rate covenant

rate covenant
A provision in the bond agreement or resolution that addresses the rate or method used to establish the fee( s) charged to users of the facility financed by the securities. Typically, a rate covenant promises that the fees will be adjusted when necessary to support the timely payment of interest and principal on the bonds. American Banker Glossary
A provision governing a municipal revenue project financed by a revenue bond issue, which establishes the rates to be charged users of the new facility. Bloomberg Financial Dictionary

Financial and business terms. 2012.

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