Sufficient Clearing Bids definition

Sufficient Clearing Bids has the meaning specified in Section 11.10(d)(i) below.

Sufficient Clearing Bids has the meaning set forth in Section 11.10(d)(i) of these Bylaws.

Sufficient Clearing Bids has the meaning set forth in Section 11.10(a)(xv) of these Bylaws. “Taxable Equivalent of the Short-Term Municipal Obligations Rate” on any date means 90% of the quotient of (A) the per annum rate expressed on an interest equivalent basis equal to the S&P Municipal Bond 7 Day High Grade Rate Index or any successor index (the “S&P 7 Day Index”), made available for the Business Day immediately preceding such date but in any event not later than 8:30 A.M., New York City time, on such date by S&P Dow Jxxxx Indices or any successor thereto, based upon evaluations at par of short-term bonds the interest on which is excludable for regular federal income tax purposes under the Code of “high grade” component issuers selected by S&P Dow Jxxxx Indices or any such successor from time to time in its discretion, which component issuers shall include, without limitation, issuers of general obligation bonds but shall exclude any bonds the interest on which constitutes an item of tax preference for purposes of the federal alternative minimum tax for individuals, divided by (B) 1.00 minus the Marginal Tax Rate (expressed as a decimal); provided, however, that if the S&P 7 Day Index is not made so available by 8:30 A.M., New York City time, on such date by S&P Dow Jxxxx Indices or any successor, the Taxable Equivalent of the Short-Term Municipal Obligation Rate shall mean the quotient of (A) the per annum rate expressed on an interest equivalent basis equal to the most recent S&P 7 Day Index so made available for any preceding Business Day, divided by (B) 1.00 minus the Marginal Tax Rate (expressed as a decimal). The Trust may not utilize a successor index to the S&P 7 Day Index unless Mxxxx’x provides the Trust with written confirmation that the use of such successor index will not adversely affect the then-current Mxxxx’x rating of the APS.

Examples of Sufficient Clearing Bids in a sentence

• No change in the day of commencement of the Auction Period for ARS shall be allowed unless Sufficient Clearing Bids existed at both the Auction before the date on which the notice of the proposed change was given and the Auction immediately preceding the proposed change.

• In the case of clause (ii) above, the Trustee shall mail notice of such amendment to the ARS Beneficial Owners of which it has knowledge, and if, on the first Auction Date occurring at least 20 days after the date on which the Trustee mailed such notice, Sufficient Clearing Bids have been received or all of the ARS are subject to Submitted Hold Orders, the proposed amendment shall be deemed to have been consented to by the ARS Beneficial Owners.

• A designation of a Special Auction Rate Period shall be effective only if (i) notice thereof shall have been given in accordance with subsection (c) and subsection (d)(i) of this Section, (ii) an Auction shall have been held on the Auction Date for such Special Auction Rate Period and Sufficient Clearing Bids shall have existed in such Auction, and (iii) if any notice of redemption shall have been mailed by the Trustee, the related redemption price shall be on deposit with the Trustee.

• None of the School Board, the Corporation, the Trustee, the Broker- Dealers or the Auction Agent shall have any liability in the event that there are not Sufficient Clearing Bids from time to time pursuant to the Auction Procedures.

More Definitions of Sufficient Clearing Bids

Sufficient Clearing Bids means for each Series of Notes, an Auction for which the number of Units of such Notes that are the subject of Submitted Bids by Potential Owners specifying one or more rates not higher than the Maximum Rate is not less than the number of Units of such Notes that are the subject of Submitted Sell Orders and of Submitted Bids by Existing Owners specifying rates higher than the Maximum Rate.

Sufficient Clearing Bids means an Auction for which the aggregate principal amount of Bonds that are the subject of Submitted Bids by Potential Owners specifying one or more rates not higher than the Maximum Auction Rate is not less than the aggregate principal amount of Bonds that are the subject of Submitted Sell Orders and of Submitted Bids by Existing Owners specifying rates higher than the Maximum Auction Rate.

Sufficient Clearing Bids shall have the meaning specified in paragraph 3(a) of Part II of this Section 12.1.

Sufficient Clearing Bids means with respect to Auction Rate Bonds, Sufficient Clearing Bids as defined in Section 3.08.

Sufficient Clearing Bids has the meaning specified in paragraph 10(d)(i) below.

Sufficient Clearing Bids shall have the meaning specified in Appendix A hereto.

Sufficient Clearing Bids means an Auction for which the aggregate principal amount of the PARS Rate Bonds that are the subject of Submitted Bids by Potential Owners specifying one or more rates not higher than the Maximum PARS Rate is not less than the aggregate principal amount of the PARS Rate Bonds that are the subject of Submitted Sell Orders and of Submitted Bids by Existing Owners specifying rates higher than the Maximum PARS Rate.