Common use of Draws Clause in Contracts

Draws. (a) Whenever any amount is payable for the purchase of the 2024 Series A-2 Bonds as provided in this Series Indenture, the Paying Agent shall draw on the Liquidity Facility in accordance with its terms, if one is in effect, to the extent necessary (taking into account any remarketing proceeds that are then on hand with the Paying Agent as described in the next paragraph) to make such full and timely payment in accordance with this Series Indenture and the Liquidity Facility, except that the Paying Agent may not draw on the Liquidity Facility to pay the Purchase Price of Bank Bonds or 2024 Series A-2 Bonds owned by or on behalf of or held for the account or for the benefit of the Authority or any Affiliate of the Authority. In drawing on the Liquidity Facility, the Paying Agent will be acting on behalf of the owners of the 2024 Series A-2 Bonds by facilitating payment of the Purchase Price of their 2024 Series A-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 the 2024 Series A-2 C-2 Bonds as provided in this Series Indenture, the Paying Agent shall draw on the Liquidity Facility in accordance with its terms, if one is in effect, to the extent necessary (taking into account any remarketing proceeds that are then on hand with the Paying Agent as described in the next paragraph) to make such full and timely payment in accordance with this Series Indenture and the Liquidity Facility, except that the Paying Agent may not draw on the Liquidity Facility to pay the Purchase Price of Bank Bonds or 2024 Series A-2 C-2 Bonds owned by or on behalf of or held for the account or for the benefit of the Authority or any Affiliate of the Authority. In drawing on the Liquidity Facility, the Paying Agent will be acting on behalf of the owners of the 2024 Series A-2 C-2 Bonds by facilitating payment of the Purchase Price of their 2024 Series A-2 C-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 the 2024 Series A-2 B-2 Bonds as provided in this Series Indenture, the Paying Agent shall draw on the Liquidity Facility in accordance with its terms, if one is in effect, to the extent necessary (taking into account any remarketing proceeds that are then on hand with the Paying Agent as described in the next paragraph) to make such full and timely payment in accordance with this Series Indenture and the Liquidity Facility, except that the Paying Agent may not draw on the Liquidity Facility to pay the Purchase Price of Bank Bonds or 2024 Series A-2 B-2 Bonds owned by or on behalf of or held for the account or for the benefit of the Authority or any Affiliate of the Authority. In drawing on the Liquidity Facility, the Paying Agent will be acting on behalf of the owners of the 2024 Series A-2 B-2 Bonds by facilitating payment of the Purchase Price of their 2024 Series A-2 B-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 the 2024 2023 Series A-2 N-2 Bonds as provided in this Series Indenture, the Paying Agent shall draw on the Liquidity Facility in accordance with its terms, if one is in effect, to the extent necessary (taking into account any remarketing proceeds that are then on hand with the Paying Agent as described in the next paragraph) to make such full and timely payment in accordance with this Series Indenture and the Liquidity Facility, except that the Paying Agent may not draw on the Liquidity Facility to pay the Purchase Price of Bank Bonds or 2024 2023 Series A-2 N-2 Bonds owned by or on behalf of or held for the account or for the benefit of the Authority or any Affiliate of the Authority. In drawing on the Liquidity Facility, the Paying Agent will be acting on behalf of the owners of the 2024 2023 Series A-2 N-2 Bonds by facilitating payment of the Purchase Price of their 2024 2023 Series A-2 N-2 Bonds and not on behalf of the Authority and will not be subject to the control of the Authority.