Common use of Failure to Satisfy Conditions Precedent to a Mode Change Clause in Contracts

Failure to Satisfy Conditions Precedent to a Mode Change. In the event the conditions described above in subsections (a) or (b), as applicable, of this Section 2.10 have not been satisfied by the applicable Mode Change Date, then the New Mode or Fixed Rate Mode, as the case may be, shall not take effect. If the failed change in Mode was from the Daily Mode, the applicable 2017 Series B-1 Bond shall remain in the Daily Mode, and if the failed change in Mode was from the Weekly Mode, the applicable 2017 Series B-1 Bond shall remain in the Weekly Mode, in each case with interest rates established in accordance with the applicable provisions of Section 2.7 of this Series Indenture on and as of the failed Mode Change Date. If the failed change in Mode was from the Term Rate Mode and for which the Liquidity Facility was in effect for the 2017 Series B-1 Bond to be changed, the applicable 2017 Series B-1 Bond shall be changed to the Weekly Mode. If, however, there was no Liquidity Facility in effect for such Bond to have been changed from the Term Rate Mode, then such Bond shall stay in the Term Rate Mode for an Interest Period ending on the next Stated Interest Payment Date and shall bear interest at the applicable Alternate Rate. The Trustee shall promptly notify the Owners, with a copy to the MSRB, of any failed change in Mode.

Failure to Satisfy Conditions Precedent to a Mode Change. In the event the conditions described above in subsections (a) or (b), as applicable, of this Section 2.10 have not been satisfied by the applicable Mode Change Date, then the New Mode or Fixed Rate Mode, as the case may be, shall not take effect. If the failed change in Mode was from the Daily Mode, the applicable 2017 2024 Series B-1 B-2 Bond shall remain in the Daily Mode, and if the failed change in Mode was from the Weekly Mode, the applicable 2017 2024 Series B-1 B-2 Bond shall remain in the Weekly Mode, in each case with interest rates established in accordance with the applicable provisions of Section 2.7 of this Series Indenture on and as of the failed Mode Change Date. If the failed change in Mode was from the Term Rate Mode and for which the Liquidity Facility was in effect for the 2017 2024 Series B-1 B-2 Bond to be changed, the applicable 2017 2024 Series B-1 B-2 Bond shall be changed to the Weekly Mode. If, however, there was no Liquidity Facility in effect for such 2024 Series B-2 Bond to have been changed from the Term Rate Mode, then such 2024 Series B-2 Bond shall stay in the Term Rate Mode for an Interest Period ending on the next Stated Interest Payment Date and shall bear interest at the applicable Alternate Rate. The Trustee shall promptly notify the Owners, with a copy to the MSRB, of any failed change in Mode.

Failure to Satisfy Conditions Precedent to a Mode Change. In the event the conditions described above in subsections (a) or (b), as applicable, of this Section 2.10 have not been satisfied by the applicable Mode Change Date, then the New Mode or Fixed Rate Mode, as the case may be, shall not take effect. If the failed change in Mode was from the Daily Mode, the applicable 2017 2023 Series B-1 N-2 Bond shall remain in the Daily Mode, and if the failed change in Mode was from the Weekly Mode, the applicable 2017 2023 Series B-1 N-2 Bond shall remain in the Weekly Mode, in each case with interest rates established in accordance with the applicable provisions of Section 2.7 of this Series Indenture on and as of the failed Mode Change Date. If the failed change in Mode was from the Term Rate Mode and for which the Liquidity Facility was in effect for the 2017 2023 Series B-1 N-2 Bond to be changed, the applicable 2017 2023 Series B-1 N-2 Bond shall be changed to the Weekly Mode. If, however, there was no Liquidity Facility in effect for such 2023 Series N-2 Bond to have been changed from the Term Rate Mode, then such 2023 Series N-2 Bond shall stay in the Term Rate Mode for an Interest Period ending on the next Stated Interest Payment Date and shall bear interest at the applicable Alternate Rate. The Trustee shall promptly notify the Owners, with a copy to the MSRB, of any failed change in Mode.

Failure to Satisfy Conditions Precedent to a Mode Change. In the event the conditions described above in subsections (a) or (b), as applicable, of this Section 2.10 have not been satisfied by the applicable Mode Change Date, then the New Mode or Fixed Rate Mode, as the case may be, shall not take effect. If the failed change in Mode was from the Daily Mode, the applicable 2017 2024 Series B-1 A-2 Bond shall remain in the Daily Mode, and if the failed change in Mode was from the Weekly Mode, the applicable 2017 2024 Series B-1 A-2 Bond shall remain in the Weekly Mode, in each case with interest rates established in accordance with the applicable provisions of Section 2.7 of this Series Indenture on and as of the failed Mode Change Date. If the failed change in Mode was from the Term Rate Mode and for which the Liquidity Facility was in effect for the 2017 2024 Series B-1 A-2 Bond to be changed, the applicable 2017 2024 Series B-1 A-2 Bond shall be changed to the Weekly Mode. If, however, there was no Liquidity Facility in effect for such 2024 Series A-2 Bond to have been changed from the Term Rate Mode, then such 2024 Series A-2 Bond shall stay in the Term Rate Mode for an Interest Period ending on the next Stated Interest Payment Date and shall bear interest at the applicable Alternate Rate. The Trustee shall promptly notify the Owners, with a copy to the MSRB, of any failed change in Mode.

Failure to Satisfy Conditions Precedent to a Mode Change. In the event the conditions described above in subsections (a) or (b), as applicable, of this Section 2.10 have not been satisfied by the applicable Mode Change Date, then the New Mode or Fixed Rate Mode, as the case may be, shall not take effect. If the failed change in Mode was from the Daily Mode, the applicable 2017 2024 Series B-1 C-2 Bond shall remain in the Daily Mode, and if the failed change in Mode was from the Weekly Mode, the applicable 2017 2024 Series B-1 C-2 Bond shall remain in the Weekly Mode, in each case with interest rates established in accordance with the applicable provisions of Section 2.7 of this Series Indenture on and as of the failed Mode Change Date. If the failed change in Mode was from the Term Rate Mode and for which the Liquidity Facility was in effect for the 2017 2024 Series B-1 C-2 Bond to be changed, the applicable 2017 2024 Series B-1 C-2 Bond shall be changed to the Weekly Mode. If, however, there was no Liquidity Facility in effect for such 2024 Series C-2 Bond to have been changed from the Term Rate Mode, then such 2024 Series C-2 Bond shall stay in the Term Rate Mode for an Interest Period ending on the next Stated Interest Payment Date and shall bear interest at the applicable Alternate Rate. The Trustee shall promptly notify the Owners, with a copy to the MSRB, of any failed change in Mode.