Examples of Daily Interest Rate in a sentence
If any applicable condition has not been satisfied, the Conversion shall not occur, and Notes in the Daily Mode shall continue to bear interest at the Daily Interest Rate, Notes in the Weekly Mode shall continue to bear interest at the Weekly Interest Rate, Notes in the Index Floating Mode or Term Mode shall bear interest at the Delayed Remarketing Rate, and Notes in a Direct Purchase Period shall bear interest as provided in the Direct Purchase Agreement.
If no Daily Interest Rate is established by the Remarketing Agent, then the Daily Interest Rate for such Business Day shall be the same as the preceding Daily Interest Rate, and such Daily Interest Rate shall continue to be in effect until the earlier of (A) the date on which the Remarketing Agent determines a new Daily Interest Rate or (B) the seventh day succeeding the first day on which the Daily Interest Rate was not determined by the Remarketing Agent.
Each Series of the Notes for which a Daily Interest Rate Period has been selected shall bear interest at the Daily Interest Rate, which shall be determined by the Remarketing Agent by 10:00 a.m., New York Time, on each Business Day.
During a Daily Interest Rate Period or a Weekly Interest Rate Period, each Series of the Notes (or principal portion thereof) then in a Daily Mode or Weekly Mode shall be subject to optional redemption at the written direction of the Finance Director on any Business Day, in whole or in part, at a redemption price of 100% of the principal amount thereof plus interest, if any, accrued to the date fixed for redemption.
During each Daily Interest Rate Period for the Series 2021A Refunding Bonds commencing on a date so specified and ending on the day immediately preceding the effective date of the next succeeding Interest Rate Period, the interest rate borne by the Series 2021A Refunding Bonds shall be a Daily Interest Rate.