Variable Rate Debt definition

Variable Rate Debt means (1) all Senior Variable Rate Bonds and Senior Bond Anticipation Notes, and (2) includes any Principal Amount of Bonds with respect to the which the State shall have entered into Senior Swap Agreements that have the effect of shifting the State’s fixed rate liability to a variable rate liability.

Variable Rate Debt means Consolidated Outstanding Indebtedness that accrues interest at a floating rate of interest minus the notional amount of any Swap Contract that provides protection against fluctuation of interest rates under such Consolidated Outstanding Indebtedness.

Variable Rate Debt means Debt (which may also be Balloon Debt or Put Debt) the terms of which require or permit interest thereon for the period of time for which calculated to be borne at a varying or adjustable rate per annum or a formula rate.

Examples of Variable Rate Debt in a sentence

• Variable Rate Debt Securities also may bear interest in any other manner described in the applicable Supplemental Agreement.

• A constant or variable number (which may be greater than or less than one) to be multiplied by the relevant Index for a Variable Rate Debt Security.

• As to any such fixed rate period, the provisions of this Agreement relating to Fixed Rate Debt Securities shall apply, and, as to any such variable rate period, the provisions of this Agreement relating to Variable Rate Debt Securities shall apply.

• Cap: A maximum interest rate at which interest may accrue on a Variable Rate Debt Security during any Interest Reset Period.

• Range Accrual Debt Securities are Variable Rate Debt Securities on which no interest may accrue during periods when the applicable Index is outside a specified range as described in the related Supplemental Agreement.

More Definitions of Variable Rate Debt

Variable Rate Debt means the Variable Rate Principal Amount, including Interest, under a Mortgage having a Variable Interest Rate.

Variable Rate Debt means any Indebtedness the interest rate(s) on which are not fixed to maturity.

Variable Rate Debt means indebtedness which bears interest at a variable, adjustable, or floating‌

Variable Rate Debt means Debt of any Person that by its terms is subject to an interest rate that is not fixed until the maturity of such Debt, but fluctuates from time to time.

Variable Rate Debt means any Indebtedness bearing interest at a variable rate.

Variable Rate Debt means all Indebtedness of Borrower and its Subsidiaries which bears interest at fluctuating rates (and in any event shall include all Loans and other Indebtedness of the Borrower under any of the Loan Documents) and for which Borrower or such Subsidiary has not obtained Interest Rate Agreements which effectively cause such variable rates to be equivalent to fixed rates less than or equal to 9.0% per annum.

Variable Rate Debt has the meaning specified in Section 5.01(r).