1987-139 - Laserfiche WebLink

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El contain the number of days that in the judgment of the Remarketing Agent, as of the date of determination, produces the greatest likelihood of the lowest net interest cost to the Issuer and the Borrower during the first 180 days after the initial delivery of the Bonds. It is recognized that, in order to increase the likelihood of achieving the lowest overall debt service cost to the Issuer and the Borrower, the Remarketing Agent may, in the exercise of its judgment, determine an Initial Interest Period that would result in a higher initial interest rate than would have been determined if a different initial interest period were established. The determination of the Initial Interest Period that would result in a higher initial interest rate than would have been determined if a different initial interest period were established. The determination of the Initial Interest Period by the Remarketing Agent as herein provided shall be based upon the market for and the relative yields of the Bonds and other securities that, in the judgment of the Remarketing Agent, are comparable to the Bonds, or any fact or circumstance relating to the Bonds or affecting the market for the Bonds or affecting such comparable securities in a manner that, in the judgment of the Remarketing Agent, will affect the market for the Bonds. The Remarketing Agent, in the exercise of its judgment, may consider such information and resources as it deems appropriate in making the determination required by this paragraph, but the Remarketing Agent's determination of the Initial Interest Period shall be based solely upon the Remarketing Agent's judgment. The Initial Interest Period determined as provided in this paragraph shall be conclusive and binding on the holders of the Bonds. On the date of determination of the Initial Interest Period, the Remarketing Agent shall determine the interest rate on the Bonds to be effective during the Initial Interest Period, which rate shall be equal to the lower of the Maximum Rate and the minimum rate that, in the judgment of the Remarketing Agent, taking into account prevailing market conditions, would enable the Remarketing Agent to sell all of the Bonds on the date of initial delivery thereof, at a price equal to the principal amount thereof. The Remarketing Agent shall, upon the determination of the Initial Interest Period and initial interest rate, give notice to the Trustee, the Registrar and Paying Agent, the Credit Facility Provider, the Borrower and NHC of the Initial Interest Period and initial interest rate by telephone, telex or other electronic transmission (confirmed in writing in the case of any oral notice). (b) Variable Rate. Commencing on the Initial Adjustment Date, the Bonds shall bear interest at the Variable Rate. The Variable Rate shall be determined in accordance with Section 4(a) of the Bonds on the Initial Adjustment Date, and on each Adjustment Date thereafter so long as the Bonds bear interest at the Variable Rate. (c) Conversion of Interest Rate and Establishment of Fixed Rate Periods. The Borrower, and N11C, may from time to time (i) establish one or more consecutive Fixed Rate Periods or (ii) at the expiration of any Fixed Rate Period (A) change the interest rate on the Bonds from the Fixed Rate to the Variable Rate of (B) establish one or more additional consecutive Fixed Rate Periods, in each case by delivering to the Trustee, at least 40 but not more than 90 days before the proposed Conversion Date (1) a written notice signed by an Authorized Officer of the borrower and an Authorized Officer of N11C, that specifies the proposed change, the Conversion Date and, if one or more Fixed Rate Periods will be established, the last day of each such Fixed Rate Period, (2) an opinion of 14