Common use of Conversion of Interest Rate on Conversion Date Clause in Contracts

Conversion of Interest Rate on Conversion Date. The interest rate on the Bonds shall be converted from the Floating Rate to the Fixed Rate upon the exercise by the Company of the Conversion Option, and the Bonds shall be subject to mandatory tender for purchase by the Owners thereof on the Conversion Date. To exercise the Conversion Option, the Company shall notify the Trustee, the Tender Agent, the Bank, the Authority and the Remarketing Agent at least thirty-five (35) days prior to the Conversion Date of such exercise, cause the Remarketing Agent to furnish to the Trustee the information set forth in paragraphs 1 and 4 below and, thereafter cause the Trustee to deliver or mail by first class mail a notice at least twenty (20) days but not more than thirty (30) days prior to the Conversion Date to the Owner of each Bond at the address shown on the registration books of the Bond Registrar. No such notice may be given unless the Trustee first receives: (i) an opinion of nationally recognized bond counsel to the effect that the proposed conversion of the interest rate on the Bonds will not cause the interest on the Bonds to be includable in gross income of the Bondholders for federal income tax purposes; (ii) a commitment from the Bank or a Substitute Bank to issue a Substitute Letter of Credit to take effect on the Conversion Date, together with a proposed form of such Substitute Letter of Credit; and (iii) a Company certificate to the effect that each of the Company's representations and warranties made in the Agreement and in any other agreements or certificates given by the Company in connection with the issuance of the Bonds remain true and correct in all material respects as of the proposed Conversion Date. Any notice given as provided in this section shall be conclusively presumed to have been duly given, whether or not the Owner receives the notice. Said notice shall state in substance the following:

Conversion of Interest Rate on Conversion Date. (a) The interest rate on the Bonds shall be converted from the Floating Rate to the Fixed Rate Rate, upon the exercise by the Company of the Conversion Option, and the Bonds shall be subject to mandatory tender for purchase by the Owners thereof on the Conversion Date. To exercise the Conversion Option, the Company shall notify the Trustee, the Tender Agent, the Bank, the Authority and the Remarketing Agent at least thirty-five (35) days prior to the Conversion Date of such exercise, cause the Remarketing Agent to furnish to the Trustee the information set forth in paragraphs 1 and 4 paragraph 3 below and, thereafter cause the Trustee to deliver or mail by first class mail a notice at least twenty (20) days but not more than thirty (30) days prior to the Conversion Date to the Owner of each Bond at the address shown on the registration books of the Bond Registrar. No such notice may be given unless the Trustee first receives: receives (i) an opinion of Xxxxxx & Xxxxx LLP or other nationally recognized bond counsel to the effect that the proposed conversion of the interest rate on the Bonds will not cause the interest on the Bonds to be includable in gross income of the Bondholders for federal income tax purposes; , (ii) a commitment from the Bank or a Substitute Bank to issue a Substitute Letter of Credit to take effect on the Conversion Date, together with a proposed form of such Substitute Letter of Credit; , and (iii) a Company certificate to the effect that each of the Company's ’s representations and warranties made in the Loan Agreement and in any other agreements or certificates given by the Company in connection with the issuance of the Bonds remain true and correct in all material respects as of the proposed Conversion Date. Any notice given as provided in this section Section shall be conclusively presumed to have been duly given, whether or not the Owner receives the notice. Said notice shall state in substance the following:

Conversion of Interest Rate on Conversion Date. (a) The interest rate on the Bonds shall be converted from the Floating Rate to the Fixed Rate Rate, upon the exercise by the Company Borrower of the Conversion Option, and the Bonds shall be subject to mandatory tender for purchase by the Owners thereof on the Conversion Date. To exercise the Conversion Option, the Company Borrower shall notify the Trustee, the Tender Agent, the Bank, the Authority and the Remarketing Agent at least thirty-five (35) days prior to the Conversion Date of such exercise, cause the Remarketing Agent to furnish to the Trustee the information set forth in paragraphs 1 1, 2 and 4 6 below and, thereafter cause the Trustee to deliver or mail by first class mail a notice at least twenty (20) days but not more than thirty (30) days prior to the Conversion Date to the Owner of each Bond at the address shown on the registration books of the Bond Registrar. No such notice may be given unless the Trustee first receives: receives (i) an opinion of nationally recognized bond counsel to the effect that the proposed conversion of the interest rate on the Bonds will not cause the interest on the Bonds to be includable in gross income of the Bondholders for federal income tax purposes; , (ii) a commitment from the Bank or a Substitute Bank to issue a Substitute Letter of Credit to take effect on the Conversion Date, together with a proposed form of such Substitute Letter of Credit; , and (iii) a Company Borrower certificate to the effect that each of the CompanyBorrower's representations and warranties made in the Loan Agreement and in any other agreements or certificates given by the Company Borrower in connection with the issuance of the Bonds remain true and correct in all material respects as of the proposed Conversion Date. Any notice given as provided in this section Section shall be conclusively presumed to have been duly given, whether or not the Owner receives the notice. Said notice shall state in substance the following:

Conversion of Interest Rate on Conversion Date. The interest rate on the a Series of Bonds shall be converted from the a Floating Rate to the a Fixed Rate upon the exercise by the Company of the Conversion Option, and the Bonds of such Series shall be subject to mandatory tender for purchase by the Owners thereof on the Conversion DateDate for such Series of Bonds. To exercise the Conversion OptionOption for a Series of Bonds, the Company shall notify the Trustee, the Tender Agent, the Bank, the Authority and the Remarketing Agent in writing at least thirty-five (35) days prior to the such Conversion Date of such exercise, its intent to convert the Bonds of a Series and cause the Remarketing Agent to furnish to the Trustee the information set forth in paragraphs paragraph 1 and 4 below and, thereafter cause the Trustee to deliver or mail by first class mail a notice at least twenty (20) days but not more than thirty (30) days prior to the such Conversion Date to the Owner of each Bond being converted at the address shown on the registration books of the th Bond Registrar. No such notice may be given unless the Trustee first receives: receives (i) an opinion of nationally recognized bond counsel to the effect that the proposed conversion of the interest rate on the Bonds will not cause the interest on the Bonds to be includable in gross income of the Bondholders for federal income tax purposes; (ii) a commitment from the Bank or a Substitute Bank to issue a Substitute Letter of Credit to take effect on the such Conversion Date, together with a proposed form of such Substitute Letter of Credit; and (iiiii) a Company certificate Certificate to the effect that each of the Company's representations and warranties of the Company made in the Agreement and in any other agreements or certificates given by the Company in connection with the issuance of the Bonds remain true and correct in all material respects as of the proposed Conversion Date; and (iii) with respect to the Series A Bonds only, an opinion of nationally recognized bond counsel to the effect that the proposed conversion of the interest rate on the Series A Bonds will not cause the interest on the Series A Bonds to be includible in gross income of the Holders of such Bonds for federal income tax purposes. Any notice given as provided in this section Section shall be conclusively presumed to have been duly given, whether or not the Owner receives the notice. Said notice shall state in substance the following:

Conversion of Interest Rate on Conversion Date. The interest rate on the Bonds shall be converted from the Floating Rate to the Fixed Rate upon the exercise by the Company of the Conversion Option, and the Bonds shall be subject to mandatory tender for purchase by the Owners thereof on the Conversion Date. To exercise the Conversion Option, the Company shall notify the Trustee, the Tender Agent, the Bank, the Authority Board and the Remarketing Agent at least thirty-five (35) days prior to the Conversion Date of such exercise, cause the Remarketing Agent to furnish to the Trustee the information set forth in paragraphs 1 and 4 below and, thereafter cause the Trustee to deliver or mail by first class mail a notice at least twenty (20) days but not more than thirty (30) days prior to the Conversion Date to the Owner of each Bond at the address shown on the registration books of the Bond Registrar. No such notice may be given unless the Trustee first receives: (i) an opinion of nationally recognized bond counsel to the effect that the proposed conversion of the interest rate on the Bonds will not cause the interest on the Bonds to be includable in gross income of the Bondholders for federal income tax purposes; (ii) a commitment from the Bank or a Substitute Bank to issue or arrange for the issuance of a Substitute Letter of Credit to take effect on the Conversion Date, together with a proposed form of such Substitute Letter of Credit; and (iii) a Company certificate to the effect that each of the Company's representations and warranties made in the Agreement and in any other agreements or certificates given by the Company in connection with the issuance of the Bonds remain true and correct in all material respects as of the proposed Conversion Date. Any notice given as provided in this section shall be conclusively presumed to have been duly given, whether or not the Owner receives the notice. Said notice shall state in substance the following: