Constant Maturity Swap Rate definition
Examples of Constant Maturity Swap Rate in a sentence
Interest on this Note will be determined by reference to the applicable Interest Rate Basis or Interest Rate Bases, which may, as described below, include the CD Rate, the CMT Rate, the Commercial Paper Rate, the Constant Maturity Swap Rate, the Federal Funds Open Rate, the Federal Funds Rate, LIBOR, the Prime Rate or the Treasury Rate (each as defined below).
If at least three quotations are provided, the rate for that Interest Determination Date 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); or (3) if at least three quotations are not received by the Calculation Agent as mentioned in clause (2), the Constant Maturity Swap Rate in effect on the particular Interest Determination Date.
Interest on this Note will be determined by reference to the applicable Interest Rate Basis or Interest Rate Bases, which may, as described below, include the CD Rate, the CMT Rate, the Commercial Paper Rate, the Constant Maturity Swap Rate; the Eleventh District Cost of Funds Rate, the Federal Funds Open Rate, the Federal Funds Rate, LIBOR, EURIBOR, the Prime Rate or the Treasury Rate (each as defined below).
Interest on this Note will be determined by reference to the applicable Interest Rate Basis or Interest Rate Bases, which may, as described below, include the CD Rate, the CMT Rate, the Commercial Paper Rate, the Constant Maturity Swap Rate, the Eleventh District Cost of Funds Rate, the Federal Funds Open Rate, the Federal Funds Rate, LIBOR, EURIBOR, the Prime Rate or the Treasury Rate (each as defined below).
The Company shall call and redeem the Notes, in whole but not in part, at the applicable Call Price (as defined below) on a Call Date (as defined below) if the 2-Year U.S. Dollar Constant Maturity Swap Rate (as defined below) on the fifth Business Day (as defined below) prior to such Call Date (an “Observation Date”) is less than or equal to the Strike Rate (as defined below).
The interest factor for each day will be computed by dividing the interest rate applicable to such day by 360, in the case of a Floating Rate Note as to which the CD Rate, the Commercial Paper Rate, the Constant Maturity Swap Rate, the CPI Adjustment Rate, the Federal Funds Rate, LIBOR or the Prime Rate is an applicable Interest Rate Basis, or by the actual number of days in the year, in the case of a Floating Rate Note as to which the CMT Rate or the Treasury Rate is an applicable Interest Rate Basis.
The Funding Note Calculation Agent will determine the Constant Maturity Swap Rate on each applicable Interest Determination Date.
If the Base Rate is the Constant Maturity Swap Rate, then such Floating Rate Note will be deemed a “Constant Maturity Swap Rate Note” and will bear interest at a Base Rate equal to the Constant Maturity Swap Rate (“CMS”) as adjusted by the Spread or Spread Multiplier, if any, specified in the applicable Pricing Supplement.
A Floating Rate Note may be a CD Rate Note, CMT Rate Note, Commercial Paper Rate Note, Constant Maturity Swap Rate Note, Eleventh District Cost of Funds Rate Note, Federal Funds Open Rate Note, Federal Funds Rate Note, LIBOR Note, EURIBOR Note, Prime Rate Note or Treasury Rate Note.
The London Interbank Offered Rate (“LIBOR”), the Euro Interbank Offered Rate (“EURIBOR”), the Constant Maturity Swap Rate (“CMS Rate”) and other interest rates and indic es which are deemed to be “benchmarks” are the subject of recent national, international and other regulatory guidance and proposals for reform.