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40 <br />principal or Redemption Price of and interest on <br />Credit Facility Bonds, shall be paid by the <br />Borrower directly to the Credit Facility Provider <br />for the account of the Issuer or the Borrower (as <br />the case may be); and <br />(C) the Administrative Expenditures shall be <br />paid by the Borrower directly to the Issuer or the <br />Trustee upon the written demand of an Authorized <br />Officer of the Issuer or the Trustee, respectively. <br />(ii) During any period in which no Credit Facility is in <br />effect, the Borrower shall pay to the Trustee the following <br />amounts at the following times: <br />(A) on the Business Day immediately <br />preceding each Interest Payment Date, and on the <br />Business Day immediately preceding the redemption <br />or maturity date of any Bonds, the amount, if any, <br />necessary to make the amount then on deposit in the <br />Interest Account and available for the payment of <br />such interest equal to the interest payable on the <br />Bonds on such date; <br />(B) on the Business Day preceding the <br />redemption date of any Bonds, on the maturity date <br />of any Bonds and on any date on which the due date <br />for the payment of the principal amount of the <br />Bonds shall be accelerated in accordance with the <br />Indenture, the amount, if any, necessary to make <br />the amount- on deposit in the Principal Account <br />equal to the principal amount of the Bonds due on <br />such date; and <br />(C) the Administrative Expenditures not <br />otherwise paid or provided for by the Borrower, as <br />certified to the Borrower by an Authorized Officer <br />of the Issuer or the Trustee. <br />(d) On the date of the initial delivery of the Bonds, the Borrower <br />shall execute the Note. The obligations of the Borrower under the Note shall be <br />deemed to be amounts payable under Section 3.02(a) hereof. Each payment made to <br />the Trustee, the Issuer or the Credit Facility Provider as provided in this <br />Section 3.02 shall be deemed to be a credit against the corresponding obligation <br />of the Borrower under Section 3.02(a) hereof and any such payment shall fulfill <br />the Borrower's obligation to pay such amount hereunder and under the Note. <br />Section 3.03. Substitute Credit Facilities. (a) The Borrower, with <br />the written consent of NHC, may at any time and from time to time deliver to the <br />Trustee a letter of credit, bond insurance policy, bond purchase agreement, <br />guaranty, line of credit, surety bond or other similar agreement, provided that <br />there shall first be delivered to the Trustee each of the following: (i) such <br />13 <br />