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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365 days. This credit is available to you against presentation <strong>of</strong> the following documents (the<br />
“Payment Documents”) presented to JPMorgan Chase Bank, National Association (the “Bank”)<br />
as described below:<br />
A certificate (with all blanks appropriately completed) (i) in the form attached<br />
as Exhibit C hereto (an “Interest Drawing”), (ii) in the form attached as<br />
Exhibit D hereto (a “Redemption Drawing”), (iii) in the form attached as<br />
Exhibit E hereto (a “Liquidity Drawing”), or (iv) in the form attached as<br />
Exhibit F hereto (a “Stated Maturity Drawing”).<br />
All drawings shall be made by presentation <strong>of</strong> each Payment Document to JPMorgan<br />
Chase Bank, National Association by facsimile at facsimile number (312) 954-6163 or<br />
alternatively to (312) 954-3140, Attention: St<strong>and</strong>by Letter <strong>of</strong> Credit Unit, or any other facsimile<br />
number as may be designated by the Bank by written notice delivered to you, without further<br />
need <strong>of</strong> documentation, including the original <strong>of</strong> this Letter <strong>of</strong> Credit, it being understood that<br />
each Payment Document so submitted is to be the sole operative instrument <strong>of</strong> drawing. You<br />
shall use your best efforts to give telephonic notice <strong>of</strong> a drawing to the Bank at its St<strong>and</strong>by Letter<br />
<strong>of</strong> Credit Unit, (at: (312) 954-1922 or alternatively to (800) 634-1969, Option 1) on the Business<br />
Day preceding the day <strong>of</strong> such drawing (but such notice shall not be a condition to drawing<br />
hereunder <strong>and</strong> you shall have no liability for not doing so).<br />
We agree to honor <strong>and</strong> pay the amount <strong>of</strong> any Payment Document(s) in compliance with<br />
all <strong>of</strong> the terms <strong>of</strong> this Letter <strong>of</strong> Credit. If such drawing, other than a Liquidity Drawing, is<br />
presented prior to 4:00 p.m., New York time, on a Business Day, payment shall be made to you<br />
in immediately available funds, by 1:00 p.m., New York time, on the following Business Day. If<br />
any such drawing, other than a Liquidity Drawing, is presented at or after 4:00 p.m., New York<br />
time, on a Business Day, payment shall be made to you in immediately available funds, by 1:00<br />
p.m., New York time, on the second succeeding Business Day. If a Liquidity Drawing is<br />
presented prior to 12:15 p.m., New York time, on a Business Day, payment shall be made to you<br />
in immediately available funds, by 2:45 p.m., New York time, on the same Business Day. If a<br />
Liquidity Drawing is presented at or after 12:15 p.m., New York time, payment shall be made to<br />
you in immediately available funds, by 2:45 p.m., New York time, on the following Business<br />
Day. Payments made hereunder shall be made by wire transfer to you or by deposit into your<br />
account with us in accordance with the instructions specified by the Trustee in the drawing<br />
certificate relating to a particular drawing hereunder. “Business Day” means any day other than<br />
(i) a Saturday or Sunday, (ii) a day on which banks located (A) in the city in which the principal<br />
<strong>of</strong>fice <strong>of</strong> the Trustee or Paying Agent is located, (B) in the city in which the <strong>of</strong>fice <strong>of</strong> the Bank at<br />
which drawings hereunder are to be honored are located, (C) in the city in which the corporate<br />
trust <strong>of</strong>fice <strong>of</strong> the Trustee at which the Bonds may be tendered for purchase by the holders<br />
there<strong>of</strong> is located, or (D) in the city in which the principal <strong>of</strong>fice <strong>of</strong> the Remarketing Agents are<br />
located, are required or authorized to remain closed or (iii) a day on which The New York Stock<br />
Exchange is closed.<br />
If a drawing does not conform to the terms <strong>and</strong> conditions <strong>of</strong> this Letter <strong>of</strong> Credit, we will<br />
notify you within the time set forth above for honor <strong>of</strong> such dem<strong>and</strong> for payment, such notice to<br />
be confirmed in writing to you within one Business Day.<br />
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