SIFMA Index Rate definition

SIFMA Index Rate means the rate of interest determined by the Indexing Agent on the Wednesday of each week (or, if such day is not a Business Day, the immediately preceding Business Day) after 4:00 p.m., New York City time, for the period commencing on the immediately succeeding Thursday through and including the following Wednesday equal to 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 (but in any event, not less than 0%), plus the Spread; provided, however, that in no event shall the SIFMA Index Rate exceed the Maximum Rate.

SIFMA Index Rate means 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 (formerly The Bond Markets Association) or any Person acting in cooperation with or under the sponsorship of SIFMA and acceptable to the Bondholder Representative, plus a spread equal to [ ]%; provided that in no event shall the SIFMA Index Rate exceed the Maximum Rate.

SIFMA Index Rate means a per annum rate of interest established on each Computation Date and effective on the SIFMA Rate Reset Date next succeeding such Computation Date equal to the sum of (a) the SIFMA Index plus (b) the product of (x) the Applicable Spread and (y) the Margin Rate Factor..

Examples of SIFMA Index Rate in a sentence

• 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.

• Any change in the Taxable Floating Rate, Tax-Exempt Floating Rate, SIFMA Index Rate or the Default Rate resulting from a change in the LIBOR Rate, the Federal Funds Rate, the Prime Rate or the SIFMA Index Rate shall become effective as of the opening of business on the day on which such change in the LIBOR Rate, the Federal Funds Rate, the Prime Rate or the SIFMA Index Rate shall become effective.

• If any of the Taxable Floating Rate, Tax-Exempt Floating Rate or SIFMA Index Rate becomes equal to the Default Rate pursuant to their definitions hereunder, the Agency shall also pay all amounts due hereunder due to such change in the interest rate.

• The Bank shall promptly notify the Agency of the Taxable Floating Rate, Tax-Exempt Floating Rate and SIFMA Index Rate promptly following each Loan Date; provided, however, that the failure by the Bank to provide notice of the Taxable Floating Rate, Tax-Exempt Floating Rate and SIFMA Index Rate shall not relieve the Agency of its obligations arising under or related to this Agreement, the Notes or the other Loan Documents.

• Interest on the Bonds shall be computed on the basis of a 365- or 366-day, as applicable, for the actual number of days elapsed so long as interest is payable at the SIFMA Index Rate, Daily Interest Rate or Weekly Interest Rate.

More Definitions of SIFMA Index Rate

SIFMA Index Rate means, with respect to any SIFMA Rate Period or portion thereof, (i) the SIFMA Municipal Swap Index made available by approximately 4:00 p.m., New York City time, on the SIFMA Rate Determination Date for such SIFMA Rate Period or (ii) if such index is not made so available on such date, the SIFMA Municipal Swap Index as determined on the previous SIFMA Rate Determination Date.

SIFMA Index Rate means a per annum rate of interest established on each Computation Date equal to the sum of the Applicable Spread plus the SIFMA Index.

SIFMA Index Rate means 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 (formerly The Bond Market Association) or any Person acting in cooperation with or under the sponsorship of SIFMA and acceptable to the Trustee, plus a spread equal to 1.05%; provided that in no event shall the SIFMA Index Rate exceed the Maximum Rate.

SIFMA Index Rate means the rate of interest determined by the Servicer, on the Wednesday of each week (or, (i) if such day is not a Business Day, the immediately preceding Business Day, or (ii) with respect to the initial SIFMA Index Rate, the Delivery Date) for the applicable Interest Adjustment Period, equal to 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 acceptable to the Funding Lender. If the SIFMA Index Rate is no longer published, then “SIFMA Index Rate” shall mean the S&P Weekly High Grade Index. If the S&P Weekly High Grade Index is no longer published, then “SIFMA Index Rate” shall mean the prevailing rate determined by the Funding Lender for tax-exempt state and local government bonds meeting criteria determined in good faith by the Funding Lender to be comparable under the circumstances to the criteria used by the Securities Industry and Financial Markets Association to determine the SIFMA Index Rate immediately prior to the date on which the Securities and Financial Markets Association ceased publication of the SIFMA Index Rate.

SIFMA Index Rate means a fluctuating rate per annum, determined as of each applicable Computation Date, equal to the sum of (a) the Applicable Spread plus (b) SIFMA Index rounded upward to the second decimal place, and effective on each related Rate Reset Date.

SIFMA Index Rate means the per annum interest rate on the Series 2020 D Bonds in the SIFMA Index Rate Mode established on each Rate Determination Date equal to the sum of the SIFMA Index plus the Applicable Spread, as such rate of interest is determined by the Trustee pursuant to Section 206(b) hereof.

SIFMA Index Rate means a rate per annum of interest equal to the sum of (i) the SIFMA Index plus (ii) the Applicable Spread.