Variable Rate Obligations means any Second Lien Bonds issued with a variable, adjustable, convertible, or other similar interest rate which changes prior to the final maturity date of the Second Lien Bonds, and any City Payments or Reciprocal Payments under a Parity Exchange Agreement for which the interest portion of the payment is based on a rate that changes during the term of the Exchange Agreement.
Variable Rate Obligations means Parity Obligations that bear interest at a rate per annum which is subject to adjustment so that the actual rate of interest is not ascertainable at the time such Parity Obligations are issued; provided, however, that upon the conversion of the rate of interest on a Variable Rate Obligation to a fixed rate of interest (whether or not the interest rate thereon is subject to conversion back to a variable rate of interest), such Parity Obligation shall not be treated as a “Variable Rate Obligation” for so long as such Parity Obligation bears interest at a fixed rate.
Variable Rate Obligations means any Bonds issued with a variable, adjustable, convertible, or other similar interest rate which changes during the term of the Bonds, and any City Payments or Reciprocal Payments under a Parity Derivative Product for which the interest portion of the payment is based on a rate that changes during the term of the Derivative Product.
Examples of Variable Rate Obligations in a sentence
Each Fiduciary and, in the case of Variable Rate Obligations, the Remarketing Agent, the Indexing Agent and the Tender Agent shall be protected in acting upon any notice, Indenture, resolution, request, consent, order, certificate, report, opinion, bond or other paper or document believed by it to be genuine, and to have been signed or presented by the proper party or parties.
More Definitions of Variable Rate Obligations
Variable Rate Obligations means Non-Ad Valorem Revenue Obligations issued with a variable, adjustable, convertible or other similar rate which is not fixed in percentage at the date of issue for the entire term thereof.
Variable Rate Obligations means any Obligation the interest rate on which fluctuates from time to time subsequent to the time of incurrence. Variable Rate Obligations may include, without limitation, (a) Tender Obligations; (b) commercial paper Obligations which are intended to be reissued and refinanced periodically; (c) Obligations under a direct purchase note program which are intended to be issued and refinanced periodically, (d) Obligations that bear interest at a fixed rate, but with respect to which the Port has entered into a Hedge Agreement that provides for the Port to pay a variable interest rate; provided, that the notional amount under the Hedge Agreement is equal to or greater than the Outstanding principal amount of the related Obligations and reduces in amounts and on the dates that the related Obligations mature; or (v) other forms of Obligations on which the interest fluctuates or is subject to being set or reset from time to time.
Variable Rate Obligations means any Bonds or Subordinate Obligations which are designated by the Supplemental Indenture for such Series of Bonds or Subordinate Obligations to bear interest at a variable rate of interest.
Variable Rate Obligations means Non-Ad Valorem Revenue Obligations issued with a variable, adjustable, convertible or other similar rate which is not fixed in percentage at the date of issue for the entire term thereof (excluding any provisions that adjust the interest rate upon a change in tax law or in the tax treatment of interest on the debt or upon a default).
Variable Rate Obligations means any Additional Obligations which may, in the future, bear interest at rates which cannot be determined with specificity on their original incurrence.
Variable Rate Obligations means any portion of any Obligations the interest rate on which is not established at the time of incurrence of such Obligations and has not, at some subsequent date, been established at a rate that is not subject to fluctuation or subsequent adjustment.
Variable Rate Obligations means any Bonds issued with a variable, adjustable, convertible, or other similar interest rate which changes during the term of the Bonds