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 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.
Examples of SIFMA Index in a sentence
Exhibit C-2 illustrates the current year rolling three-month average spreads to the Securities Industry and Financial Markets Association (SIFMA) Index of the Airports Authority’s variable rate programs, as well as historic spreads to SIFMA by quarter.
On August 1, 2016, the City refunded 2012C SIFMA Index Notes to CUS 2016C Libor Index.
The bonds were issued in the Index Floating Rate Mode and bear interest at an Index Floating Rate based on the SIFMA Index plus a spread of 0.74%.
The bonds were originally issued in the Index Floating Rate Mode with an Index Floating Rate based on the SIFMA Index plus a spread of 0.74% and an original maturity date in 2034.
Baldauf Jr.To: Dr. C.F. VasileCc: John LeboSent: Friday, January 09, 2004 5:49 PMSubject: RE: New Evidence of Economic Espionage & Fraud Mr. Vasile:1.
More Definitions of SIFMA Index
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.
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 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.
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, with respect to any date, the “SIFMA Municipal Swap Index” (such index previously known as the “BMA Municipal Swap Index”) announced by Municipal Market Data on such date 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 SIFMA. If for any reason the SIFMA Index for any date is not announced or is otherwise unavailable on the applicable date, the SIFMA Index for such date shall be the SIFMA Index for the next preceding date within the preceding 180 days on which the SIFMA Index was available. If for any reason the SIFMA Index for any date is not announced or is otherwise unavailable on any date in the immediately preceding 180 days, the SIFMA Index for such date shall be an index selected by the District or Authority which is a composite of bid-side yields of obligations (a) which (i) provide for a weekly adjustment of the interest rate, and (ii) which (A) must be purchased on demand of the owner thereof at any time upon notice of up to seven (7) days or (B) are payable in full not later than seven (7) days after the date of evaluation and (b) the interest on which is Tax-Exempt and is not subject to any personal “alternative minimum tax” or similar tax under the Code unless all Tax-Exempt securities are subject to such tax. If no such index is so selected by the District or Authority, the SIFMA Index for the applicable date shall be an index computed by the District or Authority which shall be equal to 95% of the yield applicable to 91-day United States Treasury bills, such yield to be computed on the basis of the coupon equivalent of the average per annum discount rate at which such Treasury bills shall have been sold at the most recent Treasury auction conducted prior to the applicable date.
SIFMA Index means, on any date, (i) 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 SIFMA or any Person acting in cooperation with or under the sponsorship of SIFMA and designated by the I-Bank and effective from such date 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, or any Rate Reset 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 the next preceding 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 Bank for tax-exempt state and local government bonds meeting criteria determined in good faith by the Bank 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.