Auction Note Interest Rate definition

Auction Note Interest Rate means the Variable Rate of interest per annum borne by an Auction Rate Note for each Auction Period and determined in accordance with the provisions of Sections 2.01 and 2.02 of this Appendix A-2; provided, however, that in the event of a Payment Default, the Auction Note Interest Rate shall equal the applicable Non-Payment Rate; provided, further, however that such Auction Note Interest Rate shall in no event exceed the lesser of the ARS Student Loan Rate and the Maximum Rate.

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Auction Note Interest Rate means each variable rate of interest per annum borne by an Auction Rate Note for each Auction Period and determined in accordance with the provisions of Sections 2.01 and 2.02 hereof; provided, however, that in the event of a Payment Default, the Auction Note Interest Rate shall equal the applicable Non-Payment Rate; provided, further, however that such Auction Note Interest Rate shall in no event exceed the applicable Maximum Auction Rate.

Auction Note Interest Rate shall have the meaning given to such term in Appendix A-2 to the Indenture.

Examples of Auction Note Interest Rate in a sentence

The Auction Note Interest Rate to be borne by the Auction Rate Notes after such Initial Period for each Auction Period until an Auction Period Adjustment, if any, shall be determined as described below.
If the condition referred to in (A) above is not met, the applicable Auction Note Interest Rate for the next Auction Period shall be determined pursuant to the above provisions of this Section 2.02 and the Auction Period shall be the Auction Period determined without reference to the proposed change.
If the condition referred to in (A) is met but the condition referred in (B) above is not met, the applicable Auction Note Interest Rate for the next Auction Period shall be the applicable Maximum Rate and the Auction Period shall be the Auction Period determined without reference to the proposed change.
The Auction Note Interest Rate of the Auction Rate Notes for each Auction Period shall be the Auction Rate in effect for such Auction Period as determined in accordance with Section 2.02(a) of this Appendix A-2; provided that if, on any Interest Rate Determination Date, an Auction is not held for any reason, then the Auction Note Interest Rate on such Auction Rate Notes for the next succeeding Auction Period shall be the applicable Cap Rate.
The Indenture Trustee shall, upon request, notify the Noteholders and the Issuer of Auction Rate Notes of the applicable Auction Note Interest Rate applicable to such Auction Rate Notes for each Auction Period not later than the third Business Day of such Auction Period.
The Indenture provides that the interest rate for each Series of Auction Rate Notes for each Auction Period after its respective Initial Period shall, except as otherwise provided in the Indenture, equal the Auction Note Interest Rate that the Auction Agent advises has resulted on the Auction Date from the implementation of the Auction Procedures set forth in Appendix B to the Indenture.
The Auction Note Interest Rate to be borne by the Auction Rate Securities after such Initial Period for each Auction Period until an Auction Period Adjustment, if any, shall be determined as described below.
Thereafter, and except with respect to an Auction Period Adjustment, the Auction Rate Notes shall bear interest at an Auction Note Interest Rate based on a 28-day Auction Period for the Auction Rate Notes, as determined pursuant to this Section 2.01 and Section 2.02 of this Appendix A-2.
In accordance with Section 2.02(a)(iii)(B) and (C) of this APPENDIX A-2, the Auction Agent shall promptly give written notice to the Indenture Trustee and the Issuer of each Auction Note Interest Rate (unless the Auction Note Interest Rate is the applicable Non-Payment Rate) and the Maximum Rate when such rate is not the Auction Note Interest Rate, applicable to the Auction Rate Notes.
Summer and evening school programs shall be provided flexibility of design and implementation following the guidelines set forth below.

More Definitions of Auction Note Interest Rate

Auction Note Interest Rate means each variable rate of interest per annum borne by Auction Rate Securities for each Auction Period determined in accordance with the provisions of Sections 2.01 and 2.02 of this Appendix A; provided, however, that in the event of a Payment Default, the Auction Note Interest Rate shall equal the applicable Non-Payment Rate; provided, further, however, that such Auction Note Interest Rate shall in no event exceed the lesser of the Net Loan Rate and the Maximum Rate.