Requirements for Delivery of an Alternate Derivative Product Clause Samples

Requirements for Delivery of an Alternate Derivative Product. On or prior to the date of delivery of an Alternate Derivative Product to the Trustee, the Authority shall furnish or cause to be furnished to the Trustee an opinion of counsel satisfactory to the Authority stating that the delivery of such Alternate Derivative Product to the Trustee is authorized under the Indenture and complies with the terms of this Series Indenture. In addition, no Alternate Derivative Product may be delivered to the Trustee for any purpose under this Series Indenture unless accompanied by the following documents: (i) letters from ▇▇▇▇▇’▇ and S&P evidencing that the replacement of the Derivative Product with the Alternate Derivative Product will result in the reconfirmation of the then-existing rating or the assignment of a new short-term rating, if applicable, of not less than “A-1” or “P-1/VMIG1” (in the case of S&P and ▇▇▇▇▇’▇, respectively) on the 2020A-1 Bonds; and (ii) copies of any other documents, agreements or arrangements entered into directly or indirectly between the Authority and the Reciprocal Payors entering into the Alternate Derivative Products with respect to the transactions contemplated by the Alternate Derivative Products.