Interest Rate Modes Sample Clauses

Interest Rate Modes. Interest Rates on the Bonds shall be determined as follows: (i) If the Interest Rate Mode for the Bonds is the Weekly Rate, the interest rate on the Bonds for a particular Weekly Rate Period shall be the rate established by the Remarketing Agent no later than 3:00 p.m. (Cleveland, Ohio time) on the Tuesday preceding the Weekly Rate Period (or the 7th day preceding the Conversion of the Interest Rate Mode to the Weekly Rate), or, if such day is not a Business Day, on the next succeeding Business Day, as the minimum rate of interest necessary, in the judgment of the Remarketing Agent, to enable the Remarketing Agent to sell the Bonds on such Business Day at a price equal to the principal amount thereof, plus accrued interest, if any, thereon. (ii) If the Interest Rate Mode for the Bonds is the Semi-Annual Rate, the interest rate on the Bonds for a particular Semi-Annual Rate Period shall be the rate established by the Remarketing Agent no later than 3:00 p.m. (Cleveland, Ohio time) on the 10th Business Day next preceding the first day of such Semi-Annual Rate Period as the minimum rate of interest necessary, in the judgment of the Remarketing Agent, to enable the Remarketing Agent to sell the Bonds on such first day at a price equal to the principal amount thereof. (iii) If the Interest Rate Mode for the Bonds is the Long-Term Rate, the interest rate on the Bonds for a particular Long-Term Rate Period shall be the rate established by the Remarketing Agent not later than the 15th Business Day preceding the first day of such Long-Term Rate Period as the minimum rate of interest necessary, in the judgment of the Remarketing Agent, to enable the Remarketing Agent to sell the Bonds on such first day at a price equal to the principal amount thereof. (iv) If the Interest Rate Mode for the Bonds is the Taxable Weekly Rate, the interest rate on the Bonds for a particular Taxable Weekly Rate Period shall be the rate established by the Remarketing Agent no later than 3:00 p.m. (Cleveland, Ohio time) on the Wednesday preceding the Taxable Weekly Rate Period (or the 7th day preceding the Conversion of the Interest Rate Mode to the Taxable Weekly Rate), or, if such day is not a Business Day, on the next succeeding Business Day, as the minimum rate of interest necessary, in the judgment of the Remarketing Agent, to enable the Remarketing Agent to sell the Bonds on such Business Day at a price equal to the principal amount thereof, plus accrued interest, if any, thereon. (v...

Interest Rate Modes. To protect against fluctuations in interest rates: (i) no Related Bonds shall initially bear interest at or be converted to the Fixed Rate unless the Fixed Rate applicable to such Related Bonds is equal to or less than the Hedge Rate; (ii) no Related Bonds shall initially bear interest at or be converted to the Reset Rate unless (A) the Reset Rate applicable to such Related Bonds is equal to or less than the Hedge Rate, and (B) the Reset Period with respect to such Related Bonds is at least equal to (x) seven (7) years, if the Related Bonds are issued bearing interest at the Reset Rate (the "INITIAL RESET PERIOD"), or (y) except as provided in section 3.1(c), the lesser of five (5) years or the then remaining term of the Related Bonds, if the Reset Period commences other than on issuance of such Related Bonds; and (iii) no Related Bonds shall initially bear interest at or be converted to the Weekly Variable Rate unless Owner shall obtain, and maintain at all times during which the Related Bonds bear interest at such Weekly Variable Rate, a Hedge in accordance with this section 3.1.

Interest Rate Modes. The initial Interest Rate Mode for the Bonds shall be the Daily Rate for an initial Daily Rate Period and initially bearing interest at the rate of 3.03% per annum commencing as of the Date of the Bonds. The Bonds shall bear interest at the Daily Rate stated above and thereafter at the Daily Rate (until Conversion to a different Interest Rate Mode as provided in Section 2.02(e)) determined as set forth in this Section 2.02(c). At any one time, portions of the Bonds in authorized denominations may be in different Interest Rate Modes (including different Long-Term Rate Periods) and the provisions of this Indenture shall apply with respect to the Interest Rate Mode for each such portion. Except for the Dutch Auction Rate, which shall be determined in accordance with Section 2.12, interest rates on (and, if the Interest Rate Mode is the Commercial Paper Rate, Commercial Paper Rate Periods for) Bonds shall be determined as follows: (i) (A) If the Interest Rate Mode for Bonds is the Commercial Paper Rate, the interest rate on a Bond for a specific Commercial Paper Rate Period shall be the rate established by the Remarketing Agent no later than 12:30 p.m. (New York City time) on the first day of that Commercial Paper Rate Period as the minimum rate of interest necessary, in the judgment of the Remarketing Agent taking into account then Prevailing Market Conditions, to enable the Remarketing Agent to sell such Bond on that day at a price equal to the principal amount thereof.

Interest Rate Modes. Interest Rates with respect to the Swap Payments and distributions of Interest to Certificateholders shall be determined as follows: (i) If the Interest Rate Mode is the Weekly Rate Mode, the interest rate payable under the Swap Agreement and distributable with respect to the Certificates for a particular Weekly Rate Period shall be the rate established by the Remarketing Agent no later than 3:00 p.m. (New York, New York time) on the Wednesday on which such Weekly Rate Period commences (or the day preceding the Refinancing Date or the Conversion of the Interest Rate Mode to the Weekly Rate Mode, as the case may be), or, if such day is not a Business Day, on the next succeeding Business Day, as the minimum rate of interest necessary, in the judgment of the Remarketing Agent, to enable the Remarketing Agent to sell the Certificates on such Business Day at a price equal to par provided that such rate shall not exceed the Maximum Certificate Rate (the "Weekly Rate"). (ii) If the Interest Rate Mode is the Flex Rate Mode, the interest rate payable under the Swap Agreement and distributable with respect to the Certificates for a particular Flex Rate Period shall be the rate established by the Remarketing Agent not later than 3:00 p.m. (New York, New York time) on the last Business Day next preceding the first day of such Flex Rate Period as the minimum rate of interest necessary, in the judgment of the Remarketing Agent, to enable the Remarketing Agent to sell the Certificates on such day at a price equal to par provided that such rate shall not exceed the Maximum Certificate Rate (the "Flex Rate").

Interest Rate Modes. To protect against fluctuations in interest rates no Related Bonds shall initially bear interest at or be converted to: (i) the Fixed Rate unless the Fixed Rate applicable to such Related Bonds is equal to or less than the Hedge Rate; (ii) the Reset Rate unless (A) the Reset Rate applicable to such Related Bonds is equal to or less than the Hedge Rate, and (B) the Reset Period with respect to such Related Bonds is equal to or in excess of the Required Hedge Term, or such Reset Period is less than the Required Hedge Term and the Borrowers shall obtain and maintain at all times during such Reset Period a "forward" Swap or Cap in accordance with section 3.2(c); or (iii) the Variable Rate unless the Borrowers shall obtain, and maintain at all times during which the Related Bonds bear interest at such Variable Rate, a Hedge in accordance with this section 3.2.

Interest Rate Modes. Interest Rates with respect to distributions of Interest to Certificateholders shall be determined as follows:

Interest Rate Modes. 67 3.1.2 Weekly Variable Rate Hedge Requirements ........... 67 3.1.3 Reset Rate Hedge Requirements ..................... 67 3.1.4 General Hedge Terms and Conditions ................ 68 3.1.5

Interest Rate Modes. The Bonds may be issued in various Interest Rate Modes, as specified in the Trust Agreement. The Interest Rate Mode applicable to this Bond is specified in the heading to this certificate. If this Bond is converted to another Interest Rate Mode, this Bond is subject to Mandatory Tender and a new Bond certificate, with provisions applicable in the new Interest Rate Mode, will be delivered to the initial Holder in the new Interest Rate Mode.

Interest Rate Modes