MANDATORY TENDER OF BONDS UPON TERMINATION OF LETTER OF CREDIT Sample Clauses

MANDATORY TENDER OF BONDS UPON TERMINATION OF LETTER OF CREDIT. If a Substitute Letter of Credit has not been delivered to the Trustee at least sixty (60) days prior to the expiration of the Letter of Credit, in accordance with SECTION 4.4 of the Agreement, the Bonds shall be subject to mandatory tender by the Owners thereof for purchase on the Mandatory Tender Date. The Trustee shall deliver or mail by first class mail a notice in substantially the form attached hereto as EXHIBIT I, stating that the Letter of Credit will expire fifteen (15) days after the Mandatory Tender Date, and that, if the Book-Entry System is not in effect, all Owners of Bonds must tender their Bonds to the Tender Agent for purchase on the Mandatory Tender Date, and that any Bonds not so tendered shall be deemed to have been tendered for purchase on the Mandatory Tender Date. Such notice shall be delivered at least twenty (20) days but not more than thirty (30) days prior to the Mandatory Tender Date to the Owner of each Bond at the address shown on the registration books of the Issuer. Any notice given as provided in this Section shall be conclusively presumed to have been duly given, whether or not the Owner receives the notice. Failure to mail any such notice, or the mailing of defective notice, to any Owner, shall not affect the proceeding for redemption as to any Owner to whom proper notice is mailed.