Common use of Conversion to Fixed Rate Clause in Contracts

Conversion to Fixed Rate. Pursuant to the terms of the Indenture, the Bonds are subject to conversion to a fixed rate of interest in the event that the Tenant achieves an investment grade rating from the Rating Agencies, all as more particularly described in the Indenture. Notwithstanding anything to the contrary contained herein, the Tenant's failure to renew the Letters of Credit, or provide an Alternate Letters of Credit, in accordance with the terms of this Lease shall not constitute an Event of Default hereunder in the event that the interest rate on the Bonds is converted to a fixed rate pursuant to the Indenture prior to the expiration of the Letters of Credit or Alternate Letters of Credit, as the case may be.