Common use of Auction Rate Period - Auction Rate Clause in Contracts

Auction Rate Period - Auction Rate. Auction Period - General 1. During any Auction Rate Period, the Auction Rate Bonds shall bear interest at the Auction Rate determined as set forth in this Section 3.03 and Sections 3.04 through 3.10. The Auction Rate for any initial Auction Period immediately after any Change in the Interest Rate Mode to an Auction Rate for an Auction Rate Period, shall be the rate of interest per annum determined and certified to the Trustee (with a copy to the Authority, the Registrar and Paying Agent and the Company) by the Remarketing Agent on a date not later than the effective date of such Change in the Interest Rate Mode as the minimum rate of interest which, in the opinion of the Remarketing Agent, would be necessary as of such date to market Auction Rate Bonds in a secondary market transaction at a price equal to the principal amount thereof; provided that such interest rate shall not exceed 110% of the sum of the Commercial Paper Index and .50% per annum. For any other Auction Period, the Auction Rate shall be the rate of interest per annum that results from implementation of the Auction Procedures. If on any Auction Date the Auction Agent shall fail to take any action necessary to determine, or take any action which effectively prevents the determination of, a rate of interest pursuant to the Auction Procedures, the Auction Rate for the next succeeding Auction Period shall equal the Maximum Auction Rate as provided in clause (i) of the definition thereof on and as of such Auction Date. Determination of the Auction Rate pursuant to the Auction Procedures shall be suspended upon a Change in the Interest Rate Mode, the occurrence of a Failure to Deposit or the occurrence of an Event of Default. Upon the occurrence of a Failure to Deposit on any Auction Date, no Auction will be held, all Submitted Bids and Submitted Sell Orders shall be rejected, the existence of Sufficient Clearing Bids shall be of no effect and the Auction Rate for the next succeeding Auction Period shall equal the Maximum Auction Rate on and as of such Auction Date. The Auction Rate for any Auction Period or remaining portion thereof following the occurrence of an Event of Default shall be equal to the Overdue Rate as determined on and as of the immediately preceding Auction Date. The Overdue Rate shall be redetermined by the Remarketing Agent on each Auction Date.

Auction Rate Period - Auction Rate. Auction Period - General General. 1. During any Auction Rate Period, the Auction Rate Bonds shall bear interest at the Auction Rate determined as set forth in this Section 3.03 and Sections 3.04 through 3.10. The Auction Rate for any initial Auction Period immediately after any Change in the Interest Rate Mode to an Auction Rate for an Auction Rate Period, shall be the rate of interest per annum determined and certified to the Trustee (with a copy to the Authority, the Registrar and Paying Agent and the Company) by the Remarketing Agent on a date not later than the effective date of such Change in the Interest Rate Mode as the minimum rate of interest which, in the opinion of the Remarketing Agent, would be necessary as of such date to market Auction Rate Bonds in a secondary market transaction at a price equal to the principal amount thereof; provided that such interest rate shall not exceed 110% of the sum of the Commercial Paper Index and .50% per annumMaximum Allowed Rate. For any other Auction Period, the Auction Rate shall be the rate of interest per annum that results from implementation of the Auction Procedures. If on any Auction Date the Auction Agent shall fail to take any action necessary to determine, or take any action which effectively prevents the determination of, a rate of interest pursuant to the Auction Procedures, the Auction Rate for the next succeeding Auction Period shall equal the Maximum Auction Rate as provided in clause (i) of the definition thereof on and as of such Auction Date. Determination of the Auction Rate pursuant to the Auction Procedures shall be suspended upon a Change in the Interest Rate Mode, the occurrence of a Failure to Deposit or the occurrence of an Event of Default. Upon the occurrence of a Failure to Deposit on any Auction Date, no Auction will be held, all Submitted Bids and Submitted Sell Orders shall be rejected, the existence of Sufficient Clearing Bids shall be of no effect and the Auction Rate for the next succeeding Auction Period shall equal the Maximum Auction Rate on and as of such Auction Date. The Auction Rate for any Auction Period or remaining portion thereof following the occurrence of an Event of Default shall be equal to the Overdue Rate as determined on and as of the immediately preceding Auction Date. The Overdue Rate shall be redetermined by the Remarketing Agent on each Auction Date. 2. Auction Periods may be established pursuant to Section 3.04 at any time unless a Failure to Deposit or an Event of Default has occurred and has not been cured or waived. Each Auction Period shall be a Standard Auction Period unless a different Auction Period is established pursuant to Section 3.04 and each Auction Period which immediately succeeds a non-Standard Auction Period shall be a Standard Auction Period unless a different Auction Period is established pursuant to Section 3.04.

Auction Rate Period - Auction Rate. Auction Period AUCTION PERIOD - General GENERAL. 1. During any Auction Rate Period, the Auction Rate Bonds shall bear interest at the Auction Rate determined as set forth in this Section 3.03 and Sections 3.04 through 3.10. The initial Auction Period for each subseries of the Bonds immediately after the Closing Date shall be a period from and including the Closing Date to and including the initial Auction Date for each such subseries. The initial Auction Date immediately after the Closing Date shall be December 5, 2001 in the case of the Series 2001B-1 Bonds, December 12, 2001 in the case of the Series 2001B-2 Bonds and December 19, 2001 in the case of the Series 2001B-3 Bonds. The Auction Rate for the initial Auction Period immediately after the Closing Date shall be 1.90% in the case of the Series 2001B-1 Bonds, 1.90% in the case of the Series 2001B-2 Bonds and 1.90% in the case of the Series 2001B-3 Bonds. The initial Auction Period for each subseries of the Bonds immediately after any Change in the Interest Rate Mode to an Auction Rate, shall be a period from and including the effective date of such Change in the Interest Rate Mode to and including the initial Auction Date which shall be determined by the Authority, with notice to the Trustee, on or prior to the effective date of the Change in the Interest Rate Mode. The Auction Rate for any initial Auction Period immediately after any Change in the Interest Rate Mode to an Auction Rate for an Auction Rate Period, shall be the rate of interest per annum determined and certified by the Remarketing Agent, with notice to the Trustee (with a copy to Trustee, the Authority, the Registrar and Paying Agent and the Company) by the Remarketing Agent , on a date not later than the effective date of such Change in the Interest Rate Mode as the minimum rate of interest which, in the opinion of the Remarketing Agent, would be necessary as of such date to market Auction Rate Bonds in a secondary market transaction at a price equal to the principal amount thereof; provided that such interest rate shall not exceed 110% of the sum of the Commercial Paper Index and .50% per annumMaximum Allowed Rate. For any other Auction Period, the Auction Rate shall be the rate of interest per annum that results from implementation of the Auction Procedures. If on any Auction Date the Auction Agent shall fail to take any action necessary to determine, or take for any action which effectively prevents the determination ofreason fail to timely provide, a rate of interest pursuant to the Auction Procedures, the Auction Rate for the next succeeding Auction Period shall be equal to the Maximum No Auction Rate as provided in clause (i) of the definition thereof on and as of such Auction Date. Determination of the an Auction Rate pursuant to the Auction Procedures shall be suspended upon a Change in the Interest Rate Mode, Mode or the occurrence of a Failure to Deposit Payment Default. The Auction Rate for any Auction Period or remaining portion thereof following the occurrence of an Event a Payment Default shall be equal to the Overdue Rate as determined on and as of Defaultthe immediately preceding Auction Date. Upon the occurrence of a Failure Payment Default that has not been waived or cured on or prior to Deposit on any Auction Date, no Auction will be held, all Submitted Bids and Submitted Sell Orders shall be rejected, the existence of Sufficient Clearing Bids shall be of no effect and the Auction Rate for the next succeeding Auction Period shall equal the Maximum Auction Overdue Rate on and as of such Auction Date. The Auction Rate for any Auction Period or remaining portion thereof following In the occurrence of an Event of Default shall be equal to the Overdue Rate as determined on and as event of the immediately preceding suspension of the Auction DateProcedures due to a Payment Default, the Auction Procedures shall resume two Business Days after the date on which the Auction Agent receives notice from the Trustee that the Bond Insurer has cured the default under the Policy by making all scheduled payments thereunder, with the next Auction to occur on the next regularly scheduled Auction Date occurring thereafter. The Overdue Rate shall be redetermined determined by the Remarketing Agent Trustee on each succeeding Auction Date. 2. Auction Periods may be established pursuant to Section 3.04 at any time unless a Payment Default has occurred and has not been cured. Each Auction Period shall be a Standard Auction Period unless a different Auction Period is established pursuant to Section 3.04 and each Auction Period which immediately succeeds a non-Standard Auction Period shall be a Standard Auction Period unless a different Auction Period is established pursuant to Section 3.04.

Auction Rate Period - Auction Rate. Auction Period - General General. 1. The Bonds shall be issued initially as Auction Rate Bonds during an Auction Rate Period. During any Auction Rate Period, the Auction Rate Bonds shall bear interest at the Auction Rate determined as set forth in this Section 3.03 and Sections 3.04 through 3.10implementation of the Auction Procedures. The Auction Rate for the initial Auction Period shall be 3.95% per annum. The initial Auction Period shall commence from and include the date of original issuance of the Bonds and shall expire on and include January 13, 2000. The initial Auction Date will be on January 13, 2000. After the initial Auction Period, each Auction Period shall be a Standard Auction Period. The Auction Rate for any initial Auction Period immediately after any Change in the Interest Rate Mode to an Auction Rate for an Auction Rate Period, shall be the rate of interest per annum determined and certified to the Trustee (with a copy to the Authority, the Registrar and Paying Agent Agent, the Bond Insurer and the Company) by the Remarketing Market Agent on a date not later than the effective date of such Change in the Interest Rate Mode as the minimum rate of interest which, in the opinion of the Remarketing Market Agent, would be necessary as of such date to market Auction Rate Bonds in a secondary market transaction at a price equal to the principal amount thereof; provided that such interest rate shall not exceed the lesser of 110% of the sum of the Commercial Paper Index and .50% per annum. For any other Auction Period, the Auction Rate shall be the rate of interest per annum that results from implementation of the Auction Procedures. If on any Auction Date the Auction Agent shall fail to take any action necessary to determine, or take any action which effectively prevents the determination of, a rate of interest pursuant to the Auction Procedures, the Auction Rate for the next succeeding Auction Period shall equal the Maximum Auction Rate as provided in clause (i) of the definition thereof on and as of such Auction Date. Determination of the Auction Rate pursuant to the Auction Procedures shall be suspended upon a Change in the Interest Rate Mode, the occurrence of a Failure to Deposit or the occurrence of an Event of Default. Upon the occurrence of a Failure to Deposit on any Auction Date, no Auction will be held, all Submitted Bids and Submitted Sell Orders shall be rejected, the existence of Sufficient Clearing Bids shall be of no effect and the Auction Rate for the next succeeding Auction Period shall equal the Maximum No Auction Rate on and as of such Auction Date. The Auction Rate If a Payment Default shall have occurred, the rate of interest for any (1) the Auction Period commencing on or remaining portion thereof following immediately prior to the occurrence of an Event of date on which such Payment Default occurs shall equal the Maximum Auction Rate, and (2) for each Auction Period commencing thereafter to and including the Auction Period, if any, during which, or commencing less than two Business Days after, all Payment Defaults are cured, shall equal the Maximum Auction Rate. 2. Auction Periods may be established pursuant to Section 3.04 at any time unless a Payment Default has occurred and has not been cured. Each Auction Period shall be equal a Standard Auction Period unless a different Auction Period is established pursuant to the Overdue Rate as determined on Section 3.04 and as of the each Auction Period which immediately preceding succeeds a non-Standard Auction Date. The Overdue Rate Period shall be redetermined by the Remarketing Agent on each a Standard Auction DatePeriod unless a different Auction Period is established pursuant to Section 3.04.