1994-06-21 Minutes - Laserfiche WebLink

Home Browse Search

the Remarketing Agent, the respective offices thereof designated in writing to the Trustee unless, in the case of the Paying Agent, .the Trustee is performing such functions, in which case. it shall mean the Principal Office of the • Trustee, and (c) when used with respect to the Credit Facility Issuer, the office specified in the Credit Facility or such other offices designated as such by the Credit Facility Issuer in writing to the Trustee, the Authority, the Tender Agent and the Remarketing Agent. "Qualified Investments" means investments in: (i) Government Obligations; (ii) certificates of deposit issued by banks and mutual savings banks incorporated under the laws of the State of Indiana and in national banking associations having their principal banking offices in the State of Indiana, including the Trustee, provided such certificates of .deposit do not exceed in the aggregate ten percent (10 %) of the combined capital, surplus and undivided profits of any such bank or association and that each such bank or association has a combined capital and surplus of at least $25,000,000; and provided further that such certificates of deposit are insured by the Federal Deposit Insurance Corporation or, to the extent not so insured, collateralized by interest-bearing obligations described in clause (i) above in which the Trustee has a perfected security interest; or (iii) repurchase agreements, entered into with banks and mutual savings banks incorporated under the laws of the State of Indiana and in national banking associations having their principal banking offices in the State of Indiana, including the Trustee, that are fully collateralized by interest-bearing obligations described in clause (i) above based upon the market value of such obligations on the day such agreement becomes effective, in which the Trustee has a perfected security interest. "Rate Change Date" means for each Rate Period (a) during any Weekly Mode, Wednesday or such other day of the week designated as such by the Remarketing Agent from time to time, (b) during any Adjustable Long Mode, the Business Day(s) specified in a notice delivered to the Trustee and the Tender Agent, and (c) each Adjustment Date. "Rate Determination Date" means for (a) each Rate Period during any Weekly Mode, Tuesday or such other day of the week designated as such by the Remarketing Agent from time to time next preceding the Rate Change Date for such Rate Period (unless such day is not a Business Day, in which case the Rate Determination Date shall be the immediately preceding Business Day), (b) each Rate Period during any Adjustable Long Mode, the Business Day(s) specified in a notice delivered to the Trustee and the Tender Agent which Business Day shall not be less than one calendar day nor more than seven calendar days prior to the first day of such Rate Period, (c) each Rate Period during a Fixed Mode, the date of the firm underwriting or purchase contract from a recognized firm of bond underwriters or recognized institutional investors to underwrite or purchase all Bonds to be converted on the Conversion Date at a price of 100 % of the principal amount thereof, (d) the Rate Period following a proposed Conversion Date in the event of a failed conversion, such proposed Conversion Date, (e) the Rate Period following a failed conversion to a new Mode, the proposed Adjustment Date, and (f) a Rate Period commencing on a Substitution Date, such Substitution Date. "Rate Period" means, with respect to each Bond, each period commencing on a Rate Change Date for such Bond to and including the Maturity thereof or the day immediately preceding the immediately succeeding Rate Change Date for such Bond, during which period such Bond shall bear interest at one particular interest rate. "Rating Agency" means Moody's or S&P. "Rating Decline Notice" means a notice. received by the Authority from any Rating Agency then maintaining a rating on any of the Bonds secured by the Credit Facility that, upon substitution of an Alternate Credit Facility for the Credit Facility then in effect, the rating on such Bonds will thereafter be withdrawn or reduced from the rating borne by such Bonds immediately prior to such substitution. "Record Date" means (a) with respect to any Bond during a Weekly Mode or an Adjustable Long Mode for any Rate Period of 366 days or less, the Business Day immediately preceding each Interest Payment Date, (b) with respect to any Bond during an Adjustable Long Mode for any Rate Period exceeding 366 days or during a Fixed Mode, January 15 or July 15 (whether or not a Business Day) preceding each Interest Payment Date. "Redemption Fund" means the trust fund so designated which is created and established pursuant to the Indenture. E-4