Alternate Liquidity Facility. (a) The Authority may elect to replace any Liquidity Facility with a new Liquidity Facility substantially conforming to the requirements of Section 8.2 of this Series Indenture. If a Term Rate will be in effect during the term of the current Liquidity Facility, the Authority may not furnish an Alternate Liquidity Facility with a Scheduled Expiration Date earlier than the Scheduled Expiration Date in the Liquidity Facility then in effect.
Alternate Liquidity Facility. (a) The Authority agrees to use its best efforts to obtain an Alternate Liquidity Facility to replace the Letter of Credit in the event (A) the Bank shall determine not to extend the Stated Expiration Date (such replacement or conversion to occur on or before the Stated Expiration Date), (B) the Bank shall give a Notice of Termination in accordance with Section 2.1(c) hereof (such replacement or conversion to occur on or before sixty (60) days following receipt of such Notice of Termination), or (C) the Authority terminates this Agreement pursuant to Section 2.1(d) hereof.
Alternate Liquidity Facility. The Borrower may deposit with the Trustee an Alternate Liquidity Facility, in lieu of keeping the Liquidity Facility in place as may be required by Section 5.15 hereof.
Alternate Liquidity Facility. (1) At least 60 days prior to the expiration or termination of any Liquidity Facility, Xxxxxx may provide for the delivery to the Tender Agent of an Alternate Liquidity Facility. Any such Alternate Liquidity Facility may be for a term of years which is more or less than the Liquidity Facility which is being replaced (but in no event less than the lesser of (a) 364 days or (b) five (5) days plus the number of days then remaining until the final maturity of the Certificates). On or prior to the date of the delivery of such Alternate Liquidity Facility to the Tender Agent, the Cooperative or Xxxxxx on behalf of the Cooperative shall furnish to the Tender Agent Rating Confirmation Notices. Upon receipt of the documents described in clause (2) below, the Tender Agent shall accept such Alternate Liquidity Facility and promptly surrender the Liquidity Facility then in effect to the Liquidity Provider which issued such Liquidity Facility in accordance with its terms for cancellation or deliver any document necessary to reduce the coverage of such Liquidity Facility.
