Mandatory Purchase Date definition
Examples of Mandatory Purchase Date in a sentence
Each notice of mandatory tender for purchase shall identify the reason for the mandatory tender for purchase, and specify the CUSIP number, Mandatory Purchase Date, the Purchase Price, the place and manner of payment, that the Owner has no right to retain such Bonds and that no further interest will accrue from and after the Mandatory Purchase Date to such Owner.
For any Bonds required to be tendered for purchase which are not in fact delivered, the Tender Agent shall hold any funds received for purchase of those Bonds in trust in a separate account and shall pay such funds to the former Owners upon presentation of the Bonds subject to tender, and such Bonds shall be deemed tendered and cease to accrue interest as to the former Owners on the Purchase Date or Mandatory Purchase Date pursuant to the Ordinance.
Notwithstanding the foregoing, the Tender Agent shall draw on the related Liquidity Facility in an amount equal to the Purchase Price of all Bonds of the subseries tendered or deemed tendered for purchase on each Purchase Date or Mandatory Purchase Date, as the case may be, if it does not receive a confirmation from the Remarketing Agent pursuant to clause (1) of Section A-407(c) of the Ordinance.
Such Purchase Price shall be paid by wire transfer in immediately available funds on such Purchase Date or Mandatory Purchase Date; provided, however, for so long as the Bonds are held in the Book-Entry System, such payment will be in accordance with the requirements of the Book-Entry System.
Money in each of the Remarketing Proceeds Account and the Liquidity Facility Purchase Account of the Purchase Fund shall be applied by the Tender Agent by 3:00 p.m., New York City time, on each Purchase Date or Mandatory Purchase Date to purchase Bonds tendered to the Tender Agent at the Purchase Price in accordance with Appendix A of the Ordinance.