Common use of Floating Rate Note Clause in Contracts

Floating Rate Note. Unless this Note is specified on the face hereof as a Floating Rate/Fixed Rate Note or a Fixed Rate/Floating Rate Note, this Note (a “Floating Rate Note”) will bear interest at the rate determined by reference to the applicable Interest Rate Basis or Interest Rate Bases: (1) plus or minus the applicable Spread, if any; and/or (2) multiplied by the applicable Spread Multiplier, if any; provided, however, that interest on this Note will not be less than zero. Commencing on the first Interest Reset Date, the rate at which interest on this Floating Rate Note is payable will be reset as of each Interest Reset Date; provided, however, that the interest rate in effect for the period, if any, from the Original Issue Date to the first Interest Reset Date will be the Initial Interest Rate.

Floating Rate Note. Unless this Note is specified on the face hereof as a Floating Rate/Fixed Rate Note or Note, a Fixed Rate/Floating Rate Note or an Inverse Floating Rate Note, this Note (a “Floating Rate Note”) will bear interest at the rate determined by reference to the applicable Interest Rate Basis or Interest Rate Bases: (1) plus or minus the applicable Spread, if any; and/or (2) multiplied by the applicable Spread Multiplier, if any; provided, however, that interest on this Note will not be less than zero. Commencing on the first Interest Reset Date, the rate at which interest on this Floating Rate Note is payable will be reset as of each Interest Reset Date; provided, however, that the interest rate in effect for the period, if any, from the Original Issue Date to the first Interest Reset Date will be the Initial Interest Rate.