Direct Purchase Rate definition

Direct Purchase Rate means either a Direct Purchase Fixed Rate or a Direct Purchase Variable Rate. The Direct Purchase Rate for the Initial Direct Purchase Rate Period shall be a Direct Purchase Variable Rate equal to the sum of LIBOR + Designated Basis Points determined on each Interest Rate Determination Date, which shall be in effect for the next Interest Rate Period.

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Direct Purchase Rate means an interest rate determined on each Computation Date equal to the product of (i) the sum of (A) the product of the LIBOR Index multiplied by 70% plus (B) the Direct Purchase Applicable Spread, multiplied by (ii) the Margin Rate Factor.

Direct Purchase Rate means the interest rate per annum equal to the sum of LIBOR plus Designated Basis Points determined by the Administrative Agent on each Interest Rate Determination Date, which interest rate determination shall be conclusive absent manifest error, and shall be in effect for the next succeeding Interest Period.

Examples of Direct Purchase Rate in a sentence

• Interest at a Direct Purchase Rate shall be computed on the basis of a 360-day year for the actual number of days elapsed.

• If a Direct Purchase Mode is in effect with respect to a Bond, the Purchaser Agent shall notify the Trustee in writing of the beginning and end of the Direct Purchase Rate Period, and the Trustee shall also specify such dates on the certificate for such Bond when authenticated.

• Thereafter any time the Bonds are in the Direct Purchase Rate Mode, in the event the Holder thereof has not elected to tender its Bonds on the Business Day immediately succeeding such Direct Purchase Rate Period pursuant to Section 6.4(a) hereof and the Borrower has not directed a Conversion of the Interest Rate Mode, the Bonds shall continue to bear interest at the Direct Purchase Rate then in effect for successive one year Direct Purchase Rate Periods.

• The specific Direct Purchase Fixed Rate or Direct Purchase Variable Rate applicable for each Direct Purchase Rate Period shall be specified on the Bond authenticated and delivered with respect to such Direct Purchase Rate Period under Section 6.1(f) of this Indenture.

• The bonds are not subject to Optional Tender while in Term Rate Mode or Direct Purchase Mode, except on the Business Day immediately succeeding the last day of a Direct Purchase Rate Period.

• All bonds must be in the same Interest Rate Mode at the same time, and if in Direct Purchase Mode, must be in the same Direct Purchase Rate Period.

• Notwithstanding the foregoing, in no event shall any Bond commence bearing interest at the new Direct Purchase Rate for a new Direct Purchase Rate Period unless and until a Favorable Tax Opinion has been delivered to the Purchaser Agent and the Corporation with respect to such change.

• No such conversion is permitted during a Term Rate Period or during a Direct Purchase Rate Period.

• Whenever the bonds are converted from another Interest Rate Mode to a Direct Purchase Mode or from one Direct Purchase Mode Period to another Direct Purchase Mode Period, the Purchaser Agent shall notify the Trustee in writing of the beginning and end of the Direct Purchase Rate Period, and the Trustee shall specify such dates on the certificate for such bond when authenticated.

• The specific dates on which a Direct Purchase Rate Period begins and ends with respect to each Bond in Direct Purchase Mode shall be specified in such Bond, as authenticated and delivered under Section 6.1(f) of this Indenture.

More Definitions of Direct Purchase Rate

Direct Purchase Rate means the per annum interest rate on the Series 2020 D Bonds in the Direct Purchase Rate Mode established on each Rate Determination Date equal to the sum of (a) percent ( %) multiplied by LIBOR, plus (b) the Margin, as such rate of interest is determined by the Trustee pursuant to Section 204(a) hereof.

Direct Purchase Rate means an interest rate designated as such and determined in accordance with the Direct Purchase Agreement.

Direct Purchase Rate means the interest rate per annum on Direct Purchase Bonds determined on a periodic basis as provided in Section 2.26 of this 2025 Series A and 2025 Series B Series Resolution, which Direct Purchase Rate may be a fixed rate for the duration of the Direct Purchase Rate Period.

Direct Purchase Rate means an initial rate of interest of (i) 3.96% per annum with respect to the 2024 Series G-1 Bonds, (ii) 3.94% per annum with respect to the 2024 Series G-2 Bonds, (iii) 3.98% per annum with respect to the 2024 Series G-3 Bonds, (iv) 3.99% per annum with respect to the 2024 Series G-4 Bonds, (v) 3.79% per annum with respect to the 2024 Series G-5 Bonds, (vi) 3.79% per annum with respect to the 2024 Series G-6 Bonds, (vii) 3.79% per annum with respect to the 2024 Series G-7 Bonds, and (viii) 3.79% per annum with respect to the 2024 Series G-8 Bonds, or upon the occurrence and continuance of an Event of Default (as defined in the Continuing Covenant Agreement), the Default Rate, or in the event a Determination of Taxability (as defined in the Continuing Covenant Agreement) occurs, the Taxable Rate as provided for in the Continuing Covenant Agreement.