Common use of Substitute Confirming Letter of Credit Clause in Contracts

Substitute Confirming Letter of Credit. Subject to the conditions set forth in this Section 4.05, the Company may provide for the delivery to the Trustee of a Substitute Confirming Letter of Credit. The Company shall furnish written notice to the Trustee, not less than twenty days prior to the Mandatory Purchase Date, (a) notifying the Trustee that the Company is exercising its option to provide for the delivery of a Substitute Confirming Letter of Credit to the Trustee, (b) setting forth the Mandatory Purchase Date in connection with the delivery of such Substitute Confirming Letter of Credit, which shall in any event be an Interest Payment Date that is not less than two Business Days prior to the expiration date of the Confirming Letter of Credit then in effect with respect to the Bonds, and (c) instructing the Trustee to furnish notice to the Bondholders regarding the Mandatory Purchase Date at least fifteen days prior to the Mandatory Purchase Date, as more fully described in Section 4.01(b) of the Indenture and Exhibit B thereto. Any Substitute Confirming Letter of Credit shall be delivered to the Trustee prior to such Mandatory Purchase Date and shall be effective on and after such Mandatory Purchase Date. On or before the date of such delivery of a Substitute Confirming Letter of Credit to the Trustee, the Company shall furnish to the Trustee (a) a written opinion of Bond Counsel stating that the delivery of such Substitute Confirming Letter of Credit will not adversely affect the exclusion from gross income of interest on the Bonds for federal income tax purposes; and (b) a written opinion of counsel to the Substitute Confirming Letter of Credit Provider to the effect that the Substitute Confirming Letter of Credit is a legal, valid, binding and enforceable obligation of the Substitute Confirming Letter of Credit Provider in accordance with its terms.

Substitute Confirming Letter of Credit. Subject to the conditions set forth in this Section 4.05, the Company may provide for the delivery to the Trustee of a Substitute Confirming Letter of Credit. The Company shall furnish written notice to the Trustee, not less than twenty days prior to the Mandatory Purchase Date, (a) notifying the Trustee that the Company is exercising its option to provide for the delivery of a Substitute Confirming Letter of Credit to the Trustee, (b) setting forth the Mandatory Purchase Date in connection with the delivery of such Substitute Confirming Letter of Credit, which shall in any event be an Interest Payment Date that is not less than two Business Days prior to the expiration date of the Confirming Letter of Credit then in effect with respect to the Bonds, and (c) instructing the Trustee to furnish notice to the Bondholders regarding the Mandatory Purchase Date at least fifteen days prior to the Mandatory Purchase Date, as more fully described in Section 4.01(b) of the Indenture and Exhibit B “B” thereto. Any Substitute Confirming Letter of Credit shall be delivered to the Trustee prior to such Mandatory Purchase Date and shall be effective on and after such Mandatory Purchase Date. On or before the date of such delivery of a Substitute Confirming Letter of Credit to the Trustee, the Company shall furnish to the Trustee (a) a written opinion of Bond Counsel stating that the delivery of such Substitute Confirming Letter of Credit will not adversely affect the exclusion from gross income of interest on the Bonds for federal income tax purposes; and (b) a written opinion of counsel to the Substitute Confirming Letter of Credit Provider to the effect that the Substitute Confirming Letter of Credit is a legal, valid, binding and enforceable obligation of the Substitute Confirming Letter of Credit Provider in accordance with its terms.

Substitute Confirming Letter of Credit. Subject to the conditions set forth in this Section 4.054.08, the Company may provide for the delivery to the Trustee of a Substitute Confirming Letter of Credit. The Company shall furnish written notice to the Trustee, not less than twenty days prior to the Mandatory Purchase Date, (a) notifying the Trustee that the Company is exercising its option to provide for the delivery of a Substitute Confirming Letter of Credit to the Trustee, (b) setting forth the Mandatory Purchase Date in connection with the delivery of such Substitute Confirming Letter of Credit, which shall in any event be an Interest Payment Date that is not less than two Business Days prior to the expiration date of the Confirming Letter of Credit then in effect with respect to the Bonds, and (c) instructing the Trustee to furnish notice to the Bondholders regarding the Mandatory Purchase Date at least fifteen days prior to the Mandatory Purchase Date, as more fully described in Section 4.01(b) of the Indenture and Exhibit B “B” thereto. Any Substitute Confirming Letter of Credit shall be delivered to the Trustee prior to such Mandatory Purchase Date and shall be effective on and after such Mandatory Purchase Date. On or before the date of such delivery of a Substitute Confirming Letter of Credit to the Trustee, the Company shall furnish to the Trustee (a) a written opinion of Bond Counsel stating that the delivery of such Substitute Confirming Letter of Credit will not adversely affect the exclusion from gross income of interest on the Bonds for federal income tax purposes; and (b) a written opinion of counsel to the Substitute Confirming Letter of Credit Provider to the effect that the Substitute Confirming Letter of Credit is a legal, valid, binding and enforceable obligation of the Substitute Confirming Letter of Credit Provider in accordance with its terms.

Substitute Confirming Letter of Credit. Subject to the conditions set forth in this Section 4.054.09, the Company may provide for the delivery to the Trustee of a Substitute Confirming Letter of Credit. The Company shall furnish written notice to the Trustee, not less than twenty days prior to the Mandatory Purchase Date, (a) notifying the Trustee that the Company is exercising its option to provide for the delivery of a Substitute Confirming Letter of Credit to the Trustee, (b) setting forth the Mandatory Purchase Date in connection with the delivery of such Substitute Confirming Letter of Credit, which shall in any event be an Interest Payment Date that is not less than two Business Days prior to the expiration date of the Confirming Letter of Credit then in effect with respect to the Bonds, and (c) instructing the Trustee to furnish notice to the Bondholders regarding the Mandatory Purchase Date at least fifteen days prior to the Mandatory Purchase Date, as more fully described in Section 4.01(b) of the Indenture and Exhibit B thereto. Any Substitute Confirming Letter of Credit shall be delivered to the Trustee prior to such Mandatory Purchase Date and shall be effective on and after such Mandatory Purchase Date. On or before the date of such delivery of a Substitute Confirming Letter of Credit to the Trustee, the Company shall furnish to the Trustee (a) a written opinion of Bond Counsel stating that the delivery of such Substitute Confirming Letter of Credit will not adversely affect the exclusion from gross income of interest on the Bonds for federal income tax purposes; and (b) a written opinion of counsel to the Substitute Confirming Letter of Credit Provider to the effect that the Substitute Confirming Letter of Credit is a legal, valid, binding and enforceable obligation of the Substitute Confirming Letter of Credit Provider in accordance with its terms.