Alternate Facility. (a) The City shall use all commercially reasonable efforts to obtain an Alternate Facility to replace this Agreement and the Letter of Credit in the event that (A) the Bank shall decide not to extend the Letter of Credit Expiration Date, (B) the Letter of Credit shall terminate according to its terms, or (C) the Bank directs the Issuing and Paying Agent to cease issuing Covered Notes following the occurrence of an Event of Default.
Appears in 3 contracts
Samples: Letter of Credit and Reimbursement Agreement, Credit and Reimbursement Agreement, Credit and Reimbursement Agreement
Alternate Facility. (a) The City shall use all commercially reasonable efforts to obtain an Alternate Facility to replace this Agreement and the Letter of Credit in the event that (A) the Bank shall decide not to extend the Letter of Credit Expiration Date, (B) the Letter of Credit shall terminate according to its terms, or (C) the Bank directs the Issuing and Paying Agent to cease issuing Covered Notes following the occurrence of an Event of Default.an
Appears in 1 contract
Samples: Credit and Reimbursement Agreement
