Determination by Remarketing Agent Clause Samples

Determination by Remarketing Agent. (i) The Interest Rate shall be determined by the Remarketing Agent as the rate of interest which, in the judgment of the Remarketing Agent, would cause the Bonds to have a market value as of the date of determination equal to the principal amount thereof, taking into account prevailing market conditions; provided that the interest rate borne by the Bonds shall not exceed the Maximum Rate. With respect to Commercial Paper Rates, the Remarketing Agent shall determine the Commercial Paper Rate and the Commercial Paper Rate Period for each Bond at such rate and for such period as it deems advisable in order to minimize the net interest cost on the Bonds that bear interest at Commercial Paper Rates, taking into account prevailing market conditions. (ii) In the event the Remarketing Agent fails for any reason to determine or notify the Trustee of the Interest Rate for any Rate Period the Interest Rate shall be determined as follows, provided that the Interest Rate so determined shall not exceed the Maximum Rate: (A) The Interest Rate then in effect for Bonds that accrue interest at Daily Rates will remain in effect from day to day until the Trustee is notified of a new Daily Rate determined by the Remarketing Agent. If no Daily Rate is determined upon a conversion to a Daily Rate, the Interest Rate shall be the Alternate Rate. (B) The Interest Rate then in effect for Bonds that accrue interest at Weekly Rates will remain in effect from week to week until the Trustee is notified of a new Weekly Rate determined by the Remarketing Agent. If no Weekly Rate is determined upon a conversion to a Weekly Rate, the Interest Rate shall be the Alternate Rate. (C) The Interest Rate for any Bond that accrues interest at a Commercial Paper Rate and for which a Commercial Paper Rate and Commercial Paper Rate Period is not determined shall be equal to 100% of the prime commercial paper rate (30 days) shown in the table captioned "short-term tax-exempt yields" in the edition of The Bond Buyer published on the day on which such rate is determined or, if such rate is not published on that day, the most recent publication in The Bond Buyer of such rate, and the Rate Period for such Bond shall extend through the day preceding the next Business Day, until the Trustee is notified of a new Commercial Paper Rate and Commercial Paper Rate Period determined for such Bond by the Remarketing Agent. (D) The Interest Rate then in effect for Bonds that accrue interest at the Multiannual Rate wi...