Common use of MANDATORY TENDER UPON CONVERSION TO A NEW INTEREST RATE MODE Clause in Contracts

MANDATORY TENDER UPON CONVERSION TO A NEW INTEREST RATE MODE. If at any time the Issuer at the direction of the Borrower shall convert the interest rate on the Refunding Bonds to a different Interest Rate Mode in accordance with the provisions of Section 2.03 hereof, on the Interest Period Reset Date upon which such conversion is effective, all Refunding Bonds and Beneficial Ownership Interests shall be subject to mandatory tender by the Holders thereof for purchase on the Interest Period Reset Date (a "Bond Purchase Date") at the applicable purchase price provided for in Section 2.04 hereof. Notwithstanding such mandatory tender, any Holder or Beneficial Owner may elect to retain its Refunding Bonds or Beneficial Ownership Interests by delivering to the Registrar a written notice no later than 11:00 a.m. according to the local time at the principal corporate trust office of the Registrar on the eighth Business Day prior to such Interest Period Reset Date or by 11:00 a.m. according to the local time at the principal corporate trust office of the Registrar on the fifth Business Day prior to such Interest Period Reset Date if the Interest Rate Mode is to be converted to the One Month Interest Rate, which notice shall state that (a) such Holder or Beneficial Owner realizes that the Refunding Bonds are being converted to bear interest at the applicable Interest Rate Mode, (b) unless the interest rate on the Refunding Bonds or Beneficial Ownership Interests is being converted to the Weekly Interest Rate, such Holder or Beneficial Owner realizes that the next Bond Purchase Date upon which the Refunding Bonds or Beneficial Ownership Interests may be tendered for purchase is the next Interest Rate Adjustment Date or, if such Refunding Bonds are being converted to the Fixed Interest Rate, that such Refunding Bonds or Beneficial Ownership Interests may no longer be tendered for purchase, (c) such Holder or Beneficial Owner realizes that any securities rating on the Refunding Bonds may be withdrawn or lowered as a result of the conversion to a different Interest Rate Mode, and (d) such Holder or Beneficial Owner affirmatively elects to hold his Refunding Bonds or Beneficial Ownership Interests and receive interest at the applicable Interest Rate Mode. Refunding Bonds or Beneficial Ownership Interests with respect to which the Registrar shall not have received the election required by the preceding paragraph shall be deemed to have been tendered for purposes of this Section 2.05 whether or not the Holders thereof shall have delivered such Refunding Bonds to the Registrar and whether or not the Beneficial Owners shall have caused the transfer of such Beneficial Ownership Interests on the records of the Depository according to the instructions of the Trustee, and subject to the right of the Holders or Beneficial Owners of such Refunding Bonds or Beneficial Ownership Interests to receive the purchase price of such Refunding Bonds or Beneficial Ownership Interests and interest accrued thereon to the Interest Period Reset Date (subject to the conditions set forth in Section 3.07 hereof), such Refunding Bonds or Beneficial Ownership Interests shall be null and void and the Trustee shall cause to be authenticated and delivered new Refunding Bonds in replacement thereof or new Beneficial Ownership Interests shall be created pursuant to the remarketing of such Refunding Bonds or Beneficial Ownership Interests or the pledge of such Refunding Bonds or Beneficial Ownership Interests to the Bank in lieu of remarketing such Refunding Bonds or Beneficial Ownership Interests as described in Section 6.20 hereof.

MANDATORY TENDER UPON CONVERSION TO A NEW INTEREST RATE MODE. If at any time the Issuer at the direction of the Borrower shall convert the interest rate on the Refunding Project Bonds to a different Interest Rate Mode in accordance with the provisions of Section 2.03 hereof, on the Interest Period Reset Date upon which such conversion is effective, all Refunding Project Bonds and Beneficial Ownership Interests shall be subject to mandatory tender by the Holders or Beneficial Owners thereof for purchase on the Interest Period Reset Date (a "Bond Purchase Date") at a price of 100% of the applicable purchase price provided for in Section 2.04 hereofprincipal amount thereof plus accrued interest to such Bond Purchase Date. Notwithstanding such mandatory tender, any Holder or Beneficial Owner may elect to retain its Refunding Project Bonds or Beneficial Ownership Interests by delivering to the Registrar Trustee a written notice no later than 11:00 a.m. according to the local time at the principal corporate trust office Operations Office of the Registrar Trustee on the eighth Business Day prior to such Interest Period Reset Date or by 11:00 a.m. according to the local time at the principal corporate trust office Operations Office of the Registrar Trustee on the fifth Business Day prior to such Interest Period Reset Date if the Interest Rate Mode is to be converted to the One Month Interest Rate, which notice shall state that (a) such Holder or Beneficial Owner realizes that the Refunding Project Bonds are being converted to bear interest at the applicable Interest Rate Mode, (b) unless the interest rate on the Refunding Project Bonds or Beneficial Ownership Interests is being converted to the Weekly Interest Rate, such Holder or Beneficial Owner realizes that the next Bond Purchase Date upon which the Refunding Project Bonds or Beneficial Ownership Interests may be tendered for purchase is the next Interest Rate Adjustment Date or, if such Refunding Project Bonds are being converted to the Fixed Interest Rate, that such Refunding Project Bonds or Beneficial Ownership Interests may no longer be tendered for purchase, (c) such Holder or Beneficial Owner realizes that any securities rating on the Refunding Bonds may be withdrawn or lowered as a result of the conversion to a different Interest Rate Modelowered, and (d) such Holder or Beneficial Owner affirmatively elects to hold his Refunding its Project Bonds or Beneficial Ownership Interests and receive interest at the applicable Interest Rate Mode. Refunding Bonds or Beneficial Ownership Interests with respect to which the Registrar shall not have received the election required by the preceding paragraph shall be deemed to have been tendered for purposes of this Section 2.05 whether or not the Holders thereof shall have delivered such Refunding Bonds to the Registrar and whether or not the Beneficial Owners shall have caused the transfer of such Beneficial Ownership Interests on the records of the Depository according to the instructions of the Trustee, and subject to the right of the Holders or Beneficial Owners of such Refunding Bonds or Beneficial Ownership Interests to receive the purchase price of such Refunding Bonds or Beneficial Ownership Interests and interest accrued thereon to the Interest Period Reset Date (subject to the conditions set forth in Section 3.07 hereof), such Refunding Bonds or Beneficial Ownership Interests shall be null and void and the Trustee shall cause to be authenticated and delivered new Refunding Bonds in replacement thereof or new Beneficial Ownership Interests shall be created pursuant to the remarketing of such Refunding Bonds or Beneficial Ownership Interests or the pledge of such Refunding Bonds or Beneficial Ownership Interests to the Bank in lieu of remarketing such Refunding Bonds or Beneficial Ownership Interests as described in Section 6.20 hereof.

MANDATORY TENDER UPON CONVERSION TO A NEW INTEREST RATE MODE. If at any time the Issuer at the direction of the Borrower shall convert the interest rate on the Refunding Project Bonds to a different Interest Rate Mode in accordance with the provisions of Section 2.03 hereof, on the Interest Period Reset Date upon which such conversion is effective, all Refunding Project Bonds and Beneficial Ownership Interests shall be subject to mandatory tender by the Holders or Beneficial Owners thereof for purchase on the Interest Period Reset Date (a "Bond Purchase Date") at a price of 100% of the applicable purchase price provided for in Section 2.04 hereofprincipal amount thereof plus accrued interest to such Bond Purchase Date. Notwithstanding such mandatory tender, any Holder or Beneficial Owner may elect to retain its Refunding Project Bonds or Beneficial Ownership Interests by delivering to the Registrar Trustee a written notice no later than 11:00 a.m. according to the local time at the principal Indiana corporate trust office of the Registrar Trustee on the eighth Business Day prior to such Interest Period Reset Date or by 11:00 a.m. according to the local time at the principal Indiana corporate trust office of the Registrar Trustee on the fifth Business Day prior to such Interest Period Reset Date if the Interest Rate Mode is to be converted to the One Month Interest Rate, which notice shall state that (a) such Holder or Beneficial Owner realizes that the Refunding Project Bonds are being converted to bear interest at the applicable Interest Rate Mode, (b) unless the interest rate on the Refunding Project Bonds or Beneficial Ownership Interests is being converted to the Weekly Interest Rate, such Holder or Beneficial Owner realizes that the next Bond Purchase Date upon which the Refunding Project Bonds or Beneficial Ownership Interests may be tendered for purchase is the next Interest Rate Adjustment Date or, if such Refunding Project Bonds are being converted to the Fixed Interest Rate, that such Refunding Project Bonds or Beneficial Ownership Interests may no longer be tendered for purchase, (c) such Holder or Beneficial Owner realizes that any securities rating on the Refunding Bonds may be withdrawn or lowered as a result of the conversion to a different Interest Rate Modelowered, and (d) such Holder or Beneficial Owner affirmatively elects to hold his Refunding its Project Bonds or Beneficial Ownership Interests and receive interest at the applicable Interest Rate Mode. Refunding Project Bonds or Beneficial Ownership Interests with respect to which the Registrar Trustee shall not have received the election required by the preceding paragraph shall be deemed to have been tendered for purposes of this Section 2.05 whether or not the Holders thereof or Beneficial Owners shall have delivered such Refunding Project Bonds or Beneficial Ownership Interests to the Registrar Trustee and whether or not without further action by the Beneficial Owners shall have caused the transfer of such with regard to Beneficial Ownership Interests on the records of the Depository according to the instructions of the Trustee, and subject Interests. Subject to the right of the Holders or Beneficial Owners of such Refunding Project Bonds or Beneficial Ownership Interests to receive the purchase price of such Refunding Project Bonds or Beneficial Ownership Interests (and interest accrued thereon to the Interest Period Reset Date (subject to the conditions set forth in Section 3.07 hereof), such Refunding Project Bonds or Beneficial Ownership Interests shall be null and void and the Trustee shall cause to be authenticated authenticate and delivered deliver new Refunding Project Bonds in replacement thereof or new Beneficial Ownership Interests shall be created recorded on the records of the Depository pursuant to the remarketing of such Refunding Project Bonds or Beneficial Ownership Interests or the pledge of such Refunding Project Bonds or Beneficial Ownership Interests to the Bank in lieu of remarketing such Refunding Project Bonds or Beneficial Ownership Interests as described in Section 6.20 hereof.

MANDATORY TENDER UPON CONVERSION TO A NEW INTEREST RATE MODE. If at any time the Issuer at the direction of the Borrower shall convert the interest rate on the Refunding Project Bonds to a different Interest Rate Mode in accordance with the provisions of Section 2.03 hereofMode, on the Interest Period Reset Date upon which such conversion is effective, all Refunding Bonds and Beneficial Ownership Interests shall be subject to mandatory tender by the Holders or Beneficial Owners thereof for purchase on the Interest Period Reset Date (a "Bond Purchase Date") at the applicable purchase price provided for in Section 2.04 hereofabove. Notwithstanding such mandatory tender, any Holder or Beneficial Owner may elect to retain its Refunding Project Bonds or Beneficial Ownership Interests by delivering to the Registrar Trustee a written notice no later than 11:00 a.m. according to the local time at the principal Indiana corporate trust office of the Registrar Trustee on the eighth Business Day prior to such Interest Period Reset Date or by 11:00 a.m. according to the local time at the principal Indiana corporate trust office of the Registrar Trustee on the fifth Business Day prior to such Interest Period Reset Date if the Interest Rate Mode is to be converted to the One Month Interest Rate, which notice shall state that (ai) such Holder or Beneficial Owner realizes that the Refunding Project Bonds or Beneficial Ownership Interests are being converted to bear interest at the applicable Interest Rate Mode, (bii) unless the interest rate on the Refunding Project Bonds or Beneficial Ownership Interests is being converted to the Weekly Interest Rate, such Holder or Beneficial Owner realizes that the next Bond Purchase Date upon which the Refunding Bonds or Beneficial Ownership Interests may be tendered for purchase is the next Interest Rate Adjustment Date or, if such Refunding Project Bonds are being converted to the Fixed Interest Rate, that such Refunding Project Bonds or Beneficial Ownership Interests may no longer be tendered for purchase, (ciii) such Holder or Beneficial Owner realizes that any securities rating on the Refunding Project Bonds may be withdrawn or lowered as a result of the conversion to a different Interest Rate Modelowered, and (div) such Holder or Beneficial Owner affirmatively elects to hold his Refunding its Project Bonds or Beneficial Ownership Interests and receive interest at the applicable Interest Rate Mode. Refunding Project Bonds or Beneficial Ownership Interests with respect to which the Registrar Trustee shall not have received the election required by the preceding paragraph shall be deemed to have been tendered for purposes of this Section 2.05 whether or not the Holders thereof shall have delivered such Refunding Bonds to the Registrar Trustee and whether or not without the need for further action by the Beneficial Owners shall have caused the transfer of such Beneficial Ownership Interests on the records of the Depository according to the instructions of the Trustee, and subject Owners. Subject to the right of the Holders or Beneficial Owners of such Refunding Bonds or and Beneficial Ownership Interests to receive the purchase price of such Refunding Project Bonds or Beneficial Ownership Interests and interest accrued thereon to the Interest Period Reset Date (subject to the conditions set forth in Section 3.07 hereof)Interests, such Refunding Project Bonds or Beneficial Ownership Interests shall be null and void and the Trustee shall cause to be authenticated authenticate and delivered deliver new Refunding Project Bonds in replacement thereof thereof, or new Beneficial Ownership Interests shall be created created, pursuant to the remarketing of such Refunding Project Bonds or Beneficial Ownership Interests or the pledge of such Refunding Bonds or Beneficial Ownership Interests to the Bank in lieu of remarketing such Refunding Bonds or Beneficial Ownership Interests as described in Section 6.20 hereofInterests.