SERIES INTEREST RATE Sample Clauses
The SERIES INTEREST RATE clause defines the specific interest rate applicable to a particular series of financial instruments, such as bonds or notes, issued under a broader program. This clause typically outlines how the interest rate is determined—whether it is fixed, variable, or linked to a benchmark—and may specify the calculation method, payment frequency, and relevant dates. By clearly stating the interest rate terms for each series, the clause ensures transparency for investors and issuers, helping to prevent disputes and providing certainty regarding payment obligations.
SERIES INTEREST RATE. SECTION 2.5.1. DETERMINING THE INTEREST RATE. By purchasing 1999 Notes, whether in an Auction or otherwise, each purchaser of the 1999 Notes or its Broker-Dealer, must agree and shall be deemed by such purchase to have agreed (i) to participate in Auctions on the terms described herein, (ii) to have its beneficial ownership of the 1999 Notes maintained at all times in Book-Entry Form for the account of its Participant, which in turn will maintain records of such beneficial ownership and (iii) to authorize such Participant to disclose to the Auction Agent such information with respect to such beneficial ownership as the Auction Agent may request. So long as the ownership of a Series of 1999 Notes is maintained in Book-Entry Form, an Existing Note Owner may sell, transfer or otherwise dispose of 1999 Notes of such Series only pursuant to a Bid or Sell Order placed in an Auction or otherwise sell, transfer or dispose of 1999 Notes through a Broker-Dealer, provided that, in the case of all transfers other than pursuant to Auctions, such Existing Note Owner, its Broker-Dealer or its Participant advises the Auction Agent of such transfer. Auctions shall be conducted on each Auction Date, if there is an Auction Agent on such Auction Date, in the following manner (such procedures to be applicable separately to each Series of the 1999 Notes):
(i) Prior to the Submission Deadline on each Auction Date relating to a Series of 1999 Notes:
(A) each Existing Note Owner of the applicable Series of 1999 Notes may submit to a Broker-Dealer by telephone or otherwise any information as to:
(1) the principal amount of Outstanding 1999 Notes of such Series, if any, owned by such Existing Note Owner which such Existing Note Owner desires to continue to own without regard to the Series Interest Rate for the next succeeding Auction Period;
(2) the principal amount of Outstanding 1999 Notes of such Series, if any, which such Existing Note Owner offers to sell if the Series Interest Rate for the next succeeding Auction Period shall be less than the rate per annum specified by such Existing Note Owner; and/or
(3) the principal amount of Outstanding 1999 Notes of such Series if any owned by such Existing Note Owner which such Existing Note Owner offers to sell without regard to the Series Interest Rate for the next succeeding Auction Period; and
(B) one or more Broker-Dealers may contact potential Note Owners to determine the principal amount of 1999 Notes of such Series which each po...
SERIES INTEREST RATE