Ordinance 3405-14 - Laserfiche WebLink

terms (subject to customary exceptions relating to bankruptcy, insolvency and rights of creditors generally and to specific performance and equitable remedies); (3) an Opinion of Counsel to the effect that the delivery of the Liquidity Facility with respect to such Bonds will not, in and of itself, cause the interest on such Bonds to be includable in the gross income of Registered Owners for purposes of federal income taxation; and (4) if applicable, the written acknowledgment of the Liquidity Facility Provider with respect to the Liquidity Facility then in effect that all conditions precedent to termination of such existing Liquidity Facility that are contained in such Liquidity Facility or the Liquidity Facility Agreement relating thereto have been fulfilled (or provision satisfactory to the Liquidity Facility Provider has been made for such fulfillment). (f) If there is a Liquidity Facility in effect with respect to Bonds, the Tender Agent shall make Liquidity Facility Requests in accordance with Section 3.09(c). (g) The Tender Agent shall not terminate or reduce the amounts available under a Liquidity Facility except by reason of (1) the redemption, cancellation and/or defeasance of Bonds, (2) the Conversion of such Bonds to an Interest Rate Mode which is not covered by such Liquidity Facility or (3) a new Liquidity Facility is delivered and becomes effective in accordance with the provisions of this Section 3.16. Notwithstanding the foregoing, the City may elect to terminate a Liquidity Facility at any time in accordance with the terms of the Liquidity Facility or the related Liquidity Facility Agreement. Section 3.17. The Credit Facility. (a) Delivery of a Credit Facility. In each case where a Credit Facility is to be delivered to the Bond Registrar (including the delivery of a new Credit Facility in substitution -83- P\20287 CMM20287 AMT 10/14/14