Common use of Failure of Remarketing Agent to Announce Interest Rates on the Bonds Clause in Contracts

Failure of Remarketing Agent to Announce Interest Rates on the Bonds. Except as set forth in Exhibit C, if the appropriate interest rate or Commercial Paper Period is not or cannot be determined for any reason, the method of determining interest on the Bonds shall be as provided in this Section 3.02(a)(6). If the Bonds bear interest at the Daily Rate or the Weekly Rate, interest will be payable at the Alternate Rate, and Bonds bearing interest at the Commercial Paper Rate shall be automatically converted to the Weekly Rate (without the necessity of complying with the requirements of Section 3.02(b)), and if the Weekly Rate cannot be determined, interest thereon will be payable at the Alternate Rate, until such time as the Determination Method can be changed in accordance with Section 3.02(b). If the Bonds bear interest at the Long-Term Interest Rate, the Bonds (i) shall not be purchased on the date set for mandatory tender occurring the day after the last day of the then-current Long-Term Interest Rate Period for such Bonds in accordance with “Mandatory Tender at Beginning of a New Long-Term Interest Rate Period” or “Mandatory Tender Upon a Change in the Determination Method” under paragraph 7 in the form of Bond but shall instead be returned to their holders and remain outstanding, (ii) shall continue in the Long-Term Interest Rate until purchased, as described in the immediately succeeding clause (iii), and shall bear interest at a Long-Term Interest Rate of the lower of the Maximum Rate or such rate as determined by the Remarketing Agent based upon prevailing market conditions at the time the Bonds were converted to the Long-Term Interest Rate previously in effect until so purchased, and (iii) shall be purchased upon the availability of remarketing proceeds to purchase such Bonds (or funds as provided for in Section 4.07(b) hereof). In such event the Purchase Price shall not be considered due and payable so that no Event of Default shall be deemed to have occurred. The Remarketing Agent shall use its best efforts to cause the Bonds in a Long-Term Interest Rate required to be purchased on the date set for mandatory tender for such Bonds pursuant to “Mandatory Tender at Beginning of a New Long-Term Interest Rate Period” or “Mandatory Tender Upon a Change in the Determination Method” under paragraph 7 in the form of Bond, to be remarketed (in such Determination Method or Methods) on the first date thereafter at which time all such Bonds can be sold at par, at a rate not exceeding the Maximum Rate. The Trustee shall promptly notify the Bondholders of any such automatic change as set forth in Section 4.06(b). While Bonds are in a Commercial Paper Mode, during any transition period caused by an automatic conversion of such Bonds to a Weekly Rate in accordance with this Subsection (6), Bonds bearing interest at a Weekly Rate and Bonds bearing interest at a Commercial Paper Rate, as applicable, shall be governed by the provisions of this Agreement applicable to such methods of determining interest on the Bonds.

Failure of Remarketing Agent to Announce Interest Rates on the Bonds. Except as set forth in Exhibit C, if If the appropriate interest rate or Commercial Paper Period is not or cannot be determined for any whatever reason, the method of determining interest on the Bonds shall be as provided in this Section 3.02(a)(6). If the Bonds bear interest at the Daily Rate or the Weekly Rate, interest will be payable at the Alternate Rate, and Bonds bearing interest at the Commercial Paper Rate shall be automatically converted to the Weekly Rate (without the necessity of complying with the requirements of Section 3.02(b2.02(b))) and the interest rate shall be equal to the J.J. Kenny Index, and if or such other index (or percentage of an xxxxx) xxxmed appropriate for tax-exempt securities of the Weekly Rate cannot be determinednature of the Bonds as the Remarketing Agent, interest thereon will be payable at with the Alternate Rateconsent of the Trustee, may have previously selected, until such time as the Determination Method method of determining interest on the Bonds can be changed in accordance with Section 3.02(b2.02(b). If ; provided, that if the Bonds bear interest at the Long-Term Interest Rate, the Bonds (i) shall not be purchased on the date set for mandatory tender occurring the day after the last day of the then-current Long-Term Interest Rate Period for such Bonds in accordance with “Mandatory Tender at Beginning of a New Long-Term Interest Rate Period” or “Mandatory Tender Upon a Change in the Determination Method” under paragraph 7 in the form of Bond but shall instead be returned to their holders and remain outstanding, (ii) shall continue in the Long-Term Interest Rate until purchased, as described in the immediately succeeding clause (iii), and shall bear interest at a Long-Term Interest Rate of the lower of the Maximum Rate or such rate as determined by the Remarketing Agent based upon prevailing market conditions at the time the Bonds were converted to the Long-Term Interest Rate previously in effect until so purchased, and (iii) shall be purchased upon the availability of remarketing proceeds to purchase such Bonds (or funds as provided for in Section 4.07(b) hereof). In such event the Purchase Price shall not be considered due and payable so that no Event of Default shall be deemed to have occurred. The Remarketing Agent shall use its best efforts to cause the Bonds are then in a Long-Term Interest Rate required Period, the Bonds shall bear interest at a Weekly Rate, but only if a Favorable Opinion of Tax Counsel with respect to be purchased on the date set for mandatory tender for change to a Weekly Rate has been delivered to the Trustee and the Issuer. If such Favorable Opinion of Tax Counsel has not been delivered, the Bonds pursuant to “Mandatory Tender at Beginning of shall remain in a New Long-Term Interest Rate Period” or “Mandatory Tender Upon Period with an interest rate equal to the interest rate for the prior Long-Term Interest Rate Period and with a Change in duration equal to the Determination Method” under paragraph 7 in the form of Bondprior Long-Term Interest Rate Period (or, to be remarketed (in such Determination Method or Methods) if earlier, a Long-Term Interest Rate Period ending on the first date thereafter at which time all day before the Maturity Date for such Bonds can be sold at par, at a rate not exceeding the Maximum RateBond). The Trustee shall promptly notify the Bondholders of any such automatic change as set forth in Section 4.06(b2.02(c). While Bonds are in a Commercial Paper Mode, during any transition period caused by an automatic conversion of such Bonds to a Weekly Rate in accordance with this Subsection (65), Bonds bearing interest at a Weekly Rate and Bonds bearing interest at a Commercial Paper Rate, as applicable, shall be governed by the provisions of this Agreement Indenture applicable to such methods of determining interest on the Bonds.

Failure of Remarketing Agent to Announce Interest Rates on the Bonds. Except as set forth in Exhibit C, if the appropriate interest rate or Commercial Paper Period on the Bonds of any series is not or cannot be determined for any reason, the method of determining interest on the such Bonds shall be as provided in this Section 3.02(a)(6). If the such Bonds bear interest at the Daily Rate or the Weekly Rate, interest will be payable at the Alternate Rate, and such Bonds bearing interest at the Commercial Paper Rate shall be automatically converted to the Weekly Rate (without the necessity of complying with the requirements of Section 3.02(b)), and if the Weekly Rate cannot be determined, interest thereon will be payable at the Alternate Rate, until such time as the Determination Method can be changed in accordance with Section 3.02(b). If the such Bonds bear interest at the Long-Term Interest Rate, the Bonds (i) shall not be purchased on the date set for mandatory tender occurring the day after the last day of the then-current Long-Term Interest Rate Period for such Bonds in accordance with “Mandatory Tender at Beginning of a New Long-Term Interest Rate Period” or “Mandatory Tender Upon a Change in the Determination Method” under paragraph 7 in the form of Bond but shall instead be returned to their holders and remain outstanding, (ii) shall continue in the Long-Term Interest Rate until purchased, as described in the immediately succeeding clause (iii), and shall bear interest at a Long-Term Interest Rate of the lower of the Maximum Rate or such rate as determined by the Remarketing Agent based upon prevailing market conditions at the time the such Bonds were converted to the Long-Term Interest Rate previously in effect until so purchased, and (iii) shall be purchased upon the availability of remarketing proceeds to purchase such Bonds (or funds as provided for in Section 4.07(b) hereof). In such event the Purchase Price shall not be considered due and payable so that no Event of Default shall be deemed to have occurred. The Remarketing Agent shall use its best efforts to cause the Bonds in a Long-Term Interest Rate required to be purchased on the date set for mandatory tender for such Bonds pursuant to “Mandatory Tender at Beginning of a New Long-Term Interest Rate Period” or “Mandatory Tender Upon a Change in the Determination Method” under paragraph 7 in the form of Bond, to be remarketed (in such Determination Method or Methods) on the first date thereafter at which time all such Bonds can be sold at par, at a rate not exceeding the Maximum Rate. The Trustee shall promptly notify the Bondholders of any such automatic change as set forth in Section 4.06(b). While Bonds are in a Commercial Paper Mode, during any transition period caused by an automatic conversion of such Bonds to a Weekly Rate in accordance with this Subsection (6), Bonds bearing interest at a Weekly Rate and Bonds bearing interest at a Commercial Paper Rate, as applicable, shall be governed by the provisions of this Agreement applicable to such methods of determining interest on the Bonds.Mandatory