Municipal Swap Index definition

Municipal Swap Index means the Municipal Swap Index compiled by the Securities Industry and Financial Markets Association, or if such index is not published, then such other index selected by the Chief Financial Officer which reflects the yield of tax-exempt seven-day variable rate demand bonds.
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Municipal Swap Index means the rate of interest established as the weekly high grade market index comprised of 7-day tax-exempt variable rate demand obligations, published weekly and reset each Thursday by the Securities Industry and Financial Markets Association (“SIFMA”) as the Municipal Swap Index, and in the event such rate is no longer determined, any replacement thereof established in the Swap Agreements or approved by the Administrator.
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Municipal Swap Index means The Bond Market Association Municipal Swap Index TM (formerly, the PSA Municipal Swap Index TM ), as defined in the ISDA 1992 Municipal Counterparties Definitions (the “1992 Definitions”); provided, however that if The Bond Market Association Municipal Swap Index TM is no longer available, the Municipal Swap Index shall be deemed to be the Kenny Index TM (as defined in the 1992 Definitions), and provided, further, however, that if the Kenny Index TM is no longer available, UBS, in consultation with the Counterparty will select or calculate a comparable index (which comparable index shall reflect taxable bond rates in the event legislative or regulatory change has the effect of eliminating tax-exempt bonds) which shall be deemed to be the Municipal Swap Index.
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Examples of Municipal Swap Index in a sentence

  • VRDOs are benchmarked to the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index.

  • The SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board’s Short-term Obligation Rate Transparency System.

  • The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index.

  • Under the CMS, the University pays the counterparty the SIFMA Municipal Swap Index and receives 90.39% of the ten-year SIFMA Swap Rate until March 1, 2031.

  • The SIFMA Municipal Swap Index is a market index comprised of high-grade 7-day tax-exempt Variable Rate Demand Obligations with certain characteristics.

  • In a SIFMA Swap, the Fund exchanges with another party their respective commitments to pay or receive interest (e.g., an exchange of fixed rate payments for floating rate payments linked to the SIFMA Municipal Swap Index).

  • Under this method, future cash payments were calculated either based on using the contractually-specified fixed rate or based on using the contractually-specified variable forward rates as implied by the SIFMA (Securities Industry and Financial Markets Association) Municipal Swap Index yield curve (formerly known as the Bond Market Association Municipal Swap Index yield curve, or BMA Municipal Swap Index yield curve), as applicable.

  • The bond bears interest at a variable rate based on the SIFMA Municipal Swap Index.

  • The adjustments typically are based upon SIFMA Municipal Swap Index or some other appropriate interest rate adjustment index.

  • The authority may enter into liquidity agreements with qualified liquidity providers and/or credit enhancers to protect against this risk.(5) Basis (Index) Risk (including Tax Risk): Any index chosen as part of an interest rate swap agreement shall be a recognized market index, including but not limited to The Bond Market Association Municipal Swap Index (TBMA) or London Interbank Offering Rate (LIBOR).


More Definitions of Municipal Swap Index

Municipal Swap Index means the Bond Market Association Municipal Swap Index as of the most recent date for which such index was published or such other weekly, high-grade index comprised of seven-day, tax-exempt variable rate demand notes produced by Municipal Market Data, Inc. or its successor, or otherwise designated by the Bond Market Association.
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Related to Municipal Swap Index

  • SIFMA Municipal Swap Index means the Securities Industry and Financial Markets Association Municipal Swap Index, or such other weekly, high-grade index comprised of seven-day, tax-exempt variable rate demand notes produced by Municipal Market Data, Inc. or its successor, or as otherwise designated by the Securities Industry and Financial Markets Association; provided, however, that if such index is no longer produced by Municipal Market Data, Inc. or its successor, then SIFMA Municipal Swap Index shall mean (i) the S&P Municipal Bond 7 Day High Grade Rate Index produced by Standard & Poor’s Financial Services LLC or its successors or (ii) if the S&P Municipal Bond 7 Day High Grade Rate Index is no longer produced, such other reasonably comparable index selected in good faith by the Board of Trustees of the Fund.

  • SIFMA Index means the Securities Industry and Financial Markets Association Municipal Swap Index, produced by Municipal Market Data, or if such index is not published, then such other index selected by the Treasurer which reflects the yield of tax-exempt seven-day variable rate demand bonds.

  • CMT Index Not applicable.

  • RPIX Index shall have the meaning given to it in paragraph 5.4 of Schedule 3 (Charging Structure) of this Framework Agreement;

  • Reference Index means each of the indices comprising the Reference Portfolio.

  • SOFR Index means, with respect to any U.S. Government Securities Business Day:

  • Municipal Pay Point means any municipal office in the area of jurisdiction of the Municipality designated by Council for such purposes, or any such other places as the Chief Financial Officer may from time to time designate.

  • CPI Index is defined in Section 2.1(c) of this Agreement.

  • Municipal Revitalization Index means the 2007 index by the

  • Certificate Index With respect to each Distribution Date and the LIBOR Certificates, the rate for one month United States dollar deposits quoted on Telerate Page 3750 as of 11:00 A.M., London time, on the related Interest Determination Date relating to each Class of LIBOR Certificates. If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be reasonably selected by the Trust Administrator after consultation with DLJMC), the rate will be the Reference Bank Rate. If no such quotations can be obtained and no Reference Bank Rate is available, the Certificate Index will be the Certificate Index applicable to the preceding Distribution Date. On the Interest Determination Date immediately preceding each Distribution Date, the Trust Administrator shall determine the Certificate Index for the Accrual Period commencing on such Distribution Date and inform the Master Servicer and each Servicer of such rate.

  • municipal tariff means a tariff for services which a municipality may set for the provision of a service to the local community, and includes a surcharge on such tariff;

  • Hazard Index means the sum of two or more hazard quotients for multiple hazardous substances and/or multiple exposure pathways.

  • SOFR IndexStart means the SOFR Index value on the day which is two U.S. Government Securities Business Days preceding the first date of the relevant Interest Period (an "Index Determination Date"); and

  • Basic Municipal Service means a municipal service that is necessary to ensure an acceptable and reasonable quality of life and which, if not provided, would endanger public health or safety or the environment;

  • Underlying Index means each of the S&P 500 Index, the MSCI EAFE Index, the MSCI Emerging Markets Index, the S&P MidCap 400 Index and the Russell 2000 Index. The “Pricing Date” shall mean October 31, 2011. The “Starting Price” is 100.The “Ending Price” will be calculated based on the weighted returns of the Basket Components and will be equal to the product of (i) 100 and (ii) an amount equal to 1 plus the sum of: (A) 35% of the Component Return of the SPDR S&P 500 ETF Trust; (B) 20% of the Component Return of the iShares MSCI EAFE Index Fund; (C) 20% of the Component Returnof the iShares MSCI Emerging Markets Index Fund; (D) 15% of the Component Return of the SPDR S&P MidCap 400 ETF Trust; and (E) 10% of the Component Return of the iShares Russell 2000 Index Fund. The “Component Return” of a Basket Component will be equal to:Final Component Price – Initial Component Price Initial Component Price where, • the “Initial Component Price” is the Fund Closing Price of such Basket Component on the Pricing Date; and • the “Final Component Price” will be the Fund Closing Price of such Basket Component on the Calculation Day. The Initial Component Prices of the Basket Components are as follows: SPDR S&P 500 ETF Trust ($125.45); iShares MSCI EAFE Index Fund ($52.37); iShares MSCI Emerging Markets Index Fund ($40.80); SPDR S&P MidCap 400 ETF Trust ($161.40); and iShares Russell 2000 Index Fund ($73.97). The “Fund Closing Price,” with respect to a Basket Component on any Trading Day, means the product of (i) the Closing Price of one share of such Basket Component (or one unit of any other security for which a Fund Closing Price must be determined) on such Trading Day and(ii) the Adjustment Factor applicable to such Basket Component on such Trading Day. The “Closing Price” with respect to a share of a Basket Component (or one unit of any other security for which a Closing Price must be determined) on any Trading Day means the price, at the scheduled weekday closing time, without regard to after hours or any other trading outside the regular trading session hours, of the share on the principal United States securities exchange registered under the Securities Exchange Act of 1934, as amended, on which the share (or any such other security) is listed or admitted to trading. The “Adjustment Factor” means, with respect to a share of a Basket Component (or one unit of any other security for which a Fund Closing Price must be determined), 1.0, subject to adjustment in the event of certain events affecting the shares of such Basket Component. See “Anti-dilution Adjustments Relating To A Basket Component; Alternate Calculation—Anti- dilution Adjustments.” The “Capped Value” is 185% of the Face Amount of this Security. The “Threshold Price” is equal to 60% of the Starting Price.The “Participation Rate” is 150%.

  • Case-mix index means an arithmetical index measuring the relative average costliness of outpatient cases treated in a hospital, compared to the statewide average.

  • Mid-Swap Rate means, in relation to a Reset Determination Date and subject to Condition 3(b)(ii), either:

  • SFTR means Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012;

  • Monthly Average means the highest allowable average of “daily discharges” over a calendar month, calculated as the sum of all “daily discharges” measured during a calendar month divided by the number of “daily discharges” measured during that month. For Fecal Coliform Bacteria (FCB) or E-Coli, report the monthly average.

  • Fixed Swap Payment With respect to any Distribution Date, a fixed amount equal to the related amount set forth in the Interest Rate Swap Agreement.

  • Total Return Swap means any total return swap entered into by a Financing Subsidiary.

  • Ratings Spread means, with respect to an SRP Calculation Period, the percentage per annum set forth below opposite the highest applicable credit rating assigned to the VRDP Shares, unless the lowest applicable rating is below A3/A-, in which case the Ratings Spread shall mean the percentage per annum set forth below opposite the lowest applicable credit rating assigned to the VRDP Shares by Moody’s, Fitch or any Other Rating Agency, in each case rating the VRDP Shares at the request of the Fund, on the SRP Calculation Date for such SRP Calculation Period:

  • SOFR IndexEnd means the SOFR Index value on the day which is five U.S. Government Securities Business Days preceding the Interest Payment Date relating to such Interest Period (or in the final Interest Period, the Maturity Date).

  • Residual disinfectant concentration means the concentration of disinfectant measured in mg/L in a representative sample of water.

  • municipal tax means property rates or other taxes, levies or duties that a municipality may impose;

  • Retail Price Index means the general index of retail prices published by the Office for National Statistics each month in respect of all items or: