Common use of Draws Clause in Contracts

Draws. (a) Whenever any amount is payable for the purchase of 2020A-1 Bonds as provided in this Series Indenture, the Paying Agent shall draw on the applicable Liquidity Facility in accordance with its terms, if one is in effect, to the extent necessary (taking into account any remarketing proceeds received on the Purchase Date or Mandatory Purchase Date) to make such full and timely payment in accordance with this Series Indenture and the applicable Liquidity Facility, except that the Trustee may not draw on a Liquidity Facility to pay the Purchase Price of Bank Bonds or 2020A-1 Bonds known by the Trustee to be owned by or registered in the name of the Authority or held for the account or for the benefit of the Authority. In drawing on a Liquidity Facility, the Trustee will be acting on behalf of the owners of the applicable 2020A-1 Bonds by facilitating payment of the Purchase Price of their 2020A-1 Bonds and not on behalf of the Authority and will not be subject to the control of the Authority.

Draws. (a) Whenever any amount is payable for the purchase of 2020A-1 2020D-2 Bonds as provided in this Series Indenture, the Paying Agent shall draw on the applicable Liquidity Facility in accordance with its terms, if one is in effect, to the extent necessary (taking into account any remarketing proceeds received on the Purchase Date or Mandatory Purchase Date) to make such full and timely payment in accordance with this Series Indenture and the applicable Liquidity Facility, except that the Trustee may not draw on a Liquidity Facility to pay the Purchase Price of Bank Bonds or 2020A-1 2020D-2 Bonds known by the Trustee to be owned by or registered in the name of the Authority or held for the account or for the benefit of the Authority. In drawing on a Liquidity Facility, the Trustee will be acting on behalf of the owners of the applicable 2020A-1 2020D-2 Bonds by facilitating payment of the Purchase Price of their 2020A-1 2020D-2 Bonds and not on behalf of the Authority and will not be subject to the control of the Authority.

Draws. (a) Whenever any amount is payable for the purchase of 2020A-1 2019C Bonds as provided in this Series Indenture, the Paying Agent shall draw on the applicable Liquidity Facility in accordance with its terms, if one is in effect, to the extent necessary (taking into account any remarketing proceeds received on the Purchase Date or Mandatory Purchase Date) to make such full and timely payment in accordance with this Series Indenture and the applicable Liquidity Facility, except that the Trustee may not draw on a Liquidity Facility to pay the Purchase Price of Bank Bonds or 2020A-1 2019C Bonds known by the Trustee to be owned by or registered in the name of the Authority or held for the account or for the benefit of the Authority. In drawing on a Liquidity Facility, the Trustee will be acting on behalf of the owners of the applicable 2020A-1 2019C Bonds by facilitating payment of the Purchase Price of their 2020A-1 2019C Bonds and not on behalf of the Authority and will not be subject to the control of the Authority.

Draws. (a) Whenever any amount is payable for the purchase of 2020A-1 2018A-2 Bonds as provided in this Series Indenture, the Paying Agent shall draw on the applicable Liquidity Facility in accordance with its terms, if one is in effect, to the extent necessary (taking into account any remarketing proceeds received on the Purchase Date or Mandatory Purchase Date) to make such full and timely payment in accordance with this Series Indenture and the applicable Liquidity Facility, except that the Trustee may not draw on a Liquidity Facility to pay the Purchase Price of Bank Bonds or 2020A-1 2018A-2 Bonds known by the Trustee to be owned by or registered in the name of the Authority or held for the account or for the benefit of the Authority. In drawing on a Liquidity Facility, the Trustee will be acting on behalf of the owners of the applicable 2020A-1 2018A-2 Bonds by facilitating payment of the Purchase Price of their 2020A-1 2018A-2 Bonds and not on behalf of the Authority and will not be subject to the control of the Authority.