Weekly Rate Index definition

Weekly Rate Index means with respect to the Determination Date of each Calculation Period during a Weekly Rate Period, the average of 30-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, including issuers of commercial paper, project notes, bond anticipation notes and tax anticipation notes, computed by the Indexing Agent on and as of such day. If the Bonds are rated by a Rating Agency in its highest note or commercial paper rating category or one of its two highest long-term debt rating categories, each Component Issuer must (a) have outstanding securities rated by a Rating Agency in its highest note or commercial paper rating category or (b) not have outstanding notes or commercial paper rated by a Rating Agency but have outstanding securities rated by a Rating Agency in one of its two highest long-term debt rating categories. If the Bonds are rated by a Rating Agency in a rating category that is lower than its highest note or commercial paper rating category or its two highest long-term debt rating categories (and the Bonds are not rated in one of such categories by the other Rating Agency), each Component Issuer must (a) have outstanding securities rated by a Rating Agency in its note or commercial paper rating category which is the same or correlative, in the Indexing Agent's judgment, to the note or commercial paper rating category or the long-term debt rating category of the Bonds or (b) have outstanding securities rated by a Rating Agency in the same long-term debt rating category as the Bonds are rated by that Rating Agency and not have any outstanding notes or commercial paper rated by such Rating Agency. The Indexing Agent may change the Component Issuers from time to time in its discretion, subject to the foregoing requirements. 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 Weekly 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.
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Weekly 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, “Weekly 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 Weekly Rate Index shall in no event exceed the Cap Rate.
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Weekly Rate Index means with respect to the Determination Date of each Calculation Period during a Weekly Rate Period, the average of 30-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, including issuers of commercial paper, project notes, bond anticipation notes and tax anticipation notes, computed by the Indexing Agent on and as of such day. If the Bonds are rated by a Rating Agency in its highest note or commercial paper rating category or one of its two highest long-term debt rating categories, each Component Issuer must (a) have outstanding securities rated by a Rating Agency in its highest note or commercial paper rating category or (b) not have outstanding notes or commercial paper rated by a Rating Agency but have outstanding securities rated by a Rating Agency in one of its two highest long-term debt rating categories. If the Bonds are rated by a Rating Agency in a rating category that is lower than its highest note or commercial paper rating category or its two highest long-term debt rating categories (and the Bonds are not rated in one of such categories by the other Rating Agency), each Component Issuer must (a) have outstanding securities rated by a Rating Agency in its note or commercial paper rating category which is the same or correlative, in the Indexing Agent's judgment, to the note or commercial paper rating category or the long-term debt rating category of the Bonds or (b) have outstanding securities rated by a Rating Agency in the same long-term debt rating category as the Bonds are rated by that Rating Agency and not have any outstanding notes or commercial paper rated by such Rating Agency. The Indexing Agent may change the Component Issuers from time to time in its discretion, subject to the foregoing requirements. In
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Examples of Weekly Rate Index in a sentence

  • The Indexing Agent shall establish the Weekly Rate Index on the Business Day next preceding each day on which a Weekly Rate is determined by the Remarketing Agents.

  • If for any reason the Weekly Rate for any Weekly Rate Period is not established as aforesaid by the Remarketing Agents, no Remarketing Agent shall be serving as such hereunder or the rate so established is held to be invalid or unenforceable by a final judgment of a court of law with respect to any Weekly Rate Period, then the Weekly Rate for such Weekly Rate Period shall be 100% of the Weekly Rate Index on the date such interest rate was (or would have been) determined as provided above.

  • If no Remarketing Agent shall be serving hereunder at the time of the determination of the Weekly Rate, Semi-Annual Rate, Medium-Term Rate, the Fixed Rate or the Commercial Paper Rate, the Rate shall be the Weekly Rate Index, Semi-Annual Rate Index, Medium-Term Rate Index, the Fixed Rate Index or Commercial Paper Rate Index, as the case may be, then in effect until a new Remarketing Agent is appointed by the Authority to make such Rate determination.

  • To the extent the Indexing Agent or the Remarketing Agent shall fail to set a Weekly Rate Index for the Bonds, the rate in effect shall be the same as the immediately preceding Weekly Rate.

  • If no Remarketing Agent shall be serving hereunder at the time of the determination of the Weekly Rate, Semi-Annual Rate, Medium-Term Rate, the Fixed Rate or the Money Market Municipal Rate, the Rate shall be the Weekly Rate Index, Semi-Annual Rate Index, Medium-Term Rate Index, the Fixed Rate Index or Money Market Municipal Rate Index, as the case may be, then in effect until a new Remarketing Agent is appointed by the Authority to make such Rate determination.

  • The terms of the Series 2014A Certificates shall be divided into consecutive Interest Rate Periods during which the Series 2014A Interest shall be determined at the Daily Rate, Weekly Rate, Index Floating Rate, Certificate Interest Term Rates, Long-Term Rate and/or Auction Rate.


More Definitions of Weekly Rate Index

Weekly Rate Index means, on any Business Day, One Month LIBOR or, if One Month LIBOR can not be ascertained, an index or rate agreed upon by the District and the Remarketing Agents, but in no event in excess of the Maximum Interest Rate.
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Weekly Rate Index means with respect to the Determination Date of each Calculation Period during a Weekly Rate Period, the average of 30-day yield evaluations at par,
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Weekly Rate Index means, on any Business Day, the SIFMA Swap Index or, if the SIFMA Swap Index is no longer published, an index or rate determined by the Authority, in consultation with the Remarketing Agent and upon the advice of the Authority’s municipal advisor; provided, however, that if the Remarketing Agent advises the Trustee and the Authority that the use of the SIFMA Swap Index would not result or no longer results in a market rate of interest on any Series of 2025 Bonds, “Weekly Rate Index” shall mean, subject to a Favorable Opinion of Bond Counsel, an index determined by the Authority, in consultation with the Remarketing Agent and upon the advice of the Authority’s municipal advisor that would result in a market rate of interest on such Series of 2025 Bonds. The Weekly Rate Index shall in no event exceed the Maximum Interest Rate.
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Related to Weekly Rate Index

  • Weekly Rate Period means any period of time during which a Group of 2024 Series A Variable Rate Bonds bears interest at the Weekly Rate.

  • Weekly Rate means a floating weekly interest rate on the Bonds established and adjusted in accordance with Section 2.03.

  • Treasury Index Rate means the average yield to maturity for actively traded marketable fixed interest rate U.S. Treasury Securities having the same number of 30-day periods to maturity as the length of the applicable Dividend Period, determined, to the extent necessary, by linear interpolation based upon the yield for such securities having the next shorter and next longer number of 30-day periods to maturity treating all Dividend Periods with a length greater than the longest maturity for such securities as having a length equal to such longest maturity, in all cases based upon data set forth in the most recent weekly statistical release published by the Board of Governors of the Federal Reserve System (currently in H.15(519)); provided, however, if the most recent such statistical release shall not have been published during the 15 days preceding the date of computation, the foregoing computations shall be based upon the average of comparable data as quoted to the Corporation by at least three recognized dealers in U.S. Government Securities selected by the Corporation.

  • Rate Period or "n(t-1,t)" means, in respect of a Relevant Business Day, (i) the number of calendar days from (and including) the Relevant Business Day immediately preceding such Relevant Business Day to (but excluding) such Relevant Business Day, divided by (ii) 360;

  • Daily Rate Period means any period of time during which a Group of 2024 Series A Variable Rate Bonds bears interest at the Daily Rate.