Common use of Rate Determination Clause in Contracts

Rate Determination. Not later than 12:00 noon, New York City time, on the Business Day immediately prior to the Mode Change Date, the Remarketing Agent for such Bonds shall determine the Fixed Rate(s) for such Bonds. Such determination shall be conclusive and binding upon the Issuer, the Borrower, the Trustee, the Liquidity Facility Providers (if any), the Credit Facility Providers (if any), the Tender Agent and the Holders of the Bonds. Not later than 5:00 p.m., New York City time, on the date of determination of such Fixed Rate(s), the Remarketing Agent for such Bonds shall notify the Trustee, the Issuer and the Borrower of such Fixed Rates by telephone or Electronic Means.