obligor of any of the Bonds to issue new obligations in exchange and substitution for any issue of Bonds pursuant to a plan for the refunding or refinancing of such Bonds, the Depositors shall instruct the Trustee in writing to reject such offer and either to hold or sell such Bonds in accordance with Section 3.7, except that if (1) the issuer is in default with respect to such Bonds or (2) in the opinion of the Depositors, given in writing to the Trustee, the issuer will probably default with respect to such Bonds in the reasonably foreseeable future, the Depositors shall instruct the Trustee in writing to accept or reject such offer or take any other action with respect thereto as the Depositors may deem proper; provided, however, that the Trustee may accept such an offer only if such substitute or refunding bonds shall be eligible for coverage of, and upon deposit into the Trust shall be subject to the terms and conditions of this Indenture to the same extent as the Bonds originally deposited hereunder. Within five days after such deposit, notice of such exchange and deposit shall be given by the Trustee to each Certificateholder, including an identification of the Bonds eliminated and the Bonds substituted thereof. Except as set forth in this Section 3.8, the -25- 433559.1 acquisition by the Trust Fund of any securities other than the Bonds is prohibited.
Refunding Bonds. The City agrees to not extend or renegotiate the term of the Bonds beyond their original final maturity date without the consent of the District. The City reserves the right to refund and/or defease the Bonds without the consent of the District when the final maturity will not be extended and there will be aggregate debt service savings. The term “Bonds” as used herein and in the Library Partnership Agreement and the Library Services Agreement shall include any debt issued to refund and/or defease the bonds originally issued by the City to finance costs of the Project.
Refunding Bonds. Subject to the provisions of this Indenture, Bonds may be issued by the Corporation for the purpose of refunding any Outstanding Bonds (“Refunding Bonds”) without satisfying the provisions of Sections 2.02(i) and 2.02(j) hereof, provided that the Corporation delivers a certificate of an Authorized Officer of the Corporation to the effect that the Corporation projects that the amount payable in any Fiscal Year for the principal and Sinking Fund Installments of and interest on all Outstanding Bonds after giving effect to the issuance of the Refunding Bonds will not be greater than the amount payable during such Fiscal Year for the principal and Sinking Fund Installments of and interest on all Outstanding Bonds immediately prior to the issuance of such Refunding Bonds.
Refunding Bonds. The Authority may issue, and expressly reserves the right to issue, to the extent permitted by law, refunding bonds under another indenture to refund all or any principal amount of the Bonds; provided, however, that the net proceeds of any such bonds used to refund all or any principal amount of the Bonds shall be paid directly to the Trustee for the Bondowners and shall not come into the possession or control of the Company.
Refunding Bonds. The Authority may issue Additional Bonds hereunder without complying with the requirements of Section 2.09(h) above:
Refunding Bonds. Notwithstanding the foregoing, the Governmental Agency may issue refunding obligations payable out of, or secured by a lien or charge on, the Pledged Property, without compliance with the requirements stated above, provided that the debt service payments on such refunding obligations do not exceed the debt service payments on the refunded obligations during any calendar year.
Refunding Bonds. Lessee reserves the right to request the City from time to time to issue Refunding Bonds in any manner permitted by law for the purpose of refunding any of the Bonds from time to time outstanding. Although no representation is made or assurance given or implied by the City that it will agree to issue such Refunding Bonds or that it will be able to issue, sell and deliver such Refunding Bonds on terms and conditions satisfactory to the Lessee, the City agrees to use its best efforts to issue Refunding Bonds at Lessee's request provided they have a similar maturity pattern, similar redemption features and similar security. All Refunding Bonds, if any, shall be secured and payable as provided in the Trust Indenture, and the Net Rent payable hereunder shall automatically be adjusted to provide for the full and timely payment of all principal, interest, redemption premiums, Trustee charges and other related costs and expenses on all Bonds to be outstanding following the issuance of the Refunding Bonds. Notwithstanding the foregoing, the City shall not authorize the sale of any Refunding Bonds or authorize any supplement to the Trust Indenture for such purpose until the terms of such Refunding Bonds and the supplement to the Trust Indenture are approved in writing by Lessee in the manner provided in Section 12.04 hereof, and it is provided further that the City's receipt of such approval shall be conclusively binding upon Lessee.
