PMM Rate definition
PMM Rate means an interest rate equal to 3.50% plus the rate for the most recent auction of direct obligations of the United States having a maturity of seven (7) years as of the date of determination as published in H.15 (519), or any successor publication, under the heading "U.S. Government Securities-Treasury Bills-auction averages (investment)", or if not so published on such date, the auction average (expressed as a bond equivalent, on the basis of a year of 365 or 366 days, as applicable, and applied on a daily basis) as otherwise announced by the United States Department of the Treasury; provided, however, that if there is no direct obligation of the United States within 30 days of the seventh anniversary of the date of calculation, then a rate shall be calculated by an interpolation of the rates of the two closest Treasury obligations having a maturity most immediately preceding and following such seventh anniversary date. The interpolated rate is calculated by (i) multiplying the (A) quotient of (i) the rate difference between the two such closest Treasury obligations divided by (ii) the number of months between the two such closest Treasury obligations times (B) the number of months between the date of the seventh anniversary of the date of calculation and the immediately preceding Treasury obligation and (2) adding such product of clause (A) times clause (B) to the rate of the immediately preceding Treasury obligation.