Medium-Term Rate definition
Examples of Medium-Term Rate in a sentence
The length of each Medium-Term Rate Period shall be selected by the Company with the intention of yielding the lowest overall interest expense on the Bonds over the term of such Medium-Term Rate Period, taking into account (1) general economic conditions and economic and market conditions relevant to the Bonds and (2) such other facts, circumstances and conditions as the Company determines to be relevant.
In the event that no specific term of a Medium-Term Rate Period shall have been so specified by the Company, the term of a subsequent Medium-Term Rate Period shall be the same as the term of the Medium-Term Rate Period immediately preceding it.
During a Semi-Annual Rate Period or during a Medium-Term Rate Period equal to one calendar year, each Bond is subject to redemption by the Authority at the direction of the Company, in whole or in part on the last Business Day of such Rate Period in effect on the applicable redemption date, at a redemption price equal to the principal amount of the Bond or Bonds to be redeemed plus accrued and unpaid interest thereon to the redemption date.
During any Semi-Annual Rate Period, Medium-Term Rate Period or Fixed Rate Period, interest on the Bonds will be computed on the basis of a 360-day year of twelve 30-day months.
The Indexing Agent shall establish the Medium-Term Rate Index on the Business Day next preceding each day on which a Medium-Term Rate is determined by the Remarketing Agents.
Any determination of the Weekly Rate, Semi-Annual Rate, the Medium-Term Rate, the Fixed Rate or the Commercial Paper Rate by the Remarketing Agents, or pursuant to the preceding sentence, shall be conclusive and binding upon the Authority, the Company, the Tender Agent, the Trustee, the Paying Agent, the Remarketing Agents and the Bondowners.
If no Remarketing Agent shall be serving hereunder at the time of the determination of the Weekly Rate, Semi-Annual Rate, Medium-Term Rate, the Fixed Rate or the Commercial Paper Rate, the Rate shall be the Weekly Rate Index, Semi-Annual Rate Index, Medium-Term Rate Index, the Fixed Rate Index or Commercial Paper Rate Index, as the case may be, then in effect until a new Remarketing Agent is appointed by the Authority to make such Rate determination.
During any Semi-Annual Rate Period, Medium-Term Rate Period or Fixed Rate Period, interest on the Bonds will be computed on the basis of a 360-day year consisting of twelve 30-day months.
Notwithstanding the foregoing, prior to the commencement of any Semi-Annual Rate Period, Medium-Term Rate Period or the Fixed Rate Period, the Authority at the request of the Company may direct the Trustee to authenticate Bonds only in denominations of $100,000 or any larger multiple of $5,000 during such Rate Period in accordance with the Indenture.
Promptly following the determination of any Weekly Rate, Semi-Annual Rate, Medium-Term Rate, Commercial Paper Rate or Fixed Rate, the Remarketing Agents shall give notice to the Trustee, the Authority, the Company and the Tender Agent in writing and, promptly thereafter, except in the case of the Semi-Annual Rate and Weekly Rate, the Trustee shall give each Bondowner notice of the new Rate.