Purchaser Consent to Subsequent Index Floating Rate Period Sample Clauses

Purchaser Consent to Subsequent Index Floating Rate Period. (a) So long as the Purchaser is the Bondholder, at any time on or after the first anniversary of each respective Closing Date, the County may provide written notice to the Purchaser of its desire to create a new Index Floating Rate Period and request the Purchaser to purchase such Series 2014D Bonds or Series 2018 Bonds in such new Index Floating Rate Period or provide the liquidity or credit enhancement necessary to facilitate the conversion of the Series 2014D Bonds or Series 2018 Bonds to such new interest rate mode. The Purchaser will make reasonable efforts to respond to such request within one hundred eighty (180) days after receipt of all information necessary, in the Purchaser’s reasonable judgment, to permit the Purchaser to make an informed credit decision. The Purchaser may, in its sole and absolute discretion, decide to accept or reject any such request and no consent shall become effective unless the Purchaser shall have consented thereto in writing. In the event the Purchaser fails to definitively respond to such request within such one hundred eighty (180) day period, the Purchaser shall be deemed to have refused to grant such request. The consent of the Purchaser, if granted, shall be conditioned upon the preparation, execution and delivery of documentation in form and substance satisfactory to the Purchaser (which may include, but not be limited to the delivery of a “no adverse effect opinion” of Bond Counsel to the Purchaser with respect to the tax-exempt status of the Series 2014D Bonds and Series 2018 Bonds as a result of the establishment of a new Index Floating Rate Period). In the event the County and the Purchaser fail to document in writing their agreement of the proposed rate(s) and terms of the succeeding period(s), and the conditions precedent to the Purchaser agreeing to hold Unremarketed Bonds bearing interest at the Purchaser Rate set forth in Section 4.01(b) hereof are not satisfied, the County shall continue to be required to repurchase the Series 2014D Bonds or Series 2018 Bonds for the Mandatory Tender Purchase Price on the Mandatory Purchase Date.
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