Partial substitution. The bonus for partial substitution amounts to 50% or 75% of the bonus for full substitution.
Partial substitution. The District will not permit an Alternate Letter of Credit or other substitute credit enhancement other than the Letter of Credit to become effective for all or any portion of the Bonds unless the Letter of Credit shall have been returned to the Bank for cancellation and all Obligations owing to the Bank hereunder shall have been paid in full; provided, however, that in no event shall the foregoing require the Letter of Credit to remain outstanding for in excess of one (1) Business Day following the close of business on the Substitution Date in accordance with the Indenture.
Partial substitution. Provide or permit to be provided credit enhancement for the Bonds other than the Letter of Credit unless the Letter of Credit shall have been returned to the Bank for cancellation and all Obligations shall have been paid in full.
