FRN Rate definition

FRN Rate means, with respect to the FRN Rate Bonds in a particular FRN Rate Period, the per annum interest rate for such Bonds during such FRN Rate Period which is equal to the sum of (a) the FRN Index and (b) the FRN Spread.
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FRN Rate means, with respect to the FRN Bonds in a particular FRN Interest Rate Period, the interest rate per annum on FRN Bonds during such FRN Interest Rate Period determined on a periodic basis as provided in Section 2.24 of this 2025 Series A and 2025 Series B Series Resolution, which is equal to the sum of (a) the FRN Index multiplied by the FRN Index Percentage plus (b) the FRN Spread.
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FRN Rate means, for each FRN Rate Mode Period, a floating rate determined on each Rate Determination Date equal to the sum of (i) the product of the applicable Index multiplied by the FRN Rate Percentage, plus (ii) the FRN Rate Spread.
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Examples of FRN Rate in a sentence

  • The Bonds are in registered form without coupons in the following denominations (the “Authorized Denominations”): in the Daily Mode, the Weekly Mode or the Bank Loan Mode, $100,000 and any integral multiple of $5,000 in excess thereof; and in the Term Rate Mode, FRN Rate Mode and Fixed Rate Mode, $5,000 and any integral multiple thereof.

  • If the failed change in Mode was from the FRN Rate Mode, then such Bond shall stay in the FRN Rate Mode for an Interest Period ending on the next Stated Interest Payment Date and shall bear interest at the applicable Alternate Rate.

  • The FRN Rate Mode for a 2020A-1 Bond shall commence on the Mode Change Date for such Bond and the interest rate shall be determined as provided in Section 2.9(d).

  • Interest on this Bond will be paid at a Daily Rate when the Bond is in the Daily Mode, at a Weekly Rate when the Bond is in the Weekly Mode, at a Term Rate when the Bond is in the Term Rate Mode, at a Bank Loan Rate when the Bond is in a Bank Loan Mode, at an FRN Rate when the Bond is in an FRN Rate Mode, and at a Fixed Rate when the Bond is in the Fixed Rate Mode, all as determined in accordance with the Indenture; provided, however, that no Bond shall bear interest at a rate higher than the Maximum Rate.

  • Interest on Bonds in the Daily Mode or the Weekly Mode will be paid by the Paying Agent by wire transfer of immediately available funds to an account specified by the Registered Owner on the applicable Record Date in a writing delivered to the Paying Agent and, on Bonds in the Term Rate, a Bank Loan Mode, an FRN Rate Mode or Fixed Rate Mode, by check mailed by the Paying Agent to the Registered Owner at the address appearing in the registration books of the Paying Agent on the applicable Record Date.

  • Any 2020A- 1 Bond in an FRN Rate Mode shall not be subject to redemption prior to the FRN Rate Mode Termination Date.

  • For each Interest Period during any FRN Rate Mode, the Bonds will bear interest beginning on the Rate Determination Date at the FRN Rate determined by the Remarketing Agent on the Rate Determination Date in the following manner for each such Interest Period.

  • No later than 11:00 a.m., New York City time, on the Rate Determination Date converting the Bonds to an FRN Rate Mode (or continuing the Bonds in an FRN Rate Mode following any FRN Rate Mode Termination Date) and on each Rate Determination Date occurring during the remainder of such FRN Rate Mode Period, the Remarketing Agent will determine, and is required to give Electronic Notice to the Trustee of, the FRN Rate in effect during each Interest Period occurring during such FRN Rate Mode Period.

  • The Securities shall bear interest at the Applicable FRN Rate, plus Special Interest, if any, as determined by the Calculation Agent for each Interest Period, until paid or duly provided for.

  • Except on a Rate Determination Date, in the event that the FRN Rate is not determined by the Remarketing Agent on a Rate Determination Date, the rate of interest borne by the Bonds bearing interest at an FRN Rate for the immediately preceding Interest Period shall remain in effect.