Examples of Reset Rate in a sentence
During the Reset Period, the Servicer shall determine a Reset Rate for the Bonds for each day.
Absent manifest error, the determination of the Reset Rate by the Servicer shall be conclusive and binding upon the Owners, the Issuer, the Borrower and the Trustee.
It is a condition to conversion of the interest rate on the Bonds to the Reset Rate on the Reset Date that the Trustee and the Servicer shall have received an Opinion of Bond Counsel to the effect that conversion of the interest rate on the Bonds to the Reset Rate on the Reset Date will not, in and of itself, cause interest on the Bonds to be includable in gross income for federal income tax purposes.
While this Bond bears interest at the Variable Rate or at the Reset Rate (or an Alternative Rate based upon the Variable Rate or the Reset Rate), interest on this Bond shall be computed on the basis of a 360-day year and actual days elapsed.
While the Bonds bear interest at a Variable Rate or at the Reset Rate, or at an Alternative Rate based on a Variable Rate or the Reset Rate, interest on the Bonds shall be computed on the basis of a 360-day year, for the number of days actually elapsed.