Interest Rate Prior to Conversion Date Sample Clauses

Interest Rate Prior to Conversion Date. For the first Interest Period, the Project Bonds shall bear interest at a rate equal to six and one-half percentum (6.5%) per annum. Thereafter, for each Interest Period ending before the Conversion Date, the interest rate on the Project Bonds shall be a rate determined by the Remarketing Agent, in its discretion, to be that rate which, if borne by the Project Bonds, would, in the judgment of the Remarketing Agent, having due regard to prevailing financial market conditions, be the interest rate necessary to enable the Remarketing Agent to remarket all Outstanding Project Bonds on the Interest Payment Date occurring in such Interest Period at a price equal to 100% of the principal amount thereof, provided, however, that the interest rate so determined shall not be more than 120% of the greater of, nor less than the lesser of, the Interest Index and the Alternate Interest Index for such Interest Period unless such indices shall have eliminated pursuant to a supplemental indenture as permitted by Section 10.01(h) of the Indenture, Notwithstanding anything to the contrary contained herein, the interest rate on the Project Bonds shall never exceed twenty percentum. (20%) per annum. For the second Interest Period and each Interest Period thereafter ending prior to the Conversion Date, the interest rate to be borne by the Project Bonds shall be determined as provided in this Section 4 as of, and shall be made available to the Company, the Trustee and the Bank on, the fourth Business Day next preceding the first day of such Interest Period.
Sample 1
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Interest Rate Prior to Conversion Date. During the Draw Period, interest shall accrue on the outstanding principal balance hereunder, based on the Adjusted LIBOR Rate for consecutive LIBOR Interest Periods. Borrower may only request advances bearing interest at the Adjusted LIBOR Rate in amounts equal to or in excess of $100,000.00 unless otherwise agreed by Lender.
Sample 1
Interest Rate Prior to Conversion Date. Except as provided in Paragraphs 8 and 14, interest (“Note Interest”) shall accrue, prior to the Conversion Date, on the unpaid principal of this Note from, and including, the date of this Note until paid in full at an annual rate (the “Construction Period Interest Rate”) as follows:
Sample 1

Related to Interest Rate Prior to Conversion Date

  • Conversion to Fixed Interest Rate The Mortgage Loan does not contain a provision whereby the Mortgagor is permitted to convert the Mortgage Interest Rate from an adjustable rate to a fixed rate;

  • Conversion Date The "Conversion Date" is a Switch or frame conversion planned day of cut-over to the replacement frame(s) or Switch. The actual conversion time typically is set for midnight of the Conversion Date. This may cause the actual Conversion Date to migrate into the early hours of the day after the planned Conversion Date.

  • Notice of Conversion Rate Adjustments Upon the effectiveness of any adjustment to the Conversion Rate pursuant to Section 5.05(A), the Company will promptly send notice to the Holders, the Trustee and the Conversion Agent containing (i) a brief description of the transaction or other event on account of which such adjustment was made; (ii) the Conversion Rate in effect immediately after such adjustment; and (iii) the effective time of such adjustment.

  • Adjustment to Conversion Price Whenever the Conversion Price is adjusted pursuant to any provision of this Section 5, the Company shall promptly deliver to each Holder a notice setting forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.

  • Adjustments to Conversion Price The Conversion Price shall be subject to adjustment from time to time as follows:

  • Interest Rate Adjustment The interest rate payable on the Notes shall be subject to adjustments from time to time if either Xxxxx’x Investors Service, Inc., or any successor thereto (“Moody’s”) or Standard & Poor’s Ratings Services, a division of XxXxxx-Xxxx, Inc., or any successor thereto (“S&P”) downgrades (or subsequently upgrades) the debt rating assigned to the Notes, as set forth below. If the rating from Moody’s of the Notes is decreased to a rating set forth in the immediately following table, the interest rate on the Notes shall increase from the interest rate payable on the Notes on the date of their issuance (the “Original Interest Rate”) by the percentage set forth opposite that rating: Rating Percentage Ba1 0.25 % Ba2 0.50 % Ba3 0.75 % B1 or below 1.00 % If the rating from S&P of the Notes is decreased to a rating set forth in the immediately following table, the interest rate on the Notes shall increase from the Original Interest Rate by the percentage set forth opposite that rating: Rating Percentage BB+ 0.25 % BB 0.50 % BB- 0.75 % B+ or below 1.00 % Notwithstanding the foregoing, if at any time the interest rate on the Notes has been adjusted upward and either Moody’s or S&P, as the case may be, subsequently increases its rating of the Notes to any of the threshold ratings set forth in the tables above, the interest rate on the Notes shall be decreased such that the interest rate for the Notes equals the Original Interest Rate plus the percentages set forth opposite the ratings from the tables above in effect immediately following the increase. If Moody’s subsequently increases its rating of the Notes to Baa3 or higher and S&P increases its rating to BBB- or higher the interest rate on the Notes shall be decreased to the Original Interest Rate. Each adjustment required by any decrease or increase in a rating set forth above, whether occasioned by the action of Moody’s or S&P, shall be made independent of any and all other adjustments. In no event shall (1) the interest rate for the Notes be reduced to below the Original Interest Rate or (2) the total increase in the interest rate on the Notes exceed 2.00% above the Original Interest Rate. If either Moody’s or S&P ceases to provide a rating of the Notes, any subsequent increase or decrease in the interest rate of the Notes necessitated by a reduction or increase in the rating by the agency continuing to provide the rating shall be twice the percentage set forth in the applicable table above. No adjustments in the interest rate of the Notes shall be made solely as a result of either Moody’s or S&P ceasing to provide a rating. If both Moody’s and S&P cease to provide a rating of the Notes, the interest rate on the Notes shall increase to, or remain at, as the case may be, 2.00% above the Original Interest Rate. Any interest rate increase or decrease described above shall take effect from the first day of the interest period during which a rating change requires an adjustment in the interest rate. The interest rate on the Notes shall permanently cease to be subject to any adjustment described above (notwithstanding any subsequent decrease in the ratings by either or both rating agencies) and, if applicable, shall be decreased to the Original Interest Rate, if the Notes become rated Baa2 and BBB or higher by Moody’s and S&P, respectively (or one of these ratings if only rated by one rating agency), with a stable or positive outlook by each of the rating agencies.

  • Adjustments to Conversion Rate The Conversion Rate shall be adjusted from time to time by the Company as follows:

  • Interest Rate and Payment Dates (a) The Eurodollar Loans shall bear interest for each Interest Period with respect thereto on the unpaid principal amount thereof at a rate per annum equal to the Eurodollar Rate determined for such Interest Period plus the Applicable Margin.

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