Alternate Letter of Credit; Alternate Credit Facility. At any time prior to the sixtieth (60th) day next preceding the Expiration Date of the Letter of Credit, the Company may, at its option, provide for and deliver to the Trustee an Alternate Letter of Credit. An Alternate Letter of Credit shall be an irrevocable letter of credit, other than the Letter of Credit issued by the Bank and delivered to the Trustee on the Original Issuance Date of the Bonds, issued by a commercial bank, the terms of which shall in all material respects be the same as the Letter of Credit. At least forty-six (46) Business Days but not more than sixty (60) days prior to the date of delivery of an Alternate Letter of Credit, the Company shall (i) deliver to the Trustee an opinion of Independent Tax Counsel stating that the delivery of such Alternate Letter of Credit to the Trustee is authorized under this Agreement and the Act, complies with the terms of this Agreement and will not adversely affect the exemption from Federal income taxation of interest on the Bonds, (ii) deliver to the Trustee written evidence from Moodx'x, xx the Bonds are rated by Moodx'x, xxd S&P, if the Bonds are rated by S&P, in each case to the effect that such rating agency has reviewed the proposed Alternate Letter of Credit and that the substitution of the Alternate Letter of Credit for the Letter of Credit will not, by itself, result in a reduction of its rating of the Bonds from that which then prevails, and (iii) direct that the Trustee notify the Bank and the holders of outstanding Bonds, in accordance with of Section 302 of the Indenture, that an Alternate Letter of Credit will be delivered to the Trustee. On or after the Conversion Date or the Interest Payment Date next preceding the Expiration Date of the Letter of Credit, the Company may provide for the delivery of an Alternate Credit Facility to provide security for payment of the principal of, and the interest on, the Bonds; provided
Appears in 1 contract
Alternate Letter of Credit; Alternate Credit Facility. At any time prior to the sixtieth (60th) day next preceding the Expiration Date of the Letter of Credit, the Company may, at its option, provide for and deliver to the Trustee an Alternate Letter of Credit. An Alternate Letter of Credit shall be an irrevocable letter of credit, other than the Letter of Credit issued by the Bank and delivered to the Trustee on the Original Issuance Date of the Bonds, issued by a commercial bank, the terms of which shall in all material respects be the same as the Letter of Credit. At least forty-six (46) Business Days but not more than sixty (60) days prior to the date of delivery of an Alternate Letter of Credit, the Company shall (i) deliver to the Trustee an opinion of Independent Tax Counsel stating that the delivery of such Alternate Letter of Credit to the Trustee is authorized under this Agreement and the Act, complies with the terms of this Agreement and will not adversely affect the exemption from Federal income taxation of interest on the Bonds, (ii) deliver to the Trustee written evidence from Moodx'x, xx the Bonds are rated by Moodx'x, xxd S&P, if the Bonds are rated by S&P, in each case to the effect that such rating agency has reviewed the proposed Alternate Letter of Credit and that the substitution of the Alternate Letter of Credit for the Letter of Credit will not, by itself, result in a reduction of its rating of the Bonds from that which then prevails, and (iii) direct that the Trustee notify the Bank and the holders of outstanding Bonds, in accordance with of Section 302 of the Indenture, that an Alternate Letter of Credit will be delivered to the Trustee. On or after the Conversion Date or the Interest Payment Date next preceding the Expiration Date of the Letter of Credit, the Company may provide for the delivery of an Alternate Credit Facility to provide security for payment of the principal of, and the interest on, the Bonds; providedprovided that the Company shall (i) deliver to the Trustee an opinion of Independent Tax Counsel stating that the delivery of such Alternate Credit Facility is authorized under this Agreement and the Act, complies with the terms of this Agreement and will not adversely affect the exemption from Federal income taxation of interest on the Bonds, and (ii) direct the Trustee to notify the Bank and the holders of outstanding Bonds, in accordance with Section 302 of the Indenture, that an Alternate Credit Facility will be delivered to the Trustee. In the event that such Alternate Credit Facility is to be delivered prior to the Conversion Date, such Alternate Credit Facility may provide for payment of the purchase price of Bonds delivered to the Trustee in accordance with Section 302 of the Indenture. Any Alternate Letter of Credit or Alternate Credit Facility shall have an initial term of not less than one (1) year.
Appears in 1 contract
Alternate Letter of Credit; Alternate Credit Facility. At any time prior to the sixtieth (60th) day next preceding the Expiration Date of the Letter of Credit, the Company may, at its option, provide for and deliver the delivery to the Trustee of an Alternate Letter of Credit. An Alternate Letter of Credit shall be an irrevocable letter of credit, other than the Letter of Credit issued by the Bank and delivered to the Trustee on the Original Issuance Date of the Bonds, issued by a commercial bank, the terms of which shall in all material respects be the same as the Letter of Credit. At least forty-six (46) Business Days but not more than sixty (60) days prior to the date of delivery of an Alternate Letter of Credit, the Company shall (i) deliver to the Trustee an opinion of Independent Tax Counsel stating that the delivery of such Alternate Letter of Credit to the Trustee is authorized under this Agreement and the Act, complies with the terms of this Agreement and will not adversely affect the exemption from Federal income taxation of interest on the Bonds, (ii) deliver to the Trustee written evidence from Moodx'x, xx the Bonds are rated by Moodx'x, xxd S&P, if the Bonds are rated by S&P, in each case to the effect that such rating agency has reviewed the proposed Alternate Letter of Credit and that the substitution of the Alternate Letter of Credit for the Letter of Credit will not, by itself, result in a reduction of its rating of the Bonds from that which then prevails, and (iii) direct that the Trustee notify the Bank and the holders of outstanding Bonds, in accordance with of Section 302 of the Indenture, that an Alternate Letter of Credit will be delivered to the Trustee. On or after the Conversion Date or the Interest Payment Date next preceding the Expiration Date of the Letter of Credit, the Company may provide for the delivery of an Alternate Credit Facility to provide security for payment of the principal of, and the interest on, the Bonds; providedprovided that the Company shall (i) deliver to the Trustee an opinion of Independent Tax Counsel stating that the delivery of such Alternate Credit Facility is authorized under this Agreement and the Act, complies with the terms of this Agreement and will not adversely affect the exemption from Federal income taxation of interest on the Bonds, and (ii) direct the Trustee to notify the Bank and the holders of outstanding Bonds, in accordance with Section 302 of the Indenture, that an Alternate Credit Facility will be delivered to the Trustee. In the event that such Alternate Credit Facility is to be delivered prior to the Conversion Date, such Alternate Credit Facility may provide for payment of the purchase price of Bonds delivered to the Trustee in accordance with Section 302 of the Indenture. Any Alternate Letter of Credit or Alternate Credit Facility shall have an initial term of not less than one (1) year.
Appears in 1 contract
Alternate Letter of Credit; Alternate Credit Facility. At any time prior to the sixtieth (60th) day next preceding the Expiration Date of the Letter of Credit, the Company may, may at its option, provide for and deliver the delivery to the Trustee of an Alternate Letter of Credit. An Alternate Letter of Credit shall be an irrevocable letter of credit, other than the Letter of Credit issued by the Bank and delivered to the Trustee on concurrently with the Original Issuance Date original issuance and delivery of the Project Bonds, issued by a commercial bank, the terms of which shall in all material respects be the same as the Letter of Credit. At least forty-six (46) Business Days but not more than sixty (60) days prior to the date of delivery of an "a Alternate Letter of Credit, the Company shall (i) deliver to the Trustee an opinion of Independent Tax Counsel stating that the delivery of such Alternate Letter of Credit to the Trustee is authorized under this Agreement and Chapter 165 of the ActOhio Revised Code, complies with the terms of this Loan Agreement and will not adversely affect the exemption from Federal federal income taxation of interest on the Bonds, (ii) deliver to the Trustee written evidence from Moodx'x, xx the Project Bonds are rated by Moodx'x, xxd S&P, S&P. if the Project Bonds are rated by S&P, in each case to the effect that such rating agency has reviewed the proposed Alternate Letter letter of Credit and that the substitution of the Alternate Letter of Credit for the Letter of Credit will not, by itself, result in a reduction of its rating ratings of the Project Bonds from that those which then prevails, prevail and (iii) direct that the Trustee notify the Bank and the holders of outstanding Project Bonds, in accordance with subsection (c) of Section 302 9 of the IndentureBond Legislation for the Project Bonds, that an Alternate Letter of Credit will be delivered to the Trustee. On or after the Conversion Date or the Interest Payment Date next preceding the Expiration Date of the Letter of Credit, the Company may provide for the delivery of an Alternate Credit Facility to provide security for payment of the principal ofof and interest on the Project Bonds; provided that the Company shall (i) deliver to the Trustee an opinion of Independent Tax Counsel stating that the delivery of such Alternate Credit Facility is authorized under this Agreement and Chapter 165 of the Ohio Revised Code, complies with the terms of this Agreement and will not adversely affect the exemption from federal income taxation of interest on the Bonds and UP direct the Trustee to notify the Bank and the interest onholders of outstanding Project Bonds, in accordance with subsection (c) of Section 9 of the Bond Legislation for the Project Bonds; provided, that an Alternate Credit Facility will be delivered to the Trustee. In the event that such Alternate Credit Facility is to be delivered prior to the Conversion Date, such Alternate Credit Facility, or a Liquidity Facility delivered to the Trustee, may provide for payment of the purchase price of Project Bonds delivered to the Trustee in accordance with Section 7 of the Bond legislation for the Project Bonds. Any Alternative Letter of Credit or Alternative Credit Facility shall have an initial term of not less than one (1) year.
Appears in 1 contract
