Laserfiche WebLink
40 <br />certain circumstances, to earlier termination and to the option of the Bank to <br />extend the Letter of Credit. PURSUANT TO THE INDENTURE, PRIOR TO THE <br />EXPIRATION OF THE LETTER OF CREDIT OR ANY SUBSTITUTE CREDIT FACILITY (DEFINED <br />HEREIN), THE BORROWER MAY, BUT IS NOT OBLIGATED TO, DELIVER TO THE TRUSTEE A <br />SUBSTITUTE LETTER OF CREDIT, INSURANCE POLICY, GUARANTY, SURETY BOND, LINE OF <br />CREDIT, BOND PURCHASE AGREEMENT OR OTHER SIMILAR CREDIT OR LIQUIDITY FACILITY, <br />SUBJFCT TO CERTAIN CONDITIONS SET FORTH IN THE INDENTURE (A "QUALIFIED CREDIT <br />FACILITY"), WITHOUT NOTICE TO OR THE CONSENT OF THE OWNER OF THIS BOND, or an <br />Alternate Credit Facility (as defined in the Indenture). The Letter of <br />Credit, any Qualified Credit Facility and any Alternate Credit Facility are <br />herein referred to as the "Credit Facility," and the Bank and the issuer of <br />any substitute Credit Facility are herein referred to as the "Credit Facility <br />Provider." <br />4. Interest Rate. The Bonds shall bear interest from and including <br />the date of initial delivery thereof to and including the last day of the <br />Initial Interest Period (defined in the Indenture), at the rate per annum <br />determined as provided in the Indenture, computed on the basis of the actual <br />number of days elapsed over a year of 365 days (366 days in leap years) and <br />payable on the first Business Day of each month (each, an "Interest Payment <br />Date"). Thereafter, the Bonds shall bear interest at the Variable Rate <br />(defined herein), but the Indenture provides that the- Borrower and National <br />HealthCorp L.P., a Delaware limited partnership and its successors and assigns <br />("NHC"), may change the interest rate borne by the Bonds from the Variable <br />Rate to a Fixed Rate (defined herein) for one or more periods (each, a "Fixed <br />Rate Period") and, at the expiration of any Fixed Rate Period, may establish <br />one or more additional Fixed Rate Periods or change the interest. rate borne by <br />the Bonds from a Fixed Rate to the Variable Rate. The Indenture requires the <br />Registrar and Paying Agent to mail notice in accordance with its terms to the <br />owners of the Bonds prior to the commencement of each Fixed Rate Period and <br />prior to any change from a Fixed Rate to the Variable Rate (the first day of <br />each Fixed Rate Period and each date on which the Variable Rate takes effect <br />following a Fixed Rate Period (which shall not include the Initial Interest <br />Period], being hereinafter referred to as a "Conversion Date"). Under the <br />Indenture, any election of the Borrower and NHC to convert the interest rate <br />on the Bonds may automatically be rescinded under certain circumstances. <br />Notwithstanding any other provision of this Bond, so long as a Credit Facility <br />shall be in effect, the interest rate borne by the Bonds may not exceed the <br />Maximum Rate and shall equal the Maximum Rate during such period as it would <br />otherwise exceed the Maximum Rate in accordance with the further provisions of <br />this Section. <br />(a) Variable Rate. The Variable Rate shall be determined by <br />Alex. Brown 6 Sons Incorporated, or any successor remarketing agent under the <br />Indenture (the "Remarketing Agent"), on the day following the last day of the <br />Initial Interest Period, on the first Business Day of each month thereafter <br />during which the Bonds bear interest at the Variable Rate and on each <br />Mandatory Tender Date (defined herein) after which the Bonds will bear <br />interest at the Variable Rate (each, an "Adjustment Date"), and shall be equal <br />to the minimum rate that, in the judgment of the Remarketing Agent, taking <br />B-5 <br />