1987-06 CRA - Laserfiche WebLink

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. . . . . In the event of any total or partial failure of remarketing of the Bonds by the Remarketing Agent, Bondholders having tendered or deemed to have tendered Bonds for purchase shall be paid the Purchase Price from the proceeds of a draw or draws on the Initial Letter of Credit for the mandatory purchase of Bonds and all Bonds not remarketed shall be delivered by the Fiscal Agent to the Bank and shall be Bank Bonds for purposes of the Reimbursement Agreement. Section 3. Paragraph E of Section 5 of the Resolution is hereby amended to read as follows: E. Alternate Credit Facility, On or prior to the fifteenth day prior to each Reset Date, the Agency shall file with the Fiscal Agent and the Remarketing Agent an Alternate Credit .'Faci'lity having an effective date not later than the Reset Date, covering the payment of principal of and interest on the Bonds for the next Reset Period and, unless the Reset Period extends to the final maturity date on the Bonds, the payment of the Purchase Price of all Outstanding Bonds as provided for in Section 50 above. Any Alternate Credit Facility shall have a term of not less than one year, expiring on or after the next succeeding Reset Date. In the event the Reset Period extends to the final maturity of the Bonds, the Agency may elect not to provide an Alternate Credit Facility, in which case the Agency shall so notify the Remarketing Agent not later than ten (10) Business Days prior to the .Reset.Date. The Agency shall file with all investment rating agencies then having a rating on the Bonds a commitment for an Alternate Credit Facility, or shall advise each rating agency in the event the Agency elects not to deliver an Alternate Credit Facility, sufficiently in advance of the Reset Date so that said rating agency may advise the Agency not later than 15 days prior to the Reset Date as to whether the rating on the Bonds will be continued or will be lowered or withdrawn as a result of the delivery by the Agency of said Alternate Credit Facility or the nondelivery by the Agency of an Alternate Credit Facility. In the event that, during any Reset Period, the Agency chooses to substitute any Alternate Credit 2023k/2281/05 5A' -2- III,.