Term Mode definition
Examples of Term Mode in a sentence
If the Remarketing Agent determines that the Floater Certificates will not remain in the SIFMA Term Mode, then the provisions of Section 7.2 shall apply.
In connection with each conversion to a Term Mode, the Nominal Term Rate Period shall be selected by the Borrower and designated in such notice.
Thereafter, each Note at the option of the Company will bear interest in the Commercial Paper Term Mode, the Long Term Rate Mode or the SPURS Mode.
This Note may be converted at the option of the Company to the Commercial Paper Term Mode, Long Term Rate Mode or SPURS Mode on any Interest Rate Adjustment Date for this Note in accordance with the procedures set forth in the Indenture, and will be subject to mandatory tender by the beneficial owner hereof as described herein on such Interest Rate Adjustment Date.
A Term Mode based on one Nominal Term Rate Period and a Term Mode based on another Nominal Term Rate Period are different Rate Modes.
The Interest Rate Period for any Note in the Commercial Paper Term Mode will be a Commercial Paper Term Period, which will be a period of not less than one nor more than 364 consecutive calendar days, as determined by the Company or, if not so determined, by the Remarketing Agent for such Note (in its best judgment in order to obtain the lowest interest cost for such Note).
So long as this Note bears interest in the Commercial Paper Term Mode, interest will be payable on the Interest Rate Adjustment Date which commences the next succeeding Interest Rate Period for this Note and on such other dates (if any) as will be established by the Company and set forth in Annex A upon conversion of this Note to the Commercial Paper Term Mode or upon remarketing of this Note in a new Interest Rate Period in the Commercial Paper Term Mode.
The interest rate for any Commercial Paper Term Period relating to a Remarketed Note will be determined not later than 11:00 a.m., New York City time, on the Interest Rate Adjustment Date for such Notes (subject to Section 206) which is the first day of each Interest Rate Period for such Notes; provided, however, that if such day is not a Business Day, the Interest Rate Adjustment Date for any Note in such Commercial Paper Term Mode shall be the next succeeding day which is a Business Day.
The Interest Rate Period for any Note in the Commercial Paper Term Mode will be a period of not less than one nor more than 364 consecutive calendar days (a "Commercial Paper Term Period"), as determined by the Company (as described in Section 207 below) or, if not so determined, by the Remarketing Agent for such Note (in its best judgment in order to obtain the lowest interest cost for such Note).
Such interest will be payable to the Holder thereof as of the related Record Date, which, for any Note (x) in the Initial Interest Rate Period, is the date or dates set for therein; (y) in the Commercial Paper Term Mode, is the Business Day prior to the related Interest Payment Date; and (z) bearing interest in the Long Term Rate Mode or the MAPS Mode, is 15 days prior to the related Interest Payment Date.