Construction Program Bonds. Each Program Bond which is a Variable Rate Construction Program Bond shall bear interest at the Construction Program Bond Variable Rate from the Settlement Date to the Construction Program Bond Conversion Date. Construction Program Bonds which are not Variable Rate Construction Program Bonds shall bear interest at the Permanent Rate on and after the Conversion Date. On and after the Construction Program Bond Conversion Date, the interest rate on the Variable Rate Construction Program Bonds shall be the Permanent Rate. For purposes of this Section 6, the following definitions are applicable:
Appears in 4 contracts
Samples: New Issue Bond Program Agreement (Federal National Mortgage Association Fannie Mae), New Issue Bond Program Agreement (Federal Home Loan Mortgage Corp), New Issue Bond Program Agreement (Federal Home Loan Mortgage Corp)
