INTEREST RATES ON BONDS Sample Clauses

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.
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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. (a) The Bonds shall bear interest at the Weekly Rate from the date of initial execution and delivery of the Bonds or a subsequent Weekly Rate Conversion Date to and including the earlier of the day preceding its redemption, the succeeding Conversion Date or the Maturity Date. The initial Weekly Rate for the Bonds effective on the initial execution and delivery of the Bonds and on any Weekly Rate Conversion Date shall be established by the Remarketing Agent in accordance with the Indenture. (b) On each Interest Determination Date with respect to any Weekly Rate Bonds, the Remarketing Agent shall determine the interest rate to be borne on the Weekly Rate Bonds, which rate shall be that rate of interest which is the minimum rate of interest per annum which, in the opinion of the Remarketing Agent, would be necessary to remarket the Bonds in a secondary market transaction on the next succeeding Weekly Rate Adjustment Date at a price equal to the principal amount thereof plus accrued interest thereon, if any; provided, that the Weekly Rate so determined shall not exceed the Maximum Rate. The Remarketing Agent shall keep a written record of its method of determination of the interest rate to be borne on the Weekly Rate Bonds on each Interest Determination Date. The interest rate determined for Weekly Rate Bonds on any Interest Determination Date shall be effective from and including the immediately succeeding Weekly Rate Adjustment Date to but excluding the next succeeding Weekly Rate Adjustment Date. (c) On each Interest Determination Date, the Remarketing Agent shall give notice of the Weekly Rate so determined by telephone (promptly confirmed in writing), e-mail or facsimile, to the Obligor, the Trustee and the Bank. (d) If, by 5:00 p.m. Central prevailing time, on any Interest Determination Date, the Remarketing Agent has failed to determine the Weekly Rate, such Weekly Rate Bonds shall continue to bear interest at the Weekly Rate in effect for the immediately preceding Interest Period. (e) If the Remarketing Agent notifies the Trustee in writing ...
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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.
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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
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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
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Related to INTEREST RATES ON BONDS

  • Interest Rates All outstanding Term Loans to the Borrower shall bear interest on the unpaid principal amount thereof (including, to the extent permitted by law, on interest thereon not paid when due) from the date made until paid in full in cash at a rate determined by reference to the Base Rate or Adjusted Term SOFR plus the Applicable Margin, but not to exceed the Maximum Rate. If at any time Term Loans are outstanding with respect to which the Borrower has not delivered to the Agent a notice specifying the basis for determining the interest rate applicable thereto in accordance herewith, those Term Loans shall be treated as Base Rate Loans until notice to the contrary has been given to the Agent in accordance with this Agreement and such notice has become effective. Except as otherwise provided herein, the Term Loans shall bear interest as follows: (i) For all Base Rate Loans, at a fluctuating per annum rate equal to the Base Rate plus the Applicable Margin; and (ii) For all SOFR Rate Loans, at a fluctuating per annum rate equal to Adjusted Term SOFR plus the Applicable Margin. Each change in the Base Rate (or any component thereof) shall be reflected in the interest rate applicable to Base Rate Loans as of the effective date of such change. All computations of interest for Base Rate Loans when the Base Rate is determined by the “prime rate” shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). On the last Business Day of each calendar quarter hereafter and on the Termination Date, the Borrower shall pay to the Agent, for the ratable benefit of the Lenders, interest accrued from the last Business Day of the preceding calendar quarter to the last Business Day of such calendar quarter (or accrued to the Termination Date in the case of a payment on the Termination Date) on all Base Rate Loans in arrears. The Borrower shall pay to the Agent, for the ratable benefit of the Lenders, interest on all SOFR Rate Loans in arrears on each SOFR Interest Payment Date.

  • Fixed Interest Rates Each Mortgage Loan bears interest at a rate that remains fixed throughout the remaining term of such Mortgage Loan, except in the case of ARD loans and situations where default interest is imposed.

  • Floating Rate Notes If this Note is specified on the face hereof as a “Floating Rate Note”:

  • Floating Rate/Fixed Rate Notes If this Note is specified on the face hereof as a “Floating Rate/Fixed Rate Note”, this Note will bear interest at the rate determined by reference to the applicable Interest Rate Basis or Interest Rate Bases: (1) plus or minus the applicable Spread, if any; and/or (2) multiplied by the applicable Spread Multiplier, if any. Commencing on the first Interest Reset Date, the rate at which this Floating Rate/Fixed Rate Note is payable will be reset as of each Interest Reset Date; provided, however, that: (A) the interest rate in effect for the period, if any, from the Original Issue Date to the first Interest Reset Date will be the Initial Interest Rate specified on the face hereof; and (B) the interest rate in effect commencing on the Fixed Rate Commencement Date will be the Fixed Interest Rate, if specified on the face hereof, or, if not so specified, the interest rate in effect on the day immediately preceding the Fixed Rate Commencement Date.

  • Interest on Fixed Rate Notes Each Fixed Rate Note bears interest from (and including) the Interest Commencement Date which is specified in the applicable Pricing Supplement at the rate(s) per annum equal to the Fixed Rate(s) of Interest specified in the applicable Pricing Supplement to (but excluding) the Fixed Interest Date(s) in each year and to (but excluding) the Maturity Date so specified if it does not fall on a Fixed Interest Date, and such interest will be paid in arrear on the Fixed Interest Date(s) or the Maturity Date so specified (as the case may be). The first payment of interest shall be made on the Fixed Interest Date next following the Interest Commencement Date and, if the first anniversary of the Interest Commencement Date is not a Fixed Interest Date, will amount to the Initial Broken Amount specified in the applicable Pricing Supplement. If the Maturity Date is not a Fixed Interest Date, interest from (and including) the preceding Fixed Interest Date (or the Interest Commencement Date) to (but excluding) the Maturity Date will amount to the Final Broken Amount specified in the applicable Pricing Supplement. Except in the case of Notes in definitive form where a Fixed Coupon Amount or Broken Amount is specified in the applicable Pricing Supplement, interest shall be calculated in respect of any period by applying the Rate of Interest to: (A) in the case of Fixed Rate Notes which are represented by a Global Note, the aggregate outstanding nominal amount of the Fixed Rate Notes represented by such Global Note (or, if they are Partly Paid Notes, the aggregate amount paid up); or (B) in the case of Fixed Rate Notes in definitive form, the Calculation Amount; and, in each case, multiplying such sum by the applicable Day Count Fraction, and rounding the resultant figure to the nearest sub-unit of the relevant Specified Currency, half of any such sub-unit being rounded upwards or otherwise in accordance with applicable market convention. Where the Specified Denomination of a Fixed Rate Note in definitive form is a multiple of the Calculation Amount, the amount of interest payable in respect of such Fixed Rate Note shall be the product of the amount (determined in the manner provided above) for the Calculation Amount and the amount by which the Calculation Amount is multiplied to reach the Specified Denomination without any further rounding.

  • Fixed Rate Notes If this Note is specified on the face hereof as a “Fixed Rate Note”: (i) This Note will bear interest at the rate per annum specified on the face hereof. Interest on this Note will be computed on the basis of a 360-day year of twelve 30-day months. (ii) Unless otherwise specified on the face hereof, the Interest Payment Dates for this Note will be as follows:

  • Commercial Paper Rate Notes If the Interest Rate Basis is the Commercial Paper Rate, this Note shall be deemed a “Commercial Paper Rate Note.” Unless otherwise specified on the face hereof, “Commercial Paper Rate” means: (1) the

  • Normal interest rate The Borrowers shall pay interest on each Tranche in respect of each Interest Period relating thereto on each Interest Payment Date (or, in the case of Interest Periods of more than three (3) months, by instalments, the first instalment three (3) months from the commencement of the Interest Period and the subsequent instalments at intervals of three (3) months or, if shorter, the period from the date of the preceding instalment until the Interest Payment Date relative to such Interest Period) at the rate per annum determined by the Agent to be the aggregate of (a) the Margin and (b) LIBOR for such Interest Period.

  • Constant Maturity Swap Rate Notes If the Interest Rate Basis is the Constant Maturity Swap Rate, this Note shall be deemed a “Constant Maturity Swap Rate Note.” Unless otherwise specified on the face hereof, “Constant Maturity Swap Rate” means: (1) the rate for U.S. dollar swaps with the designated maturity specified in the applicable pricing supplement, expressed as a percentage, which appears on the Reuters Screen (or any successor service) ISDAFIX1 Page as of 11:00 A.M., New York City time, on the particular Interest Determination Date; or (2) if the rate referred to in clause (1) does not appear on the Reuters Screen (or any successor service) ISDAFIX1 Page by 2:00 P.M., New York City time, on such Interest Determination Date, a percentage determined on the basis of the mid-market semiannual swap rate quotations provided by the reference banks (as defined below) as of approximately 11:00 A.M., New York City time, on such Interest Determination Date, and, for this purpose, the semi-annual swap rate means the mean of the bid and offered rates for the semi-annual fixed leg, calculated on a 30/360 day count basis, of a fixed-for-floating U.S. dollar interest rate swap transaction with a term equal to the designated maturity

  • Computation of Interest on Debt Securities Interest, if any, on the Debt Securities shall be computed on the basis of a 360-day year of twelve 30-day months, except as may otherwise be provided pursuant to Section 2.03.

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