Available Interest Commitment initially means $__________ (representing ___ days of interest at an annual rate of ___ per cent) and thereafter means such initial amount adjusted from time to time as follows: (a) downward by an amount that bears the same proportion to such initial amount as the amount of any reduction in the Available Principal Commitment pursuant to the definition of "Available Principal Commitment" bears to the initial Available Principal Commitment; and (b) upward by an amount that bears the same proportion to such initial amount as the amount of any increase in the Available Principal Commitment pursuant to the definition of "Available Principal Commitment" bears to the initial Available Principal Commitment.
Available Interest Commitment means, and in no event shall it exceed, $35,506,850 which constitutes two hundred seventy (270) days of interest at twelve percent (12%) on the maximum Available Principal Commitment calculated on the basis of actual number of days and a 365 day year, such initial amount adjusted from time to time as follows:
Available Interest Commitment initially means $6,233,729.17 for the Remarketed Bonds, which initial amount equals 185 days’ interest on the initial amount of the Available Principal Commitment in a Covered Mode based upon, an assumed rate of interest of 15% per annum, computed on the basis of a year of 360 days, and actual days elapsed, and thereafter means such initial amount adjusted from time to time as follows: (a) downward by an amount that bears the same proportion to such initial amount as the amount of any reduction in the Available Principal Commitment, in accordance with clause (a), (b) or (c) of the definition in the FHLB Liquidity Facility of Available Principal Commitment, bears to the initial Available Principal Commitment and (b) upward by an amount that bears the same proportion to such initial amount as the amount of any increase in the Available Principal Commitment, in accordance with clause (d) of the definition in the FHLB Liquidity Facility of Available Principal Commitment, bears to the initial Available Principal Commitment. Any adjustments to the Available Interest Commitment pursuant to clauses (a) or (b) hereof shall occur simultaneously with the occurrence of the events described in such clauses.
Examples of Available Interest Commitment in a sentence
The aggregate Interest Component of all Advances made on any date shall equal the lesser of (i) the Available Interest Commitment on such date and (ii) the actual aggregate amount of interest, if any, accrued on the Commercial Paper Notes to be paid with the proceeds of such Loan.
The aggregate principal amount of the Variable Rate Bonds purchased by the Corporation on any Purchase Date shall not exceed the Available Principal Commitment on such date and the aggregate amount of the Purchase Price comprising interest on Variable Rate Bonds purchased by the Corporation on any Purchase Date shall not exceed the lesser of (1) the Available Interest Commitment and (2) the actual amount of interest accrued and unpaid on such Variable Rate Bonds to but excluding such date.
Any adjustments to the Available Interest Commitment pursuant to clauses (a) or (b) hereof shall occur simultaneously with the occurrence of the events described in such clauses.
The aggregate principal amount of the Bonds purchased by the Corporation on any Purchase Date shall not exceed the Available Principal Commitment on such date and the aggregate amount of the Purchase Price comprising interest on Bonds purchased by the Corporation on any Purchase Date shall not exceed the lesser of (1) the Available Interest Commitment and (2) the actual amount of interest accrued and unpaid on such Bonds to but excluding such date.
The Interest Component of the Purchase Price so to be paid for Series 2016 Bonds on the First Initial Bonds Remarketing Date shall not exceed the Available Interest Commitment (calculated, in each case, without giving effect to any purchase of Series 2016 Bonds by a Purchaser on such date) at 11:00 a.m. (New York time) on such First Initial Bonds Remarketing Date.
More Definitions of Available Interest Commitment
Available Interest Commitment means, and in no event shall it exceed, $4,438,357 which constitutes ninety (90) days of interest at twelve percent (12%) on the maximum Available Principal Commitment calculated on the basis of actual number of days and a 365 day year, such initial amount adjusted from time to time as follows: (a) downward in an amount equal to the Interest Component of any Loan; (b) upward in an amount equal to the Interest Component of any Loan that is repaid, pursuant to the terms of Section 2.03 or 2.07; and (c) downward by an amount that bears the same proportion to the Available Interest Commitment immediately prior to such reduction as the amount of any reduction in the Commitment bears to the Commitment immediately prior to such reduction; provided, however, that after giving effect to any such adjustment the Available Interest Commitment shall never exceed $4,438,357. Any adjustments pursuant to clause (a), (b) or (c) above shall occur simultaneously with the event requiring such adjustment.
Available Interest Commitment initially means $5,706,540, which initial amount equals 189 days’ interest on the initial amount of the Available Principal Commitment based upon an assumed rate of interest of 12% per annum and a year of 360 days, and actual days elapsed, and thereafter means such initial amount adjusted from time to time as follows: (a) downward by an amount that hears the same proportion to such initial amount as the amount of any reduction in the Available Principal Commitment, in accordance with clause (a), (b) or (c) of the definition herein of Available Principal Commitment, bears to the initial Available Principal Commitment and
Available Interest Commitment initially means $ and thereafter means such initial amount adjusted from time to time as follows: (a) downward by an amount that bears the same proportion to such initial amount as the amount of any reduction in the Available Principal Commitment pursuant to the definition of "Available Principal Commitment" bears to the initial Available Principal Commitment; and (b) upward by an amount that bears the same proportion to such initial amount as the amount of any increase in the Available Principal Commitment pursuant to the definition of "Available Principal Commitment" bears to the initial Available Principal Commitment.
Available Interest Commitment initially means $851,507, which initial amount equals thirty-seven (37) days’ interest on the initial amount of the Available Principal Commitment based upon an assumed rate of interest of twelve percent (12%) per annum and a 365-day year for the actual number of days elapsed, and thereafter means such initial amount adjusted from time to time as follows: (a) downward by an amount that bears the same proportion to such initial amount as the amount of any reduction in the Available Principal Commitment, in accordance with clause (a) or (b) of the definition herein of Available Principal Commitment, bears to the initial Available Principal Commitment; (b) upward by an amount that bears the same proportion to such initial amount as the amount of any increase in the Available Principal Commitment, in accordance with clause (c) of the definition herein of Available Principal Commitment, bears to the initial Available Principal Commitment; and (c) downward by an amount that bears the same proportion to such amount as the amount of any decrease in the Maximum Interest Rate bears to the Maximum Interest Rate prior to such decrease. Any adjustments to the Available Interest Commitment shall occur simultaneously with any corresponding adjustments to the Available Principal Commitment. In the event the Mode of the 2007A-2 Bonds is converted to the Term Rate Mode or the Flexible Mode, the Available Interest Commitment shall be increased based upon 187 and 404 days’ interest, respectively, on the then current amount of the Available Principal Commitment; provided, however, that in no event shall the Available Interest Commitment be increased from the Available Interest Commitment in effect as of the Effective Date (except in accordance with the terms of clause (b) above) without the prior written consent of the Bank.
Available Interest Commitment initially means $947,187, representing 35 days’ interest on the Available Principal Commitment based upon an assumed per annum rate of interest equal to 12.00% (based on the actual days elapsed in a year of 365/66 days, as applicable) as such amount shall be adjusted from time to time as follows: (a) downward by an amount that bears the same proportion to the Available Interest Component amount prior to such reduction as the amount of any reduction in the Available Principal Commitment pursuant to the definition of “Available Principal Commitment” bears to the Available Principal Commitment prior to such reduction; and (b) upward by an amount that bears the same proportion to the Available Interest Component amount as the amount of any increase in the Available Principal Commitment pursuant to clause (c) of the definition of “Available Principal Commitment” bears to the initial Available Principal Commitment; provided that after giving effect to such adjustment the Available Interest Commitment shall never exceed $947,187. Any adjustments to the Available Interest Commitment pursuant to clauses (a) and (b) above shall occur simultaneously with the event requiring such adjustment.
Available Interest Commitment means an amount equal to interest that accrues pursuant to the Indenture on the Series 2016 Bonds to the First Initial Bonds Remarketing Date thereof (after the allowable application of capitalized interest with respect thereto and after giving effect to any interest previously paid) and, if not then repurchased with proceeds of a Remarketing in whole, thereafter until so purchased or redeemed or paid in full. The Available Interest Commitment may be adjusted from time to time downward by an amount that bears the same proportion to such amount as the amount of a reduction in the Available Principal Commitment pursuant to the definition of “Available Principal Commitment” bears to the Available Principal Commitment prior to such reduction. Any adjustments pursuant to the previous sentence shall occur simultaneously with the event requiring such adjustment. “Available Principal Commitment” means, initially, ONE HUNDRED FORTY-FOUR MILLION, TWO HUNDRED THOUSAND DOLLARS ($144,200,000), and thereafter shall mean such initial amount adjusted from time to time as follows:
Available Interest Commitment means, with respect to each Bank, initially $575,3 42.47 and, upon any change in the amount of the Available Principal Commitment of such Bank, an amount equal to 35 days of accru ed interest at 10% per annum on the Available Principal Commitment of such Bank then in effect, computed on the basis of a year of 365 days.