Financing- Trust Agreement - Laserfiche WebLink

Home Browse Search

i ~ (b) if the Credit Facility provides that the related Credit Provider shall ha~~e 2 the option of either paying the principal and interest owing on the related Certificates 3 in connection with such acceleration (herein called the `'Acceleration Option'") or a keeping the related Certificates outstanding and paying the scheduled principal of and 5 interest thereon as the same become due in accordance with their stated due dates 6 (without regard to such acceleration), the Tnistee shall: 7 8 (i) until such time as the related Credit Provider shall exercise its ~ Acceleration Option, continue to demand payment under the related Credit -0 Facility of amotmts sufficient to pay when due the scheduled principal of and >> interest on the related Certificates as the same become due in accordance with i? their stated due dates (without regard to such acceleration); and 13 14 (ii) as such time as the related Credit Provider shall have exercised its 15 Acceleration Option: 16 17 (I) promptly fix a date for payment of all amounts owing t 8 under the related Certificates from moneys drawn or paid under the ~ 9 Credit Facility securing such Certificates, which date shall be as soon 2o as practicable and in any event prior to the expiration date of such 31 Credit Facility; ~~ 2; (II) promptly draw upon or demand payment under such 24 Insurance Policy in an amount equal to the lesser of the fiill amount ?5 available to be drawn under such Credit Facility, or the amount 26 needed to pay all amounts to be due with respect to such Certificates ?7 through the date fixed for payment thereof; and ~g 29 (III) apply the amount so drawn or paid to the payment of 3o such Certificates on the date fixed far payment thereof; 31 32 (3) (a) in the case of any Appropriated Financing Payments evidenced by the 33 1998 Certificates, to the extent directed by the Insurer but subject to the terms of the 34 Intercreditor Agreement, if any, the Trustee shall, by appropriate proceedinas. 35 enforce its right to receive any such Appropriated Financing Payments not 36 theretofore paid by the County to the Trustee; 37 3g (b) in the case of any Appropriated Financing Payments evidenced by 39 Additional Certificates and subject to the rights of any Credit Provider who has 4o provided a Credit Facility as security for such Additional Certificates and the terms 41 of the Intercreditor Agreement, the Trustee shall, by appropriate proceedings, enforce 42 its right to receive any such Appropriated Financing Payments not theretofore paid ~3 by the County to the Trustee; FINANCING AND TRUST AGREEMENT PAGE 39