Common use of Adjustment to Daily Rate Clause in Contracts

Adjustment to Daily Rate. The Borrower, by written direction to the Issuer, the Trustee, the Liquidity Provider, and the Remarketing Agent, may elect that the Bonds of a Tax-Exempt Series (including Series 1999B Bonds on a Tax-Exempt Conversion Date) shall bear interest at a Daily Rate. Such direction shall (A) specify the Series of Bonds and the effective date of such adjustment to a Daily Rate, which shall be a Business Day not earlier than the fifteenth (15th) day after the date of such direction (or such shorter period of time to which the Trustee agrees), and shall be (1) in the case of an adjustment from a Term Rate Period or Taxable Term Rate Period, the day immediately following the last day of the then current Term Rate Period or Taxable Term Rate Period or on any day on which the Issuer at the direction of the Borrower would be permitted to redeem such Bonds pursuant to, and at the redemption price described in, Section 3.01(A)(3) hereof, and (2) in the case of an adjustment from a Flexible Rate Period or Taxable Flexible Rate Period shall be either the day immediately following the last day of the then current Flexible Rate Period or Taxable Flexible Rate Period or the day immediately following the last day of the last Flexible Segment or Taxable Flexible Segment for each such Bond in the then current Flexible Rate Period or Taxable Flexible Rate Period all as determined in accordance with Section 2.03(d)(iv) or 2.03(e)(iv) hereof; and (B) in the case of an adjustment from a Term Rate Period having a duration in excess of one year, be accompanied by a form of opinion of Bond Counsel to the effect that such adjustment (1) is authorized or permitted by the Act and this Indenture and (2) will not adversely affect the Tax-Exempt status of such Bonds. During each Daily Rate Period commencing on the date so specified or determined (provided that an opinion of Bond Counsel described in clause (B) above, if required, is delivered on such date) and ending on the day immediately preceding the effective date of the next succeeding Rate Period, the interest rate borne by the Bonds shall be a Daily Rate.

Adjustment to Daily Rate. The Borrower, by written direction to the Issuer, the Trustee, the Liquidity Provider, the Bank, the Remarketing Agent and the Remarketing Auction Agent, may elect that all (but not less than all) of the Bonds of a Tax-Exempt Series (including Series 1999B Bonds on a Tax-Exempt Conversion Date) shall bear interest at a Daily Rate. Such direction shall (A) specify the Series of Bonds and the effective date of such adjustment to a Daily Rate, which shall be a Business Day not earlier than the fifteenth (15th) day after the date of such direction (or such shorter period of time to which the Trustee agrees), and shall be (1) in the case of an adjustment from a Term Rate Period or Taxable Term Rate Period, the day immediately following the last day of the then current Term Rate Period or Taxable Term Rate Period or on any day on which the Issuer at the direction of the Borrower would be permitted to redeem such Bonds pursuant to, and at the redemption price described in, Section 3.01(A)(3) hereof, and (2) in the case of an adjustment from a Flexible Rate Period or Taxable Flexible Rate Period shall be Period, either the day immediately following the last day of the then current Flexible Rate Period or Taxable Flexible Rate Period or the day immediately following the last day of the last Flexible Segment or Taxable Flexible Segment for each such Bond in the then current Flexible Rate Period or Taxable Flexible Rate Period all as determined in accordance with Section 2.03(d)(iv) or 2.03(e)(ivhereof, and (3) hereofin the case of an adjustment from an Auction Rate Period, the day immediately following the end of the then-current Auction Rate Period; and (B) in the case of an adjustment from a Term Rate Period having a duration in excess of one year, be accompanied by (1) a form of opinion of Bond Counsel to the effect that such adjustment (1i) is authorized or permitted by the Act and this Indenture and (2ii) will not adversely affect the Tax-Exempt status of such BondsBonds and (2) written evidence of compliance with the terms of Section 5.15 of the Agreement; and (C) specify the Remarketing Agent for the Bonds of such Series. During each Daily Rate Period commencing on the date so specified or determined (provided that an opinion the requirements of Bond Counsel described in clause (B) above, if required, is delivered above have been met on such date) and ending on the day immediately preceding the effective date of the next succeeding Rate Period, the interest rate borne by the Bonds shall be a Daily Rate.

Adjustment to Daily Rate. The Borrower, by written direction to the Issuer, the Trustee, the Liquidity Provider, the Bank, the Remarketing Agent and the Remarketing Auction Agent, may elect that all (but not less than all) of the Bonds of a Tax-Exempt Series (including Series 1999B Bonds on a Tax-Exempt Conversion Date) shall bear interest at a Daily Rate. Such direction shall (A) specify the Series of Bonds and the effective date of such adjustment to a Daily Rate, which shall be a Business Day not earlier than the fifteenth (15th) day after the date of such direction (or such shorter period of time to which the Trustee agrees), and shall be (1) in the case of an adjustment from a Term Rate Period or Taxable Term Rate Period, the day immediately following the last day of the then current Term Rate Period or Taxable Term Rate Period or on any day on which the Issuer at the direction of the Borrower would be permitted to redeem such Bonds pursuant to, and at the redemption price described in, Section 3.01(A)(3) hereof, and (2) in the case of an adjustment from a Flexible Rate Period or Taxable Flexible Rate Period shall be Period, either the day immediately following the last day of the then current Flexible Rate Period or Taxable Flexible Rate Period or the day immediately following the last day of the last Flexible Segment or Taxable Flexible Segment for each such Bond in the then current Flexible Rate Period or Taxable Flexible Rate Period all as determined in accordance with Section 2.03(d)(iv) or 2.03(e)(iv) hereof; , and (B3) in the case of an adjustment from a Term an Auction Rate Period having a duration in excess Period, the day immediately following the end of one year, the then-current Auction Rate Period; (B) be accompanied by a form of opinion Opinion of Bond Counsel to the effect that such adjustment (1) is authorized or permitted extent required by the Act and this Indenture Tax Certificate, together with written evidence of compliance with the terms of Section 5.15 of the Agreement; and (2C) will not adversely affect specify the Tax-Exempt status of such Remarketing Agent for the Bonds. During each Daily Rate Period commencing on the date so specified or determined (provided that an opinion of Bond Counsel described in clause (B) above, if required, is delivered on such date) and ending on the day immediately preceding the effective date of the next succeeding Rate Period, the interest rate borne by the Bonds shall be a Daily Rate.

Adjustment to Daily Rate. The Borrower, by written direction to the Issuer, the Trustee, the Liquidity Provider, the Bank, the Bond Insurer, the Remarketing Agent and the Remarketing Auction Agent, may elect that all (but not less than all) of the Bonds of a Tax-Exempt Series (including Series 1999B Bonds on a Tax-Exempt Conversion Date) shall bear interest at a Daily Rate. Such direction shall (A) specify the Series of Bonds and the effective date of such adjustment to a Daily Rate, which shall be a Business Day not earlier than the fifteenth (15th) day after the date of such direction (or such shorter period of time to which the Trustee agrees), and shall be (1) in the case of an adjustment from a Term Rate Period or Taxable Term Rate Period, the day immediately following the last day of the then current Term Rate Period or Taxable Term Rate Period or on any day on which the Issuer at the direction of the Borrower would be permitted to redeem such Bonds pursuant to, and at the redemption price described in, Section 3.01(A)(3) hereof, and (2) in the case of an adjustment from a Flexible Rate Period or Taxable Flexible Rate Period shall be Period, either the day immediately following the last day of the then current Flexible Rate Period or Taxable Flexible Rate Period or the day immediately following the last day of the last Flexible Segment or Taxable Flexible Segment for each such Bond in the then current Flexible Rate Period or Taxable Flexible Rate Period all as determined in accordance with Section 2.03(d)(iv) or 2.03(e)(ivhereof, and (3) hereofin the case of an adjustment from an Auction Rate Period, the day immediately following the end of the then-current Auction Rate Period; and (B) in the case of an adjustment from a Term Rate Period having a duration in excess of one year, be accompanied by (1) a form of opinion of Bond Counsel to the effect that such adjustment (1i) is authorized or permitted by the Act and this Indenture and (2ii) will not adversely affect the Tax-Exempt status of such Bonds and (2) written evidence of compliance with the terms of Section 5.15 of the Agreement; and 17 (C) specify the Remarketing Agent for the Bonds. During each Daily Rate Period commencing on the date so specified or determined (provided that an opinion the requirements of Bond Counsel described in clause (B) above, if required, is delivered above have been met on such date) and ending on the day immediately preceding the effective date of the next succeeding Rate Period, the interest rate borne by the Bonds shall be a Daily Rate.. (iii)