Rate Multiple shall have the meaning assigned to it in Section 2.8.
Rate Multiple for shares of a series of Municipal Preferred on any Auction Date for shares of such series, shall mean the percentage, determined as set forth below, based on the prevailing rating of shares of such series in effect at the close of business on the Business Day next preceding such Auction Date: Prevailing Rating Percentage ----------------- ---------- "aa3"/AA- or higher................................ 110% "a3"/A-............................................ 125% "baa3"/BBB-........................................ 150% "ba3"/BB-.......................................... 200% Below "ba3"/BB-.................................... 250% provided, however, that in the event the Trust has notified the Auction Agent of its intent to allocate income taxable for Federal income tax or California personal income tax purposes to shares of such series prior to the Auction establishing the Applicable Rate for shares of such series, the applicable percentage in the foregoing table shall be divided by the quantity 1 minus the greater of the maximum combined Federal individual income tax rate and California personal income tax rate or the maximum federal corporate income tax rate, in each case applicable to the character of the income to be allocated (taking into account the Federal income tax deductibility of state taxes paid or incurred).
Rate Multiple for shares of a series of Municipal Preferred on any Auction Date for shares of such series, shall mean the percentage, determined as set forth below, based on the prevailing rating of shares of such series in effect at the close of business on the Business Day next preceding such Auction Date: Prevailing Rating Percentage "aa3"/AA- or higher.............................. 110% "a3"/A-.......................................... 125% "baa3"/BBB-...................................... 150% "ba3"/BB-........................................ 200% Below "ba3"/BB-.................................. 250% provided, however, that in the event the Trust has notified the Auction Agent of its intent to allocate income taxable for Federal income tax purposes to shares of such series prior to the Auction establishing the Applicable Rate for shares of such series, the applicable percentage in the foregoing table shall be divided by the quantity 1 minus the greater of the maximum marginal regular Federal individual income tax rate applicable to ordinary income or the maximum marginal regular Federal corporate income tax rate applicable to ordinary income.
Examples of Rate Multiple in a sentence
If the Fund designates all or a portion of any dividend on shares of any series of MuniPreferred to consist of net capital gains or other income taxable for Federal income tax purposes, it will indicate, in its notice in the form of Exhibit I hereto to the Auction Agent pursuant to Section 2.6 hereof, the Rate Multiple for such series to be in effect for the Auction Date on which the dividend rate for such dividend is to be fixed.
If the Trust designates all or a portion of any dividend on shares of any series of Preferred Shares to consist of net capital gains or other income taxable for Federal income tax purposes, it may indicate, in a notice in the form of Exhibit I hereto to the Auction Agent pursuant to Section 2.6 hereof, the Rate Multiple for such series to be in effect for the Auction Date on which the dividend rate for such dividend is to be fixed.
In determining the Maximum Rate on any Auction Date, the Auction Agent shall be entitled to rely on the last Rate Multiple for Tortoise Notes of which it has most recently received notice from the Company.
In determining the Maximum Rate on any Auction Date, the Auction Agent shall be entitled to rely on the last Rate Multiple for MMP Shares of which it has most recently received notice from the Company.
If the Trust designates all or a portion of any dividend on shares of any series of Municipal Preferred to consist of net capital gains or other income taxable for Federal income tax purposes, it will indicate, in its notice in the form of Exhibit I hereto to the Auction Agent pursuant to Section 2.6 hereof, the Rate Multiple for such series to be in effect for the Auction Date on which the dividend rate for such dividend is to be fixed.
More Definitions of Rate Multiple
Rate Multiple. , on any Auction Date, shall mean the percentage determined as set forth below based on the prevailing rating of Series B MAPS in effect at the close of business on the Business Day immediately preceding such Auction Date:
Rate Multiple means, as of any date and with respect to shares of Auction Preferred Stock, the percentage set forth below opposite the prevailing rating of the Auction Preferred Stock in effect at the close of business on the Business Day immediately preceding such date:
Rate Multiple for shares of a series of Municipal Preferred on any Auction Date for shares of such series, shall mean the percentage, determined as set forth below, based on the prevailing rating of shares of such series in effect at the close of business on the Business Day next preceding such Auction Date: Prevailing Rating Percentage ----------------- ----------
Rate Multiple shall have the meaning specified in Section 4 of Appendix A hereto.
Rate Multiple for shares of a series of MuniPreferred on any Auction Date for shares of such series, shall mean the percentage, determined as set forth below, based on the prevailing rating of shares of such series in effect at the close of business on the Business Day next preceding such Auction Date: Prevailing Rating Percentage “aa3”/AA— or higher 110 % “a3”/A— 125 % “baa3”/BBB— 150 % “ba3”/BB— 200 % Below “ba3”/BB— 250 % provided, however, that in the event the Fund has notified the Auction Agent of its intent to allocate income taxable for Federal income tax purposes to shares of such series prior to the Auction establishing the Applicable Rate for shares of such series, the applicable percentage in the foregoing table shall be divided by the quantity 1 minus the maximum marginal combined regular Federal and California personal income tax rate applicable to ordinary income (taking into account the Federal income tax deductibility of state taxes paid or incurred) or the maximum marginal regular Federal corporate income tax rate applicable to ordinary income, whichever is greater. For purposes of this definition, the “prevailing rating” of shares of a series of MuniPreferred shall be (i) “aa3”/AA— or higher if such shares have a rating of “aa3” or better by Xxxxx’x and AA— or better by S&P or the equivalent of such ratings by such agencies or a substitute rating agency or substitute rating agencies selected as provided below, (ii) if not “aa3”/AA— or higher, then “a3”/A— if such shares have a rating of “a3” or better by Xxxxx’x and A— or better by S&P or the equivalent of such ratings by such agencies or a substitute rating agency or substitute rating agencies selected as provided below, (iii) if not “aa3”/AA— or higher or “a3”/A—, then “baa3”/BBB— if such shares have a rating of “baa3” or better by Xxxxx’x and BBB— or better by S&P or the equivalent of such ratings by such agencies or a substitute rating agency or substitute rating agencies selected as provided below, (iv) if not “aa3”/AA— or higher, “a3”/A— or “baa3”/BBB—, then “ba3”/BB— if such shares have a rating of “ba3” or better by Xxxxx’x and BB— or better by S&P or the equivalent of such ratings by such agencies or a substitute rating agency or substitute rating agencies selected as provided below, and (v) if not “aa3”/AA— or higher, “a3”/A—, “baa3”/BBB—, or “ba3”/BB—, then Below “ba3”/BB—; provided, however, that if such shares are rated by only one rating agency, the prevailing rating will be determined w...
Rate Multiple for shares of MMP on any Auction Date, means the percentage, determined as set forth below, based on the prevailing rating of such shares in effect at the close of business on the Business Day next preceding such Auction Date: Prevailing Rating Percentage "aa3" or higher. . . . . . . . . . . . . . . . . . . . . . 150% "a3" . . . . . . . . . . . . . . . . . . . . . . . . . . . 175% "baa3" . . . . . . . . . . . . . . . . . . . . . . . . . . 200%
Rate Multiple is hereby deleted in its entirety and replaced with the following: Prevailing Rating* Percentage AA/aa or Above 150% A/a 175% BBB/baa 200% Below BBB/baa 250% * As explained below, in the event of a split rating the prevailing rating will be determined by reference to the lower of the two ratings. RESOLVED FURTHER, that the Board of Directors hereby approves and adopts an amendment to the Charter of the Company to amend certain terms of the Auction Procedures for the 1993 Auction Preferred Stock to include the following amendment to the Joint Agreement Between Alabama Power Company and Birmingham Electric Company Prescribing the Terms and Conditions of Merger Of Birmingham Electric Company Into and With Alabama Power Company, dated as of October 21, 1952, as amended, as filed with the Alabama Secretary of State as of November 2, 1993: