Alternate Credit Facility. The Trustee acknowledges that the Company may, at its option, provide an Alternate Credit Facility relating to the Series 1990A Bonds. If the company chooses to provide an Alternate Credit Facility, when there shall have been delivered (a) to the Trustee on behalf of the Issuer an Alternate Credit Facility pursuant to Section 4.5(c) of the Agreement and (b) to the Issuer and the Trustee an opinion of Bond Counsel stating that the delivery of such Alternate Credit Facility to the Trustee is lawful under applicable law and permitted under the Agreement and complies with the terms of the Agreement and that the delivery of such Alternate Credit Facility will not adversely affect the exclusion from federal gross income of interest paid on the Series 1990A Bonds, then the Trustee shall accept such Alternate Credit Facility and upon the effective date of such Alternate Credit Facility promptly surrender any previously held Letter of Credit or an Alternate Credit Facility in accordance with the terms thereof for cancellation, provided, however, that unless the Company also provides to the Trustee written evidence from Xxxxx'x, if the Series 1990A Bonds are rated by Xxxxx'x, and S&P, if the Series 1990A Bonds are rated by S&P, in each case to the effect that such rating agency has reviewed the proposed Alternate Credit Facility and that its substitution will not, by itself, result in a reduction or withdrawal of its ratings of the Series 1990A Bonds from those which then prevail, the effective date of such Alternate Credit Facility shall not be earlier than the thirtieth day following Notice by Mail by the Trustee to the holders of the Series 1990A Bonds, advising such holders of such Alternate Credit Facility; the effective date thereof; and whether, as of the date of delivery of such Alternate Credit Facility, the rating(s), if any, of the Series 1990A Bonds, are expected by the Company to be reduced or withdrawn. If at any time there shall cease to be any Series 1990A Bonds Outstanding hereunder, the Trustee shall promptly surrender any Alternate Credit Facility in accordance with the terms thereof for
Alternate Credit Facility. The Borrower may at any time substitute an Alternate Credit Facility for an existing Letter of Credit, subject to the limitations set forth in this Article VI and any limitations set forth in the Reimbursement Agreement. An Alternate Credit Facility shall be an irrevocable letter of credit, bank bond purchase agreement, bond insurance policy, surety bond or other agreement or instrument under which any person or entity (other than the Issuer or the Borrower) undertakes to make or provide funds to make payments of the principal and purchase price of, and interest on, the Bonds, as and when due and, if an irrevocable direct pay letter of credit, shall have terms similar in all material respects to the terms of the initial Letter of Credit; provided that the Alternate Credit Facility must be effective as of a date on or before the date of expiration of the then existing Letter of Credit and must provide coverage in an amount at least equal to the sum of (A) the aggregate principal amount of Bonds (other than Pledged Bonds or Borrower Bonds) at the time Outstanding, plus (B) Adequate Interest Coverage for the period to be covered by the Letter of Credit. As a condition to the issuance of any Alternate Credit Facility, either the Bonds or the L/C Bank issuing the Alternate Credit Facility or the Confirming Bank shall have long-term ratings of at least one of the three highest rating categories of one of the Rating Agencies and all obligations owing to the L/C Bank pursuant to the then outstanding Reimbursement Agreement shall be paid in full. The Borrower shall notify the Trustee of its intention to cause an Alternate Credit Facility to be delivered to the Trustee at least 25 days before the date of such delivery. Such notice shall specify the L/C Bank that is to deliver such Alternate Credit Facility and its effective date. Upon receipt of such notice, the Trustee will, at least 20 days prior to the anticipated delivery date, mail a notice of the anticipated delivery of the Alternate Credit Facility by first class mail to the Issuer, the Remarketing Agent, the L/C Bank, the Confirming Bank, if any, and each Bondholder. Such notice shall specify the L/C Bank that is to deliver the Alternate Credit Facility and that the Bonds will be subject to mandatory purchase on the date of delivery thereof in accordance with Section 4.02 of this Agreement. During the Flexible Mode, an existing Letter of Credit may not be replaced before the expiration date of the then appli...
Alternate Credit Facility. The Borrower may (without penalty or premium) provide and the Trustee shall accept any Alternate Credit Facility, provided that any Alternate Credit Facility shall meet the requirements of Section 706 of the Indenture and an opinion of counsel acceptable to the Trustee has been delivered to the Trustee to substantially the same effect as the opinion of counsel to the Credit Enhancer delivered in connection with the issuance of the initial Credit Facility and, in addition, to the effect that the exemption of the Bonds (or any securities evidenced thereby) from the registration requirements of the Securities Act of 1933, as amended, shall not be impaired by the substitution of such Alternate Letter of Credit or that the applicable registration or qualification requirements of such Act have been satisfied.
Alternate Credit Facility. Cause a substitute credit facility to be established for the Company without payment in full to the Banks of all obligations hereunder through and including the Termination Date.
Alternate Credit Facility. Cause a substitute letter of ------------------------- credit or other similar facility to be delivered to the Trustee in substitution of a Letter of Credit without paying to the Banks all obligations hereunder following the Cancellation Date.
Alternate Credit Facility. If the Borrower exercises its option to convert to a Fixed Interest Rate pursuant to the terms and provisions of the Indenture, the Borrower may deposit with the Trustee an Alternate Credit Facility, effective as of the Fixed Rate Date, in lieu of keeping the Master Letter of Credit and the Standby Letter of Credit in place as required by Section 5.8. The Alternate Credit Facility must meet the following conditions:
Alternate Credit Facility. The term ―Alternate Credit Facility‖ shall mean a Credit Facility issued to replace a Credit Facility as provided herein.
Alternate Credit Facility. (a) The Issuer covenants that as of the Termination Date, the Issuer shall have obtained (i) an Alternate Credit Facility to replace the Letter of Credit or (ii) a written commitment of an underwriter to purchase the Bonds.
(b) The Issuer agrees that any Alternate Credit Facility or written commitment, as the case may be, will require, as a condition to the effectiveness of the Alternate Credit Facility or written commitment, as the case may be, that the provider of the Alternate Credit Facility or underwriter will provide funds to the extent necessary, in addition to other funds available, on the date the Alternate Credit Facility or written commitment, as the case may be, becomes effective, for the purchase of all Bank Bonds at par plus accrued interest through the date purchased. On such date all Required Payments owing to the Bank hereunder or under the other Related Documents or the Bonds shall be paid in full to the Bank.
(c) The Issuer shall not permit an Alternate Credit Facility or written commitment as described in subparagraph (a) to become effective with respect to less than all of the Bonds without the prior written consent of the Bank. No Alternate Credit Facility shall become effective unless the Issuer shall have given the Bank 30 days prior written notice thereof and paid any amounts required to be paid in connection with the termination of the Letter of Credit pursuant to this Agreement.
Alternate Credit Facility. In the event an Alternate Credit Facility is obtained and the Letter of Credit shall be returned to the Bank prior to the Termination Date for cancellation by the Bank, the Company shall immediately pay to the Bank all amounts owing or to become due and payable hereunder through the date of such cancellation.
Alternate Credit Facility. The Borrower will not deliver to the Trustee an Alternate Credit Facility (as defined in the Indenture) pursuant to Section 401(b) of the Indenture unless (a) the Borrower shall have given 60 days’ written notice of such delivery to the Bank, (b) such Alternate Credit Facility and any substitute reimbursement agreement pursuant to which such Alternate Credit Facility is issued shall require as a condition of such delivery, that the Borrower shall have paid in full all Reimbursement Obligations and Hedging Obligations, (c) immediately prior to or simultaneously with such delivery, either the Borrower or the issuer of such Alternate Credit Facility shall have purchased from the Bank all outstanding Bank Bonds by payment in full of the principal amount thereof and all accrued and unpaid interest thereon and the Borrower shall have paid to the Bank all other Reimbursement Obligations and Hedging Obligations then owing.
