Stepped Rate definition

Stepped Rate means the per annum rate of interest for the Bonds during the Stepped Rate Period(s) as specified in an Officer’s Pricing Certificate, which Stepped Rate shall never exceed the Maximum Rate.

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Stepped Rate means the rate or rates of interest applicable with respect to any [202_ Series Bonds] should insufficient funds be available to purchase such [202_ Series Bonds] in connection with a mandatory tender at the end of an [Index] [Term] Rate Period during which such [202_ Series Bonds] is not supported by a Credit Support Instrument, as specified by the Authority in the Pricing Notice delivered in connection with the Conversion of such [202_ Series Bonds] to a Term Rate Period or an Index Rate Period or with the continuation of an [Index] [Term] Rate Period with respect to such [202_ Series Bonds] pursuant to the terms of the Senior Indenture. If no Stepped Rate was specified in the Pricing Notice relating to the expiring [Index] [Term] Rate Period for such [202_ Series Bonds], and upon issuance with respect to the initial [Index] [Term] Rate Period for the [202_ Series Bonds], the Stepped Rate will be: (a) for the period from and including the Failed Tender Date to but excluding the ninetieth (90th) day thereafter, a per annum interest rate equal to the [Stepped Rate Index] plus 2.50%; (b) for the period from and including the ninetieth (90th) day after the Failed Tender Date to but excluding the one hundred eightieth (180th) day after the Failed Tender Date, a per annum interest rate equal to the greater of (i) the [Stepped Rate Index plus 5.00%] or (ii) 7.50%; and (c) thereafter, the Maximum Interest Rate; provided that the Stepped Rate shall never be less than the rate of interest applicable to such [202_ Series

Examples of Stepped Rate in a sentence

The Schedule to the BC Hydro Electric Tariff under which the Customer takes or proposes to take Electricity from BC Hydro pursuant to an Electricity Supply Agreement, being one of Schedule 1823, Transmission Service – Stepped Rate, Schedule 1825, Transmission Service – Time-Of-Use (TOU) Rate, or Schedule 1827, Transmission Service – Rate for Exempt Customers, of the BC Hydro Electric Tariff as amended or replaced from time to time, filed as required by the Utilities Commission Act, S.B.C. 1980, c.
Rising Rate Term Share Certificate Accounts are subject to a Stepped Rate.
One (1) withdrawal may be made from the Can’t Lose CD without penalty if the initial deposit has been on deposit at least twelve (12) months prior to Stepped Rate CD.
Double-Up Term Share Certificate Accounts are subject to a Stepped Rate.
Once Your Account is established, You may not make deposits into or withdrawals of principal from Your Account until the maturity of Your SPECIFIC TERMS APPLICABLE TO YOUR DOUBLE-UP TERM CERTIFICATE ACCOUNT Stepped Rate Information.
SPECIFIC TERMS APPLICABLE TO YOUR RISING RATE TERM CERTIFICATE ACCOUNT Stepped Rate Information.

More Definitions of Stepped Rate

Stepped Rate means the rate or rates of interest applicable with respect to any 2022 Series B Bonds should insufficient funds be available to purchase such 2022 Series B Bonds in

Stepped Rate means, initially, the rate specified in the Approval Certificate as the Stepped Rate and thereafter, the interest rate applicable to the Subseries 2019C-2 Bonds during a Stepped Rate Period as determined by the Remarketing Agent at the time of remarketing of the Subseries 2019C-2 Bonds into the then-applicable Term Rate Period that will immediately precede the Stepped Rate Period (if any); provided, however, that the Stepped Rate shall never exceed the Highest Rate.

Stepped Rate means the per annum rate of interest the Bonds shall bear during the Stepped Rate Period, as specified in the Pricing Certificate.