Laserfiche WebLink
10 <br />tenors of the then-current Benchmark, the corresponding tenor of the shorter duration shall be <br />applied. <br />“Daily BSBY Rate” means, for any day, a rate per annum equal to the BSBY Rate in effect <br />on such day for a one-month Interest Period (subject to the Floor set forth in the definition of <br />“BSBY Rate”). <br />“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which <br />will include a lookback) being established by BSBY Rate Calculation Agent in accordance with <br />the conventions for this rate selected or recommended by the Relevant Governmental Body for <br />determining “Daily Simple SOFR” for business loans; provided, that if BSBY Rate Calculation <br />Agent Purchaser decides that any such convention is not administratively feasible for BSBY Rate <br />Calculation Agent, then BSBY Rate Calculation Agent may establish another convention in its <br />reasonable discretion. <br />“Default Rate” means, with respect to Bonds in the BSBY Rate Mode, the “Default Rate” <br />specified in the Bond Purchase and Covenant Agreement. <br />“Dollar(s)” or “$” refers to the lawful money of the United States. <br />“Federal Funds Rate” means, for any day, a rate per annum (expressed as a decimal, <br />rounded upwards, if necessary, to the next higher 1/100 of 1%) equal to the weighted average of <br />the rates on overnight federal funds transactions with members of the Federal Reserve System <br />arranged by federal funds brokers on such day, as published by the Federal Reserve Bank of New <br />York on the Business Day next succeeding such day, provided that (a) if the day for which such <br />rate is to be determined is not a Business Day, the Federal Funds Rate for such day shall be such <br />rate on such transactions on the next preceding Business Day as so published on the next <br />succeeding Business Day, (b) if such rate is not so published for any day, the Federal Funds Rate <br />for such day shall be the average of the quotations for such day on such transactions received by <br />BSBY Rate Calculation Agent from three federal funds brokers of recognized standing selected <br />by it and (c) if the Federal Funds Rate shall be less than zero, such rate shall be deemed to be zero <br />for purposes of the Indenture, the Agreement, the Bonds and the Notes. <br />“Federal Reserve Board” means the Board of Governors of the Federal Reserve System of <br />the United States. <br />“First Optional Redemption Date” means the July 1 occurring in the year which is a number <br />of years after the Fixed Interest Rate Commencement Date equal to the number of full years <br />between the Fixed Interest Rate Commencement Date and the maturity date of the Bonds, <br />multiplied by 1/2 and rounded up to the nearest whole number. <br />“Fixed Interest Rate” means the fixed interest rate on the Bonds established in accordance <br />with Section 2.05 of the Indenture (and hereinafter described). <br />“Fixed Interest Rate Commencement Date” means the Interest Period Reset Date from and <br />after which the Bonds shall bear interest at the Fixed Interest Rate, as that date shall be established <br />as provided in Section 2.03 of the Indenture.