Common use of Monthly Rate Clause in Contracts

Monthly Rate. During any Monthly Rate Period (as defined in the Indenture) the Bonds will bear interest at the Monthly Rate. During any Monthly Rate Period, the Remarketing Agent will determine the Proposed Rate (as defined in the Indenture) for the applicable Calculation Period on the Proposed Rate Determination Date. Thereafter, the Remarketing Agent will determine a Monthly Rate on the applicable Determination Date; provided, however, that such rate shall not be less than the Proposed Rate determined by the Remarketing Agent on the preceding Proposed Rate Determination Date (as defined in the Indenture). Each Monthly Rate shall be the rate of interest per annum determined by the Remarketing Agent on and as of each applicable Determination Date as the minimum rate of interest per annum necessary, in the judgment of the Remarketing Agent taking into account market conditions prevailing on the Determination Date and subject to the foregoing proviso concerning the Proposed Rate, to enable the Remarketing Agent to arrange for the sale of all of the Bonds on the first day of the applicable Calculation Period in the secondary market at a price equal to the principal amount thereof (plus accrued interest to the date of settlement). If the Remarketing Agent fails to certify such rate or if, for any reason, the Monthly Rate is held to be invalid or unenforceable by a court of competent jurisdiction for any Calculation Period, the Monthly Rate for such Calculation Period shall be the Alternate Rate. In connection with any change in the Interest Rate Determination Method to a Monthly Rate pursuant to Section 203, the Proposed Rate shall be determined as provided above on the applicable Proposed Rate Determination Date and the initial Monthly Rate shall be determined as provided above on the applicable Determination Date. Notwithstanding anything else contained herein, the Monthly Rate shall not in any event exceed the lesser of (i) 15% per annum or (ii) the maximum rate permitted by law.

Monthly Rate. During any Monthly Rate Period (as defined in the Indenture) the Bonds will bear interest at the Monthly Rate. During any Monthly Rate Period, the Remarketing Agent will determine the Proposed Rate (as defined in the Indenture) for the applicable Calculation Period on the Proposed Rate Determination Date. Thereafter, the Remarketing Agent will determine a Monthly Rate on the applicable Determination Date; provided, however, that such rate shall not be less than the Proposed Rate determined by the Remarketing Agent on the immediately preceding Proposed Rate Determination Date (as defined in the Indenture)Date. Each Monthly Rate shall be the rate of interest per annum determined by the Remarketing Agent on and as of each applicable Determination Date as the minimum rate of interest per annum necessary, in the judgment of the Remarketing Agent taking into account market conditions prevailing on the Determination Date and subject to the foregoing proviso concerning the Proposed Rate, to enable the Remarketing Agent to arrange for the sale of all of the Bonds on the first day of the applicable Calculation Period in the secondary market at a price equal to the principal amount thereof (plus accrued interest to the date of settlement). If the Remarketing Agent fails to certify such rate or if, for any reason, the Monthly Rate is held to be invalid or unenforceable by a court of competent jurisdiction for any Calculation Period, the Monthly Rate for such Calculation Period shall be the Alternate Rate. In connection with any change in the Interest Rate Determination Method to a Monthly Rate pursuant to Section 203, the Proposed Rate shall be determined as provided above on the applicable Proposed Rate Determination Date and the initial Monthly Rate shall be determined as provided above on the applicable Determination Date. Notwithstanding anything else contained herein, the Monthly Rate shall not in any event exceed the lesser of (i) 15% per annum or (ii) the maximum rate permitted by law.

Monthly Rate. During any (a) A Monthly Rate shall be determined for each Monthly Rate Period (as defined in the Indenture) the Bonds will bear interest at the Monthly Ratedescribed below. During any The Monthly Rate Period, the Remarketing Agent will determine the Proposed Rate (as defined in the Indenture) for the applicable Calculation Period on the Proposed Rate Determination Date. Thereafter, the Remarketing Agent will determine a each Monthly Rate on Period shall be effective from and including the applicable Determination Date; provided, however, that commencement date of such rate period and shall not remain in effect through and including the last day thereof. Each such Monthly Rate shall be less than the Proposed Rate determined by the Remarketing Agent no later than 4:00 p.m. on the preceding Proposed Rate Determination Date (as defined in the Indenture). Each Monthly Rate Calculation Date and shall be the rate of interest per annum determined provided by the Remarketing Agent to the Paying Agent in writing by the close of business on and as of each applicable Determination Date as the minimum same day. Each such Monthly Rate so to be determined shall be the lowest rate of interest per annum necessarywhich, in the judgment of the Remarketing Agent taking into account market conditions prevailing on the Determination Date and subject to the foregoing proviso concerning the Proposed RateAgent, to enable the Remarketing Agent to arrange for the sale of all of would cause the Bonds on the first day of the applicable Calculation Period in the secondary Monthly Mode to have a market at a price value equal to the principal amount thereof (thereof, plus accrued interest to (if any), taking into account Prevailing Market Conditions as the date of settlement). If determination; provided that: (i) if the Remarketing Agent fails to certify such rate or if, for any reason, reason to determine and notify the Paying Agent of the Monthly Rate is held to be invalid or unenforceable by a court of competent jurisdiction for any Calculation Monthly Rate Period, such Monthly Rate shall be the same as the Monthly Rate in effect for the immediately preceding Monthly Rate Period, except that if such failure continues for more than one consecutive Monthly Rate Period, the Monthly Rate for such Calculation Period thereafter shall be 135% of the Alternate Rate. In connection with any change 30-day tax-exempt commercial paper rate published for that Monthly Rate Period by Munifacts Wire System, Inc. (or a replacement publisher of a tax-exempt commercial paper rate designated in writing by the Interest Rate Determination Method Issuer at the direction of the Company to the Trustee and the Remarketing Agent), representing, as of the publication date, the average of 30-day yield evaluations at par of tax-exempt securities rated by the Rating Service in its highest commercial paper rating category; provided that if Munifacts Wire System, Inc. or such replacement publisher does not publish such a tax-exempt commercial paper rate on a day on which a Monthly Rate pursuant is to Section 203, the Proposed Rate shall be determined as provided above on the applicable Proposed Rate Determination Date and the initial Monthly Rate shall be determined as provided above on the applicable Determination Date. Notwithstanding anything else contained hereinset, the Monthly Rate shall not in any event exceed be 85% of the lesser interest rate for 90-day taxable commercial paper (prime paper placed through dealers) announced on such day by the Federal Reserve Bank of (i) 15% per annum or New York; and (ii) in no event shall the maximum rate permitted by lawMonthly Rate for any Monthly Rate Period exceed 12% per annum. (b) No notice of Monthly Rates will be given to the Registered Owners of the Bonds; however, such Owners may obtain Monthly Rates from the Remarketing Agent. All determinations of Monthly Rates pursuant to the Indenture shall be conclusive and binding upon the Issuer, the Company, the Bank, the Insurer, the Trustee, the Paying Agent and the Registered Owners of the Bonds to which such rates are applicable. The Issuer, the Company, the Bank, the Insurer, the Trustee, the Paying Agent and the Remarketing Agent shall not be liable to any Registered Owner for failure to give any notice required with respect to Monthly Rates or for failure for any person to receive such notice.