Mode definition
Examples of Mode in a sentence
If the Trustee receives notice of such rescission prior to the time the Trustee has given notice to the Owners of the Bonds, then such notice of change in Mode shall be of no force and effect.
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.
Notwithstanding anything herein to the contrary, the Borrower may rescind any election by it to change a Mode as described above, with respect to all or a portion of the Bonds or any subseries of the Bonds subject to such change in Mode, prior to the Conversion Date, by giving written notice thereof to the Notice Parties on any date prior to such Conversion Date.
Following conversion to the Fixed Rate Mode, the Series 2026 Bonds shall not be subject to mandatory tender for purchase.