Common use of Variable Rate Clause in Contracts

Variable Rate. (a) The Bonds shall initially bear interest at a Variable Rate. Upon the expiration of any Fixed Rate Period for the Bonds, such Bonds shall bear interest at the Variable Rate (unless the day immediately following such Fixed Rate Period is a Conversion Date), and once the Variable Rate becomes effective, it shall remain in effect until and including the day immediately prior to the earlier of(i) a Conversion Date or (ii) the final maturity of the Bonds. (b) The Variable Rate shall be a fluctuating rate per annum determined by the Remarketing Agent periodically during a Variable Rate Period as provided below in this Section. (c) The Variable Rate shall be determined on the first day of each Variable Rate Period (beginning upon initial issuance of the Bonds and following a Fixed Rate Period) and on each Thursday during a Variable Rate Period (or, if such Thursday is not a Business Day, on the immediately preceding Business Day). The Variable Rate so determined shall become effective (i) on the date of determination, if such date is the first day of the Variable Rate Period, or (ii) if such date is not the first day of a Variable Rate Period, on the day immediately following the date of determination, and once effective shall remain in effect until and including the next determination date or, if sooner, the end of such Variable Rate Period; provided, however, that if the Remarketing Agent fails to determine the Variable Rate on any such determination date, the last Variable Rate in effect shall remain in effect until and including the next determination date, and provided further, if the Remarketing Agent fails to determine the Variable Rate on two consecutive determination dates therefor, the Variable Rate shall be equal to the Maximum Rate until such determination date as the Remarketing Agent shall determine the Variable Rate in accordance with the terms hereof. (d) The Variable Rate shall be determined by the Remarketing Agent and shall be the lowest interest rate that would, in the opinion of the Remarketing Agent, result in the market value of the Bonds being 100% of the principal amount thereof on the date of such determination, taking into account relevant market conditions and credit rating factors as they exist on such date; provided, however, that the Variable Rate may never exceed the Maximum Rate. On each Variable Rate determination date the Remarketing Agent shall deliver written notice of the Variable Rate so determined to the Trustee and the Users. Upon the written request of any Bondholder, the Trustee shall confirm (by telephone and in writing, if so requested) the Variable Rate then in effect. (e) The Variable Rate determined from time to time by the Remarketing Agent shall be conclusive and binding on the Issuer, the Users, the Trustee and the Bondholders.

Variable Rate. (a) The Bonds shall initially bear interest at a Variable Rate. Upon the expiration of any Fixed Rate Period for the Bonds, such Bonds Each Bond shall bear interest at the Variable Rate (unless the day immediately following such Fixed during any period other than a Term Rate Period is a Conversion Date), and once with respect to such Bond. Each period during which the Variable Rate becomes effective, it shall remain is in effect until and including the day immediately prior to the earlier of(i) is herein called a Conversion Date or (ii) the final maturity of the Bonds“Variable Rate Period. (b) ” The Variable Rate shall be a fluctuating rate per annum determined by the Remarketing Agent periodically during a Variable Rate Period as provided below in this Section. (c) follows. The Variable Rate with respect to any Bond shall be determined on the first day of each Variable Rate Period (beginning upon initial issuance of the Bonds and following a Fixed Rate Period) with respect to such Bond and on each Thursday Wednesday during a such Variable Rate Period (or, if such Thursday Wednesday is not a Business Day, on the immediately preceding next succeeding Business Day). The Variable Rate so determined shall become effective (i) on the date of determination, if such date is the first day of the Variable Rate Period, or (ii) if such date is not the first day of a Variable Rate Period, on the day immediately following the date of determination, and once effective shall remain in effect until and including the next determination date or, if sooner, the end of such Variable Rate Period; provided, however, that if the Remarketing Agent fails to determine the Variable Rate on any such determination date, the last Variable Rate in effect with respect to such Bond shall remain in effect until and including the next determination date, and provided further, if the Remarketing Agent fails to determine the Variable Rate on two consecutive determination dates therefor, the Variable Rate shall be equal to the Maximum Rate until such determination date as the Remarketing Agent shall determine the Variable Rate in accordance with the terms hereof. (d) . The Variable Rate with respect to a Bond shall be determined by the Remarketing Agent and shall be the lowest interest rate that would, in the opinion of the Remarketing Agent, result in the market value of the Bonds such Bond being 100% of the principal amount thereof on the date of such determination, taking into account relevant market conditions and credit rating factors as they exist on such date; provided, however, that the Variable Rate may never exceed the Maximum Cap Rate. On each Variable Rate determination date The term “Cap Rate” means (i) for any period during which the Remarketing Agent shall deliver written notice Bonds are secured by a Letter of Credit, the Variable Rate so determined maximum rate per annum, specified therein, upon which there has been calculated the amount available to be drawn on such Letter of Credit to pay interest on the Trustee Bonds and (ii) for any period during which the UsersBonds are not secured by a Letter of Credit, the rate of 10% per annum. Upon the written request of any Bondholder, the Trustee shall confirm (by telephone and in writing, if so requested) the Variable Rate then in effect. (e) . Banc One Capital Markets, Inc., a corporation with its principal place of business in Chicago, Illinois, has been appointed as “Remarketing Agent” pursuant to the Indenture. The Variable Rate determined from time Indenture permits the Lessee, with the consent of the Bank, to time by the remove such Remarketing Agent shall be conclusive and binding on appoint a successor, subject to certain terms and conditions specified in the IssuerIndenture. Initially, no “Tender Agent” has been appointed pursuant to the UsersIndenture. The Indenture permits the Trustee, with the Trustee consent of the Lessee and the BondholdersBank, to appoint a Tender Agent, to remove such Tender Agent and to appoint a successor, subject to certain terms and conditions specified in the Indenture.

Variable Rate. (a) The Bonds shall initially bear interest from and including the Delivery Date to and including the immediately succeeding Variable Interest Computation Date at a Variable Rate agreed to by the Remarketing Agent and the Issuer, and thereafter shall bear interest at a Variable Rate. Upon the expiration of any Fixed Rate for each Variable Interest Accrual Period for the Bonds, such Bonds shall bear interest at the Variable Rate (unless the day immediately following such Fixed Rate Period is a Conversion Date), and once the Variable Rate becomes effective, it shall remain in effect until and including the day immediately prior to the earlier of(i) a Conversion Date or (ii) the final maturity of the Bonds. (b) The Variable Rate shall be a fluctuating rate per annum as determined by the Remarketing Agent periodically during on each Variable Interest Computation Date until adjusted to a Variable Reset Rate Period or Fixed Rate as provided below in this Section. (c) The Variable Rate shall be determined on the first day of each Variable Rate Period (beginning upon initial issuance of the Bonds and following a Fixed Rate Period) and on each Thursday during a Variable Rate Period (or, if such Thursday is not a Business Day, on the immediately preceding Business Day)herein. The Variable Rate so determined shall become effective (i) on the date of determination, if such date is the first day of the for each Variable Rate Period, or (ii) if such date is not the first day of a Variable Rate Period, on the day immediately following the date of determination, and once effective shall remain in effect until and including the next determination date or, if sooner, the end of such Variable Rate Period; provided, however, that if the Remarketing Agent fails to determine the Variable Rate on any such determination date, the last Variable Rate in effect shall remain in effect until and including the next determination date, and provided further, if the Remarketing Agent fails to determine the Variable Rate on two consecutive determination dates therefor, the Variable Rate shall be equal to the Maximum Rate until such determination date as the Remarketing Agent shall determine the Variable Rate in accordance with the terms hereof. (d) The Variable Rate shall be Interest Accrual Period determined by the Remarketing Agent and on each Variable Interest Computation Date shall be that rate of interest which, if borne by the lowest interest rate that Bonds, would, in the opinion reasonable professional judgment of the Remarketing Agent, result on the basis of prevailing financial market conditions, be the interest rate necessary, but which would not exceed the interest rate necessary, to be borne by the Bonds in order for the market value of the Bonds being on such Variable Interest Computation Date to be equal to 100% of the principal amount thereof (disregarding accrued interest) if the Bonds were sold on such Variable Interest Computation Date. If the rate of interest determined by the Remarketing Agent pursuant to this Section 2.02(b) exceeds the Maximum Rate, then the Variable Rate shall be the Maximum Rate. If for any reason (other than an Event of Default pursuant to Section 6.01(b) hereof) the Remarketing Agent shall fail to determine the rate of interest or if the rate of interest determined by the Remarketing Agent is held to be invalid or unenforceable for any Variable Interest Accrual Period, then the Variable Rate for such Variable Interest Accrual Period shall be the Index Rate in effect on the date applicable Variable Interest Computation Date. For each Variable Interest Accrual Period, the Variable Rate determined by the Remarketing Agent shall be communicated by facsimile (or Electronic Notice) to the Trustee, the Tender Agent, the Borrower, the Servicer and the Credit Facility Provider (which shall be by Electronic Notice) as provided in Section 10.05 hereof, on the Variable Interest Computation Date. The determination of the Variable Rate by the Remarketing Agent shall (in the absence of manifest error) be conclusive and binding on the Owners of the Bonds, the Issuer, the Borrower, the Credit Facility Provider, the Remarketing Agent, the Tender Agent and the Trustee, and each shall be protected in relying on it. Anything herein to the contrary notwithstanding, so long as an Event of Default pursuant to Section 6.01(b) hereof shall have occurred and be continuing, the Variable Rate for each Variable Interest Accrual Period shall be (i) for the first sixty (60) days following the occurrence of such determinationEvent of Default, taking into account relevant market conditions the Index Rate in effect on the applicable Variable Interest Computation Date plus four percent (4%) per annum and credit rating factors as they exist on such date(ii), thereafter, the Maximum Rate; provided, however, that in no event shall the Variable Rate may never at any time exceed the Maximum Rate. On each Variable Rate determination date the The Remarketing Agent shall deliver written notice of not be responsible for determining the Variable Rate so determined for any Variable Interest Accrual Period after the occurrence and during the continuance of an Event of Default pursuant to Section 6.01(b) hereof. Following any Reset Adjustment Date, the interest rate on the Bonds may be converted again to a Variable Rate at the election or deemed election of the Borrower in accordance with the procedures in Section 2.02(c) hereof, which date of adjustment to a Variable Rate shall be the Variable Rate Adjustment Date. The Trustee shall give notice to the Trustee and Bondholders, by first class mail not less than nine (9) days before the Users. Upon the written request of any Bondholder, the Trustee shall confirm Variable Rate Adjustment Date specifying: (by telephone and in writing, if so requestedi) the Variable Rate then in effect. (e) The Adjustment Date, and that the interest rate on the Bonds will be established at the Variable Rate determined from time to time by the Remarketing Agent shall be conclusive and binding on the IssuerVariable Rate Adjustment Date; and (ii) that all Bonds must be tendered for purchase at the Purchase Price and surrendered to the Tender Agent for purchase not later than 9:30 a.m., Washington, D.C. time, on the Users, the Trustee and the BondholdersVariable Rate Adjustment Date.

Variable Rate. (a) The Bonds Notes shall initially bear interest at a Variable Rate. Upon the expiration of any Fixed Rate Period for the BondsNotes, such Bonds Notes shall bear interest at the Variable Rate (unless the day immediately following such Fixed Rate Period is a Conversion Date), and once the Variable Rate becomes effective, it shall remain in effect until and including the day immediately prior to the earlier of(iof (i) a Conversion Date or (ii) the final maturity of the BondsNotes. (b) The Variable Rate shall be a fluctuating rate per annum determined by the Remarketing Agent periodically during a Variable Rate Period as provided below in this Section. (c) The Variable Rate shall be determined on the first day of each Variable Rate Period (beginning upon initial issuance of the Bonds Notes and following a Fixed Rate Period) and on each Thursday during a Variable Rate Period (or, if such Thursday is not a Business Day, on the immediately preceding Business Day). The Variable Rate so determined shall become effective (i) on the date of determination, if such date is the first day of the Variable Rate Period, or (ii) if such date is not the first day of a Variable Rate Period, on the day immediately following the date of determination, and once effective shall remain in effect until and including the next determination date or, if sooner, the end of such Variable Rate Period; provided, however, that if the Remarketing Agent fails to determine the Variable Rate on any such determination date, the last Variable Rate in effect shall remain in effect until and including the next determination date, and provided further, if the Remarketing Agent fails to determine the Variable Rate on two consecutive determination dates therefor, the Variable Rate shall be equal to the Maximum Rate until such determination date as the Remarketing Agent shall determine the Variable Rate in accordance with the terms hereof. (dc) The Variable Rate shall be determined by the Remarketing Agent and shall be the lowest interest rate that would, in the opinion of the Remarketing Agent, result in the market value of the Bonds Notes being 100% of the principal amount thereof on the date of such determination, taking into account relevant market conditions and credit rating factors as they exist on such date; provided, however, that the Variable Rate may never exceed the Maximum Rate. On each Variable Rate determination date the Remarketing Agent shall deliver written notice of the Variable Rate so determined to the Trustee and Trustee, the UsersIssuer. Upon the written request of any BondholderNoteholder, the Trustee shall confirm (by telephone and in writing, if so requested) the Variable Rate then in effect. (ed) The Variable Rate determined from time to time by the Remarketing Agent shall be conclusive and binding on the Issuer, the Users, the Trustee and the BondholdersNoteholders.

Variable Rate. (a) The Bonds shall initially bear interest at a Variable Rate. Upon the expiration of any Fixed Rate Period for the Bonds, such Bonds Each Bond shall bear interest at the Variable Rate (unless the day immediately following such Fixed during any period other than a Term Rate Period is a Conversion Date), and once with respect to such Bond. Each period during which the Variable Rate becomes effective, it shall remain is in effect until and including the day immediately prior to the earlier of(i) is herein called a Conversion Date or (ii) the final maturity of the Bonds“Variable Rate Period.” (b) The Variable Rate shall be a fluctuating rate per annum determined by the Remarketing Agent periodically during a Variable Rate Period as provided below in this Section. (c) The Variable Rate with respect to any Bond shall be determined on the first day of each Variable Rate Period (beginning upon initial issuance of the Bonds and following a Fixed Rate Period) with respect to such Bond and on each Thursday Wednesday during a such Variable Rate Period (or, if such Thursday Wednesday is not a Business Day, on the immediately preceding next succeeding Business Day). The Variable Rate so determined shall become effective (i) on the date of determination, if such date is the first day of the Variable Rate Period, or (ii) if such date is not the first day of a Variable Rate Period, on the day immediately following the date of determination, and once effective shall remain in effect until and including the next determination date or, if sooner, the end of such Variable Rate Period; provided, however, that if the Remarketing Agent fails to determine the Variable Rate on any such determination date, the last Variable Rate in effect with respect to such Bond shall remain in effect until and including the next determination date, and provided further, if the Remarketing Agent fails to determine the Variable Rate on two consecutive determination dates therefor, the Variable Rate shall be equal to the Maximum Rate until such determination date as the Remarketing Agent shall determine the Variable Rate in accordance with the terms hereof. (d) The Variable Rate with respect to a Bond shall be determined by the Remarketing Agent and shall be the lowest interest rate that would, in the opinion of the Remarketing Agent, result in the market value of the Bonds such Bond being 100% of the principal amount thereof on the date of such determination, taking into account relevant market conditions and credit rating factors as they exist on such date; provided, however, that the Variable Rate may never exceed the Maximum Cap Rate. On each Variable Rate determination date with respect to a Bond the Remarketing Agent shall deliver written give telephonic notice to the Trustee of the Variable Rate so determined to the Trustee determined, and the Usersshall promptly confirm such notice in writing. Upon the written request of the Issuer, the Lessee or any Bondholder, the Trustee shall confirm (by telephone and in writing, if so requested) the Variable Rate then in effect. (e) The Variable Rate determined from time to time by the Remarketing Agent shall be conclusive and binding on the Issuer, the UsersLessee, the Trustee and the Bondholders.