Adjustable Rate Mode definition
Examples of Adjustable Rate Mode in a sentence
When the Bonds are in the Adjustable Rate Mode, the Bonds will remain in such Mode for as long as the Company continues to deliver timely conversion notices specifying the duration of the next Adjustable Rate Period.
While the Bonds are in the Adjustable Rate Mode or the CP Rate Mode, the Bonds are subject to extraordinary optional redemption in whole on any date at a redemption price equal to the principal amount of Bonds plus accrued interest to the redemption date, without premium, upon the occurrence of certain events specified in the Indenture.
While the Bonds are in the Adjustable Rate Mode, they are subject to optional redemption in whole or in part on any date, at the direction of the Company, only on the dates and at the applicable redemption prices set forth in the Indenture.
The Company may at any time during a Daily Rate Mode or a Weekly Rate Mode or, subject to the limitations described below, during a CP Rate Mode or Adjustable Rate Mode, direct the Trustee to release an existing Letter of Credit and surrender such Letter of Credit to the Bank without substituting an Alternate Credit Facility therefor.
If the conversion is from or within the Adjustable Rate Mode, the conversion date shall be the Adjustable Rate Interest Payment Date upon which the then current Adjustable Rate Period with respect to the Series [Series Designation] Bonds is to terminate; provided that the Corporation has given the Trustee, the Tender Agent and the Remarketing Agent 45-days’ notice of its election to effect such conversion.
In addition, in no event shall the interest rate Mode of the Bonds be converted to the Adjustable Rate Mode for an Adjustable Rate Period extending to the final maturity of the Bonds unless the Company shall have provided to the Issuer and the LGC evidence reasonably acceptable to the Issuer and the LGC that after such conversion, the Bonds will have an Investment Grade Rating.
If the conversion is from or within the Adjustable Rate Mode, the conversion date shall be the Adjustable Rate Interest Payment Date upon which the then current Adjustable Rate Period with respect to the Series [Series Designation] Bonds is to terminate; provided that the Corporation has given the Trustee, the Tender Agent, the Series [Series Designation] Credit Bank and the Remarketing Agent 45-days’ notice of its election to effect such conversion.
If the Bonds are then in the CP Rate Mode or Adjustable Rate Mode, the Company may direct such a release only on a date on which all Bonds may be optionally redeemed pursuant to this Indenture.
If the bonds are then in the CP Rate Mode or Adjustable Rate Mode, the Company may direct such a release only on any date on which al Bonds may be optionally redeemed pursuant to this Indenture.
In connection with any such release of the Letter of Credit, the Bonds shall be subject to mandatory tender; provided, however, that if the Bonds are then in the CP Rate Mode or the Adjustable Rate Mode, the mandatory tender price payable upon the mandatory tender of Bonds as a result of the release of the existing Letter of Credit shall include a premium equal to the redemption premium, if any, at the payable pursuant to the optional redemption provisions of the Indenture.