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shall be subject to purchase at any time prior to the Conversion Date for such Bonds: (i) if the Trustee receives written notice from the Credit Facility Issuer of the occurrence of a default under the Credit Facility Agreement and that the Credit Facility shall be terminated as set forth in the notice or (ii) if the Trustee receives notice from the Credit Facility Issuer within the applicable period specified in the Credit Facility that the Credit Facility Issuer is not reinstating the Credit Facility following a drawing under the Credit Facility to pay interest on the Bonds, to the amount available thereunder immediately prior to such drawing less any reduction resulting from the payment of principal on the Bonds entitled to the benefits of the Credit Facility; provided, however, that Bonds will not be purchased to the extent that such Bonds have been declared due and payable pursuant to Section 903 hereof. The purchase price for each Bond shall be equal to 100% of the principal amount thereof plus interest accrued thereon to the date fixed for purchase. The Trustee shall establish a purchase date at least five days prior to the termination of the Credit Facility, but in no event more than five days after the notice of a default under the Credit Facility Agreement or of a determination of a Credit Facility Issuer not to reinstate the Credit Facility shall have been received by the Trustee. Section 504. Purchase While Bonds Bear Adjustable Lona Rate. While any Bond bears interest at an Adjustable Long Rate, • such Bond (other than a Pledged Bond) shall be purchased pursuant to this Section 504 on each Rate Change Date within an Adjustable Long Mode for such Bond, other than the Rate Change Date which is the first day of an Adjustable Long Mode applicable to such Bond, and on the Adjustment Date immediately following the last day of such Adjustable Long Mode at a purchase price equal to 100% of the principal amount thereof. The owner of such Bond may not elect to retain its Bond. Not later than the tenth day next preceding such Rate Change Date for each Rate Period exceeding 366 days in duration, the Trustee shall give notice by first class mail to the owners of the Bonds stating (i) the last day of the Rate Period then ending and (ii) that the Bonds are required to be purchased on such Rate Change Date. Section 505. Purchase on any Adjustment Date. On each Adjustment Date with respect to a Bond, including, without limitation, a proposed Conversion Date, such Bond shall be purchased pursuant to this Section 505 at a purchase price equal to 100% of the principal amount thereof, except that a Bond which is to be purchased on an Adjustment Date which immediately follows the last day of an Adjustable Long Mode shall be purchased pursuant to Section 505 hereof. The owner of such Bond may not elect to retain its Bond. 44