Purchaser Consent to Subsequent LIBOR-Based Interest Rate Period Sample Clauses

Purchaser Consent to Subsequent LIBOR-Based Interest Rate Period. So long as the Purchaser is the Bondholder, on or before the date that is one hundred twenty (120) calendar days prior to the end of the Bank Purchase Date then in effect, the Authority may provide written notice to the Purchaser of its desire to change the Rate Mode of the Bonds (including conversion to a new LIBOR-Based Interest Rate Period) and requesting the Purchaser to purchase such Bonds in such new LIBOR-Based Interest Rate Period or provide the liquidity or credit enhancement necessary to facilitate the conversion of the Bonds to such new Rate Mode. The Purchaser may, in its sole and absolute discretion, decide to accept or reject any such request and no consent shall become effective unless the Purchaser shall have consented thereto in writing. In the event the Purchaser fails to definitively respond to such request within such sixty (60) calendar day period, the Purchaser shall be deemed to have refused to grant such request. The consent of the Purchaser, if granted, shall be conditioned upon the preparation, execution and delivery of documentation in form and substance satisfactory to the Purchaser (which may include, but not be limited to, the delivery of a “no adverse effect” opinion of Bond Counsel to the Purchaser (or such other opinions as may be required by the Purchaser) with respect to the tax-exempt status of the Bonds as a result of such conversion and interest rate setting). In the event the Authority and the Purchaser fail to document in writing their agreement of the proposed rate(s) and terms of the succeeding period(s), the Authority shall remain obligated to repurchase the Bonds on the Mandatory Tender Date at a purchase price equal to the Mandatory Tender Purchase Price.
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