Interest on the Bonds. If, while the Administrative Agent or its designated agent holds Pledged Bonds, the Borrower shall receive any interest payment in respect of such Pledged Bonds, the Borrower agrees to accept the same as agent for the Administrative Agent and to hold the same in trust on behalf of the Administrative Agent and to deliver the same forthwith to the Administrative Agent. All sums of money so paid in respect of such Pledged Bonds that were received by the Borrower and paid to the Administrative Agent, or that shall be received directly by the Administrative Agent (or its designated agent), shall be credited as provided in Section 3.05(b)(i).
Interest on the Bonds. Interest on the Bonds will be payable as provided in the Bonds and in this Section. The Determination Method may be changed by the Company as described in paragraph (b) below. The methods of determining the various interest rates are as provided in paragraph (a) below, provided that no interest rate set or determined by the Remarketing Agent under (a)(1), (2), (3) or (4), or an Alternate Rate determined under (a)(5), shall exceed the Maximum Rate.
Interest on the Bonds. (i) The Bonds shall bear interest from and including the Date of the Bonds as shown on Exhibit B until payment of the principal or redemption price thereof shall have been made or provided for in accordance with the provisions hereof, whether at maturity, upon redemption or otherwise. Interest on the Bonds shall be paid on each Interest Payment Date. During any Interest Rate Period other than a Long-Term Interest Rate Period, interest on the Bonds shall be computed upon the basis of a 365 or 366-day year, as applicable, for the number of days actually elapsed. During any Long-Term Interest Rate Period, interest on the Bonds shall be computed upon the basis of a 360-day year, consisting of twelve (12) thirty (30) day months.
(ii) In the manner hereinafter provided, the term of the Bonds will be divided into consecutive Interest Rate Periods during which the Bonds shall bear interest at the Daily Interest Rate, the Weekly Interest Rate, the Short-Term Interest Rate or the Long-Term Interest Rate. The first Interest Rate Period shall commence on the date of initial authentication and delivery of the Bonds hereunder and shall be an Interest Rate Period elected by the Company. The Bonds shall initially bear interest at the rate or rates per annum established in accordance with such election by the Company and the provisions of this Agreement, except that the notice requirements of this Section 301 shall not be applicable.
Interest on the Bonds. Interest on the Bonds will be payable as provided in the Bonds and in this Section. Interest on the Bonds will initially be payable at the Daily Rate. The interest rate determination method may be changed by the Company as described in paragraph (b) below. The methods of determining the various interest rates are as provided in the following paragraph (a).
Interest on the Bonds. (a) Series A Bonds.
Interest on the Bonds. Interest on the Bonds shall be payable as provided in this Section 2.
Interest on the Bonds. Interest on the Bonds will be payable as provided in the Bonds and in this Section. The Determination Method may be changed by the Company as described in paragraph (b) below. The methods of determining the various interest rates are as provided in paragraph (a) below, provided that no interest rate set or determined by the Remarketing Agent under (a)(1), (2), (3), (4) or (5), or an Alternate Rate determined under (a)(6), shall exceed the Maximum Rate. Upon the occurrence of an Event of Default resulting from failure to pay principal or interest on any Bond when due followed by the failure of the Bond Insurer to pay a proper claim under the Policy, the Trustee shall forthwith notify the Auction Agent of the same and upon receipt of such notice, the Auction Procedures shall be suspended from commencing on the date of the Auction Agent’s receipt of notice of such default from the Trustee, and the interest rate on the Bonds for each Auction Period commencing after the occurrence and during the continuance of such default to and including the Auction Period, if any, during which such default is cured will equal the Maximum Rate as determined by the Trustee on the first day of such Auction Period as provided in this Agreement. If such default is later cured or waived, the Trustee shall forthwith notify the Auction Agent of the same. The Auction Procedures shall resume two Business Days after the Auction Agent’s actual receipt of such notice of cure or waiver, with the next Auction to occur on the next regularly scheduled Auction Date occurring after such cure or waiver.
Interest on the Bonds. The Bonds shall bear interest as follows:
(a) Prior to the Conversion Date, the Bonds shall bear interest at the Floating Rate. The Floating Rate shall be a variable rate of interest equal to TENR plus an amount (as adjusted from time to time as hereinafter provided, the "TENR Amount") initially equal to one-half of one percent (1/2 of 1%), provided that:
(i) if the Trustee and Remarketing Agent shall have received a notice requiring the purchase of any Bond(s) pursuant to Section 3.06 hereof, and if the Remarketing Agent shall remarket all or a portion of such Bond(s) pursuant to the Remarketing Agreement, the TENR Amount for all Bonds shall be the TENR Amount required for the Remarketing Agent to remarket such Bond(s) at par, which adjusted TENR Amount shall become effective as of the day next following the next announcement of TENR, unless such announcement of TENR occurs during the period of five Business Days prior to an interest payment date or a date fixed for redemption, in which case such adjusted TENR Amount shall become effective as of the day next following the first announcement of TENR subsequent to such interest payment date or date fixed for redemption, as the case may be. In connection with any such remarketing, the Remarketing Agent shall determine what increments of 1/8th of 1% per annum will, when added to or subtracted from the TENR Amount at the time applicable to the Bonds, produce the minimum interest rate per annum necessary to enable the Remarketing Agent to remarket such Bond(s) at par; provided, that the TENR Amount shall not be more than two and one-half percent (2-1/2%);
(ii) if the TENR Amount is adjusted pursuant to the preceding clause (i), such adjusted TENR Amount shall remain in effect until a further adjustment to the TENR Amount is made pursuant to such clause (i) or until the interest rate hereunder is otherwise determined as provided for in this Indenture; provided that if the Remarketing Agent shall have advised the Company, the Authority and the Trustee at least two Business Days prior to any interest payment date that the Bonds are bearing interest at a rate higher than the minimum interest rate per annum necessary to enable the Remarketing Agent to remarket the Bonds at par, as of such interest payment date, the TENR Amount shall be such amount as the Remarketing Agent shall specify as being the minimum amount necessary to enable the Remarketing Agent to remarket the Bonds at par;
(iii) if the TENR Amount is adju...
Interest on the Bonds. Interest on each Bond of each maturity shall be payable at the respective per annum rates set forth in Section 2.02 hereof and shall be payable on each Interest Payment Date until maturity or earlier redemption, computed using a year of 360 days comprised of twelve 30-day months. Interest on each Bond shall accrue from the Interest Payment Date for the Bonds next preceding the date of authentication and delivery thereof, unless (i) such date of authentication is an Interest Payment Date in which event interest shall be payable from such date of authentication; (ii) it is authenticated after a Record Date and before the close of business on the immediately following Interest Payment Date, in which event interest thereon shall be payable from such Interest Payment Date; or (iii) it is authenticated prior to the close of business on the first
Interest on the Bonds
