Applicable Credit Facility definition
Examples of Applicable Credit Facility in a sentence
Upon discharge of the Indenture with respect to a Series of Bonds pursuant to Section 5.1, the Trustee shall promptly surrender the Applicable Credit Facility to the Applicable Credit Issuer for cancellation.
The Ceiling Rate applicable to a Series of Bonds may be increased to a rate not to exceed the maximum rate permitted by applicable law by execution and delivery of a supplemental indenture, if the interest component of the Applicable Credit Facility is increased on or prior to the effective date of such supplemental indenture by recalculating the amount of such interest component using the increased Ceiling Rate and the number of days coverage then provided for in the Applicable Credit Facility.
If the Applicable Credit Issuer honors the drawing under the Applicable Credit Facility upon a declaration of acceleration of such Series, interest on such Series of the Bonds shall accrue only to the date of such declaration and the Trustee shall pay the principal of and interest on such Series to the Holders thereof immediately following the receipt of funds from such drawing.
If a Series of Bonds is rated by a Rating Agency, notice of any extension of the Applicable Credit Facility (unless automatically extended by its terms) shall be furnished to such Rating Agency by the Trustee.
Upon any redemption or defeasance of any Bonds of a Series or upon cancellation of any Bonds of a Series upon purchase thereof as contemplated by Section 2.8, the Trustee shall send notice to the Applicable Credit Issuer to reduce the amount available to be drawn on the Applicable Credit Facility (with written notice of the same to the Company) and the Trustee shall, upon request, confirm to the Applicable Credit Issuer and the Company the principal amount of Bonds redeemed, canceled or defeased.
If a Series of Bonds is rated by a Rating Agency, notice of any such expiration or termination of the Applicable Credit Facility shall be furnished to such Rating Agency by the Trustee.
Following the effective date of an Alternate Credit Facility delivered with respect to a Series of Bonds (or, if such Alternate Credit Facility results in the occurrence of a Credit Modification Date, following such Credit Modification Date), the Trustee shall promptly surrender the Applicable Credit Facility to the Applicable Credit Issuer for cancellation.
Except as otherwise provided in this Indenture, subsequent to the initial issuance of a Series of Bonds and prior to payment of the Bonds of such Series in full (or provision for the payment thereof having been made in accordance with the provisions of this Indenture), the Applicable Credit Facility may not be effectively amended, changed or modified without the prior written consent of the Trustee and the Applicable Paying Agent.
Upon payment in full of a Series of Bonds, the Trustee shall return the Applicable Credit Facility to the Applicable Credit Issuer.
In the event the Purchase Price of Bonds of a Series is paid from the Applicable Credit Facility as described herein, and the Company does not reimburse the Applicable Credit Issuer for such Purchase Price, upon the remarketing of such Bonds as described in Section 2.7(a), the Applicable Paying Agent shall deliver the proceeds of the remarketing of such Bonds to the Applicable Credit Issuer.