Available Interest Commitment initially means $__________ (representing ___ days of interest at an annual rate of ___ per cent) and thereafter means such initial amount adjusted from time to time as follows: (a) downward by an amount that bears the same proportion to such initial amount as the amount of any reduction in the Available Principal Commitment pursuant to the definition of "Available Principal Commitment" bears to the initial Available Principal Commitment; and (b) upward by an amount that bears the same proportion to such initial amount as the amount of any increase in the Available Principal Commitment pursuant to the definition of "Available Principal Commitment" bears to the initial Available Principal Commitment.
Available Interest Commitment initially means $[_AIC_], which initial amount equals ___ days’ interest on the initial amount of the Available Principal Commitment based upon an assumed rate of interest of ten percent (10%) per annum and a three hundred sixty-five (365) day year for the actual number of days elapsed and thereafter means such initial amount adjusted from time to time as follows: (a) downward by an amount that bears the same proportion to such initial amount as the amount of any reduction in the Available Principal Commitment in accordance with clause (a) or (b) of the definition herein of “Available Principal Commitment” bears to the initial Available Principal Commitment; and (b) upward by an amount that bears the same proportion to such initial amount as the amount of any increase in the Available Principal Commitment in accordance with clause (c) of the definition herein of “Available Principal Commitment” bears to the initial Available Principal Commitment; provided that after giving effect to such adjustment the Available Interest Commitment shall never exceed $[_AIC_]. Any adjustments to clauses (a) and (b) above shall occur simultaneously with the event requiring such adjustment.
Available Interest Commitment initially means $6,233,729.17 for the Remarketed Bonds, which initial amount equals 185 days’ interest on the initial amount of the Available Principal Commitment in a Covered Mode based upon, an assumed rate of interest of 15% per annum, computed on the basis of a year of 360 days, and actual days elapsed, and thereafter means such initial amount adjusted from time to time as follows: (a) downward by an amount that bears the same proportion to such initial amount as the amount of any reduction in the Available Principal Commitment, in accordance with clause (a), (b) or (c) of the definition in the FHLB Liquidity Facility of Available Principal Commitment, bears to the initial Available Principal Commitment and (b) upward by an amount that bears the same proportion to such initial amount as the amount of any increase in the Available Principal Commitment, in accordance with clause (d) of the definition in the FHLB Liquidity Facility of Available Principal Commitment, bears to the initial Available Principal Commitment. Any adjustments to the Available Interest Commitment pursuant to clauses (a) or (b) hereof shall occur simultaneously with the occurrence of the events described in such clauses.
Examples of Available Interest Commitment in a sentence
The aggregate Interest Component of all Advances made on any date shall equal the lesser of (i) the Available Interest Commitment on such date and (ii) the actual aggregate amount of interest, if any, accrued on the Commercial Paper Notes to be paid with the proceeds of such Loan.
More Definitions of Available Interest Commitment
Available Interest Commitment means, and in no event shall it exceed, $7,397,261 which constitutes two hundred seventy (270) days of interest at ten percent (10%) on the maximum Available Principal Commitment calculated on the basis of actual number of days and a 365 day year, such initial amount adjusted from time to time as follows: (a) downward in an amount equal to the Interest Component of any Loan; (b) upward in an amount equal to the Interest Component of any Loan that is repaid, pursuant to the terms of Section 2.03 or 2.07; and (c) downward by an amount that bears the same proportion to the Available Interest Commitment immediately prior to such reduction as the amount of any reduction in the Commitment bears to the Commitment immediately prior to such reduction; provided, however, that after giving effect to any such adjustment the Available Interest Commitment shall never exceed $7,397,261. Any adjustments pursuant to clause (a), (b) or (c) above shall occur simultaneously with the event requiring such adjustment.
Available Interest Commitment means, and in no event shall it exceed, $4,438,357 which constitutes ninety (90) days of interest at twelve percent (12%) on the maximum Available Principal Commitment calculated on the basis of actual number of days and a 365 day year, such initial amount adjusted from time to time as follows: (a) downward in an amount equal to the Interest Component of any Loan; (b) upward in an amount equal to the Interest Component of any Loan that is repaid, pursuant to the terms of Section 2.03 or 2.07; and (c) downward by an amount that bears the same proportion to the Available Interest Commitment immediately prior to such reduction as the amount of any reduction in the Commitment bears to the Commitment immediately prior to such reduction; provided, however, that after giving effect to any such adjustment the Available Interest Commitment shall never exceed $4,438,357. Any adjustments pursuant to clause (a), (b) or (c) above shall occur simultaneously with the event requiring such adjustment.
Available Interest Commitment means, and in no event shall it exceed, $35,506,850 which constitutes two hundred seventy (270) days of interest at twelve percent (12%) on the maximum Available Principal Commitment calculated on the basis of actual number of days and a 365 day year, such initial amount adjusted from time to time as follows: (a) downward in an amount equal to the Interest Component of any Loan; (b) upward in an amount equal to the Interest Component of any Loan that is repaid, pursuant to the terms of Section 2.03 or 2.07; and
Available Interest Commitment initially means DOLLARS ($ ) (an amount equal to [thirty six] ([36]) days’ interest on the Bonds, computed as if the Bonds bore interest at the rate of twelve percent (12.0%) per annum on the basis of a 365/366-day year and actual days elapsed, and thereafter means such amount adjusted from time to time as follows: (a) downward by an amount that bears the same proportion to such amount as the amount of any reduction in the Available Principal Commitment pursuant to the definition of “Available Principal Commitment” bears to the Available Principal Commitment prior to such reduction; and (b) upward by an amount that bears the same proportion to such amount as the amount of any increase in the Available Principal Commitment pursuant to clause (c) of the definition of “Available Principal Commitment” bears to the Available Principal Commitment prior to such increase; provided, that after giving effect to such adjustment the available interest commitment shall never exceed DOLLARS
Available Interest Commitment initially means $ , which initial amount equals thirty-seven (37) days’ interest on the initial amount of the Available Principal Commitment based upon an assumed rate of interest of twelve percent (12%) per annum and a 365-day year for the actual number of days elapsed, and thereafter means such initial amount adjusted from time to time as follows: (a) downward by an amount that bears the same proportion to such initial amount as the amount of any reduction in the Available Principal Commitment, in accordance with clause (a) or (b) of the definition herein of Available Principal Commitment, bears to the initial Available Principal Commitment; (b) upward by an amount that bears the same proportion to such initial amount as the amount of any increase in the Available Principal Commitment, in accordance with clause (c) of the definition herein of Available Principal Commitment, bears to the initial Available Principal Commitment; (c) upward by an amount that bears the same proportion to the Available Interest Commitment as the amount of any increase in the Maximum Interest Rate bears to the Maximum Interest Rate prior to such increase; provided that, for purposes of this clause (c), the initial Maximum Interest Rate shall be deemed to be 12% per annum; and (d) downward by an amount that bears the same proportion to such amount as the amount of any decrease in the Maximum Interest Rate bears to the Maximum Interest Rate prior to such decrease. Any adjustments to the
Available Interest Commitment initially means $ and thereafter means such initial amount adjusted from time to time as follows: (a) downward by an amount that bears the same proportion to such initial amount as the amount of any reduction in the Available Principal Commitment pursuant to the definition of "Available Principal Commitment" bears to the initial Available Principal Commitment; and (b) upward by an amount that bears the same proportion to such initial amount as the amount of any increase in the Available Principal Commitment pursuant to the definition of "Available Principal Commitment" bears to the initial Available Principal Commitment.
Available Interest Commitment initially means One Million One Hundred Fifty-Seven Thousand Three Hundred Two Dollars ($1,157,302) (an amount equal to thirty-five (35) days’ interest on the Bonds based on a 365 day year, actual days elapsed, computed as if the Bonds bore interest at the rate of twelve percent (12%) per annum) and thereafter means such amount adjusted from time to time as follows: (a) downward by an amount that bears the same proportion to such amount as the amount of any reduction in the Available Principal Commitment pursuant to the definition of “Available Principal Commitment” bears to the Available Principal Commitment prior to such reduction; and (b) upward by an amount that bears the same proportion to such amount as the amount of any increase in the Available Principal Commitment pursuant to clause (c) of the definition of “Available Principal Commitment” bears to the Available Principal Commitment prior to such increase; provided that, after giving effect to such adjustment, the available interest commitment shall never exceed One Million One Hundred Fifty-Seven Thousand Three Hundred Two Dollars ($1,157,302). Any adjustments pursuant to clause (a) or (b) above shall occur simultaneously with the event requiring such adjustment.