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<br /> 6 <br /> <br />fixed interest rate equal the average of the daily interest rate on such Variable Rate Bonds during <br />the twelve months preceding the calculation or during the time the Variable Rate Bonds are <br />Outstanding if less than twelve months and if such Variable Rate Bonds are not at the time of <br />calculation Outstanding, the variable interest rate shall be deemed to be a fixed interest rate equal <br />to the average daily interest rate which such Variable Rate Bonds would have borne if they had <br />been Outstanding for the preceding twelve month period as estimated by the Finance Director, <br />all as set forth in a certificate of the Finance Director. In determining the amount of any <br />Financial Products Payments or Financial Products Receipts on any interest rate cap, floor, collar <br />or other similar Financial Products Agreement with respect to Parity Bonds bearing interest at a <br />fixed rate, such amount shall be the amount payable or receivable annually determined as of the <br />date of issuance of the Parity Bonds as set forth in a certificate of the Finance Director. <br />“Events of Default” means the events stated in Section 1003 hereof. <br />“Federal Government” means the United States of America and any <br />agency, instrumentality or corporation thereof. <br />“Federal Securities” means bills, certificates of indebtedness, notes, or <br />bonds which are direct obligations of, or the principal and interest of which obligations are <br />unconditionally guaranteed by, the United States of America. <br />“Finance Director” means the duly appointed Finance Director of the City, <br />or his or her successor in functions, if any. <br /> “Financial Products Agreement” means an interest rate swap, cap, collar, <br />floor, other hedging agreement, arrangement or security, however denominated, entered into by <br />the City with a Provider not for investment purposes but with respect to the Bonds or specific <br />Parity Bonds and providing that any payments by the City thereunder shall be made only from <br />Net Revenues and for the purpose of (i) reducing or otherwise managing the City’s risk of <br />interest rate changes or (ii) effectively converting the City’s interest rate exposure, in whole or in <br />part, from a fixed rate exposure to a variable rate exposure, or from a variable rate exposure to a <br />fixed rate exposure. <br />“Financial Products Payments” means payments periodically required to <br />be paid to a Provider by the City pursuant to a Financial Products Agreement but specifically not <br />including any termination, settlement or similar payments required to be paid upon an early <br />termination of the Financial Products Agreement or as a result of any event of default thereunder. <br />“Financial Products Receipts” means amounts periodically required to be <br />paid to the City by a Provider pursuant to a Financial Products Agreement but specifically not <br />including any termination, settlement or similar payments required to be paid upon an early <br />termination of the Financial Products Agreement or as a result of any event of default thereunder. <br /> “Fiscal Year” means the calendar year or any other 12 month period <br />hereafter selected by the City as its fiscal year. <br />12