Conversions between Variable Rates Sample Clauses

Conversions between Variable Rates. At the option of the City on behalf of the Agency, a Series of 2010 Bonds may be converted from one Variable Rate to another as follows: (i) In any such case, the Variable Rate Conversion Date shall be a Business Day. Interest shall accrue on such 2010 Bonds at the new interest rate commencing on such Business Day. (ii) The City on behalf of the Agency shall give written notice of its intent to exercise such option to effect any such conversion to the applicable Remarketing Agent, the Tender Agent, the Fiscal Agent, the related Credit Provider and any Bank Bond Holder not fewer than thirty (30) nor more than forty-five (45) days prior to the proposed Conversion Date. Such notice shall specify the proposed Conversion Date and the Variable Rate to which the conversion will be made, and in the case of any conversion to a Flexible Rate or a Long Rate (including to a Flexible Rate or a Long Rate for a new Flexible Rate Period or a new Long Rate Period, respectively), the duration of such period (which shall in no event extend beyond the applicable Stated Expiration Date). If the City on behalf of the Agency does not elect in a timely fashion a new Variable Rate for a Series of 2010 Bonds, the Variable Rate then in effect for such Series shall be deemed to be the Weekly Rate as provided in paragraph (v) below until changed by timely notice (other than Bonds in the Index Rate Mode which shall continue to bear interest at the Index Rate). (iii) Not fewer than fifteen (15) days prior to the proposed Conversion Date, the Fiscal Agent shall mail (by first class mail) a written notice of the proposed conversion to the Holders of such 2010 Bonds at their addresses as they appear on the registration books of the Fiscal Agent on the day on which notice is received by the Fiscal Agent from the City on behalf of the Agency as provided in (ii) above. Such notice shall set forth the information required by Section 4.06(j).