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rate shall (except to the extent subsection (ii) or (iii) of this definition applies) be assumed <br />to be made at such fixed rate and on the required payment dates; <br />(ii) if all or any portion or portions of an Outstanding Series of Parity <br />Obligations constitutes Balloon Indebtedness or if all or any portion of a Series of Parity <br />Obligations or such payments then proposed to be issued would constitute Balloon <br />Indebtedness, then, for purposes of determining Maximum Annual Debt Service, each <br />maturity which constitutes Balloon Indebtedness shall be treated as if it were to be <br />amortized in substantially equal annual installments of principal and interest over a term <br />of 25 years commencing in the year the stated maturity of such Balloon Indebtedness <br />occurs, the interest rate used for such computation shall be determined as provided in <br />subsections (iv) or (v) below, as appropriate, and all payments of principal and interest <br />becoming due prior to the year of the stated maturity of the Balloon Indebtedness shall be <br />treated as described in subsection (i) above; <br />(iii) if any of the Outstanding Series of Parity Obligations constitutes Tender <br />Indebtedness or if Parity Obligations proposed to be issued would constitute Tender <br />Indebtedness, then for purposes of determining Maximum Annual Debt Service, Tender <br />Indebtedness shall be treated as if the principal amount of such Parity Obligations were to <br />be amortized in accordance with the amortization schedule set forth in such Tender <br />Indebtedness or in the Credit Support Instrument established with respect to such Tender <br />Indebtedness, or if no such amortization schedule is set forth, then such Tender <br />Indebtedness shall be deemed to be amortized in substantially equal annual installments of <br />principal and interest over a term of 25 years commencing in the year in which such Series <br />is first subject to tender, and the interest rate used for such computation shall be determined <br />as provided in subsections (iv) or (v) below, as appropriate; <br />(iv) if any Outstanding Parity Obligations constitute Variable Rate Indebtedness <br />(except to the extent subsection (ii) relating to Balloon Indebtedness or subsection (iii) <br />relating to Tender Indebtedness applies), the interest rate on such Parity Obligation shall <br />be assumed to be 110% of the daily average interest rate on such Parity Obligations during <br />the 12 months ending with the month preceding the date of calculation, or such shorter <br />period that such Parity Obligations shall have been Outstanding; provided that in the event <br />that Variable Rate Indebtedness has been issued in connection with a Qualified Swap <br />Agreement, the interest rate for purposes of computing Maximum Annual Debt Service <br />shall be determined by (x) calculating the annualized net amount paid by the City under <br />such Variable Rate Indebtedness and Qualified Swap Agreement (after giving effect to <br />payments made under the Variable Rate Indebtedness and made and received by the City <br />under the Qualified Swap Agreement) during the 12 months ending with the month <br />preceding the date of calculation, or such shorter period that such Qualified Swap <br />Agreement has been in effect, and (y) dividing the amount calculated in clause (x) by the <br />average daily balance of the related Parity Obligations Outstanding during the 12-month <br />period contemplated by clause (x); <br />(v) if Parity Obligations proposed to be issued will be Variable Rate <br />Indebtedness (except to the extent subsection (ii) relating to Balloon Indebtedness or <br />subsection (iii) relating to Tender Indebtedness applies), then such Parity Obligations shall <br />0 <br />55394.00068\42092413.3 <br />