89-100 Ordinance - Laserfiche WebLink

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to the principal corporate trust office of the Trustee the Project Bonds to be purchased in proper form, accompanied by fully completed and executed Instructions to Sell. If less than all of a Project Bond purchased, the Trustee shall, at the authenticate one or more Project Bonds registered in the name of such Holder, principal amount being retained by such Ho such authenticated Project Bond or Project so delivered is to be cost of the Holder, in exchange therefor, having the aggregate lder, and shall deliver Bonds to such Holder. Project Bonds tendered for purchase on any Bond Purchase Date will not be purchased and will be returned by the Trustee to the tendering Holders thereof if, as of such Bond Purchase Date, an Event of Default under the Indenture exists and the Project Bonds have been declared to be and are due and payable. MANDATORY TENDER If at any time the Borrower on behalf of the Issuer shall convert the interest rate on the Project Bonds to a different Interest Rate Mode, on the Interest Period Reset Date upon which such conversion is effective, all Project Bonds shall be subject to mandatory tender by the Holders thereof for purchase on the Interest Period Reset Date (a "Bond Purchase Date") at the applicable purchase price provided for above. Notwithstanding such mandatory tender, any Holder may elect to retain his Project Bonds by delivering to the Trustee a written notice no later than 11:00 a.m. on the eighth Business Day prior to such Interest Period Reset Date or by 11:00 a.m. on the fifth Business Day prior to such Interest Period Reset Date if the Interest Rate Mode is to be converted to the One Month Interest Rate, which notice shall state that (a) such Holder realizes that the Project Bonds are being converted to bear interest at the applicable Interest Rate Mode, (b) unless the interest rate on the Project Bonds is being converted to the Weekly Interest Rate, such Holder realizes that the next Bond Purchase Date upon which the Project Bonds may be tendered for purchase is the next Interest Rate Adjustment Date or, if such Project Bonds are being converted to the Fixed Interest Rate, that such Project Bonds may no longer be tendered for purchase, and (c) such Holder affirmatively elects to hold his Project Bonds and receive interest at the applicable Interest Rate Mode. Project Bonds with respect to which the Trustee shall not have received the election required by the preceding paragraph shall be deemed to have been tendered whether or not the Holders thereof shall have delivered such Project Bonds to the Trustee, and subject to the right of the Holders of such Project Bonds to receive the purchase price of such Project Bonds pursuant to a draw on the Letter of Credit and to receive interest accrued thereon to the Interest Period Reset Date, such Project Bonds shall be null and void and the Trustee shall authenticate and deliver new Project Bonds in replacement thereof pursuant to the remarketing of such Project Bonds. -14-