1985-55 CRA - Laserfiche WebLink

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. . . for prevailing market conditions, and taking into account whether an Alternate Credit Facility will be delivered by the Agency pursuant to Section 5E hereof and the resulting rating on the Bonds subsequent to the Reset Date), at 100% of the principal amount thereof together with interest at the Reset Rate; provided, however, if the Reset Period so determined shall terminate later than the final maturity date of the Outstanding Bonds, the Reset Rate shall be such lesser rate as will enable the Remarketing Agent to remarket the Bonds (having due regard for prevailing market conditions) for a Reset Period ending on the final maturity date of the Outstanding Bonds, at 100% of the principal amount thereof. The Remarketing Agent shall immediately notify the Bank, the Agency and the Fiscal Agent, by telephonic or telegraphic notice followed with written confirmation thereof of the Reset Rate and Reset Period so determined and whether the Initial Letter of Credit will expire upon the Reset Date, and whether the rating on the Bonds will be lowered or withdrawn as a result of the expiration of the Initial Letter of Credit or the delivery by the Agency of an Alternate Credit Facility. The interest rate so determined shall be the Reset Rate payable on such Bonds for the Reset Period commencing on the next succeeding Reset Date; provided, however, that during any period that the Bonds are held by the Bank as Bank Bonds such Bonds shall bear interest at the Revised Rate (as that term is defined in the Reimbursement Agreement) . C. Notice to Owners of Determination of Reset Rate and Reset Period. The Fiscal Agent shall give notice by first class mail, postage prepaid, to the Owners of Bonds not less than ten (10) Business Days prior to each Reset Date. Such notice shall state (i) that the interest rate on the Bonds will be reset on the Reset Date (ii) the Reset Date, (iii) the Reset Rate, (iv) whether the Initial Letter of Credit will expire upon the Reset Date, and whether the rating on the Bonds will be lowered or withdrawn as a result of the expiration of the Initial Letter of Credit or the delivery by the Agency of an Alternate Credit Facility, and (v) state that the Bonds are subject to mandatory purchase on the Reset Date unless the Owner delivers an irrevocable notice, in the form set forth in the Fiscal Agent's notice to the Owners of the Bonds, to the Remarketing Agent and the Fiscal Agent by certified mail, return receipt requested, received by the Remarketing Agent and the Fiscal Agent at least five days prior to the Reset Date electing not to have such Owner's Bonds purchased. Failure by the Fiscal Agent to give such notices by mailing, or any defect therein, shall not affect the interest rate to be borne by the Bonds, shall not extend the period for final maturity of the Bonds, nor in any way change the rights of the Owners of such Bonds to deliver Bonds for purchase. 12-02-85 9563p/2281/01 -11-