Common use of Determination by Remarketing Agent Clause in Contracts

Determination by Remarketing Agent. (i) The Interest Rate shall be determined by the Remarketing Agent as the rate of interest which, in the judgment of the Remarketing Agent, would cause the Bonds to have a market value as of the date of determination equal to the principal amount thereof, taking into account prevailing market conditions; provided that the interest rate borne by the Bonds shall not exceed the Maximum Rate. With respect to Commercial Paper Rates, the Remarketing Agent shall determine the Commercial Paper Rate and the Commercial Paper Rate Period for each Bond at such rate and for such period as it deems advisable in order to minimize the net interest cost on the Bonds that bear interest at Commercial Paper Rates, taking into account prevailing market conditions. (ii) In the event the Remarketing Agent fails for any reason to determine or notify the Trustee of the Interest Rate for any Rate Period the Interest Rate shall be determined as follows, provided that the Interest Rate so determined shall not exceed the Maximum Rate: (A) The Interest Rate then in effect for Bonds that accrue interest at Daily Rates will remain in effect from day to day until the Trustee is notified of a new Daily Rate determined by the Remarketing Agent. If no Daily Rate is determined upon a conversion to a Daily Rate, the Interest Rate shall be the Alternate Rate. (B) The Interest Rate then in effect for Bonds that accrue interest at Weekly Rates will remain in effect from week to week until the Trustee is notified of a new Weekly Rate determined by the Remarketing Agent. If no Weekly Rate is determined upon a conversion to a Weekly Rate, the Interest Rate shall be the Alternate Rate. (C) The Interest Rate for any Bond that accrues interest at a Commercial Paper Rate and for which a Commercial Paper Rate and Commercial Paper Rate Period is not determined shall be equal to 100% of the prime commercial paper rate (30 days) shown in the table captioned "short-term tax-exempt yields" in the edition of The Bond Buyer published on the day on which such rate is determined or, if such rate is not published on that day, the most recent publication in The Bond Buyer of such rate, and the Rate Period for such Bond shall extend through the day preceding the next Business Day, until the Trustee is notified of a new Commercial Paper Rate and Commercial Paper Rate Period determined for such Bond by the Remarketing Agent. (D) The Interest Rate then in effect for Bonds that accrue interest at the Multiannual Rate will be automatically converted to Commercial Paper Rates with Commercial Paper Rate Periods beginning on each Business Day and extending through the day preceding the next Business Day until the Trustee is notified of a new Commercial Paper Rate and Commercial Paper Rate Period determined for such Bond by the Remarketing Agent. (iii) All determinations of Interest Rates pursuant to this Section shall be conclusive and binding upon the Issuer, the Company, the Trustee, the Paying Agent, any Co-Paying Agent, the Bank and the Owners of the Bonds to which such rates are applicable. (iv) The Interest Rate in effect for Bonds during any Rate Period shall be available to Owners and the Bank on the date such Interest Rate is determined, between 12:30 p.m. and 5:00 p.m., New York City time, from the Remarketing Agent or the Trustee at their principal offices and shall also be communicated by the Remarketing Agent promptly to the Company by telephonic or Electronic notice. (v) Bonds may bear interest in accordance with different interest rate determination methods and during any period when Bonds are bearing interest in accordance with more than one interest rate determination method, interest for such Bonds shall be governed by the provisions of this Indenture applicable to Daily Rate Periods, Weekly Rate Periods, Commercial Paper Rate Periods and Multiannual Rate Periods, as the case may be.

Determination by Remarketing Agent. Subject to the further provisions of this Article III with respect to particular Variable Rates or conversions between Rate Periods, the Variable Rate to be applicable to the Tax Exempt Bonds during any Variable Rate Period for said Bonds shall be determined by the Remarketing Agent. (i) In each case, the Variable Rate for the Variable Rate Period in question shall be determined by the Remarketing Agent on the date or dates and at the time or times required pursuant to subsection (b), (c), (d), (e), (f) or (g) below, whichever is applicable. (ii) The Interest Variable Rate for any Tax Exempt Bond shall be determined by the Remarketing Agent as the minimum rate of interest which, in the judgment of the Remarketing Agent, would cause the Bonds Bond to have a market value as of the date of determination equal to the principal amount thereof, plus accrued interest, taking into account prevailing market conditions; provided that the interest rate borne by the Bonds shall not exceed the Maximum Rate. With that: (A) except with respect to Commercial Paper Ratesthe determination of a new Daily Rate for any Tax Exempt Bond pursuant to Section 3.2(b)(ii), the Remarketing Agent shall determine the Commercial Paper Rate and the Commercial Paper Rate Period for each Bond at such rate and for such period as it deems advisable in order to minimize the net interest cost on the Bonds that bear interest at Commercial Paper Rates, taking into account prevailing market conditions. (ii) In the event if the Remarketing Agent fails for any reason to determine or notify the Trustee of the Interest Variable Rate for any Variable Rate Period when required hereunder or if any condition to the Interest conversion of any Rate Period to a Variable Rate Period for any Tax Exempt Bond is not satisfied on or before the Conversion Date, the Rate Period for said Bond shall automatically convert to the Daily Rate Period and the Daily Rate shall be determined as follows, provided that in accordance with the Interest provisions of Section 3.2(b)(i) and (ii) hereof; and (B) in no event shall the Variable Rate so determined shall not for any Variable Rate Period exceed the Maximum Rate: (A) . The Interest Rate then in effect for Bonds that accrue interest at Daily Rates will remain in effect from day Paying Agent shall promptly notify all Bondholders affected thereby of any conversion to day until the Trustee is notified of a new Daily Rate determined by the Remarketing Agent. If no Daily Rate is determined upon a conversion pursuant to a Daily Rate, the Interest Rate shall be the Alternate Rate. (B) The Interest Rate then in effect for Bonds that accrue interest at Weekly Rates will remain in effect from week to week until the Trustee is notified of a new Weekly Rate determined by the Remarketing Agent. If no Weekly Rate is determined upon a conversion to a Weekly Rate, the Interest Rate shall be the Alternate Rate. (C) The Interest Rate for any Bond that accrues interest at a Commercial Paper Rate and for which a Commercial Paper Rate and Commercial Paper Rate Period is not determined shall be equal to 100% of the prime commercial paper rate (30 days) shown in the table captioned "short-term tax-exempt yields" in the edition of The Bond Buyer published on the day on which such rate is determined or, if such rate is not published on that day, the most recent publication in The Bond Buyer of such rate, and the Rate Period for such Bond shall extend through the day preceding the next Business Day, until the Trustee is notified of a new Commercial Paper Rate and Commercial Paper Rate Period determined for such Bond by the Remarketing Agent. (D) The Interest Rate then in effect for Bonds that accrue interest at the Multiannual Rate will be automatically converted to Commercial Paper Rates with Commercial Paper Rate Periods beginning on each Business Day and extending through the day preceding the next Business Day until the Trustee is notified of a new Commercial Paper Rate and Commercial Paper Rate Period determined for such Bond by the Remarketing AgentSection 3.2(a)(ii)(A). (iii) All determinations of Interest Variable Rates pursuant to this Section shall be conclusive and binding upon the Issuer, the Company, the Trustee, the Paying Agent, any Co-Paying Agent, the Bank Agent and the Registered Owners of the Bonds to which such rates are applicable. (iv) . The Interest Rate in effect for Bonds during any Rate Period shall be available to Owners and the Bank on the date such Interest Rate is determined, between 12:30 p.m. and 5:00 p.m., New York City time, from the Remarketing Agent or the Trustee at their principal offices and Paying Agent shall also be communicated by the Remarketing Agent promptly advise any Bondholder upon request to either of them as to the Company by telephonic or Electronic noticethen current Variable Rate. (v) Bonds may bear interest in accordance with different interest rate determination methods and during any period when Bonds are bearing interest in accordance with more than one interest rate determination method, interest for such Bonds shall be governed by the provisions of this Indenture applicable to Daily Rate Periods, Weekly Rate Periods, Commercial Paper Rate Periods and Multiannual Rate Periods, as the case may be.

Determination by Remarketing Agent. (i) The Interest Rate shall be determined by the Remarketing Agent as the rate of interest which, in the judgment of the Remarketing Agent, would cause the Bonds of a Subseries to have a market value as of the date of determination equal to the principal amount thereof, taking into account prevailing market conditions; provided that if a Letter of Credit is then in effect for any Subseries, the interest rate Interest Rate borne by the Bonds such Subseries shall not exceed the Maximum Rate. With maximum interest rate with respect to Commercial Paper Rates, such Subseries specified in the Remarketing Agent shall determine the Commercial Paper Rate and the Commercial Paper Rate Period for each Bond at such rate and for such period as it deems advisable in order to minimize the net interest cost on the Bonds that bear interest at Commercial Paper Rates, taking into account prevailing market conditionsLetter of Credit. (ii) In the event the Remarketing Agent fails for any reason to determine or notify the Trustee of the Interest Rate for any Rate Period the Interest Rate shall be determined as follows, provided that the Interest Rate so determined shall not exceed the Maximum RatePeriod: (A) The Interest Rate then in effect for Bonds of a Subseries that accrue interest at a Daily Rates Rate will remain in effect from day to day a Daily Rate, and until the Trustee is notified of a new Daily Rate determined is determined, and furnished to the Trustee in writing, by the Remarketing Agent. If no Daily Rate is determined upon , such Subseries shall accrue interest at a conversion rate equal to a Daily Rate, the Interest Rate shall be rate derived from the Alternate Rate.TBMA Municipal Swap Index furnished to the Trustee in writing by the Remarketing Agent; (B) The Interest Rate then in effect for Bonds of a Subseries that accrue interest at a Weekly Rates Rate will remain in effect from week to week a Weekly Rate, and until the Trustee is notified of a new Weekly Rate determined is determined, and furnished to the Trustee in writing, by the Remarketing Agent. If no Weekly Rate is determined upon , such Subseries shall accrue interest at a conversion rate equal to a Weekly Rate, the Interest Rate shall be rate derived from the Alternate Rate.TBMA Municipal Swap Index furnished to the Trustee in writing by the Remarketing Agent; (C) The Interest Rate for any Bond of a Subseries that accrues interest at a Commercial Paper Flexible Rate and for which a Commercial Paper Flexible Rate and Commercial Paper Flexible Rate Period is not determined shall be equal to 100% of the prime commercial paper rate (30 days) shown derived from the TBMA Municipal Swap Index and furnished to the Trustee in writing by the table captioned "short-term tax-exempt yields" in the edition of The Bond Buyer published on the day on which such rate is determined or, if such rate is not published on that day, the most recent publication in The Bond Buyer of such rateRemarketing Agent, and the Flexible Rate Period for such Bond of a Subseries shall begin on each Business Day and extend through the day preceding the next Business Day, Day until the Trustee is notified of a new Commercial Paper Flexible Rate and Commercial Paper Flexible Rate Period is determined for such Bond of such Subseries, and furnished to the Trustee in writing, by the Remarketing Agent.; and (D) The Interest Rate then in effect for Bonds of a Subseries that accrue interest at the Multiannual a Term Rate will shall be converted automatically converted to Commercial Paper Flexible Rates determined in accordance with Commercial Paper clause (C) above with Flexible Rate Periods beginning on each Business Day and extending through the day preceding the next Business Day until the Trustee is notified in writing of a new Commercial Paper Flexible Rate and Commercial Paper Flexible Rate Period determined for such Bond Bonds by the Remarketing Agent; provided, that, the Trustee shall have received a Favorable Opinion of Bond Counsel prior to the commencement of any such Flexible Rate Period, and, in the event that the Trustee does not receive a Favorable Opinion of Bond Counsel prior to the commencement of such Flexible Rate Period, the Term Rate then in effect shall continue for another Term Rate Period of the same duration or, if shorter, until the maturity date of such Subseries. (iii) All determinations of Interest Rates pursuant to this Section shall be conclusive and binding upon the Issuer, the CompanyBorrower, the Trustee, the Paying Agent, any Co-Paying Agent, the Bank Tender Agent and the Owners of the Bonds to which such rates are applicable. (iv) The Interest Rate in effect for a Subseries of Bonds during any Rate Period shall be available to Bond Owners and the Bank on the date such Interest Rate is determined, between 12:30 1:00 p.m. and 5:00 p.m., New York City time, from the Remarketing Agent or the Trustee (subject to prior receipt of notice thereof from the Remarketing Agent) at their principal offices and shall also be communicated by the Remarketing Agent promptly to the Company by telephonic or Electronic noticePrincipal Offices. (v) Bonds may bear interest in accordance with different interest rate determination methods and during any period when Bonds are bearing interest in accordance with more than one interest rate determination method, interest for such Bonds shall be governed by the provisions of this Indenture applicable to Daily Rate Periods, Weekly Rate Periods, Commercial Paper Rate Periods and Multiannual Rate Periods, as the case may be.