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