Fixed Rate definition
Examples of Fixed Rate in a sentence
The Term Rate or the Fixed Rate, as applicable, shall be the minimum interest rate which, in the sole judgment of the Remarketing Agent, will result in a sale of all of the Series 2026 Bonds then being remarketed at the applicable remarketing price on the Rate Determination Date.
Not later than the 10th day next preceding the Conversion Date, the Trustee shall send, in the name of the Issuer, a notice of such proposed conversion to the Owners of the Series 2026 Bonds stating that the Series 2026 Bonds will be converted to a new Term Rate for a new Term Rate Period or to a Fixed Rate, as applicable, stating the proposed Conversion Date and stating that such Owner is required to tender such Owner’s Series 2026 Bonds for purchase on such proposed Conversion Date.
The Series 2026 Bonds in the Fixed Rate Mode shall not be subject to mandatory tender for purchase.
On any Business Day which is at least twelve (12) days before the proposed Conversion Date, the Borrower shall give written notice to the Notice Parties stating that the Term Rate Bonds will be converted to a new Term Rate for a new Term Rate Period or to the Fixed Rate, as applicable, and setting forth the proposed Conversion Date.
While Bonds are in a Term Rate Mode, on each Mandatory Tender Date and on any Business Day on or after the Earliest Optional Mode Change Date, the Borrower may convert all or a portion of such Term Rate Bonds to bear interest at a new Term Rate for a new Term Rate Period selected by the Borrower or convert all or a portion of such Bonds to bear interest at a Fixed Rate.