Refunding Obligations Sample Clauses
Refunding Obligations. The provisions of Section 5.5 hereof are subject to the following exceptions:
(a) If at any time after the Closing Date, while this Loan Agreement, or any part thereof, is outstanding, the Governmental Unit shall find it desirable to refund any outstanding bonds or other outstanding obligations payable from the Pledged Revenues, this Loan Agreement, such bonds or other obligations, or any part thereof, may be refunded (but the holders of this Loan Agreement or bonds to be refunded may not be compelled to surrender this Loan Agreement or their bonds, unless this Loan Agreement, the bonds or other obligations, at the time of their required surrender for payment, shall then mature, or shall then be callable for prior redemption at the Governmental Unit’s option), regardless of whether the priority of the lien for the payment of the refunding obligations on the Pledged Revenues is changed, except as provided in subparagraph (e) of Section 5.5 hereof and in subparagraphs (b) and (c) of this Section.
(b) No refunding bonds or other refunding obligations payable from the Pledged Revenues shall be issued on a parity with this Loan Agreement unless:
(i) The outstanding obligations so refunded are Parity Obligations and the refunding bonds or other refunding obligations do not increase any aggregate annual principal and interest obligations evidenced by such refunded obligations; or
(ii) The refunding bonds or other refunding obligations are issued in compliance with Section 5.5 hereof.
(c) The refunding bonds or other obligations so issued shall enjoy complete equality of lien on the Pledged Revenues with the portion of this Loan Agreement or any bonds or other obligations of the same issue which is not refunded, if any; and the holder or holders of such refunding bonds or such other refunding obligations shall be subrogated to all of the rights and privileges enjoyed by the holder or holders of this Loan Agreement or the bonds or other obligations of the same issue refunded thereby. If only a part of this Loan Agreement or the outstanding bonds and any other outstanding obligations of any issue or issues payable from the Pledged Revenues is refunded, then such obligations may not be refunded without the consent of the holder or holders of the unrefunded portion of such obligations, unless:
(i) The refunding bonds or other refunding obligations do not increase any aggregate annual principal and interest obligations evidenced by such refunded obligations and by the ...
Refunding Obligations. In the event that an offer by the issuer of any of the Bonds shall be made to issue new obligations in exchange or 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 hold or sell such Bonds, except that if
(1) the issuer is in default with respect to payment of principal or interest or both on such Bonds or (2) in the opinion of the Depositor given in writing to the Trustee, the issuer will probably default with respect to payment of principal or interest or both on 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. Nevertheless, if such an obligation is received by a Trust, it shall either be sold by the Trustee or held in such Trust pursuant to the direction of the Depositor. Any obligation so received in exchange shall be deposited hereunder and shall be subject to the terms and conditions of this Agreement 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 obligations substituted therefor.
Refunding Obligations. The Purchaser’s Financing Costs with respect to Debt Obligations shall be determined as of January 31, 2006 or the date of original issuance or incurrence thereof, as the case may be, and will not be affected by any subsequent direct or synthetic refinancing of such obligations. Except as provided in Section 2(c) below, no adjustment will be made to the Purchaser’s scheduled Debt Obligations payments as calculated in accordance with this Section as a result of the payment, purchase, defeasance, tender, acceleration, redemption or other restructure or modification of Debt Obligations after the initial issuance or incurrence thereof.
Refunding Obligations. The Cooperative may issue obligations to refund any obligations then outstanding and provide for the rights of the holders hereof. Such refunding obligations may be issued in an amount sufficient to provide for the payment of the principal of, redemption premium, if any, and interest on the outstanding obligations to be refunded.
Refunding Obligations. (a) Refunding Obligations may be issued hereunder, subject to Section 2.6(b), for the purpose of refunding Outstanding Obligations or outstanding Credit Agreement Obligations on terms and conditions which are mutually satisfactory to the City, the Tenant and RentCo. Each series of Refunding Obligations shall be authorized and issued pursuant to a Supplemental Indenture which shall prescribe the terms of such Refunding Obligations and the security therefor; provided, however, that Refunding Obligations shall be issued only upon receipt by the Trustee of an opinion of Bond Counsel to the effect that the issuance and delivery of the Refunding Obligations will not adversely affect the exclusion from gross income for purposes of federal income taxation of the interest on the City’s outstanding Tax-Exempt Bonds. Refunding Obligations shall be issued only upon satisfaction of the requirements set forth in Section 2.10.
(b) Refunding Obligations may be issued and secured hereunder, subject to Section 2.6(b), for the purpose of obtaining funds to pay a Termination Payment due to the counterparty to a Swap Agreement in connection with the termination thereof upon a finding by the City that the terms and provisions of such Refunding Obligations are acceptable to the City. The lien of this Indenture and payment of Refunding Obligations issued pursuant to this subparagraph (b) shall be subordinate to the lien and payment of Obligations or Credit Agreement Obligations issued hereunder for any purpose specified in Sections 2.6, 2.7, 2.8 or 2.9(a).
(c) The City may, at the request of RentCo, issue special Refunding Obligations for the purpose of paying an Additional Rent Reimbursement Obligation; provided, however, that Refunding Obligations issued for the purpose of paying an Additional Rent Reimbursement Obligation shall be subordinate to the payment of Debt Service, Administrative Expenses and Indemnification Obligations. Refunding Obligations issued to pay an Additional Rent Reimbursement Obligation shall not bear interest, shall be secured by and payable solely from the Admissions and Parking Taxes, shall have a stated maturity not to exceed the maximum term then permitted by Applicable Law, and shall be sold at private sale to RentCo for a purchase price equal to the amount of the then outstanding Additional Rent Reimbursement Obligation plus the costs associated with the issuance of such Refunding Obligations. Section 2.10(b), (d), (g) and (m) shall not apply to Re...