Mode Change definition
Examples of Mode Change in a sentence
In the event the conditions described above in subsections (a) or (b), as applicable, of this Section 2.10 have not been satisfied by the applicable Mode Change Date, then the New Mode or Fixed Rate Mode, as the case may be, shall not take effect.
The change to the Fixed Rate Mode shall not occur unless a Rating Confirmation Notice shall have been delivered to the Trustee and the Remarketing Agent on the Mode Change Date.
If there shall be no Liquidity Facility in effect to provide funds for the purchase of such Bonds on the Mode Change Date, the proceeds of remarketing such Bonds available on the Mode Change Date shall be not less than the amount required to purchase all of such Bonds at the Purchase Price (unless the Borrower, in its sole discretion, elects to transfer to the Tender Agent the amount of such deficiency on or before the Mode Change Date).
Not later than 12:00 noon, New York City time, on the Business Day immediately prior to the Mode Change Date, the Remarketing Agent for such Bonds shall determine the Fixed Rate(s) for such Bonds.
Bonds to be changed at the election of the Borrower from one Mode to another Mode (other than a change to the Fixed Rate Mode, in which case such Bonds are subject to mandatory purchase pursuant to Subsection B of this Section), and Bonds in an R-FLOATs Mode which are to be changed to a Special R-FLOATs Rate Period of greater than 35 days, are subject to mandatory purchase on the Mode Change Date or the effective date of the Special R-FLOATs Rate Period at the Purchase Price as provided in this Subsection.
Not less than 20 days (or such shorter time as may be agreed to by the Trustee and the Remarketing Agent for such Bonds) before the proposed Mode Change Date, the Borrower shall give written notice of the conversion to the Issuer, the Trustee, the Tender Agent, such Remarketing Agent, and the Liquidity Facility Provider (if any), and Credit Facility Provider (if any) for such Bonds, setting forth the proposed Mode Change Date.
Notwithstanding anything herein to the contrary, the Company may rescind any election by it to change a Mode as described above prior to the Mode Change Date by giving written notice thereof to the Notice Parties prior to such Mode Change Date.
The New Mode for such Bonds shall commence on the Mode Change Date, and the interest rate(s) (together, in the case of a change to the Commercial Paper Mode, with the Interest Period(s) and Purchase Date(s)) with respect to such Bonds shall be determined by the Remarketing Agent for such Bonds in the manner provided in Sections 2.04, 2.05, 2.06, 2.07, 2.08, 2.09 or 2.10 as applicable.
Such notice shall state that such Bonds shall be subject to mandatory tender at a price equal to 100% of the principal amount thereof plus accrued interest on the Mode Change Date.
Bonds to be changed to the Fixed Rate Mode are subject to mandatory purchase on the Mode Change Date at the Purchase Price (subject to Section 2.10).