Variable Rate Indebtedness definition

Variable Rate Indebtedness means any portion of indebtedness or other payment obligations, the interest rate on which is not established at the time of incurrence and has not at some subsequent date been established at a single numerical rate for the entire term thereof, excluding Paired Obligations.

Variable Rate Indebtedness means any Debt that bears interest at a variable rate without the benefit of an interest rate hedge or other interest rate protection agreement. For the avoidance of doubt, Variable Rate Indebtedness shall not include the notional amount of caps which protect against an upward movement of the LIBO Rate up to 300 basis points.

Variable Rate Indebtedness means any Utility Indebtedness which provides for interest to be payable thereon at a rate per annum that may vary from time to time over the term thereof in accordance with procedures provided in the instrument creating such Utility Indebtedness.

Examples of Variable Rate Indebtedness in a sentence

• The amount transferred or disbursed to any Debt Service Account pursuant to subsection (d) of this Section with respect to interest on Variable Rate Indebtedness shall be determined in a manner consistent with the Debt Service Calculation Assumption.

• The Variable Rate Indebtedness may provide that the Holder of any such Bond may demand payment of principal and interest within a stated period after delivering notice to a designated agent for the Authority and providing a copy of the notice with the tender of the Variable Rate Indebtedness to such agent.

• If the Variable Rate Indebtedness shall not be resold or redelivered within a stated period, the agent for the Authority may be authorized to draw upon a previously executed Enhancement Facility for payment of interest and principal for a particular Series of Variable Rate Indebtedness to which such Enhancement Facility shall pertain.

• The designated agent for the Authority, in accordance with the terms of a remarketing agreement, may provide for the resale or redelivery of the Variable Rate Indebtedness on behalf of the Authority at a price provided for in such agreement.

• Prior to the issuance of Variable Rate Indebtedness, the applicable Supplemental Agreement shall specify, without limitation, the interest rate calculation methods and any conversion features, and any Enhancement Facility which may be drawn upon to make principal and interest payments on the Variable Rate Indebtedness.

More Definitions of Variable Rate Indebtedness

Variable Rate Indebtedness means any Indebtedness that bears interest at a variable rate without the benefit of a Swap Contract.

Variable Rate Indebtedness means any indebtedness the interest rate on which is not fixed at the time of incurrence of such indebtedness, and has not at some subsequent date been fixed, at a numerical rate or rates for the entire term of such indebtedness.

Variable Rate Indebtedness means any System Indebtedness which provides for interest to be payable thereon at a rate per annum that may vary from time to time over the term thereof in accordance with procedures provided in the instrument creating such System Indebtedness.

Variable Rate Indebtedness means any indebtedness or obligation the interest rate on, or amount of, which is not fixed at the time of incurrence of such indebtedness or obligation, and has not at some subsequent date been fixed, at a single numerical rate for the entire remaining term of the indebtedness or obligation.

Variable Rate Indebtedness means any Parity Bonds, the interest rate on which is subject to periodic adjustment, at intervals, at such times and in such manner as shall be determined by resolution authorizing such Parity Bonds; provided that if the interest rate shall have been fixed for the remainder of the term thereof, it shall no longer be Variable Rate Indebtedness.

Variable Rate Indebtedness means any indebtedness, including Bonds, Parity Obligations and Subordinate Obligations, the interest rate on which is not fixed at the time of incurrence of such indebtedness, and has not at some subsequent date been fixed, at a single numerical rate or rates for the entire term of the indebtedness.

Variable Rate Indebtedness means indebtedness in the form of Bonds, the interest rate on which is not established at a fixed or constant rate at the time such indebtedness is incurred. [End of Article I]