Common use of Conversion of the Bonds Clause in Contracts

Conversion of the Bonds. Permit the conversion of less than all of the Bonds to an Unsupported Rate or permit the conversion of any Bonds to bear interest at any Unsupported Rate, unless the Applicant has obtained and there is in effect a written firm commitment in customary form to purchase all of the Bonds not less than seven days prior to the proposed Conversion Date from the Remarketing Agent or other underwriter or underwriters reasonably satisfactory to the Administrative Agent providing for the purchase of the Bonds by 12:00 noon (New York City time) on such Conversion Date.