SIFMA Index definition
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.
SIFMA Index means, with respect to any Indexed Accrual Period or Effective Rate Period, the per annum rate equal to The Securities Industry Financial Marketing Association Municipal Swap Index (formerly the BMA Municipal Swap Index) in effect on the applicable Index Determination Date or Rate Determination Date, as applicable; provided, however, that if The Securities Industry Financial Marketing Association Municipal Swap Index shall become unavailable, SIFMA Index shall be deemed to be the Kenny Index (as defined in the 1992 ISDA U.S. Municipal Counterparty Definitions); and provided further that if the Kenny Index shall become unavailable, SIFMA Index shall be a comparable index selected by the Remarketing Agent. The Securities Industry Financial Marketing Association Municipal Swap Index is an index based on the weekly interest rate resets of tax-exempt variable rate issues included in a database maintained by Municipal Market Data which meet specific criteria established by The Securities Industry Financial Marketing Association.
SIFMA Index means the rate equal to an index based upon the weekly interest rate (or other comparable period with respect to 2024 Series C-2 Bonds not in the Weekly Mode) of tax exempt variable rate issues included in a database maintained by Municipal Market Data which meet specific criteria established by the Securities Industry and Financial Markets Association. The index, which shall be the “Securities Industry and Financial Markets Association Municipal Swap Index,” shall be based upon current yields of high-quality weekly adjustable variable rate demand bonds which are subject to tender upon seven days’ notice (or other comparable periods with respect to 2024 Series C-2 Bonds not in the Weekly Mode); the interest on which is tax exempt. If the Securities Industry and Financial Markets Association Municipal Swap Index shall become unavailable, the index shall be deemed to be the S&P Weekly Index (or other comparable index with respect to 2024 Series C-2 Bonds not in the Weekly Mode), and provided further that if the S&P Weekly Index shall become unavailable, the index shall be a comparable index selected by the Remarketing Agent.
Examples of SIFMA Index in a sentence
If a Daily Interest Rate for the first day of such Daily Interest Rate Period is not determined as provided in Section 2.01(c)(ii) hereof, the Daily Interest Rate for the first day of such Daily Interest Rate Period shall be equal to the SIFMA Index.
If the SIFMA Index Rate is not published on any reset date under the Hedge, the Counterparty must determine an appropriate index as a substitute for the SIFMA Index Rate on each such reset date.
Pursuant to Section 3.3 hereof, the Lender shall determine the initial SIFMA Index Rate for each Advance two New York Banking Days prior to the related Advance Date.
If the Bonds bear interest at the MMD Index Rate, the SIFMA Index Rate, the Term Rate or the Fixed Interest Rate and are covered by a Credit Facility, the interest coverage period shall be sufficient to maintain the rating on the Bonds as required and confirmed by the Rating Agency.
The SIFMA Index Rate shall be rounded upward to the second decimal place.
More Definitions of SIFMA Index
SIFMA Index means, on any day, the index currently known as the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index as of the most recent date for which such index was published by Municipal Market Data, Inc., any successor to such index, or, if such index is no longer published by Municipal Market Data, Inc. or its successor, any other reasonably comparable index selected by the Commonwealth.
SIFMA Index means the prevailing rate determined by the Calculation Agent for tax-exempt state and local government bonds meeting criteria determined in good faith by the Calculation Agent to be comparable under the circumstances to the criteria used by SIFMA to determine the SIFMA Index immediately prior to the date on which SIFMA ceased publication of the SIFMA Index. Notwithstanding anything herein to the contrary, if the SIFMA Index as determined as provided above would be less than zero percent (0.0%), then the SIFMA Index shall be deemed to be zero percent (0.0%).
SIFMA Index means the SIFMA Municipal Swap Index disseminated by Bloomberg, or its successor. However, if that index ceases to be available, “SIFMA Index” means an index reasonably selected by the City which is widely available to dealers in municipal securities, and which measures the interest rate of municipal securities that bear interest at short term or variable rates.
SIFMA Index means the “high grade” seven-day index made available by The Securities Industry and Financial Markets Association, or any successor thereto, based upon 30-day yield evaluation at par of bonds, the interest income on which is excludable from gross income of the recipients thereof for federal income tax purposes. In the event that neither The Securities Industry and Financial Markets Association nor any successor thereto makes available an index conforming to the requirements of the preceding sentence, the term “SIFMA Index” shall mean an index determined by the City based upon the rate for bonds rated in the highest short-term rating category by a Rating Agency, the interest income on which is excludable from gross income of the recipients thereof for federal income tax purposes, in respect of issuers most closely resembling the “high grade” component issuers selected by “SIFMA Index”.
SIFMA Index means on any date, a rate determined on the basis of the seven-day high grade market index of tax-exempt variable rate demand obligations, as produced by Municipal Market Data (“MMD”) and published or made available by SIFMA.
SIFMA Index means, as of any Rate Determination Date, the index which is issued weekly and which is compiled from the weekly interest rate resets of tax-exempt variable rate issues included in a database maintained by Municipal Market Data which meet specific criteria established from time to time by the Securities Industry and Financial Markets Association and issued on Wednesday of each week, or if any Wednesday is not a Business Day, the next succeeding Business Day. If the SIFMA Index is no longer published, then “SIFMA Index” shall mean the S&P Weekly High Grade Index. If the S&P Weekly High Grade Index is no longer published, then “SIFMA Index” shall mean the prevailing rate determined by the Trustee for tax-exempt state and local government bonds meeting criteria determined in good faith by the Trustee to be comparable under the circumstances to the criteria used by the Securities Industry and Financial Markets Association to determine the SIFMA Index immediately prior to the date on which the Securities and Financial Markets Association ceased publication of the SIFMA Index.
SIFMA Index means, on any date, a rate determined on the basis of the seven-day high grade market index of tax-exempt variable rate demand obligations (the SIFMA Municipal Swap Index), as produced by Municipal Market Data and published or made available by SIFMA, or any person acting in cooperation with or under the sponsorship of SIFMA and acceptable to the Corporation, and effective from such date.