Mandatory Tender Date definition
Examples of Mandatory Tender Date in a sentence
The Remarketing Agent appointed by the Borrower shall use its best efforts to offer for sale: (i) all Term Rate Bonds required to be purchased on a Mandatory Tender Date as described in Section 3.5, and (ii) any Borrower Bonds (as hereinafter defined), provided that in no event shall the Remarketing Agent remarket any Bonds to the Issuer.
While Bonds are in a Term Rate Mode, on each Mandatory Tender Date and on any Business Day on or after the Earliest Optional Mode Change Date, the Borrower may convert all or a portion of such Term Rate Bonds to bear interest at a new Term Rate for a new Term Rate Period selected by the Borrower or convert all or a portion of such Bonds to bear interest at a Fixed Rate.
If the Trustee receives notice from the Borrower of rescission of a Mode change after the Trustee has given notice thereof to the Owners of the Bonds, then if the proposed Conversion Date would have been a Mandatory Tender Date solely as a result of such conversion, the Trustee shall give notice of such rescission to the Owners of the Bonds, and such date shall no longer be a Mandatory Tender Date.
Each Owner and each beneficial owner of Term Rate Bonds, by its acceptance of such Term Rate agrees to tender its Term Rate Bonds to the Trustee for purchase on each Mandatory Tender Date at the applicable Purchase Price.
The failure to send such notice with respect to any Term Rate Bond shall not affect the validity of the mandatory purchase of any other Term Rate Bond with respect to which notice was so sent or the mandatory purchase on a Scheduled Mandatory Tender Date.