Substitute Credit Facility. Subject to the conditions set forth in this Section 4.04, the Company may provide for the delivery to the Trustee of a Substitute Credit Facility. The Company shall furnish written notice to the Trustee, not less than twenty days prior to the Mandatory Purchase Date, (a) notifying the Trustee that the Company is exercising its option to provide for the delivery of a Substitute Credit Facility to the Trustee, (b) setting forth the Mandatory Purchase Date in connection with the delivery of such Substitute Credit Facility, which shall in any event be an Interest Payment Date that is not less than two Business Days prior to the expiration date of the Credit Facility then in effect with respect to the Bonds, and (c) instructing the Trustee to furnish notice to the Bondholders regarding the Mandatory Purchase Date at least fifteen days prior to the Mandatory Purchase Date, as more fully described in Section 4.01(b) of the Indenture and Exhibit B thereto. Any Substitute Credit Facility shall be delivered to the Trustee prior to such Mandatory Purchase Date and shall be effective on and after such Mandatory Purchase Date. On or before the date of such delivery of a Substitute Credit Facility to the Trustee, the Company shall furnish to the Trustee (a) a written opinion of Bond Counsel stating that the delivery of such Substitute Credit Facility will not adversely affect the exclusion from gross income of interest on the Bonds for federal income tax purposes; and (b) a written opinion of counsel to the Substitute Credit Provider to the effect that the Substitute Credit Facility is a legal, valid, binding and enforceable obligation of the Substitute Credit Provider in accordance with its terms.
Substitute Credit Facility. Borrower shall not replace the Letter of Credit with a Substitute Letter of Credit unless simultaneously therewith Borrower shall cause the Letter of Credit to be cancelled and shall repay in full all Obligations and liabilities to the Bank under the Reimbursement Agreement and the Letter of Credit.
Substitute Credit Facility. Use commercially reasonable efforts to obtain an Alternate Credit Facility or Alternate Liquidity Facility to replace this Agreement and the Letter of Credit or to convert the interest rate on the Bonds to an interest rate other than the Weekly Rate in the event (i) the City terminates this Agreement pursuant to Section 2.7 hereof, (ii) the Bank shall furnish a notice of a mandatory tender or acceleration to the Paying Agent/Registrar pursuant to Section 7.2 hereof or (iii) a mandatory purchase shall have been effected with any funds made available hereunder. The City agrees that, as a condition to the effectiveness of the Alternate Credit Facility or Alternate Liquidity Facility, as applicable, the City whether from its own funds or an Alternate Credit Facility or an or Alternate Liquidity Facility, as applicable, shall provide funds to the extent necessary, in addition to other funds available, on the date of the effectiveness of such Alternate Credit Facility or an Alternate Liquidity Facility, to pay all Obligations owing the Bank on such date. On the effective date of such Alternate Credit Facility or an Alternate Liquidity Facility, any and all Obligations due hereunder and all principal and interest due on the Liquidity Provider Bonds shall be payable in full to the Bank. The City shall not permit an Alternate Credit Facility or an Alternate Liquidity Facility to become effective with respect to less than all of the Bonds without the prior written consent of the Bank. The City shall cause the Letter of Credit to be returned to the Bank for cancellation upon the effectiveness of an Alternate Credit Facility or an Alternate Liquidity Facility, as applicable. DRAFT
Substitute Credit Facility. (a) The Obligor may, from time to time, deliver to the Trustee a Substitute Credit Facility, the terms of which are in all material respects the same as the existing Credit Facility except with respect to the stated expiration date which shall be at least as long as the stated expiration date of the existing Credit Facility, and, provided that the Trustee, the Remarketing Agent and the Bank are given 60 days' notice prior to the Interest Payment Date next preceding the delivery of such Substitute Credit Facility (and a commitment to issue a Substitute Credit Facility from the issuer of a Substitute Credit Facility accompanies such notice), and provided further that such Substitute Credit Facility is accompanied by (i) a written opinion of Bond Counsel acceptable to the Issuer and the Trustee stating that the delivery of such Substitute Credit Facility to the Trustee is authorized under the Indenture and complies with the terms thereof, (ii) a written opinion of counsel to the issuer of the Substitute Credit Facility addressed to the Trustee that it is binding and enforceable in accordance with its terms, subject as to enforceability to bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors' rights as they relate to the issuer of the Substitute Credit Facility and the exercise of judicial discretion in accordance with general principles of equity, that the Substitute Credit Facility is not subject to registration under the Securities Act of 1933, as amended, or has been so registered, and that any payments under the Substitute Credit Facility will not constitute voidable preferences under the United States Bankruptcy Code, (iii) a written opinion of Bond Counsel to the effect that the exclusion of the interest on the Bonds from gross income for federal income tax purposes will not be impaired due to the substitution, (iv) written evidence that with respect to the long term indebtedness of the issuer of the Substitute Credit Facility, or with respect to securities supported by similar credit instruments issued by such issuer, the rating thereof is not less than the ratings for similar instruments of the then current issuer of the Credit Facility, and (v) written confirmation from the Bank that all sums owed by the Obligor to the Bank have been paid in full. Upon receipt of such documentation, the Trustee shall accept such Substitute Credit Facility and promptly surrender the previous Credit Facility to the issuer thereof for ...
Substitute Credit Facility. The Authority shall not substitute an Alternate Liquidity Facility or Alternate Credit Facility for the Letter of Credit unless (i) the Authority shall have given the Bank at least thirty (30) days’ prior written notice, (ii) contemporaneously with the effectiveness of such Alternate Liquidity Facility or Alternate Credit Facility all obligations of the Authority owing to the Bank hereunder and under the Bank Note are paid in full, including without limitation any Payment Obligations and any Unreimbursed Amounts and Bank Loans plus accrued and unpaid interest thereon and any termination fee due and owing hereunder to but excluding the date such Alternate Liquidity Facility or Alternate Credit Facility becomes effective and (iii) the Authority has complied with Section 2.6 hereof.
Substitute Credit Facility. Any substitution for or replacement of the Letter of Credit by a Substitute Credit Facility (as defined in the Indenture) shall be effectuated by the Applicant in accordance with the applicable provisions of the Lease, the Indenture and the Letter of Credit, and, without limitation to the foregoing, the Applicant shall provide to the Bank all notices required or contemplated to be given by the Applicant to the Bank under the terms of the Lease, the Indenture or the Letter of Credit with respect to such a replacement or substitution. Article Three
Substitute Credit Facility. Account Parties shall not authorize, permit or consent to any substitution of another credit or liquidity facility for the Letter of Credit unless (a) there shall be paid to the Bank, prior to or simultaneously with such substitution, any and all amounts due and owing and to become due and owing to the Bank (including without limitation all unpaid Drawings, Liquidity Drawing Amounts, LC Loans and the pro rata portion of all accrued and unpaid fees) under this Reimbursement Agreement and the other Related Documents, and (ii) a substitution occurs for the Letter of Credit.
Substitute Credit Facility. 38 Section 9.2. Substitute Liquidity Facility.................................................................... 38
Substitute Credit Facility. (A) Upon not less than forty-five (45) days written notice to the Trustee, the Borrower may on any Interest Payment Date during the then current Interest Mode provide for the replacement of the Credit Facility, by the delivery of a Substitute Credit Facility and the return by the Trustee of the Credit Facility, subject to the requirements of Section 9.1(B); provided, however, that the Credit Facility shall not be replaced if any Bonds are in a Flexible Mode except on the Flexible Date with respect to such Bonds.
Substitute Credit Facility. Use commercially reasonable efforts to obtain an Alternate Credit Facility to replace this Agreement and the Letter of Credit or to convert the interest rate on the Bonds to an interest rate other than the Weekly Rate in the event (i) the Bank shall decide not to extend the Stated Expiration Date pursuant to Section 2.13 hereof, (ii) the City terminates this Agreement pursuant to Section 2.7 hereof, (iii) the Bank shall furnish a notice of a mandatory tender or acceleration to the Paying Agent/Registrar pursuant to Section 7.2 hereof or
