1987-139 - Laserfiche WebLink

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rr, If for any reason the Remarketing Agent does not determine the Variable Rate applicable to the Bonds of any Issue on any Adjustment Date applicable to such Bonds or the Fixed Rate applicable to the Bonds of any Issue on any Computation Date applicable to such Bonds, or a court of competent jurisdiction holds that the rate so determined is invalid or unenforceable, (A) the Variable Rate for such Adjustment Date will be equal to 85: of the per annum bond equivalent yield applicable to 13 -week United States Treasury bills as published by the Federal Reserve Bank of New York, on the most recent date prior to the applicable Adjustment Date and (B) the Fixed Rate for such Computation Date shall be equal to 95% of the per annum bond equivalent yield applicable to United States Treasury obligations having the same number of months to maturity as the number of months in the applicable Fixed Rate Period (determined by linear interpolation between the yields for instruments having the next shorter and next longer number of months to maturity if no yield is announced for Treasury obligations having the number of months to maturity prescribed herein) as published by the Federal Reserve Bank of New York on the most recent date prior to the applicable Computation Date. Automatic Rescission of Conversion Upon Failure to Remarket In the event that not later than 5:00 p.m., New York City time, on any proposed Conversion Date applicable to the Bonds of an Issue the Remarketing Agent delivers to the Trustee a certificate to the effect that all of such Bonds have not been successfully remarketed on such Conversion Date, the conversion of the interest rate borne by such Bonds shall automatically be rescinded and such Bonds will bear interest from and after such date at the Variable Rate until converted to a Fixed Rate as described above: provided, however, that unless there shall be delivered to the Trustee an opinion of Bond Counsel to the effect that the automatic conversion of the interest rate borne by the Bonds to the Variable Rate in accordance with this paragraph will not adversely affect the excludability from gross income, for federal income tax purposes, on interest paid on the Bonds, if the Bonds bore interest at a Fixed Rate prior to such proposed Conversion Date, a new Fixed Rate Period shall be established for the Bonds as described above under "Fixed Rate Periods" as if the Company had not elected to change the interest rate on the Bonds or to establish a new Fixed Rate Period, and the Computation Date for such Fixed Rate Period shall be the first day of such Fixed Rate Period (or, if not a Business Day, the immediately preceding Business Day), and provided further that such proposed Conversion Date shall be a Mandatory Tender Date notwithstanding such automatic rescission. Optional and Mandatory Tender Optional Tender During Variable Rate Period As long as the Bonds of an Issue bear interest at the Variable Rate, the Issuer will purchase or cause to be purchased (but solely from the applicable Revenues, remarketing proceeds and amounts realized under the Credit Facility securing such Bonds) any such Bond or portion thereof in an authorized denomination (other than any Credit Facility Bonds) at a price equal to the principal amount thereof plus accrued interest thereon upon: -9-