Examples of Term Rate Mode in a sentence
When a Daily Mode, a Weekly Mode or a Term Rate Mode of shorter than one year is in effect for 2024 Series B-2 Bonds, interest shall be calculated on the basis of a 365/366 day year for the actual number of days elapsed.
If, however, there was no Liquidity Facility in effect for such 2024 Series B-2 Bond to have been changed from the Term Rate Mode, then such 2024 Series B-2 Bond shall stay in the Term Rate Mode for an Interest Period ending on the next Stated Interest Payment Date and shall bear interest at the applicable Alternate Rate.
When a Daily Mode, a Weekly Mode or a Term Rate Mode of shorter than one year is in effect for 2024 Series A-2 Bonds, interest shall be calculated on the basis of a 365/366 day year for the actual number of days elapsed.
No Interest Period in the Term Rate Mode may extend beyond the Maturity Date of the 2024 Series A-2 Bonds.
The New Mode for a 2024 Series A-2 Bond shall commence on the Mode Change Date for such Bond and the interest rate shall be determined by the Remarketing Agent (or the Authority in the case of the Interest Period for a 2024 Series A-2 Bond converted to the Term Rate Mode) in the manner provided in Sections 2.7 and 2.8 of this Series Indenture, as applicable.