Examples of Capped Rate in a sentence
The rate set forth in Section 3.01(a) hereof, without giving effect to the reference therein to this Section 3.01(c) or to the last proviso therein limiting the Purchased Bonds Rate to the Capped Rate, is referred to in this Section 3.01(c) as the “Section 3.01(a) Rate”.
The amount of interest, if any, that would accrue on Purchased Bonds at the Section 3.01(a) Rate on any date but which does not so accrue due to the limitation of the Purchased Bond Rate to the Capped Rate, but only up to the Maximum Recoverable Rate, shall constitute “Excess Bond Interest” (i.e., interest which would have been payable but for the Capped Rate, but only up to the Maximum Recoverable Rate).
The amount of interest, if any, that would accrue on Purchased Bonds at the Section 3.01(a) Rate on any date but which does not so accrue due to the limitation of the Purchased Bond Rate to the Capped Rate shall constitute “Excess Bond Interest”.
Subject to Section 3.01(c), the Liquidity Provider Interest Rate for any Liquidity Provider Bond shall be a rate per annum equal to the Reference Rate; provided, however, that at no time shall the Liquidity Provider Interest Rate exceed the Capped Rate or be less than the applicable rate of interest on Eligible Bonds which are not Liquidity Provider Bonds.
Interest will accrue on a daily basis on the Amount Owing from time to time and will be calculated at the Interest Rate from the date of advance of the Facility, provided that during any Capped Rate Period (if applicable) interest will be calculated at either the Interest Rate or the Capped Rate, whichever is lesser from time to time.