Common use of Support Facility - General Clause in Contracts

Support Facility - General. (1) The Company has obtained the Initial Support Facility. Pursuant to the Participation Agreement, the Company has agreed not to request that the interest rate mode applicable to the Bonds be adjusted to an Adjustable Rate other than an Auction Rate unless there shall be in effect, prior to the applicable Change in the Interest Rate Mode, one or more Support Facilities which (i) meet the requirements of this Article VI and (ii) permit the Bonds to be rated at least "A" by S&P, "A" by ▇▇▇▇▇'▇ or "A" by Fitch or its equivalent by any nationally recognized rating agency. The Company has further agreed to maintain a Liquidity Facility meeting the requirements of the Participation Agreement with respect to the Bonds at all times, except with respect to Bonds bearing interest at an Auction Rate or a Fixed Rate. A Liquidity Facility also must be in effect prior to (i) any Change in the Interest Rate Mode from an Auction Rate to another Adjustable Rate, and (ii) any Change in the Interest Rate Mode from a Fixed Rate to an Adjustable Rate (other than a Change in the Interest Rate Mode to an Auction Rate Period). The Trustee shall be furnished with a certified copy of any Support Facility obtained pursuant to this Section 6.01. Any Support Facility Issuer not located in New York State shall provide the Trustee with a list of holidays on which it is closed through the next succeeding January 1 at the beginning of the term of such Support Facility and by January 1 of each year thereafter. (2) Notwithstanding any other provision in this Indenture, upon the occurrence of an Event of Default and so long as a Credit Facility is in full force and effect and the Credit Facility Issuer is not in default under the Credit Facility, then, in all such events, the Credit Facility Issuer shall be deemed to be the sole Holder of the Bonds the payment of which such Credit Facility supports when the approval, consent, direction or any other action of the Holders of such Bonds is required or may be exercised under this Indenture, including, without limitation, (i) the right to control and direct the declaration of principal of and accrued interest on all the Bonds then Outstanding to be due and payable immediately pursuant to Section 12.03, and (ii) the right to rescind and annul any such declaration in clause (i) of this paragraph and its consequences pursuant to Section 12.03. (3) The Trustee shall not make a draw or borrowing under the Initial Support Facility to pay principal of, premium, if any, or interest on Bonds or to pay the Purchase Price of Bonds that bear interest at an Auction Rate with a Standard Auction Period that exceeds one month in duration, a Commercial Paper Rate, a Semi-annual Rate, a Term Rate or a Fixed Rate. The Trustee shall not make a draw or borrowing under a Support Facility to pay the principal of, premium, if any, or interest on Bonds that are held by or on behalf of the Liquidity Facility Issuer or to pay the Purchase Price of Bonds that are held by or on behalf of the Liquidity Facility Issuer.

Support Facility - General. (1) The Company has obtained the Initial Support Facility. Pursuant to the Participation Agreement, as long as the Policy is in effect, the Company has agreed not to request that the interest rate mode applicable to the Bonds be adjusted to an Adjustable Rate other than an Auction or a Fixed Rate unless there shall be in effect, prior to on the effective date of the applicable Change in the Interest Rate Mode, one or more Support Facilities which (i) meet the requirements of this Article VI and (ii) permit Mode the Bonds shall receive a long-term rating of at least "AAA" by S&P and "AAA" by Moody's, and a short-term rating of at least "A-1+" by S&P and "VMIG 1" by Moody's, or an equivalent rating by any nationally recognized rating agency, as applicable. If the Policy is not in effect, the Company may request that the interest rate mode applicable to the Bonds be rated adjusted to an Adjustable Rate or a Fixed Rate unless on the effective date of the applicable Change in the Interest Rate Mode the Bonds shall receive a long-term rating of at least "A" by S&P, S&P and "AA2" by ▇▇▇▇▇'▇ Moody's or "A" by Fitch or its an equivalent rating by any nationally recognized rating agency, as applicable. Such rating of the Bonds may, but is not required to, be achieved by obtaining a Support Facility which meets the requirements of this Article VI. The Company has further agreed to maintain a Liquidity Facility meeting the requirements of the Participation Agreement with respect to the Bonds at all times, except with respect to Bonds bearing interest at an Auction Period Rate or a Fixed Rate. A Liquidity Facility also must be in effect on or prior to (i) the effective date of any Change in the Interest Rate Mode from an Auction Rate to another Adjustable Rate, and (ii) any Change in the Interest Rate Mode from a Fixed Rate to an Adjustable Rate (other than a Change in the Interest Rate Mode to an Auction Rate Period). Bond Insurer consent shall be required for the selection of the issuer of any Liquidity Facility and the terms thereof. The Trustee shall be furnished with a certified copy of any Support Facility obtained pursuant to this Section 6.01. Any Support Facility Issuer not located in New York State shall provide the Trustee with a list of holidays on which it is closed through the next succeeding January 1 at the beginning of the term of such Support Facility and by January 1 of each year thereafter. (2) Notwithstanding any other provision in this Indenture, upon the occurrence of an Event of Default and so long as a Credit Facility is in full force and effect and the Credit Facility Issuer is not in default under the Credit Facility, then, in all such events, the Credit Facility Issuer shall be deemed to be the sole Holder of the Bonds the payment of which such Credit Facility supports when the approval, consent, direction or any other action of the Holders of such Bonds is required or may be exercised under this Indenture, including, without limitation, (i) the right to control and direct the declaration of principal of and accrued interest on all the Bonds then Outstanding to be due and payable immediately pursuant to Section 12.03, and (ii) the right to rescind and annul any such declaration in clause (i) of this paragraph and its consequences pursuant to Section 12.03. (3) The Trustee shall not make a draw or borrowing under the Initial Support Facility to pay principal of, premium, if any, or interest on Bonds or to pay the Purchase Price of Bonds that bear interest at an Auction Rate with a Standard Auction Period that exceeds one month in duration, a Commercial Paper Rate, a Semi-annual Rate, a Term Rate or a Fixed Rate. The Trustee shall not make a draw or borrowing under a Support Facility to pay the principal of, premium, if any, or interest on Bonds that are held by or on behalf of the Liquidity Facility Issuer or to pay the Purchase Price of Bonds that are held by or on behalf of the Liquidity Facility Issuer.

Support Facility - General. (1) The Company has obtained the Initial Support Facility. Pursuant to the Participation Agreement, the Company has agreed not to request that the interest rate mode applicable to the Bonds be adjusted to an Adjustable Rate other than an Auction Rate unless there shall be in effect, prior to the applicable Change in the Interest Rate Mode, one or more Support Facilities which (i) meet the requirements of this Article VI and (ii) permit the Bonds to be rated at least "A" by S&P, "A" by ▇▇▇▇▇'▇ S&P or "A" by Fitch Moody's or its equivalent by any nationally recognized rating agency. The Company has further agreed to maintain a Liquidity Facility meeting the requirements of the Participation Agreement with respect to the Bonds at all times, except with respect to Bonds bearing interest at an Auction Rate or a Fixed Rate. A Liquidity Facility also must be in effect prior to (i) any Change in the Interest Rate Mode from an Auction Rate to another Adjustable Rate (other than a Change in the Interest Rate Mode to an Auction Rate Period or a conversion to a Fixed Rate), and (ii) any Change change in the Interest Rate Mode from a Fixed Rate to an Adjustable Rate (other than a Change in the Interest Rate Mode to an Auction Rate Period). The Trustee shall be furnished with a certified copy of any Support Facility obtained pursuant to this Section 6.01. Any Support Facility Issuer not located in New York State shall provide the Trustee with a list of holidays on which it is closed through the next succeeding January 1 at the beginning of the term of such Support Facility and by January 1 of each year thereafter. (2) Notwithstanding any other provision in this Indenture, upon the occurrence of an Event of Default and so long as a Credit Facility is in full force and effect and the Credit Facility Issuer is not in default under the Credit Facility, then, in all such events, the Credit Facility Issuer shall be deemed to be the sole Holder of the Bonds the payment of which such Credit Facility supports when the approval, consent, direction or any other action of the Holders of such Bonds is required or may be exercised under this Indenture, including, without limitation, (i) the right to control and direct the declaration of principal of and accrued interest on all the Bonds then Outstanding to be due and payable immediately pursuant to Section 12.03, and (ii) the right to rescind and annul any such declaration in clause (i) of this paragraph and its consequences pursuant to Section 12.03. (3) The Trustee shall not make a draw or borrowing under the Initial Support Facility to pay principal of, premium, if any, or interest on Bonds or to pay the Purchase Price of Bonds that bear interest at an Auction Rate with a Standard Auction Period that exceeds one month in duration, a Commercial Paper Rate, a Semi-annual Rate, a Term Rate or a Fixed Rate. The Trustee shall not make a draw or borrowing under a Support Facility to pay the principal of, premium, if any, or interest on Bonds that are held by or on behalf of the Liquidity Facility Issuer or to pay the Purchase Price of Bonds that are held by or on behalf of the Liquidity Facility Issuer.

Support Facility - General. (1) The Company has obtained the Initial Support Facility. Pursuant to the Participation Agreement, the Company has agreed not to request that the interest rate mode applicable to the Bonds be adjusted to an Adjustable Rate other than an Auction Rate unless there shall be in effect, prior to the applicable Change in the Interest Rate Mode, one or more Support Facilities which (i) meet the requirements of this Article VI and (ii) permit the Bonds to be rated at least "A" by S&P, S&P or "A" by ▇▇▇▇▇'▇ or "A" by Fitch or its equivalent by any nationally recognized rating agency. The Company has further agreed to maintain a Liquidity Facility meeting the requirements of the Participation Agreement with respect to the Bonds at all times, except with respect to Bonds bearing interest at an Auction Rate or a Fixed Rate. A Liquidity Facility also must be in effect on or prior to the effective date of (i) any Change in the Interest Rate Mode from an Auction Rate to another Adjustable Rate, and (ii) any Change in the Interest Rate Mode from a Fixed Rate to an Adjustable Rate (other than a Change in the Interest Rate Mode to an Auction Rate Period). The Bond Insurer shall have the right to consent to the selection of the issuer of any Liquidity Facility and the terms thereof. Such consent shall be deemed to be given if the Bond Insurer unreasonably withholds consent. The Trustee shall be furnished with a certified copy of any Support Facility obtained pursuant to this Section 6.01. Any Support Facility Issuer not located in New York State shall provide the Trustee with a list of holidays on which it is closed through the next succeeding January 1 at the beginning of the term of such Support Facility and by January 1 of each year thereafter. (2) Notwithstanding any other provision in this Indenture, upon the occurrence of an Event of Default and so long as a Credit Facility is in full force and effect and the Credit Facility Issuer is not in default under the Credit Facility, then, in all such events, the Credit Facility Issuer shall be deemed to be the sole Holder of the Bonds the payment of which such Credit Facility supports when the approval, consent, direction or any other action of the Holders of such Bonds is required or may be exercised under this Indenture, including, without limitation, (i) the right to control and direct the declaration of principal of and accrued interest on all the Bonds then Outstanding to be due and payable immediately pursuant to Section 12.03, and (ii) the right to rescind and annul any such declaration in clause (i) of this paragraph and its consequences pursuant to Section 12.03. (3) The Trustee shall not make a draw or borrowing under the Initial Support Facility to pay principal of, premium, if any, or interest on Bonds or to pay the Purchase Price of Bonds that bear interest at an Auction Rate with a Standard Auction Period that exceeds one month in duration, a Commercial Paper Rate, a Semi-annual Rate, a Term Rate or a Fixed Rate. The Trustee shall not make a draw or borrowing under a Support Facility to pay the principal of, premium, if any, or interest on Bonds that are held by or on behalf of the Liquidity Facility Issuer or to pay the Purchase Price of Bonds that are held by or on behalf of the Liquidity Facility Issuer.

Support Facility - General. (1) The Company has obtained the Initial Support Facility. Pursuant to the Participation Agreement, the Company has agreed not to request that the interest rate mode applicable to the Bonds be adjusted to an Adjustable Rate other than an Auction Rate unless there shall be in effect, prior to the applicable Change in the Interest Rate Mode, one or more Support Facilities which (i) meet the requirements of this Article VI obtained a Credit Facility and (ii) permit the Bonds to be rated at least "A" by S&P, "A" by ▇▇▇▇▇'▇ or "A" by Fitch or its equivalent by any nationally recognized rating agency. The Company has further agreed agrees to maintain a Liquidity Facility meeting the requirements of the Participation Agreement with respect to the Bonds at all timestimes except during any Auction Rate Period, except with respect to Bonds bearing interest at an Auction Rate-Inverse Rate Period or a the Fixed RateRate Period. A Liquidity Facility also relating to the affected Bonds must be in effect prior to (i) any Change in the Interest Rate Mode from an Auction Rate and a related Inverse Rate during an Auction Rate-Inverse Rate Period, or from an Auction Rate during an Auction Rate Period to another Adjustable Rate, and (ii) any Change in the Interest Rate Mode from a Fixed Rate to an Adjustable Rate (other than a Change in the Interest Rate Mode to an Auction Rate PeriodPeriod or an Auction Rate-Inverse Rate Period or a conversion to a Fixed Rate). If at any time the Company obtains a Liquidity Facility with respect to the Bonds which were previously not entitled to the benefit thereof, the Company shall submit such Liquidity Facility to M▇▇▇▇'▇, S&P or such other Rating Agency as the Company may select for the purposes of obtaining a rating on such Bonds. Upon obtaining a rating or ratings on the basis of such Liquidity Facility the provisions of Sections 5.08 and 6.02 shall become applicable to such Bonds. The Trustee shall be furnished with a certified copy of any Support Liquidity Facility obtained pursuant to this Section 6.016.01 together with evidence of any rating or ratings obtained on the Bonds in connection therewith. Any Support Facility Issuer not located in New York State shall provide the Trustee with a list of holidays on which it is closed through the next succeeding January 1 at the beginning of the term of such Support Facility and by January 1 of each year thereafter. (2) Notwithstanding any other provision in this Indenture, upon the occurrence of an Event of Default and so long as a Credit Facility is in full force and effect and the Credit Facility Issuer is not in default under the Credit Facility, then, in all such events, the Credit Facility Issuer shall be deemed to be the sole Holder of the Bonds the payment of which such Credit Facility supports when the approval, consent, direction or any other action of the Holders of such Bonds is required or may be exercised under this Indenture, including, without limitation, (i) the right to control and direct the declaration of principal of and accrued interest on all the Bonds then Outstanding to be due and payable immediately pursuant to Section 12.03, and (ii) the right to rescind and annul any such declaration in clause (i) of this paragraph and its consequences pursuant to Section 12.03. (3) The Trustee shall not make a draw or borrowing under the Initial Support Facility to pay principal of, premium, if any, or interest on Bonds or to pay the Purchase Price of Bonds that bear interest at an Auction Rate with a Standard Auction Period that exceeds one month in duration, a Commercial Paper Rate, a Semi-annual Rate, a Term Rate or a Fixed Rate. The Trustee shall not make a draw or borrowing under a Support Facility to pay the principal of, premium, if any, or interest on Bonds that are held by or on behalf of the Liquidity Facility Issuer or to pay the Purchase Price of Bonds that are held by or on behalf of the Liquidity Facility Issuer.