University of Virginia Library

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.