Common use of Additional Defeasance Requirements Clause in Contracts

Additional Defeasance Requirements. 2024 Series B-2 Bonds bearing interest at other than the Fixed Rate may be discharged pursuant to Section 12.2 of the Master Indenture only if (x)(A) such 2024 Series B-2 Bonds mature or are called for redemption on or prior to the next date upon which such 2024 Series B-2 Bonds are subject to purchase pursuant to Section 7.1, 7.2, 7.3, 7.4 or 7.5 hereof, or (B) the Trustee and the Authority receive evidence satisfactory to the Trustee that the moneys on deposit in the escrow account established to refund such 2024 Series B-2 Bonds are in an amount sufficient to pay any portion of the 2023 Series Q- 2 Bonds which may be tendered for purchase during the period prior to payment in full of principal of and interest payable on such 2024 Series B-2 Bonds, in which case the tendered 2024 Series B- 2 Bonds purchased with moneys in the escrow account will be cancelled, or (C) the Liquidity Facility with respect to the 2024 Series B-2 Bonds will remain in effect until such 2024 Series B- 2 Bonds mature or are called for redemption; (y) the Authority waives its right to convert the method for determining the interest rate borne by such 2024 Series B-2 Bond pursuant to Sections Section 7.1. Optional Tenders of 2024 Series B-2 Bonds in the Daily Mode or the Weekly Mode. Subject to Section 7.14 herein, the Owners of 2024 Series B-2 Bonds in a Daily Mode or a Weekly Mode may elect to have their 2024 Series B-2 Bonds (or portions of those Bonds in amounts equal to an Authorized Denominations) purchased on any Business Day at a price equal to the Purchase Price, (i) in the case of 2024 Series B-2 Bonds in a Daily Mode, upon delivery of an irrevocable written notice of tender or irrevocable telephonic notice of tender to the Remarketing Agent, promptly confirmed in writing to the Paying Agent, not later than 11:00 a.m., New York City time, on the Purchase Date specified by the Owner; and (ii) in the case of 2024 Series B-2 Bonds in a Weekly Mode, upon delivery of an irrevocable written notice of tender or irrevocable telephonic notice of tender to the Remarketing Agent, promptly confirmed in writing to the Paying Agent, not later than 4:00 p.m., New York City time, on a Business Day not less than seven days before the Purchase Date specified by the Owner in such notice. Such notices of tender shall state the CUSIP number, Bond number and the principal amount of such 2024 Series B-2 Bond and that such 2024 Series B-2 Bond shall be purchased on the Purchase Date specified above. The 2024 Series B-2 Bond shall be delivered (with all necessary endorsements) at or before 12:00 noon, New York City time, on the Purchase Date to the Remarketing Agent, provided, however, that payment of the Purchase Price shall be made pursuant to this Section 7.1 only if the 2024 Series B-2 Bond so delivered to the Remarketing Agent conforms in all respects to the description thereof in the notice described in this Section 7.1. Payment of the Purchase Price with respect to purchases under this Section 7.1 shall be made to the Owners of tendered 2024 Series B-2 Bonds by wire transfer in immediately available funds by the Paying Agent by 3:00 p.m. New York City time on the Purchase Date. An Owner who gives the notice of tender as set forth above may repurchase the 2024 Series B-2 Bonds so tendered on such Purchase Dates if the Remarketing Agent agrees to sell the 2024 Series B-2 Bonds so tendered to such Owner. If such Owner decides to repurchase such 2024 Series B-2 Bonds and the Remarketing Agent agrees to sell the specified 2024 Series B-2 Bonds to such Owner, the delivery requirements set forth above shall be waived.

Additional Defeasance Requirements. 2024 Series B-2 A-2 Bonds bearing interest at other than the Fixed Rate may be discharged pursuant to Section 12.2 of the Master Indenture only if (x)(A) such 2024 Series B-2 A-2 Bonds mature or are called for redemption on or prior to the next date upon which such 2024 Series B-2 A-2 Bonds are subject to purchase pursuant to Section 7.1, 7.2, 7.3, 7.4 or 7.5 hereof, or (B) the Trustee and the Authority receive evidence satisfactory to the Trustee that the moneys on deposit in the escrow account established to refund such 2024 Series B-2 A-2 Bonds are in an amount sufficient to pay any portion of the 2023 2024 Series Q- 2 A-2 Bonds which may be tendered for purchase during the period prior to payment in full of principal of and interest payable on such 2024 Series B-2 A-2 Bonds, in which case the tendered 2024 Series B- 2 A-2 Bonds purchased with moneys in the escrow account will be cancelled, or (C) the Liquidity Facility with respect to the 2024 Series B-2 A-2 Bonds will remain in effect until such 2024 Series B- 2 A-2 Bonds mature or are called for redemption; (y) the Authority waives its right to convert the method for determining the interest rate borne by such 2024 Series B-2 A-2 Bond pursuant to Sections 2.10 hereof; and (z) the Trustee and the Authority receive evidence satisfactory to the Trustee that the moneys and Defeasance Securities, if any, deposited with the Trustee for such purpose pursuant to and subject to Section 12.2 of the Master Indenture will be sufficient to pay in full (in addition to the principal of the 2024 Series A-2 Bonds) all interest which may accrue on the 2024 Series A-2 Bonds until their final payment. Section 7.1. Optional Tenders of 2024 Series B-2 A-2 Bonds in the Daily Mode or the Weekly Mode. Subject to Section 7.14 herein, the Owners of 2024 Series B-2 A-2 Bonds in a Daily Mode or a Weekly Mode may elect to have their 2024 Series B-2 A-2 Bonds (or portions of those Bonds in amounts equal to an Authorized Denominations) purchased on any Business Day at a price equal to the Purchase Price, (i) in the case of 2024 Series B-2 A-2 Bonds in a Daily Mode, upon delivery of an irrevocable written notice of tender or irrevocable telephonic notice of tender to the Remarketing Agent, promptly confirmed in writing to the Paying Agent, not later than 11:00 a.m., New York City time, on the Purchase Date specified by the Owner; and (ii) in the case of 2024 Series B-2 A-2 Bonds in a Weekly Mode, upon delivery of an irrevocable written notice of tender or irrevocable telephonic notice of tender to the Remarketing Agent, promptly confirmed in writing to the Paying Agent, not later than 4:00 p.m., New York City time, on a Business Day not less than seven days before the Purchase Date specified by the Owner in such notice. Such notices of tender shall state the CUSIP number, Bond number and the principal amount of such 2024 Series B-2 A-2 Bond and that such 2024 Series B-2 A-2 Bond shall be purchased on the Purchase Date specified above. The 2024 Series B-2 A-2 Bond shall be delivered (with all necessary endorsements) at or before 12:00 noon, New York City time, on the Purchase Date to the Remarketing Agent, provided, however, that payment of the Purchase Price shall be made pursuant to this Section 7.1 only if the 2024 Series B-2 A-2 Bond so delivered to the Remarketing Agent conforms in all respects to the description thereof in the notice described in this Section 7.1. Payment of the Purchase Price with respect to purchases under this Section 7.1 shall be made to the Owners of tendered 2024 Series B-2 A-2 Bonds by wire transfer in immediately available funds by the Paying Agent by 3:00 p.m. New York City time on the Purchase Date. An Owner who gives the notice of tender as set forth above may repurchase the 2024 Series B-2 A-2 Bonds so tendered on such Purchase Dates if the Remarketing Agent agrees to sell the 2024 Series B-2 A-2 Bonds so tendered to such Owner. If such Owner decides to repurchase such 2024 Series B-2 A-2 Bonds and the Remarketing Agent agrees to sell the specified 2024 Series B-2 A-2 Bonds to such Owner, the delivery requirements set forth above shall be waived.

Additional Defeasance Requirements. 2024 Series B-2 D-2 Bonds bearing interest at other than the Fixed Rate may be discharged pursuant to Section 12.2 of the Master Indenture only if (x)(A) such 2024 Series B-2 D-2 Bonds mature or are called for redemption on or prior to the next date upon which such 2024 Series B-2 D-2 Bonds are subject to purchase pursuant to Section 7.1, 7.2, 7.3, 7.4 or 7.5 hereof, or (B) the Trustee and the Authority receive evidence satisfactory to the Trustee that the moneys on deposit in the escrow account established to refund such 2024 Series B-2 D-2 Bonds are in an amount sufficient to pay any portion of the 2023 2024 Series Q- D- 2 Bonds which may be tendered for purchase during the period prior to payment in full of principal of and interest payable on such 2024 Series B-2 D-2 Bonds, in which case the tendered 2024 Series B- 2 D-2 Bonds purchased with moneys in the escrow account will be cancelled, or (C) the Liquidity Facility with respect to the 2024 Series B-2 D-2 Bonds will remain in effect until such 2024 Series B- 2 D-2 Bonds mature or are called for redemption; (y) the Authority waives its right to convert the method for determining the interest rate borne by such 2024 Series B-2 D-2 Bond pursuant to Sections Section 7.1. Optional Tenders of 2024 Series B-2 D-2 Bonds in the Daily Mode or the Weekly Mode. Subject to Section 7.14 herein, the Owners of 2024 Series B-2 D-2 Bonds in a Daily Mode or a Weekly Mode may elect to have their 2024 Series B-2 D-2 Bonds (or portions of those Bonds in amounts equal to an Authorized Denominations) purchased on any Business Day at a price equal to the Purchase Price, (i) in the case of 2024 Series B-2 D-2 Bonds in a Daily Mode, upon delivery of an irrevocable written notice of tender or irrevocable telephonic notice of tender to the Remarketing Agent, promptly confirmed in writing to the Paying Agent, not later than 11:00 a.m., New York City time, on the Purchase Date specified by the Owner; and (ii) in the case of 2024 Series B-2 D-2 Bonds in a Weekly Mode, upon delivery of an irrevocable written notice of tender or irrevocable telephonic notice of tender to the Remarketing Agent, promptly confirmed in writing to the Paying Agent, not later than 4:00 p.m., New York City time, on a Business Day not less than seven days before the Purchase Date specified by the Owner in such notice. Such notices of tender shall state the CUSIP number, Bond number and the principal amount of such 2024 Series B-2 D-2 Bond and that such 2024 Series B-2 D-2 Bond shall be purchased on the Purchase Date specified above. The 2024 Series B-2 D-2 Bond shall be delivered (with all necessary endorsements) at or before 12:00 noon, New York City time, on the Purchase Date to the Remarketing Agent, provided, however, that payment of the Purchase Price shall be made pursuant to this Section 7.1 only if the 2024 Series B-2 D-2 Bond so delivered to the Remarketing Agent conforms in all respects to the description thereof in the notice described in this Section 7.1. Payment of the Purchase Price with respect to purchases under this Section 7.1 shall be made to the Owners of tendered 2024 Series B-2 D-2 Bonds by wire transfer in immediately available funds by the Paying Agent by 3:00 p.m. New York City time on the Purchase Date. An Owner who gives the notice of tender as set forth above may repurchase the 2024 Series B-2 D-2 Bonds so tendered on such Purchase Dates if the Remarketing Agent agrees to sell the 2024 Series B-2 D-2 Bonds so tendered to such Owner. If such Owner decides to repurchase such 2024 Series B-2 D-2 Bonds and the Remarketing Agent agrees to sell the specified 2024 Series B-2 D-2 Bonds to such Owner, the delivery requirements set forth above shall be waived.

Additional Defeasance Requirements. 2024 Series B-2 C-2 Bonds bearing interest at other than the Fixed Rate may be discharged pursuant to Section 12.2 of the Master Indenture only if (x)(A) such 2024 Series B-2 C-2 Bonds mature or are called for redemption on or prior to the next date upon which such 2024 Series B-2 C-2 Bonds are subject to purchase pursuant to Section 7.1, 7.2, 7.3, 7.4 or 7.5 hereof, or (B) the Trustee and the Authority receive evidence satisfactory to the Trustee that the moneys on deposit in the escrow account established to refund such 2024 Series B-2 C-2 Bonds are in an amount sufficient to pay any portion of the 2023 2024 Series Q- 2 C-2 Bonds which may be tendered for purchase during the period prior to payment in full of principal of and interest payable on such 2024 Series B-2 C-2 Bonds, in which case the tendered 2024 Series B- 2 C-2 Bonds purchased with moneys in the escrow account will be cancelled, or (C) the Liquidity Facility with respect to the 2024 Series B-2 C-2 Bonds will remain in effect until such 2024 Series B- 2 C-2 Bonds mature or are called for redemption; (y) the Authority waives its right to convert the method for determining the interest rate borne by such 2024 Series B-2 C-2 Bond pursuant to Sections Section 7.1. Optional Tenders of 2024 Series B-2 C-2 Bonds in the Daily Mode or the Weekly Mode. Subject to Section 7.14 herein, the Owners of 2024 Series B-2 C-2 Bonds in a Daily Mode or a Weekly Mode may elect to have their 2024 Series B-2 C-2 Bonds (or portions of those Bonds in amounts equal to an Authorized Denominations) purchased on any Business Day at a price equal to the Purchase Price, (i) in the case of 2024 Series B-2 C-2 Bonds in a Daily Mode, upon delivery of an irrevocable written notice of tender or irrevocable telephonic notice of tender to the Remarketing Agent, promptly confirmed in writing to the Paying Agent, not later than 11:00 a.m., New York City time, on the Purchase Date specified by the Owner; and (ii) in the case of 2024 Series B-2 C-2 Bonds in a Weekly Mode, upon delivery of an irrevocable written notice of tender or irrevocable telephonic notice of tender to the Remarketing Agent, promptly confirmed in writing to the Paying Agent, not later than 4:00 p.m., New York City time, on a Business Day not less than seven days before the Purchase Date specified by the Owner in such notice. Such notices of tender shall state the CUSIP number, Bond number and the principal amount of such 2024 Series B-2 C-2 Bond and that such 2024 Series B-2 C-2 Bond shall be purchased on the Purchase Date specified above. The 2024 Series B-2 C-2 Bond shall be delivered (with all necessary endorsements) at or before 12:00 noon, New York City time, on the Purchase Date to the Remarketing Agent, provided, however, that payment of the Purchase Price shall be made pursuant to this Section 7.1 only if the 2024 Series B-2 C-2 Bond so delivered to the Remarketing Agent conforms in all respects to the description thereof in the notice described in this Section 7.1. Payment of the Purchase Price with respect to purchases under this Section 7.1 shall be made to the Owners of tendered 2024 Series B-2 C-2 Bonds by wire transfer in immediately available funds by the Paying Agent by 3:00 p.m. New York City time on the Purchase Date. An Owner who gives the notice of tender as set forth above may repurchase the 2024 Series B-2 C-2 Bonds so tendered on such Purchase Dates if the Remarketing Agent agrees to sell the 2024 Series B-2 C-2 Bonds so tendered to such Owner. If such Owner decides to repurchase such 2024 Series B-2 C-2 Bonds and the Remarketing Agent agrees to sell the specified 2024 Series B-2 C-2 Bonds to such Owner, the delivery requirements set forth above shall be waived.

Additional Defeasance Requirements. 2024 2023 Series B-2 Q-2 Bonds bearing interest at other than the Fixed Rate may be discharged pursuant to Section 12.2 of the Master Indenture only if (x)(A) such 2024 2023 Series B-2 Q-2 Bonds mature or are called for redemption on or prior to the next date upon which such 2024 2023 Series B-2 Q-2 Bonds are subject to purchase pursuant to Section 7.1, 7.2, 7.3, 7.4 or 7.5 hereof, or (B) the Trustee and the Authority receive evidence satisfactory to the Trustee that the moneys on deposit in the escrow account established to refund such 2024 2023 Series B-2 Q-2 Bonds are in an amount sufficient to pay any portion of the 2023 Series Q- 2 Q-2 Bonds which may be tendered for purchase during the period prior to payment in full of principal of and interest payable on such 2024 2023 Series B-2 Q-2 Bonds, in which case the tendered 2024 2023 Series B- 2 Q-2 Bonds purchased with moneys in the escrow account will be cancelled, or (C) the Liquidity Facility with respect to the 2024 2023 Series B-2 Q-2 Bonds will remain in effect until such 2024 2023 Series B- 2 Q-2 Bonds mature or are called for redemption; (y) the Authority waives its right to convert the method for determining the interest rate borne by such 2024 2023 Series B-2 Q-2 Bond pursuant to Sections 2.10 hereof; and (z) the Trustee and the Authority receive evidence satisfactory to the Trustee that the moneys and Defeasance Securities, if any, deposited with the Trustee for such purpose pursuant to and subject to Section 12.2 of the Master Indenture will be sufficient to pay Section 7.1. Optional Tenders of 2024 2023 Series B-2 Q-2 Bonds in the Daily Mode or the Weekly Mode. Subject to Section 7.14 herein, the Owners of 2024 2023 Series B-2 Q-2 Bonds in a Daily Mode or a Weekly Mode may elect to have their 2024 2023 Series B-2 Q-2 Bonds (or portions of those Bonds in amounts equal to an Authorized Denominations) purchased on any Business Day at a price equal to the Purchase Price, (i) in the case of 2024 2023 Series B-2 Q-2 Bonds in a Daily Mode, upon delivery of an irrevocable written notice of tender or irrevocable telephonic notice of tender to the Remarketing Agent, promptly confirmed in writing to the Paying Agent, not later than 11:00 a.m., New York City time, on the Purchase Date specified by the Owner; and (ii) in the case of 2024 2023 Series B-2 Q-2 Bonds in a Weekly Mode, upon delivery of an irrevocable written notice of tender or irrevocable telephonic notice of tender to the Remarketing Agent, promptly confirmed in writing to the Paying Agent, not later than 4:00 p.m., New York City time, on a Business Day not less than seven days before the Purchase Date specified by the Owner in such notice. Such notices of tender shall state the CUSIP number, Bond number and the principal amount of such 2024 2023 Series B-2 Q-2 Bond and that such 2024 2023 Series B-2 Q-2 Bond shall be purchased on the Purchase Date specified above. The 2024 2023 Series B-2 Q-2 Bond shall be delivered (with all necessary endorsements) at or before 12:00 noon, New York City time, on the Purchase Date to the Remarketing Agent, provided, however, that payment of the Purchase Price shall be made pursuant to this Section 7.1 only if the 2024 2023 Series B-2 Q-2 Bond so delivered to the Remarketing Agent conforms in all respects to the description thereof in the notice described in this Section 7.1. Payment of the Purchase Price with respect to purchases under this Section 7.1 shall be made to the Owners of tendered 2024 2023 Series B-2 Q-2 Bonds by wire transfer in immediately available funds by the Paying Agent by 3:00 p.m. New York City time on the Purchase Date. An Owner who gives the notice of tender as set forth above may repurchase the 2024 2023 Series B-2 Q-2 Bonds so tendered on such Purchase Dates if the Remarketing Agent agrees to sell the 2024 2023 Series B-2 Q-2 Bonds so tendered to such Owner. If such Owner decides to repurchase such 2024 2023 Series B-2 Q-2 Bonds and the Remarketing Agent agrees to sell the specified 2024 2023 Series B-2 Q-2 Bonds to such Owner, the delivery requirements set forth above shall be waived.