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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(a) such 2010A Bonds sold by the Remarketing Agent shall be delivered by the Remarketing<br />
Agent to the purchasers <strong>of</strong> those 2010A Bonds by 3:00 p.m., New York <strong>City</strong> time; <strong>and</strong><br />
(b) such 2010A Bonds purchased by the Paying Agent shall be registered immediately in the<br />
name <strong>of</strong> the Credit Provider or the Liquidity Provider, as the case may be, or its nominee or agent on or before 4:00<br />
p.m., New York <strong>City</strong> time.<br />
If 2010A Bonds to be purchased are not delivered by the Owners to the Paying Agent by 12:00<br />
noon, New York <strong>City</strong> time, on the Purchase Date or the M<strong>and</strong>atory Purchase Date, as the case may be, the Paying<br />
Agent shall hold any funds received for the purchase <strong>of</strong> such 2010A Bonds in trust in a separate account <strong>and</strong> shall<br />
pay such funds to the former Owners <strong>of</strong> such 2010A Bonds upon presentation <strong>of</strong> such 2010A Bonds. Such<br />
undelivered 2010A Bonds shall cease to accrue interest as to the former Owners on the Purchase Date or the<br />
M<strong>and</strong>atory Purchase Date, as the case may be, <strong>and</strong> moneys representing the Purchase Price shall be available against<br />
delivery <strong>of</strong> such 2010A Bonds at the principal corporate trust <strong>of</strong>fice <strong>of</strong> the Paying Agent; provided, however, that<br />
any funds which shall be so held by the Paying Agent <strong>and</strong> which remain unclaimed by the former Owner <strong>of</strong> such<br />
2010A Bond not presented for purchase for a period <strong>of</strong> one (1) year after delivery <strong>of</strong> such funds to the Paying Agent,<br />
shall, to the extent permitted by law be paid to the <strong>Commission</strong> free <strong>of</strong> any trust or lien <strong>and</strong> thereafter the former<br />
Owner <strong>of</strong> such 2010A Bond shall look only to the <strong>Commission</strong> <strong>and</strong> then only to the extent <strong>of</strong> the amounts so<br />
received by the <strong>Commission</strong> without any interest thereon <strong>and</strong> the Paying Agent shall have no further responsibility<br />
with respect to such moneys or payment <strong>of</strong> the Purchase Price <strong>of</strong> such 2010A Bonds. The Paying Agent shall<br />
authenticate a replacement 2010A Bond for any undelivered 2010A Bond which may then be remarketed by the<br />
Remarketing Agent.<br />
If there shall have occurred <strong>and</strong> be continuing an Event <strong>of</strong> Default described in paragraphs (a), (b)<br />
or (c) (related to the payment <strong>of</strong> principal <strong>and</strong> interest as the same becomes due <strong>and</strong> payable) under the heading<br />
“Events <strong>of</strong> Default” in this Appendix C, the Remarketing Agent shall not remarket any 2010A Bonds.<br />
2010A Bonds <strong>of</strong> a Series shall not be subject to m<strong>and</strong>atory purchase pursuant to the 1991 Master<br />
Resolution unless the payment <strong>of</strong> the Purchase Price is limited to payments made by a Credit Provider under a<br />
Credit Facility, proceeds <strong>of</strong> remarketing such 2010A Bonds, or to other amounts that do not constitute Revenues <strong>of</strong><br />
the <strong>Commission</strong>.<br />
Credit Facility<br />
On each Purchase Date or M<strong>and</strong>atory Purchase Date, as the case may be, the Trustee, at the<br />
direction <strong>of</strong> the Paying Agent, shall Draw on the Credit Facility for 2010A Bonds, by no later than the time provided<br />
in such Credit Facility for presentation <strong>of</strong> documents in order to receive payment in immediately available funds by<br />
2:45 p.m., New York <strong>City</strong> time, on each Purchase Date <strong>and</strong> M<strong>and</strong>atory Purchase Date, as the case may be, an<br />
amount which, together with the proceeds <strong>of</strong> the remarketing <strong>of</strong> such 2010A Bonds on such date, is sufficient to<br />
enable the Paying Agent to pay the Purchase Price <strong>of</strong> such 2010A Bonds in connection therewith. The proceeds <strong>of</strong><br />
such Draws under a Credit Facility shall be paid to the Paying Agent, who shall deposit said proceeds in the Series<br />
2010A Credit Facility Purchase Account.<br />
Notwithst<strong>and</strong>ing the foregoing two paragraphs, the Trustee shall not Draw on a Credit Facility<br />
with respect to any payments due or made in connection with Credit Provider Bonds, or 2010A Bonds not payable<br />
from <strong>and</strong>/or secured by such Credit Facility.<br />
The Trustee shall not sell, assign or otherwise transfer any Credit Facility, except to a successor<br />
Trustee thereunder <strong>and</strong> in accordance with the terms <strong>of</strong> the Credit Facility, as the case may be, the 1991 Master<br />
Resolution.<br />
The obligation <strong>of</strong> the <strong>Commission</strong> to reimburse a Credit Provider for Draws on a Credit Facility<br />
with respect to 2010A Bonds in accordance with the Credit Facility shall constitute a Repayment Obligation within<br />
the meaning <strong>of</strong> the 1991 Master Resolution in the event <strong>and</strong> to the extent so provided in a Series Sale Resolution<br />
with respect to such 2010A Bonds <strong>and</strong> in the Credit Facility.<br />
C-33