Common use of Adjustable Rate Provisions Clause in Contracts

Adjustable Rate Provisions. Bonds of a Series shall bear interest at an Adjustable Rate from the Accrual Date (if the Bonds of such Series are issued in the Adjustable Rate Mode), a subsequent Adjustable Rate Conversion Date relating to such Series of Bonds or a subsequent Adjustable Rate Reset Date relating to such Series of Bonds, as appropriate, to the earlier of their redemption, the following Conversion Date relating to such Series of Bonds, the following Adjustable Rate Reset Date relating to such Series of Bonds or their maturity date (unless and until the Corporation elects and effects a conversion of the Bonds of such Series from the Adjustable Rate Mode to another Mode, or a change in the duration of the Adjustable Rate Period relating to such Series of Bonds, once in the Adjustable Rate Mode, the Bonds of such Series shall automatically continue in the Adjustable Rate Mode with Adjustable Rate Periods containing a constant number of Adjustable Rate Interest Payment Dates; provided that if the period of time between the applicable Adjustable Rate Reset Date relating to such Series of Bonds and the maturity date of the Bonds of such Series contains fewer Adjustable Rate Interest Payment Dates than the immediately preceding Adjustable Rate Period relating to such Series of Bonds, the new Adjustable Rate Period relating to such Series of Bonds shall end on the maturity date of the Bonds of such Series). The Adjustable Rate for a Series of Bonds shall be established by the Remarketing Agent (and agreed to by the Corporation) no later than 12:00 noon, New York Time, on (i) the Business Day next preceding the Closing Date (if the Bonds of such Series are issued in the Adjustable Rate Mode); or (ii) the fifteenth day prior to the first day of each Adjustable Rate Period relating to such Series of Bonds (with respect to each Adjustable Rate Period commencing after the Closing Date) in its sole judgment having due regard for prevailing financial market conditions at the lowest rate which will permit the Bonds of such Series to be sold at par plus accrued interest, if any, on the first day of such Adjustable Rate Period. Notwithstanding the foregoing, the Adjustable Rate so established shall not be more than the Maximum Rate. On the date that the Adjustable Rate for a Series of Bonds is so established, the Remarketing Agent shall furnish to the Trustee by facsimile transmission, and the Trustee shall furnish to the Corporation, the related Series Credit Bank and the Tender Agent, the Adjustable Rate to be borne by the Bonds of such Series for the following Adjustable Rate Period relating to such Series of Bonds. In the event no Adjustable Rate is determined by the Remarketing Agent (and agreed to by the Corporation) for a Series of Bonds for an Adjustable Rate Period relating to such Series of Bonds the duration of which has been automatically established as provided above, the Adjustable Rate for such Series of Bonds for such Adjustable Rate Period shall be the Adjustable Rate for such Series of Bonds in effect for the immediately preceding Adjustable Rate Period relating to such Series of Bonds. Each determination of an Adjustable Rate for a Series of Bonds by the Remarketing Agent shall be conclusive and binding upon the Corporation, the Trustee, the related Series Credit Bank, the Tender Agent and the registered owners of the Bonds of such Series.

Adjustable Rate Provisions. Bonds The provisions of a Series this Part III shall bear interest at an apply during each Adjustable Rate from Period with respect to the Accrual Date (if the Bonds of such Series are issued in the Adjustable Rate Mode), a subsequent [Series Designation] Bonds. From and after each Adjustable Rate Conversion Date relating to such Series of Bonds or a subsequent Adjustable Rate Reset Date relating to such Series of Bonds, as appropriate, with respect to the earlier of their redemption, the following Conversion Date relating to such Series of [Series Designation] Bonds, the following interest rate on the Series [Series Designation] Bonds shall be an Adjustable Rate Reset Date relating to such Series of Bonds or their maturity date (unless as provided hereafter. Unless and until the Corporation elects and effects a conversion of the Series [Series Designation] Bonds of such Series from the Adjustable Rate Mode to another Mode, or a change in the duration of the Adjustable Rate Period relating with respect to such the Series of [Series Designation] Bonds, once in the Adjustable Rate Mode, the Series [Series Designation] Bonds of such Series shall automatically continue in the Adjustable Rate Mode with Adjustable Rate Periods containing a constant number of Adjustable Rate Interest Payment Dates; provided that if the period of time between the applicable Adjustable Rate Reset Date relating with respect to such the Series of [Series Designation] Bonds and the maturity date of the Series [Series Designation] Bonds of such Series contains fewer Adjustable Rate Interest Payment Dates than the immediately preceding Adjustable Rate Period relating with respect to such the Series of [Series Designation] Bonds, the new Adjustable Rate Period relating with respect to such the Series of [Series Designation] Bonds shall end on the maturity date Maturity Date specified above. Upon conversion of the Series [Series Designation] Bonds of such Series). The to the Adjustable Rate Mode on an Adjustable Rate Conversion Date, or the setting of a new Adjustable Rate with respect to the Series [Series designation] Bonds on an Adjustable Rate Reset Date, the Adjustable Rate with respect to the Series [Series Designation] Bonds shall equal the lowest rate, which the Remarketing Agent, having due regard for a prevailing financial market conditions, shall determine will permit the remarketing of the Series of [Series Designation] Bonds on the Adjustable Rate Conversion Date or Adjustable Rate Reset Date with respect to the Series [Series Designation] Bonds, as appropriate, at par plus accrued interest, if any, which interest rate shall be established by the Remarketing Agent (and agreed to by the Corporation) no later than 12:00 noon, New York Time, on (i) the Business Day next preceding the Closing Date (if the Bonds of such Series are issued in the Adjustable Rate Mode); or (ii) the fifteenth day prior to the first day of each Adjustable Rate Period relating to such Series of Bonds (Conversion Date or Adjustable Rate Reset Date with respect to each Adjustable Rate Period commencing after the Closing Date) Series [Series Designation] Bonds, as appropriate; provided, however, that in its sole judgment having due regard for prevailing financial market conditions at the lowest rate which will permit the Bonds of such Series to be sold at par plus accrued interest, if any, on the first day of such Adjustable Rate Period. Notwithstanding the foregoing, no event shall the Adjustable Rate so established shall not be more than the Maximum Rate. On the date that the Adjustable Rate for a Series of Bonds is so established, the Remarketing Agent shall furnish to the Trustee by facsimile transmission, and the Trustee shall furnish to the Corporation, the related Series Credit Bank and the Tender Agent, the Adjustable Rate to be borne by the Bonds of such Series for the following Adjustable Rate Period relating to such Series of Bonds. In the event no Adjustable Rate is determined by the Remarketing Agent (and agreed to by the Corporation) for a Series of Bonds for an Adjustable Rate Period relating with respect to such the Series of [Series Designation] Bonds the duration of which has been automatically established as provided above, the Adjustable Rate for such Series of Bonds for such Adjustable Rate Period with respect to the Series [Series Designation] Bonds shall be the Adjustable Rate for such Series of Bonds in effect for the immediately preceding Adjustable Rate Period relating with respect to such the Series of [Series Designation] Bonds. Each determination The Remarketing Agent shall notify the Tender Agent, the Trustee, the Series [Series Designation] Credit Bank and the Corporation of an the Adjustable Rate for a with respect to the Series of Bonds by the Remarketing Agent [Series Designation] Bonds, and such Adjustable Rate shall be conclusive and binding upon the Tender Agent, the Corporation, the Trustee, the related Series [Series Designation] Credit BankBank and the Series [Series Designation] Bondholders. While in the Adjustable Rate Mode, interest on the Series [Series Designation] Bonds shall be paid on each January 1 and July 1 and the Maturity Date specified above (if the conditions specified in Section 2.02(d) of the Indenture are met and the Series [Series Designation] Bonds are in the Adjustable Rate Mode at such time) (each, an “Adjustable Rate Interest Payment Date”), commencing on the January 1 or July 1 next succeeding the Adjustable Rate Conversion Date with respect to the Series [Series Designation] Bonds, and shall be computed on the basis of a 360-day year consisting of twelve 30-day months. During an Adjustable Rate Period with respect to the Series [Series Designation] Bonds, no Series [Series Designation] Bondholders shall have the right to tender Series [Series Designation] Bonds for optional purchase pursuant to Article III of the Indenture. During an Adjustable Rate Period with respect to the Series [Series Designation] Bonds, the Tender Agent and Series [Series Designation] Bonds shall be subject to redemption by the registered owners of the Bonds of such Series.Corporation prior to maturity only as follows:

Adjustable Rate Provisions. Bonds The provisions of a Series this Part III shall bear interest at an apply during each Adjustable Rate from Period with respect to the Accrual Date (if the Bonds of such Series are issued in the Adjustable Rate Mode), a subsequent [Series Designation] Bonds. From and after each Adjustable Rate Conversion Date relating to such Series of Bonds or a subsequent Adjustable Rate Reset Date relating to such Series of Bonds, as appropriate, with respect to the earlier of their redemption, the following Conversion Date relating to such Series of [Series Designation] Bonds, the following interest rate on the Series [Series Designation] Bonds shall be an Adjustable Rate Reset Date relating to such Series of Bonds or their maturity date (unless as provided hereafter. Unless and until the Corporation elects and effects a conversion of the Series [Series Designation] Bonds of such Series from the Adjustable Rate Mode to another Mode, or a change in the duration of the Adjustable Rate Period relating with respect to such the Series of [Series Designation] Bonds, once in the Adjustable Rate Mode, the Series [Series Designation] Bonds of such Series shall automatically continue in the Adjustable Rate Mode with Adjustable Rate Periods containing a constant number of Adjustable Rate Interest Payment Dates; provided that if the period of time between the applicable Adjustable Rate Reset Date relating with respect to such the Series of [Series Designation] Bonds and the maturity date of the Series [Series Designation] Bonds of such Series contains fewer Adjustable Rate Interest Payment Dates than the immediately preceding Adjustable Rate Period relating with respect to such the Series of [Series Designation] Bonds, the new Adjustable Rate Period relating with respect to such the Series of [Series Designation] Bonds shall end on the maturity date Maturity Date specified above. Upon conversion of the Series [Series Designation] Bonds of such Series). The to the Adjustable Rate Mode on an Adjustable Rate Conversion Date, or the setting of a new Adjustable Rate with respect to the Series [Series designation] Bonds on an Adjustable Rate Reset Date, the Adjustable Rate with respect to the Series [Series Designation] Bonds shall equal the lowest rate, which the Remarketing Agent, having due regard for a prevailing financial market conditions, shall determine will permit the remarketing of the Series of [Series Designation] Bonds on the Adjustable Rate Conversion Date or Adjustable Rate Reset Date with respect to the Series [Series Designation] Bonds, as appropriate, at par plus accrued interest, if any, which interest rate shall be established by the Remarketing Agent (and agreed to by the Corporation) no later than 12:00 noon, New York Time, on (i) the Business Day next preceding the Closing Date (if the Bonds of such Series are issued in the Adjustable Rate Mode); or (ii) the fifteenth day prior to the first day of each Adjustable Rate Period relating to such Series of Bonds (Conversion Date or Adjustable Rate Reset Date with respect to each Adjustable Rate Period commencing after the Closing Date) Series [Series Designation] Bonds, as appropriate; provided, however, that in its sole judgment having due regard for prevailing financial market conditions at the lowest rate which will permit the Bonds of such Series to be sold at par plus accrued interest, if any, on the first day of such Adjustable Rate Period. Notwithstanding the foregoing, no event shall the Adjustable Rate so established shall not be more than the Maximum Rate. On the date that the Adjustable Rate for a Series of Bonds is so established, the Remarketing Agent shall furnish to the Trustee by facsimile transmission, and the Trustee shall furnish to the Corporation, the related Series Credit Bank and the Tender Agent, the Adjustable Rate to be borne by the Bonds of such Series for the following Adjustable Rate Period relating to such Series of Bonds. In the event no Adjustable Rate is determined by the Remarketing Agent (and agreed to by the Corporation) for a Series of Bonds for an Adjustable Rate Period relating with respect to such the Series of [Series Designation] Bonds the duration of which has been automatically established as provided above, the Adjustable Rate for such Series of Bonds for such Adjustable Rate Period with respect to the Series [Series Designation] Bonds shall be the Adjustable Rate for such Series of Bonds in effect for the immediately preceding Adjustable Rate Period relating with respect to such the Series of [Series Designation] Bonds. Each determination The Remarketing Agent shall notify the Tender Agent, the Trustee and the Corporation of an the Adjustable Rate for a with respect to the Series of Bonds by the Remarketing Agent [Series Designation] Bonds, and such Adjustable Rate shall be conclusive and binding upon the Tender Agent, the Corporation, the TrusteeTrustee and the Series [Series Designation] Bondholders. While in the Adjustable Rate Mode, interest on the Series [Series Designation] Bonds shall be paid on each January 1 and July 1 and the Maturity Date specified above (if the conditions specified in Section 2.02(d) of the Indenture are met and the Series [Series Designation] Bonds are in the Adjustable Rate Mode at such time) (each, an “Adjustable Rate Interest Payment Date”), commencing on the January 1 or July 1 next succeeding the Adjustable Rate Conversion Date with respect to the Series [Series Designation] Bonds, and shall be computed on the basis of a 360-day year consisting of twelve 30-day months. During an Adjustable Rate Period with respect to the Series [Series Designation] Bonds, no Series [Series Designation] Bondholders shall have the right to tender Series [Series Designation] Bonds for optional purchase pursuant to Article III of the Indenture. During an Adjustable Rate Period with respect to the Series [Series Designation] Bonds, the related Series Credit Bank, [Series Designation] Bonds shall be subject to redemption by the Tender Agent and the registered owners of the Bonds of such Series.Corporation prior to maturity only as follows:

Adjustable Rate Provisions. The Bonds of a Series shall bear interest at an Adjustable Rate from the Accrual Date (if the Bonds of such Series are issued in the Adjustable Rate Mode), a subsequent Adjustable each adjustable Rate Conversion Date relating to such Series of Bonds or a subsequent each Adjustable Rate Reset Date relating to such Series of BondsDate, as appropriate, to the earlier of their redemption, maturity, the following Conversion Date relating to such Series of BondsDate, the following Adjustable Rate Reset Date relating or the following date on which the Bonds shall be subject to such Series of Bonds or their maturity date (unless and until the Corporation elects and effects mandatory tender for purchase pursuant to Section 2.04. Upon a conversion of the Bonds of such Series from to the Adjustable Rate Mode to another Mode, or a change in the duration of the initial Adjustable Rate Period relating shall be that period specified in the Company's conversion notice delivered pursuant to Section 2.02(f)(i) for the purpose of effecting such Series conversion. An Adjustable Rate Period shall be of Bondsat least one month If, once during any period the Bonds shall be in the Adjustable Rate Mode, either (i) the Bonds Company shall not deliver a timely conversion notice specifying the duration of such Series shall automatically continue in the next subsequent Adjustable Rate Mode with Adjustable Rate Periods containing a constant number of Adjustable Rate Interest Payment Dates; provided that if the period of time between the applicable Period, or (ii) on or prior to any Adjustable Rate Reset Date relating to such Series of Bonds and the maturity date of the Bonds of such Series contains fewer Adjustable Rate Interest Payment Dates than the immediately preceding Adjustable Rate Period relating to such Series of Bonds, the new Adjustable Rate Period relating to such Series of Bonds shall end on the maturity date of the Bonds of such Series). The Adjustable Rate for a Series of Bonds shall be established by the Remarketing Agent (and agreed to by the Corporation) no later than 12:00 noon, New York Time, on (i) the Business Day next preceding the Closing Date (if the Bonds of such Series are issued in the Adjustable Rate Mode); or (ii) the fifteenth day prior to the first day of each Adjustable Rate Period relating to such Series of Bonds (with respect to each Adjustable Rate Period commencing after the Closing Date) in its sole judgment having due regard for prevailing financial market conditions at the lowest rate which will permit the Bonds of such Series to be sold at par plus accrued interest, if any, on the first day of such Adjustable Rate Period. Notwithstanding the foregoing, the Adjustable Rate so established shall not be more than the Maximum Rate. On the date that the Adjustable Rate for a Series of Bonds is so established, the Remarketing Agent shall furnish fail to the Trustee by facsimile transmission, and the Trustee shall furnish to the Corporation, the related Series Credit Bank and the Tender Agent, determine the Adjustable Rate to be borne by the Bonds during such Adjustable Rate Period, then, except as set forth below, the Bonds, without further action on the part of any other person, shall automatically convert to the Weekly Rate Mode on the date which otherwise would have been the Adjustable Rate Reset Date, and the Bonds shall thereupon bear interest at the Weekly Rate determined pursuant to Section 2.02(b). Upon such event, the Trustee shall promptly notify the Bondholders, the Company, the Remarketing Agent, the Tender Agent, if any, and the Bank of such Series for automatic conversion. If, however, prior to such date, the following Bonds were in a Long-Term Mode, the Bonds shall not be automatically converted to the Weekly Mode, as described in the preceding sentence, unless there shall have been delivered to the Trustee on or prior to such date an opinion of Bond Counsel to the effect that such automatic conversion will not adversely affect the exclusion of interest on the Bonds from the Federal gross income of the Owners thereof. Absent delivery of such opinion, the Bonds will convert automatically on such date to the shortest possible Adjustable Rate Period relating to such Series of Bondsa duration of at least one year and one day. In such event, the event no Adjustable Rate is Bonds shall bear interest during such period at a rate to be determined by the Remarketing Agent as described herein, or if no rate is so determined, at a rate equal to 90% of the average interest rate for one year U.S. Treasury Notes, as published in the Federal Reserve Bulletin (and agreed to published by the CorporationBoard of Governors of the Federal Reserve System) for a Series of Bonds for an Adjustable Rate Period relating most recently published prior to such Series of Bonds the duration of which has been automatically established Conversion Date, as provided above, determined by the Adjustable Rate for such Series of Bonds for such Adjustable Rate Period shall be the Adjustable Rate for such Series of Bonds in effect for the immediately preceding Adjustable Rate Period relating to such Series of BondsTrustee. Each determination of an Adjustable Rate for a Series of Bonds by the Remarketing Agent shall be conclusive and binding upon the CorporationIssuer, the Company, the Trustee, the related Series Credit BankTender Agent, the Tender Agent Bank and the registered owners of the Bonds of such SeriesBondholders.