Common use of Commercial Paper Rate Clause in Contracts

Commercial Paper Rate. 1. During any Commercial Paper Rate Period, at or prior to 12:00 noon (New York City time) on each Determination Date, the Remarketing Agent shall establish Calculation Periods and related Commercial Paper Rates. In determining Calculation Periods, the Remarketing Agent shall take the following factors into account: (i) existing short-term taxable and tax-exempt market rates and indices of such short-term rates, (ii) the existing market supply and demand for short-term tax-exempt securities, (iii) existing yield curves for short-term and long-term tax-exempt securities or obligations having a credit rating that is comparable to the Bonds, (iv) general economic conditions, (v) economic and financial factors present in the securities industry that may affect or that may be relevant to the Bonds and (vi) any information available to the Remarketing Agent pertaining to the Company regarding any events or anticipated events which could have a direct impact on the marketability of or interest rates on the Bonds. The Remarketing Agent shall select the Calculation Periods and the applicable Commercial Paper Rates that, together with all other Calculation Periods and related Commercial Paper Rates, in the sole judgment of the Remarketing Agent, will result in the lowest overall borrowing cost on the Bonds or are otherwise in the best financial interests of the Company, as determined in consultation with the Company. Any Calculation Period established hereunder may not extend beyond the second Business Day next preceding the expiration date of the Support Facility or the day prior to the Stated Maturity. 2. The Authority, at the request of the Company, may place such limitations upon the establishment of Calculation Periods pursuant to subsection 1 hereof as may be set forth in a written direction from the Authority, which direction must be received by the Trustee and the Remarketing Agent prior to 10:00 a.m. (New York City time) on the day prior to any Determination Date to be effective on such date, but only if the Trustee receives an Opinion of Bond Counsel to the effect that such action is authorized by this Indenture, is permitted under the Act and will not have an adverse effect on the exclusion of interest on the Bonds from gross income for federal income tax purposes.

Commercial Paper Rate. 1. During any Commercial Paper Rate Period, at or prior to 12:00 noon (New York City time) on each Determination Date, the Remarketing Agent shall establish Calculation Periods and related Commercial Paper Rates. In determining Calculation Periods, the Remarketing Agent shall take the following factors into account: (i) existing short-term taxable and tax-exempt market rates and indices of such short-term rates, (ii) the existing market supply and demand for short-term tax-exempt securities, (iii) existing yield curves for short-term and long-term tax-exempt securities or obligations having a credit rating that is comparable to the Bonds, (iv) general economic conditions, (v) economic and financial factors present in the securities industry that may affect or that may be relevant to While the Bonds and (vi) any information available to the Remarketing Agent pertaining to the Company regarding any events or anticipated events which could have a direct impact on the marketability of or accrue interest rates on the Bonds. The Remarketing Agent shall select the Calculation Periods and the applicable Commercial Paper Rates that, together with all other Calculation Periods and related at Commercial Paper Rates, the interest rate for each particular Bond will be determined by the Remarketing Agent as the minimum rate of interest necessary, in the sole judgment of the Remarketing Agent, will result to enable the Remarketing Agent to sell such Bond on that day at a price equal to the principal amount thereof, and with respect to Commercial Paper Rates, the Remarketing Agent shall determine the Commercial Paper Rate and the Commercial Paper Rate Period for each Bond at such rate and for such period as it deems advisable in order to minimize the lowest overall borrowing net interest cost on the Bonds or are otherwise Bonds, taking into account prevailing market conditions, and will remain in effect from and including the best financial interests of the Company, as determined in consultation with the Company. Any Calculation Period established hereunder may not extend beyond the second Business Day next preceding the expiration commencement date of the Support Facility Commercial Paper Rate Period selected for that Bond by the Remarketing Agent to, but not including, the last date thereof. While the Bonds bear interest at Commercial Paper Rates, Bonds may have successive Commercial Paper Rate Periods of any duration up to 270 days each (provided that if a Letter of Credit is then in effect, such period shall not be longer than a period equal to the maximum number of days' interest coverage provided by such Letter of Credit minus the number of days, if any, allowed for any reinstatement of interest under the Letter of Credit and minus five days) and any Bond may accrue interest at a rate and for a period different from any other Bond. No Commercial Paper Rate Period may be established which exceeds 270 days (provided that if a Letter of Credit is then in effect, such period shall not be longer than a period equal to the maximum number of days' interest coverage provided by such Letter of Credit minus the number of days, if any, allowed for any reinstatement of interest under the Letter of Credit and minus five days) or, if the Remarketing Agent has given or received notice of any conversion to a Multiannual Rate Period, the day remaining number of days prior to the Stated Maturity. 2. The AuthorityConversion Date or, at the request of the Company, may place such limitations upon the establishment of Calculation Periods pursuant to subsection 1 hereof as may be set forth in a written direction from the Authority, which direction must be received by the Trustee and if the Remarketing Agent prior has given or received notice of any conversion to 10:00 a.m. a Daily Rate or Weekly Rate, the length of each Commercial Paper Rate Period for each Bond shall be determined by the Remarketing Agent to be either (New York City timeA) that length of period that, as soon as possible, shall enable the Commercial Paper Rate Periods for all Bonds to end on the day prior before the Conversion Date, or (B) that length of period which, based on the Remarketing Agent's judgment, will best promote an orderly transition to the next Rate Period, and if a Letter of Credit is then in effect, no Commercial Paper Rate Period may be established which extends beyond the remaining term of such Letter of Credit minus the number of days, if any, allowed for any Determination Date to reinstatement of interest under the Letter of Credit and minus five days. Daily Rate While the Bonds accrue interest at a Daily Rate, the interest rate established for the Bonds will be effective on such datefrom day to day until changed by the Remarketing Agent in accordance with the Indenture. Weekly Rate While the Bonds accrue interest at a Weekly Rate, but only if the Trustee receives an Opinion of Bond Counsel to the effect that such action is authorized by this Indenture, is permitted under the Act and will not have an adverse effect on the exclusion rate of interest on the Bonds will be determined weekly by the Remarketing Agent in accordance with the Indenture to be effective for a seven day period commencing on Wednesday of the week of such determination. (The length of the period, the day of commencement and the last day of the period may vary in the event of a conversion to or from gross income for federal income tax purposesa Weekly Rate.)

Commercial Paper Rate. 1. During any Commercial Paper Rate Period, at or prior to 12:00 noon (New York City time) on each Determination Date, the Remarketing Market Agent shall establish Calculation Periods and related Commercial Paper Rates. In determining Calculation Periods, the Remarketing Market Agent shall take the following factors into account: (i) existing short-term taxable and tax-exempt market rates and indices of such short-term rates, (ii) the existing market supply and demand for short-term tax-exempt securities, (iii) existing yield curves for short-short- term and long-term tax-exempt securities or obligations having a credit rating that is comparable to the Bonds, (iv) general economic conditions, (v) economic and financial factors present in the securities industry that may affect or that may be relevant to the Bonds and (vi) any information available to the Remarketing Market Agent pertaining to the Company regarding any events or anticipated events which could have a direct impact on the marketability of or interest rates on the Bonds. The Remarketing Market Agent shall select the Calculation Periods and the applicable Commercial Paper Rates that, together with all other Calculation Periods and related Commercial Paper Rates, in the sole judgment of the Remarketing Market Agent, will result in the lowest overall borrowing cost on the Bonds or are otherwise in the best financial interests of the Company, as determined in consultation with the Company. Any Calculation Period established hereunder may not extend beyond the second Business Day next preceding Fixed Rate Conversion Date, the expiration date of the Support Facility Facility, if any, or the day prior to the Stated Maturitymaturity date of the Bonds. To the extent a Liquidity Facility provides for the payment of accrued interest on the Bonds for a term less than the established Calculation Period, such Calculation Period will not extend beyond the coverage provided by the Liquidity Facility. 2. The Authority, at the request of the Company, may place such limitations upon the establishment of Calculation Periods pursuant to subsection 1 hereof as may be set forth in a written direction from the Authority, which direction must be received by the Trustee and the Remarketing Market Agent prior to 10:00 a.m. (New York City time) on the day prior to any Determination Date to be effective on such date, but only if the Trustee receives an Opinion of Bond Counsel to the effect that such action is authorized by this Indenture, is permitted under the Act and will not have an adverse effect on the exclusion of interest on the Bonds from gross income for federal income tax purposes.