Common use of Weekly Rate Clause in Contracts

Weekly Rate. During any period commencing on the date that the Interest Rate Determination Method is converted to a mode where the Bonds bear interest at a Weekly Rate pursuant to Section 2.04 to, but not including, the next Conversion Date (a "Weekly Rate Period"), the Bonds will bear interest at the Weekly Rate. With respect to any Weekly Rate Period, the Remarketing Agents will set a rate (a "Weekly Rate") by 12:00 noon New York City time: (i) on the first Business Day before any Conversion Date immediately after which the Bonds will bear interest at a Weekly Rate for the period commencing on the Conversion Date through and including the next Tuesday that is at least six days from such Conversion Date and (ii) on each Wednesday thereafter (or the first Business Day before such Wednesday, if such Wednesday is not a Business Day) for the seven day period from such Wednesday through and including the next Tuesday. Each Weekly Rate shall be the rate of interest which, if borne by the Bonds, would, in the judgment of the Remarketing Agents, having due regard to the prevailing financial market conditions for tax-exempt revenue bonds or other tax-exempt securities of the same general nature as the Bonds or tax-exempt securities which are competitive as to credit and maturity (or period for tender) with the credit and maturity (or period for tender) of the Bonds, be the interest rate necessary, but would not exceed the interest rate necessary, to enable the Remarketing Agents to remarket the Bonds at a price of par (plus accrued interest, if any) on such Wednesday; PROVIDED that the Weekly Rate shall not be greater than 110% of the Weekly Rate Index. If for any reason the Weekly Rate for any Weekly Rate Period is not established as aforesaid by the Remarketing Agents, no Remarketing Agent shall be serving as such hereunder or the rate so established is held to be invalid or unenforceable by a final judgment of a court of law with respect to any Weekly Rate Period, then the Weekly Rate for such Weekly Rate Period shall be 100% of the Weekly Rate Index on the date such interest rate was (or would have been) determined as provided above. The Indexing Agent shall establish the Weekly Rate Index on the Business Day next preceding each day on which a Weekly Rate is determined by the Remarketing Agents. Notwithstanding the foregoing, in the event that the Remarketing Agents, in their judgment, shall determine that the Weekly Rate Index so established is sufficiently non-representative of current market conditions that the Bonds may not be remarketed at par if the Weekly Rate is set at a rate not greater than 110% of the applicable Weekly Rate Index, the Remarketing Agents may establish a new Weekly Rate Index in accordance with the procedures and standards set forth in this paragraph and in the preceding paragraph and for purposes of the Weekly Rate Index so established, all references to Indexing Agent in the Indenture shall be deemed to refer to the Remarketing Agents; PROVIDED that the Remarketing Agents shall select securities (whether or not actually issued) having a term equal to the Weekly Rate Period or which are subject to optional or mandatory tender by the owner thereof at the end of a term equal to the Weekly Rate Period. To the extent the Indexing Agent or the Remarketing Agent shall fail to set a Weekly Rate Index for the Bonds, the rate in effect shall be the same as the immediately preceding Weekly Rate. The Indexing Agent shall establish the Semi-Annual Rate Index during the SemiAnnual Rate Period on the Business Day next preceding each day on which a Semi-Annual Rate is determined by the Remarketing Agents. To the extent the Indexing Agent or the Remarketing Agent shall fail to set a Semi-Annual Rate Index for the Bonds, the rate in effect shall be the same as the immediately preceding Semi-Annual Rate.

Weekly Rate. During any period commencing on the date that the Interest Rate Determination Method is converted to a mode where the Bonds bear interest at a (a) A Weekly Rate pursuant to Section 2.04 to, but not including, the next Conversion Date (a "shall be determined for each Weekly Rate Period"), the Bonds will bear interest at the Weekly RatePeriod as described below. With respect to any Weekly Rate Period, the Remarketing Agents will set a rate (a "Weekly Rate") by 12:00 noon New York City time: (i) on the first Business Day before any Conversion Date immediately after which the Bonds will bear interest at a The Weekly Rate for each Weekly Rate Period shall be effective from and including the commencement date of such period commencing on the Conversion Date and shall remain in effect through and including the next Tuesday that is at least six days from such Conversion Date and (ii) on each Wednesday thereafter (or the first Business Day before such Wednesday, if such Wednesday is not a Business Day) for the seven last day period from such Wednesday through and including the next Tuesdaythereof. Each such Weekly Rate shall be determined by the Remarketing Agent on the Weekly Rate Calculation Date and shall be provided by the Remarketing Agent in writing to the Paying Agent by the close of business on that same day. Each such Weekly Rate so to be determined shall be the lowest rate of interest which, if borne by the Bonds, would, in the judgment of the Remarketing AgentsAgent, having due regard would cause the Bonds in the Weekly Mode to have a market value equal to the prevailing financial market conditions for tax-exempt revenue bonds or other tax-exempt securities principal amount thereof, plus accrued interest (if any), taking into account Prevailing Market Conditions as of the date of determination; provided that: (i) if the Remarketing Agent fails for any reason to determine and notify the Paying Agent of the Weekly Rate for any Weekly Rate Period, such Weekly Rate shall be the same general nature as the Bonds or tax-exempt securities which are competitive as to credit and maturity Weekly Rate in effect for the immediately preceding Weekly Rate Period, except that if such failure continues for more than one consecutive Weekly Rate Period, the Weekly Rate thereafter shall be 135% of the BMA Municipal Swap Index published for that Weekly Rate Period by Munifacts Wire System, Inc. (or period for tender) with the credit and maturity (or period for tender) a replacement publisher of the Bonds, be BMA Municipal Swap Index designated in writing by the interest rate necessary, but would not exceed Issuer at the interest rate necessary, direction of the Company to enable the Trustee and the Remarketing Agents Agent); provided that if Munifacts Wire System, Inc. or such replacement publisher does not publish the BMA Municipal Swap Index on a day on which a Weekly Rate is to remarket the Bonds at a price of par (plus accrued interestbe set, if any) on such Wednesday; PROVIDED that the Weekly Rate shall not be greater than 110135% of a comparable index selected by the Weekly Rate Index. If for any reason Company published by Munifacts Wire System, Inc. or such replacement publisher at such time; and (ii) in no event shall the Weekly Rate for any Weekly Rate Period is not established as aforesaid by exceed 12% per annum. (b) No notice of Weekly Rates will be given to the Company or the Owners of the Bonds; however, the Company and the Owners may obtain Weekly Rates from the Remarketing Agents, no Remarketing Agent shall be serving as such hereunder or the rate so established is held Agent. All determinations of Weekly Rates pursuant to be invalid or unenforceable by a final judgment of a court of law with respect to any Weekly Rate Period, then the Weekly Rate for such Weekly Rate Period shall be 100% of the Weekly Rate Index on the date such interest rate was (or would have been) determined as provided above. The Indexing Agent shall establish the Weekly Rate Index on the Business Day next preceding each day on which a Weekly Rate is determined by the Remarketing Agents. Notwithstanding the foregoing, in the event that the Remarketing Agents, in their judgment, shall determine that the Weekly Rate Index so established is sufficiently non-representative of current market conditions that the Bonds may not be remarketed at par if the Weekly Rate is set at a rate not greater than 110% of the applicable Weekly Rate Index, the Remarketing Agents may establish a new Weekly Rate Index in accordance with the procedures and standards set forth in this paragraph and in the preceding paragraph and for purposes of the Weekly Rate Index so established, all references to Indexing Agent in the Indenture shall be deemed conclusive and binding upon the Issuer, the Company, the Bank, the Insurer, the Trustee, the Paying Agent and the Owners of the Bonds to refer to which such rates are applicable. The Issuer, the Remarketing Agents; PROVIDED that Company, the Remarketing Agents shall select securities (whether or not actually issued) having a term equal to Bank, the Weekly Rate Period or which are subject to optional or mandatory tender by Insurer, the owner thereof at Trustee, the end of a term equal to the Weekly Rate Period. To the extent the Indexing Paying Agent or and the Remarketing Agent shall fail not be liable to set a any Owner for failure to give any notice required with respect to Weekly Rate Index Rates or for the Bonds, the rate in effect shall be the same as the immediately preceding Weekly Rate. The Indexing Agent shall establish the Semi-Annual Rate Index during the SemiAnnual Rate Period on the Business Day next preceding each day on which a Semi-Annual Rate is determined by the Remarketing Agents. To the extent the Indexing Agent or the Remarketing Agent shall fail failure of any person to set a Semi-Annual Rate Index for the Bonds, the rate in effect shall be the same as the immediately preceding Semi-Annual Ratereceive any such notice.

Weekly Rate. During any period commencing A Weekly Rate shall be determined for ----------- each Weekly Rate Period as described below. For each Weekly Rate Period and so long as the Bonds are in the Weekly Mode, the interest rate on the date that Bonds shall be the Interest Rate Determination Method is converted to a mode where current market rate determined by the Bonds bear interest at a Remarketing Agent on the immediately preceding Weekly Rate pursuant to Section 2.04 toCalculation Date, but not including, the next Conversion Date (a "in accordance with this Section. On each Weekly Rate Period"), the Bonds will bear interest at the Weekly Rate. With respect to any Weekly Rate PeriodCalculation Date, the Remarketing Agents will set a rate (a "Weekly Rate") by 12:00 noon New York City time: (i) on Agent shall determine the first Business Day before any Conversion Date immediately after which the Bonds will bear interest at a Weekly Rate for the period commencing on the Conversion Date through and including the next Tuesday that is at least six days from such Conversion Date and (ii) on each Wednesday thereafter (or the first Business Day before such Wednesday, if such Wednesday is not a Business Day) for the seven day period from such Wednesday through and including the next Tuesday. Each succeeding Weekly Rate shall be Period as the rate of interest which, which if borne by the Bonds, Bonds would, in the judgment of the Remarketing AgentsAgent, having due regard to the taking into account prevailing financial market conditions for tax-exempt revenue bonds or other tax-exempt securities of the same general nature as the Bonds or tax-exempt securities which are competitive as to credit and maturity (or period for tender) with the credit and maturity (or period for tender) of the Bondsconditions, be the interest rate necessary, but would not exceed the interest rate necessary, to enable the Remarketing Agents Agent to remarket arrange for the sale of all of the outstanding Bonds at a price of par (equal to the principal amount thereof plus accrued interest, if any) interest thereon. Notice of such Weekly Rate shall be given by the Remarketing Agent to the Trustee by the close of business on such Wednesday; PROVIDED that the Weekly Rate Calculation Date. No notice of Weekly Rates will be given to the Issuer, the Borrower, the Bank or the Holders; however, the Issuer, the Borrower, the Bank and the Holders may obtain Weekly Rates from the Trustee or the Remarketing Agent upon request therefor. Anything herein to the contrary notwithstanding, in no event shall not be greater than 110% of the Weekly Rate Indexborne by the Bonds exceed the Maximum Rate. In determining each Weekly Rate to be effective pursuant to this Section, prevailing financial market conditions which the Remarketing Agent shall take into account shall include (i) existing short-term tax-exempt market rates and indexes of such short-term rates, (ii) the existing market supply and demand for short-term tax-exempt securities, (iii) existing yield curves for short-term tax-exempt securities for obligations of credit quality comparable to the Bonds, (iv) general economic conditions, (v) industry, economic and financial conditions that may affect or be relevant to the Bonds, and (vi) such other facts, circumstances and conditions as the Remarketing Agent, in its sole discretion, shall determine to be relevant. If for any reason the Remarketing Agent does not determine a Weekly Rate for any Weekly Rate Period is not established as aforesaid by the Remarketing Agentsaforesaid, no Remarketing Agent shall be serving as such hereunder or the if a court holds a rate so established is held for any Weekly Rate Period to be invalid or unenforceable by a final judgment of a court of law with respect to any Weekly Rate Periodunenforceable, then the Weekly Rate for such that Weekly Rate Period shall be 100% of equal to the Weekly Rate Index on in effect for the date such interest immediately preceding Weekly Rate Period. The Weekly Rate for any consecutive succeeding Weekly Rate Period for which the Remarketing Agent does not determine a Weekly Rate, or a court holds a rate was to be invalid or unenforceable, shall be the 30-day tax-exempt commercial paper rate published for that Weekly Rate Period by Munifacts Wire System, Inc. (or would have been) determined a replacement publisher of a tax-exempt commercial paper rate designated in writing by the Issuer to the Trustee and Remarketing Agent in the event Munifacts Wire System, Inc. no longer published such rate), representing, as of the publication date, the average of 30-day yield evaluations at par of tax-exempt securities rated by each Rating Service in its highest commercial paper rating category; provided above. The Indexing Agent shall establish the Weekly Rate Index that if Munifacts Wire System, Inc. or such replacement publisher does not publish such a tax-exempt commercial paper rate on the Business Day next preceding each a day on which a Weekly Rate is determined by the Remarketing Agents. Notwithstanding the foregoingto be set, in the event that the Remarketing Agents, in their judgment, shall determine that the Weekly Rate Index so established is sufficiently non-representative of current market conditions that the Bonds may not shall be remarketed at par if the Weekly Rate is set at a rate not greater than 11085% of the applicable Weekly Rate Index, interest rate for 30-day taxable commercial paper (prime paper placed through dealers) announced on such day by the Remarketing Agents may establish a new Weekly Rate Index in accordance with the procedures and standards set forth in this paragraph and in the preceding paragraph and for purposes Federal Reserve Bank of New York. The determination of the Weekly Rate Index so established, all references by the Remarketing Agent pursuant to Indexing Agent in the this Indenture shall be deemed to refer to conclusive and binding upon the Issuer, the Trustee, the Borrower, the Remarketing Agents; PROVIDED that Agent, the Remarketing Agents shall select securities (whether or not actually issued) having a term equal to Bank and the Weekly Rate Period or which are subject to optional or mandatory tender by the owner thereof at the end Holders of a term equal to the Weekly Rate Period. To the extent the Indexing Agent or the Remarketing Agent shall fail to set a Weekly Rate Index for the Bonds, the rate in effect shall be the same as the immediately preceding Weekly Rate. The Indexing Agent shall establish the Semi-Annual Rate Index during the SemiAnnual Rate Period on the Business Day next preceding each day on which a Semi-Annual Rate is determined by the Remarketing Agents. To the extent the Indexing Agent or the Remarketing Agent shall fail to set a Semi-Annual Rate Index for the Bonds, the rate in effect shall be the same as the immediately preceding Semi-Annual Rate.

Weekly Rate. During any period commencing (a) A Weekly Rate shall be determined for each Weekly Rate Period as described below. For each Weekly Rate Period and so long as the Bonds are in the Weekly Mode, the interest rate on the date that Bonds shall be the Interest Rate Determination Method is converted to a mode where current market rate determined by the Bonds bear interest at a Indexing Agent on the immediately preceding Weekly Rate pursuant to Section 2.04 toCalculation Date, but not includingin accordance with this Section. On each Weekly Rate Calculation Date, the Indexing Agent shall determine the Weekly Rate for the next Conversion Date (a "succeeding Weekly Rate Period"), the Bonds will bear interest at the Weekly Rate. With respect to any The Weekly Rate Periodshall be a percentage per annum equal to the Money Market Equivalent Yield, plus or minus the Remarketing Agents Special Adjustment Factor, if any, determined by the Indexing Agent. The Special Adjustment Factor will set a rate (a "Weekly Rate") by 12:00 noon New York City time: (i) on be the first Business Day before any Conversion Date immediately after amount, if any, which when added to or subtracted from the Bonds will bear interest at Money Market Equivalent Yield, would result in a Weekly Rate for the period commencing on the Conversion Date through and including the next Tuesday that is at least six days from such Conversion Date and (ii) on each Wednesday thereafter (or the first Business Day before such Wednesday, if such Wednesday is not a Business Day) for the seven day period from such Wednesday through and including the next Tuesday. Each applicable Weekly Rate shall be Period, sufficient, in the rate opinion of interest whichthe Indexing Agent, if borne by to enable the Remarketing Agent to remarket the Bonds at 100% of the principal amount thereof. In determining the Special Adjustment Factor on the Bonds, wouldthe Indexing Agent is to have due regard for general financial and credit market conditions and such other factors, including the credit rating and financial condition of the Lenders and applicable tender provisions, which, in the judgment of the Remarketing Agents, having due regard to the prevailing financial market conditions for tax-exempt revenue bonds or other tax-exempt securities of the same general nature as the Bonds or tax-exempt securities which are competitive as to credit and maturity (or period for tender) with the credit and maturity (or period for tender) of the Bonds, be Indexing Agent may have a bearing on the interest rate necessaryon the Bonds. Notice of such Weekly Rate shall be given by the Indexing Agent to the Trustee and the Remarketing Agent by the close of business on the Weekly Rate Calculation Date. No notice of Weekly Rates will be given to the Issuer, but would the Company, the Agent or the Holders; however, the Issuer, the Company, the Agent and the Holders may obtain Weekly Rates from the Trustee or the Indexing Agent upon request therefor. (b) Anything herein to the contrary notwithstanding, in no event shall the Weekly Rate borne by the Bonds exceed the Maximum Rate. (c) At the direction of the Issuer (which direction shall be given by the Issuer upon the request of the Agent), the Maximum Rate shall be increased to a rate per annum specified by the Agent which does not exceed the interest maximum non-usurious rate necessaryallowed by applicable law; provided that, to enable the Remarketing Agents to remarket if the Bonds at are then rated by a price of par (plus accrued interestRating Agency, if any) the Trustee shall receive a written notice from each Rating Agency then maintaining a rating on such Wednesday; PROVIDED the Bonds stating that the Weekly proposed increase of the Maximum Rate will not cause the rating then assigned to the Bonds to be lowered or withdrawn as a result of any increase in the Maximum Rate. The consent of the Bondholders shall not be greater than 110% of required for any such increase in the Weekly Maximum Rate. The Trustee shall not be responsible for determining such Maximum Rate Index. or obtaining such Rating Agency notices. (d) If for any reason the Indexing Agent does not determine a Weekly Rate for any Weekly Rate Period is not established as aforesaid by the Remarketing Agentsaforesaid, no Remarketing Agent shall be serving as such hereunder or the if a court holds a rate so established is held for any Weekly Rate Period to be invalid or unenforceable by a final judgment of a court of law with respect to any Weekly Rate Periodunenforceable, then the Weekly Rate for such that Weekly Rate Period shall be 100% of the Weekly Rate Index on the date such interest rate was (or would have been) determined as provided above. The Indexing Agent shall establish the Weekly Rate Index on the Business Day next preceding each day on which a Weekly Rate is determined by the Remarketing Agents. Notwithstanding the foregoing, in the event that the Remarketing Agents, in their judgment, shall determine that the Weekly Rate Index so established is sufficiently non-representative of current market conditions that the Bonds may not be remarketed at par if the Weekly Rate is set at a rate not greater than 110% of the applicable Weekly Rate Index, the Remarketing Agents may establish a new Weekly Rate Index in accordance with the procedures and standards set forth in this paragraph and in the preceding paragraph and for purposes of the Weekly Rate Index so established, all references to Indexing Agent in the Indenture shall be deemed to refer to the Remarketing Agents; PROVIDED that the Remarketing Agents shall select securities (whether or not actually issued) having a term equal to the Weekly Rate Period or which are subject to optional or mandatory tender by in effect for the owner thereof at the end of a term equal to the immediately preceding Weekly Rate Period. To the extent The Weekly Rate for any consecutive succeeding Weekly Rate Period for which the Indexing Agent or the Remarketing Agent shall fail to set does not determine a Weekly Rate Index for the BondsRate, the or a court holds a rate in effect to be invalid or unenforceable, shall be the same as sum of (i) the immediately preceding Weekly daily unweighted average of the Federal Funds Rate. The Indexing Agent shall establish the Semi-Annual Rate Index during the SemiAnnual Rate Period on the , for each Business Day next of the preceding each day on which a Semi-Annual week plus (ii) .125%. (e) The determination of the Weekly Rate is determined by the Remarketing Agents. To the extent the Indexing Agent or pursuant to this Indenture shall be conclusive and binding upon the Issuer, the Trustee, the Remarketing Agent, the Company, the Indexing Agent, the Agent shall fail to set a Semi-Annual Rate Index for and the Holders of the Bonds, the rate in effect shall be the same as the immediately preceding Semi-Annual Rate.

Weekly Rate. During any period commencing on the date that the Interest Rate Determination Method is converted to a mode where the Bonds bear interest at a Weekly Rate pursuant to Section 2.04 to, but not including, the next Conversion Date (a "Weekly Rate Period"), the Series 2014_ Bonds will bear interest at the Weekly Rate. With respect to During any Weekly Rate Period, the Remarketing Agents Agent will set a rate (a "Weekly Rate") by 12:00 noon New York City time: (i) on determine the first Business Day before any Conversion Date immediately after which the Bonds will bear interest at a Weekly Rate for the period commencing applicable Weekly Interest Period by 4:00 p.m., Local Time, on the Conversion Date through and including the next Tuesday that is at least six days from such Conversion Date and (ii) on each Wednesday thereafter (or the first Business Day before such Wednesday, if such Wednesday is not a Business Day) for the seven day period from such Wednesday through and including the next Tuesdayapplicable Computation Date. Each Weekly Rate shall be the rate of interest which, if borne by the Series 2014_ Bonds, would, in the judgment of the Remarketing AgentsAgent, having due regard to for the prevailing financial market conditions for tax-exempt revenue bonds or other tax-exempt securities the interest on which is included or excluded (as applicable) from gross income of the holders thereof for federal income tax purposes of the same general nature as the Series 2014_ Bonds or tax-exempt securities the interest on which is included or excluded (as applicable) from gross income of the holders thereof for federal income tax purposes that are competitive comparable as to credit and maturity (or period for tendercomparable with respect to optional tender provisions) with the credit and maturity (or period for tender) the optional tender provisions of the Series 2014_ Bonds, be the interest rate necessary, but would not exceed the interest rate necessary, to enable the Remarketing Agents Agent to remarket place the Series 2014_ Bonds at a price of par (plus accrued interest, if any) on the first Business Day of such WednesdayWeekly Interest Period; PROVIDED that the Weekly Rate shall not be greater than 110% of the Weekly Rate Index. If provided, that, if for any reason the Weekly Rate for any Weekly Rate Interest Period is not established as aforesaid by the Remarketing AgentsAgent, no Remarketing Agent shall be serving as such hereunder or the rate so established is held to be invalid or unenforceable by a final judgment of a court of law with respect to any Weekly Rate Interest Period, then the Weekly Rate for such Weekly Rate Interest Period shall be 100% of equal to the Alternate Weekly Rate Index on the date such interest rate was (or would have been) determined as provided above. The Indexing Remarketing Agent (or if no Remarketing Agent is serving as such hereunder, the Bond Registrar) shall establish notify the Board immediately by telephone if the Alternate Weekly Index is applicable, with written notice to follow promptly. In connection with any change or deemed change in the Interest Rate Index on the Business Day next preceding each day on which Determination Method to a Weekly Rate is determined by pursuant to Section 2.03(d) or (e) or Section 2.04(a), the Remarketing Agents. Notwithstanding the foregoing, in the event that the Remarketing Agents, in their judgment, shall determine that the initial Weekly Rate Index so established is sufficiently non-representative of current market conditions that the Bonds may not shall be remarketed at par if the Weekly Rate is set at a rate not greater than 110% of determined as provided above on the applicable Weekly Rate Index, the Remarketing Agents may establish a new Weekly Rate Index in accordance with the procedures and standards set forth in this paragraph and in the preceding paragraph and for purposes of the Weekly Rate Index so established, all references to Indexing Agent in the Indenture shall be deemed to refer to the Remarketing Agents; PROVIDED that the Remarketing Agents shall select securities (whether or not actually issued) having a term equal to the Weekly Rate Period or which are subject to optional or mandatory tender by the owner thereof at the end of a term equal to the Weekly Rate Period. To the extent the Indexing Agent or the Remarketing Agent shall fail to set a Weekly Rate Index for the Bonds, the rate in effect shall be the same as the immediately preceding Weekly Rate. The Indexing Agent shall establish the Semi-Annual Rate Index during the SemiAnnual Rate Period on the Business Day next preceding each day on which a Semi-Annual Rate is determined by the Remarketing Agents. To the extent the Indexing Agent or the Remarketing Agent shall fail to set a Semi-Annual Rate Index for the Bonds, the rate in effect shall be the same as the immediately preceding Semi-Annual RateComputation Date.