Daily Rate Index means with respect to the Determination Date of each Calculation Period during a Daily Rate Period, the average of one-day yield evaluations at par, determined by the Indexing Agent, of securities (whether or not actually issued), the interest on which is not included in gross income for federal income tax purposes, of no fewer than ten Component Issuers selected by the Indexing Agent and which have redemption or tender provisions comparable to the then applicable provisions of the Bonds, computed by the Indexing Agent on and as of the Determination Date. If the Bonds are rated by a Rating Agency, each Component Issuer must have outstanding securities rated by a Rating Agency in a short-term debt rating category which is the same as the short-term debt rating category in which the Bonds are rated. The specific issuers included in the Component Issuers may be changed from time to time by the Indexing Agent in its discretion and shall be issuers whose securities, in the judgment of the Indexing Agent, have characteristics similar to the Bonds. In addition, at the request of the Company and upon delivery to the Trustee of an Opinion of Bond Counsel that such action will not adversely affect the exclusion of interest on the Bonds from gross income of the owners thereof for federal income tax purposes, the Authority, with the consent of the Company, may designate a new method of setting the Daily Rate Index in the event any of the above-described methods are determined by the Authority to be unavailable, impracticable or unrealistic in the market place.
Daily Rate Index means, on any Business Day, the SIFMA Municipal Swap Index or, if the SIFMA Municipal Swap Index is no longer published, an index or rate agreed upon by the District and the Remarketing Agent; provided, however, that if the Remarketing Agent advises the Trustee and the District that the use of such index would not result or no longer results in a market rate of interest on the Certificates, “Daily Rate Index” shall mean an index agreed to by the District and the Remarketing Agent that would result in a market rate of interest on the Certificates, which Daily Rate shall in no event exceed the Cap Rate.
Daily Rate Index means with respect to the Determination Date of each Calculation Period during a Daily Rate Period, the average of one-day yield evaluations at par, determined by the Indexing Agent, of securities (whether or not actually issued), the interest on which is not included in gross income for federal income tax purposes, of no fewer than ten Component Issuers selected by the Indexing Agent and which have redemption or tender provisions comparable to the then applicable provisions of the Bonds, computed by the Indexing Agent on and as of the Determination Date. If the Bonds are rated by a Rating Agency, each Component Issuer must have outstanding securities rated by a Rating Agency in a short-term debt rating category which is the same as
Examples of Daily Rate Index in a sentence
Index Salary Daily Rate Index Salary Daily Rate Index Salary Daily Rate Index Salary Daily Rate Index Salary Daily Rate Years Exp.
For the avoidance of doubt, the Series 2014A Interest shall be considered to “bear a known relationship” to the rate received by the Board under the Swap Agreement to the extent the Series 2014A Interest shall be determined at the Certificate Interest Term Rate, Daily Rate, Index Floating Rate, Weekly Rate or such other variable rate as may be authorized from time to time under the Trust Agreement with the consent of AGM.
More Definitions of Daily Rate Index
Daily Rate Index means, on any Business Day, the Tax-Exempt Daily Interest Rate (“TEDIR”) established by the Remarketing Agent at its principal office as of the opening of business on such Business Day as a base rate of interest which is indicative of current bid side yields of securities the interest on which is Tax-Exempt and which are repriced and can be tendered for payment on any Business Day; provided, that if TEDIR shall not be established as aforesaid, the Daily Rate Index for any Business Day shall be an Alternate Daily Index selected by the Remarketing Agent with the consent of the Credit Provider or, if no such Alternate Daily Index shall have been so selected, shall be the sum of (A) the product of (i) the interest rate for thirty day taxable commercial paper (prime paper placed through dealers) announced for such day by the Federal Reserve Bank of New York, converted to a coupon equivalent rate, multiplied by (ii) 1 minus the maximum federal income tax rate payable by individuals at the time on interest income, plus (B) 2.00% or, if interest on the Bonds is an item of tax preference in determining alternative minimum taxable income (as evidenced by an Opinion of Bond Counsel), 2.25%.
Daily Rate Index means, on any Business Day, the One Month LIBOR, or, if the One Month LIBOR is no longer published, an index or rate agreed upon by the District and the Remarketing Agents, but in no event in excess of the Maximum Interest Rate.
Daily Rate Index means with respect to the first day of each Calculation Period during a Daily Rate Period, the average of one-day yield evaluations at par, determined by the Indexing Agent, of securities (whether or not actually issued), the interest on which is not included in gross income for federal income tax purposes, of no fewer than ten Component Issuers selected by the Indexing Agent and which have redemption or tender provisions comparable to the then applicable provisions of the Bonds, computed by the Indexing Agent on and as of such day. If the Bonds are rated by a Rating Agency or are subject to the benefits of a Support Facility and the issuer of such Support Facility has issued support facilities to support other debt obligations rated by a Rating Agency, each Component Issuer must have outstanding securities rated by a Rating Agency in a short-term debt rating category which is the same as the short-term debt rating category in which the Bonds or other debt obligations supported by support facilities issued by the issuer of a Support Facility are rated. The specific issuers included in the Component Issuers may be changed from time to time by the Indexing Agent in its discretion and shall be issuers whose securities, in the judgment of the Indexing Agent, have characteristics similar to the Bonds. In addition, at the request of the Company and upon delivery to the Trustee and the Bond Insurer of an Opinion of Bond Counsel that such action will not adversely affect the exclusion of interest on the Bonds from gross income of the owners thereof for federal income tax purposes, the Authority, with the consent of the Company, may designate a new method of setting the Daily Rate Index in the event any of the above-described methods are determined by the Authority to be unavailable, impracticable or unrealistic in the market place. Upon the occurrence and during the continuance of a Company Downgrade Event, the Bond Insurer shall have the right to consent to any change to the Component Issuers and any change in the method of setting the Daily Rate Index provided that such consent shall not be unreasonably withheld.