SPURS Mode definition

SPURS Mode means, with respect to any Note, the Interest Rate Mode in which such Note shall bear interest and be subject to remarketing as "Structured PUtable Remarketable Securities" ("SPURS") as provided for in Article Three hereof.
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SPURS Mode means, with respect to any Note, the Interest Rate Mode in which such Note shall bear interest and be subject to remarketing as "Structured PUtable Remarketable Securities" ("SPURS") as provided for in Article Three hereof. "SPURS Period" shall mean, with respect to any Note remarketed by the Initial SPURS Agent on the Initial SPURS Remarketing Date, that portion of the SPURS Rate Period commencing on the Initial SPURS Remarketing Date up to, but excluding, the next succeeding Interest Rate Adjustment Date. "SPURS Rate Period" shall mean an Interest Rate Period for any Note in the SPURS 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 SPURS Rate Period shall consist of the period to and excluding the SPURS Remarketing Date and the period from and including the SPURS Remarketing Date to, but excluding, the next succeeding Interest Rate Adjustment Date. "SPURS Remarketing Agreement" shall mean the agreement by and between the Company and the SPURS Agent dated as of the date commencing the applicable SPURS Rate Period that sets forth the rights and obligations of the Company and the SPURS Agent with respect to the remarketing of Notes in the SPURS Mode. "SPURS Remarketing Date" shall mean the date designated by the SPURS Agent, after consultation with the Company, upon which the SPURS Agent may elect to remarket the Notes at the SPURS Interest Rate. "Stated Maturity" shall mean July 15, 2038. "Treasury Bills" shall have the meaning specified in Section 206(b)(6) hereof. "Treasury Rate" shall have the meaning specified in Section 206(b)(6) hereof. "Weekly Rate Period" shall have the meaning specified in Section 204(e)(1) hereof.
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Examples of SPURS Mode in a sentence

  • The Floating Interest Rate Notice must identify by CUSIP number or otherwise the portion of the Note to which it relates and state the Interest Rate Period (or portion thereof, in the case of the SPURS Mode) therefor to which it relates.

  • Notes will be purchased on such Interest Rate Adjustment Date in accordance with the procedures set forth in "Remarketing and Settlement" or, as the case may be, "SPURS Mode" below.

  • Each Note in the SPURS Mode shall bear interest at the annual interest rate established by the SPURS Agent from, and including the Interest Rate Adjustment Date commencing the Interest Rate Period for the SPURS Mode to, but excluding, the date (the "SPURS Remarketing Date") designated at such time by the SPURS Agent after consultation with the Company and set forth in Annex A to the applicable Note.

  • The provisions of this Article Three shall apply to any Note in the SPURS Mode.

  • The interest rate and, in the case of a floating interest rate, the Spread, if any, and the Spread Multiplier, if any, to the SPURS Remarketing Date for this Note in the SPURS Mode will be determined not later than 11:50 a.m., New York City time, on the Interest Rate Adjustment Date for this Note, which for the SPURS Mode is the first day of the SPURS Rate Period for this Note.

  • Thereafter, each Note at the option of the Company will bear interest in the Commercial Paper Term Mode, the Long Term Rate Mode or the SPURS Mode.

  • This Note may be converted at the option of the Company to the Commercial Paper Term Mode, Long Term Rate Mode or SPURS Mode on any Interest Rate Adjustment Date for this Note in accordance with the procedures set forth in the Indenture, and will be subject to mandatory tender by the beneficial owner hereof as described herein on such Interest Rate Adjustment Date.

  • The Interest Rate Period for any Note in the SPURS Mode will be established by the Company (as described in Section 205 below) as a period of more than 364 days and not exceeding 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.

  • Interest on Notes bearing interest at a fixed rate in the Long Term Rate Mode or SPURS Mode will be computed on the basis of a year of 360 days consisting of twelve 30-day months.

  • So long as any Notes are in the SPURS Mode, the provisions set forth in Article Two applicable to the remarketing of Notes generally shall apply to such Notes only to the extent expressly provided in Article Three.

Related to SPURS Mode

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