Common use of Term Reset Rate; Term Reset Date Clause in Contracts

Term Reset Rate; Term Reset Date. (a) Determination of Term Reset Rate. Subject to the next sentence of this Section 5.03(a), if the Reset Rate Method is, or is being changed to, a Term Reset Rate Method, the Remarketing Agent will determine by not later than 5:00 p.m. on the Term Reset Date the Term Reset Rate for the Class A Certificates, which rate will be the per annum rate, not exceeding the Maximum Reset Rate (or in the case of a continuation of the Term Reset Rate Method, the initial Term Reset Rate plus fifty basis points (0.50%)), determined by the Remarketing Agent as the minimum rate of interest which would, in the judgment of the Remarketing Agent, under then prevailing market conditions (taking into account that such rate will be reset on the next Term Reset Date), result in a sale of the Class A Certificates at a price equal to the Current Certificate Balance thereof, plus accrued interest. If the Reset Rate Method is being changed to a Term Reset Rate Method, the Class A Certificates will only bear interest at the Term Reset Rate if on the Term Reset Date all Available Remarketing Class A Certificates are remarketed for a price equal to the Current Class A Certificate Balance thereof, and if all such Available Remarketing Class A Certificates are not remarketed for a price equal to the Current Class A Certificate Balance thereof, beginning on the date that would have been the Term Reset Date, the Class A Certificates will bear interest at the Weekly Reset Rate. The Term Reset Rate determined on each Term Reset Date will be in effect from the related Term Effective Date through the day preceding the next Term Effective Date. The period during which a Term Reset Rate may be in effect will not be less than 90 days nor extend past the latest occurring stated maturity date of the Bonds, and shall be specified in the Term Reset Method Notice. The Holders of not less than 51% of the Aggregate Outstanding Class B Certificate Balance shall, in conjunction with the Remarketing Agent, with the written consent of Xxxxxxx Mac, establish the length of the period during which the Term Reset Rate will be effective. In the case of a continuation of the Term Reset Rate Method, if Xxxxxxx Mac does not provide its consent to such period or such Holders do not provide the applicable Notice to the Administrator when required by Section 5.03(b), the Term Reset Rate for the ensuing term shall be established in accordance with the parameters of this Subsection 5.03(a) for a period extending to the Maximum Reset Date or (if all the applicable Class A Certificates cannot be remarketed at a rate equal to or lower than the applicable maximum rate at a price equal to the Current Certificate Balance thereof, plus accrued interest, to such date) then to such next shorter period in the determination of the Remarketing Agent that would result in a sale of all the applicable Class A Certificates at a rate equal to or lower than the applicable maximum rate at a price equal to the Current Certificate Balance thereof, plus accrued interest. In the case of a continuation of the Term Reset Rate Method where the Holders of not less than 51% of the Aggregate Outstanding Class B Certificate Balance have given the notice to the Administrator when required by Section 5.03(b) to effect such continuation along with the aforementioned Xxxxxxx Mac consent, but the Remarketing Agent is unable to remarket all applicable Available Remarketing Class A Certificates for a price equal to the Current Class A Certificate Balance thereof plus accrued interest, for the period indicated in the related Term Reset Method Notice, the Remarketing Agent will notify Xxxxxxx Mac and such Class B Holders, and the Term Reset Rate for the ensuing term shall be established in accordance with the parameters of this Subsection 5.03(a) for such shorter period of not less than 90 days that in the determination of the Remarketing Agent would result in a sale of all the applicable Class A Certificates at a rate equal to or lower than the applicable maximum rate at a price equal to the Current Certificate Balance thereof, plus accrued interest. Six Business Days before any Term Reset Date, the Remarketing Agent will determine the Preliminary Class A Certificate Rate pursuant to the standard set forth in the first sentence of this Subsection 5.03(a). Upon such determination, the Remarketing Agent will immediately give telephonic notice of the Preliminary Class A Certificate Rate and the length of the ensuing term to each Holder requesting such notice. The Term Reset Rate may be more than, but will be at least equal to such Preliminary Class A Certificate Rate, provided that it may not exceed the Maximum Reset Rate (or in the case of a continuation of the Term Reset Rate Method, the initial Term Reset Rate plus fifty basis points (0.50%)).

Term Reset Rate; Term Reset Date. (a) Determination of Term Reset Rate. Subject to the next sentence of this Section 5.03(a), if the Reset Rate Method is, or is being changed to, a Term Reset Rate Method, the Remarketing Agent will determine by not later than 5:00 p.m. on the Term Reset Date the Term Reset Rate for the Class A CertificatesCertificates (or Subclass thereof, as applicable), which rate will be the per annum rate, not exceeding the Maximum Reset Rate (or in the case of a continuation of the Term Reset Rate MethodMethod applicable to a Subclass, the initial Term Reset Rate plus fifty basis points (0.50%)applicable to such Subclass), determined by the Remarketing Agent as the minimum rate of interest which would, in the judgment of the Remarketing Agent, under then prevailing market conditions (taking into account that such rate will be reset on the next Term Reset Date), result in a sale of the Class A Certificates at a price equal to the Current Certificate Balance thereof, plus accrued interest. If the Reset Rate Method is being changed to a Term Reset Rate Method, the Class A Certificates will only bear interest at the Term Reset Rate if on the Term Reset Date all Available Remarketing Class A Certificates are remarketed for a price equal to the Current Class A Certificate Balance thereof, and if all such Available Remarketing Class A Certificates are not remarketed for a price equal to the Current Class A Certificate Balance thereof, beginning on the date that would have been the Term Reset Date, the Class A Certificates will bear interest at the Weekly Reset Rate. The Term Reset Rate determined on each Term Reset Date will be in effect from the related Term Effective Date through the day preceding the next Term Effective Date. The period during which a Term Reset Rate may be in effect will not be less than 90 days nor extend past the latest occurring stated maturity date of the Bonds, and shall be specified in the Term Reset Method Notice. The Holders of not less than 51% of the Aggregate Outstanding Class B Certificate Balance shall, in conjunction with the Remarketing Agent, with the written consent of Xxxxxxx Mac, establish the length of the period during which the Term Reset Rate will be effective. In the case of a continuation of the Term Reset Rate Method, if Xxxxxxx Mac does not provide its consent to such period or such Holders do not provide the applicable Notice to the Administrator when required by Section 5.03(b), the Term Reset Rate for the ensuing term shall be established in accordance with the parameters of this Subsection 5.03(a) as follows: (i) if the rate reset is to occur before the Longest Initial Reset Date, for a period extending to the Longest Initial Reset Date or (if all the applicable Class A Certificates cannot be remarketed at a rate equal to or lower than the applicable maximum rate at a price equal to the Current Certificate Balance thereof, plus accrued interest, to such date) then to such next shorter period in the determination of the Remarketing Agent that would result in a sale of all the applicable Class A Certificates at a rate equal to or lower than the applicable maximum rate at a price equal to the Current Certificate Balance thereof, plus accrued interest, or (ii) if the rate reset is to occur on or after the Longest Initial Reset Date, for a period extending to the Maximum Reset Date or (if all the applicable Class A Certificates cannot be remarketed at a rate equal to or lower than the applicable maximum rate at a price equal to the Current Certificate Balance thereof, plus accrued interest, to such date) then to such next shorter period in the determination of the Remarketing Agent that would result in a sale of all the applicable Class A Certificates at a rate equal to or lower than the applicable maximum rate at a price equal to the Current Certificate Balance thereof, plus accrued interest. In the case of a continuation of the Term Reset Rate Method where the Holders of not less than 51% of the Aggregate Outstanding Class B Certificate Balance have given the notice to the Administrator when required by Section 5.03(b) to effect such continuation along with the aforementioned Xxxxxxx Mac consent, but the Remarketing Agent is unable to remarket all applicable Available Remarketing Class A Certificates for a price equal to the Current Class A Certificate Balance thereof plus accrued interest, for the period indicated in the related Term Reset Method Notice, the Remarketing Agent will notify Xxxxxxx Mac and such Class B Holders, and the Term Reset Rate for the ensuing term shall be established in accordance with the parameters of this Subsection 5.03(a) for such shorter period of not less than 90 days that in the determination of the Remarketing Agent would result in a sale of all the applicable Class A Certificates at a rate equal to or lower than the applicable maximum rate at a price equal to the Current Certificate Balance thereof, plus accrued interest. Six Business Days before any Term Reset Date, the Remarketing Agent will determine the Preliminary Class A Certificate Rate pursuant to the standard set forth in the first sentence of this Subsection 5.03(a). Upon such determination, the Remarketing Agent will immediately give telephonic notice of the Preliminary Class A Certificate Rate and the length of the ensuing term to each Holder requesting such notice. The Term Reset Rate may be more than, but will be at least equal to such Preliminary Class A Certificate Rate, provided that it may not exceed the Maximum Reset Rate (or in the case of a continuation of the Term Reset Rate MethodMethod applicable to a Subclass, the initial Initial Term Reset Rate plus fifty basis points (0.50%)applicable to such Subclass).

Term Reset Rate; Term Reset Date. (a) Determination of Term Reset Rate. Subject to the next sentence of this Section 5.03(a), if the Reset Rate Method is, or is being changed to, a Term Reset Rate Method, the Remarketing Agent will determine by not later than 5:00 p.m. on the Term Reset Date the Term Reset Rate for the Class A Certificates, which rate will be the per annum rate, not exceeding the Maximum Reset Rate (or in the case of a continuation of the Term Reset Rate Method, the initial Term Reset Rate plus fifty basis points (0.50%)), determined by the Remarketing Agent as the minimum rate of interest which would, in the judgment of the Remarketing Agent, under then prevailing market conditions (taking into account that such rate will be reset on the next Term Reset Date), result in a sale of the Class A Certificates at a price equal to the Current Certificate Balance thereof, plus accrued interest. If the Reset Rate Method is being changed to a Term Reset Rate Method, the Class A Certificates will only bear interest at the Term Reset Rate if on the Term Reset Date all Available Remarketing Class A Certificates are remarketed for a price equal to the Current Class A Certificate Balance thereof, thereof and if all such Available Remarketing Class A Certificates are not remarketed for a price equal to the Current Class A Certificate Balance thereof, beginning on the date that would have been the Term Reset Date, the Class A Certificates will bear interest at the Weekly Reset Rate. The Term Reset Rate determined on each Term Reset Date will be in effect from the related Term Effective Date through the day preceding the next Term Effective Date. The period during which a Term Reset Rate may be in effect will not be less than 90 days nor extend past the latest occurring stated maturity date of the BondsAssets, and shall be specified in the Term Reset Method Notice. The Holders of not less than 51% of the Aggregate Outstanding Class B Certificate Balance shall, in conjunction with the Remarketing Agent, with the written consent of Xxxxxxx Mac, establish the length of the period during which the Term Reset Rate will be effective. In the case of a continuation of the Term Reset Rate Method, if Xxxxxxx Mac does not provide its consent to such period or such Holders do not provide the applicable Notice to the Administrator when required by Section 5.03(b), the Term Reset Rate for the ensuing term shall be established in accordance with the parameters of this Subsection 5.03(a) for a period extending to the Maximum Reset Date or (if all the applicable Class A Certificates cannot be remarketed at a rate equal to or lower than the applicable maximum rate at a price equal to the Current Certificate Balance thereof, plus accrued interest, to such date) then to such next shorter period in the determination of the Remarketing Agent that would result in a sale of all the applicable Class A Certificates at a rate equal to or lower than the applicable maximum rate at a price equal to the Current Certificate Balance thereof, plus accrued interest. In the case of a continuation of the Term Reset Rate Method where the Holders of not less than 51% of the Aggregate Outstanding Class B Certificate Balance have given the notice to the Administrator when required by Section 5.03(b) to effect such continuation along with the aforementioned Xxxxxxx Mac consent, but the Remarketing Agent is unable to remarket all applicable Available Remarketing Class A Certificates for a price equal to the Current Class A Certificate Balance thereof plus accrued interest, for the period indicated in the related Term Reset Method Notice, the Remarketing Agent will notify Xxxxxxx Mac and such Class B Holders, and the Term Reset Rate for the ensuing term shall be established in accordance with the parameters of this Subsection 5.03(a) for such shorter period of not less than 90 days that in the determination of the Remarketing Agent would result in a sale of all the applicable Class A Certificates at a rate equal to or lower than the applicable maximum rate at a price equal to the Current Certificate Balance thereof, plus accrued interest. Six Business Days before any Term Reset Date, the Remarketing Agent will determine the Preliminary Class A Certificate Rate pursuant to the standard set forth in the first sentence of this Subsection 5.03(a). Upon such determination, the Remarketing Agent will immediately give telephonic notice of the Preliminary Class A Certificate Rate and the length of the ensuing term to each Holder requesting such notice. The Term Reset Rate may be more than, than but will be at least equal to such Preliminary Class A Certificate Rate, provided that it may not exceed the Maximum Reset Rate (or in the case of a continuation of the Term Reset Rate Method, the initial Term Reset Rate (plus fifty basis points (0.50%)).

Term Reset Rate; Term Reset Date. (a) Determination of Term Reset Rate. Subject to the next sentence two sentences of this Section 5.03(a), if the Reset Rate Method is, or is being changed to, a Term Reset Rate Method, the Remarketing Agent will determine by not later than 5:00 p.m. on the Term Reset Date the Term Reset Rate for the Class A Certificates, which rate will be the per annum rate, not exceeding the Maximum Reset Rate (or in the case of a continuation of the Term Reset Rate Method, the initial Term Reset Rate plus fifty basis points (0.50%))Rate, determined by the Remarketing Agent as the minimum rate of interest which would, in the judgment of the Remarketing Agent, under then prevailing market conditions (taking into account that such rate will be reset on the next Term Reset Date), result in a sale of the Class A Certificates at a price equal to the Current Certificate Balance thereof, plus accrued interest. If the Reset Rate Method is being changed to a Term Reset Rate Method, the The Class A Certificates will only bear interest at the Term Reset Rate if on the Term Reset Date all Available Remarketing Class A Certificates are remarketed for a price equal to the Current Class A Certificate Balance thereof, and if . If all such Available Remarketing Class A Certificates are not remarketed for a price equal to the Current Class A Certificate Balance thereof, beginning on the date that would have been the Term Reset Date, the Class A Certificates will bear interest at the Weekly Reset Rate. The Term Reset Rate determined on each Term Reset Date will be in effect from the related Term Effective Date through the day preceding the earlier of the Series Expiration Date or the next Term Effective Date which period will not be less than 180 days nor exceed one year unless otherwise consented to by Xxxxxxx Mac; provided that if, on any Term Reset Date, the Remarketing Agent fails to establish the Term Reset Rate, the applicable Term Reset Rate will be the lesser of the previous Reset Rate or the Maximum Reset Rate. The Following the First Optional Disposition Date, the period during which a Term Reset Rate may be in effect will not be less than 90 180 days nor extend past the latest occurring stated maturity date of the Bonds, and shall be specified in the Term Reset Method Notice. The Holders of not less than 51% of the Aggregate Outstanding Class B Certificate Balance shall, in conjunction with the Remarketing Agent, with the written consent of exceed five years unless otherwise consented to by Xxxxxxx Mac, establish the length of the period during which the Term Reset Rate will be effective. In the case of a continuation of the Term Reset Rate Method, if Xxxxxxx Mac does not provide its consent to such period or such Holders do not provide the applicable Notice to the Administrator when required by Section 5.03(b), the Term Reset Rate for the ensuing term shall be established in accordance with the parameters of this Subsection 5.03(a) for a period extending to the Maximum Reset Date or (if all the applicable Class A Certificates cannot be remarketed at a rate equal to or lower than the applicable maximum rate at a price equal to the Current Certificate Balance thereof, plus accrued interest, to such date) then to such next shorter period in the determination of the Remarketing Agent that would result in a sale of all the applicable Class A Certificates at a rate equal to or lower than the applicable maximum rate at a price equal to the Current Certificate Balance thereof, plus accrued interest. In the case of a continuation of the Term Reset Rate Method where the Holders of not less than 51% of the Aggregate Outstanding Class B Certificate Balance have given the notice to the Administrator when required by Section 5.03(b) to effect such continuation along with the aforementioned Xxxxxxx Mac consent, but the Remarketing Agent is unable to remarket all applicable Available Remarketing Class A Certificates for a price equal to the Current Class A Certificate Balance thereof plus accrued interest, for the period indicated in the related Term Reset Method Notice, the Remarketing Agent will notify Xxxxxxx Mac and such Class B Holders, and the Term Reset Rate for the ensuing term shall be established in accordance with the parameters of this Subsection 5.03(a) for such shorter period of not less than 90 days that in the determination of the Remarketing Agent would result in a sale of all the applicable Class A Certificates at a rate equal to or lower than the applicable maximum rate at a price equal to the Current Certificate Balance thereof, plus accrued interest. Six Business Days before any Term Reset Date, the Remarketing Agent will determine the Preliminary Class A Certificate Rate pursuant to the standard set forth in the first sentence of this Subsection 5.03(a). Upon such determination, the Remarketing Agent will immediately give telephonic notice of the Preliminary Class A Certificate Rate and the length of the ensuing term to each Holder requesting such notice. The Term Reset Rate may be more than, but will be at least equal to such Preliminary Class A Certificate Rate, provided that it may not exceed the Maximum Reset Rate (or in the case of a continuation of the Term Reset Rate Method, the initial Term Reset Rate plus fifty basis points (0.50%))Rate.

Term Reset Rate; Term Reset Date. (a) Determination of Term Reset Rate. Subject to the next sentence two sentences of this Section 5.03(a), if the Reset Rate Method is, or is being changed to, a Term Reset Rate Method, the Remarketing Agent will determine by not later than 5:00 p.m. on the Term Reset Date the Term Reset Rate for the Class A Certificates, which rate will be the per annum rate, not exceeding the Maximum Reset Rate (or in the case of a continuation of the Term Reset Rate Method, the initial Term Reset Rate plus fifty basis points (0.50%))Rate, determined by the Remarketing Agent as the minimum rate of interest which would, in the judgment of the Remarketing Agent, under then prevailing market conditions (taking into account that such rate will be reset on the next Term Reset Date), result in a sale of the Class A Certificates at a price equal to the Current Certificate Balance thereof, plus accrued interest. If the Reset Rate Method is being changed to a Term Reset Rate Method, the The Class A Certificates will only bear interest at the Term Reset Rate if on the Term Reset Date all Available Remarketing Class A Certificates are remarketed for a price equal to the Current Class A Certificate Balance thereof, and if . If all such Available Remarketing Class A Certificates are not remarketed for a price equal to the Current Class A Certificate Balance thereof, beginning on the date that would have been the Term Reset Date, the Class A Certificates will bear interest at the Weekly Reset Rate. The Term Reset Rate determined on each Term Reset Date will be in effect from the related Term Effective Date through the day preceding the earlier of the Series Expiration Date or the next Term Effective Date which period will not be less than 180 days nor exceed one year unless otherwise consented to by Fxxxxxx Mac; provided that if, on any Term Reset Date, the Remarketing Agent fails to establish the Term Reset Rate, the applicable Term Reset Rate will be the lesser of the previous Reset Rate or the Maximum Reset Rate. The Following the First Optional Disposition Date, the period during which a Term Reset Rate may be in effect will not be less than 90 180 days nor extend past the latest occurring stated maturity date of the Bonds, and shall be specified in the Term Reset Method Notice. The Holders of not less than 51% of the Aggregate Outstanding Class B Certificate Balance shall, in conjunction with the Remarketing Agent, with the written consent of Xxxxxxx exceed five years unless otherwise consented to by Fxxxxxx Mac, establish the length of the period during which the Term Reset Rate will be effective. In the case of a continuation of the Term Reset Rate Method, if Xxxxxxx Mac does not provide its consent to such period or such Holders do not provide the applicable Notice to the Administrator when required by Section 5.03(b), the Term Reset Rate for the ensuing term shall be established in accordance with the parameters of this Subsection 5.03(a) for a period extending to the Maximum Reset Date or (if all the applicable Class A Certificates cannot be remarketed at a rate equal to or lower than the applicable maximum rate at a price equal to the Current Certificate Balance thereof, plus accrued interest, to such date) then to such next shorter period in the determination of the Remarketing Agent that would result in a sale of all the applicable Class A Certificates at a rate equal to or lower than the applicable maximum rate at a price equal to the Current Certificate Balance thereof, plus accrued interest. In the case of a continuation of the Term Reset Rate Method where the Holders of not less than 51% of the Aggregate Outstanding Class B Certificate Balance have given the notice to the Administrator when required by Section 5.03(b) to effect such continuation along with the aforementioned Xxxxxxx Mac consent, but the Remarketing Agent is unable to remarket all applicable Available Remarketing Class A Certificates for a price equal to the Current Class A Certificate Balance thereof plus accrued interest, for the period indicated in the related Term Reset Method Notice, the Remarketing Agent will notify Xxxxxxx Mac and such Class B Holders, and the Term Reset Rate for the ensuing term shall be established in accordance with the parameters of this Subsection 5.03(a) for such shorter period of not less than 90 days that in the determination of the Remarketing Agent would result in a sale of all the applicable Class A Certificates at a rate equal to or lower than the applicable maximum rate at a price equal to the Current Certificate Balance thereof, plus accrued interest. Six Business Days before any Term Reset Date, the Remarketing Agent will determine the Preliminary Class A Certificate Rate pursuant to the standard set forth in the first sentence of this Subsection 5.03(a). Upon such determination, the Remarketing Agent will immediately give telephonic notice of the Preliminary Class A Certificate Rate and the length of the ensuing term to each Holder requesting such notice. The Term Reset Rate may be more than, but will be at least equal to such Preliminary Class A Certificate Rate, provided that it may not exceed the Maximum Reset Rate (or in the case of a continuation of the Term Reset Rate Method, the initial Term Reset Rate plus fifty basis points (0.50%))Rate.