Minimum Applicable Rate definition

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Minimum Applicable Rate. , on any Auction Date, shall mean 58% of the 60-day “AA” Composite Commercial Paper Rate in effect on the date of such Auction.

Minimum Applicable Rate means 4% per annum.

Examples of Minimum Applicable Rate in a sentence

The Minimum Applicable Rate, if any, will apply automatically following an Auction in which all of the Outstanding shares of the relevant series of ATP are subject (or are deemed to be subject) to Hold Orders or Hold/Sell Orders.
Time on Auction Date Event By 9:30 A.M. Trust Company advises Company and Broker-Dealers of 60-day "AA" Composite Commercial Paper Rate, the Minimum Applicable Rate and the Maximum Applicable Rate as set forth in Section 2.2 (a) hereof.
Time on Auction Date Event -------------------- ----- Between 9:30 A.M. Trust Company advises the Company and Broker-Dealers of 60-day "AA" Composite Commercial Paper Rate, the Minimum Applicable Rate and Maximum Applicable Rate as set forth in Section 2.2(d)(i) hereof.
If all of the Preferred Securities are subject to Submitted Hold Orders, there will be no Available Preferred Securities and the Applicable Rate for the next Distribution Period will be the Minimum Applicable Rate on such Auction Date determined by the Auction Agent in consultation with the Administrative Trustees.
If all Existing Holders submit (or are deemed to have submitted) Hold Orders, the Minimum Applicable Rate will apply (90% of the 30-day "AA" Composite Commercial Paper Rate in effect at the close of business on the Business Day next preceding the applicable Auction Date).
The Applicable Rate that results from an Auction will not be lower than 90% (the "Minimum Applicable Rate") or greater than 175% (the "Maximum Applicable Rate") of the 30-day "AA" Composite Commercial Paper Rate at the close of business on the Business Day next preceding the applicable Auction Date.
With respect to a Dividend Period of 93 days or fewer, the Minimum Applicable Rate will apply automatically following an Auction in which all of the Outstanding shares of ATP Series C are subject (or are deemed to be subject) to Hold Orders.
Date Event -------------------- ----- By 9:30 A.M. Trust Company advises Company and Broker-Dealers of 60-day "AA" Composite Commercial Paper Rate, the Minimum Applicable Rate and the Maximum Applicable Rate as set forth in Section 2.2 (a) hereof.

More Definitions of Minimum Applicable Rate

Minimum Applicable Rate with respect to any date means (i) with respect to an Auction relating to a Long-Term Distribution Period or a Short-Term Distribution Period of 184 days or more, 58% of the Treasury Index Rate at the close of business on the Business Day next preceding the related Auction Date and (ii) with respect to an Auction relating to a Short-Term Distribution Period of less than 184 days, 58% of the Commercial Paper Rate at the close of business on the Business Day next preceding the related Auction Date.

Minimum Applicable Rate for any Auction Date means 59% of the 60-day "AA" Composite Commercial Paper Rate in effect on such Auction Date.

Minimum Applicable Rate means, on any Auction Date with respect to a Dividend Period of 93 days or fewer, 80% of the AA Composite Commercial Paper Rate at the close of business on the Business Day next preceding such Auction Date. There shall be no Minimum Applicable Rate on any Auction Date with respect to a Dividend Period of more than 93 days." FOURTH: Part I of the Articles Supplementary to the Fund's Articles of Amendment and Restatement, as heretofore amended, is hereby further amended by adding new Section 18 (nn)(iv) as follows: