Mode Period definition
Examples of Mode Period in a sentence
During the Bank Purchase Mode Period, the Series 2015 Bonds would bear interest at the Bank Purchase Rate (1.17% plus 67% of 1M BBA LIBOR), reset monthly, with principal and interest payments determined using a 15-year amortization schedule.
The agreement provided that Regions would hold the Series 2015 Bonds during the Bank Purchase Mode Period, which runs through March 2030.
If the Series 2012 Bonds could not be remarketed at the end of the Initial Mode Period, the Hospital would be subject to payment of the remaining principal of approximately$4,400,000 at the end of the Initial Mode Period.
At the end of the Initial Mode Period, the Series 2012 bonds may be converted to another interest rate mode and remarketed to another bondholder or holders or renewed for another term period with Regions.
During the Initial Mode Period, the Series 2012 Bonds would bear interest at the Initial Rate Mode (59.5% of Libor plus 232 or 247 basis points depending on the cash to debt ratio but in no event less than 2.45%) for 60 months with principal and interest payments determined using a 20-year amortization schedule.
The agreement provided that Regions would hold the Series 2012 Bonds during the Initial Mode Period which runs through March 2017.
The agreement provided that Regions would hold the Series 2015 Bonds during the Bank Purchase Mode Period which runs through March 2030.
The Authority shall give written notice of an alternate Mode Period to the other Notice Parties and the Trustee shall give written notice of such Mode Change to the Owners, each in accordance with the provisions of the Mode Period Chart below; provided, however, that each Mode Change Date must be an Effective Rate Date for such alternate Mode 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.
Thereafter, unless Conversion has occurred, the Authority may designate an alternate Mode Period with respect to any Bonds.