Substitute Liquidity Facility definition

Substitute Liquidity Facility means any substitute or replacement standby bond purchase agreement, letter of credit, line of credit or other liquidity facility from a financial institution rated at least “A” or its equivalent by a nationally recognized municipal bond rating service acceptable to the Authority providing funds for the payment of the Purchase Price of Bonds tendered for purchase, delivered in accordance with Section 502 of this Bond Indenture in substitution and replacement for a Liquidity Facility.

Substitute Liquidity Facility means a Liquidity Facility which is issued by a Substitute Liquidity Facility Provider, is satisfactory to the Authority and the Borrower and is delivered pursuant to Section 3.12 of the Indenture. An extension of the term of any existing Liquidity Facility shall not be deemed to constitute the delivery of a Substitute Liquidity Facility.

Substitute Liquidity Facility means a Liquidity Facility which is issued by a Substitute Liquidity Facility Provider, is satisfactory to the Authority and the Borrower and is delivered pursuant to Section 3.12 of this Indenture. An extension of the term of any existing Liquidity Facility shall not be deemed to constitute the delivery of a Substitute Liquidity Facility.

Examples of Substitute Liquidity Facility in a sentence

• The Remarketing Agent shall continue to use its best efforts to arrange for the sale of any Liquidity Provider Bonds, subject to full reinstatement of the amount available to be drawn on the Liquidity Facility with respect to such Bonds or delivery of a Substitute Liquidity Facility.

• The Bonds will be subject to mandatory tender for purchase on the date of substitution of a Substitute Liquidity Facility for the then existing Liquidity Facility.

• The Bond Trustee shall hold any Liquidity Facility for the benefit of the Owners or purchasers of the Bonds until the Liquidity Facility expires or terminates in accordance with its terms or a Substitute Liquidity Facility is substituted for the Liquidity Facility under Section 502 hereof.

• If a purchase of Bonds is effected pursuant to this subsection, the existing Liquidity Facility, if necessary, will be used to provide funds for such purchase, rather than the Substitute Liquidity Facility, and the Bond Trustee shall not surrender the existing Liquidity Facility until the purchase of the Bonds has been effected pursuant to this subsection.

• The Corporation will exercise its best efforts (except when the Bonds are converted to an Indexed Term Put Rate or a Fixed Rate without a Liquidity Facility) to extend the term of the Liquidity Facility then in effect or to cause a Substitute Liquidity Facility to be delivered by the Liquidity Provider to the Bond Trustee prior to the expiration or termination date of the Liquidity Facility then in effect pursuant to the provisions of this Article.

More Definitions of Substitute Liquidity Facility

Substitute Liquidity Facility means any standby bond purchase agreement, revolving credit agreement, letter of credit, surety bond or other agreement or instrument under which any Person undertakes to make loans or provide funds to purchase 2002 Series B Bonds upon the tender (or deemed tender) thereof for purchase and as to which the conditions set forth in subsection 3 of Section 4.02 shall be satisfied, in each case, that shall have been consented to in writing by the Bond Insurer and that shall contain administrative provisions reasonably satisfactory to the Tender Agent.

Substitute Liquidity Facility shall have the meaning set forth in Section 8.3(a).

Substitute Liquidity Facility means an Alternate Liquidity Facility, Self Liquidity or a Non-Conforming Liquidity Facility, provided that it shall be a condition to effectiveness of any Substitute Liquidity Facility that the Person obligated thereon shall purchase all Bank Bonds for a purchase price equal to the principal thereof and accrued interest at the Bank Interest Rate upon effectiveness there of.

Substitute Liquidity Facility means a Liquidity Facility issued by a Liquidity Facility Provider, and provided to the Trustee by the Agency in accordance with Section 209 hereof, to replace the Liquidity Facility then in effect.

Substitute Liquidity Facility means a substitute Liquidity Facility replacing a Liquidity Facility in accordance with Section 5.12 of the Loan Agreement.

Substitute Liquidity Facility means any letter of credit, standby bond purchase agreement, line of credit, surety bond, insurance policy or other agreement or instrument, approved by the Insurer, under which any Person (other than the City or the Enterprise) undertakes to make or provide funds to pay the purchase price of Bonds tendered or deemed tendered for purchase which are not successfully remarketed, delivered to and received by the Tender Agent (a) replacing the then existing Liquidity Facility, (b) dated as of a date prior to the Stated Termination Date of the then existing Liquidity Facility, (c) expiring at least 364 days from the date of its issuance, (d) expiring on a date which is later (but not earlier) than the Stated

Substitute Liquidity Facility means either (1) a substitute letter of credit, line of credit, standby bond purchase agreement or other financial agreement issued by a commercial bank or other financial institution as Liquidity Facility Provider, which by its terms shall provide for the payment of the Purchase Price of a Series of Bonds tendered and not remarketed, delivered to the Bond Trustee pursuant to Section 5.7 of the Loan Agreement, in substitution for the Liquidity Facility then in effect with respect to such Series or in substitution for the provision of self- liquidity for the payment of the Purchase Price of such Series by the Getty Trust, or (2) the provision of self-liquidity for the payment of the Purchase Price of a Series of Bonds by the Getty Trust in substitution for any Liquidity Facility then in effect.