Deferred Rate definition
Examples of Deferred Rate in a sentence
Despite such deferral, quarterly Distributions will continue to accumulate with interest thereon (to the extent permitted by applicable law, but not at a rate exceeding the rate of interest then accruing on the Debentures) at the Deferred Rate compounded quarterly during any such Extension Period.
For purposes of this Section 2.03.2.11, "Remarketing Agent Recovery Amount" shall mean, with respect to any Remarketing Agent Notes, an amount equal to the Daily Deferred Rate, as hereinafter defined, multiplied by the daily principal balance of such Remarketing Agent Notes for the actual number of days such Auction Rate Notes constitute Remarketing Agent Notes.
For purposes of this Section 2.03.2.11, "Daily Deferred Rate" shall mean an amount equal to the excess, if any, of (x) the rate published as the "Broker Call" in The Wall Street Journal on each day the Remarketing Agent is the owner of such Remarketing Agent Notes over (y) the new Series Interest Rate in effect for such Auction Rate Notes from and after the Auction Period Conversion Date.
For purposes of this Section 2.03.2.11, "Daily Deferred Rate" shall mean an amount equal to the excess, if any, of (x) the rate published as the "Broker Call" in THE WALL STREET JOURNAL on each day the Remarketing Agent is the owner of such Remarketing Agent Notes over (y) the new Series Interest Rate in effect for such Auction Rate Notes from and after the Auction Period Conversion Date.
The Company shall notify the Trustee and the Holders of the Securities, at the applicable notice addresses set forth in the Indenture, in writing, at least thirty (30) days prior to the applicable Interest Payment Date that it elects to pay the Deferred Rate.