Examples of Weekly Rate Mode in a sentence
The Authority shall appoint and employ the services of a Remarketing Agent prior to any Purchase Date or Mode Change Date while the Bonds of any Series are in the Commercial Paper Mode, Daily Rate Mode, Weekly Rate Mode, Index Mode or Term Rate Mode.
Bonds in the Weekly Rate Mode are subject to tender, at the election of the owner thereof, on the dates, at the prices, in the manner and subject to the limitations described in the FORMS OF BONDS set forth in Exhibit A hereto.
The Weekly Rate shall be the rate of interest determined by the Remarketing Agent for each Interest Rate Period, to be the lowest rate that in its judgment, on the basis of prevailing financial market conditions, would permit the sale of the Bonds in the Weekly Rate Mode at par plus accrued interest on and as of the Effective Date, but not in excess of the Maximum Rate.
The Remarketing Agent shall determine the initial Weekly Rate on or before the Issuance Date for Bonds initially issued in the Weekly Rate Mode.
Notice of a conversion of Bonds from the Weekly Rate Mode and the mandatory tender of Bonds for purchase on such Conversion Date shall be given to the owners of such Bonds as provided in part (a)(B)(4) of this Section and the FORMS OF BONDS set forth in Exhibit A hereto.