Semiannual Mode definition
Examples of Semiannual Mode in a sentence
The interest rate for Bonds in a Semiannual Mode, an Annual Mode or a Multiyear Mode shall be determined in the following manner.
Interest accrued on the Bonds during each Interest Period shall be paid on the next succeeding Interest Payment Date and, while the Bonds are in a Weekly Mode or a Monthly Mode, shall be computed on the basis of a year of 365 or 366 days, as appropriate, for the actual number of days elapsed and, while the Bonds are in a Semiannual Mode, an Annual Mode or a Multiyear Mode, shall be computed on the basis of a year of 360 days and twelve 30-day months.
The interest on the Bonds in a Fixed Rate Mode, Multiannual Mode, Semiannual Mode or Quarterly Mode shall be payable on the applicable Interest Payment Date as herein described, computed on the basis of a 360-day year of twelve 30-day months.
Written notice of a conversion from the Semiannual Mode shall be given by the Company to the Issuer, the Trustee, the Paying Agent, the Remarketing Agent and the Rating Agencies not fewer than 45 days prior to the proposed Conversion Date, which date shall be specified by the Company in such notice.
The Trustee shall give notice to Bondowners of the mandatory tender for Bonds on an Interest Mode Adjustment Date, on an Alternate Credit Facility Date, if the Bonds are in a Multiyear Mode, Annual Mode or Semiannual Mode on a Rate Adjustment Date, on the Termination Date and on the Mandatory Purchase Date in accordance with the provisions of the Indenture.
The Bonds may be converted in whole or in part to the Daily Mode, the Flexible Mode, the Weekly Mode, the Monthly Mode, the Quarterly Mode, the Semiannual Mode, any Interest Rate Period in the Multiannual Mode or the Fixed Rate Mode upon compliance with the conditions set forth in this Indenture.
Bonds (or portions thereof) in the Daily Mode, Weekly Mode, Monthly Mode, Quarterly Mode and Semiannual Mode shall be selected by lot and the selection of the Bonds to be converted shall occur prior to the date notice of mandatory tender is sent by the Paying Agent to the Bondowners pursuant to Sections 2.02(B)(4), 2.02(C)(4), 2.02(D)(4), 2.02(E)(4) and 2.02(F)(4).
Bonds in the Semiannual Mode are subject to mandatory tender for purchase as provided in the form of Bond and in Section 2.11 hereof.
The Semiannual Rate shall be the rate of interest determined by the Remarketing Agent, for each Interest Rate Period, to be the lowest rate which in its judgment, on the basis of prevailing financial market conditions, would permit the sale of the Bonds in the Semiannual Mode at par plus accrued interest on and as of the Effective Date, but not in excess of the Maximum Rate.
Not more than 30 nor less than 20 days prior to each Determination Date for the Series 1998A Bonds that immediately precedes a Calculation Period during which the Series 1998A Bonds are to be in the Semiannual Mode, the Annual Mode or any Multiyear Mode, the Trustee shall send to each Owner of Series 1998A Bonds a Notice of Interest Rate Adjustment substantially in the form attached as Exhibit B, with such changes therein as the Trustee may in its discretion approve.