Term Indexed Modes Clause Samples

Term Indexed Modes. On the effective date of this Bond Indenture, the Bonds shall be converted to a LIBOR Term Indexed Mode with an initial Purchase Date of the first Business Day on or after August 19, 2019. Until the Bonds have been converted to a different Mode or a Term Indexed Mode with Interest Periods of a different duration, after each Interest Period in a Term Indexed Mode the Bonds shall bear interest for successive Interest Periods of substantially the same duration beginning on the Purchase Date for such preceding Interest Period and ending on a day immediately preceding a Business Day. Not later than 4:00 p.m. New York City time on the Rate Determination Date preceding the Purchase Date specified in the first sentence of this subsection or any subsequent Purchase Date in a Term Indexed Mode, and the Rate Determination Date preceding any Mode Change Date on which a subsequent Term Indexed Mode commences, the Remarketing Agent shall determine (a) the next Purchase Date in such LIBOR Term Indexed Mode, which shall be the first Business Day following the Interest Period described in the immediately preceding paragraph, (b) the Applicable Spread for the Interest Period beginning on such prior Purchase Date or Mode Change Date, (c) if such Term Indexed Mode is a LIBOR Term Indexed Mode, the Applicable Factor for such Interest Period, and (d) any function or scale by which such Applicable Spread or Applicable Factor shall be adjusted during such Interest Period. The Remarketing Agent shall make each determination of the Applicable Spread and the Applicable Factor (and any function or scale to be used to adjust the Applicable Spread or the Applicable Factor) required to be made by it pursuant to this subsection regardless of whether Bonds are Liquidity Facility Bonds and whether or not an Event of Default exists. On the Rate Determination Date for each Interest Period for Bonds in any Term Indexed Mode, the Remarketing Agent shall (i) if such Term Indexed Mode is the LIBOR Term Indexed Mode, first determine the Applicable Factor (and any function or scale for adjusting the Applicable Spread or Applicable Factor) for the ensuing Interest Period for such Bonds by determining, under prevailing market conditions, the Applicable Factor (and the function or scale for adjustments thereof and of the Applicable Spread, if any, necessary, in the judgment of the Remarketing Agent, to be used to determine the Term Indexed Rate on such Bonds in such Interest Period) that will result ...
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Related to Term Indexed Modes

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