1994-06-21 Minutes - Laserfiche WebLink

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Date in the following manner for each such Rate Period. No later • than 11:00 a.m., New York City time, on the Rate Determination Date for each such Rate Period, the Remarketing Agent will determine, and is required to give notice by telecopy to the Trustee and the Tender Agent of the Weekly Rate. Except on an Adjustment Date, in the event that the Weekly Rate for any Rate Period is not determined by the Remarketing Agent, the rate of interest borne by the Bonds bearing interest at a Weekly Rate for the immediately preceding Rate Period shall remain in effect for such Rate Period. The Remarketing Agent shall make available by telephone to each owner of Bonds in the Weekly Mode who so requests the Weekly Rate which will apply to such Bonds during such Rate Period. (ii) If at any time the Remarketing Agent shall determine that, in its judgment, the scheduled Rate Determination Dates or Rate Change Dates during a Weekly Mode have become inappropriate (taking into account general market practice with respect to periodic adjustment of rates on instruments comparable to the Bonds bearing interest at the Weekly Rate, whether based upon the time of compilation or reporting of any interest rate or financial index or indicator or otherwise), the Remarketing Agent may designate new scheduled Rate Determination Dates and/or Rate Change Dates, to remain in effect until another redetermination of scheduled Rate Determination Dates or Rate Change Dates in accordance with this subparagraph. The Remarketing Agent shall give written notice of any change in scheduled Rate Determination • Dates and/or Rate Change Dates during a Weekly Mode to the Authority, the Trustee, the Tender Agent and the Credit Facility Issuer, and such change shall become effective on the first scheduled Rate Determination Date or Rate Change Date, as the case may be, so designated occurring not less than 14 days following the giving of such notice. Promptly upon receipt of such notice, the Trustee shall notify each affected Bondholder of such change in writing. (c) Adjustable Lona Mode. For each Rate Period during any Adjustable Long Mode each Bond, which will bear interest at an Adjustable Long Rate for such Rate Period, shall bear interest beginning on such Rate Change Date at the Adjustable Long Rate determined on the Rate Determination Date in the following manner for each such Rate Period. No later than 11:00 a.m., New York City time, on the Rate Determination Date for each such Rate Period, the Remarketing Agent will determine and is required to give telephonic notice (confirmed by telecopy) to the Trustee and the Tender Agent of the Adjustable Long Rate. In the event that the Adjustable Long Rate for any Bond is not determined by the Remarketing Agent, the rate of interest borne by such Bonds shall be determined pursuant to Section 601(e) hereof. (d) Fixed Rate. From and after the Conversion Date for any Bond, such Bond shall bear interest at the Fixed Rate with respect thereto established as provided in Section 603 hereof. • 20