REPS Interest Rate definition

REPS Interest Rate means the rate equal to the Base Rate established by a Callholder, after consultation with the Company, at or prior to the commencement of the applicable REPS Mode, plus the Applicable Spread, which will be based on the Dollar Price. "REPS Mode" shall mean, with respect to any Note, the Interest Rate Mode in which such Note shall bear interest and be subject to remarketing as "REset Put Securities" ("REPS") as provided for in Article Three hereof. "REPS Period" shall mean, with respect to any Note remarketed by the Initial Callholder on the Initial REPS Remarketing Date, that portion of the REPS Rate Period commencing on the Initial REPS Remarketing Date up to, but excluding, the next succeeding Interest Rate Adjustment Date. "REPS Rate Period" shall mean an Interest Rate Period for any Note in the REPS Mode established by the Company as a period of more than 364 days and less than the remaining term to the Stated Maturity of such Note; provided, however, that such Interest Rate Period must end on the day prior to an Interest Payment Date for such Note. The REPS Rate Period shall consist of the period to and excluding the REPS Remarketing Date and the period from and including the REPS Remarketing Date to, but excluding, the next succeeding Interest Rate Adjustment Date. "REPS Remarketing Agreement" shall mean the agreement by and between the Company and the Callholder dated as of the date commencing the applicable REPS Rate Period that sets forth the rights and obligations of the Company and the Callholder with respect to the remarketing of Notes in the REPS Mode. "REPS Remarketing Date" shall mean the date designated by the Callholder, after consultation with the Company, upon which the Callholder may elect to remarket the Notes at the REPS Interest Rate. "Reuters Screen U.S. PRIME 1 Page" shall mean the display designated as page "U.S. PRIME 1" on the Reuters Monitor Money Rates Service (or any successor service) on the U.S. PRIME 1 Page (or such other page as may replace the U.S. PRIME 1 Page on such service) for the purpose of displaying prime rates or base lending rates of major United States banks. "Special Interest Rate" shall have the meaning set forth in Section 205 hereof. "Special Mandatory Purchase" shall have the meaning specified in Section 210(a) hereof. "Spread" shall mean the number of basis points to be added to or subtracted from the related Interest Rate Basis or Bases applicable to an Interest Rate Period for such Note.
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Examples of REPS Interest Rate in a sentence

  • From and including the REPS Remarketing Date to, but excluding, the next succeeding Interest Rate Adjustment Date, the Notes will bear interest at the REPS Interest Rate.

  • Provided the Callholder has previously notified the Company and the Trustee on the Notification Date of its intention to purchase all tendered Notes on the REPS Remarketing Date, the Callholder will notify the Company, the Trustee and the Depositary by telephone, confirmed in writing, by 4:00 p.m., New York City time, on the Determination Date, of the REPS Interest Rate.

  • Provided that the Callholder gives notice to the Company and the Trustee on or before the Notification Date of its intention to purchase the Notes for remarketing, each Note will be automatically tendered, or deemed tendered, to the Callholder for remarketing at the REPS Interest Rate on the REPS Remarketing Date, except in the circumstances described in subsection (b)(2) and Section 305 below with regard to failure of the Callholder to purchase the Notes.

  • The REPS Interest Rate announced by the Callholder, absent manifest error, shall be binding and conclusive upon the Beneficial Owners and holders of the Notes, the Company and the Trustee.