Alternate Liquidity definition

Alternate Liquidity means, with respect to a Group of 2022 Series F-3 Variable Rate Bonds, any instrument providing for the timely payment of the Purchase Price of 2022

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Alternate Liquidity means, with respect to a Group of 2020 Series E Variable Rate Bonds, any instrument providing for the timely payment of the Purchase Price of 2020

Alternate Liquidity means, with respect to a Group of 2021 Series F-3 Variable Rate Bonds, any instrument providing for the timely payment of the Purchase Price of 2021

Examples of Alternate Liquidity in a sentence

• If a Term Rate will be in effect during the term of the current Liquidity Facility, the Authority may not furnish an Alternate Liquidity Facility with a Scheduled Expiration Date earlier than the Scheduled Expiration Date in the Liquidity Facility then in effect.

• The City agrees that any termination of the Letter of Credit as a result of the provision of any Alternate Credit Facility or Alternate Liquidity Facility will require, as a condition thereto, that the City or the issuer of any Alternate Credit Facility or Alternate Liquidity Facility will provide funds on the date of such termination or provision, which funds will be sufficient to pay in full at the time of termination of such Letter of Credit all Obligations due and owing to the Bank hereunder.

• On the effective date of such Alternate Credit Facility or an Alternate Liquidity Facility, any and all Obligations due hereunder and all principal and interest due on the Liquidity Provider Bonds shall be payable in full to the Bank.

• The City agrees that, as a condition to the effectiveness of the Alternate Credit Facility or Alternate Liquidity Facility, as applicable, the City whether from its own funds or an Alternate Credit Facility or an or Alternate Liquidity Facility, as applicable, shall provide funds to the extent necessary, in addition to other funds available, on the date of the effectiveness of such Alternate Credit Facility or an Alternate Liquidity Facility, to pay all Obligations owing the Bank on such date.

• The City shall not permit an Alternate Credit Facility or an Alternate Liquidity Facility to become effective with respect to less than all of the Bonds without the prior written consent of the Bank.

• The City shall cause the Letter of Credit to be returned to the Bank for cancellation upon the effectiveness of an Alternate Credit Facility or an Alternate Liquidity Facility, as applicable.

• If the Stated Expiration Date of the Letter of Credit is not extended, the Authority agrees to use its best efforts to arrange for (i) the substitution of the Letter of Credit by an Alternate Liquidity Facility or an Alternate Credit Facility or (ii) the redemption or defeasance of all of the 2015 GR-5 Notes supported by the Letter of Credit on or prior to the then existing Stated Expiration Date.

• If the Stated Expiration Date of the Letter of Credit is not extended, the Authority agrees to use its best efforts to arrange for (i) the substitution of the Letter of Credit by an Alternate Liquidity Facility or an Alternate Credit Facility or (ii) the redemption or defeasance of all of the 2015 GR-3 Notes supported by the Letter of Credit on or prior to the then existing Stated Expiration Date.

• The effective date of a termination on account of an event described in clause (iii), (iv), (v) or (vi) shall be the effective date of an Alternate Liquidity Facility.

• In general, such Alternate Liquidity Mechanism ("ALM") will allow holder to liquidate his holdings at Fair Value, over a three to five year period, and will be available beginning in 2007.

More Definitions of Alternate Liquidity

Alternate Liquidity means, with respect to a Group of 2024 Series B-3 Variable Rate Bonds, any instrument providing for the timely payment of the Purchase Price of 2024 Series B-3 Variable Rate Bonds of such Group, including, but not limited to, a letter of credit, guaranty, standby loan commitment, standby bond purchase agreement or other liquidity facility, or any combination thereof, (i) approved by the Corporation and delivered to the Trustee for the benefit of the owners of 2024 Series B-3 Variable Rate Bonds of such Group, and, (ii) replacing the most recent previously existing Liquidity Facility, (iii) dated as of a date not later than the expiration date of the Liquidity Facility for which the same is to be substituted; provided that (a) the stated amount of any Liquidity Facility shall equal the sum of (x) the aggregate principal amount of 2024 Series B-3 Variable Rate Bonds of such Group at the time Outstanding, plus (y) during any Daily Rate Period or Weekly Rate Period, an amount at least equal to thirty-four (34) days of interest (at the Maximum Rate) on all 2024 Series B-3 Variable Rate Bonds of such Group at the time Outstanding, or such other amount as the Corporation shall determine based on then current rating agency standards, or during any Flexible Rate Period, an amount at least equal to 275 days of interest (at the Maximum Rate) on all 2024 Series B-3 Variable Rate Bonds of such Group at the time Outstanding, or such other amount as the Corporation shall determine based on then current rating agency standards, or during any Term Rate Period or the Fixed Rate Period, such amount of interest as the Corporation shall determine based on then current rating agency standards, and (b) if any Liquidity Facility is to be in effect during any Daily Rate Period or Weekly Rate Period, it must provide for payment of the Purchase Price upon the exercise by any owner of a 2024 Series B-3 Variable Rate Bond of such Group of the Demand Purchase Option.

Alternate Liquidity means, with respect to a Group of 2023 Series E-3 Variable Rate Bonds, any instrument providing for the timely payment of the Purchase Price of 2023