INTEREST RATES ON BONDS. [2.03] (a) GENERALLY; INITIAL RATES. Interest accrued on the Bonds shall be paid on each Interest Payment Date. The interest rate on the Bonds will be determined as provided in this Section, PROVIDED, that in any event (i) no Weekly Rate, Commercial Paper Rate, SemiAnnual Rate or Medium-Term Rate shall exceed the lesser of: (a) fifteen per centum (15%) per annum and (b) the maximum interest rate specified in the Letter of Credit with respect to coverage for the payment of interest or the interest component of Purchase Price and (ii) the Fixed Rate shall not exceed eighteen per centum (18%) per annum and, PROVIDED, FURTHER, no rate as so determined shall exceed the maximum rate permitted by applicable law. Interest on the Bonds will initially be payable at a Weekly Rate of four and ten one hundredths per centum (4.10%) per annum for the period from the Issue Date, to and including January 6, 1998 (the "First Interest Period"). Thereafter, unless and until the Interest Rate Determination Method is changed as described in Section 2.04, the Bonds will bear interest at a Weekly Rate. The Company may direct the Remarketing Agents to change the Interest Rate Determination Method applicable to all or a portion of the Bonds, EXCEPT that no Bonds may be converted to bear interest at a Fixed Rate unless all Bonds are converted to bear interest at a Fixed Rate. Except as specifically provided otherwise herein, the conditions and procedures for such change in the Interest Rate Determination Method for a portion of the Bonds shall be the same as the conditions and procedures for a change in the Interest Rate Determination Method for the entire series of Bonds. If less than all of the Bonds are to be converted, the Bonds which are being converted shall, pursuant to Section 2.01, be redesignated in such a way as to identify a separate Subseries, and, in such event, all references herein to the Bonds shall be deemed to refer to the Bonds of each Subseries separately. During any Weekly Rate Period or Commercial Paper Rate Period, interest on the Bonds will be computed on the basis of a 365 or 366-day year, as the case may be, for the actual number of days elapsed. During any Semi-Annual Rate Period, Medium-Term Rate Period or Fixed Rate Period, interest on the Bonds will be computed on the basis of a 360-day year of twelve 30-day months.
INTEREST RATES ON BONDS. 33 Section 3.01. Initial Interest Rate and Subsequent Conversion ......................................................33 Section 3.02. Variable Weekly Rate ............................................33 Section 3.03. Fixed Rate Conversion at Option of Company ......................34 ARTICLE IV Tender and Purchase of Bonds ....................................36 Section 4.01. Optional Tender of Variable Weekly Rate Bonds ...................36 Section 4.02. Mandatory Tender Upon Fixed Rate Conversion .....................41 Section 4.03. Mandatory Tender Upon Letter of Credit Expiration ......................................................46 Section 4.04. Bonds Purchased With Proceeds of Letter of Credit ..........................................................50 Section 4.05. No Purchases After Certain Defaults .............................51 Section 4.06. Inadequate Funds for Tenders ....................................51
INTEREST RATES ON BONDS. SECTION 3.1. Initial Interest Rates, Subsequent Rates.....................23 SECTION 3.2. Variable Rates; Conversion to Variable Rate Periods..........23 SECTION 3.3. Flexible Rates; Conversions to Flexible Rate Periods.........30 SECTION 3.4. Fixed Rate Conversion at Option of Company...................31
INTEREST RATES ON BONDS. Prior to the Fixed Rate Conversion Date (as hereinafter defined), the Bonds shall bear interest at a Daily Rate (such Bonds are referred to as “Daily Rate Bonds”) or a Weekly Rate (such Bonds are referred to as “Weekly Rate Bonds”). Daily Rate Bonds and Weekly Rate Bonds are collectively referred to as “Variable Rate Bonds.” Upon the initial execution and delivery of the Bonds, the Bonds shall be Weekly Rate Bonds. Weekly Rate Bonds
INTEREST RATES ON BONDS. (a) Initial Rate -- General. Interest accrued on this Bond shall be paid on each Interest Payment Date commencing on the earlier of the first Interest Payment Date following the Issue Date or the first Conversion Date. The interest rate on this Bond shall be determined as provided in the Indenture.
