Variable Rate Indebtedness. In connection with the furnishing of its annual report to the RUS pursuant to Section 5.9, if requested by the RUS, the Borrower shall report to the RUS, in such written format as may be acceptable to the RUS, the specific maturities of all of the Borrower’s outstanding indebtedness and the interest rates applicable thereto, including, without limitation, with respect to any indebtedness not bearing a fixed rate through the maturity of such indebtedness the method and timing for adjustment and readjustment of the applicable interest rate.
Variable Rate Indebtedness. The Loans and all other Indebtedness of the Borrower which bears interest at a rate which is not fixed either through maturity or for a term of at least thirty-six (36) months from the date that such fixed rate became effective. Voting Interests. Stock or similar ownership interests, of any class or classes (however designated), the holders of which are at the time entitled, as such holders, (a) to vote for the election of a majority of the directors (or persons performing similar functions) of the corporation, association, partnership, trust or other business entity involved, or (b) to control, manage or conduct the business of the corporation, partnership, association, trust or other business entity involved.
Variable Rate Indebtedness. The aggregate pro rata amount of the Indebtedness (including the Obligations) of the Consolidated Group which is Variable Rate Indebtedness shall not exceed twenty percent (20%) of the Total Asset Value.
Variable Rate Indebtedness. The Loans and all other Indebtedness of the Borrower which bears interest at a rate which is not fixed through the maturity of such Indebtedness.
Variable Rate Indebtedness. In determining the Debt Service Requirements on any portion of Long-Term Indebtedness constituting Variable Rate Indebtedness in the course of the various calculations required under certain provisions of this Loan Agreement, interest on such portion of Indebtedness for the period of determination shall be computed by the Corporation (i) for any portion of Variable Rate Indebtedness that has a determinable fixed rate for any period, using such determinable fixed rate for such period (without regard to potential future rate adjustments based on conditions subsequent, e.g., taxable rates, default rates, and rating or corporate tax rate change based adjustments), and (ii) for any portion of Variable Rate Indebtedness for which the rate is not determinable, at the election of the Corporation, using one of (a) the Index Rate, (b) the rate based on any formula or index for such future period provided in the instrument for such Indebtedness determined using then current market information as of the date of computation, (c) the rate then in effect for such Indebtedness as of the date of computation, or (d) the actual average rate effective for the Indebtedness for the most recent 12-month period.
Variable Rate Indebtedness. In determining the Debt Service Requirements on any Indebtedness which provides for interest to be payable thereon at a rate per annum that may vary from time to time over the term thereof in accordance with procedures provided in the instrument creating such Indebtedness and which for any future period of time is not susceptible of precise determination, the interest rate on such Indebtedness for any period prior to the date of calculation or for which the interest rate has been determined shall be the actual interest rate payable during such period, and for each year in which such Indebtedness is Outstanding and for which the actual interest rate cannot be determined, the interest rate on such Indebtedness for the period of determination shall be deemed to be the higher of the average annual rate of interest payable on such Indebtedness during the 12 months immediately preceding the date of calculation or the current rate, or if such Indebtedness is to be incurred (or was incurred less than 12 months preceding such date), the higher of the initial rate or the average annual rate of interest payable on such Indebtedness during such period immediately preceding the date of calculation.
Variable Rate Indebtedness. If any of the outstanding Indebtedness or of the additional bonds of the Series to be issued constitute Variable Rate Indebtedness, then for purposes of the amounts shown in items (ii) and (iii) of clause (d) above, (i) the interest rate used in such computation shall be the lower of (1) the maximum interest rate established in a Supplemental Agreement for such bonds or Indebtedness and (2) if and so long as an interest- rate guaranty agreement or an interest-rate protection agreement is in effect with an institution that is rated by Xxxxx'x Investors Service, Inc. and Standard & Poor's Corporation in a category that is equal to or higher than the category in which the bonds or Indebtedness are rated, the maximum interest rate to be paid by the Authority on such bonds or Indebtedness in accordance with such agreement and (ii) any obligation the Authority may have to make any payments in respect of any such agreement shall be subordinated to the obligation of the Authority on the bonds and Parity Indebtedness and be payable in accordance with the provisions of Section 514 or from funds not constituting Net Revenues of the Authority. The conversion of bonds or Indebtedness constituting Variable Rate Indebtedness to bear interest at a different variable rate or a fixed rate or rates, in accordance with their terms, shall not constitute a new issuance of bonds under Sections 208(II) or (III), 209, 210, 211 or 212 of this Agreement. The proceeds (excluding accrued interest) of such bonds shall be transferred by the Trustee to the Depositary designated by the Authority for deposit to the credit of the Construction Fund; provided, however, that the Trustee shall deduct from such proceeds and deposit to the credit of the Second Senior Bond Reserve Account such amount, if any, as may be required to make the amount then to the credit of the Second Senior Bond Reserve Account equal to the Second Senior Bond Reserve Account Requirement for all senior bonds and Parity Indebtedness then outstanding; and provided further, that the Trustee shall deduct from such proceeds and (i) apply to the payment of such principal amount of outstanding notes or other obligations theretofore issued by the Authority to finance temporarily the cost of completing any such Turnpike Projects or Improvements or the cost of any such Turnpike Projects or Improvements referred to in clauses (i) and (ii) of the first paragraph of this Section, including any unpaid interest thereon, such sum and (...
Variable Rate Indebtedness. The amount transferred or disbursed to any Debt Service Account pursuant to subsection (d) of this Section with respect to interest on Variable Rate Indebtedness shall be determined in a manner consistent with the Debt Service Calculation Assumption.
Variable Rate Indebtedness. The Loans and all other Indebtedness of the Borrower which bears interest at a rate which is not fixed through the maturity of such Indebtedness. Voting Interests. Stock or similar ownership interests, of any class or classes (however designated), the holders of which are at the time entitled, as such holders, (a) to vote for the election of a majority of the directors (or persons performing similar functions) of the corporation, association, partnership, trust or other business entity involved, or (b) to control, manage or conduct the business of the corporation, partnership, association, trust or other business entity involved.
Variable Rate Indebtedness. Other than the Loan and construction loans for Projects, Borrower and Guarantor will not incur unprotected variable rate indebtedness in excess of Ten Million Dollars ($10,000,000).
