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<br />6 <br /> <br />Confirming Letter of Credit is in effect, shall also include the Confirming Bank to the extent <br />provided in Section 2.11. <br />“Bankruptcy Event” means, with respect to an entity, the commencement of a voluntary or <br />involuntary case by the filing of a petition under the United States Bankruptcy Code or any other <br />law relating to bankruptcy, insolvency, winding-up or composition or adjustment of debts by or <br />against such entity. <br />“Beneficial Owner” means, with respect to the Project Bonds, a Person owning a Beneficial <br />Ownership Interest therein, as evidenced to the satisfaction of the Trustee. <br />“Beneficial Ownership Interest” means the beneficial right to receive payments and notices <br />with respect to the Project Bonds which are held by the Depository under a book-entry system. <br />“Benchmark Replacement” means, for any Available Tenor, the first alternative set forth <br />in the order below that can be determined by BSBY Rate Calculation Agent for the applicable <br />Benchmark Replacement Date: <br />(a) the sum of (i) Term SOFR and (ii) the related Benchmark Replacement <br />Adjustment; <br />(b) the sum of (i) Daily Simple SOFR and (ii) the related Benchmark <br />Replacement Adjustment; or <br />(c) the sum of (i) the alternate benchmark rate that has been selected by <br />BSBY Rate Calculation Agent as the replacement for such Available Tenor of such <br />Benchmark giving due consideration to any evolving or then-prevailing market convention <br />for determining a benchmark rate and an adjustment as a replacement for the then-current <br />Benchmark, including any recommendations made by a Relevant Governmental Body, for <br />Dollar-denominated tax exempt bond facilities at such time and (ii) the related Benchmark <br />Replacement Adjustment; provided, that any such Benchmark Replacement shall be <br />administratively feasible as determined by BSBY Rate Calculation Agent in its sole <br />discretion. If the Benchmark Replacement as determined pursuant to clause (a), (b) or (c) <br />above would be less than the Floor, such Benchmark Replacement will be deemed to be <br />the Floor for the purposes of the Agreement, the Notes (as such term is defined in the <br />Indenture) and the other documents relating thereto. <br />“Benchmark Replacement Adjustment” means, with respect to any replacement of the <br />then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable <br />Available Tenor for any setting of such Unadjusted Benchmark Replacement, the first alternative <br />set forth in the order below that can be determined by the BSBY Rate Calculation Agent: <br />(a) if the then-current Benchmark is BSBY, an adjustment (which may be <br />a positive or negative value or zero) equal to the BSBY Long-Term Spread Adjustment for <br />such Corresponding Tenor as of the Reference Time such Benchmark Replacement is first <br />set and is displayed on a screen or other information service that publishes such adjustment <br />from time to time as selected by BSBY Rate Calculation Agent; and