SECTION 401. Expiration of Credit Facility; Substitute
Credit Facility; Alternate Credit Facility.
The Credit Facility,
as initially issued, will expire on December 14, 1991, unless it
is extended in accordance with its terms. A Substitute Credit
Facility may be substituted for the Credit Facility or any
Substitute Credit Facility at any time if the University has first
obtained an opinion of Bond Counsel to the effect that such
substitution will not cause interest on the Bonds to become
subject to federal income taxes; provided that prior to the
effective date of the new Substitute Credit Facility the
University delivers to the Paying Agent (i) the Substitute Credit
Facility and (ii) a letter from Moody's stating that the rating
assigned by Moody's to the Bonds will not be lowered because of
the substitution of such Substitute Credit Facility. The Paying
Agent shall notify the Holders of such substitution within five
days after the effective date of such new Substitute Credit
Facility. In no event shall the Credit Facility be terminated or
released prior to the effective date of the Substitute Credit
Facility.
