SIFMA Index Rate means the rate of interest determined by the Indexing Agent on the Wednesday of each week (or, if such day is not a Business Day, the immediately preceding Business Day) after 4:00 p.m., New York City time, for the period commencing on the immediately succeeding Thursday through and including the following Wednesday equal to the seven-day high grade market index of tax-exempt variable rate demand obligations, as produced by Municipal Market Data and published or made available by SIFMA or any person acting in cooperation with or under the sponsorship of SIFMA (but in any event, not less than 0%), plus the Spread; provided, however, that in no event shall the SIFMA Index Rate exceed the Maximum Rate.

SIFMA Index Rate means a fluctuating rate per annum, determined as of each applicable Computation Date, equal to the sum of (a) the Applicable Spread plus (b) SIFMA Index rounded upward to the second decimal place, and effective on each related Rate Reset Date.

SIFMA Index Rate means a rate determined on the basis of the seven-day high grade market index of tax-exempt variable rate demand obligations, as produced by Municipal Market Data and published or made available by SIFMA (formerly The Bond Markets Association) or any Person acting in cooperation with or under the sponsorship of SIFMA and acceptable to the Bondholder Representative, plus a spread equal to 2.20% provided that in no event shall the SIFMA Index Rate exceed the Maximum Rate.

Examples of SIFMA Index Rate in a sentence

If the Bonds bear interest at the MMD Index Rate, the SIFMA Index Rate, the Term Rate or the Fixed Interest Rate and are covered by a Credit Facility, the interest coverage period shall be sufficient to maintain the rating on the Bonds as required and confirmed by the Rating Agency.
The SIFMA Index Rate shall be rounded upward to the second decimal place.
If the SIFMA Index Rate is not published on any reset date under the Hedge, the Counterparty must determine an appropriate index as a substitute for the SIFMA Index Rate on each such reset date.
Interest on the Bonds shall be computed on the basis of a 365- or 366-day year, as applicable, for the actual number of days elapsed so long as interest is payable at the SIFMA Index Rate, Daily Interest Rate or Weekly Interest Rate.
The Bond Coupon Rate for each Interest Rate Period while the Bonds bear interest in the SIFMA Index Rate Mode or the MMD Index Rate Mode shall be determined by the Indexing Agent on each Interest Rate Determination Date.

More Definitions of SIFMA Index Rate

SIFMA Index Rate means, with respect to any SIFMA Rate Period or portion thereof, (i) the SIFMA Municipal Swap Index made available by approximately 4:00 p.m., New York City time, on the SIFMA Rate Determination Date for such SIFMA Rate Period or (ii) if such index is not made so available on such date, the SIFMA Municipal Swap Index as determined on the previous SIFMA Rate Determination Date.

SIFMA Index Rate means a rate determined on the basis of the seven-day high grade market index of tax-exempt variable rate demand obligations, as produced by Municipal Market Data and published or made available by SIFMA (formerly The Bond Market Association) or any Person acting in cooperation with or under the sponsorship of SIFMA and acceptable to the Trustee, plus a spread equal to 1.05%; provided that in no event shall the SIFMA Index Rate exceed the Maximum Rate.

SIFMA Index Rate means the rate of interest determined by the Servicer, on the Wednesday of each week (or, (i) if such day is not a Business Day, the immediately preceding Business Day, or (ii) with respect to the initial SIFMA Index Rate, the Delivery Date) for the applicable Interest Adjustment Period, equal to the seven-day high grade market index of tax-exempt variable rate demand obligations, as produced by Municipal Market Data and published or made available by SIFMA or any Person acting in cooperation with or under the sponsorship of SIFMA and acceptable to the Funding Lender. If the SIFMA Index Rate is no longer published, then “SIFMA Index Rate” shall mean the S&P Weekly High Grade Index. If the S&P Weekly High Grade Index is no longer published, then “SIFMA Index Rate” shall mean the prevailing rate determined by the Funding Lender for tax-exempt state and local government bonds meeting criteria determined in good faith by the Funding Lender to be comparable under the circumstances to the criteria used by the Securities Industry and Financial Markets Association to determine the SIFMA Index Rate immediately prior to the date on which the Securities and Financial Markets Association ceased publication of the SIFMA Index Rate.

SIFMA Index Rate means a per annum rate of interest established on each Computation Date equal to the sum of the Applicable Spread plus the SIFMA Index. The SIFMA Index Rate shall be rounded to the second decimal place.