Alternate Liquidity Facility definition

Alternate Liquidity Facility means any standby purchase agreement, letter of credit, or similar agreement (not including a Non-Conforming Liquidity Facility or Self Liquidity) providing liquidity for the Variable Rate Bonds, or any portion thereof, delivered by the Agency (i) in connection with a Mode Change to a new Mode Period or (ii) in substitution for an existing Liquidity Facility, and pursuant to the terms of this 202_ Series Resolution; provided, however, that the delivery of each Alternate Liquidity Facility shall result in the Variable Rate Bonds that are the subject of such Alternate Liquidity Facility bearing the Required Short Term Rating on the effective date of such Alternative Liquidity Facility.

Alternate Liquidity Facility means a letter of credit, insurance policy, line of credit, surety bond, standby purchase agreement or other security or liquidity instrument, as the case may be, issued in accordance with the terms hereof as a replacement or substitute for any Credit Enhancement or Liquidity Facility, as applicable, then in effect.

Alternate Liquidity Facility means a letter of credit or similar obligation, arrangement, or instrument issued or provided by a bank, insurance company, or other financial institution that provides (to the extent and subject to the terms and conditions set forth therein) liquidity support for payment of principal of and interest on the 2015 GR-2 Notes when the same become due and payable during the term thereof and is issued in substitution for the Letter of Credit in accordance with, and pursuant to, Section 6.3 hereof, as the same may be amended or supplemented from time to time.

Examples of Alternate Liquidity Facility 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.

• 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.

• 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.

More Definitions of Alternate Liquidity Facility

Alternate Liquidity Facility means any standby purchase agreement, line of credit, letter of credit or similar agreement (not including a Non-Conforming Liquidity Facility or Self-Liquidity Facility) providing liquidity for the Liquidity Facility Bonds or any portion thereof, delivered by the Agency in connection with a Mode Change to a Mode Period other than an Auction Mode Period or in substitution for an existing Liquidity Facility pursuant to the terms of the Series Resolution. The extension or renewal of an extant Liquidity Facility shall not be deemed an Alternate Liquidity Facility.

Alternate Liquidity Facility means any Liquidity Facility providing liquidity for the 2024 Series B-2 Bonds delivered by the Authority pursuant to the terms of this Series Indenture, other than the Initial Liquidity Facility; provided, however, that the delivery of such Alternate Liquidity Facility shall result in a short-term rating on the 2024 Series B-2 Bonds of not less than “A-1+” and “VMIG-1” (in the case of Moody’s and S&P, respectively), as evidenced by rating letters delivered when each such Alternate Liquidity Facility is delivered; and, provided further that a transfer or assignment of a Liquidity Facility from one branch to another branch of the Liquidity Facility Provider shall not constitute an Alternate Liquidity Facility.

Alternate Liquidity Facility has the meaning set forth in Appendix A to the Ordinance.

Alternate Liquidity Facility means any standby bond purchase agreement or other liquidity facility meeting the requirements of Section 5.14 of the Agreement.

Alternate Liquidity Facility means, with respect to a Series of Bonds, a line of credit, letter of credit, standby purchase agreement, or similar liquidity facility, which secures, enhances, or guarantees the payment of purchase price of such Series of Bonds under certain conditions specified therein, issued by a commercial bank, insurance company, pension fund, or other institution, and delivered or made available to the Trustee, as a replacement or substitute for any Liquidity Facility then in effect.

Alternate Liquidity Facility means a Liquidity Facility with respect to a Series of Variable Rate Bonds issued or executed in accordance with Section 30-65.18 which shall have a term of not less than six months and shall have substantially the same material terms as the Liquidity Facility it is replacing.

Alternate Liquidity Facility means a Liquidity Facility issued and delivered pursuant to Section 502 of this Series 2014A Supplemental Trust Agreement to replace a Liquidity Facility to purchase Series 2014A Certificates (other than ARS) tendered for purchase as provided in this Series 2014A Supplemental Trust Agreement.