Maximum Applicable Rate definition
Maximum Applicable Rate with respect to APS, has the meaning set forth in Section 11.10(a)(vii) of these Bylaws.
Maximum Applicable Rate with respect to AMPS, has the meaning set forth in Section 11.10(a)(vii) of these Bylaws.
Maximum Applicable Rate with respect to APS, has the meaning set forth in Section 11.10(a)(vii) of these Bylaws. “Maximum Potential Gross-Up Dividend Liability” means, as of any Valuation Date, the aggregate amount of Gross-Up Dividends that would be due if the Trust were to make Retroactive Taxable Allocations, with respect to any fiscal year, estimated based upon dividends paid and the amount of undistributed realized net capital gains and other taxable income earned by the Trust, as of the end of the calendar month immediately preceding such Valuation Date and assuming such Gross-Up Dividends are fully taxable.
Examples of Maximum Applicable Rate in a sentence
Not later than 9:30 A.M. on each Auction Date, the Auction Agent shall notify the Company and the Broker-Dealers of the Reference Rate so determined and of the Maximum Applicable Rate.
Not later than 9:30 a.m. on each Auction Date, the Auction Agent shall notify the Fund and the Broker-Dealers of the Maximum Applicable Rate.
Time Event ---- ----- By 9:30 A.M. Auction Agent advises the Company and Broker- Dealers of the Reference Rate and the Maximum Applicable Rate as set forth in Section 3.2(a) hereof.
Time Event ---- ----- By 9:30 A.M. Auction Agent advises the Company and the Broker-Dealers of the Reference Rate and the Maximum Applicable Rate as set forth in Section 2.2(e)(i) hereof.
The Auction Agent shall be entitled to rely on the last Percentage of which it has received notice from the Company (or, in the absence of such notice, the Percentage set forth in the preceding sentence) in determining the Maximum Applicable Rate as set forth in Section 2.2(e)(i) hereof.
More Definitions of Maximum Applicable Rate
Maximum Applicable Rate with respect to Preferred Shares, has the meaning set forth in Section 11.10(a)(vi) of these Bylaws.
Maximum Applicable Rate means, with respect to APS for any Dividend Period, the Applicable Percentage of the Reference Rate. The Auction Agent will round each applicable Maximum Applicable Rate to the nearest one-thousandth (0.001) of one percent per annum, with any such number ending in five ten-thousandths of one percent being rounded upwards to the nearest one-thousandth (0.001) of one percent.
Maximum Applicable Rate on any Auction Date, shall mean the rate per annum obtained by multiplying the Applicable Determining Rate on such Auction Date by a percentage (as it may be adjusted from time to time by the Company) determined as set forth below based on the lower of the credit ratings assigned to the Series A MAPS by Moody’s and S&P (or if Moody’s or S&P or both shall not make such rating available, the equivalent of either or both of such ratings by a Substitute Rating Agency or two Substitute Rating Agencies, as the case may be, or in the event that only one such rating shall be available, the percentage shall be based on such rating).
Maximum Applicable Rate. , as of any date, means the rate obtained by multiplying the Applicable Determining Rate then in effect for a Dividend Period by the Percentage (as it may be adjusted from time to time based on certain factors by the Chief Financial Officer in accordance with the provisions hereof) determined as set forth below based on the lower of the credit ratings assigned to the Preferred Stock by Moody's and S&P.
Maximum Applicable Rate for any Dividend Period will be the Applicable Percentage of the Reference Rate. The Auction Agent will round each applicable Maximum Applicable Rate to the nearest one-thousandth (0.001) of one percent per annum, with any such number ending in five ten-thousandths of one percent being rounded upwards to the nearest one-thousandth (0.001) of one percent. The Auction Agent will not round the applicable Reference Rate as part of its calculation of the Maximum Applicable Rate. The “Applicable Percentage” shall be the percentage determined based on the lower of the credit ratings assigned on such date by Moody’s and ▇▇▇▇▇ Ratings as follows: Aa3 or above AA-or above 150% A3 to A1 A-to A+ 160% Baa3 to ▇▇▇▇ ▇▇▇-▇▇ BBB+ 250% BelowBaa3 Below BBB- 275% The Applicable Percentage as so determined shall be further subject to upward but not downward adjustment in the discretion of the Board of Trustees of the Trust after consultation with the Broker-Dealers, provided that the Board of Trustees has received assurance from Moody’s and ▇▇▇▇▇ Ratings and from any other Rating Agency then rating the Preferred Shares that such increase will not impair such Rating Agency’s rating thereof, and further provided that immediately following any such increase the Trust would satisfy both Fitch Preferred Shares Asset Coverage and Moody’s Preferred Shares Asset Coverage. The Trust shall take all reasonable action necessary to enable Moody’s and Fitch Ratings to provide a rating for each series of Preferred Shares. If Moody’s or ▇▇▇▇▇ Ratings shall not make such a rating available, Citigroup Global Markets Inc. or its affiliates and successors, after consultation with the Trust, shall select another Rating Agency to act as a Substitute Rating Agency.
Maximum Applicable Rate means, on any date on which the Applicable Rate is determined, the rate equal to 150% of the applicable Reference Rate, subject to upward but not downward adjustment in the discretion of the Board of Directors after consultation with the Broker-Dealers, provided that immediately following any such increase the Corporation would be in compliance with the ATP Basic Maintenance Amount.
Maximum Applicable Rate as defined in the definition of “Applicable Margin”.