Initial Letter of Credit. The Letter of Credit shall be a direct pay letter of credit and shall provide for direct payments to or upon the order of the Trustee as hereinafter set forth and shall be the irrevocable obligation of the Bank to pay to or upon the order of the Trustee, upon request and in accordance with the terms thereof, an amount of up to $25,156,781 of which (a) $24,700,000 shall support the payment of principal on the Bonds when due and that portion of the purchase price corresponding to principal of Tendered Bonds not remarketed on any Variable Rate Purchase Date or sold on the Conversion Date, and (b) $456,781 shall support the payment of up to 45 days' interest at an assumed rate of 15% per annum on the Bonds when due and that portion of the purchase price corresponding to interest on Tendered Bonds not remarketed on any Variable Rate Purchase Date or sold on the Conversion Date. Unless extended, the Letter of Credit shall terminate automatically on the earliest of (i) the date on which a drawing under the Letter of Credit has been honored upon the maturity or acceleration of the Bonds or redemption of all the Bonds, (ii) June 15, 1997, (iii) the date that the Credit Facility Issuer receives a certificate from the Issuer stating that the Bonds have been converted to a Fixed Rate, (iv) the date on which the Bank receives notice from the Trustee that an Alternate Credit Facility is substituted for the Letter of Credit and is in effect or (v) the honoring by the Bank of the Final Draft (as defined in the Letter of Credit) presented thereunder. The Bank's obligation under the Letter of Credit may be reduced to the extent of any drawing thereunder, subject to reinstatement as provided therein. The Letter of Credit shall provide that, with respect to a drawing by the Trustee solely to pay interest on the Bonds on any Interest Payment Date, if the Trustee shall not have received from the Bank within ten days from the date of such drawing a notice by telecopier, by telex or in writing that the Bank has not been reimbursed, the Trustee's right to draw under the Letter of Credit with respect to the payment of interest shall be reinstated on or before the 11th calendar day following such drawing in an amount equal to such drawing. With respect to any other drawing by the Trustee, the amount available under the Letter of Credit for payment of the principal, purchase
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Samples: Trust Indenture (Corrections Corporation of America)
Initial Letter of Credit. The Letter of Credit shall be a direct pay letter of credit and shall provide for direct payments to or upon the order of the Trustee as hereinafter set forth and shall be the irrevocable obligation of the Bank to pay to or upon the order of the Trustee, upon request and in accordance with the terms thereof, an amount of up to $25,156,781 of which (a) $24,700,000 shall support an amount equal to the payment principal amount of the Bonds (i) to pay the principal of the Bonds when due whether at stated maturity, upon redemption or acceleration or (ii) to enable the Tender Agent to pay the purchase price or portion of the purchase price equal to the principal amount of Bonds purchased pursuant to Section 3.01 to the extent remarketing proceeds are not available for such purpose, plus (b) an amount equal to 110 days' interest accrued on the Bonds at a rate of ten percent (10%) per annum (i) to pay interest on the Bonds when due and that or (ii) to enable the Tender Agent to pay the portion of the purchase price corresponding to principal of Tendered Bonds not remarketed on any Variable Rate Purchase Date or sold on the Conversion Date, and (b) $456,781 shall support the payment of up to 45 days' interest at an assumed rate of 15% per annum on the Bonds when due and that portion of purchased pursuant to Section 3.01 equal to the purchase price corresponding interest accrued, if any, on such Bonds to interest on Tendered Bonds the extent remarketing proceeds are not remarketed on any Variable Rate Purchase Date or sold on the Conversion Dateavailable for such purpose. Unless extended, the The Letter of Credit shall terminate automatically on the earliest of (i) the date on which payment by the Bank to the Trustee of the final drawing available to be made under the Letter of Credit; (ii) receipt by the Bank of the Letter of Credit and a drawing under certificate signed by an officer of the Trustee and the Designated Representative of the Company stating that no Bonds remain Outstanding; (iii) receipt by the Bank of the Letter of Credit and a certificate signed by an officer of the Trustee and the Designated Representative stating that an Alternate Credit Facility in substitution for the Letter of Credit has been honored upon accepted by the maturity Trustee and is in effect; or acceleration of the Bonds or redemption of all the Bonds, (ii) June 15, 1997, (iii) the date that the Credit Facility Issuer receives a certificate from the Issuer stating that the Bonds have been converted to a Fixed Rate, (iv) the stated expiration date on which the Bank receives notice from the Trustee that an Alternate Credit Facility is substituted for the Letter of Credit and is in effect or (v) the honoring by the Bank of the Final Draft (as defined in the Letter of Credit) presented thereunder. The Bank's obligation under the Letter of Credit may will be reduced to the extent of any drawing thereunder, subject to reinstatement as provided therein. The Letter of Credit shall provide that, with respect to a drawing by the Trustee solely to pay interest on the Bonds on any Interest Payment DateDate or the portion of the purchase price of Bonds corresponding to interest on the Bonds, if the Trustee shall not have received from the Bank within ten days from on or before the close of business on the 5th day after the date of such drawing a notice by telecopier, by telex or telephonic facsimile (confirmed in writing by a certificate of the Bank) that the Bank has Letter of Credit will not been reimbursedbe reinstated as of the date of such notice to an amount equal to 110 days' interest accrued on the Bonds at the rate of ten percent (10%) per annum, the Trustee's right to draw under the Letter of Credit with respect to the payment of interest on an Interest Payment Date shall be reinstated on or before and effective as of the 11th calendar 5th day following after such drawing in to an amount equal to such drawing110 days' interest accrued on the Bonds at a rate of ten percent (10%) per annum. With respect to any other drawing by the TrusteeTrustee to pay a portion of the purchase price corresponding to principal of Bonds purchased pursuant to Section 3.01, the amount available under the Letter of Credit for payment of principal or purchase price of the principalBonds due shall be reinstated in an amount equal to any such drawing but only to the extent that the Bank is reimbursed in accordance with the terms of the Reimbursement Agreement for the amounts so drawn. In no event will the Trustee be entitled to make drawings under the Letter of Credit for the payment of any amount due on any Bond held pursuant to Section 3.05, purchaseexcept for interest payments on Bonds that were not held pursuant to Section 3.05 on the Record Date for such payment. In calculating the amount to be drawn on the Letter of Credit for the purchase of the Bonds, the Trustee shall take into account only the remarketing proceeds, if any, deposited into the Remarketing Proceeds Account with respect to the remarketing of such Bonds on or before 10:00 a.m., Albany, New York time on the Purchase Date, including proceeds from the purchase of the Bonds by the Remarketing Agent or the Tender Agent for its own account but not including the remarketing of the Bonds to the Issuer or the Company. The Letter of Credit shall provide that if, in accordance with the terms of the Indenture, the Bonds shall become immediately due and payable pursuant to any provision of the Indenture, the Trustee shall be entitled to draw on the Letter of Credit to the extent of the aggregate principal amount of the Bonds then Outstanding plus, to the extent available under the Letter of Credit, an amount sufficient to pay interest on all Outstanding Bonds, less amounts for which the Letter of Credit shall not have been reinstated.
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Initial Letter of Credit. (1) The Letter of Credit shall be a direct pay letter of credit and shall provide for direct payments to or upon the order of the Trustee as hereinafter set forth and shall be the irrevocable obligation of the Bank to pay to or upon the order of the Trustee, upon request and in accordance with the terms thereof, an amount of up to $25,156,781 5,460,000 of which (aA) $24,700,000 5,200,000 shall support the payment of principal on of the Bonds when due and that portion of the purchase price corresponding to principal of Tendered Bonds not remarketed on any Variable Rate Purchase Date or sold on the Conversion Date, and (bB) $456,781 260,000 shall support the payment of up to 45 one hundred and twenty (120) days' interest at an assumed rate of fifteen percent (15% %) per annum (which is the maximum rate of interest borne by the Bonds) on the Bonds when due and that portion of the purchase price corresponding to interest on Tendered Bonds not remarketed on any Variable Rate Purchase Date or sold on the Conversion Date. Unless extended, the .
(2) The Letter of Credit shall terminate automatically on the earliest of (iA) the date on which a drawing under the Letter of Credit has been honored upon the maturity or acceleration of the Bonds or redemption of all the Bonds, (ii) June 15, 1997, (iiiB) the date that day on which the Credit Facility Issuer receives a certificate the notice of the conversion from the Issuer stating that following the Bonds have been converted to a Fixed RateConversion Date, (ivC) the date on which the Bank receives notice from the Trustee that an Alternate Credit Facility is substituted for the Letter of Credit and is in effect or effect, (vD) the honoring by date on which the Bank of receives notice from the Final Draft Trustee that there are no longer any Bonds Outstanding and (as defined E) the "Expiration Date" stated in the Letter of CreditCredit as it may be extended pursuant to the terms thereof.
(3) presented thereunder. The Bank's obligation under the Letter of Credit may be reduced to the extent of any drawing thereunder, subject to reinstatement as provided therein. The Letter of Credit shall provide that, with respect to a drawing by the Trustee solely to pay interest on the Bonds on any Interest Payment Date, if the Trustee shall not have received from the Bank within ten (10) days from the date of such drawing a notice by telecopier, by telex or in writing that the Bank has not been reimbursed, the Trustee's right to draw under the Letter of Credit with respect to the payment of interest shall be reinstated on or before the 11th eleventh (11th) calendar day following such drawing in an amount equal to such drawing. With respect to any other drawing by the Trustee, the amount available under the Letter of Credit for payment of the principalpurchase price of the Bonds and the principal and interest on the Bonds shall be reinstated in an amount equal to any such drawing but only to the extent' that the Bank is reimbursed in accordance with the terms of the Credit Agreement for the amounts so drawn and the Bank delivers a notice to the Trustee reinstating the Letter of Credit in such amount.
(4) The Letter of Credit shall provide that if, purchasein accordance with the terms of the Indenture, the Bonds shall become or be declared immediately due and payable pursuant to any provision of the Indenture, the Trustee shall be entitled to draw on the Letter of Credit to the extent that the amounts are available thereunder to pay the aggregate principal amount of the Bonds then Outstanding plus an amount of interest not to exceed one hundred and twenty (120) days.
(5) Upon the termination of the Letter of Credit, the Trustee shall return the Letter of Credit to the Bank, marked "CANCELED" on its face.
Appears in 1 contract
Initial Letter of Credit. The Letter of Credit shall be a direct pay letter of credit and shall provide for direct payments to or upon the order of the Trustee as hereinafter set forth and shall be the irrevocable obligation of the Bank to pay to or upon the order of the Trustee, upon request and in accordance with the terms thereof, an amount of up to $25,156,781 9,187,500 of which (a) $24,700,000 9,000,000 shall support the payment of principal on the Bonds when due and that portion of the purchase price corresponding to principal of Tendered Bonds not remarketed on any Variable Rate Purchase Optional Tender Date or sold on the any Conversion Date, and (b) $456,781 187,500 shall support the payment of up to 45 50 days' interest at an assumed rate of 15% per annum on the Bonds when due and that portion of the purchase price corresponding to interest on Tendered Bonds not remarketed on any Variable Rate Purchase Optional Tender Date or sold on the any Conversion Date. Unless extended, the The Letter of Credit shall terminate automatically on the earliest of (i) the date on which a drawing under the Letter of Credit has been honored upon the maturity or acceleration of the Bonds or redemption of all the Bonds, (ii) June 15, 1997, (iii) the second day after the date that the Credit Facility Issuer receives a certificate from the Issuer stating that the Bonds have been converted to a Fixed Rate, (iviii) the date on which the Bank receives notice from the Trustee that an Alternate Credit Facility is substituted for the Letter of Credit and is in effect effect, (iv) the date on which the Bank receives notice from the Trustee that there are no longer any Bonds Outstanding, or (v) the honoring by the Bank of the Final Draft (as defined expiration date stated in the Letter of Credit) presented thereunderCredit as it may be extended pursuant to the terms thereof. The Bank's obligation under the Letter of Credit may be reduced to the extent of any drawing thereunder, subject to reinstatement as provided therein. The Letter of Credit shall provide that, with respect to a drawing by the Trustee solely to pay interest on the Bonds on any Interest Payment Date, if the Trustee shall not have received from the Bank within ten days from the date of such drawing a notice by telecopier, by telex or in writing that the Bank has not been reimbursed, the Trustee's right to draw under the Letter of Credit with respect to the payment of interest shall be reinstated on or before the 11th calendar day following such drawing in an amount equal to such drawing. With respect to any other drawing by the Trustee, the amount available under the Letter of Credit for payment of the principal, purchasepurchase price or redemption price of the Bonds and interest on the Bonds shall be reinstated in an amount equal to any such drawing but only to the extent that the Bank is reimbursed in accordance with the terms of the Reimbursement Agreement for the amounts so drawn. The Letter of Credit shall provide that if, in accordance with the terms of the Indenture, the Bonds shall become or be declared immediately due and payable pursuant to any provision of the Indenture, the Trustee shall be entitled to draw on the Letter of Credit to the extent that the amounts are available thereunder to pay the aggregate principal amount of the Bonds then Outstanding plus an amount of interest not to exceed 50 days.
Appears in 1 contract
Initial Letter of Credit. The Letter of Credit shall be a direct pay letter of credit and shall provide for direct payments to or upon the order of the Trustee as hereinafter set forth and shall be the irrevocable obligation of the Bank to pay to or upon the order of the Trustee, upon request and in accordance with the terms thereof, an amount of up to $25,156,781 7,740,548 of which (a) $24,700,000 7,600,000 shall support the payment of principal on the Bonds (other than Bonds held of record by the Borrower or the Bank, or its designee, as pledgee of the Borrower) when due and that portion of the purchase price corresponding to principal of Tendered Bonds not remarketed on any Variable Rate Purchase Date or sold on the Conversion Date, and (b) $456,781 140,548 shall support the payment of up to 45 days' interest at an assumed rate of 15% per annum on the Bonds when due and that portion of the purchase price corresponding to interest on Tendered Bonds not remarketed on any Variable Rate Purchase Date or sold on the Conversion Date. Unless extended, the The Letter of Credit shall terminate automatically on the earliest of (i) the date on which a drawing under the Letter of Credit has been honored upon the maturity or or, acceleration of the Bonds or redemption of all the Bonds, (ii) June 15, 1997, (iii) the date that the Credit Facility Issuer receives a certificate from the Issuer stating that the Bonds have been converted to a Fixed Rate, which notice shall also be given to the Trustee (iviii) the date on which the Bank receives notice from the Trustee that an Alternate Credit Facility is substituted for the Letter of Credit and is in effect or effect, (iv) the date on which the Bank receives notice from the Trustee that there are no longer any Bonds Outstanding, and (v) the honoring by the Bank of the Final Draft (as defined expiration date stated in the Letter of Credit) presented thereunderCredit as it may be extended pursuant to the terms thereof. The Bank's obligation under the Letter of Credit may be reduced to the extent of any drawing thereunder, subject to reinstatement as provided therein. The Letter of Credit shall provide that, with respect to a drawing by the Trustee solely to pay interest on the Bonds on any Interest Payment Date, if the Trustee shall not have received from the Bank within ten five (5) days from the date of such drawing a notice by telecopier, by telex or in writing that the Bank has not been reimbursed, the Trustee's right to draw under the Letter of Credit with respect to the payment of interest shall be reinstated on or before the 11th sixth (6th) calendar day following such drawing in an amount equal to such drawing. With respect to any other drawing by the Trustee, the amount available under the Letter of Credit for payment of the principal, purchasepurchase price or redemption price of the Bonds and interest on the Bonds shall be reinstated in an amount equal to any such drawing but only to the extent that the Bank is reimbursed in accordance with the terms of the Reimbursement Agreement for the amounts so drawn. The Letter of Credit shall provide that if, in accordance with the terms of the Indenture, the Bonds shall become or be declared immediately due and payable pursuant to any provision of the Indenture, the Trustee shall be entitled to draw on the Letter of Credit to the extent that the amounts are available thereunder to pay the aggregate principal amount of the Bonds then Outstanding plus an amount of interest not to exceed 45 days.
Appears in 1 contract
Samples: Loan Agreement (Genlyte Group Inc)
Initial Letter of Credit. The Letter of Credit shall be a direct pay letter of credit and shall provide for direct payments to or upon the order of the Trustee as hereinafter set forth and shall be the irrevocable obligation of the Bank to pay to or upon the order of the Trustee, upon request and in accordance with the terms thereof, an amount of up to $25,156,781 of which (a) $24,700,000 shall support an amount equal to the payment principal amount of the Notes (i) to pay the principal on of the Bonds Notes when due and that whether at stated maturity, upon redemption or acceleration or (ii) to enable the Tender Agent to pay the purchase price or portion of the purchase price corresponding equal to the principal amount of Tendered Bonds Notes purchased pursuant to Section 3.01 to the extent remarketing proceeds are not remarketed on any Variable Rate Purchase Date or sold on the Conversion Dateavailable for such purpose, and plus (b) $456,781 shall support the payment of up an amount equal to 45 98 days' interest accrued on the Notes at an assumed a rate of 15% ten percent (10%) per annum (i) to pay interest on the Bonds Notes when due and that or (ii) to enable the Tender Agent to pay the portion of the purchase price corresponding of the Notes purchased pursuant to Section 3.01 equal to the interest accrued, if any, on Tendered Bonds such Notes to the extent remarketing proceeds are not remarketed on any Variable Rate Purchase Date or sold on the Conversion Dateavailable for such purpose. Unless extended, the The Letter of Credit shall terminate automatically on the earliest of (i) the date on which payment by the Bank to the Trustee of the final drawing available to be made under the Letter of Credit; (ii) receipt by the Bank of the Letter of Credit and a drawing under certificate signed by an officer of the Trustee and the Designated Representative of the Issuer stating that no Notes remain Outstanding; (iii) receipt by the Bank of the Letter of Credit and a certificate signed by an officer of the Trustee and the Designated Representative stating that an Alternate Credit Facility in substitution for the Letter of Credit has been honored upon accepted by the maturity or acceleration of the Bonds or redemption of all the Bonds, (ii) June 15, 1997, (iii) the date that the Credit Facility Issuer receives a certificate from the Issuer stating that the Bonds have been converted to a Fixed Rate, Trustee and is in effect; and (iv) the stated expiration date of the Letter of Credit. Pursuant to the Reimbursement Agreement, on which each anniversary date of the Bank receives notice from Letter of Credit, at the Trustee that an Alternate Credit Facility is substituted for Bank's option, the expiration date of the Letter of Credit and is in effect or (v) may be extended for a year beyond the honoring by the Bank of the Final Draft (as defined in the Letter of Credit) presented thereundercurrent expiration date. The Bank's obligation under the Letter of Credit may will be reduced to the extent of any drawing thereunder, subject to reinstatement as provided therein. The Letter of Credit shall provide that, with respect to a drawing by the Trustee solely to pay interest on the Bonds Notes or the portion of the Purchase price of Notes corresponding to interest on any Interest Payment Datethe Notes, if the Trustee shall not have received from the Bank within ten days from the date of such drawing a notice by telecopier, by telex or in writing that the Bank has not been reimbursed, the Trustee's right to draw under the Letter of Credit with respect to the payment of interest shall be automatically reinstated on or before the 11th calendar day following such drawing in an amount equal to any such drawing on the date of such drawing. With respect to any other drawing by the TrusteeTrustee to pay a portion of the purchase price corresponding to principal of Notes purchased pursuant to Section 3.01, the amount available under the Letter of Credit for payment of principal or purchase price of the principalNotes due shall be reinstated in an amount equal to any such drawing but only to the extent that (i) the Bank is reimbursed in accordance with the terms of the Reimbursement Agreement for the amounts so drawn or (ii) Notes are held by or through the Trustee or Tender Agent for the benefit of the Bank in an amount, purchasewhich together with moneys held by the Trustee or the Tender Agent for the sole purpose of reimbursing the Bank, are equal to or greater than the amounts so drawn. In no event will the Trustee be entitled to make drawings under the Letter of Credit for the payment of any amount due on any Note held pursuant to Section 3.05, except for interest payments on Notes that were not held pursuant to Section 3.05 on the Record Date for such payment. The Letter of Credit shall provide that if, in accordance with the terms of this Indenture, the Notes shall become immediately due and payable pursuant to any provision of this Indenture, the Trustee shall be entitled to draw on the Letter of Credit to the extent of the aggregate principal amount of the Notes then Outstanding plus, to the extent available under the Letter of Credit, an amount sufficient to pay interest on all Outstanding Notes, less amounts for which the Letter of Credit shall not have been reinstated.
Appears in 1 contract
Samples: Trust Indenture (Aerovox Inc)
Initial Letter of Credit. (1) The Letter of Credit shall be a direct pay letter of credit and shall provide for direct payments to or upon the order of the Credit Facility Trustee as hereinafter set forth and shall be the irrevocable obligation of the Bank to pay to or upon the order of the Credit Facility Trustee, upon request and in accordance with the terms thereof, an amount of up to $25,156,781 7,956,000 of which (aA) $24,700,000 7,650,000 shall support the payment of principal on of the Bonds when due and that portion of the purchase price corresponding to principal of Tendered Bonds not remarketed on any Variable Rate Purchase Date or sold on the Conversion Date, and (bB) $456,781 306,000 shall support the payment of up to 45 days' one hundred twenty (120) days interest at an assumed rate of 15% twelve percent (12%) per annum on the Bonds when due and that portion of the purchase price corresponding to interest on Tendered Bonds not remarketed on any Variable Rate Purchase Date or sold on the Conversion Date. Unless extended, the .
(2) The Letter of Credit shall terminate automatically on the earliest of (iA) the date on which a drawing under the Letter of Credit has been honored upon the maturity or acceleration of the Bonds or redemption of all the Bonds, (ii) June 15, 1997, (iiiB) the date that day on which the Credit Facility Issuer receives a certificate from the Issuer stating that notice of the Bonds have been converted to a Fixed Rateconversion following the Conversion Date, (ivC) the date on which the Bank receives notice from the Credit Facility Trustee that an Alternate Credit Facility is substituted for the Letter of Credit and is in effect or effect, (vD) the honoring by date on which the Bank of receives notice from the Final Draft Credit Facility Trustee that there are no longer any Bonds Outstanding and (as defined E) the "Stated Termination Date" stated in the Letter of CreditCredit as it may be extended pursuant to the terms thereof.
(3) presented thereunder. The Bank's obligation under the Letter of Credit may be reduced to the extent of any drawing thereunder, subject to reinstatement as provided therein. The Letter of Credit shall provide that, with respect to a drawing by the Credit Facility Trustee solely to pay interest on the Bonds on any Interest Payment Date, if the Credit Facility Trustee shall not have received from the Bank within ten (10) days from the date of such drawing a notice by telecopier, by telex or in writing that the Bank has not been reimbursed, the Credit Facility Trustee's right to draw under the Letter of Credit with respect to the payment of interest shall be reinstated on or before the 11th eleventh (11th) calendar day following such drawing in an amount equal 39 46 to such drawing. With respect to any other drawing by the Credit Facility Trustee, the amount available under the Letter of Credit for payment of the principalpurchase price of the Bonds and the principal and interest on the Bonds shall be reinstated in an amount equal to any such drawing but only to the extent that the Bank is reimbursed in accordance with the terms of the Reimbursement Agreement for the amounts so drawn and the Bank delivers a notice to the Credit Facility Trustee reinstating the Letter of Credit in such amount.
(4) The Letter of Credit shall provide that if, purchasein accordance with the terms of the Indenture, the Bonds shall become or be declared immediately due and payable pursuant to any provision of the Indenture, the Credit Facility Trustee shall be entitled to draw on the Letter of Credit to the extent that the amounts are available thereunder to pay the aggregate principal amount of the Bonds then Outstanding plus an amount of interest not to exceed one hundred twenty (120) days.
(5) Upon the termination of the Letter of Credit, the Credit Facility Trustee shall return the Letter of Credit to the Bank, marked "CANCELED" on its face.
Appears in 1 contract
Initial Letter of Credit. The Letter of Credit shall be a direct pay letter of credit and shall provide for direct payments to or upon the order of the Credit Facility Trustee as hereinafter set forth and shall be the irrevocable obligation of the Bank to pay to or upon the order of the Credit Facility Trustee, upon request and in accordance with the terms thereof, an amount of up to $25,156,781 2,704,000 of which (a) $24,700,000 2,600,000 shall support the payment of principal on the Bonds when due and that portion of the purchase price corresponding to principal of Tendered Bonds not remarketed on any Variable Rate Purchase Date or sold on the Conversion Date, and (b) $456,781 104,000 shall support the payment of up to 45 120 days' interest at an assumed rate of 1512% per annum on the Bonds when due and that portion of the purchase price corresponding to interest on Tendered Bonds not remarketed on any Variable Rate Purchase Date or sold on the Conversion Date. Unless extended, the The Letter of Credit shall terminate automatically on the earliest of (i) the date on which a drawing under the Letter of Credit has been honored upon the maturity or or, acceleration of the Bonds or redemption of all the Bonds, (ii) June 15, 1997, (iii) the date that the Credit Facility Issuer Bank receives a certificate from the Issuer stating that the Bonds have been converted to a Fixed Rate, which notice shall also be given to the Credit Facility Trustee, (iviii) the date on which the Bank receives notice from the Trustee that an Alternate Credit Facility is substituted for the Letter of Credit and is in effect or effect, (iv) the date on which the Bank receives notice from the Trustee that there are no longer any Bonds Outstanding, and (v) the honoring by the Bank of the Final Draft (as defined expiration date stated in the Letter of Credit) presented thereunderCredit as it may be extended pursuant to the terms thereof. The Bank's obligation under the Letter of Credit may be reduced to the extent of any drawing thereunder, subject to reinstatement as provided therein. The Letter of Credit shall provide that, with respect to a drawing by the Credit Facility Trustee solely to pay interest on the Bonds on any Interest Payment Date, if the Credit Facility Trustee shall not have received from the Bank within ten days from the date of such drawing a notice by telecopier, by telex or in writing that the Bank has not been reimbursed, the Credit Facility Trustee's right to draw under the Letter of Credit with respect to the payment of interest shall be reinstated on or before the 11th calendar day following such drawing in an amount equal to such drawing. With respect to any other drawing by the Credit Facility Trustee, the amount available under the Letter of Credit for payment of the principal, purchasepurchase price or redemption price of the Bonds and interest on the Bonds shall be reinstated in an amount equal to any such drawing but only to the extent that the Bank is reimbursed in accordance with the terms of the Reimbursement Agreement for the amounts so drawn. The Letter of Credit shall provide that if, in accordance with the terms of the Indenture, the Bonds shall become or be declared immediately due and payable pursuant to any provision of the Indenture, the Credit Facility Trustee shall be entitled to draw on the Letter of Credit to the extent that the amounts are available thereunder to pay the aggregate principal amount of the Bonds then Outstanding plus an amount of interest not to exceed 120 days.
Appears in 1 contract
