Term Rate definition

Term Rate means the per annum interest rate with respect to Bonds in the Term Rate Mode determined pursuant to Section 2.09.

Term Rate means with respect to each Calculation Period during a Term Rate Period, a rate of interest equal to the rate of interest per annum established and certified to the Trustee (with a copy to the Authority, the Registrar and Paying Agent and the Company) by the Remarketing Agent no later than 12:00 noon (New York City time) on and as of the Determination Date as the minimum rate of interest per annum which, in the opinion of the Remarketing Agent, would be necessary on and as of such day to remarket such Bonds in a secondary market transaction at a price equal to the principal amount thereof; provided that such rate of interest shall not exceed the lesser of 110% of the Term Rate Index on and as of such date and the Maximum Allowed Rate.

Term Rate means the rate established by the Remarketing Agent (as defined in the Indenture) in connection with the Remarketing (as defined in the Indenture) at which interest will accrue on the Debentures and distributions will accrue on the Preferred Securities on and after the Reset Date.

Examples of Term Rate in a sentence

• The Remarketing Agent shall give written notice of the Term Rate to the Authority and the Paying Agent.

• If a Term Rate will be in effect during the term of the current Liquidity Facility, the Authority may not furnish an Alternate Liquidity Facility with a Scheduled Expiration Date earlier than the Scheduled Expiration Date in the Liquidity Facility then in effect.

• The Term Rate shall be determined by the Remarketing Agent not later than 4:00 p.m., New York City time, on the Rate Determination Date, and the Remarketing Agent shall make the Term Rate available by telephone to any Notice Party requesting such rate.

• When a Daily Mode, a Weekly Mode or a Term Rate Mode of shorter than one year is in effect for 2024 Series B-2 Bonds, interest shall be calculated on the basis of a 365/366 day year for the actual number of days elapsed.

• If, however, there was no Liquidity Facility in effect for such 2024 Series B-2 Bond to have been changed from the Term Rate Mode, then such 2024 Series B-2 Bond shall stay in the Term Rate Mode for an Interest Period ending on the next Stated Interest Payment Date and shall bear interest at the applicable Alternate Rate.

More Definitions of Term Rate

Term Rate means the rate of interest on a Group of 2021 Series J Variable Rate Bonds described in Section 601 of Appendix A hereto.

Term Rate means (a) the rate of interest per annum with respect to a Term Rate Mode determined by the Remarketing Agent, on the Interest Rate Determination Date immediately preceding the applicable Interest Rate Adjustment Date, to be the lowest interest rate for the Interest Rate Period commencing on the applicable Interest Rate Adjustment Date and ending on the date determined by the Remarketing Agent, in the judgment of the Remarketing Agent (taking into consideration current transactions and comparable securities with which the Remarketing Agent is involved or of which it is aware and prevailing financial market conditions) at which, as of such Interest Rate Determination Date, the Bonds could be remarketed at par, plus the accrued interest, if any, on the Interest Rate Adjustment Date for that Interest Rate Period; or (b) in the event that the Remarketing Agent has been removed or has resigned and no successor has been appointed, or the Remarketing Agent has failed to determine the Term Rate for whatever reason, or the Term Rate cannot be determined pursuant to clause (a) for whatever reason, the interest rate then in effect with respect to the Bonds, without adjustment; provided that in no event shall the Term Rate exceed the Maximum Rate.

Term Rate. ’ means the rate at which Multi-Modal Bonds bear interest during a Term Rate Period. ‘‘Term Rate Mode’’ means a Rate Mode in which Multi-Modal Bonds bear interest at a Term Rate. ‘‘Term Rate Period’’ means a period commencing on a Conversion Date or a date immediately

Term Rate means the interest rate on the Bonds established at the time of sale thereof as specified in the second sentence of Section 2.03 hereof, or established in accordance with Section 2.03(c) hereof.

Term Rate means the per annum interest rate to be determined for the Bonds and effective for a period of no less than nine (9) months during a Term Rate Period pursuant to Section 3.02(f) of this Order.

Term Rate means a non-variable interest rate on the bonds of Series LL established in accordance with Section 8(e) of this Article I.

Term Rate has the meaning assigned to such term in Section 2(c).