05-09-2022 FINAL Notice and Agenda Packet

Home Browse Search

14 the maximum reserve percentages (including any basic, marginal, special, emergency, supplemental or other reserve requirements) expressed as a decimal that are prescribed by the Federal Reserve Board for determining the reserve requirements to which the BSBY Rate Calculation Agent is subject with respect to BSBY Loans. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. “T/E Factor” means (i) during the Initial BSBY Rate Period, 73.0% and (ii) thereafter, the T/E Factor, expressed as a positive percentage, determined by the Remarketing Agent, in its sole professional judgment, which, when incorporated into the BSBY Rate, would produce the lowest rate which will permit the Bonds to be sold at par on the first day of the applicable BSBY Rate Period; provided, however, that from and after the date of any Determination of Taxability, the T/E Factor shall mean 100%.” “Term SOFR” means, for the applicable Corresponding Tenor, the forward-looking term rate based on SOFR administered by CME Group Benchmark Administration Limited (or a successor administrator selected by BSBY Rate Calculation Agent in its reasonable discretion). “Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment. “Weekly Interest Rate” means (a) the rate of interest per annum determined by the Remarketing Agent on the Interest Rate Determination Date, to be the lowest interest rate, for the Interest Period of one week (or less in the case of any such Interest Period commencing on an Interest Period Reset Date which is not a Thursday or ending on the day preceding an Interest Period Reset Date which is not a Thursday) commencing on the applicable Interest Rate Adjustment Date, in the judgment of the Remarketing Agent (taking into consideration current transactions and comparable securities with which the Remarketing Agent is involved or of which it is aware and prevailing financial market conditions) at which, as of such Interest Rate Determination Date, the applicable Bonds could be remarketed at par, plus accrued interest (if any), on the Interest Rate Adjustment Date for that Interest Period, or (b) in the event that the Remarketing Agent has been removed or has resigned and no successor has been appointed, or the Remarketing Agent has failed to determine the Weekly Interest Rate for whatever reason, or the Weekly Interest Rate cannot be determined pursuant to clause (a) for whatever reason, the interest rate then in effect with respect to the applicable Bonds, without adjustment; provided that in no event shall the Weekly Interest Rate exceed the Maximum Rate. Capitalized terms utilized herein and not otherwise defined shall have the meaning set forth in the Indenture. This Bond is subject to conversion to a Fixed Interest Rate and to changes in certain other terms as described below. PART I. INTEREST RATE PROVISIONS The Bonds shall bear interest on their unpaid principal amounts payable on each Interest Payment Date.