Auction Rate Security definition

Auction Rate Security means any type of debt instrument, including, without limitation, any corporate or municipal bond, which has a long-term nominal maturity for which the interest rate is reset through a dutch auction and more commonly referred to as an auction rate security.
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Examples of Auction Rate Security in a sentence

  • On any Payment Date on which the Indenture Trustee pays only a portion of the Carry-over Amount (and any interest accrued thereon) on Auction Rate Securities, the Indenture Trustee shall give written notice in the manner set forth in the immediately preceding paragraph to the Noteholder of such Auction Rate Security receiving such partial payment of the Carry-over Amount remaining unpaid on such Auction Rate Security.

  • Upon surrender of any Auction Rate Security for redemption in part only, the Issuer shall execute and the Indenture Trustee shall authenticate and deliver to the Noteholder thereof, the cost of which shall be paid by the Issuer, a new Auction Rate Security or Auction Rate Securities of the same series, maturity and of authorized denominations, in an aggregate principal amount equal to the unredeemed portion of the Auction Rate Security surrendered.

  • In no event shall Client be entitled to instruct CGMI after the making of the first Advance hereunder to sell any Auction Rate Security (or other security) the Market Value of which is less than 75% of the face amount of such Auction Rate Security (or other security) without CGMI’s prior written consent.

  • Such Carry-over Amount shall be separately calculated for each Auction Rate Security by the Indenture Trustee during such Interest Period in sufficient time for the Indenture Trustee to give notice to each Noteholder of such Carry-over Amount as required in the next succeeding sentence.

  • Not less than four days before the Payment Date for an Interest Period with respect to which such Carry-over Amount has been calculated by the Indenture Trustee, the Indenture Trustee shall give written notice to each Noteholder the Auction Agent and the Issuer of the Carry-over Amount applicable to each Auction Rate Security, which written notice may accompany the payment of interest made to the Noteholder on such Payment Date.

  • After the payment of such unclaimed money to the Local Agency, the former Owner of such Auction Rate Security shall look only to the Local Agency for the payment of the Tender Price.

  • The Trustee shall require the payment by the Auction Rate Security Owners requesting such exchange of any tax or other governmental charge required to be paid with respect to such exchange.

  • In no event shall Client be entitled to instruct CGMHI after the making of the first Advance hereunder to sell any Auction Rate Security (or other security) the Market Value of which is less than 75% of the face amount of such Auction Rate Security (or other security) without CGMHI’s prior written consent.

  • Any money which the Trustee segregates and holds in trust for the payment of the Tender Price of any Auction Rate Security which remains unclaimed for two years after the date of purchase shall be paid to the Local Agency.

  • While this Bond is an Auction Rate Security, except as otherwise specifically provided in the Trust Agreement, the provisions of the Trust Agreement and the Auction and Settlement Procedures set forth in the Auction Agent Agreement shall govern the interest rates per annum and the payment terms of this Bond.