Common use of Weekly Rate Provisions Clause in Contracts

Weekly Rate Provisions. The Bonds shall bear interest at a Weekly Rate from each Weekly Conversion Date to the earlier of their redemption, the following Conversion Date or their Maturity Date. The Weekly Rate for each Weekly Period shall be the lowest rate of interest that will, in the sole judgment of the Remarketing Agent, having due regard for prevailing financial market conditions, permit the Bonds to be remarketed at par, plus accrued interest, on the first day of such Weekly Period. Notwithstanding the foregoing, the Weekly Rate so established shall be not more than the Maximum Rate. Each determination of a Weekly Rate by the Remarketing Agent shall be conclusive and binding upon all persons. Notwithstanding the foregoing, if at any time the Remarketing Agent shall fail to determine a Weekly Rate as set forth above, then, until the Remarketing Agent shall next determine the Weekly Rate in such fashion, the Weekly Rate shall be the rate from time to time established as the Bond Market Association Municipal Swap Index and, if such index is not available, the Weekly Rate shall be the rate from time to time established by such other comparable index selected by the Borrower upon notice to Trustee. In no event however may the interest rate on the Bonds exceed the Maximum Rate. On Wednesday (unless Wednesday is not a Business Day, then on the next preceding Tuesday; unless Tuesday and Wednesday are not Business Days, then on the next subsequent Thursday, whether or not a Business Day) of each week while Bonds are in the Weekly Mode, with respect to each Weekly Period, the Remarketing Agent shall determine and furnish to the Trustee the Weekly Rate for the ensuing Weekly Period. On the Business Day preceding each Weekly Interest Payment Date, the Trustee shall furnish to the Borrower, the Confirming Bank and the L/C Bank the Weekly Rates applicable to the Bonds from the time of the prior notice of such rates. Should any Bondholder or Beneficial Owner request such in writing, the Remarketing Agent shall also furnish (by first class mail, postage prepaid) the Weekly Rate to such requesting Bondholder or Beneficial Owner.

Weekly Rate Provisions. The Bonds shall bear interest at a Weekly Rate from the Closing Date (if applicable) and from each Weekly Rate Conversion Date to the earlier of their redemption, the following Conversion Date or their Maturity Datematurity date. The Weekly Rate for each Weekly Interest Period shall be the lowest rate of interest that which will, in the sole judgment of the Remarketing Agent, having due regard for prevailing financial market conditions, permit the Bonds to be remarketed at par, plus accrued interest, par on the first day of such Weekly Interest Period. Notwithstanding the foregoing, the Weekly Rate so established shall be not more than the Maximum Rate. Each determination of a Weekly Rate by the Remarketing Agent shall be conclusive and binding upon all personsthe Issuer, the Company, the Trustee, the Tender Agent, the Bank and the Bondholders. Notwithstanding the foregoing, if at any time the Remarketing Agent shall fail to determine a Weekly Rate as set forth above, then, until the Remarketing Agent shall next determine the Weekly Rate in such fashion, the Weekly Rate shall be the rate from time to time established as the Bond Market J.J. Xxxxxx xxxex rate for high grade tax-exempt obligations having maturities of 30 days. If such index rate is not available, the Weekly Rate shall be the rate from time to time established by the Public Securities Association Municipal Swap Index andIndex, and if such index is not available, the Weekly Rate shall be the rate from time to time established by such other comparable index as may be selected by the Borrower Company upon notice to the Trustee. In no event however may the interest rate on the Bonds exceed the Maximum Rate. On Wednesday Tuesday (unless Wednesday Tuesday is not a Business Day, then on the next preceding TuesdayMonday; unless Monday and Tuesday and Wednesday are not Business Days, then on the next subsequent ThursdayWednesday, whether or not a Business Day) of each calendar week while Bonds are in the during a Weekly ModeRate Period, with respect to each Weekly Interest Period, the Remarketing Agent shall determine and furnish to the Trustee the Weekly Rate for the ensuing Weekly Interest Period. On the Business Day preceding each Weekly Rate Interest Payment Date, the Trustee shall furnish to the BorrowerCompany, the Confirming Bank and and, if the L/C Bank Bonds are not in a Book-Entry System, to the Tender Agent, the Weekly Rates applicable to the Bonds from the time of the prior notice of such rates. Should any Bondholder or Beneficial Owner request such in writing, the Remarketing Agent shall also furnish (by first class mail, postage prepaid) the Weekly Rate to such requesting Bondholder or Beneficial Owner.

Weekly Rate Provisions. The Bonds shall bear interest at a Weekly Rate from the Closing Date (if applicable) and from each Weekly Rate Conversion Date to the earlier of their redemption, the following Conversion Date or their Maturity Datematurity date. The Weekly Rate for each Weekly Interest Period shall be the lowest rate of interest that which will, in the sole judgment of the Remarketing Agent's sole judgment, having due regard for prevailing financial market conditions, permit the Bonds to be remarketed at par, par (plus accrued interest, if any) on the first day of such Weekly Interest Period. Notwithstanding the foregoing, the Weekly Rate so established shall be not more than the Maximum Rate. Each determination of a Weekly Rate by the Remarketing Agent shall be conclusive and binding upon all personsthe Issuer, the Company, the Trustee, the Tender Agent, the Bank and the Bondholders. Notwithstanding the foregoing, if at any time the Remarketing Agent shall fail to determine a Weekly Rate as set forth above, then, until the Remarketing Agent shall next determine the Weekly Rate in such fashion, the Weekly Rate shall be the rate from time to time established as the Bond Market J.J. Xxxxxx xxxex rate for high grade tax-exempt obligations having maturities of 30 days. If such index rate is not available, the Weekly Rate shall be the rate from time to time established by the Public Securities Association as its Municipal Swap Index andIndex, and if such index is not available, the Weekly Rate shall be the rate from time to time established by such other comparable index as may be selected by the Borrower Company upon notice to the Trustee. In no event however event, however, may the interest rate on the Bonds exceed the Maximum Rate. On Wednesday Tuesday (unless Wednesday Tuesday is not a Business Day, then on the next preceding TuesdayMonday; unless Monday and Tuesday and Wednesday are not Business Days, then on the next subsequent ThursdayWednesday, whether or not a Business Day) of each calendar week while Bonds are in the during a Weekly ModeRate Period, with respect to each Weekly Interest Period, the Remarketing Agent shall determine and furnish to the Trustee the Weekly Rate for the ensuing Weekly Interest Period. On the Business Day preceding each Weekly Rate Interest Payment Date, the Trustee shall furnish to the BorrowerCompany, the Confirming Bank and and, if the L/C Bank Bonds are not in a Book-Entry System, to the Tender Agent, the Weekly Rates applicable to the Bonds from the time of the prior notice of such rates. Should any Bondholder or Beneficial Owner request such in writing, the Remarketing Agent shall also furnish (by first first-class mail, postage prepaid) the Weekly Rate to such requesting Bondholder or Beneficial Owner.