Auction Rate Securities definition

Auction Rate Securities means bonds and preferred stock whose interest rates are reset periodically, usually every 7, 28, 35 or 49 days, by a Dutch auction process where buyers and sellers competitively bid to determine the rates on each auction date.

Auction Rate Securities means any and all securities determined by the Bank, in its sole and absolute discretion, as being commonly referred to as “Auction Rate Securities,” which, for greater certainty, include, without limitation, debt securities on which the interest rate payable is periodically re-set by an auction process and/or equity securities on which any dividend payable is periodically re-set by an auction process.

Auction Rate Securities means any debt instruments with a long-term nominal maturity for which the interest rate is reset through a "dutch auction" process with interest on such Auction Rate Securities being paid at the end of each such auction period; provided, however, that such Auction Rate Securities shall have, at the time of purchase, one of the two highest rating categories obtainable from either Moody's or S&P.

Examples of Auction Rate Securities in a sentence

• The number of shares reported herein represents combined holdings in multiple series of auction rate preferred securities of the issuer, which are treated herein as one class of securities in accordance with the Securities and Exchange Commission's Auction Rate Securities Global Exemptive Relief no action letter issued on September 22, 2008.

• Auction Rate Securities (ARSs) are valued using a valuation model developed by the Bank.

• North Carolina water lawsuit, any remaining Auction Rate Securities Settlement funds shall be deposited into the general fund.

• The Department has been informed by the Internal Revenue Service and the Department of the Treasury that they are considering providing limited relief from the requirements of sections 72(t)(4), 401(a)(9), and 4974 of the Code with respect to retirement plans that hold Auction Rate Securities.

• Since the auction feature has essentially been inoperable for substantially all auction rate securities since 2008, the Auction Rate Securities generally pay interest to the holder at a maximum rate as defined by the indenture.

More Definitions of Auction Rate Securities

Auction Rate Securities means securities issued by State or local governments of the United States or political subdivisions thereof, the applicable interest rate on which is under normal circumstances subject to adjustments based on periodic remarketing or other auction process (commonly referred to as auction rate securities).

Auction Rate Securities means any auction rate securities permitted by clause (f) of the definition of Permitted Investments.

Auction Rate Securities means, collectively, the Class A Notes and the Class B Notes.

Auction Rate Securities means, on any date, the Bonds when bearing interest as auction rate securities as provided in Article IIIA of this Indenture and the Auction Procedures applicable thereto.

Auction Rate Securities means debt securities whose rate is reset periodically, but no less often than every 90 days, pursuant to an auction.

Auction Rate Securities means long-term variable rate bonds tied to short-term interest rates that are reset through a dutch auction.

Auction Rate Securities means auction rate securities issued with a rate reset mechanism and maximum term of 35 days.