Bill No. 20-22 Amending Bond Ordinance_City of South Bend, Indiana Variable Rate Economic Development Revenue Bonds, Series 2007 (PEI_Genesis Project)

Home Browse Search

30 Beneficial Ownership Interests to the Bank in lieu of remarketing such Project Bonds or Beneficial Ownership Interests as described in Section 6.16 hereof. Section 2.06. Mandatory Tender Upon Delivery of an Alternate Letter of Credit or an Alternate Confirming Letter of Credit. (a) If at any time the Borrower shall provide for the delivery to the Trustee of an Alternate Letter of Credit in accordance with the provisions of Section 5.09 hereof, on a date selected by the Borrower, with the consent of the Trustee, which date shall precede the Replacement Date, as defined in Section 5.09 hereof, by at least five (5) Business Days (a “Bond Purchase Date”), all Project Bonds and Beneficial Ownership Interests shall be subject to mandatory tender by the Holders or Beneficial Owners, as applicable, for purchase at a price of 100% of the principal amount thereof plus accrued interest to such Bond Purchase Date. At least 30 days, but not more than 45 days, prior to such Bond Purchase Date the Trustee shall notify all Holders by first-class mail that an Alternate Letter of Credit is to be delivered by the Borrower to the Trustee. Such notice shall advise the Holders of the Bond Purchase Date, that the requirements of the Indenture and the Project Bonds relating to Alternate Letters of Credit hav e been met, the name of the financial institution issuing the Alternate Letter of Credit, the rating, if any, on the Project Bonds upon the provision of the Alternate Letter of Credit and that all Project Bonds and Beneficial Ownership Interests shall be subject to mandatory purchase, subject to the right of each Holder or Beneficial Owner to affirmatively elect to waive the mandatory tender for purchase and retain its Project Bonds or Beneficial Ownership Interests. The Trustee shall send a copy of such notice to the Remarketing Agent. Notwithstanding such mandatory tender, any Holder or Beneficial Owner may elect to retain its Project Bonds or Beneficial Ownership Interests by delivering to the Trustee a written notice no later than 11:00 a.m. according to the local time at the principal corporate trust office of the Trustee on the eighth Business Day prior to such Bond Purchase Date, which notice shall state that (a) such Holder or Beneficial Owner has received notice of and realizes that the Borrower is delivering an Alternate Letter of Credit to the Trustee pursuant to Section 5.09, (b) such Holder or Beneficial Owner affirmatively elects to retain its Project Bonds or Beneficial Ownership Interests, and (c) such Holder or Beneficial Owner acknowledges that any rating on the Project Bonds may be reduced or withdrawn upon the delivery of an Alternate Letter of Credit. (b) If at any time the Bank shall provide for the delivery to the Trustee of an Alternate Confirming Letter of Credit, on a date selected by the Bank, with the consent of the Trustee (a “Bond Purchase Date”), which date shall be the effective date of such Alternate Confirming Letter of Credit, all Project Bonds and Beneficial Ownership Interests shall be subject to mandatory tender by the Holders o r Beneficial Owners, as applicable, for purchase at a price of 100% of the principal amount thereof plus accrued interest to such Bond Purchase Date. At least 30 days, but not more than 45 days, prior to such Bond Purchase Date the Trustee shall notify all Holders by first-class mail that an Alternate Confirming Letter of Credit is to be delivered by the Bank to the Trustee. Such notice shall advise the Holders of the Bond Purchase Date, the name of the financial institution issuing the Alternate Confirming Letter of Credit, the rating, if any, on the Project Bonds upon the provision of the Alternate Confirming Letter of Credit and that all