Ordinance 2557-01 - Laserfiche WebLink

received written instructions from the Bank and written confirmation by Electronic Means that the Credit Facility has been reinstated with respect to the drawing made to purchase such Bank Bonds. (3) Payments of the Purchase Price. Not later than the close of business on the Purchase Date and upon receipt by the Registrar of 100% of the aggregate Purchase Price of the tendered Bonds, the Purchase Price of such Bonds shall be paid to the Registered Owners thereof Such payments shall be made by wire transfer of immediately available funds. Such payments shall be made first from the proceeds of the remarketing of such Bonds by the Remarketing Agent, and second, from money received from the Bank under the Credit Facility. Payment of the Purchase Price of Bonds purchased on a Substitution Date shall be made from a drawing on the Credit Facility being replaced (and not from a drawing on the substitute Credit Facility) or from the proceeds of remarketing tendered Bonds. Section 4.04. Purchase Account. There is hereby created with the Registrar a segregated trust fund to be designated the "Purchase Account." The Purchase Account shall consist of two sub-accounts to be designated respectively the "Remarketing Subaccount" and the "Bank Purchase Subaccount." If by the terms of the remarketing, the Registrar receives any money from the remarketing of Bonds, the Registrar shall deposit or cause to be deposited into the Remarketing Subaccount, if and when received, all money delivered to the Registrar as and for the Purchase Price of remarketed Bonds, such money to pay the Purchase Price of remarketed Bonds. The Registrar shall deposit or cause to be deposited into the Bank Purchase Account, when and as received, all money delivered to the Registrar, if any, from the Bank pursuant to the -39- P\CMW\CMW4ZL 11/20/01