Ordinance 3405-14 - Laserfiche WebLink

(B) If the Remarketing Agent fails for any reason to determine the Variable Rate, Short-Term Rate or Long-Term Rate for any Variable Rate Period, Short-Term Rate Period or Long-Term Rate Period, as applicable, when required hereunder, or a court holds that the Variable Rate, Short-Term Rate or Long-Term Rate for any Variable Rate Period, Short- Term Rate Period or Long-Term Rate Period, as applicable, is invalid, illegal or unenforceable, then the interest rate on the Bonds shall be equal to the Alternate Rate, until the interest rate on such Bonds is again validly determined by the Remarketing Agent. (C) All Variable Rate Bonds shall bear interest accruing at the same Variable Rate, and all Long-Term Rate Bonds shall bear interest accruing at the same Long- Term Rate. (6) Bank Bonds. Bank Bonds shall bear interest at the Bank Rate determined in accordance with the Liquidity Facility or the Liquidity Facility Agreement relating to such Bank Bond, as more fully set forth in Section 2.06 hereof. (b) Index Floating Rate. (1) Initial Period. The initial SIFMA Index Rate Period shall commence on and be effective from the Closing Date and shall continue through the end of the Initial Period. On a date determined by the Underwriter no earlier than ten calendar days prior to the Closing Date, the Underwriter shall determine the first Conversion Date and the Applicable Spread. (2) Determination Time. (A) SIFMA Index Rate. During each SIFMA Index Rate Period, the Bonds shall bear interest at the SIFMA Index Rate, commencing on and including the first day of such period to but excluding the last day of such period. The Calculation Agent shall determine the SIFMA Index Rate on each Computation Date during the SIFMA Index Rate Period, and -26- P\20287_CMW\20287_AMT 10/14/14