Semi-annual Rate definition

Semi-annual Rate means with respect to each Calculation Period during a Semi-annual Rate Period, a rate of interest equal to the rate of interest per annum established and certified to the Trustee (with a copy to the Authority, the Registrar and Paying Agent and the Company) by the Remarketing Agent no later than 12:00 noon (New York City time) on and as of the Determination Date as the minimum rate of interest per annum which, in the opinion of the Remarketing Agent, would be necessary on and as of such day to remarket Bonds in a secondary market transaction at a price equal to the principal amount thereof; provided that such rate of interest shall not exceed the lesser of 110% of the Semi-annual Rate Index on and as of such date and the Maximum Allowed Rate.

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Semi-annual Rate means the Interest Rate Mode for the Bonds in which the interest rate on the Bonds is determined in accordance with Section 2.02(c)(iv).

Semi-annual Rate means the interest rate on the Bonds established from time to time pursuant to Section 2.03(c).

Examples of Semi-annual Rate in a sentence

The Bonds bearing a Semi-annual Rate, a Term Rate or a Fixed Rate shall be fully registered Bonds in the denomination of $5,000 or any integral multiple thereof.
Interest accruing on Bonds bearing interest at a Commercial Paper Rate, a Daily Rate, a Weekly Rate, a Monthly Rate or a Semi-annual Rate, shall be computed on the basis of a 365 or 366-day year, as applicable, for the number of days actually elapsed.
During any Semiannual Rate Period the Bonds will bear interest at the Semiannual Rate.
Interest accruing on Bonds bearing interest at a Commercial Paper Rate, a Daily Rate, a Weekly Rate, a Monthly Rate or a Semi-annual Rate, shall be computed on the basis of a 365- or 366-day year, as applicable, for the number of days actually elapsed.
In connection with any change in the Interest Rate Determination Method to a Semiannual Rate pursuant to Section 203, the Proposed Rate shall be determined as provided above on the applicable Proposed Rate Determination Date and the initial Semiannual Rate shall be determined as provided above on the applicable Determination Date.
Each determination and redetermination of the Semiannual Rate shall be conclusive and binding on the Issuer, the Trustee, the Paying Agent, the Company, the Bank and the Bondowners.
During any Semiannual Rate Period, the Remarketing Agent will determine the Proposed Rate for the next Calculation Period on the Proposed Rate Determination Date.
Notwithstanding anything else contained herein, the Semiannual Rate shall not in any event exceed the lesser of (i) 15% per annum or (ii) the maximum rate permitted by law.
The Paying Agent shall give written notice of the Semiannual Rate to the Trustee and the Company.
The Remarketing Agent shall determine the initial Semiannual Rate on or before the date of conversion to the Semiannual Mode.

More Definitions of Semi-annual Rate

Semi-annual Rate means with respect to each Calculation Period during a Semi-annual Rate Period, a rate of interest equal to the rate of interest per annum established and

Semi-annual Rate means the interest rate from time to time borne by the Notes calculated and determined by the Remarketing Agent, as set forth in the Supplemental Resolution.

Semi-annual Rate means the semi-annual interest rate on the Bonds established in accordance with Section 2.02(c)(ii) of the Indenture.