Initial Rate Adjustment Date definition
Examples of Initial Rate Adjustment Date in a sentence
Each such Auction Period shall commence on and include the first day following the expiration of the immediately preceding Auction Period and terminate on and include the day immediately preceding the next Remittance Day; provided, however, that in the case of the Auction Period that immediately follows the Initial Period for the Certificates, such Auction Period shall commence on and include the Initial Rate Adjustment Date.
The Initial Rate Adjustment Date for each Class of Notes shall be the Class Initial Rate Adjustment Date.
Each such Auction Period after the Initial Period shall commence on and include the day following the expiration of the immediately preceding Auction Period and terminate on and include the third Business Day of the following fourth week in the case of the Class A-3 Notes and the Class A-4 Notes; provided, however, that in the case of the Auction Period that immediately follows the Initial Period for the Auction Rate Notes, such Auction Period shall commence on the Initial Rate Adjustment Date.
Interest shall accrue on the unpaid principal amount of this Note from the Note Date through and until the Initial Rate Adjustment Date (as defined below) at the rate of seventeen and one half percent (17.50%) per annum.
For purposes of this paragraph the Index shall be the spread between 8 1/2% and the rate on U.S. Treasury bills with five (5) year maturities on the Initial Rate Adjustment Date.