Prevailing Interest Rate Clause Samples

Prevailing Interest Rate. Unless previously redeemed or repurchased and cancelled in accordance with these Conditions and subject to the further provisions of this Condition 4, the Securities will bear interest on their principal amount as follows: (i) from (and including) the Issue Date to (but excluding) the First Reset Date, at the rate of 6.750 per cent. per annum; and (ii) from (and including) the First Reset Date, at the applicable 8 Year Swap Rate in respect of the relevant Reset Period plus: (A) in respect of the period commencing on the First Reset Date to (but excluding) 7 September 2033, 3.615 per cent. per annum; (B) from (and including) 7 September 2033 to (but excluding) 7 September 2051, 3.865 per cent. per annum; and (C) from (and including) 7 September 2051, 4.615 per cent. per annum, (each a "Subsequent Fixed Interest Rate"), all as determined by the Agent Bank, payable annually in arrear on each Interest Payment Date, commencing on 7 September 2024, subject to Condition 5 (Optional Interest Deferral), and where: