Deemed Rate of Interest definition

Deemed Rate of Interest means a rate of interest deemed payable on amounts deferred under the Plan equal to the average of the quarter end yields for a ten-year period ending September 30 of the prior year, of ten-year U.S. Treasury notes plus two percent (2%). Effective as of June 1, 1999 the Deemed Rate of Interest shall be ten percent (10%). The Deemed Rate of Interest shall be calculated, accrued, credited, and compounded quarterly by the Treasurer of the Company. The Deemed Rate of Interest may be increased or decreased from time to time by the Board as it may deem appropriate, provided that no such decrease shall be effective for deemed interest accruing prior to the latest of (i) the date of Board action implementing such decrease, and (ii) the date such decrease is communicated to Participants.
Sample 1Sample 2
Deemed Rate of Interest means (i) prior to June 1, 1999, the average of the quarter end yields for a ten (10) year period ending September 30 of the prior year of the ten (10) year U.S. Treasury notes plus two percent (2%); and (ii) thereafter, ten percent (10%) per annum, compounded quarterly. The Deemed Rate of Interest in subparagraph (ii) above may be increased or decreased from time to time by the Committee as it may deem appropriate; provided that no such decrease shall be effective for Deemed Interest accruing prior to the latest of: (i) April 1, 2004, (ii) the date of the Committee action implementing such decrease, and (iii) the date such decrease is communicated generally to Participants; and provided, further, that, if effective on or after April 1, 2004 the Committee decreases the Deemed Rate of Interest below ten percent (10%) per annum, such decrease shall not apply to any amounts which were deferred prior to the date of such decrease, and the ten percent (10%) per annum rate shall continue to apply with respect to such amounts (unless and until another Investment Option is subsequently elected).
Sample 1Sample 2
Deemed Rate of Interest means the higher of (a) the actual rates in effect under the Note, or (b) the annual rate of interest payable on the relevant Calculation Date (that is, the last day of the applicable Calculation Period) on
Sample 1

Examples of Deemed Rate of Interest in a sentence

  • Calculating an annuity at the beginning of the installment period selected by the Participant, and assuming the Deemed Rate of Interest remains unchanged throughout the payout period, the Participant would receive forty quarterly payments of $3,886.46.

  • Prior to the Amended and Restated Effective Date, amounts credited to the Predecessor Plan shall be deemed to have earned interest at the Deemed Rate of Interest then in effect, as adjusted.

  • Notwithstanding the foregoing, in no event may a Participant elect to add or delete the Deemed Rate of Interest as an Investment Option or add amounts to or transfer amounts from that Investment Option, once any Retirement Benefit payment as described in Section 8(b) has commenced.

  • Assume further that the annual Deemed Rate of Interest is 10%, compounded quarterly.

  • Notwithstanding the foregoing, in the event that more than one Deemed Rate of Interest is applicable to a Deferral Account (as contemplated by Section 1(o) above), the foregoing calculation shall be made separately for each portion of the Deferral Account allocated to the Deemed Rate of Interest Investment Option at each applicable Deemed Rate of Interest.

  • Except as otherwise provided by an express warranty, the Seller will not be liable to the Buyer for consequential damages resulting from any defect or deficiencies in accepted items.


More Definitions of Deemed Rate of Interest

Deemed Rate of Interest means the greater of: (I) the then ten-year United States Treasury Rate plus three hundred (300) basis points, or (II) 8.0% per annum.
Sample 1
Deemed Rate of Interest means an issued rate of interest equal to the rate of interest on United States Treasury Securities with a 10 year maturity plus 2.25%.
Sample 1
Deemed Rate of Interest has the meaning specified in Section 7.11(b)(i).
Sample 1
Deemed Rate of Interest means (i) prior to June 1, 1999, the average of the quarter end yields for a ten (10) year period ending September 30 of the prior year of the ten (10) year U.S. Treasury notes plus two percent (2%); and (ii) thereafter, ten percent (10%) per annum, compounded quarterly. No portion of a Participant's Deferral Account that is not allocated to the Deemed Interest Investment Option as of the DRI Closing Date may be allocated to the Deemed Interest Investment Option on or after the DRI Closing Date. No portion of a Participant's Deferral Account that is allocated to the Deemed Interest Investment Option following the DRI Election Date may be subsequently allocated to another Investment Option. No portion of a Participant's Deferral Account allocated to the Deemed Interest Investment Option as of the Amended and Restated Effective Date may be allocated, on or prior to the DRI Election Date, to another Investment Option unless the Participant irrevocably waives any right to reallocate such transferred amount back to the Deemed Interest Investment Option at any time after the DRI Election Date.
Sample 1

Related to Deemed Rate of Interest

  • Reset Rate of Interest means, in relation to a Reset Interest Period, the 7-year Mid-Swap Rate determined for such Reset Interest Period by the Fiscal Agent in accordance with Condition 5 (Interest);

  • Prime Rate of Interest means that rate of interest designated as such by Fleet National Bank of Connecticut, N.A., or any successor thereto, as the same may from time to time fluctuate.

  • Default Rate of Interest means a rate of interest per annum equal to the sum of: (i) two percent (2%), (ii) the Chase Bank Rate, and (iii) the then Applicable Margin for Chase Bank Rate Loans, which rate the Agent shall be entitled to charge the Borrowers on all Obligations due the Lenders or the Agent by the Borrowers to the extent provided in Section 10.2 of this Financing Agreement.

  • Rate of Interest means the rate of interest payable from time to time in respect of this Note and that is either specified or calculated in accordance with the provisions hereon.

  • Initial Rate of Interest means the initial rate of interest per annum specified as such in the relevant Final Terms;

  • Subsequent Reset Rate of Interest means, in respect of any Subsequent Reset Period, the rate of interest determined by the Calculation Agent on the relevant Reset Determination Date as the sum of the relevant Mid-Swap Rate and the relevant Subsequent Margin.

  • Maximum Rate of Interest It is intended that the rate of interest hereon shall never exceed the maximum rate, if any, which may be legally charged on the loan evidenced by this Note ("Maximum Rate"), and if the provisions for interest contained in this Note would result in a rate higher than the Maximum Rate, interest shall nevertheless be limited to the Maximum Rate and any amounts which may be paid toward interest in excess of the Maximum Rate shall be applied to the reduction of principal, or, at the option of HSBC, returned to the Company.

  • First Reset Rate of Interest means, in respect of the First Reset Period and subject to Condition 5.2(b), the rate of interest determined by the Calculation Agent on the relevant Reset Determination Date as the sum of the Reference Rate and the First Margin;

  • Reference Rate of Interest Event means, with respect to the Swap Rate or any subsequent Reference Rate of Interest (the "Reference Rate of Interest") one of the following events:

  • Interest Rate Option means any LIBOR Rate Option or Base Rate Option.

  • Substitute Reference Rate of Interest Adjustments means such adjustments as are determined by the Issuer to be consistent with enabling the correct functioning of the Substitute Reference Rate of Interest (which may include, without limitation, adjustments to the applicable screen page, Business Day Convention, the definition of Business Day, the Interest Determination Date, the Day Count Fraction or any method or definition for obtaining or calculating the Substitute Reference Rate of Interest).

  • Floating Rate Option has the meaning given to it in the ISDA Definitions;

  • Interest Rate Period means any Daily Interest Rate Period, Weekly Interest Rate Period, Short-Term Interest Rate Period, Long- Term Interest Rate Period or ARS Interest Rate Period.

  • LIBOR Base Rate means, for each Interest Period, the London interbank offered rate for six-month deposits in Dollars for value the first day of such Interest Period (or, in the case of the initial Interest Period, for value the Interest Payment Date occurring on or next preceding the first day of such Interest Period), as reasonably determined by the Bank and expressed as a percentage per annum.

  • LIBOR Rate Option means the option of the Borrower to have Loans bear interest at the rate and under the terms set forth in Section 4.1.1(a)(ii) [Revolving Credit LIBOR Rate Option].

  • Eurodollar Base Rate has the meaning specified in the definition of Eurodollar Rate.

  • Floating Rate Period shall have the meaning set forth in Section 2.05(b) hereof.

  • Base Rate Option means the option of the Borrower to have Loans bear interest at the rate and under the terms set forth in Section 4.1.1(a)(i) [Revolving Credit Base Rate Option].

  • LIBOR-Based Rate means, with respect to each Interest Period, the per annum interest rate equal to the London Interbank Offered Rate which appears on Telerate Page 3750 at approximately 11:00 a.m. (London time) two LIBOR Business Days prior to the first day of such Interest Period for deposits of United States dollars for a period of time comparable to the Interest Period, and in an amount comparable to the principal amount of the Loan, plus 0.35%.

  • Notice of Interest Rate Election has the meaning set forth in Section 2.10.

  • Base rate of pay means the rate of pay payable to the Employee for their Ordinary Hours of work, but not including any of the following: a) loadings; b) monetary allowances; c) overtime; and d) penalty rates.

  • Default Rate Interest is defined in Section 3.1(b)(ix) of this Agreement.

  • Specified Rate means, on any day, the sum of:

  • Reference Rate Determination Date means, in relation to any Reference Rate Business Day(i):

  • LIBOR Daily Floating Rate means, for any day, a fluctuating rate of interest per annum equal to LIBOR as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by Administrative Agent from time to time), at approximately 11:00 a.m., London time, two (2) London Banking Days prior to such day, for Dollar deposits with a term of one (1) month commencing that day; provided that if the LIBOR Daily Floating Rate shall be less than zero, such rate shall be deemed zero for purposes of the Loan Documents.

  • Floating Rate Interest Period means, during the Floating Rate Period, the period beginning on (and including) a Floating Rate Period Interest Payment Date and ending on (but excluding) the next succeeding Floating Rate Period Interest Payment Date; provided that the first Floating Rate Interest Period will begin on (and include) April 18, 2025 and will end on (but exclude) the first Floating Rate Period Interest Payment Date.