Common use of Mandatory Purchase Upon Termination, Replacement or Expiration of Liquidity Facility Clause in Contracts

Mandatory Purchase Upon Termination, Replacement or Expiration of Liquidity Facility. If at any time the Trustee receives notice from the Authority or the Liquidity Facility Provider that 2018A-2 Bonds having the benefit of a Liquidity Facility shall, on the date specified in such notice, cease to be subject to purchase pursuant to such Liquidity Facility as a result of (i) the termination, replacement or expiration of the term, as extended, of such Liquidity Facility, including but not limited to termination at the option of the Authority in accordance with the terms of such Liquidity Facility, or (ii) termination upon the occurrence and continuance of certain specified events under such Liquidity Facility (i.e., on a Notice of Termination Date or similar term as defined in such Liquidity Facility), then such 2018A-2 Bonds shall be purchased or deemed purchased at the Purchase Price. Any purchase of the 2018A-2 Bonds pursuant to this Section 7.4 shall occur: (1) on the fifth Business Day preceding any expiration or termination of a Liquidity Facility without replacement by an Alternate Liquidity Facility, or on the fifth Business Day preceding the effective date of any termination of a Liquidity Facility as set forth in a Notice of Termination Date delivered to the Trustee as described in clause (ii) of the preceding paragraph; and (2) on the proposed date of the replacement of a Liquidity Facility in any case where an Alternate Liquidity Facility has been delivered to the Trustee pursuant to Section 8.3 hereof. The Trustee shall give notice of mandatory purchase pursuant to this Section 7.4 by first- class mail, or transmitted in such other manner (such as by Electronic Means) as may be customary for the industry as directed in writing by the Authority, to the Owners of the 2018A-2 Bonds subject to mandatory purchase, with a copy to the MSRB, no less than 15 days prior to the Mandatory Purchase Date (or in connection with a Mandatory Purchase Date described in clause (ii) of the first paragraph of this Section 7.4, not less than 3 days prior to the Mandatory Purchase Date). The notice shall state the Mandatory Purchase Date, the Purchase Price and that interest on 2018A-2 Bonds subject to mandatory purchase shall cease to accrue from and after the Mandatory Purchase Date. The failure to transmit such notice with respect to any 2018A-2 Bond shall not affect the validity of the mandatory purchase of any other 2018A-2 Bond with respect to which notice was so transmitted. Any notice transmitted as aforesaid will be conclusively presumed to have been given, whether or not actually received by any Owner. 2018A-2 Bonds purchased pursuant to this Section 7.4 shall be delivered by the Owners (with all necessary endorsements) to the office of the Paying Agent, at or before 10:00 a.m., New York City time (11:30 a.m., New York City with respect to 2018A-2 Bonds in the Daily Mode), on the Mandatory Purchase Date, and payment of the Purchase Price of such 2018A-2 Bonds shall be made by wire transfer in immediately available funds by the Paying Agent by the close of business on such Mandatory Purchase Date.

Mandatory Purchase Upon Termination, Replacement or Expiration of Liquidity Facility. If at any time the Trustee receives notice from the Authority or the Liquidity Facility Provider that 2018A-2 2020D-2 Bonds having the benefit of a Liquidity Facility shall, on the date specified in such notice, cease to be subject to purchase pursuant to such Liquidity Facility as a result of (i) the termination, replacement or expiration of the term, as extended, of such Liquidity Facility, including but not limited to termination at the option of the Authority in accordance with the terms of such Liquidity Facility, or (ii) termination upon the occurrence and continuance of certain specified events under such Liquidity Facility (i.e., on a Notice of Termination Date or similar term as defined in such Liquidity Facility), then such 2018A-2 2020D-2 Bonds shall be purchased or deemed purchased at the Purchase Price. Any purchase of the 2018A-2 2020D-2 Bonds pursuant to this Section 7.4 shall occur: (1) on the fifth Business Day preceding any expiration or termination of a Liquidity Facility without replacement by an Alternate Liquidity Facility, or on the fifth Business Day preceding the effective date of any termination of a Liquidity Facility as set forth in a Notice of Termination Date delivered to the Trustee as described in clause (ii) of the preceding paragraph; and (2) on the proposed date of the replacement of a Liquidity Facility in any case where an Alternate Liquidity Facility has been delivered to the Trustee pursuant to Section 8.3 hereof. The Trustee shall give notice of mandatory purchase pursuant to this Section 7.4 by first- class mail, or transmitted in such other manner (such as by Electronic Means) as may be customary for the industry as directed in writing by the Authority, to the Owners of the 2018A-2 2020D-2 Bonds subject to mandatory purchase, with a copy to the MSRB, no less than 15 days prior to the Mandatory Purchase Date (or in connection with a Mandatory Purchase Date described in clause (ii) of the first paragraph of this Section 7.4, not less than 3 days prior to the Mandatory Purchase Date). The notice shall state the Mandatory Purchase Date, the Purchase Price and that interest on 2018A-2 2020D-2 Bonds subject to mandatory purchase shall cease to accrue from and after the Mandatory Purchase Date. The failure to transmit such notice with respect to any 2018A-2 2020D-2 Bond shall not affect the validity of the mandatory purchase of any other 2018A-2 2020D-2 Bond with respect to which notice was so transmitted. Any notice transmitted as aforesaid will be conclusively presumed to have been given, whether or not actually received by any Owner. 2018A-2 2020D-2 Bonds purchased pursuant to this Section 7.4 shall be delivered by the Owners (with all necessary endorsements) to the office of the Paying Agent, at or before 10:00 a.m., New York City time (11:30 a.m., New York City with respect to 2018A-2 2020D-2 Bonds in the Daily Mode), on the Mandatory Purchase Date, and payment of the Purchase Price of such 2018A-2 2020D-2 Bonds shall be made by wire transfer in immediately available funds by the Paying Agent by the close of business on such Mandatory Purchase Date.

Mandatory Purchase Upon Termination, Replacement or Expiration of Liquidity Facility. If at any time the Trustee receives notice from the Authority or the Liquidity Facility Provider that 2018A-2 2019C Bonds having the benefit of a Liquidity Facility shall, on the date specified in such notice, cease to be subject to purchase pursuant to such Liquidity Facility as a result of (i) the termination, replacement or expiration of the term, as extended, of such Liquidity Facility, including but not limited to termination at the option of the Authority in accordance with the terms of such Liquidity Facility, or (ii) termination upon the occurrence and continuance of certain specified events under such Liquidity Facility (i.e., on a Notice of Termination Date or similar term as defined in such Liquidity Facility), then such 2018A-2 2019C Bonds shall be purchased or deemed purchased at the Purchase Price. Any purchase of the 2018A-2 2019C Bonds pursuant to this Section 7.4 shall occur: (1) on the fifth Business Day preceding any expiration or termination of a Liquidity Facility without replacement by an Alternate Liquidity Facility, or on the fifth Business Day preceding the effective date of any termination of a Liquidity Facility as set forth in a Notice of Termination Date delivered to the Trustee as described in clause (ii) of the preceding paragraph; and (2) on the proposed date of the replacement of a Liquidity Facility in any case where an Alternate Liquidity Facility has been delivered to the Trustee pursuant to Section 8.3 hereof. The Trustee shall give notice of mandatory purchase pursuant to this Section 7.4 by first- class mail, or transmitted in such other manner (such as by Electronic Means) as may be customary for the industry as directed in writing by the Authority, to the Owners of the 2018A-2 2019C Bonds subject to mandatory purchase, with a copy to the MSRB, no less than 15 days prior to the Mandatory Purchase Date (or in connection with a Mandatory Purchase Date described in clause (ii) of the first paragraph of this Section 7.4, not less than 3 days prior to the Mandatory Purchase Date). The notice shall state the Mandatory Purchase Date, the Purchase Price and that interest on 2018A-2 2019C Bonds subject to mandatory purchase shall cease to accrue from and after the Mandatory Purchase Date. The failure to transmit such notice with respect to any 2018A-2 2019C Bond shall not affect the validity of the mandatory purchase of any other 2018A-2 2019C Bond with respect to which notice was so transmitted. Any notice transmitted as aforesaid will be conclusively presumed to have been given, whether or not actually received by any Owner. 2018A-2 2019C Bonds purchased pursuant to this Section 7.4 shall be delivered by the Owners (with all necessary endorsements) to the office of the Paying Agent, at or before 10:00 a.m., New York City time (11:30 a.m., New York City with respect to 2018A-2 2019C Bonds in the Daily Mode), on the Mandatory Purchase Date, and payment of the Purchase Price of such 2018A-2 2019C Bonds shall be made by wire transfer in immediately available funds by the Paying Agent by the close of business on such Mandatory Purchase Date.

Mandatory Purchase Upon Termination, Replacement or Expiration of Liquidity Facility. If at any time the Trustee receives notice from the Authority or the a Liquidity Facility Provider that 2018A-2 2020A-1 Bonds having the benefit of a Liquidity Facility shall, on the date specified in such notice, cease to be subject to purchase pursuant to such Liquidity Facility as a result of (i) the termination, replacement or expiration of the term, as extended, of such Liquidity Facility, including but not limited to termination at the option of the Authority in accordance with the terms of such Liquidity Facility, or (ii) termination upon the occurrence and continuance of certain specified events under such Liquidity Facility (i.e., on a Notice of Termination Date or similar term as defined in such Liquidity Facility), then such 2018A-2 2020A-1 Bonds shall be purchased or deemed purchased at the Purchase Price. Any purchase of the 2018A-2 2020A-1 Bonds pursuant to this Section 7.4 shall occur: (1) on the fifth Business Day preceding any expiration or termination of a Liquidity Facility without replacement by an Alternate Liquidity Facility, or on the fifth Business Day preceding the effective date of any termination of a Liquidity Facility as set forth in a Notice of Termination Date delivered to the Trustee as described in clause (ii) of the preceding paragraph; and (2) on the proposed date of the replacement of a Liquidity Facility in any case where an Alternate Liquidity Facility has been delivered to the Trustee pursuant to Section 8.3 hereof. The Trustee shall give notice of mandatory purchase pursuant to this Section 7.4 by first- class mail, or transmitted in such other manner (such as by Electronic Means) as may be customary for the industry as directed in writing by the Authority, to the Owners of the 2018A-2 2020A-1 Bonds subject to mandatory purchase, with a copy to the MSRB, no less than 15 days prior to the Mandatory Purchase Date (or in connection with a Mandatory Purchase Date described in clause (ii) of the first paragraph of this Section 7.4, not less than 3 days prior to the Mandatory Purchase Date). The notice shall state the Mandatory Purchase Date, the Purchase Price and that interest on 2018A-2 2020A-1 Bonds subject to mandatory purchase shall cease to accrue from and after the Mandatory Purchase Date. The failure to transmit such notice with respect to any 2018A-2 2020A-1 Bond shall not affect the validity of the mandatory purchase of any other 2018A-2 2020A-1 Bond with respect to which notice was so transmitted. Any notice transmitted as aforesaid will be conclusively presumed to have been given, whether or not actually received by any Owner. 2018A-2 2020A-1 Bonds purchased pursuant to this Section 7.4 shall be delivered by the Owners (with all necessary endorsements) to the office of the Paying Agent, at or before 10:00 a.m., New York City time (11:30 a.m., New York City with respect to 2018A-2 2020A-1 Bonds in the Daily Mode), on the Mandatory Purchase Date, and payment of the Purchase Price of such 2018A-2 2020A-1 Bonds shall be made by wire transfer in immediately available funds by the Paying Agent by the close of business on such Mandatory Purchase Date.