Examples of Flexible Rate Period in a sentence
During any Daily Rate Period, Weekly Rate Period or Flexible Rate Period, interest on the related Bonds shall be computed upon the basis of a 365 or 366-day year, as applicable, for the number of days actually elapsed.
Pursuant to the Indenture: (a) all of the Bonds that are allocable to the Loan shall initially bear interest at the Flexible Rate until the date, if any, upon which the Interest Rate determination method is changed as described in the Indenture, (b) while the Bonds bear interest at the Flexible Rate, interest shall be payable in arrears at the end of each applicable Flexible Rate Period, and (c) all interest on the Bonds shall be paid from the proceeds of an Interest Drawing under the Letter of Credit.
The Flexible Rate for each Flexible Rate Period shall be effective from and including the commencement date of such Flexible Rate Period through and including the last day thereof.
Such notice shall specify the proposed Flexible Rate Conversion Date and the Flexible Rate Period or Periods to which the conversion will be made.
At any time during a Flexible Rate Period, the Borrower may elect that the Bonds shall no longer bear interest at Flexible Rates and shall instead bear interest as otherwise permitted under this Indenture.