Weekly Mode Clause Samples
Weekly Mode. The interest rate for Bonds in a Weekly Mode shall be determined in the following manner. On each Rate Determination Date, the Remarketing Agent shall determine the interest rate which such Bonds shall bear during the Rate Period following such Rate Determination Date. The interest rate so determined shall be effective on the Rate Adjustment Date. Promptly after each Rate Adjustment Date, the Remarketing Agent shall give written notice of the interest rate so set to the Trustee, the Credit Enhancer and the Borrower. On each Interest Payment Date the Trustee shall mail to each Bondowner a written statement showing the interest rates for such Bonds during the preceding Interest Period.
Weekly Mode with respect to Bonds in a Weekly Mode, commences on the first day such Bonds begin to accrue interest in the Weekly Mode and ends on the next succeeding Wednesday (or, if not immediately followed by a Business Day, then on the day preceding the next Business Day) that occurs at least two days later, and thereafter commences on each Thursday (or, if not a Business Day, on the next succeeding Business Day) and ends on Wednesday of the following week (or, if not immediately followed by a Business Day, then on the day preceding the next Business Day);
Weekly Mode in the case of conversion to the Weekly Mode or the weekly R-FLOATs Mode, shall be a day determined by the Remarketing Agent for such Bonds which is no later than the Mode Change Date on which such Mode commences, and thereafter, while such Bond is in a Weekly Mode or a weekly R-FLOATs Mode, shall be each Thursday on which a new Interest Period commences or, if Thursday is not a Business Day, the Business Day immediately succeeding such Thursday;
Weekly Mode. While the Bonds are in the Weekly Mode, the Bonds shall be subject to optional redemption, in whole, or in part in Authorized Denominations, on any Business Day, in all cases at the direction of the Borrower, together with the written consent of the L/C Bank, upon at least 45 days' (or such shorter period acceptable to the Trustee) prior written notice from the Borrower to the Trustee at a redemption price equal to 100% of the aggregate principal amount of the Bonds to be redeemed, plus accrued interest thereon to the redemption date, without premium.
Weekly Mode