Fixed Rate Date definition
Examples of Fixed Rate Date in a sentence
If the Borrower exercises its option to convert the interest rate borne by the Bonds from the Weekly Interest Rate to the Fixed Interest Rate pursuant to the terms and provisions of the Indenture, the Borrower may cause to be delivered to the Trustee an Alternate Credit Facility, effective as of the Fixed Rate Date, in lieu of keeping the Letter of Credit in place as required by Section 5.08 hereof.
Prior to the Fixed Rate Date, the Bonds shall be in a Daily Mode, a Weekly Mode, or a Flexible Mode.
If, after the Fixed Rate Date, the Bonds shall fail to be converted to a Fixed Interest Rate, the Bonds will continue to earn interest at the Weekly Interest Rate as provided in this Indenture and the Registered Owners shall be notified thereof by the Trustee.
Prior to the Fixed Rate Date, interest shall be computed on the basis of a year of 365 or 366 days, as appropriate, for the actual number of days elapsed.
The Remarketing Agent shall specify the Fixed Interest Rate to be borne by the Bonds on and after the Fixed Rate Date.
Upon selection of Bonds for redemption on or prior to the Fixed Rate Date, the Trustee will immediately notify the Tender Agent of the Bonds selected for redemption.
The interest rate on all Bonds from the Fixed Rate Date until the maturity or prior redemption or acceleration thereof shall be a rate per annum equal to the Fixed Interest Rate, which shall be determined on or prior to, but not more than 15 days prior to, the Business Day immediately preceding the Fixed Rate Date.
The Fixed Interest Rate shall be the rate, but not exceeding the rate, which at the time of determination thereof in the judgment of the Remarketing Agent, having due regard for prevailing financial market conditions, would be necessary to remarket the Bonds at a price equal to 100% of the principal amount thereof on the Fixed Rate Date.
The Weekly Interest Rate shall be determined by the Remarketing Agent as of the close of business on Tuesday in each calendar week until the earlier of the Fixed Rate Date or payment in full of the Bonds; provided that, if Tuesday in any calendar week shall not be a Business Day, then such determination shall be made on the next preceding Business Day; and provided further that appropriate adjustments may be made for the initial period following the Date of Delivery.
Such notice shall (A) specify the proposed Fixed Rate Date, (B) require the Registered Owners of all of the Outstanding Bonds to tender their Bonds for purchase on the Mandatory Tender Date pursuant to Section 4.07 hereof, and (C) state that all Outstanding Bonds not purchased on or before the Mandatory Tender Date will be deemed to be purchased on the Mandatory Tender Date at a price equal to the principal amount thereof, plus unpaid interest, if any, accrued to such date.