Common use of Long-Term Interest Rate Clause in Contracts

Long-Term Interest Rate. (i) Determination of Long-Term Interest Rate. During each Long-Term Interest Rate Period, the Bonds shall bear interest - at the Long-Term Interest Rate, which shall be determined by the Remarketing Agent on a Business Day selected by the Remarketing Agent but not more than forty (40) days prior to and not later than the effective date of such Long-Term Interest Rate Period. The Long Term Interest Rate shall be the rate of interest per annum determined by the Remarketing Agent on such date, and communicated by the close of business on such date to the Trustee, the Paying Agent and the Borrower, by written, telephonic or Electronic notice as being the lowest interest rate which would enable the Remarketing Agent to sell the Bonds for delivery on the effective date of such Long-Term Interest Rate Period at a price (without regard to accrued interest) equal to 100% of the principal amount thereof; provided, however, that if, for any reason, a Long-Term Interest Rate for any Long-Term Interest Rate Period shall not be determined or effective or if an adjustment from a Long-Term Interest Rate Period to another Interest Rate Period shall not be effective, the Interest Rate Period for the Bonds shall automatically convert to a Daily Interest Rate Period; provided, further, however, that if the Favorable Opinion of Bond Counsel required by Section 2.01(c)(ii)(B) of the Indenture in connection with an adjustment to a Daily Interest Rate Period from a Long-Term Interest Rate Period cannot be obtained, then the Interest Rate Period for the Bonds shall automatically convert to a Long-Term Interest Rate Period of one year and one day. If a Daily Interest Rate for the first day of such Daily Interest Rate Period is not determined as provided in Section 2.01(c)(ii)(A) of the Indenture, the Daily Interest Rate for the first day of such Daily Interest Rate Period shall be equal to the TBMA Municipal Index. In no event shall any Long-Term Interest Rate be greater than the Maximum Interest Rate.

Long-Term Interest Rate. The Remarketing Agent will set a Long-Term Interest Rate on a date not less than the Business Day before the beginning of any period determined by the Company prior to the effective date of the Long-Term Interest Rate (ia “Long-Term Interest Rate Period”) Determination in which interest on any of the Bonds will be payable at a Long-Term Interest Rate. During The last day of each Long-Term Interest Rate Period, the Bonds shall bear interest - at the Long-Term Interest Rate, which shall be determined by the Remarketing Agent on a Business Day selected by the Remarketing Agent but not more than forty (40) days prior to and not later than the effective date of such Long-Term Interest Rate PeriodPeriod shall be determined by the Company in accordance with Section 3.02(b)(1). The Long Each Long-Term Interest Rate shall will be the minimum rate of interest per annum necessary (as determined by the Remarketing Agent with respect to any Long-Term Interest Rate Period based on such date, and communicated the examination of tax-exempt obligations comparable to the Bonds known by the close of business on such date Remarketing Agent to the Trustee, the Paying Agent and the Borrower, by written, telephonic have been priced or Electronic notice as being the lowest interest rate which would enable traded under then-prevailing market conditions) for the Remarketing Agent to sell the Bonds for delivery on the effective date of such the Long-Term Interest Rate Period at a price their principal amount (without regard to accrued interest) equal to 100% of the principal amount thereof; provided, however, that if, for any reason, ). When all Bonds in a Long-Term Interest Rate are not purchased on the date set for any mandatory tender for such bonds pursuant to “Mandatory Tender at Beginning of a New Long-Term Interest Rate Period Period” or “Mandatory Tender Upon a Change in the Determination Method” under paragraph 7 in the form of the Bond, such Bonds (i) shall not be determined or effective or if an adjustment from returned to their holders and remain outstanding, (ii) shall continue in the Long-Term Interest Rate until purchased, as described in the immediately succeeding clause (iii), and shall bear interest at a Long-Term Interest Rate Period of the lower of the Maximum Rate or such rate as determined by the Remarketing Agent based upon prevailing market conditions at the time the Bonds were converted to another the Long-Term Interest Rate Period previously in effect until so purchased, (iii) shall be purchased upon the availability of remarketing proceeds to purchase such Bonds (or funds as provided for in Section 4.07(b) hereof), and (iv) in such event such Purchase Price shall not be effective, the Interest Rate Period for considered due and payable so that no Event of Default shall be deemed to have occurred. The Remarketing Agent shall use its best efforts to cause the Bonds shall automatically convert to a Daily Interest Rate Period; provided, further, however, that if the Favorable Opinion of Bond Counsel required by Section 2.01(c)(ii)(B) of the Indenture in connection with an adjustment to a Daily Interest Rate Period from a Long-Term Interest Rate Period cannot required to be obtained, then purchased on the Interest Rate Period date set for the mandatory tender for such Bonds shall automatically convert pursuant to “Mandatory Tender at Beginning of a New Long-Term Interest Rate Period Period” or “Mandatory Tender Upon a Change in the Determination Method” under paragraph 7 in the form of one year and one day. If a Daily Interest Rate for the Bonds, to be remarketed (in such Determination Method or Methods) on the first day of date thereafter at which time all such Daily Interest Rate Period is Bonds can be sold at par, at a rate not determined as provided in Section 2.01(c)(ii)(A) of the Indenture, the Daily Interest Rate for the first day of such Daily Interest Rate Period shall be equal to the TBMA Municipal Index. In no event shall any Long-Term Interest Rate be greater than exceeding the Maximum Interest Rate.

Long-Term Interest Rate. The Remarketing Agent will set a Long Term Interest Rate on a date not less than the Business Day before the beginning of any period determined by the Company prior to the effective date of the Long Term Interest Rate (ia “Long-Term Interest Rate Period”) Determination in which interest on any of the Bonds will be payable at a Long-Term Interest Rate. During The last day of each Long-Term Interest Rate Period, the Bonds shall bear interest - at the Long-Term Interest Rate, which shall be determined by the Remarketing Agent on a Business Day selected by the Remarketing Agent but not more than forty (40) days prior to and not later than the effective date of such Long-Term Interest Rate PeriodPeriod shall be determined by the Company in accordance with Section 3.02(b)(1). The Long Each Long-Term Interest Rate shall will be the minimum rate of interest per annum necessary (as determined by the Remarketing Agent with respect to any Long-Term Interest Rate Period based on such date, and communicated the examination of tax-exempt obligations comparable to the Bonds known by the close of business on such date Remarketing Agent to the Trustee, the Paying Agent and the Borrower, by written, telephonic have been priced or Electronic notice as being the lowest interest rate which would enable traded under then-prevailing market conditions) for the Remarketing Agent to sell the Bonds for delivery on the effective date of such the Long-Term Interest Rate Period at a price their principal amount (without regard to accrued interest) equal to 100% of the principal amount thereof; provided, however, that if, for any reason, ). When all Bonds in a Long-Term Interest Rate are not purchased on the date set for any mandatory tender for such bonds pursuant to “Mandatory Tender at Beginning of a New Long-Term Interest Rate Period Period” or “Mandatory Tender Upon a Change in the Determination Method” under paragraph 7 in the form of the Bond, such Bonds (i) shall not be determined or effective or if an adjustment from returned to their holders and remain outstanding, (ii) shall continue in the Long-Term Interest Rate until purchased, as described in the immediately succeeding clause (iii), and shall bear interest at a Long-Term Interest Rate Period of the lower of the Maximum Rate or such rate as determined by the Remarketing Agent based upon prevailing market conditions at the time the Bonds were converted to another the Long-Term Interest Rate Period previously in effect until so purchased, (iii) shall be purchased upon the availability of remarketing proceeds to purchase such Bonds (or funds as provided for in Section 4.07(b) hereof), and (iv) in such event such Purchase Price shall not be effective, the Interest Rate Period for considered due and payable so that no Event of Default shall be deemed to have occurred. The Remarketing Agent shall use its best efforts to cause the Bonds shall automatically convert to a Daily Interest Rate Period; provided, further, however, that if the Favorable Opinion of Bond Counsel required by Section 2.01(c)(ii)(B) of the Indenture in connection with an adjustment to a Daily Interest Rate Period from a Long-Term Interest Rate Period cannot required to be obtained, then purchased on the Interest Rate Period date set for the mandatory tender for such Bonds shall automatically convert pursuant to “Mandatory Tender at Beginning of a New Long-Term Interest Rate Period Period” or “Mandatory Tender Upon a Change in the Determination Method” under paragraph 7 in the form of one year and one day. If a Daily Interest Rate for the Bonds, to be remarketed (in such Determination Method or Methods) on the first day of date thereafter at which time all such Daily Interest Rate Period is Bonds can be sold at par, at a rate not determined as provided in Section 2.01(c)(ii)(A) of the Indenture, the Daily Interest Rate for the first day of such Daily Interest Rate Period shall be equal to the TBMA Municipal Index. In no event shall any Long-Term Interest Rate be greater than exceeding the Maximum Interest Rate.

Long-Term Interest Rate. The Remarketing Agent will set a Long-Term Interest Rate on a date not less than the Business Day before the beginning of any period determined by the Company prior to the effective date of the Long-Term Interest Rate (ia “Long-Term Interest Rate Period”) Determination in which interest on any of the Bonds of any series will be payable at a Long-Term Interest Rate. During The last day of each Long-Term Interest Rate Period, the Bonds shall bear interest - at the Long-Term Interest Rate, which shall be determined by the Remarketing Agent on a Business Day selected by the Remarketing Agent but not more than forty (40) days prior to and not later than the effective date of such Long-Term Interest Rate PeriodPeriod shall be determined by the Company in accordance with Section 3.02(b)(1). The Long Each Long-Term Interest Rate shall will be the minimum rate of interest per annum necessary (as determined by the Remarketing Agent with respect to any Long-Term Interest Rate Period based on such date, and communicated the examination of tax-exempt obligations comparable to the Bonds known by the close of business on such date Remarketing Agent to the Trustee, the Paying Agent and the Borrower, by written, telephonic have been priced or Electronic notice as being the lowest interest rate which would enable traded under then-prevailing market conditions) for the Remarketing Agent to sell the Bonds of such series for delivery on the effective date of such the Long-Term Interest Rate Period at a price their principal amount (without regard to accrued interest) equal to 100% of the principal amount thereof; provided, however, that if, for any reason, ). When all Bonds in a Long-Term Interest Rate are not purchased on the date set for any mandatory tender for such bonds pursuant to “Mandatory Tender at Beginning of a New Long-Term Interest Rate Period Period” or “Mandatory Tender Upon a Change in the Determination Method” under paragraph 7 in the form of the Bond, such Bonds (i) shall not be determined or effective or if an adjustment from returned to their holders and remain outstanding, (ii) shall continue in the Long-Term Interest Rate until purchased, as described in the immediately succeeding clause (iii), and shall bear interest at a Long-Term Interest Rate Period of the lower of the Maximum Rate or such rate as determined by the Remarketing Agent based upon prevailing market conditions at the time the Bonds were converted to another the Long-Term Interest Rate Period previously in effect until so purchased, (iii) shall be purchased upon the availability of remarketing proceeds to purchase such Bonds (or funds as provided for in Section 4.07(b) hereof), and (iv) in such event such Purchase Price shall not be effective, the Interest Rate Period for considered due and payable so that no Event of Default shall be deemed to have occurred. The Remarketing Agent shall use its best efforts to cause the Bonds shall automatically convert to a Daily Interest Rate Period; provided, further, however, that if the Favorable Opinion of Bond Counsel required by Section 2.01(c)(ii)(B) of the Indenture in connection with an adjustment to a Daily Interest Rate Period from a Long-Term Interest Rate Period cannot required to be obtained, then purchased on the Interest Rate Period date set for the mandatory tender for such Bonds shall automatically convert pursuant to “Mandatory Tender at Beginning of a New Long-Term Interest Rate Period Period” or “Mandatory Tender Upon a Change in the Determination Method” under paragraph 7 in the form of one year and one day. If a Daily Interest Rate for the Bonds, to be remarketed (in such Determination Method or Methods) on the first day of date thereafter at which time all such Daily Interest Rate Period is Bonds can be sold at par, at a rate not determined as provided in Section 2.01(c)(ii)(A) of the Indenture, the Daily Interest Rate for the first day of such Daily Interest Rate Period shall be equal to the TBMA Municipal Index. In no event shall any Long-Term Interest Rate be greater than exceeding the Maximum Interest Rate.

Long-Term Interest Rate. (i) Determination of Long-Term Interest Rate. During each The Remarketing Agent shall set a Long-Term Interest Rate Period, the Bonds shall bear interest - at the Long-Term Interest Rate, which shall be determined by the Remarketing Agent on a Business Day selected by the Remarketing Agent but not more than forty (40) days prior to and not date no later than the effective date day before the beginning of such any Long-Term Interest Rate Period. The Long Each Long-Term Interest Rate shall be the minimum rate of interest per annum necessary (as determined by the Remarketing Agent based on such date, and communicated the examination of obligations comparable to the Bonds known by the close of business on such date Remarketing Agent to the Trustee, the Paying Agent and the Borrower, by written, telephonic have been priced or Electronic notice as being the lowest interest rate which would enable traded under then-prevailing market conditions) for the Remarketing Agent to sell the Bonds for delivery on the effective date of such Long-Term Interest Rate Period at a price their principal amount (without regard to accrued interest). (5) equal Failure of Remarketing Agent to 100% of Announce Interest Rates on the principal amount thereof; provided, however, Bonds. In the event that if, for any reason, a Long-Term Interest Rate for any Long-Term Interest Rate Period shall the appropriate interest rate is not or cannot be determined or effective or if an adjustment from a Long-Term Interest Rate Period to another Interest Rate Period shall not be effectivefor whatever reason, the Interest Rate Period for method of determining interest on the Bonds shall be converted automatically, if necessary, to the Weekly Rate (without the necessity of complying with the requirements of Section 2.02(b)). Such Bonds may not thereafter be converted from the Weekly Rate Mode until such time as all Bonds outstanding are in the Weekly Rate Mode. Upon such automatic Conversion of a portion of the Bonds to the Weekly Rate Mode, any Bond then remaining in the Commercial Paper Mode shall be automatically convert converted to the Weekly Rate Mode upon the expiration of the Commercial Paper Mode applicable to such Bond without further action on the part of any person (and notwithstanding any attempted act to the contrary on the part of any person). Upon such event the Trustee shall promptly notify the affected Bondholders, the Company, the Remarketing Agent, the Tender Agent, if any, and the Credit Bank of such automatic conversion. Each determination by the Remarking Agent of the duration of any Commercial Paper Period and the Commercial Paper Rate applicable to each Bond during such Commercial Paper Period will be conclusive and binding. In the event that the Remarketing Agent fails to determined a Weekly Rate as described herein, then, until a Weekly Rate has been set as described herein, the Weekly Rate will be 110% of LIBOR for a thirty (30) day period. If LIBOR is unable to be established, the Weekly Rate will be the interest rate from time to time established by use of such other index as may be selected by the Company upon notice to the Trustee. The Trustee shall promptly notify the Bondholders of any such automatic change as set forth in Section 2.02(c). While any Bonds are in a Commercial Paper Mode, during any transition period caused by an automatic conversion of any such Bonds to a Daily Interest Weekly Rate Period; providedin accordance with this subdivision (5), further, however, that if the Favorable Opinion of Bond Counsel required by Section 2.01(c)(ii)(B) of the Indenture in connection with an adjustment to Bonds bearing interest at a Daily Interest Weekly Rate Period from a Long-Term Interest Rate Period cannot be obtained, then the Interest Rate Period for the and Bonds shall automatically convert to a Long-Term Interest Rate Period of one year and one day. If a Daily Interest Rate for the first day of such Daily Interest Rate Period is not determined as provided in Section 2.01(c)(ii)(A) of the Indenture, the Daily Interest Rate for the first day of such Daily Interest Rate Period shall be equal to the TBMA Municipal Index. In no event shall any Long-Term Interest Rate be greater than the Maximum Interest Rate.bearing interest at a

Long-Term Interest Rate. (iA) Determination of Long-Term Interest Rate. During each Long-Term Interest Rate Period, the Bonds shall bear interest - at the Long-Term Interest Rate, which shall be determined by the Remarketing Agent on a Business Day selected by the Remarketing Agent Agent, but not more than forty (40) days prior to and not later than the effective date of such Long-Term Interest Rate Period. The Long Long-Term Interest Rate shall be the rate of interest per annum determined by the Remarketing Agent on such date, and communicated by the close of business on such date to the Trustee, the Paying Agent and the Borrower, by written, telephonic or Electronic notice notice, as being the lowest interest rate which would enable the Remarketing Agent to sell the Bonds for delivery on the effective date of such Long-Term Interest Rate Period at a price (without regard to accrued interest) equal to 100% of the principal amount thereof; provided, however, that if, for any reason, a Long-Term Interest Rate for any Long-Term Interest Rate Period shall not be determined or effective or if an adjustment from a Long-Term Interest Rate Period to another Interest Rate Period shall not be effective, the Interest Rate Period for the Bonds shall automatically convert to a Daily Interest Rate Period; provided, further, however, that if the Favorable Opinion of Bond Counsel required by Section 2.01(c)(ii)(B) of the Indenture in connection with an adjustment to a Daily Interest Rate Period from a Long-Term Interest Rate Period cannot be obtained, then the Interest Rate Period for the Bonds shall automatically convert to a Long-Term Interest Rate Period of one year and one day. If a Daily Interest Rate for the first day of such Daily Interest Rate Period is not determined as provided in Section 2.01(c)(ii)(A2.01(c)(ii) of the Indenturehereof, the Daily Interest Rate for the first day of such Daily Interest Rate Period shall be equal to the TBMA Municipal Index. In no event shall any Long-Term Interest Rate be greater than the Maximum Interest Rate.