Alternate Term Rate definition

Alternate Term Rate means for a Series of Variable Rate Bonds in the Term Rate Mode, an index published or provided by Kenny Information Systems (or a similar information service selected by the Commission if Kenny Information Systems ceases to operate), which index is based on yield evaluations at par of bonds, the interest on which is excluded from gross income for purposes of Federal income taxation and are not subject to a “minimum tax” or similar tax under the Code (unless all tax-exempt bonds are subject to such tax). The bonds upon which the index is based shall include not less than five “high grade” component issuers selected by Kenny Information Systems (or a similar information service selected by the Commission if Kenny Information Systems ceases to operate) which shall include, without limitation, issuers of general obligation bonds. The specific issuers included among the component issuers may be changed from time-to-time by Kenny Information Systems (or a similar information service selected by the Commission if Kenny Information Systems ceases to operate) in its discretion. The yield evaluation period for the index shall be a one year evaluation.
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Alternate Term Rate means the MMD Index (as of the date the Bonds of a subseries in the Term Rate Mode are returned to their owners as described in Sections 2.04(a), 2.05(a), 2.05(b)(iv) and 2.07(c) hereof) plus not greater than 350 basis points, the actual number of basis points to be set forth in a certificate of (i) the Underwriters dated the Issue Date and certified to be the minimum number of basis points which, in the sole judgment of the Underwriters, resulted in the sale of the Bonds in the Term Rate Mode on the Issue Date at a price equal to the principal amount thereof or (ii) the Remarketing Agent dated the effective date of the related Term Rate Mode for any subseries of Bonds and certified to be the minimum number of basis points which, in the sole judgment of the Remarketing Agent, resulted in the sale of such subseries of Bonds in the Term Rate Mode on the effective date of such rate at a price equal to the principal amount thereof; provided, however, that in the event the MMD Index cannot be determined on any such date, the Alternate Term Rate shall be based upon an AAA General Obligation Index published at such time by The Bond Buyer, as selected in the sole judgment of the Remarketing Agent, that is equal to the remaining number of years from the effective date of the Alternate Term Rate to the Maturity Date, rounded up to the nearest full year in the event of a partial year; and, provided, further, in no event shall the Alternate Term Rate exceed the Maximum Rate.
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Examples of Alternate Term Rate in a sentence

  • If such Bond is in the Term Rate Mode, then such Bond shall stay in the Term Rate Mode for subsequent Interest Periods, each beginning on the last Stated Interest Payment Date and ending on the next Stated Interest Payment Date, and shall bear interest at the Alternate Term Rate in effect at the beginning of each such Interest Period.

  • If for any reason any Term Interest Rate for any Term Interest Rate Period cannot be determined as hereinabove provided, such Term Interest Rate for such Term Interest Rate Period shall be a percentage per annum equal to the Alternate Term Rate Index.

Related to Alternate Term Rate

  • Term Rate means the per annum interest rate with respect to Bonds in the Term Rate Mode determined pursuant to Section 2.09.

  • Base Rate Term SOFR Determination Day has the meaning specified in the definition of “Term SOFR”.

  • Base Rate Term Loan means a Term Loan that is a Base Rate Loan.

  • Alternate Rate means, for any day, the sum of (a) a rate per annum selected by the Administrative Agent, in its reasonable discretion based on market conditions in consultation with the Borrower and the Lenders, plus (b) the Applicable Spread for Eurocurrency Loans, plus (c) the Mandatory Cost. When used in reference to any Loan or Borrowing, “Alternate Rate” refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Rate.

  • Term Rate Period means any period of time during which a Group of 2021 Series A Variable Rate Bonds bears interest at the Term Rate.

  • Alternative Currency Term Rate means, for any Interest Period, with respect to any Credit Extension:

  • Fixed Rate Term means a period commencing on a Business Day and continuing for 1, 2 or 3 months, as designated by Borrower, during which all or a portion of the outstanding principal balance of this Note bears interest determined in relation to LIBOR; provided however, that no Fixed Rate Term may be selected for a principal amount less than $100,000.00; and provided further, that no Fixed Rate Term shall extend beyond the scheduled maturity date hereof. If any Fixed Rate Term would end on a day which is not a Business Day, then such Fixed Rate Term shall be extended to the next succeeding Business Day.

  • ABR Term Loan means any Term Loan bearing interest at a rate determined by reference to the ABR in accordance with the provisions of Article II.

  • LIBOR Term Loan means any Term Loan bearing interest at a rate determined by reference to the LIBOR Rate.

  • ABR Term SOFR Determination Day has the meaning specified in the definition of “Term SOFR”.

  • Rate/Term Refinancing A Refinanced Mortgage Loan, the proceeds of which are not more than a nominal amount in excess of the existing first mortgage loan and any subordinate mortgage loan on the related Mortgaged Property and related closing costs, and were used exclusively (except for such nominal amount) to satisfy the then existing first mortgage loan and any subordinate mortgage loan of the Mortgagor on the related Mortgaged Property and to pay related closing costs.

  • Minimum Rate Period means any Rate Period consisting of 7 Rate Period Days.

  • Adjusted Term SOFR Rate means, for any Interest Period, an interest rate per annum equal to (a) the Term SOFR Rate for such Interest Period, plus (b) 0.10%; provided that if the Adjusted Term SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

  • Rate Period has the meaning set forth in the Statement.

  • Reference Rate Determination Date means, in relation to any Reference Rate Business Day(i):

  • Special Rate Period with respect to the VRDP Shares, has the meaning specified in paragraph (a) of Section 4 of Part I of the Articles Supplementary.

  • Fixed Rate Period has the meaning set forth in Section 2.5(b)(i) hereof.

  • Weekly Rate means the Interest Rate Mode for the Bonds in which the interest rate on such Bonds is determined weekly in accordance with Section 2.02(c)(iii).

  • Weekly Rate Period means any period of time during which a Group of 2020 Series D Variable Rate Bonds bears interest at the Weekly Rate.

  • Initial Rate Period means, with respect to the VMTP Shares of any Series, the period commencing on and including the Date of Original Issue thereof and ending on, and including, the next succeeding calendar day that is a Wednesday (or if such Wednesday is not a Business Day, the next succeeding Business Day).

  • Periodic Term SOFR Determination Day has the meaning specified in the definition of “Term SOFR”.

  • Alternative Rate means an alternative benchmark or screen rate which the Independent Adviser determines in accordance with Condition 5(j)(ii) is customarily applied in international debt capital markets transactions for the purposes of determining rates of interest (or the relevant component part thereof) in the same Specified Currency as the Notes.

  • Three-Month Term SOFR Conventions means any determination, decision or election with respect to any technical, administrative or operational matter (including with respect to the manner and timing of the publication of Three-Month Term SOFR, or changes to the definition of “interest period,” timing and frequency of determining Three-Month Term SOFR with respect to each interest period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Calculation Agent decides may be appropriate to reflect the use of Three-Month Term SOFR as the Benchmark in a manner substantially consistent with market practice (or, if the Calculation Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Calculation Agent determines that no market practice for the use of Three-Month Term SOFR exists, in such other manner as the Calculation Agent determines is reasonably necessary).

  • Rate Determination Notice has the meaning specified in Section 3.07(g).

  • Floating Rate Period has the meaning set forth in section 2.5(b)(ii) hereof.

  • Pricing Rate Determination Date means with respect to any Pricing Rate Period with respect to any Transaction, the second (2nd) Business Day preceding the first day of such Pricing Rate Period.