Common use of Determination Method and Time for R-FLOATs Rate in a Special R-FLOATs Rate Period Clause in Contracts

Determination Method and Time for R-FLOATs Rate in a Special R-FLOATs Rate Period. In the event that Bonds of any subseries are in an R-FLOATs Mode and are not rated “A3” or “A-”, as applicable, or higher by each Rating Agency, then not later than 1:00 p.m. New York City time on the Business Day immediately preceding the next Interest Payment Date, the Remarketing Agent for such Bonds shall establish the maximum period for a Special R-FLOATs Rate Period, which maximum Special R-FLOATs Rate Period shall be made available after 1:00 p.m. New York City time on the Business Day immediately prior to the applicable Rate Determination Date by posting it electronically and by telephone to any Bondholder or Interested Party who contacts applicable Remarketing Agent. Not later than 10:00 a.m. New York City time on such Rate Determination Date, such Remarketing Agent shall select a Special R-FLOATs Rate Period, which shall be the shortest Interest Period (but in no event longer than the maximum Special R-FLOATs Rate Period previously announced) for such Bonds which in the judgment of such Remarketing Agent in each case would result in such Bonds trading at a price equal to 100% of principal amount plus accrued interest, and an R-FLOATs Rate for such Bonds in accordance with Subsection A of this Section. The Remarketing Agents shall make the respective R-FLOATs Rate and Special R-FLOATs Rate Period determined by them available (i) after 10:00 a.m. New York City time on the applicable Rate Determination Date by telephone to any Bondholder and any Interested Party which contacts such Remarketing Agent and (ii) by Electronic Means to the Trustee not later than the second Business Day following such Rate Determination Date. In the event such Remarketing Agent is unable to set a Special R-FLOATs Rate Period and R-FLOATs Rate which will produce a sale of such Bonds at a price equal to 100% of principal amount plus accrued interest, such Bonds shall bear interest at the Maximum Rate and for the Interest Period determined pursuant to Subsection F of this Section. In addition, the Borrower may elect, with the consent of the applicable Remarketing Agent, to have the Bonds of any subseries in an R-FLOATs Mode converted into a Special R- FLOATs Rate Period having a duration of the Borrower’s choosing by giving at least 10 days notice to the Trustee and the Tender Agent. Notice of such Special R-FLOATs Rate Period shall be given in the same manner as notice of the maximum Special R-FLOATs Rate Period set forth above. On the effective date of such optional conversion to a Special R-FLOATs Rate Period of more than 35 days, the affected Bonds shall be subject to mandatory purchase pursuant to Section 4.08.

Determination Method and Time for R-FLOATs Rate in a Special R-FLOATs Rate Period. In the event that Bonds of any subseries are in an R-FLOATs Mode and are not rated “A3” or “A-A -”, as applicable, or higher by each Rating Agency, then not later than 1:00 p.m. New York City time on the Business Day immediately preceding the next Interest Payment Date, the Remarketing Agent for such Bonds shall establish the maximum period for a Special R-FLOATs Rate Period, which maximum Special R-FLOATs Rate Period shall be made available after 1:00 p.m. New York City time on the Business Day immediately prior to the applicable Rate Determination Date by posting it electronically and by telephone to any Bondholder or Interested Party who contacts applicable Remarketing Agent. Not later than 10:00 a.m. New York City time on such Rate Determination Date, such Remarketing Agent shall select a Special R-FLOATs Rate Period, which shall be the shortest Interest Period (but in no event longer than the maximum Special R-FLOATs Rate Period previously announced) for such Bonds which in the judgment of such Remarketing Agent in each case would result in such Bonds trading at a price equal to 100% of principal amount plus accrued interest, and an R-FLOATs Rate for such Bonds in accordance with Subsection A of this Section. The Remarketing Agents shall make the respective R-FLOATs Rate and Special R-FLOATs Rate Period determined by them available (i) after 10:00 a.m. New York City time on the applicable Rate Determination Date by telephone to any Bondholder and any Interested Party which contacts such Remarketing Agent and (ii) by Electronic Means to the Trustee not later than the second Business Day following such Rate Determination Date. In the event such Remarketing Agent is unable to set a Special R-FLOATs Rate Period and R-FLOATs Rate which will produce a sale of such Bonds at a price equal to 100% of principal amount plus accrued interest, such Bonds shall bear interest at the Maximum Rate and for the Interest Period determined pursuant to Subsection F of this Section. In addition, the Borrower may elect, with the consent of the applicable Remarketing Agent, to have the Bonds of any subseries in an R-FLOATs Mode converted into a Special R- FLOATs Rate Period having a duration of the Borrower’s choosing by giving at least 10 days notice to the Trustee and the Tender Agent. Notice of such Special R-FLOATs Rate Period shall be given in the same manner as notice of the maximum Special R-FLOATs Rate Period set forth above. On the effective date of such optional conversion to a Special R-FLOATs Rate Period of more than 35 days, the affected Bonds shall be subject to mandatory purchase pursuant to Section 4.08.