DETERMINATION OF RATE PERIODS AND INTEREST RATES Clause Samples
The "Determination of Rate Periods and Interest Rates" clause defines how and when interest rates are set and the specific periods during which those rates apply under an agreement. Typically, this clause outlines the method for selecting interest rate benchmarks, the frequency of rate adjustments, and the start and end dates for each rate period. For example, it may specify that interest rates are reset at the beginning of each month based on a published index. The core function of this clause is to provide a clear and predictable framework for calculating interest, thereby reducing uncertainty and potential disputes between parties regarding payment obligations.
DETERMINATION OF RATE PERIODS AND INTEREST RATES. In the manner hereinafter provided, the term of the Bonds will be divided into consecutive Rate Periods during which all Bonds shall bear interest at the Daily Rate, the Weekly Rate, the Flexible Rate, the Term Rate or the Auction Rate, as the case may be. The initial Rate Period with respect 16 to the Bonds shall be a Term Rate Period commencing on the Dated Date and ending on the Maturity Date, during which Term Rate Period the Bonds shall bear interest at a fixed rate of [__]% per annum. The Bonds may not be adjusted from the initial Term Rate Period to a Daily Rate Period, a Weekly Rate Period, a Flexible Rate Period or a Term Rate Period ending prior to the Maturity Date except in accordance with Section 5.15 of the Agreement. The Bonds shall bear interest at the rate or rates per annum established from time to time in accordance with the provisions of this Indenture.
(a) (i)
DETERMINATION OF RATE PERIODS AND INTEREST RATES. In the manner hereinafter provided, the term of the Bonds will be divided into consecutive Rate Periods during which the Bonds shall bear interest at the Daily Rate, the Weekly Rate, the Flexible Rate, the Taxable Flexible Rate, the Taxable Weekly Rate, the Term Rate or the Taxable Term Rate as the case may be. The first Rate Period (i) with respect to the Series 1999A Bonds shall be a Term Rate Period commencing on the Dated Date of such Bonds and ending on the date prior to the maturity date of such bonds at the Term Rate indicated thereon per annum; and (ii) with respect to the Series 1999B Bonds shall be the Taxable Weekly Rate Period with the initial Taxable Weekly Rates established on or before the Dated Date in accordance with the provisions of this Indenture. Each Series of Bonds shall bear interest at the rate or rates per annum established from time to time in accordance with the provisions of this Indenture. Prior to the Tax-Exempt Conversion Date for any Series 1999B Bonds, all of the Series 1999B Bonds shall be in the Taxable Flexible Rate Period, Taxable Term Rate Period or the Taxable Weekly Rate Period, and such Bonds shall bear interest only at a Taxable Flexible Rate, Taxable Term Rate or a Taxable Weekly Rate; however, Taxable Flexible Bonds may be in different Taxable Flexible Rate Segments and may bear interest at different Taxable Flexible Rates.
DETERMINATION OF RATE PERIODS AND INTEREST RATES. In the manner hereinafter provided, the term of the Bonds will be divided into consecutive Rate Periods during which all Bonds shall bear interest at the Daily Rate, the Weekly Rate, the Flexible Rate, the Term Rate or the Auction Rate, as the case may be. The first Rate Period with respect to the Bonds shall be a Weekly Rate Period commencing on the Dated Date of the Bonds. The Bonds shall bear interest at the rate or rates per annum established from time to time in accordance with the provisions of this Indenture.
DETERMINATION OF RATE PERIODS AND INTEREST RATES. In the manner hereinafter provided, the term of the Bonds of each Series will be divided into consecutive Rate Periods during which all Bonds of such Series shall bear interest at the Daily Rate, the Weekly Rate, the Flexible Rate, the Term Rate or the Auction Rate, as the case may be. The first Rate Period (i) with respect to the Series 2003A Bonds and the Series 2003B Bonds, shall be a Weekly Rate Period commencing on the Dated Date of such Bonds; (ii) with respect to the Series 2003C Bonds, shall be a Term Rate Period commencing on the Dated Date of such Bonds and ending on February 28, 2013, during which Term Rate Period the Series 2003C Bonds shall bear interest at 5.45% per annum; (iii) with respect to the Series 2003D Bonds, shall be a Term Rate Period commencing on the Dated Date of such Bonds and ending on August 31, 2004, during which Term Rate Period the Series 2003D Bonds shall bear interest at 3.35% per annum; and (iii) with respect to the Series 2003E Bonds, shall be a Term Rate Period commencing on the Dated Date of such Bonds and ending on February 28, 2013, during which Term Rate Period the Series 2003E Bonds shall bear interest at 5.80% per annum. The Bonds shall bear interest at the rate or rates per annum established from time to time in accordance with the provisions of this Indenture.