Common use of Prospective Effect Clause in Contracts

Prospective Effect. to make any modification or amendment to this Bond Indenture, even if consent of Holders would otherwise be required, (i) if such amendment will be effective upon the remarketing of all Bonds following the mandatory tender of the Bonds pursuant to Sections 4.07, 4.08, 4.09 or 4.10 or (ii) if all Bonds are in one or more of a Daily Mode, a Weekly Mode or an R-FLOATs Mode (except during any Non-Remarketing Period), if notice of such proposed modification or amendment is given to Holders (in the same manner as notices of redemption are given) at least 15 days before the effective date thereof and on or before such effective date, the Holders have the right to demand purchase of their Bonds pursuant to Section 4.06; provided that, on or prior to the effective date of such modification or amendment, the Trustee shall obtain a Favorable Opinion of Bond Counsel. The Trustee shall give notice of any such modification or amendment to each Rating Agency then rating the Bonds provided the Trustee shall incur no liability for failure to do so.