Refunding Bonds. In the event that an offer shall be made by an obligor of any of the Bond in a Trust to issue new obligations in exchange and substitution for any issue of Bonds pursuant to a plan for the refunding or refinancing of such Bonds, the Depositor shall instruct the Trustee in writing to reject such offer and either to hold or sell such Bonds, except that if (1) the issuer is in default with respect to such Bonds or (2) in the opinion of the Depositor, given in writing to the Trustee, the issuer will probably default with respect to such Bonds in the reasonably foreseeable future, the Depositor shall instruct the Trustee in writing to accept or reject such offer or take any other action with respect thereto as the Depositor may deem proper. Any obligation so received in exchange shall be deposited hereunder and shall be subject to the terms and conditions of this Indenture to the same extent as the Bonds originally deposited hereunder. Within five days after such deposit, notice of such exchange and deposit shall be given by the Trustee to each Unitholder of such Trust, including an identification of the Bonds eliminated and the securities substituted therefor.
Refunding Bonds. In the event the Bond is refunded, all references in this Loan Agreement to the Bond shall be deemed to refer to the refunding bonds.
Refunding Bonds. In the event Bonds are refunded by bonds which are not Additional Bonds, the District may assign the Loan Documents and the Borrower Bond to secure such refunding bonds, and all references in this Loan Agreement to Series 2008 Bonds, Bonds and Additional Bonds shall be deemed to refer to the refunding bonds and any bonds of the District issued on a parity with such refunding bonds (together, “Refunding Bonds”) or, in the case of a crossover refunding, to the Series 2008 Bonds, Bonds and Additional Bonds and the Refunding Bonds and references to the Trustee, Credit Enhancer and other terms herein shall be deemed to refer to the trustee, credit enhancer or other party or document for the Refunding Bonds (or both the Refunding Bonds and the Bonds prior to the crossover date of a crossover refunding) and the District may assign the Loan Documents and the Borrower Bond to such trustee to secure the Refunding Bonds. In the event Bonds are refunded by an issue of Additional Bonds, all references in the Loan Documents to the Bonds so refunded shall be deemed to refer to such Additional Bonds and any other Bonds then outstanding under the Indenture, or, in the case of a crossover refunding, both the Bonds so refunded and such Additional Bonds.
Refunding Bonds. In the event that an offer shall be made by an obligor of any of the Bonds to issue new obligations in exchange and substitution for any issue of Bonds pursuant to a plan for the refunding or refinancing of such Bonds, the Depositor shall instruct the Trustee in writing to reject such offer and either to hold or sell such Bonds in accordance with Section 3.7, except that if (1) the issuer is in default with respect to such Bonds or (2) in the opinion of the Depositor, given in writing to the Trustee, the issuer will probably default with respect to such Bonds in the reasonably foreseeable future, the Depositor shall instruct the Trustee in writing to accept or reject such offer or take any other action with respect thereto as the Depositor may deem proper; provided, however, that the Trustee may accept such an offer only if such substitute or refunding bonds shall be eligible for coverage of, and upon deposit into the Trust shall be subject to the terms and conditions of this Indenture to the same extent as the Bonds originally deposited hereunder. Within five days after such deposit, notice of such exchange and deposit shall be given by the Trustee to each Certificateholder, including an identification of the Bonds eliminated and the Bonds substituted thereof. Except as set forth in this Section 3.8, the acquisition by the Trust Fund of any securities other than the Bonds is prohibited.
Refunding Bonds. The Authority may issue Additional Bonds hereunder without complying with the requirements of Section 2.09(h) above:
(A) to complete projects specifically authorized and theretofore funded with Additional Bonds under this Trust Agreement, provided that the aggregate principal amount of such completion Bonds does not exceed 15% of the aggregate principal amount of the Bonds or portions of Bonds issued to fund such projects, and
(B) to refund any Bond or Bonds Outstanding hereunder, provided that prior to the issuance of refunding Bonds under this Section 2.10, the Airport Consultant or another qualified independent consultant must deliver to the Trustee a statement stating (i) that, in each Fiscal Year, the debt service with respect to the refunding Bonds will be equal to or less than the debt service with respect to the Bonds to be refunded, or (ii) (a) that the aggregate debt service with respect to all Bonds Outstanding after the issuance of the refunding Bonds (excluding the Bonds to be refunded and including the refunding Bonds) will be equal to or less than the aggregate debt service with respect to all Bonds Outstanding prior to the issuance of the refunding Bonds, and (b) that the Maximum Bond Service Requirement with respect to all Bonds Outstanding after the issuance of the refunding Bonds (excluding the Bonds to be refunded and including the refunding Bonds) will be equal to or less than the Maximum Bond Service Requirement on all Bonds Outstanding prior to the issuance of the refunding Bonds. For purposes of the foregoing, if the Outstanding Bonds or the proposed refunding Additional Bonds, or both, include Variable Rate Bonds, the assumed interest rate thereon for purposes of the foregoing calculations shall be determined in accordance with the procedures set forth in the definition of Debt Service Requirement herein, determined on or as of the date of calculation.
Refunding Bonds. Subject to the provisions of this Indenture, Bonds may be issued by the Corporation for the purpose of refunding any Outstanding Bonds (“Refunding Bonds”) without satisfying the provisions of Sections 2.02(i) and 2.02(j) hereof, provided that the Corporation delivers a certificate of an Authorized Officer of the Corporation to the effect that the Corporation projects that the amount payable in any Fiscal Year for the principal and Sinking Fund Installments of and interest on all Outstanding Bonds after giving effect to the issuance of the Refunding Bonds will not be greater than the amount payable during such Fiscal Year for the principal and Sinking Fund Installments of and interest on all Outstanding Bonds immediately prior to the issuance of such Refunding Bonds.
Refunding Bonds. Notwithstanding the foregoing, the Governmental Agency may issue refunding obligations payable out of, or secured by a lien or charge on, the Pledged Property, without compliance with the requirements stated above, provided that the debt service payments on such refunding obligations do not exceed the debt service payments on the refunded obligations during any calendar year.
Refunding Bonds. The City agrees to not extend or renegotiate the term of the Bonds beyond their original final maturity date without the consent of the District. The City reserves the right to refund and/or defease the Bonds without the consent of the District when the final maturity will not be extended and there will be aggregate debt service savings. The term “Bonds” as used herein and in the Library Partnership Agreement and the Library Services Agreement shall include any debt issued to refund and/or defease the bonds originally issued by the City to finance costs of the Project.
Refunding Bonds. The Authority may issue, and expressly reserves the right to issue, to the extent permitted by law, refunding bonds under another indenture to refund all or any principal amount of the Bonds; provided, however, that the net proceeds of any such bonds used to refund all or any principal amount of the Bonds shall be paid directly to the Trustee for the Bondowners and shall not come into the possession or control of the Company.
Refunding Bonds. In the event that, after issuance of the Building Authority Bonds, it becomes possible to accomplish a net savings of debt service costs and consequently the payments payable by the City for lease of the Facility through the issuance of refunding bonds, the Authority shall be authorized, on its own motion, to issue such refunding bonds, and the aggregate cash rental to be paid by the City hereunder shall automatically be decreased to equal an amount sufficient to pay all principal of and interest on the Building Authority Bonds and such refunding bonds when due. In the event any refunding bonds are issued, the duties and obligations of the Authority and the City as expressed and set forth in this Lease Contract shall be applicable to such refunding bonds as well as the Building Authority Bonds, it being at all times fully recognized and agreed that the cash rentals to be paid by the City, as specified in Section 3 above, shall be based upon they total amount of bonds issued to finance or refinance the costs of the Facility. Any such refunding bonds shall mature on such dates as may be provided by the resolutions authorizing issuance and sale of the refunding bonds, and the cash rentals shall be adjusted as necessary to pay the principal of such refunding bonds plus the interest thereon. All of the provisions of this Lease Contract shall be applicable to the adjusted amounts. Immediately upon the issuance of such refunding bonds, the Authority shall furnish and supply to the City documentation specifying the new schedule of Building Authority Bond payments and cash rentals, increased as herein authorized, which shall be substituted and take the place of schedules herein specified. In the event refunding bonds are issued, all references herein to the Building Authority Bonds shall be deemed to include the refunding bonds.
