Maximum Auction Rate means as of any Auction Date, a per annum rate of interest equal to the product of the Auction Index multiplied by the Auction Multiple; provided, however, that in no event shall the Maximum Auction Rate exceed the lesser of (x) 14% per annum or (y) the maximum rate permitted by applicable law, anything herein to the contrary notwithstanding.
Maximum Auction Rate means the One-Month LIBOR plus the Applicable Margin
Maximum Auction Rate means on any date of determination with respect to Auction Rate Bonds, the lesser of the Maximum Allowed Rate and the following: (i) in all cases other than as provided in (ii) or (iii) below, the interest rate per annum equal to the Applicable Percentage of the higher of the After-Tax Equivalent Rate determined on such date with respect to a Standard Auction Period and the BMA Index, (ii) with respect to any change in an Auction Period and/or the Standard Auction Period pursuant to Section 3.04, including any automatic reversion to a Standard Auction Period pursuant to Section 3.03, the interest rate per annum equal to the highest of (a) the Applicable Percentage of the higher of the After-Tax Equivalent Rate determined on such date with respect to a Standard Auction Period, and the BMA Index, (b) the Applicable Percentage of the higher of the After-Tax Equivalent Rate determined on such date with respect to the Auction Period which is proposed to be established and the BMA Index, and (c) the Applicable Percentage of the higher of the After-Tax Equivalent Rate determined on such date with respect to the Auction Period in effect immediately prior to such proposed change in the Auction Period and the BMA Index, or (iii) with respect to any Change in the Interest Rate Mode from an Auction Rate pursuant to Section 4.01 or any change from an Auction Rate to a Fixed Rate pursuant to Section 4.02, the interest rate per annum equal to the higher of (a) the Applicable Percentage of the higher of the After-Tax Equivalent Rate determined on such date with respect to a Standard Auction Period and the BMA Index, and (b) the Applicable Percentage of the higher of the After-Tax Equivalent Rate determined on such date with respect to the Auction Period in effect immediately prior to such proposed change and the BMA Index.
Examples of Maximum Auction Rate in a sentence
If the Auction Rate as so calculated exceeds the Maximum Auction Rate, the Auction Agent shall report this excess to the Trustee and the Broker-Dealers on the Auction Date.
In connection with the Trustee's calculation of the Carry-over Amount, the Auction Agent shall calculate the Auction Rate without regard to the Maximum Auction Rate.
The Auction Agent shall calculate the Maximum Auction Rate, the All Hold Rate and the Applicable LIBOR-Based Rate on each Auction Date and shall notify the Issuer, Trustee and the Broker-Dealers of the Maximum Auction Rate, the Maximum Interest Rate, the All Hold Rate and the Applicable LIBOR-Based Rate, all as provided in the Auction Agent Agreement.
During an Auction Rate Period, the Market Agent for a subseries of Bonds may adjust the percentage used in determining the All Hold Rate and the Applicable Percentages used in determining the Maximum Auction Rate for such subseries of Bonds if any such adjustment is necessary, in the judgment of such Market Agent, to reflect any Change of Preference Law such that the All Hold Rate and Maximum Auction Rate shall have substantially equal market values before and after such Change of Preference Law.
Consultant’s Project Manager shall meet with C/CAG Project Manager, as needed, to discuss progress on the Agreement.
More Definitions of Maximum Auction Rate
Maximum Auction Rate means, as of any Auction Date, the product of the Reference Rate multiplied by the Applicable Percentage, provided, however, the Maximum Auction Rate shall not exceed the Maximum Interest Rate.
Maximum Auction Rate means, for any Auction, a per annum interest rate on the Series [ ] Notes which, when taken together with the interest rate on the Series [ ] Notes for the one-year period ending on the final day of the proposed Auction Period, would result in the average interest rate on the Series [ ] Notes for such period either (a) not being in excess (on a per annum basis) of the average of the Ninety-One Day United States Treasury Bxxx Rate plus [ ]% for such one-year period (if all of the ratings assigned by the Rating Agencies to the Series [ ] Notes are “Aa3” or “AA-” or better), (b) not being in excess (on a per annum basis) of the Ninety-One Day United States Treasury Bxxx Rate plus [ ]% for such one-year period (if any one of the ratings assigned by the Rating Agencies to the Series [ ] Notes is less than “Aa3” or “AA-” but all are at least any category of “A”), or (c) not being in excess (on a per annum basis) of the average of Ninety-One Day United States Treasury Bxxx Rate plus [ ]% for such one-year period (if any one of the ratings assigned by the Rating Agencies to the Series [ ] Notes is less than the lowest category of “A”); provided, however, that if the Series [ ] Notes have not been Outstanding for at least such one-year period then for any portion of such period during which such Series [ ] Notes were not Outstanding, the interest rates on the Series [ ] Notes for purposes of this definition shall be deemed to be equal to such rates as the Market Agent shall determine were the rates of interest on equivalently rated auction securities with comparable lengths of auction periods during such period; provided, however, that this definition may be modified at the direction of the Issuer upon receipt by the Trustee of (i) written consent of the Market Agent and (ii) a Rating Agency Confirmation with respect to the Series [ ] Notes. For purposes of the Auction Agent and the Auction Procedures, the ratings referred to in this definition shall be the last ratings of which the Auction Agent has been given notice pursuant to the Auction Agent Agreement. The percentage amount to be added to the Ninety-One Day United States Treasury Bxxx Rate in any one or more of (a), (b) or (c) above may be increased by delivery to the Auction Agent and the Trustee of a certificate signed by an Authorized Officer of the Issuer directing such increase, together with a Rating Agency Confirmation with respect to the Series [ ] Notes.
Maximum Auction Rate means, with respect to any Auction Period, a per annum interest rate on a class of ARC Notes equal to the lesser of (a) with respect to any class of ARC Notes rated in at least the lowest category of “A” by at least two Rating Agencies, the Applicable LIBOR-Based Rate plus 1.50%, or (b) a rate which, when taken together with the interest rate on such class of ARC Notes for the one-year period ending on the final day of the Auction Period, would result in the average interest rate on such class of ARC Notes for such period either (i) not being in excess (on a per annum basis) of the average of the Ninety-One Day United States Treasury Bill Rate plus 1.20% for such one-year period (if all of the ratings assigned by the Rating Agencies to such class of ARC Notes are at least in the lowest category of “Aa” or “AA”), (ii) not being in excess (on a per annum basis) of the Ninety-One Day United States Treasury Bill Rate plus 1.50% for such one-year period (if any one of the ratings assigned by the Rating Agencies to such class of ARC Notes is less than in the lowest category of “Aa” or “AA” but all of the ratings are at least any category of “A”), or (iii) not being in excess (on a per annum basis) of the average of Ninety-One Day United States Treasury Bill Rate plus 1.75% for such one-year period (if any one of the ratings assigned by the Rating Agencies to such class of ARC Notes is less than the lowest category of “A”); provided, however, that if the Series 2002-1 Notes have not been Outstanding for at least such one-year period then for any portion of such period
Maximum Auction Rate means (A) One-Month LIBOR plus 1.00% (if the ratings -------------------- assigned by the Rating Agencies to the Class II A-2 Certificates are "AAA" and "Aaa"), (B) One-Month LIBOR plus 1.25% (if the ratings assigned by the Rating Agencies to the Class II A-2 Certificates are "AA" and "Aa2" or better, unless the requirements of (A) above are satisfied), (C) One-Month LIBOR plus 2.00% (if the ratings assigned by the Rating Agencies to the Class II A-2 Certificates are "A" and "A2" or better, unless the requirements of (A) or (B) above are satisfied) or (D) One-Month LIBOR plus 3.50% (if any one of the ratings assigned by the Rating Agencies to the Class II A-2 Certificates is less than "A" or "A2"). For purposes of the Auction Agent and the Auction Procedures, the ratings referred to in this definition shall be the last rating of which the Auction Agent has been given notice pursuant to the Pooling and Servicing Agreement and the Auction Agent Agreement.
Maximum Auction Rate means:
Maximum Auction Rate means, as of any Auction Date, the product of the Reference Rate multiplied by the Applicable Percentage, provided, however, that if there have been two or more consecutive Failed Auctions since the last Successful Auction and there has not been a Successful Auction for a period of greater than 90 days after the first of such Failed Auctions, the Maximum Auction Rate shall be the Maximum Interest Rate; provided, further, that in no event shall the Maximum Auction Rate exceed the Maximum Interest Rate.
Maximum Auction Rate generally means (i) for Auction Periods of 34 days or less, either (A) the greater of (1) One-Month LIBOR plus [0.60]% or (2) the Federal Funds Rate plus [0.60]% (if both ratings assigned by the Rating Agencies to the applicable Note are "Aa3" or "AA-" or better) or (B) One-Month LIBOR plus [1.50]% (if any one of the ratings assigned by the Rating Agencies to the Note is less than "Aa3" or "AA-") or (ii) for Auction Periods of greater than or equal to 35 days, either (A) the greater of One-Month LIBOR or Three-Month LIBOR, plus in either case, [0.60]% (if both of the ratings assigned by the Rating Agencies to the applicable Note are "Aa3" or "AA-" or better) or (B) the greater of One-Month LIBOR or Three-Month LIBOR, plus in either case, [1.50]% (if any one of the ratings assigned by the Rating Agencies to the applicable Note is less than "Aa3" or "AA-") or such other rate as may be set forth in the related Prospectus Supplement. For purposes of the Auction Agent and the Auction Procedures, the ratings referred to in this definition shall be the last ratings of which the Auction Agent has been given notice pursuant to the Auction Agent Agreement.