Kenny Rate definition

Kenny Rate means, with respect to any Interest Determination Date, the high grade weekly index (the "Weekly Index") on that day made available by Kenny Information Systems ("Kenny") to the Calculation Agent. The Weekly Index is, and shall be, based upon 30 day yield evaluations at par of bonds, the interest on which is exempt from Federal income taxation under the Internal Revenue Code of 1986, as amended (the "Code"), of not less than five high grade component issuers selected by Kenny, which shall include, without limitation, issuers of general obligation bonds. The specific issuers included among the component issuers may be changed from time to time by Kenny in its discretion. The bonds on which the Weekly Index is based shall not include any bonds on which the interest is subject to a minimum tax or similar tax under the Code, unless all tax-exempt bonds are subject to such tax. In the event Kenny ceases to make available such Weekly Index prior to the Calculation Date, a successor indexing agent will be selected by the Calculation Agent, such index to reflect the prevailing rate for bonds rated in the highest short-term rating category by Moody's Investors Service, Inc. and Standard & Poor's Corporation in respect of issuers most closely resembling the high grade component issuers selected by Kenny for its Weekly Index, the interest on which is (a) variable on a weekly basis, (b) exempt from Federal income taxation under the Code, and (c) not subject to a minimum tax or similar tax under the Code, unless all tax-exempt bonds are subject to such tax. If such successor indexing agent is not available, the rate for any Interest Determination Date shall be 67% of the rate that would have been determined if the Treasury Rate option had been originally selected as the interest rate basis for the Notes.

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Kenny Rate shall be calculated as set forth in the MTN Pros▇▇▇▇▇▇.

Kenny Rate means, with respect to any Interest Determination D▇▇▇, ▇▇▇ ▇▇▇ ▇▇num rate on such date equal to the index made available and subsequently published by Kenny Information Systems or its successor, based upon 30-day yield ▇▇▇▇▇ations at par of bonds, the interest on which is excludable from gross income for federal income tax purposes under the Internal Revenue Code of 1986, as amended (the "Code"), of not less than five "high grade" component issuers selected from time to time by Kenny Information Systems, including without limitation, issuers of ▇▇▇▇▇al obligation bonds; provided, however, that the bonds on which the index is based shall not include any bonds the interest on which is subject to an "alternate minimum tax" or similar tax under the Code, unless all tax-exempt bonds are subject to such tax. If such rate is not made available by 3:00 P.M., New York City time, on the Calculation Date pertaining to such Interest Determination Date, the J.J. Kenny Rate shall be the rate quoted by a successor indexing age▇▇ ▇▇▇▇▇▇▇▇ ▇▇ the Company equaling the prevailing rate for bonds rated in the highest short-term rating category by Moody's Investors Service, Inc. and Standard & Poor's Corporation in ▇▇▇▇▇▇t of issuers selected by such successor indexing agent most closely resembling the "high grade" component issuers selected by Kenny Information Systems that are subject to tender by the holders ▇▇▇▇▇of for purchase on not more than seven days' notice and the interest on which is (A) variable on a weekly basis, (B) excludable from gross income for federal income tax purposes under the Code, and (C) not subject to an "alternate minimum tax" or similar tax under the Code, unless all tax-exempt bonds are subject to such tax; provided, however, that if a successor indexing agent is not available, the J.J. Kenny Rate for the applicable period will be the J.J. Kenny Rat▇ ▇▇ ▇▇▇▇▇▇ ▇▇ such Interest Determination Date. ▇▇▇▇▇▇▇▇ ▇istrict Cost of Funds Rate Notes If the Interest Rate Basis is the Eleventh District Cost of Funds Rate, this Note is an " Eleventh District Cost of Funds Rate Note." An

Examples of Kenny Rate in a sentence

• If a Successor Indexing Agent is not available, then the J.J. Kenny Rate for such Interest ▇▇▇▇▇ ▇▇▇iod shall be 67 percent of the U.S. Treasury Rate for such Interest Rate Period.

• If an Interest Rate Basis for this Note is spec▇▇▇▇▇ on the face hereof as the Kenny Rate, the Kenny Rate shall be determined as of the ap▇▇▇▇▇ble Interes▇ ▇▇▇ermination Date (a "Kenny Rate Interest Determination Date") as the rate equal ▇▇ ▇▇e high grade weekly index (the "Weekly Index") on such date made available by Kenny Information Systems ("Kenny") to the Calculation Agen▇.

• Interest will be calculated in the case of (a) Commercial Paper Rate Notes, LIBOR Notes, CD Rate Notes, Federal Funds Rate Notes, Prime Rate Notes, J.J. Kenny Rate Notes, Eleventh ▇▇▇▇▇▇▇▇ ▇ost of Funds Rate Notes and EURIBOR Notes, on the basis of the actual number of days in the interest period and a 360-day year, and (b) Treasury Rate Notes and CMT Rate Notes, on the basis of the actual number of days in the interest period and the actual number of days in the year.

• Kenny Rate Note will bear intere▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇est rate (calcu▇▇▇▇▇ ▇▇▇▇ reference to the J.J. Kenny Rate and the Spread or Spread Multiplier, if any) s▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇ J.J. Kenny Rate Note and in the applicable Pricing Supplement.

• Unless otherwise specified on the face hereof, the Interest Determination Date pertaining to an Interest Reset Date will be the second Business Day prior to the Interest Reset Date for a CD Rate Note, Commercial Paper Rate Note, Federal Funds Rate Note, Constant Maturity Treasury Rate Note, Prime Rate Note or J.J. Kenny Rate Note.

• If such successor indexing agent is not available, the rate for any Kenny Rate Interest Determination Date shall be 67% of the ▇▇▇▇ determined if the Treasury Rate option had been originally selected.

• The calculation of the base rates for the interest rates applicable to the Notes shall be determined by reference to LIBOR, the Commercial Paper Rate, the Treasury Rate, the CD Rate, the Prime Rate, the J.J. Kenny Rate, the CMT Rate, the Federal Funds Rate, the 11th District Cost of Funds Rate (the "Base Rates") or such other base rates ▇▇ ▇▇▇ ▇▇ provided and described in the Prospectus Supplement.

• A J.J. Kenny Rate Note will bear interest at ▇▇▇ ▇▇▇▇▇▇▇▇ rate (▇▇▇▇▇▇▇▇▇▇ ▇▇th reference to the J.J. Kenny Rate and the Spread or Spread Multiplier, if any) s▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇ J.J. Kenny Rate Note and in the applicable Pricing Supplement.

• If an Interest R▇▇▇ ▇▇▇▇▇ for this Note is the J.J. Kenny Rate, as indicated abo▇▇, ▇▇▇ ▇.J.

• Interest will be calculated in the case of (a) Commercial Paper Rate Notes, LIBOR Notes, CD Rate Notes, Federal Funds Rate Notes, Prime Rate Notes, J.J. Kenny Rate Notes, Eleventh ▇▇▇▇▇▇▇▇ ▇ost of Funds Rate Notes and EURIBOR Notes, on the basis of the actual number of days in the interest period and a 360-day year; and (b) Treasury Rate Notes and CMT Rate Notes, on the basis of the actual number of days in the interest period and the actual number of days in the year.