Official Statement Airport Commission City and County of San ...

Redemption of Credit Provider Bonds
Pursuant to the 1991 Master Resolution, Credit Provider Bonds will be redeemed prior to the optional
redemption of any other Series of 2010A Bonds. Any Credit Provider Bonds will remain Outstanding until the
Credit Provider is paid all amounts due under the applicable Reimbursement Agreement or Credit Facility.
Optional and Mandatory Tenders for Purchase
Optional Tenders by Owners
The Owners of 2010A Bonds in a Weekly Mode may elect to have their 2010A Bonds (or portions of such
2010A Bonds in amounts equal to an Authorized Denomination) purchased on any Business Day at a price equal to
100% of the principal amount of such 2010A Bonds to be purchased plus accrued interest thereon (the “Purchase
Price”), upon delivery of an irrevocable written notice of tender to the Paying Agent and the applicable Remarketing
Agent by telephone, e-mail or other means acceptable to the applicable Remarketing Agent, promptly confirmed in
writing to the Paying Agent, not later than 4:00 p.m., New York City time, on a Business Day not less than
seven days before the Purchase Date specified by the Owner in such notice. Such notices of tender are required to
state the Series, CUSIP number and the principal amount of such 2010A Bonds and that such 2010A Bonds will be
tendered on the Purchase Date specified in such notice. Such 2010A Bonds shall be delivered (with all necessary
endorsements) at or before 12:00 noon, New York City time, on the Purchase Date at the office of the Paying Agent
in New York, New York; provided, however, that payment of the Purchase Price will be made only if 2010A Bonds
so delivered to the Paying Agent conforms in all respects to the description thereof in the notice of tender. Payment
of the Purchase Price will be made to the Owners of such tendered 2010A Bonds by wire transfer in immediately
available funds by the Paying Agent by the close of business in New York, New York, on the Purchase Date.
Mandatory Tenders for Purchase
Mandatory Tender for Purchase on Mode Change Date. A Series of 2010A Bonds to be changed to another
Mode are subject to mandatory tender for purchase at the Purchase Price on the Mode Change Date. The Paying
Agent is required to give notice of such mandatory tender for purchase upon conversion to another Mode (other than
the Fixed Rate Mode or the Auction Mode) by mail to the Owners of such Series of 2010A Bonds subject to
mandatory tender and purchase no less than 30 days prior to the Mandatory Purchase Date. The Paying Agent will
give notice of such mandatory tender for purchase upon conversion to the Fixed Rate Mode or the Auction Mode as
part of the notice of change of Mode to be sent to the Owners pursuant to the 1991 Master Resolution. See
APPENDIX C–“SUMMARY OF CERTAIN PROVISIONS OF THE 1991 MASTER RESOLUTION–Mode Change–Change to
Fixed Rate Mode” and “–Change to Auction Mode.”
Mandatory Tender for Purchase Upon Substitution, Modification or Reduction of the Credit Facility or
Liquidity Facility. In the event that on or prior to the 45th day next preceding the Substitution Date, the
Commission fails to deliver to the Paying Agent and the Trustee a Rating Confirmation Notice in connection with
the delivery of an Alternate Credit Facility or an Alternate Liquidity Facility, together with a written statement of
Moody’s, Standard & Poor’s and Fitch, as applicable, indicating that the substitution, modification or reduction of
the applicable Credit Facility or Liquidity Facility will not result in a lowering of their ratings on a Series of 2010A
Bonds payable from and/or secured by the Credit Facility or Liquidity Facility as a result thereof, such Series of
2010A Bonds payable from and/or secured by such Credit Facility or Liquidity Facility are subject to mandatory
tender for purchase on the Substitution Date at a price equal to the Purchase Price. The Paying Agent is required to
give notice of such mandatory tender for purchase by mail to the Owners of such Series of 2010A Bonds subject to
mandatory tender and purchase no less than 30 days prior to the Mandatory Purchase Date.
Mandatory Purchase Due to Default Under the Applicable Credit Facility Agreement or Liquidity Facility
Agreement. The 2010A Bonds of a Series payable from and/or secured by a Credit Facility or Liquidity Facility, are
subject to mandatory tender for purchase at a Purchase Price equal to the principal amount thereof, plus accrued
interest, if any, if the Trustee receives a notice from the applicable Credit Provider or Liquidity Provider in writing
(i) not later than the close of business on the 6th day after the day on which a Draw was made under such Credit
Facility or Liquidity Facility to pay interest on such Series of 2010A Bonds, that the interest portion of the Credit
Facility or Liquidity Facility (as applicable) will not be reinstated as provided in such Credit Facility or Liquidity
Facility, or (ii) that an Event of Default, as defined in such Credit Facility Agreement or Liquidity Facility
Agreement, has occurred and is continuing and the Credit Provider or Liquidity Provider has exercised its option to
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