Variable Rate Parity Bonds definition

Variable Rate Parity Bonds means Parity Bonds bearing interest at a variable

Variable Rate Parity Bonds means Parity Bonds bearing interest at a variable rate of interest.

Variable Rate Parity Bonds means Parity Bonds bearing interest at a variable rate of interest, provided that at least one of the following conditions is met: (i) at the time of issuance the County has entered into a Payment Agreement with respect to such Parity Bonds, which Payment Agreement converts the effective interest rate to the County on the Variable Rate Parity Bonds from a variable interest rate to a fixed interest rate, or (ii) the Parity Bonds bear interest at a variable rate but are issued concurrently in equal par amounts with other Parity Bonds bearing interest at a variable rate and are required to remain outstanding in equal amounts at all times, if the net effect of such equal par amounts and variable rates at all times is a fixed rate of interest to the County.

Examples of Variable Rate Parity Bonds in a sentence

• The Remarketing Agent shall offer for sale and use its best efforts to arrange for the sale and remarketing of all Bank Bonds at a price equal to 100% of the principal amount thereof plus (unless all of the 2015 Variable Rate Parity Bonds are Bank Bonds or as otherwise provided in Section 6 or Section 8 or elsewhere in this Appendix A) accrued and unpaid interest thereon at the rate that would be borne by such Bank Bonds if such Bank Bonds were not Bank Bonds.

• Whenever 2015 Variable Rate Parity Bonds of a Series are to bear interest accruing at a Daily Rate, Daily Interest Periods shall commence on each Business Day and shall extend to, but not include, the next succeeding Business Day.

• Notwithstanding anything to the contrary contained herein, in the event all of the 2015 Variable Rate Parity Bonds of a Series to be redeemed are held in book-entry form, the notice shall be made by Electronic Notice and the notice period required pursuant to this Section 5 may be less than 15 days prior to the date fixed for redemption, as applicable, provided such notice period complies with the operational guidelines of DTC in effect 20 days prior to the date of the scheduled redemption.

• The Adjustable Term Rate for each Adjustable Term Interest Period for the 2015 Variable Rate Parity Bonds of a Series shall be the rate of interest per annum borne by such 2015 Variable Rate Parity Bonds which shall be the lowest rate of interest that, in the judgment of the Remarketing Agent, would cause such 2015 Variable Rate Parity Bonds to have a price equal to the principal amount thereof plus accrued interest, if any, under prevailing market conditions as of the date of determination.

• Upon delivery of a Liquidity Facility with respect to the 2015 Variable Rate Parity Bonds, together with the documents described in clause (e) below, the Tender Agent shall accept such Liquidity Facility and, upon such acceptance, such Liquidity Facility shall be the Liquidity Facility and the issuer of such Liquidity Facility (or any agent acting on its or their behalf) shall be the Liquidity Facility Provider, in each case, for all purposes of this Series Resolution.

• The Bond Registrar shall promptly notify the Authority in writing of the 2015 Variable Rate Parity Bonds of such Series or portions thereof so selected for redemption.

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• The Designated Authority Representative is hereby authorized and directed to pay the fees and expenses that will be payable in connection with the 2018 conversion and future conversions and/or remarketings of the 2015 Variable Rate Parity Bonds and to amend or cause to be amended the Authority’s budgets only in the fiscal year of conversion and/or remarketing to include such amounts not to exceed 1.25% of the par amount of the 2015 Variable Rate Parity Bonds.

• Upon any such merger, consolidation or sale, the successor Tender Agent shall notify the Authority, the Remarketing Agent, the Bond Registrar and the Liquidity Facility Provider and, thereafter, shall deliver to the Owners of all Outstanding 2015 Variable Rate Parity Bonds at the addresses appearing on the Bond Register notice of the succession of such Tender Agent to the duties of the Tender Agent hereunder.

• Moneys in the Credit Facility Fund shall be withdrawn by the Bond Registrar from the Credit Facility Fund and applied to the payment of the principal of and interest on 2015 Variable Rate Parity Bonds on each Interest Payment Date and principal payment date for such 2015 Variable Rate Parity Bonds.