Auction Rate Securities definition

Auction Rate Securities means bonds and preferred stock whose interest rates are reset periodically, usually every 7, 28, 35 or 49 days, by a Dutch auction process where buyers and sellers competitively bid to determine the rates on each auction date.

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Auction Rate Securities means any and all securities determined by the Bank, in its sole and absolute discretion, as being commonly referred to as “Auction Rate Securities,” which, for greater certainty, include, without limitation, debt securities on which the interest rate payable is periodically re-set by an auction process and/or equity securities on which any dividend payable is periodically re-set by an auction process.

Auction Rate Securities means long-term variable rate bonds tied to short-term interest rates that are reset through a dutch auction.

Examples of Auction Rate Securities in a sentence

If to the Auction Bankers Trust Company Agent, addressed to: Corporate Trust and Agency Group Four Alba▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ Attention: Auction Rate Securities Telecopier No.: (212) ▇▇▇-▇▇▇▇ Telephone No.: (212) ▇▇▇-▇▇▇▇ ▇▇ such other address or telecopier number as such party hereafter may specify for such purpose by notice to the other party.
The Bonds and Additional Bonds may be issued as Standard Bonds, Capital Appreciation Bonds, Listed Securities, Auction Rate Securities, Index Bonds, Convertible Capital Appreciation Index Bonds, Convertible Capital Appreciation Bonds and Bonds with other Modes as set forth in a Supplemental Trust Agreement; this Bond is a Standard Bond.
Failure to give such notice or any defect therein shall not affect the validity of any proceedings for the redemption or purchase of such Auction Rate Securities for which no such failure or defect occurs.
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.
If to the Auction Agent, addressed: Deutsche Bank ▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ Attention: Auction Rate Securities Telecopier No.: (▇▇▇) ▇▇▇-▇▇▇▇ Telephone No.:(▇▇▇) ▇▇▇-▇▇▇▇ or such other address or telecopy number as such party may hereafter specify for such purpose by notice to the other party.

More Definitions of Auction Rate Securities

Auction Rate Securities means any debt instruments with a long-term nominal maturity for which the interest rate is reset through a "dutch auction" process with interest on such Auction Rate Securities being paid at the end of each such auction period; provided, however, that such Auction Rate Securities shall have, at the time of purchase, one of the two highest rating categories obtainable from either Moody's or S&P.

Auction Rate Securities means securities issued by State or local governments of the United States or political subdivisions thereof, the applicable interest rate on which is under normal circumstances subject to adjustments based on periodic remarketing or other auction process (commonly referred to as auction rate securities).

Auction Rate Securities means any auction rate securities permitted by clause (f) of the definition of Permitted Investments.

Auction Rate Securities means, on any date, the Bonds when bearing interest as auction rate securities as provided in Article IIIA of this Indenture and the Auction Procedures applicable thereto.

Auction Rate Securities means, collectively, the Class A Notes and the Class B Notes.

Auction Rate Securities means debt securities whose rate is reset periodically, but no less often than every 90 days, pursuant to an auction.

Auction Rate Securities means any and all securities determined by the Bank in its sole and absolute discretion, as being commonly referred to as “Auction Rate Securities,” which for greater certainty include without limitation, debt securities on which the interest rate payable is periodically re-set by an auction process and/or equity securities on which any dividend payable is periodically re-set by an auction process.