Maximum Auction Rate means the One-Month LIBOR plus the Applicable Margin
Maximum Auction Rate means, as of any Auction Date, the product of the Reference Rate multiplied by the Applicable Percentage, provided, however, the Maximum Auction Rate shall not exceed the Maximum Interest Rate.
Maximum Auction Rate means on any date of determination with respect to Auction Rate Bonds, the lesser of the Maximum Allowed Rate and the following: (i) in all cases other than as provided in (ii) or (iii) below, the interest rate per annum equal to the Applicable Percentage of the higher of the After-Tax Equivalent Rate determined on such date with respect to a Standard Auction Period and the BMA Index, (ii) with respect to any change in an Auction Period and/or the Standard Auction Period pursuant to Section 3.04, including any automatic reversion to a Standard Auction Period pursuant to Section 3.03, the interest rate per annum equal to the highest of (a) the Applicable Percentage of the higher of the After-Tax Equivalent Rate determined on such date with respect to a Standard Auction Period, and the BMA Index, (b) the Applicable Percentage of the higher of the After-Tax Equivalent Rate determined on such date with respect to the Auction Period which is proposed to be established and the BMA Index, and (c) the Applicable Percentage of the higher of the After-Tax Equivalent Rate determined on such date with respect to the Auction Period in effect immediately prior to such proposed change in the Auction Period and the BMA Index, or (iii) with respect to any Change in the Interest Rate Mode from an Auction Rate pursuant to Section 4.01 or any change from an Auction Rate to a Fixed Rate pursuant to Section 4.02, the interest rate per annum equal to the higher of (a) the Applicable Percentage of the higher of the After-Tax Equivalent Rate determined on such date with respect to a Standard Auction Period and the BMA Index, and (b) the Applicable Percentage of the higher of the After-Tax Equivalent Rate determined on such date with respect to the Auction Period in effect immediately prior to such proposed change and the BMA Index.
Examples of Maximum Auction Rate in a sentence
In general, the Maximum Auction Rate means, for any taxable bond, a per annum interest rate on the ARCs which would result in the average interest rate on the ARCs not being in excess of, the lesser of the 91 day United States Treasury Bill Rate plus 1.20% or LIBOR plus 1.50%.
If the Maximum Auction Rate is less than the Auction Rate, the Applicable Interest Rate will be the Maximum Auction Rate.
For a tax exempt bond, the Maximum Auction Rate means a per annum interest rate on the ARCs which would result in the average interest rate on the ARCs not being in excess of the lesser of the After Tax Equivalent Rate or the Kenny Index, multiplied by the Applicable Percentage of 175%.
For a tax exempt bond, the Maximum Auction Rate means a per annum interest rate on the ARCs which would result in the average interest rate on the ARCs not being in excess of, the lesser of the After Tax Equivalent Rate plus 175% or the Kenny Index.
In case of availability of such, it shall be reopened in order defined by the Rules.
More Definitions of Maximum Auction Rate
Maximum Auction Rate means on any day of determination of the Auction Rate the lesser of (i) the product of 1.75 multiplied by the Auction Rate Index in effect on such date of determination or (ii) the Maximum Rate.
Maximum Auction Rate means as of any Auction Date, a per annum rate of interest equal to the product of the Auction Index multiplied by the Auction Multiple; provided, however, that in no event shall the Maximum Auction Rate exceed the lesser of (x) 14% per annum or (y) the maximum rate permitted by applicable law, anything herein to the contrary notwithstanding.
Maximum Auction Rate means, for any Auction, a per annum interest rate on the Series [ ] Notes which, when taken together with the interest rate on the Series [ ] Notes for the one-year period ending on the final day of the proposed Auction Period, would result in the average interest rate on the Series [ ] Notes for such period either (a) not being in excess (on a per annum basis) of the average of the Ninety-One Day United States Treasury Bxxx Rate plus [ ]% for such one-year period (if all of the ratings assigned by the Rating Agencies to the Series [ ] Notes are “Aa3” or “AA-” or better), (b) not being in excess (on a per annum basis) of the Ninety-One Day United States Treasury Bxxx Rate plus [ ]% for such one-year period (if any one of the ratings assigned by the Rating Agencies to the Series [ ] Notes is less than “Aa3” or “AA-” but all are at least any category of “A”), or (c) not being in excess (on a per annum basis) of the average of Ninety-One Day United States Treasury Bxxx Rate plus [ ]% for such one-year period (if any one of the ratings assigned by the Rating Agencies to the Series [ ] Notes is less than the lowest category of “A”); provided, however, that if the Series [ ] Notes have not been Outstanding for at least such one-year period then for any portion of such period during which such Series [ ] Notes were not Outstanding, the interest rates on the Series [ ] Notes for purposes of this definition shall be deemed to be equal to such rates as the Market Agent shall determine were the rates of interest on equivalently rated auction securities with comparable lengths of auction periods during such period; provided, however, that this definition may be modified at the direction of the Issuer upon receipt by the Trustee of (i) written consent of the Market Agent and (ii) a Rating Agency Confirmation with respect to the Series [ ] Notes. For purposes of the Auction Agent and the Auction Procedures, the ratings referred to in this definition shall be the last ratings of which the Auction Agent has been given notice pursuant to the Auction Agent Agreement. The percentage amount to be added to the Ninety-One Day United States Treasury Bxxx Rate in any one or more of (a), (b) or (c) above may be increased by delivery to the Auction Agent and the Trustee of a certificate signed by an Authorized Officer of the Issuer directing such increase, together with a Rating Agency Confirmation with respect to the Series [ ] Notes.
Maximum Auction Rate means (A) One-Month LIBOR plus 1.00% (if the ratings -------------------- assigned by the Rating Agencies to the Class II A-2 Certificates are "AAA" and "Aaa"), (B) One-Month LIBOR plus 1.25% (if the ratings assigned by the Rating Agencies to the Class II A-2 Certificates are "AA" and "Aa2" or better, unless the requirements of (A) above are satisfied), (C) One-Month LIBOR plus 2.00% (if the ratings assigned by the Rating Agencies to the Class II A-2 Certificates are "A" and "A2" or better, unless the requirements of (A) or (B) above are satisfied) or (D) One-Month LIBOR plus 3.50% (if any one of the ratings assigned by the Rating Agencies to the Class II A-2 Certificates is less than "A" or "A2"). For purposes of the Auction Agent and the Auction Procedures, the ratings referred to in this definition shall be the last rating of which the Auction Agent has been given notice pursuant to the Pooling and Servicing Agreement and the Auction Agent Agreement.
Maximum Auction Rate means, with respect to any Auction Period, a per annum interest rate on a class of Series 2004-1 ARC Notes equal to the lesser of (a) with respect to any class of Series 2004-1 ARC Notes rated in at least the lowest category of “A” by at least two Rating Agencies, the Applicable LIBOR-Based Rate plus 1.50%, or (b) a rate which, when taken together with the interest rate on such class of Series 2004-1 ARC Notes for the one- year period ending on the final day of the Auction Period, would result in the average interest rate on such class of Series 2004-1 ARC Notes for such period either (i) not being in excess (on a per annum basis) of the average of the Ninety-One Day United States Treasury Bill Rate for such one-year period plus 1.20% (if all of the ratings assigned by the Rating Agencies to such class of Series 2004-1 ARC Notes are at least in the lowest category of “Aa” or “AA”), (ii) not being in excess (on a per annum basis) of the average of the Ninety-One Day United States Treasury Bill Rate for such one-year period plus 1.50% (if any one of the ratings assigned by the Rating Agencies to such class of Series 2004-1 ARC Notes is less than the lowest category of “Aa” or “AA” but all of the ratings are at least any category of “A”), or (iii) not being in excess (on a per annum basis) of the average of the Ninety-One Day United States Treasury Bill Rate for such one-year period plus 1.75% (if any one of the ratings assigned by the Rating Agencies to such class of Series 2004-1 ARC Notes is less than the lowest category of “A”); provided, however, that if the Series 2004-1 Notes have not been Outstanding for at least such one-year period then for any portion of such period during which the Series 2004-1 Notes were not Outstanding, the interest rates on a class of Series 2004-1 ARC Notes for purposes of this definition shall be deemed to be equal to such rates as the Market Agent shall determine were the rates of interest on equivalently rated auction securities with comparable lengths of auction periods during such period; and provided further, however, that this definition may be modified at the direction of Access Group upon receipt by the Trustee of (A) written consent of the Market Agent and (B) written
Maximum Auction Rate means, with respect to a Series of Notes, (i) for Auction Periods of 35 days or less, either (A) One-Month LIBOR plus 1.50% (if both ratings assigned by the Rating Agencies to the Series of Notes are "AAA" or better) or (B) One-Month LIBOR plus 2.50% (if both of the ratings assigned by the Rating Agencies to the Series of Notes are "Aa3" or "AA-" or better) or (C) One-Month LIBOR plus 3.50% (if any one of the ratings assigned by the Rating Agencies to the Series of Notes is less than "AA-") or (ii) for Auction Periods of greater than 35 days either (X) the greater of the Applicable LIBOR Rate plus 1.50% (if both of the ratings assigned by the Rating Agencies to the Series of Notes are "AAA" or better) or (Y) the greater of the Applicable LIBOR Rate, plus 2.50% (if both ratings assigned by the Rating Agencies to the Series of Notes, are "Aa3" or "AA-" or better) or (Z) the greater of the Applicable LIBOR Rate plus 3.50% (if any one of the ratings assigned by the Rating Agencies to the Series of Notes is less than "AA-"). For purposes of the Auction Agent and the Auction Procedures, the ratings referred to in this definition shall be the last ratings of which the Auction Agent has been given notice pursuant to the Auction Agent Agreement.
Maximum Auction Rate means: