Terms of Bonds; Interest on the Bonds. (a) The Bonds shall be issued in fully registered form. Prior to the Conversion Date with respect to a Series of Bonds, (i) such Bonds shall be Outstanding in denominations of $100,000 or any integral multiple of $5,000 in excess thereof; and (ii) the Bonds may not be issued, exchanged or transferred except in the authorized denominations of $100,000 or any integral multiple of $5,000 in excess thereof. From and after the Conversion Date with respect to a Series of Bonds, subject to the requirements of the following paragraph, (i) such Bonds shall be Outstanding in denominations of $5,000 or any integral multiple of $5,000 and (ii) such Bonds may not be issued, exchanged or transferred except in the authorized denominations of $5,000 or any integral multiple of $5,000 in excess thereof. The Bonds shall be dated as of the date of delivery and shall mature, subject to prior redemption, as provided herein. Unless the Authority shall otherwise direct, prior to the Conversion Date with respect to a Series of Bonds, the Bonds of such Series shall be lettered "VR" and shall be numbered consecutively from 1 upward, and after the Conversion Date with respect to a Series of Bonds, the Bonds of such Series shall be lettered "FR" and shall be numbered consecutively from 1 upward. On or after its respective Conversion Date, the Bonds of any Series may be issued in denominations of five thousand dollars ($5,000) or any integral multiple thereof upon delivery to the Trustee of (A) a disclosure document relating to such Bonds, and (B) an opinion or opinions of independent counsel to the effect that such disclosure document fairly and accurately describes such Bonds, the security for such Bonds and the financing documents relating to such Bonds and such security, and that the disclosure document (except the financial and statistical data therein as to which no opinion need be expressed) does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, and (C) a certificate of the Company that the Company has undertaken to provide continuing disclosure information as required by United States Securities and Exchange Commission Rule ss.240.15c2-12 ("the Rule") as in effect on such Conversion Date, or an opinion of nationally recognized bond counsel, who may be counsel to the Authority, the Remarketing Agent or the Trustee, to the effect that compliance with the Rule is not required. (b) Each Bond shall be dated the Issue Date and shall bear interest, payable (i) prior to the Conversion Date with respect to a Series of Bonds, on the first day of each calendar month, or if such date is not a Business Day, the next succeeding Business Day commencing March 1, 2000, (ii) on the Conversion Date with respect to a Series of Bonds, (iii) from and after the Conversion Date with respect to a Series of Bonds, on January 1 or July 1 of each year, commencing on the January 1 or July 1 next following the Conversion Date, and (iv) on the maturity date for such Bond set forth in the next succeeding paragraph, in each case from the Interest Payment Date next preceding the date of authentication thereof to which interest has been paid or duly provided for, unless the date of authentication thereof is after a Record Date and on or before the succeeding Interest Payment Date, in which case from the succeeding Interest Payment Date, or unless no interest has been paid or duly provided for on the Bonds, in which case from the Issue Date, until payment of the principal thereof has been made or duly provided for. Notwithstanding the foregoing, if the Company shall default in the payment of interest due on such Interest Payment Date, then such Bond shall bear interest from the next preceding Interest Payment Date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for on the Bonds, from the Date of Issue. The Series A Bonds shall mature on January 1, 2020. The Series A-T Bonds shall mature on January 1, 2011. (i) From the Issue Date to the Conversion Date with respect to a Series of Bonds, the Bonds of such Series shall bear interest at the Floating Rate therefor. The Floating Rate for each Series of Bonds shall be determined by the Remarketing Agent by 9:30 a.m. on each Determination Date and shall be effective on such Determination Date for the immediately following Weekly Period. (ii) The Remarketing Agent shall advise the Company and the Trustee of the Floating Rate for each Series of Bonds by telephone (confirmed by telecopy to the Trustee) at or before the close of business on each Determination Date. Upon request of any Bondholder, the Remarketing Agent shall notify such Bondholder of the Floating Rate then borne by the Bonds held by such Bondholder. (iii) If for any reason the interest rate on any Series A Bond for any Weekly Period is not determined by the Remarketing Agent pursuant to (c)(i) above, or a court holds that the Floating Rate set as provided pursuant to (c)(i) above is invalid or unenforceable, the Floating Rate for such Bonds shall be for the first such week that a Floating Rate is not determined by the Remarketing Agent or has been determined invalid or unenforceable, a rate per annum equal to the Floating Rate established by the Remarketing Agent pursuant to (c)(i) on the immediately preceding Determination Date and on each Determination Date thereafter, shall be a rate per annum equal to 85% of the interest rate per annum for 30-day commercial paper having a rating of A-2/P-2 as reported in The Wall Street Journal on each Determination Date. If for any reason the interest rate on any Series A-T Bond for any Weekly Period is not determined by the Remarketing Agent pursuant to (c)(i) above, or a court holds that the Floating Rate set as provided pursuant to (c)(i) above is invalid or unenforceable, the Floating Rate for such Bonds shall be for the first such week that a Floating Rate is not determined by the Remarketing Agent or has been determined invalid or unenforceable, a rate per annum equal to the Floating Rate established by the Remarketing Agent pursuant to (c)(i) on the immediately preceding Determination Date and on each Determination Date thereafter, shall be a rate per annum equal to 115% of the interest rate per annum for 30-day commercial paper having a rating of A-2/P-2 as reported in The Wall Street Journal on each Determination Date. (iv) The determination of the Floating Rate by the Remarketing Agent or in accordance with (c)(iii) above shall be conclusive and binding upon the Authority, the Trustee, the Bank, the Company, the Remarketing Agent, the Tender Agent and the Owners of the Bonds. Anything herein to the contrary notwithstanding, the Floating Rate with respect to the Series A Bonds shall in no event exceed 15% per annum, and the Floating Rate with respect to the Series A Bonds shall in no event exceed 17% per annum. (d) The Bonds of a Series shall bear interest at a Fixed Rate from and after the Conversion Date for such Series until the maturity of such Series of Bonds. The Fixed Rate for any Series of Bonds shall be a fixed annual interest rate on the Bonds established by the Remarketing Agent as the rate of interest for which the Remarketing Agent has received commitments from purchasers on or prior to the 5th Business Day preceding the Conversion Date to purchase all the Outstanding Bonds on the Conversion Date at a price of par. (e) Prior to the Conversion Date for a Series of Bonds, interest on such Bonds shall be computed on the basis of a 365/366-day year, for the actual number of days elapsed. On and after the Conversion Date for a Series of Bonds, interest on such Bonds shall be computed on the basis of a 360-day year of twelve 30-day months. Interest on the Bonds shall be payable on each Interest Payment Date to the persons in whose name the Bonds are registered at the close of business on the Record Date for the respective Interest Payment Date. Interest shall be paid by check mailed on the applicable Interest Payment Date to each Owner at the addresses shown on the registration books maintained by the Trustee, provided that such interest shall be paid by wire transfer to (i) the Bank and (ii) any Holder of at least $1,000,000 in aggregate principal amount of Bonds, if the Holder makes a written request of the Trustee at least 15 days before a Record Date specifying the account address and wiring instructions, which shall be to a bank in the United States. Such a request may provide that it will remain in effect for subsequent interest payments until changed or revoked by written notice to the Trustee or upon the transfer or reregistration of the Bond. The principal of the Bonds shall be payable in lawful money of the United States of America at the designated office of the Trustee; provided, however that payment of the Purchase Price of Bonds tendered pursuant to Sections 5.01, 5.03 and 5.04 hereof shall be paid in lawful money of the United States of America at the Delivery Office of the Tender Agent to the Owner of Bonds entitled to receive such Purchase Price. Except as permitted under Section 2.13 hereof, no payment of principal shall be made on any Bond until such Bond is surrendered to xxx Trustee at its Principal Corporate Trust Office.
Appears in 1 contract
Terms of Bonds; Interest on the Bonds. (a) The Bonds shall be issued in fully registered form. Prior to the Conversion Date with respect to a Series of BondsDate, (i) such Bonds shall be Outstanding in denominations of $100,000 or any integral multiple of $5,000 in excess thereof; and (ii) the such Bonds may not be issued, exchanged or transferred except in the authorized denominations of $100,000 or any integral multiple of $5,000 in excess thereof. From and after the Conversion Date with respect to a Series of Bonds, subject to the requirements of the following paragraphDate, (i) such Bonds shall be Outstanding in denominations of $5,000 or any integral multiple of $5,000 and (ii) such Bonds may not be issued, exchanged or transferred except in the authorized denominations of $5,000 or any integral multiple of $5,000 in excess thereof. The Bonds shall be dated as of the date of delivery and shall mature, subject to prior redemption, as provided herein. Unless the Authority Company shall otherwise direct, prior to the Conversion Date with respect to a Series of Bonds, the Bonds of such Series shall be lettered "VR" and shall be numbered consecutively from 1 upward, upward and after the Conversion Date with respect to a Series of Bonds, the Bonds of such Series shall be lettered "FR" and shall be numbered consecutively from 1 upward. On or after its respective Conversion Date, the Bonds of any Series may be issued in denominations of five thousand dollars ($5,000) or any integral multiple thereof upon delivery to the Trustee of (A) a disclosure document relating to such Bonds, and (B) an opinion or opinions of independent counsel to the effect that such disclosure document fairly and accurately describes such Bonds, the security for such Bonds and the financing documents relating to such Bonds and such security, and that the disclosure document (except the financial and statistical data therein as to which no opinion need be expressed) does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, and (C) a certificate of the Company that the Company has undertaken to provide continuing disclosure information as required by United States Securities and Exchange Commission Rule ss.240.15c2-12 ("the Rule") as in effect on such Conversion Date, or an opinion of nationally recognized bond counsel, who may be counsel to the Authority, the Remarketing Agent or the Trustee, to the effect that compliance with the Rule is not required.
(b) Each Bond of the Bonds shall be dated the Issue Date and shall bear interest, payable (i) prior to the Conversion Date with respect to a Series of BondsDate, on the first day Wednesday of each calendar month, or if such date is not a Business Day, the next succeeding Business Day commencing March 1June 3, 20001998, (ii) on the Conversion Date with respect to a Series of Bonds, Date; and (iii) from and after the Conversion Date with respect to a Series of BondsDate, on January May 1 or July and November 1 of each year, commencing on the January May 1 or July November 1 next following the Conversion Date, and (iv) on the maturity date for such Bond set forth in the next succeeding paragraph, in each case from the Interest Payment Date next preceding the date of authentication thereof to which interest has been paid or duly provided for, unless the date of authentication thereof is after a Record Date and on or before the succeeding an Interest Payment DateDate to which interest has been paid or duly provided for, in which case from the succeeding Interest Payment Datedate of authentication thereof, or unless no interest has been paid or duly provided for on the Bonds, in which case from the Issue Date, until payment of the principal thereof has been made or duly provided for. Notwithstanding the foregoing, any Bond authenticated after any Record Date and before the following Interest Payment Date shall bear interest from such Interest Payment Date, provided, however, that if the Company shall default in the payment of interest due on such Interest Payment Date, then such Bond shall bear interest from the next preceding Interest Payment Date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for on the Bonds, from the Date of IssueIssue Date. The Series A Bonds shall mature on January May 1, 2020. The Series A-T Bonds shall mature on January 1, 20112013 as provided in Section 4.01(d) herein.
(i) From the Issue Date to the Conversion Date with respect to a Series of BondsDate, the Bonds of such Series shall bear interest at the Floating Rate thereforRate. The Floating Rate for each Series of applicable to the Bonds shall be determined by the Remarketing Agent by 9:30 a.m. 9.
30 a. m. on each Determination Date and shall be effective on such Determination Date for the immediately following Weekly Period.
(ii) The Remarketing Agent shall advise the Company and the Trustee of the Floating Rate for each Series of applicable to the Bonds by telephone (confirmed by telecopy to the Trustee) at or before the close of business on each Determination Date. Upon written request of any Bondholder, the Remarketing Agent shall notify such Bondholder of the Floating Rate then borne by the Bonds held by such BondholderBonds.
(iii) If for any reason the interest rate on any Series A a Bond for any Weekly Period is not determined by the Remarketing Agent pursuant to (c)(i) above, or a court holds that the Floating Rate Rate, set as provided pursuant to (c)(i) above above, is invalid or unenforceable, the Floating Rate for such the Bonds shall be for (a) the first such week that a the applicable Floating Rate is not determined by the Remarketing Agent or has been determined invalid or unenforceable, a rate per annum equal to the Floating Rate for the Bonds established by the Remarketing Agent pursuant to (c)(i) on the immediately preceding Determination Date and (b) on each Determination Date thereafter, shall be a rate per annum equal to 85% one hundred twenty percent (120%) of the interest rate per annum for 30-day commercial paper having a rating of A-2/P-2 as reported in The Wall Street Journal on each Determination Date. If for any reason the interest rate on any Series A-T Bond for any Weekly Period is not determined by the Remarketing Agent pursuant to (c)(i) above, or a court holds that the Floating Rate set as provided pursuant to (c)(i) above is invalid or unenforceable, the Floating Rate for such Bonds shall be for the first such week that a Floating Rate is not determined by the Remarketing Agent or has been determined invalid or unenforceable, a rate per annum equal to the Floating Rate established by the Remarketing Agent pursuant to (c)(i) on the immediately preceding Determination Date and on each Determination Date thereafter, shall be a rate per annum equal to 115% of the interest rate per annum for 30-30 day commercial paper having a rating of A-2/P-2 as reported in The Wall Street Journal on each Determination Date.
(iv) The determination of the Floating Rate by the Remarketing Agent or in accordance with (c)(iii) above shall be conclusive and binding upon the AuthorityCompany, the Trustee, the Bank, the Company, the Remarketing Agent, the Tender Agent and the Owners of the Bonds. Anything herein to the contrary notwithstanding, the Floating Rate with respect to the Series A Bonds shall in no event exceed 15% per annum, and the Floating Rate with respect to the Series A Bonds shall in no event exceed seventeen percent (17% %) per annum.
(d) The Bonds of a Series shall bear interest at a the Fixed Rate from and after the Conversion Date for such Series until the maturity of such Series of the Bonds. The Fixed Rate for any Series of Bonds shall be a fixed annual interest rate on the Bonds such Fixed Rate to be established by the Remarketing Agent as the rate of interest for which the Remarketing Agent has received commitments from purchasers on or prior to the 5th Business Day fifth (5th) day preceding the Conversion Date to purchase all the Outstanding Bonds on the Conversion Date at a price of par.
(e) Prior to the Conversion Date for a Series of BondsDate, interest on such the Bonds shall be computed on the basis of a 365/366-day year, for the actual number of days elapsed. On and after the Conversion Date for a Series of BondsDate, interest on such the Bonds shall be computed on the basis of a 360-day year of twelve 30-day months. The principal of and premium, if any, on the Bonds shall be payable in lawful money of the United States of America at the Principal Corporate Trust Office of the Trustee. The Purchase Price of the Bonds shall be payable in lawful money of the United States of America by the Tender Agent to the Owner of Bonds entitled to receive such Purchase Price. Interest on the Bonds shall be payable on each Interest Payment Date to the persons in whose name the Bonds are registered at the close of business on the Record Date for the respective Interest Payment Date. Interest shall be paid by check mailed on the applicable Interest Payment Date to each Owner at the addresses shown on the registration books maintained by the Trustee, provided that such interest shall be paid by wire transfer to (i) the Bank and (ii) any Holder of at least $1,000,000 in aggregate principal amount of Bonds, if the Holder makes a written request of to the Trustee at least 15 fifteen (15) days before a Record Date specifying the account address and wiring instructions, (which shall be to an account at a bank in the continental United States) and wiring instructions. Such a request may provide that it will remain in effect for subsequent interest payments until changed or revoked by written notice to the Trustee or upon the transfer or reregistration of the Bond. The principal of the Bonds shall be payable in lawful money of the United States of America at the designated office Principal Corporate Trust Office of the Trustee; provided, however that payment of the Purchase Price of Bonds tendered pursuant to Sections 5.01, 5.03 and 5.04 hereof shall be paid in lawful money of the United States of America at the Delivery Office of the Tender Agent to the Owner of Bonds entitled to receive such Purchase Price. Except as permitted under Section 2.13 hereof, no No payment of principal shall be made on any Bond until such Bond is surrendered to xxx the Trustee at its Principal Corporate Trust Office.
Appears in 1 contract
Terms of Bonds; Interest on the Bonds. (a) The Bonds shall be issued in fully registered form. Prior to the Conversion Date with respect to a Series of BondsDate, (i) such Bonds shall be Outstanding outstanding in denominations of $100,000 or any integral multiple of $5,000 in excess thereof; and (ii) the such Bonds may not be issued, exchanged or transferred except in the authorized denominations of $100,000 or any integral multiple of $5,000 in excess thereof. From and after the Conversion Date with respect to a Series of Bonds, subject to the requirements of the following paragraphDate, (i) such Bonds shall be Outstanding in denominations of $5,000 or any integral multiple of $5,000 and (ii) such Bonds may not be issued, exchanged or transferred except in the authorized denominations of $5,000 or any integral multiple of $5,000 in excess thereof. The Bonds shall be dated as of the date of delivery and shall mature, subject to prior redemption, as provided herein. Unless the Authority shall otherwise direct, prior to the Conversion Date with respect to a Series of Bonds, the Bonds of such Series shall be lettered "VR" and shall be numbered consecutively from 1 upward, upward and after the Conversion Date with respect to a Series of Bonds, the Bonds of such Series shall be lettered "FR" and shall be numbered consecutively from 1 upward. On or after its respective Conversion Date, the Bonds of any Series may be issued in denominations of five thousand dollars ($5,000) or any integral multiple thereof upon delivery to the Trustee of (A) a disclosure document relating to such Bonds, and (B) an opinion or opinions of independent counsel to the effect that such disclosure document fairly and accurately describes such Bonds, the security for such Bonds and the financing documents relating to such Bonds and such security, and that the disclosure document (except the financial and statistical data therein as to which no opinion need be expressed) does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, and (C) a certificate of the Company that the Company has undertaken to provide continuing disclosure information as required by United States Securities and Exchange Commission Rule ss.240.15c2-12 ("the Rule") as in effect on such Conversion Date, or an opinion of nationally recognized bond counsel, who may be counsel to the Authority, the Remarketing Agent or the Trustee, to the effect that compliance with the Rule is not required.
(b) Each Bond of the Bonds shall be dated the Issue Date and shall bear interest, payable (i) prior to the Conversion Date with respect to a Series of BondsDate, on the first day Business Day of each calendar month, or if such date is not a Business Day, the next succeeding Business Day month commencing March June 1, 2000, 1999; (ii) on the Conversion Date with respect to a Series of Bonds, and (iii) from and after the Conversion Date with respect to a Series of BondsDate, on January May 1 or July and November 1 of each year, commencing on the January May 1 or July November 1 next following the Conversion Date, and (iv) on the maturity date for such Bond set forth in the next succeeding paragraph, in each case from the Interest Payment Date next preceding the date of authentication thereof to which interest has been paid or duly provided for, unless the date of authentication thereof is after a Record Date and on or before the succeeding an Interest Payment DateDate to which interest has been paid or duly provided for, in which case from the succeeding Interest Payment Datedate of authentication thereof, or unless no interest has been paid or duly provided for on the Bonds, in which case from the Issue Date, until payment of the principal thereof has been made or duly provided for. Notwithstanding the foregoing, any Bond authenticated after any Record Date and before the following Interest Payment Date shall bear interest from such Interest Payment Date; provided, however, that if the Company Authority shall default in the payment of interest due on such Interest Payment Date, then such Bond shall bear interest from the next preceding Interest Payment Date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for on the Bonds, from the Date of IssueIssue Date. The Series A Bonds shall mature on January 1, 2020. The Series A-T Bonds shall mature on January 1, 2011.
(i) From the Issue Date to the Conversion Date with respect to a Series of Bonds, the Bonds of such Series shall bear interest at the Floating Rate therefor. The Floating Rate for each Series of Bonds shall be determined by the Remarketing Agent by 9:30 a.m. on each Determination Date and shall be effective on such Determination Date for the immediately following Weekly Period.
(ii) The Remarketing Agent shall advise the Company and the Trustee of the Floating Rate for each Series of Bonds by telephone (confirmed by telecopy to the Trustee) at or before the close of business on each Determination Date. Upon request of any Bondholder, the Remarketing Agent shall notify such Bondholder of the Floating Rate then borne by the Bonds held by such Bondholder.
(iii) If for any reason the interest rate on any Series A Bond for any Weekly Period is not determined by the Remarketing Agent pursuant to (c)(i) above, or a court holds that the Floating Rate set as provided pursuant to (c)(iin Section 4.01(c) above is invalid or unenforceable, the Floating Rate for such Bonds shall be for the first such week that a Floating Rate is not determined by the Remarketing Agent or has been determined invalid or unenforceable, a rate per annum equal to the Floating Rate established by the Remarketing Agent pursuant to (c)(i) on the immediately preceding Determination Date and on each Determination Date thereafter, shall be a rate per annum equal to 85% of the interest rate per annum for 30-day commercial paper having a rating of A-2/P-2 as reported in The Wall Street Journal on each Determination Date. If for any reason the interest rate on any Series A-T Bond for any Weekly Period is not determined by the Remarketing Agent pursuant to (c)(i) above, or a court holds that the Floating Rate set as provided pursuant to (c)(i) above is invalid or unenforceable, the Floating Rate for such Bonds shall be for the first such week that a Floating Rate is not determined by the Remarketing Agent or has been determined invalid or unenforceable, a rate per annum equal to the Floating Rate established by the Remarketing Agent pursuant to (c)(i) on the immediately preceding Determination Date and on each Determination Date thereafter, shall be a rate per annum equal to 115% of the interest rate per annum for 30-day commercial paper having a rating of A-2/P-2 as reported in The Wall Street Journal on each Determination Dateherein.
(iv) The determination of the Floating Rate by the Remarketing Agent or in accordance with (c)(iii) above shall be conclusive and binding upon the Authority, the Trustee, the Bank, the Company, the Remarketing Agent, the Tender Agent and the Owners of the Bonds. Anything herein to the contrary notwithstanding, the Floating Rate with respect to the Series A Bonds shall in no event exceed 15% per annum, and the Floating Rate with respect to the Series A Bonds shall in no event exceed 17% per annum.
(d) The Bonds of a Series shall bear interest at a Fixed Rate from and after the Conversion Date for such Series until the maturity of such Series of Bonds. The Fixed Rate for any Series of Bonds shall be a fixed annual interest rate on the Bonds established by the Remarketing Agent as the rate of interest for which the Remarketing Agent has received commitments from purchasers on or prior to the 5th Business Day preceding the Conversion Date to purchase all the Outstanding Bonds on the Conversion Date at a price of par.
(e) Prior to the Conversion Date for a Series of Bonds, interest on such Bonds shall be computed on the basis of a 365/366-day year, for the actual number of days elapsed. On and after the Conversion Date for a Series of Bonds, interest on such Bonds shall be computed on the basis of a 360-day year of twelve 30-day months. Interest on the Bonds shall be payable on each Interest Payment Date to the persons in whose name the Bonds are registered at the close of business on the Record Date for the respective Interest Payment Date. Interest shall be paid by check mailed on the applicable Interest Payment Date to each Owner at the addresses shown on the registration books maintained by the Trustee, provided that such interest shall be paid by wire transfer to (i) the Bank and (ii) any Holder of at least $1,000,000 in aggregate principal amount of Bonds, if the Holder makes a written request of the Trustee at least 15 days before a Record Date specifying the account address and wiring instructions, which shall be to a bank in the United States. Such a request may provide that it will remain in effect for subsequent interest payments until changed or revoked by written notice to the Trustee or upon the transfer or reregistration of the Bond. The principal of the Bonds shall be payable in lawful money of the United States of America at the designated office of the Trustee; provided, however that payment of the Purchase Price of Bonds tendered pursuant to Sections 5.01, 5.03 and 5.04 hereof shall be paid in lawful money of the United States of America at the Delivery Office of the Tender Agent to the Owner of Bonds entitled to receive such Purchase Price. Except as permitted under Section 2.13 hereof, no payment of principal shall be made on any Bond until such Bond is surrendered to xxx Trustee at its Principal Corporate Trust Office.
Appears in 1 contract
Samples: Loan Agreement (Lannett Co Inc)
Terms of Bonds; Interest on the Bonds. (aA) The Bonds shall be issued in fully registered form. Prior to the Conversion Date with respect to a Series of BondsDate, (i) such Bonds shall be Outstanding outstanding in denominations of $100,000 or any integral multiple of $5,000 in excess thereof; and (ii) the such Bonds may not be issued, exchanged or transferred except in the authorized denominations of $100,000 or any integral multiple of $5,000 in excess thereof. thereof From and after the Conversion Date with respect to a Series of Bonds, subject to the requirements of the following paragraphDate, (i) such Bonds shall be Outstanding in denominations of $5,000 or any integral multiple of $5,000 and (ii) such Bonds may not be issued, exchanged or transferred except in the authorized denominations of $5,000 or any integral multiple of $5,000 in excess thereof. The Bonds shall be dated as of the date of delivery and shall mature, subject to prior redemption, as provided herein. Unless the Authority shall otherwise direct, prior to the Conversion Date with respect to a Series of Bonds, the Bonds of such Series shall be lettered "“VR" ” and shall be numbered consecutively from 1 upward and after the Conversion Date the Bonds shall be lettered “FR” and shall be numbered consecutively from 1 upward, and after the Conversion Date with respect to a Series of Bonds, the Bonds of such Series shall be lettered "FR" and shall be numbered consecutively from 1 upward. On or after its respective Conversion Date, the Bonds of any Series may be issued in denominations of five thousand dollars ($5,000) or any integral multiple thereof upon delivery to the Trustee of (A) a disclosure document relating to such Bonds, and .
(B) an opinion or opinions of independent counsel to the effect that such disclosure document fairly and accurately describes such Bonds, the security for such Bonds and the financing documents relating to such Bonds and such security, and that the disclosure document (except the financial and statistical data therein as to which no opinion need be expressed) does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light Each of the circumstances in which they were made, not misleading, and (C) a certificate of the Company that the Company has undertaken to provide continuing disclosure information as required by United States Securities and Exchange Commission Rule ss.240.15c2-12 ("the Rule") as in effect on such Conversion Date, or an opinion of nationally recognized bond counsel, who may be counsel to the Authority, the Remarketing Agent or the Trustee, to the effect that compliance with the Rule is not required.
(b) Each Bond Bonds shall be dated the Issue Date and shall bear interest, payable (i) prior to the Conversion Date with respect to a Series of BondsDate, on the first day Business Day of each calendar month, or if such date is not a Business Day, the next succeeding Business Day commencing March 1April 3, 2000, ; (ii) on the Conversion Date with respect to a Series of Bonds, and (iii) from and after the Conversion Date with respect to a Series of BondsDate, on January February 1 or July and August 1 of each year, commencing on the January February 1 or July August 1 next following the Conversion Date, and (iv) on the maturity date for such Bond set forth in the next succeeding paragraph, in each case from the Interest Payment Date next preceding the date of authentication thereof to which interest has been paid or duly provided for, unless the date of authentication thereof is after a Record Date and on or before the succeeding an Interest Payment DateDate to which interest has been paid or duly provided for, in which case from the succeeding Interest Payment Datedate of authentication thereof, or unless no interest has been paid or duly provided for on the Bonds, in which case from the Issue Date, until payment of the principal thereof has been made or duly provided for. Notwithstanding the foregoing, any Bond authenticated after any Record Date and before the following Interest Payment Date shall bear interest from such Interest Payment Date; provided, however, that if the Company Authority shall default in the payment of interest due on such Interest Payment Date, then such Bond shall bear interest from the next preceding Interest Payment Date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for on the Bonds, from the Date of IssueIssue Date. The Series A Bonds shall mature on January 1, 2020. The Series A-T Bonds shall mature on January 1, 2011as provided in Section 4.01 (c) herein.
(i) From the Issue Date to the Conversion Date with respect to a Series of BondsDate, the Bonds of such Series shall bear interest at the Floating Rate thereforRate. The Floating Rate for each Series of Bonds shall be determined by the Remarketing Agent by 9:30 a.m. on each Determination Date and shall be effective on such Determination Date for the immediately following Weekly Period.
(ii) The Remarketing Agent shall advise the Company and the Trustee of the Floating Rate for each Series of Bonds by telephone (confirmed by telecopy to the Trustee) at or before the close of business on each Determination Date. Upon request of any Bondholder, the Remarketing Agent shall notify such Bondholder of the Floating Rate then borne by the Bonds held by such BondholderBonds.
(iii) If for any reason the interest rate on any Series A a Bond for any Weekly Period is not determined by the Remarketing Agent pursuant to (c)(iC)(i) above, or a court holds that the Floating Rate Rate, set as provided pursuant to (c)(iC)(i) above above, is invalid or unenforceable, the Floating Rate for such the Bonds shall be for (a) the first such week weekly period that a the applicable Floating Rate is not determined by the Remarketing Agent or has been determined invalid or unenforceable, a rate per annum equal to the Floating Rate for such series of Bonds established by the Remarketing Agent pursuant to (c)(iC)(i) on the immediately preceding Determination Date and (b) on each Determination Date thereafter, shall be a rate per annum equal to 85% of the interest rate per annum for 30-day commercial paper having a rating of A-2/P-2 as reported in The Wall Street Journal on each Determination Date. If for any reason the interest rate on any Series A-T Bond for any Weekly Period is not determined by the Remarketing Agent pursuant to (c)(i) above, or a court holds that the Floating Rate set as provided pursuant to (c)(i) above is invalid or unenforceable, the Floating Rate for such Bonds shall be for the first such week that a Floating Rate is not determined by the Remarketing Agent or has been determined invalid or unenforceable, a rate per annum equal to the Floating Rate established by the Remarketing Agent pursuant to (c)(i) on the immediately preceding Determination Date and on each Determination Date thereafter, shall be a rate per annum equal to 115% of the interest rate per annum for 30-30 day commercial paper having a rating of A-2/P-2 as reported in The Wall Street Journal on each Determination Date.
(iv) The determination of the Floating Rate by the Remarketing Agent or in accordance with (c)(iii) above shall be conclusive and binding upon the Authority, the Trustee, the Bank, the Company, the Remarketing Agent, the Tender Agent and the Owners owners of the Bonds. Anything herein to the contrary notwithstanding, the Floating Rate with respect to the Series A Bonds shall in no event exceed fifteen (15% per annum, and the Floating Rate with respect to the Series A Bonds shall in no event exceed 17% %) per annum.
(dD) The Bonds of a Series shall bear interest at a the Fixed Rate from and after the Conversion Date for such Series until the maturity of such Series of the Bonds. The Fixed Rate for any Series of Bonds shall be a fixed annual interest rate on the Bonds Bonds, such Fixed Rate to be established by the Remarketing Agent as the rate of interest for which the Remarketing Agent has received commitments from purchasers on or prior to the 5th Business Day fifth (5th) day preceding the Conversion Date to purchase all the Outstanding Bonds on the Conversion Date at a price of par.
(eE) Prior to the Conversion Date for a Series of BondsDate, interest on such the Bonds shall be computed on the basis of a 365/366-day year, for the actual number of days elapsed. On and after the Conversion Date for a Series of BondsDate, interest on such the Bonds shall be computed on the basis of a 360-day year of twelve 30-day months. The principal of and premium, if any, on the Bonds shall be payable in lawful money of the United States of America at the Designated Corporate Trust office of the Trustee, or of its successor in trust. The Purchase Price of the Bonds shall be payable in lawful money of the United States of America by the Tender Agent to the Owner of Bonds entitled to receive such Purchase Price. Interest on the Bonds shall be payable on each Interest Payment Date to the persons in whose name the Bonds are registered at the close of business on the Record Date for the respective Interest Payment Date. Interest shall be paid by check mailed on the applicable Interest Payment Date to each Owner at the addresses shown on the registration books maintained by the Trustee, provided that such interest shall be paid by wire transfer to (i) the Bank and (ii) any Holder of at least $1,000,000 in aggregate principal amount of Bonds, if the Holder makes a written request of to the Trustee at least 15 fifteen (15) days before a Record Date specifying the account address and wiring instructions, which shall be to a bank in the United States. Such a request may provide that it will remain in effect for subsequent interest payments until changed or revoked by written notice to the Trustee or upon the transfer or reregistration of the Bond. The principal of the Bonds shall be payable in lawful money of the United States of America at the designated office Designated Corporate Trust Office of the Trustee; provided, however however, that payment of the Purchase Price of Bonds tendered pursuant to Sections 5.01, 5.03 and 5.04 hereof shall be paid in lawful money of the United States of America at the Delivery Office of the Tender Agent to the Owner of Bonds entitled to receive such Purchase PriceTrustee. Except as permitted under Section 2.13 hereof, no No payment of principal shall be made on any Bond until such Bond is surrendered to xxx the Trustee at its Principal Designated Corporate Trust Office.
Appears in 1 contract
Terms of Bonds; Interest on the Bonds. (aA) The Bonds shall be issued in fully registered form. Prior to the Conversion Date with respect to a Series of Bonds, Date: (i) such Bonds shall be Outstanding in denominations of $100,000 or any integral multiple of $5,000 in excess thereof; and (ii) the such Bonds may not be issued, exchanged or transferred except in the authorized denominations of $100,000 or any integral multiple of $5,000 in excess thereof. From and after the Conversion Date with respect to a Series of Bonds, subject to the requirements of the following paragraph, Date: (ix) such Bonds shall be Outstanding in denominations of $5,000 or any integral multiple of $5,000 5,000; and (iiy) such Bonds may not be issued, exchanged or transferred except in the authorized denominations of $5,000 or any integral multiple of $5,000 in excess thereof. The Bonds shall be dated as of the date of delivery and shall mature, subject to prior redemption, as provided herein. Unless the Authority Board shall otherwise direct, prior to the Conversion Date with respect to a Series of Bonds, the Bonds of such Series shall be lettered "VR" and shall be numbered consecutively from 1 upward, and after the Conversion Date with respect to a Series of Bonds, the Bonds of such Series shall be lettered "FR" and shall be numbered consecutively from 1 upward. On or after its respective Conversion Date, the Bonds of any Series may be issued in denominations of five thousand dollars ($5,000) or any integral multiple thereof upon delivery to the Trustee of (A) a disclosure document relating to such Bonds, and (B) an opinion or opinions of independent counsel to the effect that such disclosure document fairly and accurately describes such Bonds, the security for such Bonds and the financing documents relating to such Bonds and such security, and that the disclosure document (except the financial and statistical data therein as to which no opinion need be expressed) does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, and (C) a certificate of the Company that the Company has undertaken to provide continuing disclosure information as required by United States Securities and Exchange Commission Rule ss.240.15c2-12 ("the Rule") as in effect on such Conversion Date, or an opinion of nationally recognized bond counsel, who may be counsel to the Authority, the Remarketing Agent or the Trustee, to the effect that compliance with the Rule is not required.
(bB) Each Bond shall be dated the Issue Date and shall bear interest, payable payable: (i) prior to the Conversion Date with respect to a Series of BondsDate, on the first day of each calendar month, or if such date is not a Business Day, the next succeeding Business Day commencing March December 1, 2000, 1998; (ii) on the Conversion Date with respect to a Series of Bonds, Date; and (iii) from and after the Conversion Date with respect to a Series of BondsDate, on July 1 and January 1 or July 1 of each year, commencing on the January July 1 or July January 1 next following the Conversion Date, and (iv) on the maturity date for such Bond set forth in the next succeeding paragraph, in each case from the Interest Payment Date next preceding the date of authentication thereof to which interest has been paid or duly provided for, unless the date of authentication thereof is after a Record Date and on or before the succeeding an Interest Payment DateDate to which interest has been paid or duly provided for, in which case from the succeeding Interest Payment Datedate of authentication thereof, or unless no interest has been paid or duly provided for on the Bonds, in which case from the Issue Date, until payment of the principal thereof has been made or duly provided for. Notwithstanding the foregoing, any Bond authenticated after any Record Date and before the following Interest Payment Date shall bear interest from such Interest Payment Date, provided, however, that if the Company Board shall default in the payment of interest due on such Interest Payment Date, then such Bond shall bear interest from the next preceding Interest Payment Date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for on the Bonds, from the Date of IssueIssue Date. The Series A Bonds shall mature on January 1, 2020. The Series A-T Bonds shall mature on January 1, 20112013.
(i) From the Issue Date to the Conversion Date with respect to a Series of BondsDate, the Bonds of such Series shall bear interest at the Floating Rate thereforRate. The Floating Rate for each Series of Bonds shall be determined by the Remarketing Agent by 9:30 a.m. on each Determination Date and shall be effective on such Determination Date for the immediately following Weekly Period. If the Determination Date is, for example, a Thursday, the Weekly Period starts the preceding Wednesday.
(ii) The Remarketing Agent shall advise the Company and the Trustee of the Floating Rate for each Series of Bonds by telephone (confirmed by telecopy to the Trustee) at or before the close of business on each Determination Date. Upon request of any Bondholder, the Remarketing Agent shall notify such Bondholder of the Floating Rate then borne by the Bonds held by such BondholderBonds.
(iii) If for any reason the interest rate on any Series A a Bond for any Weekly Period is not determined by the Remarketing Agent pursuant to (c)(iC)(i) above, or a court holds that the Floating Rate set as provided pursuant to (c)(iC)(i) above is invalid or unenforceable, the Floating Rate for such Bonds shall be for the first such week Weekly Period that a Floating Rate is not determined by the Remarketing Agent or has been determined invalid or unenforceable, a rate per annum equal to the Floating Rate established by the Remarketing Agent pursuant to (c)(iC)(i) on the immediately preceding Determination Date and on each Determination Date thereafter, shall be a rate per annum equal to 85% of the interest rate per annum for 30-day commercial paper having a rating of A-2/P-2 as reported in The Wall Street Journal on each Determination Date. If for any reason the interest rate on any Series A-T Bond for any Weekly Period is not determined by the Remarketing Agent pursuant to (c)(i) above, or a court holds that the Floating Rate set as provided pursuant to (c)(i) above is invalid or unenforceable, the Floating Rate for such Bonds shall be for the first such week that a Floating Rate is not determined by the Remarketing Agent or has been determined invalid or unenforceable, a rate per annum equal to the Floating Rate established by the Remarketing Agent pursuant to (c)(i) on the immediately preceding Determination Date and on each Determination Date thereafter, shall be a rate per annum equal to 115% of the interest rate per annum for 30-30 day commercial paper having a rating of A-2/P-2 as reported in The Wall Street Journal on each Determination Date.
(iv) The determination of the Floating Rate by the Remarketing Agent or in accordance with (c)(iii) above shall be conclusive and binding upon the AuthorityBoard, the Trustee, the Letter of Credit Bank, the Letter of Credit Bank, the Bank, the Company, the Remarketing Agent, the Tender Agent and the Owners of the Bonds. Anything herein to the contrary notwithstanding, the Floating Rate with respect to the Series A Bonds shall in no event exceed 15% per annum, and the Floating Rate with respect to the Series A Bonds shall in no event exceed 17% per annum.
(dD) The Bonds of a Series shall bear interest at a the Fixed Rate from and after the Conversion Date for such Series until the maturity of such Series of the Bonds. The Fixed Rate for any Series of Bonds shall be a fixed annual interest rate on the Bonds established by the Remarketing Agent as the rate of interest for which the Remarketing Agent has received commitments from purchasers on or prior to the 5th Business Day preceding the Conversion Date to purchase all the Outstanding Bonds on the Conversion Date at a price of par.
(eE) Prior to the Conversion Date for a Series of BondsDate, interest on such the Bonds shall be computed on the basis of a 365/366-day year, for the actual number of days elapsed. On and after the Conversion Date for a Series of BondsDate, interest on such the Bonds shall be computed on the basis of a 360-day year of twelve 30-day months. The principal of and premium, if any, on the Bonds shall be payable in lawful money of the United States at the Principal Corporate Trust Office of the Trustee, or of its successor in trust. The Purchase Price of the Bonds shall be payable in lawful money of the United States by the Tender Agent to the Owner of Bonds entitled to receive such Purchase Price. Interest on the Bonds shall be payable on each Interest Payment Date to the persons in whose name the Bonds are registered at the close of business on the Record Date for the respective Interest Payment Date. Interest shall be paid by check mailed on the applicable Interest Payment Date to each Owner at the addresses shown on the registration books maintained by the Trustee, provided that such interest shall be paid by wire transfer to to: (i) the Bank Bank; and (ii) any Holder of at least $1,000,000 in aggregate principal amount of Bonds, if the Holder makes a written request of the Trustee at least 15 days before a Record Date specifying the account address and wiring instructions, which shall be to a bank in the United States. Such a request may provide that it will remain in effect for subsequent interest payments until changed or revoked by written notice to the Trustee or upon the transfer or reregistration re-registration of the Bond. The principal of the Bonds shall be payable in lawful money of the United States of America at the designated office Principal Corporate Trust Office of the Trustee; provided, however that payment of the Purchase Price of Bonds tendered pursuant to Sections 5.01, 5.03 and 5.04 hereof shall be paid in lawful money of the United States of America at the Delivery Office of the Tender Agent to the Owner of Bonds entitled to receive such Purchase PriceAgent. Except as permitted under provided for in Section 2.13 hereof, no payment of principal shall be made on any Bond until such Bond is surrendered to xxx the Trustee at its Principal Corporate Trust Office.
Appears in 1 contract
Terms of Bonds; Interest on the Bonds. (aA) The Bonds shall be issued in fully registered form. Prior to the Conversion Date with respect to a Series of Bonds, Date: (i) such Bonds shall be Outstanding in denominations of $100,000 or any integral multiple of $5,000 in excess thereof; and (ii) the such Bonds may not be issued, exchanged or transferred except in the authorized denominations of $100,000 or any integral multiple of $5,000 in excess thereof. From and after the Conversion Date with respect to a Series of Bonds, subject to the requirements of the following paragraph, Date: (ix) such Bonds shall be Outstanding in denominations of $5,000 or any integral multiple of $5,000 5,000; and (iiy) such Bonds may not be issued, exchanged or transferred except in the authorized denominations of $5,000 or any integral multiple of $5,000 in excess thereof. The Bonds shall be dated as of the date of delivery and shall mature, subject to prior redemption, as provided herein. Unless the Authority shall otherwise direct, prior to the Conversion Date with respect to a Series of Bonds, the Bonds of such Series shall be lettered "VR" and shall be numbered consecutively from 1 upward, and after the Conversion Date with respect to a Series of Bonds, the Bonds of such Series shall be lettered "FR" and shall be numbered consecutively from 1 upward. On or after its respective Conversion Date, the Bonds of any Series may be issued in denominations of five thousand dollars ($5,000) or any integral multiple thereof upon delivery to the Trustee of (A) a disclosure document relating to such Bonds, and (B) an opinion or opinions of independent counsel to the effect that such disclosure document fairly and accurately describes such Bonds, the security for such Bonds and the financing documents relating to such Bonds and such security, and that the disclosure document (except the financial and statistical data therein as to which no opinion need be expressed) does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, and (C) a certificate of the Company that the Company has undertaken to provide continuing disclosure information as required by United States Securities and Exchange Commission Rule ss.240.15c2-12 ("the Rule") as in effect on such Conversion Date, or an opinion of nationally recognized bond counsel, who may be counsel to the Authority, the Remarketing Agent or the Trustee, to the effect that compliance with the Rule is not required.
(bB) Each Bond shall be dated the Issue Date and shall bear interest, payable payable:
(i) prior to the Conversion Date with respect to a Series of BondsDate, on the first day Wednesday of each calendar month, or if such date is not a Business Day, the next succeeding Business Day commencing March 1February 5, 2000, 1997; (ii) on the Conversion Date with respect to a Series of Bonds, Date; and (iii) from and after the Conversion Date with respect to a Series of BondsDate, on January June 1 or July and December 1 of each year, commencing on the January June 1 or July December 1 next following the Conversion Date, and (iv) on the maturity date for such Bond set forth in the next succeeding paragraph, in each case from the Interest Payment Date next preceding the date of authentication thereof to which interest has been paid or duly provided for, unless the date of authentication thereof is after a Record Date and on or before the succeeding an Interest Payment DateDate to which interest has been paid or duly provided for, in which case from the succeeding Interest Payment Datedate of authentication thereof, or unless no interest has been paid or duly provided for on the Bonds, in which case from the Issue Date, until payment of the principal thereof has been made or duly provided for. Notwithstanding the foregoing, any Bond authenticated after any Record Date and before the following Interest Payment Date shall bear interest from such Interest Payment Date, provided, however, that if the Company Authority shall default in the payment of interest due on such Interest Payment Date, then such Bond shall bear interest from the next preceding Interest Payment Date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for on the Bonds, from the Date of IssueIssue Date. The Series A Bonds shall mature on January December 1, 2020. The Series A-T Bonds shall mature on January 1, 20112016.
(i) From the Issue Date to the Conversion Date with respect to a Series of BondsDate, the Bonds of such Series shall bear interest at the Floating Rate thereforRate. The Floating Rate for each Series of Bonds shall be determined by the Remarketing Agent by 9:30 a.m. on each Determination Date and shall be effective on such Determination Date for the immediately following Weekly Period.
(ii) The Remarketing Agent shall advise the Company and the Trustee of the Floating Rate for each Series of Bonds by telephone (confirmed by telecopy to the Trustee) at or before the close of business on each Determination Date. Upon request of any Bondholder, the Remarketing Agent shall notify such Bondholder of the Floating Rate then borne by the Bonds held by such BondholderBonds.
(iii) If for any reason the interest rate on any Series A a Bond for any Weekly Period is not determined by the Remarketing Agent pursuant to (c)(iC)(i) above, or a court holds that the Floating Rate set as provided pursuant to (c)(iC)(i) above is invalid or unenforceable, the Floating Rate for such Bonds shall be for the first such week Weekly Period that a Floating Rate is not determined by the Remarketing Agent or has been determined invalid or unenforceable, a rate per annum equal to the Floating Rate established by the Remarketing Agent pursuant to (c)(iC)(i) on the immediately preceding Determination Date and on each Determination Date thereafter, shall be a rate per annum equal to 85% of the interest rate per annum for 30-day commercial paper having a rating of A-2/P-2 as reported in The Wall Street Journal on each Determination Date. If for any reason the interest rate on any Series A-T Bond for any Weekly Period is not determined by the Remarketing Agent pursuant to (c)(i) above, or a court holds that the Floating Rate set as provided pursuant to (c)(i) above is invalid or unenforceable, the Floating Rate for such Bonds shall be for the first such week that a Floating Rate is not determined by the Remarketing Agent or has been determined invalid or unenforceable, a rate per annum equal to the Floating Rate established by the Remarketing Agent pursuant to (c)(i) on the immediately preceding Determination Date and on each Determination Date thereafter, shall be a rate per annum equal to 115% of the interest rate per annum for 30-30 day commercial paper having a rating of A-2/P-2 as reported in The Wall Street Journal on each Determination Date.
(iv) The determination of the Floating Rate by the Remarketing Agent or in accordance with (c)(iii) above shall be conclusive and binding upon the Authority, the Trustee, the Bank, the Company, the Remarketing Agent, the Tender Agent and the Owners of the Bonds. Anything herein to the contrary notwithstanding, the Floating Rate with respect to the Series A Bonds shall in no event exceed 15% per annum, and the Floating Rate with respect to the Series A Bonds shall in no event exceed 17% per annum.
(dD) The Bonds of a Series shall bear interest at a the Fixed Rate from and after the Conversion Date for such Series until the maturity of such Series of the Bonds. The Fixed Rate for any Series of Bonds shall be a fixed annual interest rate on the Bonds established by the Remarketing Agent as the rate of interest for which the Remarketing Agent has received commitments from purchasers on or prior to the 5th Business Day preceding the Conversion Date to purchase all the Outstanding Bonds on the Conversion Date at a price of par.
(eE) Prior to the Conversion Date for a Series of BondsDate, interest on such the Bonds shall be computed on the basis of a 365/366-day year, for the actual number of days elapsed. On and after the Conversion Date for a Series of BondsDate, interest on such the Bonds shall be computed on the basis of a 360-day year of twelve 30-day months. The principal of and premium, if any, on the Bonds shall be payable in lawful money of the United States at the Principal Corporate Trust Office of the Trustee, or of its successor in trust. The Purchase Price of the Bonds shall be payable in lawful money of the United States by the Tender Agent to the Owner of Bonds entitled to receive such Purchase Price. Interest on the Bonds shall be payable on each Interest Payment Date to the persons in whose name the Bonds are registered at the close of business on the Record Date for the respective Interest Payment Date. Interest shall be paid by check mailed on the applicable Interest Payment Date to each Owner at the addresses shown on the registration books maintained by the Trustee, provided that such interest shall be paid by wire transfer to to: (i) the Bank Bank; and (ii) any Holder of at least $1,000,000 in aggregate principal amount of Bonds, if the Holder makes a written request of the Trustee at least 15 days before a Record Date specifying the account address and wiring instructions, which shall be to a bank in the United States. Such a request may provide that it will remain in effect for subsequent interest payments until changed or revoked by written notice to the Trustee or upon the transfer or reregistration re-registration of the Bond. The principal of the Bonds shall be payable in lawful money of the United States of America at the designated office Principal Corporate Trust Office of the Trustee; provided, however that payment of the Purchase Price of Bonds tendered pursuant to Sections 5.01, 5.03 and 5.04 hereof shall be paid in lawful money of the United States of America at the Delivery Office of the Tender Agent to the Owner of Bonds entitled to receive such Purchase PriceAgent. Except as permitted under provided for in Section 2.13 hereof, no payment of principal shall be made on any Bond until such Bond is surrendered surrendxxxx to xxx the Trustee at its Principal Corporate Trust Office.
Appears in 1 contract
Samples: Trust Indenture (Nutrition Management Services Co/Pa)
