Yield Reduction Payment. With respect to each Locality that has amounts on deposit in its Proceeds Accounts on and after , 20 , or , 20 , for any such amounts related to refunding a Locality's prior debt as described in the Locality's signature page hereto, VPSA shall cause the Rebate Calculation Agent to compute, as of each Computation Date, the amount that such Locality must pay as a Yield Reduction Payment pursuant to Treas. Reg. Section 1.148-5(c) in order to cause the Yield on the investment of any amounts in the Proceeds Account on and after , 20 , or , 20 , for any such amounts related to refunding a Locality's prior debt as described in the Locality's signature page hereto, to be less than or equal to the VPSA Bond Yield. The calculation of such Yield Reduction Payment shall not take into account any investment activity prior to , 20 , or _ , 20 , for any such amounts related to refunding a Locality's prior debt as described in the Locality's signature page hereto. Such amount shall be the "Locality Yield Reduction Payment" as of the Computation Date.
Yield Reduction Payment. With respect to each Locality that has amounts on deposit in its Proceeds Accounts on and after November , 2024, VPSA shall cause the Rebate Calculation Agent to compute, as of each Computation Date, the amount that such Localitymust pay as a Yield Reduction Payment pursuant to Treas. Reg. Section 1.148-5(c) in order to cause the Yield on the investment of any amounts in the Proceeds Account on and after November , 2024, for any such amounts related to refunding a Locality'sprior debt as described in the Locality's signature page hereto, to be less than or equal to the VPSABond Yield. The calculation of such Yield Reduction Payment shall not take into account any investment activity prior to November , 2024. Such amount shall be the "Locality Yield Reduction Payment" as of the Computation Date.
Yield Reduction Payment. With respect to each Locality that has amounts on deposit in its Proceeds Accounts on and after [May 14], 2027, VPSA shall cause the Rebate Calculation Agent to compute, as of each Computation Date, the amount that such Locality must pay as a Yield Reduction Payment pursuant to Treas. Reg. Section 1.148-5(c) in order to cause the Yield on the investment of any amounts in the Proceeds Account on and after [May 14], 2027, to be less than or equal to the VPSA Bond Yield. The calculation of such Yield Reduction Payment shall not take into account any investment activity prior to [May 14], 2027. Such amount shall be the "Locality Yield Reduction Payment" as of the Computation Date.
