Spread Determination Date Clause Samples

Spread Determination Date. (a) On each Spread Determination Date, unless a Failed Remarketing has been declared or the related Call Option has been exercised, the Issuer and the Remarketing Agents will enter into a Supplemental Remarketing Agency Agreement. (b) If pursuant to the Remarketing Terms Notice, the Remarketing Agents, in consultation with the Issuer, have determined that a Class of the Reset Rate Notes is to be reset to bear a fixed rate of interest, then the applicable fixed rate of interest for the corresponding Reset Period will be determined on the Spread Determination Date by adding (i) the applicable spread as determined by the Remarketing Agents on the Spread Determination Date; and (ii) the yield to maturity on the Spread Determination Date of the applicable fixed rate pricing benchmark, selected by the Remarketing Agents, as having an expected weighted average life based on a scheduled maturity at the next Reset Date, which would be used in accordance with customary financial practice in pricing new issues of asset-backed securities of comparable average life; provided that such fixed rate of interest will in no event be lower than the related All Hold Rate. The Remarketing Agents shall determine the applicable fixed rate of interest for such Class of the Reset Rate Notes (by reference to the applicable fixed rate pricing benchmark plus or minus the spread determined on the Remarketing Terms Determination Date) on each Spread Determination Date irrespective of whether no remarketing will occur as the result of the application of the All Hold Rate. (c) If pursuant to the Remarketing Terms Notice, the Remarketing Agents, in consultation with the Issuer, have determined that a Class of the Reset Rate Notes is to be reset to bear a floating rate of interest, then, on the related Spread Determination Date, the Remarketing Agents will establish the applicable Spread to be added or subtracted from the applicable Index; provided that such floating rate of interest will in no event be lower than the related All Hold Rate. (d) If pursuant to the Remarketing Terms Notice, the Remarketing Agents, in consultation with the Issuer, have determined that a Class of the Reset Rate Notes is to be reset to bear an Auction Rate, then, on the related Spread Determination Date, the Remarketing Agents will establish the Initial Rate for such Class. (e) On or immediately following the Spread Determination Date, the Remarketing Agents will communicate in writing the contents of the Spread...