Failure to Satisfy Conditions Precedent to a Mode Change Sample Clauses

Failure to Satisfy Conditions Precedent to a Mode Change. In the event the conditions described above in subsections (a) or (b), as applicable, of this Section 404 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. If the failed change in Mode was from the Commercial Paper Mode, the applicable Bond shall remain in the Commercial Paper Mode with interest rates and Interest Periods to be established by the Remarketing Agent on the failed Mode Change Date in accordance with Section 303 hereof. If the failed change in Mode was from the Daily Mode, the applicable Bond shall remain in the Daily Mode, and if the failed change in Mode was from the Weekly Mode, the applicable Bond shall remain in the Weekly Mode, in each case with interest rates established in accordance with the applicable provisions of Section 304 hereof on and as of the failed Mode Change Date. If the failed change in Mode was from the Term Rate Mode, the applicable Bond shall be changed to the Commercial Paper Mode with an Interest Period and Commercial Paper Rate to be determined by the Remarketing Agent on the failed Mode Change Date in accordance with Section 303 hereof.
Sample 1Sample 2
AutoNDA by SimpleDocs
Failure to Satisfy Conditions Precedent to a Mode Change. In the event the conditions described above in subsections (a) or (b), as applicable, of this Section 2.11 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. If the failed change in Mode was from the Daily Mode, the applicable 2020D-2 Bond shall remain in the Daily Mode, and if the failed change in Mode was from the Weekly Mode, the applicable 2020D-2 Bond shall remain in the Weekly Mode, in each case with interest rates established in accordance with the applicable provisions of Section 2.8 hereof on and as of the failed Mode Change Date. If the failed change in Mode was from the Term Rate Mode, then such Bond shall stay in the Term Rate Mode for an Interest Period ending on the next Stated Interest Payment Date and shall bear interest at the applicable Alternative Rate. The Trustee shall promptly notify the Owners, with a copy to the MSRB, of any failed change in Mode.
Sample 1
Failure to Satisfy Conditions Precedent to a Mode Change. 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. If the failed change in Mode was from the Daily Mode, the applicable 2017 Series B-1 Bond shall remain in the Daily Mode, and if the failed change in Mode was from the Weekly Mode, the applicable 2017 Series B-1 Bond shall remain in the Weekly Mode, in each case with interest rates established in accordance with the applicable provisions of Section 2.7 of this Series Indenture on and as of the failed Mode Change Date. If the failed change in Mode was from the Term Rate Mode and for which the Liquidity Facility was in effect for the 2017 Series B-1 Bond to be changed, the applicable 2017 Series B-1 Bond shall be changed to the Weekly Mode. If, however, there was no Liquidity Facility in effect for such Bond to have been changed from the Term Rate Mode, then such Bond shall stay in the Term Rate Mode for an Interest Period ending on the next Stated Interest Payment Date and shall bear interest at the applicable Alternate Rate. The Trustee shall promptly notify the Owners, with a copy to the MSRB, of any failed change in Mode.
Sample 1
Failure to Satisfy Conditions Precedent to a Mode Change. In the event the conditions described above in subsection (a) or (b), as applicable, of this Section have not been satisfied by the applicable Mode Change Date, then the New Mode or the Fixed Rate Mode, as the case may be, for the Bonds of the subseries to be converted shall not take effect. If the failed change in Mode was from the Commercial Paper Mode, the Bonds of such subseries shall remain in the Commercial Paper Mode with interest rates and Interest Periods to be established by the Remarketing Agent on the failed Mode Change Date in accordance with Section 2.02 hereof. If the failed change in Mode was from the Daily Mode, the Bonds of such subseries shall remain in the Daily Mode, and if the failed change in Mode was from the Weekly Mode, the Bonds of such subseries shall remain in the Weekly Mode, in each case with interest rates established in accordance with the applicable provisions of Section 2.03 hereof on and as of the failed Mode Change Date. If the failed change in Mode was from the Term Rate Mode at the end of the Interest Period for such Bonds, such Bonds (i) shall be returned to their Owners and remain Outstanding, (ii) shall continue in the Term Rate Mode until purchased, as described in the immediately succeeding clause (iii), and shall bear interest at the Alternate Term Rate until so purchased, and (iii) shall be purchased upon the availability of remarketing proceeds to purchase such Bonds (or Borrower funds as provided in Section 3.06 hereof). In the event of a failed change in Mode as described in the immediately preceding sentence, the Remarketing Agent shall use its best efforts to cause the Bonds to be remarketed (in any Mode or Modes) on the first date thereafter at which time all such Bonds can be sold at par, at a rate not exceeding the Maximum Rate. If the failed change in Mode was from a Term Rate Mode or the Fixed Rate Mode on a Mode Change Date for such Bonds which occurs prior to the end of the Interest Period for such Bonds at a time when such Bonds are subject to optional redemption at the direction of the Borrower pursuant to Section 3.06(d)(iv) of the Agreement, such Bonds (i) shall be returned to their Owners and remain Outstanding, (ii) shall continue in the Term Rate Mode in the then current Interest Period or the Fixed Rate Mode, and (iii) shall continue to bear interest at the Term Rate or Fixed Rate then in effect. <PAGE> A-16
Sample 1
Failure to Satisfy Conditions Precedent to a Mode Change. In the event the conditions described above in subsections (a), (b), (c) or (d), as applicable, of this Section 2.11 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. If the failed change in Mode was from the Daily Mode, the applicable 2020A-1 Bond shall remain in the Daily Mode. If the failed change in Mode was from the Weekly Mode, the applicable 2020A-1 Bond shall remain in the Weekly Mode, in each case with interest rates established in accordance with the applicable provisions of Section 2.8 hereof on and as of the failed Mode Change Date. If the failed change in Mode was from the Term Rate Mode, then such Bond shall stay in the Term Rate Mode for an Interest Period ending on the next Stated Interest Payment Date and shall bear interest at the applicable Alternate Rate. If the failed change in Mode was from the Bank Loan Mode, the 2020A-1 Bonds shall remain in the Bank Loan Mode, in each case with interest rates at the Term Out Rate as provided in the Bank Loan Agreement (provided that the tax-exemption of interest on 2020A-1 Bonds in the Bank Loan Mode, to the extent it exceeds the Bank Loan Rate (without giving effect to the Term Out Rate), is subject to delivery of a Favorable Opinion of Bond Counsel). If the failed change in Mode was from the FRN Rate Mode, then such Bond shall stay in the FRN Rate Mode for an Interest Period ending on the next Stated Interest Payment Date and shall bear interest at the applicable Alternate Rate. The Trustee shall promptly notify the Owners, with a copy to the MSRB, of any failed change in Mode.
Sample 1
Failure to Satisfy Conditions Precedent to a Mode Change. In the event the conditions described above in subsections (a) or (b), as applicable, of this Section
Sample 1

Related to Failure to Satisfy Conditions Precedent to a Mode Change

  • Failure to Satisfy Conditions Precedent If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

  • Failure to Satisfy Conditions If the Secured Party or its Custodian fails to satisfy any conditions for holding Posted Collateral, then upon a demand made by the Pledgor, the Secured Party will, not later than five Local Business Days after the demand, Transfer or cause its Custodian to Transfer all Posted Collateral held by it to a Custodian that satisfies those conditions or to the Secured Party if it satisfies those conditions.

  • Conditions Precedent to Disbursement Agency’s obligation to disburse Grant Funds to Grantee under this Grant is subject to satisfaction of each of the following conditions precedent:

  • CONDITIONS PRECEDENT TO OBLIGATIONS OF EACH PARTY The obligations of each Party to effect the Merger and otherwise consummate the Contemplated Transactions to be consummated at the Closing are subject to the satisfaction or, to the extent permitted by applicable Law, the written waiver by each of the Parties, at or prior to the Closing Date, of each of the following conditions:

  • Waiver of conditions precedent The conditions specified in this clause 9 are inserted solely for the benefit of the Bank and may be waived by the Bank in whole or in part and with or without conditions.

  • CONDITIONS PRECEDENT TO LOAN The obligations of Lender to make the Loan hereunder are subject to the satisfaction by Borrower of the following conditions:

  • Conditions Precedent to Obligation of Buyer Buyer's obligation to consummate the transactions contemplated by this Agreement is subject to the satisfaction, on or prior to the Closing Date, of each of the following conditions, unless otherwise waived by Buyer in writing:

  • Conditions Precedent to Effectiveness This Agreement shall become effective on and as of the first date (the “Effective Date”) on which the following conditions precedent have been satisfied:

  • Conditions Precedent to EFFECTIVENESS OF SECTIONS 2.01 AND 2.03. Sections 2.01 and 2.03 of this Agreement shall become effective on and as of the first date (the "EFFECTIVE DATE") on which the following conditions precedent have been satisfied:

  • Covenant to Satisfy Conditions Each party hereto agrees to use all reasonable efforts to insure that the conditions set forth in Article IV and Article V hereof are satisfied, insofar as such matters are within the control of such party.

Time is Money Join Law Insider Premium to draft better contracts faster.