Procedures Upon Mandatory Tender Sample Clauses

Procedures Upon Mandatory Tender. At or before 11:00 a.m., New York City time, on the Mandatory Tender Date, the applicable Remarketing Agent for the 2010 Bonds tendered shall give notice by telecopy or email to the Tender Agent and the related Credit Provider of the principal amount of tendered 2010 Bonds that were remarketed specifying the names, addresses and taxpayer identification numbers of purchasers of remarketed 2010 Bonds, the denominations of remarketed 2010 Bonds to be delivered to each purchaser and, if available, payment method instructions for regularly scheduled interest payments on such remarketed 2010 Bonds. Such Remarketing Agent shall cause to be paid to the Tender Agent, on the date fixed for purchase of tendered 2010 Bonds, all amounts representing proceeds of the remarketing of such 2010 Bonds, such payments to be made in the manner and at the time specified in subsection (d) above. If such amounts are not sufficient to pay the principal amount plus the accrued and unpaid interest thereon to the purchase date (if any), the Tender Agent shall at or before 12:00 p.m., New York City time, on the purchase date notify the Fiscal Agent, the Agency, the City and the related Credit Provider of the amount to be paid by such Credit Provider under the applicable Credit Facility to satisfy the deficiency (or, if the Tender Agent has not notified the Fiscal Agent of the amount of such deficiency, in an amount equal to the principal amount of all tendered 2010 Bonds plus the accrued and unpaid interest thereon (if any) to the purchase date). The Fiscal Agent shall, at or before 1:00 p.m., New York City time, on the purchase date, present drafts for payment under and in accordance with the terms of such Credit Facility in an amount equal to such deficiency. The Fiscal Agent shall either instruct the related Credit Provider to transfer the proceeds of such draw on such Credit Facility directly to the Tender Agent or promptly deposit the proceeds of such draw on such Credit Facility with the Tender Agent.
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