Determination of CMS Rate Sample Clauses
Determination of CMS Rate. If the Interest Rate Basis of a Note provides for payment of interest at a rate to be determined by reference to the CMS Rate, the interest rate with respect to such Note for any Reset Date shall equal (a) the rate on the second Market Day with respect to such Note immediately preceding such Reset Date (the “CMS Rate Determination Date”) for U.S. Dollar swaps having the Index Maturity designated in the applicable Pricing Supplement as displayed on Reuters Screen ICESWAP1 Page as of approximately 11:00 a.m., New York City time, or (b) if such rate is not so displayed, the arithmetic mean (rounded, if necessary, to the fourth decimal place, with 0.00005 being rounded upwards), as calculated by the Calculation Agent on such calculation date, of at least three mid-market Semi-Annual Swap Rate quotations provided by five leading swap dealers in the New York City interbank market at approximately 11:00 a.m., New York City time, on the CMS Rate Determination Date, and in calculating this arithmetic mean the Calculation Agent shall eliminate the highest and lowest quotations or, in the event of equality, one of the highest and one of the lowest quotations, in each of the above cases adjusted by the addition or subtraction of the Spread, if any, specified in the applicable Pricing Supplement or by multiplication by the Spread Multiplier, if any, specified in the applicable Pricing Supplement; provided, however, that if fewer than three quotations are provided, the Calculation Agent shall determine the CMS Rate in its sole discretion.
Determination of CMS Rate. If the Base Rate specified on the face hereof is the “CMS Rate,” for any Interest Determination Date, the CMS Rate with respect to this Note shall be the “USD-ISDA-Swap Rate,” which shall be the rate for U.S. dollar swaps with the Index Maturity specified on the face hereof, expressed as a percentage, that appears on the Reuters Screen ICESWAP1 Page (or any other page as may replace such page) as of 11:00 a.m., New York City time, on such Interest Determination Date. The following procedures shall be followed if the CMS Rate cannot be determined as described above. If the CMS Rate does not appear on Reuters Screen ICESWAP1 Page (or any other page as may replace such page) at 11:00 a.m., New York City time, on any Interest Determination Date, the Calculation Agent shall determine the CMS Rate for such Interest Determination Date on the basis of the Mid-Market Semi-Annual Swap Rate quotations provided by five leading swap dealers selected by the Calculation Agent in the New York City interbank market (the “CMS Reference Banks”) at approximately 11:00 a.m., New York City time, on such Interest Determination Date. The Calculation Agent will request the principal New York City office of each of the CMS Reference Banks to provide a quotation of its rate, and (a) if at least three quotations are provided, the rate for such Interest Determination Date shall be the arithmetic mean of the quotations, eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest); or (b) if fewer than three quotations are provided, the Calculation Agent shall determine the rate in good faith and in a commercially reasonable manner.
Determination of CMS Rate. Unless otherwise specified in an Addendum attached hereto, if CMS Rate is designated as an Interest Rate Basis for this Note, the CMS Rate will be the rate on the applicable Interest Determination Date for U.S. dollar swaps having the Designated CMS Maturity Index specified on the face of this Note, expressed as a percentage, which appears on the Reuters Screen ICESWAP1 Page or any Successor Source as of 11:00 a.m., New York City time.
(a) If the rate referred to in paragraph 16 is no longer published on the relevant page, or if not published by 3:00 p.m., New York City time, on the related Calculation Date, then the CMS Rate on the applicable Interest Determination Date will be a percentage determined on the basis of the mid-market semi-annual swap rate quotations provided by five leading swap dealers (which may include one or more of the Agents, the Calculation Agent or their respective affiliates) in the New York City interbank market selected by the Calculation Agent (after consultation with the Company) as of approximately 11:00 a.m., New York City time on the related Interest Determination Date. For this purpose, the semi-annual swap rate means the mean of the bid and offered rates for the semi-annual fixed leg, calculated on a 30/360 day count basis, of a fixed-for-floating U.S. Dollar interest rate swap transaction having the Designated CMS Maturity Index specified on the face hereof in an amount that is representative for a single transaction in that market at the time with an acknowledged dealer of good credit in the swap market, where the floating leg, calculated on an Actual/360 day count basis, is equivalent to USD-LIBOR-ICE with a designated stated maturity of three months. The Calculation Agent shall request the principal New York City office of each of the swap dealers to provide a quotation of this rate. If at least three quotations are provided, the rate will be the arithmetic mean of the quotations, eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest). If fewer than three swap dealers selected by the Calculation Agent are quoting as referred to in the preceding sentence, the CMS Rate will be the rate in effect on the applicable Interest Determination Date.