Substantial Amount Test Sample Clauses

Substantial Amount Test. The Issuer will treat the first price at which at least ten percent (a “Substantial Amount”) in principal amount of each maturity of the Bonds is sold to the Public on the Sale Date (the “Substantial Amount Test”) as the issue price of that maturity (or each separate CUSIP number within that maturity). Those maturities of the Bonds which do not satisfy the Substantial Amount Test (the “Hold-the-Price Maturities”) will be identified in Schedule I hereto and in the Issue Price Certificate and will be subject to the Hold-the-Price Restriction (as hereinafter defined). At or promptly after the execution of this Agreement, the Underwriter will report to the Issuer the initial price or prices (the “Initial Offering Prices”) at which the Participating Underwriters have offered to the Public each maturity of the Bonds. The Underwriter agrees to promptly report to the Issuer the prices at which the Bonds that satisfy the Substantial Amount Test have been sold by the Participating Underwriters to the Public.
Sample 1
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