SIFMA Index definition

SIFMA Index means, for any Computation Date, the level of 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
SIFMA Index means, for any Computation Date, the level of 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 SIFMA and issued on each Computation Date. 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 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 in this Indenture to the contrary, if the SIFMA Index 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, on any day, The Securities Industry and Financial Markets Association Municipal Swap Index as of the most recent date for which such index was published by Municipal Market Data, Inc., provided that, if such index is no longer published by Municipal Market Data, Inc. or its successor, then “SIFMA Index” shall mean such other reasonably comparable index selected by the Authority.

Examples of SIFMA Index in a sentence

The Calculation Agent shall notify the Paying Agent and the Borrower of the Index Rate with respect to each SIFMA Index Reset Date.

Promptly following the determination of the SIFMA Index Rate, the Calculation Agent shall give notice thereof to the Paying Agent and the Borrower.

The SIFMA Index Rate shall be rounded upward to the second decimal place.

If the SIFMA Index Rate is not determined by the Calculation Agent on the Computation Date, the rate of interest on such Advance shall be the rate in effect for the immediately preceding SIFMA Index Reset Date until the Calculation Agent next determines the SIFMA Index Rate as required hereunder.

Each Advance shall bear interest at the SIFMA Index Rate, subject to adjustment as set forth herein.


More Definitions of 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 and published or made available by the Securities Industry and Financial Markets Association (“SIFMA”) or any person acting in cooperation with or under the sponsorship of SIFMA and acceptable to the Remarketing Agent, provided, however that “SIFMA Index” shall mean such other index as may be agreed upon by the Authority and the Remarketing Agent if, in the opinion of the Remarketing Agent, the existing SIFMA Index no longer results in a market rate of interest on the Adjustable Rate Bonds.
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 (i) the seven-day high grade market index of tax-exempt variable rate demand obligations, 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 or (ii) if such index is not published, such other publicly available rate as the Dealer shall deem most nearly equivalent thereto. Such index may be expressed as a percentage of (more or less than, or equal to, 100%) and/or a fixed spread to another 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 and published or made available by the SIFMA or any person acting in cooperation with or under the sponsorship of SIFMA and acceptable to the Remarketing Agent and effective from such date.
SIFMA Index means the SIFMA Municipal Swap Index disseminated by the Securities Industry and Financial Markets Association, 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 “Securities Industry and Financial Markets Association Municipal Swap Indexannounced by Municipal Market Data on the day of the Rate Determination Time and based upon the weekly interest rate resets of tax-exempt variable rate issues included in a database maintained by Municipal Market Data which meets specified criteria established by the Securities Industry and Financial Markets Association. The SIFMA 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, the interest on which is tax exempt and not subject to any personalalternative minimum tax” or similar tax under the Code unless all tax-exempt securities are subject to such tax.
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 the Securities Industry and Financial Markets Association to determine the SIFMA Index immediately prior to the date on which the Securities Industry and Financial Markets Association ceased publication of the SIFMA Index.