ARS Maximum Rate definition

ARS Maximum Rate means 15% per annum; provided that in no event shall the ARS Maximum Rate be more than the Maximum Lawful Rate.
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ARS Maximum Rate means [12]% per annum; provided that in no event shall the ARS Maximum Rate be more than the Maximum Lawful Rate.
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ARS Maximum Rate means, on any date of determination, the interest rate per annum equal to the lesser of (i) the Applicable Percentage of the higher of (a) the “AA” Financial Commercial Paper Rate on such date and
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Examples of ARS Maximum Rate in a sentence

  • If the condition referred to in the first sentence of this paragraph (iv) is not met, the Auction Rate for the next Auction Period shall be the ARS Maximum Rate, and the Auction Period shall be a seven-day Auction Period.

  • If at the end of 35 days, the Auction Agent fails to calculate or provide the Auction Rate, the Auction Rate shall be the ARS Maximum Rate.

  • If the ownership of the ARS is no longer maintained in book-entry form by the Securities Depository, the Auction Agent shall announce the ARS Maximum Rate on the Business Day immediately preceding each ARS Interest Payment Date after the delivery of certificates representing the ARS.

  • If the condition referred to in the first sentence of this clause (iv) is not met, the Auction Rate for the next Auction Period shall be the ARS Maximum Rate, and the Auction Period shall be a seven-day Auction Period.

  • Any Bid specifying a rate higher than ARS Maximum Rate shall be treated as a Sell Order if submitted by an Existing Owner and will not be accepted if submitted by a Potential Owner.

  • If the condition referred to in the first sentence of this clause (v) is not met, the Auction Rate for the next Auction Period shall be the ARS Maximum Rate, and the Auction Period shall be the Auction Period already in effect.

  • If the ownership of the ARS is no longer maintained in book-entry form by the Securities Depository, the Auction Agent shall announce the ARS Maximum Rate on the Business Day immediately preceding each ARS Interest Payment Date after the delivery of certificates representing such ARS pursuant to Section 201(d).

  • In the event of a failed Conversion from an ARS Interest Rate Period, the Series 2014A Interest represented by ARS shall be calculated at the ARS Maximum Rate for the Auction Period, which shall be a seven-day Auction Period, commencing on the date which would have been the Conversion Date and such ARS will not be subject to mandatory tender for purchase on the date which would have been the Conversion Date.