Common use of MANDATORY TENDER UPON DELIVERY OF AN ALTERNATE LETTER OF CREDIT Clause in Contracts

MANDATORY TENDER UPON DELIVERY OF AN ALTERNATE LETTER OF CREDIT. If at any time the Borrower shall provide for the delivery to the Trustee of an Alternate Letter of Credit in accordance with the provisions of Section 5.09 hereof, on the Replacement Date, as defined in Section 5.09 hereof (a "Bond Purchase Date"), all Project Bonds and Beneficial Ownership Interests shall be subject to mandatory tender by the Holders or Beneficial Owners, as applicable, for purchase at a price of 100% of the principal amount thereof plus accrued interest to such Bond Purchase Date. At least 45 days prior to a Bond Purchase Date, if the Project Bonds are then rated by a Rating Agency, the Trustee shall give notice of the provision of the Alternate Letter of Credit to each Rating Agency which then has a rating on the Project Bonds. At least 30 days prior to such Bond Purchase Date the Trustee shall notify the Holders of all outstanding Project Bonds by first class mail that an Alternate Letter of Credit is to be delivered by the Borrower to the Trustee. Such notice shall advise the Holders of the Bond Purchase Date, that the requirements of the Indenture and the Project Bonds relating to Alternate Letters of Credit have been met, the name of the financial institution issuing the Alternate Letter of Credit, the rating, if any, on the Project Bonds upon the provision of the Alternate Letter of Credit and that all Project Bonds and Beneficial Ownership Interests shall be subject to mandatory purchase from the Holders and Beneficial Owners thereof, subject to the right of each Holder or Beneficial Owner to affirmatively elect to waive the mandatory tender for purchase and retain its Project Bonds or Beneficial Ownership Interests. Notwithstanding such mandatory tender, any Holder or Beneficial Owner may elect to retain its Project Bonds or Beneficial Ownership Interests by delivering to the Trustee a written notice no later than 11:00 a.m. according to the local time at the Operations Office of the Trustee on the eighth Business Day prior to such Bond Purchase Date, which notice shall state that (a) such Holder or Beneficial Owner has received notice of and realizes that the Borrower is delivering an Alternate Letter of Credit to the Trustee pursuant to Section 5.09 and (b) such Holder or Beneficial Owner affirmatively elects to retain its Project Bonds or Beneficial Ownership Interests.

MANDATORY TENDER UPON DELIVERY OF AN ALTERNATE LETTER OF CREDIT. If at any time while the Project Bonds bear interest in the Weekly Rate, the One Month Rate, the Three Month Rate, the Six Month Rate, the One Year Rate, the Five Year Rate or the Fixed Interest Rate, the Borrower shall provide for the delivery to the Trustee of an Alternate Letter of Credit in accordance with the provisions of Section 5.09 hereofof the Indenture, on the Replacement Date, as defined in Section 5.09 hereof Date (a "Bond Purchase Date"), as defined in the Indenture, all Project Bonds and Beneficial Ownership Interests shall be subject to mandatory tender by the Holders or Beneficial Owners, as applicablethe case may be, thereof for purchase at a the applicable purchase price of 100% provided for in Section 2.04 of the principal amount thereof plus accrued interest to such Bond Purchase Date. At least 45 days prior to a Bond Purchase Date, if the Project Bonds are then rated by a Rating Agency, the Trustee shall give notice of the provision of the Alternate Letter of Credit to each Rating Agency which then has a rating on the Project BondsIndenture. At least 30 days and no more than 45 days prior to such Bond Purchase the Replacement Date the Trustee shall notify the Holders of all outstanding Project Bonds confirm, by first class mail to all Holders, that such an Alternate Letter of Credit is to be delivered by the Borrower to the Trustee. Such The notice shall advise the Holders of the Bond Purchase Date, that the requirements of the Indenture and the Project Bonds relating to Alternate Letters of Credit have been met, the name of the financial institution issuing the Alternate Letter of Credit, the rating, if any, on the Project Bonds upon the provision provisions of the Alternate Letter of Credit and that all Project Bonds and Beneficial Ownership Interests shall be subject to mandatory purchase from the Holders and Beneficial Owners thereof, subject to the right of each Holder or Beneficial Owner to affirmatively elect to waive the mandatory tender for purchase and retain its Project Bonds or Beneficial Ownership Interests. Notwithstanding such mandatory tender, any Holder or Beneficial Owner Owner, as applicable, may elect to retain its Project Bonds or Beneficial Ownership Interests by delivering to the Trustee a written notice no later than 11:00 a.m. according to the local time at the Operations Office principal Indiana corporate trust office of the Trustee on the eighth Business Day prior to such Bond Purchase Date, Replacement Date which notice shall state that (a) such Holder or Beneficial Owner has received notice of and realizes that the Borrower is delivering an Alternate Letter of Credit to the Trustee pursuant to Section 5.09 of the Indenture, (b) such Holder or Beneficial Owner has received the notice required by Section 2.06 of the Indenture, and (bc) such Holder or Beneficial Owner affirmatively elects to retain hold its Bonds or Beneficial Ownership Interests. Project Bonds or Beneficial Ownership Interests with respect to which the Trustee shall not have received the election required by the preceding paragraph shall be deemed to have been tendered for purposes of Section 2.06 of the Indenture whether or not the Holders thereof 113 shall have delivered such Project Bonds to the Trustee and without the need for further action by the Beneficial Owners. Subject to the right of the Holders or Beneficial Owners of such Project Bonds or Beneficial Ownership Interests to receive the purchase price of such Project Bonds or Beneficial Ownership Interests, such Project Bonds or Beneficial Ownership Interests shall be null and void and the Trustee shall authenticate and deliver new Project Bonds in replacement thereof or new Beneficial Ownership Interests shall be created pursuant to the remarketing of such Project Bonds or Beneficial Ownership Interests or the pledge of such Project Bonds or Beneficial Ownership Interests to the Bank in lieu of remarketing such Project Bonds or Beneficial Ownership Interests as described in Section 6.20 of the Indenture.

MANDATORY TENDER UPON DELIVERY OF AN ALTERNATE LETTER OF CREDIT. If at any time the Borrower shall provide for the delivery to the Trustee of an Alternate Letter of Credit in accordance with the provisions of Section 5.09 hereof, on the date that precedes the Replacement Date, Date (as defined in Section 5.09 hereof hereof) by at least five Business Days (a "Bond Purchase Date"), all Project Refunding Bonds and or Beneficial Ownership Interests shall be subject to mandatory tender by the Holders or Beneficial Owners, as applicable, for purchase at a the applicable purchase price of 100% of the principal amount thereof plus accrued interest to such Bond Purchase Date. At least 45 days prior to a Bond Purchase Date, if the Project Bonds are then rated by a Rating Agency, the Trustee shall give notice of the provision of the Alternate Letter of Credit to each Rating Agency which then has a rating on the Project Bondsprovided for in Section 2.04 hereof. At least 30 days prior to such the Bond Purchase Date the Trustee Registrar shall use its best efforts to notify the Holders of all outstanding Project Refunding Bonds by telephone (to the extent their telephone numbers have been provided in writing to the Registrar), immediately confirmed by first class mail to all Holders, that an Alternate Letter of Credit is to be delivered by the Borrower to the Trustee. Such notice shall advise the Holders of the Bond Purchase Date, that the requirements of the Indenture and the Project Bonds relating to Alternate Letters of Credit have been met, the name of the financial institution issuing the Alternate Letter of Credit, the rating, if any, on the Project Bonds upon the provision of providing the Alternate Letter of Credit and shall advise the Holders of the requirements of Section 5.09 and confirm that such requirements of Section 5.09 have been met, and that all Project Refunding Bonds and Beneficial Ownership Interests shall be subject to mandatory purchase from the Holders and Beneficial Owners thereoftender pursuant to this Section 2.06, subject to the right of each Holder or the Holders and Beneficial Owner Owners to affirmatively elect to waive the mandatory tender for purchase and retain its Project the Refunding Bonds or Beneficial Ownership Interests. Notwithstanding such mandatory tender, any Holder or Beneficial Owner may elect to retain its Project Refunding Bonds or Beneficial Ownership Interests by delivering to the Trustee Registrar a written notice no later than 11:00 a.m. according to the local time at the Operations Office principal corporate trust office of the Trustee Registrar on the eighth Business Day prior to such Bond Purchase Date, Replacement Date which notice shall state that (a) such Holder or Beneficial Owner has received notice of and realizes that the Borrower is delivering an Alternate Letter of Credit to the Trustee pursuant to Section 5.09 5.09, (b) such Holder or Beneficial Owner realizes that any securities rating on the Refunding Bonds may be withdrawn or lowered as a result of the delivery of the Alternate Letter of Credit, and (bc) such Holder or Beneficial Owner affirmatively elects to retain its Project Refunding Bonds or Beneficial Ownership Interests. 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 2.06 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 Replacement 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 DELIVERY OF AN ALTERNATE LETTER OF CREDIT. If at any time the Borrower shall provide for the delivery to the Trustee of an Alternate Letter of Credit in accordance with the provisions of Section 5.09 hereof, on a date selected by the Borrower, with the consent of the Trustee, which date shall precede the Replacement Date, as defined in Section 5.09 hereof hereof, by at least five (5) Business Days (a "Bond Purchase Date"), all Project Bonds and Beneficial Ownership Interests shall be subject to mandatory tender by the Holders or Beneficial Owners, as applicable, for purchase at a price of 100% of the principal amount thereof plus accrued interest to such Bond Purchase Date. At least 45 days prior to a Bond Purchase Date, if the Project Bonds are then rated by a Rating Agency, the Trustee shall give notice of the provision of the Alternate Letter of Credit to each Rating Agency which then has a rating on the Project Bonds. At least 30 days prior to such the Bond Purchase Date the Trustee shall notify the Holders of all outstanding Project Bonds confirm, by first class mail to all Holders, that an Alternate Letter of Credit is to be delivered by the Borrower to the Trustee. Such notice shall advise the Holders of the Bond Purchase Date, that the requirements of the Indenture and the Project Bonds relating to Alternate Letters Letter of Credit have been met, the name of the financial institution issuing the Alternate Letter of Credit, the rating, if any, on the Project Bonds upon the provision of the Alternate Letter of Credit and that all Project Bonds and Beneficial Ownership Interests shall be subject to mandatory purchase from the Holders and Beneficial Owners thereof, subject to the right of each Holder or Beneficial Owner to affirmatively elect to waive the mandatory tender for purchase and retain its Project Bonds or Beneficial Ownership Interests. Notwithstanding such mandatory tender, any Holder or Beneficial Owner may elect to retain its Project Bonds or Beneficial Ownership Interests by delivering to the Trustee a written notice no later than 11:00 a.m. according to the local time at the Operations Office principal Indiana corporate trust office of the Trustee on the eighth Business Day prior to such Bond Purchase Date, which notice shall state that (a) such Holder or Beneficial Owner has received notice of and realizes that the Borrower is delivering an Alternate Letter of Credit to the Trustee pursuant to Section 5.09 and (b) such Holder or Beneficial Owner affirmatively elects to retain its Project Bonds or Beneficial Ownership Interests. Project Bonds or Beneficial Ownership Interests with respect to which the Trustee shall not have received the election required by the preceding paragraph shall be deemed to have been tendered for purposes of this Section 2.06 whether or not the Holders shall have delivered such Project Bonds to the Trustee and without further action by the Beneficial Owners with regard to Beneficial Ownership Interests. Subject to the right of the Holders or Beneficial Owners of such Project Bonds or Beneficial Ownership Interests to receive the purchase price of such Project Bonds or Beneficial Ownership Interests (and subject to the conditions set forth in Section 3.07 hereof), such Project Bonds or Beneficial Ownership Interests shall be null and void and the Trustee shall authenticate and deliver new Project Bonds in replacement thereof, or new Beneficial Ownership Interests shall be recorded on the records of the Depository, pursuant to the remarketing of such Project Bonds or Beneficial Ownership Interests or the pledge of such Project Bonds or Beneficial Ownership Interests to the Bank in lieu of remarketing such Project Bonds or Beneficial Ownership Interests as described in Section 6.20 hereof.