MRCY » Topics » Definitions

This excerpt taken from the MRCY 10-Q filed May 11, 2009.

Definitions

 

1. The Agreement is amended by adding the following definitions in Section 1:

 

   

“Additional Payments” has the meaning specified in Section 5 g).

   

“ARS Collateral” means any and all Collateral consisting of Auction Rate Securities.

   

“ARS Payments” has the meaning specified in Section 5 g).

   

“Auction Rate Securities” means any and all securities determined by the Bank, in its sole and absolute discretion, as being commonly referred to as “Auction Rate Securities,” which, for greater certainty, include, without limitation, debt securities on which the interest rate payable is periodically re-set by an auction process and/or equity securities on which any dividend payable is periodically re-set by an auction process.

   

“Taxable SLARC Maximum Auction Rate” means the applicable “reset rate,” “maximum auction rate” or other similar rate as may be specified in the prospectus or other documentation governing any applicable Taxable Student Loan Auction Rate Securities as representing the failed auction rate or similar rate payable on such Auction Rate Securities. In each case expressed as a per-annum rate and as calculated in the Bank’s sole and absolute discretion.

   

“Taxable Student Loan Auction Rate Securities” means any and all Auction Rate Securities Collateral consisting of securities determined by the Bank, in its sole and absolute discretion, as being commonly referred to as “Student Loan Auction Rate Securities” and on which the interest or dividend rate paid or payable to the Borrower by the issuer of such securities is taxable to the Borrower.”

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