Long Indexed Mode Clause Samples

Long Indexed Mode. Prior to any conversion of Bonds to a Long Indexed Mode, the Issuer shall enter into a Supplemental Bond Indenture setting forth the index, the spread, the redemption provisions, and the Interest Period for such Bonds. The Borrower shall select the index on which the Long Indexed Rate for such Bonds shall be based not less than five Business Days prior to the applicable Rate Determination Date. Such index shall be three-month LIBOR or, with the consent of the Issuer, the Consumer Price Index, the SIFMA Swap Index or any other index which the Borrower elects. The Remarketing Agent for such Bonds shall determine the percentage of and/or the spread to such index to be used in calculating the Long Indexed Rate not later than 4:00 p.m. New York City time on the Rate Determination Date for such Bonds. The percentage and/or the spread shall be the lowest percentage which, when multiplied by and/or added to the index, such Remarketing Agent determines will result in selling such Bonds at a price equal to the Purchase Price on the Rate Determination Date therefor. At the time such Remarketing Agent determines the percentage and/or the spread to be applied to the index, the Remarketing Agent shall also determine the interest rate for the initial Interest Payment Period from the Mode Change Date to the first Interest Payment Date for such Bonds in the Long Indexed Mode, the frequency with which the Long Indexed Rate shall be recalculated, and the Interest Payment Dates therefor. Unless otherwise agreed by the Issuer with the consent of the Borrower, the Interest Payment Dates for Bonds in the Long Indexed Mode shall be each February 1, May 1, August 1, and November 1, and each Interest Payment Period in such Mode shall extend from the Mode Change Date or any subsequent Interest Payment Date therefor to the immediately succeeding Interest Payment Date therefor. Such Remarketing Agent shall make such information available by Electronic Means to any Bondholder requesting such information and to the Borrower, the Issuer, the Trustee, the Tender Agent and the Credit Facility Providers (if any). Upon request of any Bondholder, the Borrower, the Issuer, the Trustee or the Credit Facility Provider for such Bonds, the Tender Agent shall give notice of such information by Electronic Means. On each date on which the Long Indexed Rate for Bonds is recalculated, the Calculation Agent shall give notice of such rate by Electronic Means upon request from any Bondholder, the Borrower...
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Related to Long Indexed Mode

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