Common use of Monthly Rate Clause in Contracts

Monthly Rate. During any Monthly Rate Period the Bonds will bear interest at the Monthly Rate. During any Monthly Rate Period, the Remarketing Agent will determine the Proposed Rate for the applicable Calculation Period on the Proposed Rate Determination Date. Thereafter, the Remarketing Agent will determine a Monthly Rate on the applicable Determination Date; provided, however, that such rate shall not be less than the Proposed Rate determined by the Remarketing Agent on the immediately preceding Proposed Rate Determination Date. Each Monthly Rate shall be the rate of interest per annum determined by the Remarketing Agent on and as of each applicable Determination Date as the minimum rate of interest per annum necessary, in the judgment of the Remarketing Agent taking into account market conditions prevailing on the Determination Date and subject to the foregoing proviso concerning the Proposed Rate, to enable the Remarketing Agent to arrange for the sale of all of the Bonds on the first day of the applicable Calculation Period in the secondary market at a price equal to the principal amount thereof (plus accrued interest to the date of settlement). If the Remarketing Agent fails to certify such rate or if, for any reason, the Monthly Rate is held to be invalid or unenforceable by a court of competent jurisdiction for any Calculation Period, the Monthly Rate for such Calculation Period shall be the Alternate Rate. In connection with any change in the Interest Rate Determination Method to a Monthly Rate pursuant to Section 203, the Proposed Rate shall be determined as provided above on the applicable Proposed Rate Determination Date and the initial Monthly Rate shall be determined as provided above on the applicable Determination Date. Notwithstanding anything else contained herein, the Monthly Rate shall not in any event exceed the lesser of (i) 15% per annum or (ii) the maximum rate permitted by law.

Monthly Rate. During any Monthly Rate Period (as defined in the Indenture) the Bonds will bear interest at the Monthly Rate. During any Monthly Rate Period, the Remarketing Agent will determine the Proposed Rate (as defined in the Indenture) for the applicable Calculation Period on the Proposed Rate Determination Date. Thereafter, the Remarketing Agent will determine a Monthly Rate on the applicable Determination Date; provided, however, that such rate shall not be less than the Proposed Rate determined by the Remarketing Agent on the immediately preceding Proposed Rate Determination DateDate (as defined in the Indenture). Each Monthly Rate shall be the rate of interest per annum determined by the Remarketing Agent on and as of each applicable Determination Date as the minimum rate of interest per annum necessary, in the judgment of the Remarketing Agent taking into account market conditions prevailing on the Determination Date and subject to the foregoing proviso concerning the Proposed Rate, to enable the Remarketing Agent to arrange for the sale of all of the Bonds on the first day of the applicable Calculation Period in the secondary market at a price equal to the principal amount thereof (plus accrued interest to the date of settlement). If the Remarketing Agent fails to certify such rate or if, for any reason, the Monthly Rate is held to be invalid or unenforceable by a court of competent jurisdiction for any Calculation Period, the Monthly Rate for such Calculation Period shall be the Alternate Rate. In connection with any change in the Interest Rate Determination Method to a Monthly Rate pursuant to Section 203, the Proposed Rate shall be determined as provided above on the applicable Proposed Rate Determination Date and the initial Monthly Rate shall be determined as provided above on the applicable Determination Date. Notwithstanding anything else contained herein, the Monthly Rate shall not in any event exceed the lesser of (i) 15% per annum or (ii) the maximum rate permitted by law.