Alternate Credit Facility definition

Alternate Credit Facility means any irrevocable direct pay letter of credit, insurance policy or similar credit enhancement or support facility for the benefit of the Trustee, the terms of which Alternate Credit Facility shall in all respects material to the registered owners of the Bonds be the same (except for the term set forth in such Alternate Credit Facility) as those of the Letter of Credit.

Alternate Credit Facility means an Alternate Credit Facility as defined in the Indenture.

Alternate Credit Facility means a Credit Facility issued as the successor to the Letter of Credit as provided in the Trust Indenture. Such Credit Facility may be an insurance policy.]

Examples of Alternate Credit Facility in a sentence

• 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 agrees that any termination of the Letter of Credit as a result of the provision of any Alternate Credit Facility or Alternate Liquidity Facility will require, as a condition thereto, that the City or the issuer of any Alternate Credit Facility or Alternate Liquidity Facility will provide funds on the date of such termination or provision, which funds will be sufficient to pay in full at the time of termination of such Letter of Credit all Obligations due and owing to the Bank hereunder.

• 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.

More Definitions of Alternate Credit Facility

Alternate Credit Facility means a letter of credit or similar obligation, arrangement, or instrument issued or provided by a bank, insurance company, or other financial institution that provides (to the extent and subject to the terms and conditions set forth therein) credit enhancement for payment of principal of and interest on the 2015 GR-5 Notes when the same become due and payable during the term thereof and is issued in substitution for the Letter of Credit in accordance with, and pursuant to, Section 6.3 hereof, as the same may be amended or supplemented from time to time.

Alternate Credit Facility means an irrevocable direct pay letter of credit, insurance policy or similar credit enhancement or support facility for the benefit of the Trustee, the terms of which Alternate Credit Facility shall in all respects material to the Bondholders be the same (except for the term set forth in such Alternate Credit Facility) as the Letter of Credit.

Alternate Credit Facility shall have the meaning assigned to such term in the Indenture.

Alternate Credit Facility means an irrevocable letter of credit or other credit facility described in Section 6.03(b)(1) hereof delivered pursuant to such Section in substitution for a Letter of Credit, as extended or amended from time to time.

Alternate Credit Facility means any credit facility, including any instruments accompanying or relating to such Alternate Credit Facility delivered to the Trustee in connection therewith, provided in accordance with Section 4.5 of this Agreement.

Alternate Credit Facility has the meaning set forth in Appendix A to the Ordinance.

Alternate Credit Facility means any direct pay letter of credit or other credit enhancement or support facility that has terms which are the same in all material respects (except for the term and maximum interest rate but including coverage of accrued interest on the Bonds for 98 days if the Bonds bear interest at the Weekly Rate or for 183 days if the Bonds bear interest at the Semi-Annual Rate or the Long-Term Rate) as the then current Credit Facility and (A) shall have a term of not less than one year, (except if the Long-Term Rate shall then be in effect, the term of such Alternate Credit Facility shall not expire prior to (a) the first par redemption date plus 15 days or (b) the first redemption date plus 15 days if the Alternate Credit Facility covers the redemption premium) (B) shall be issued by a bank, a trust company or other financial institution or credit provider, and (C) with respect to which the Trustee shall have received the opinions required by Section 408(F) of the Indenture.