First Reset Rate definition

First Reset Rate means the sum of the Reset Margin (as specified in the Final Terms) and the Mid- Swap Rate for the First Reset Period, subject to any amendments resulting from Condition 3(b)(ii)(C);

First Reset Rate means the sum of the Reset Margin and the Mid-Swap Rate for the First Reset Period;

First Reset Rate means the sumof the Reset Margin and the applicable Reset Reference Rate for the First Reset Period as determined by the Calculation Agent;

Examples of First Reset Rate in a sentence

• If two or more of the Reference Banks provide the Calculation Agent with Mid-Market Swap Rate Quotations, the First Reset Rate of Interest or the Subsequent Reset Rate of Interest (as applicable) for the relevant Reset Period shall be the sum of the arithmetic mean (rounded, if necessary, to the nearest 0.001 per cent.

• If the Calculation Agent does not at any time for any reason determine the First Reset Rate of Interest or Subsequent Reset Rate of Interest, the Trustee may (at the expense of the Issuer) appoint an agent to do so and such determination or calculation shall be deemed to have been made by the Calculation Agent.

• If on any Reset Determination Date only one of the Reference Banks provides the Calculation Agent with a Mid-Market Swap Rate Quotation as provided in the foregoing provisions of this paragraph, the First Reset Rate of Interest or the Subsequent Reset Rate of Interest (as applicable) shall be determined to be the sum of the relevant Mid-Market Swap Rate Quotation provided and the First Margin or Subsequent Margin (as applicable), all as determined by the Calculation Agent.

• If Reset Reference Rate Conversion is specified in the applicable Final Terms as being applicable, the First Reset Rate and, if applicable, each Subsequent Reset Rate will be converted from the Original Reset Reference Rate Payment Basis to a basis which matches the per annum frequency of Interest Payment Dates in respect of the Notes (such calculation to be determined by the Issuer in conjunction with a leading financial institution selected by it).

• In respect of Resettable Notes which are Definitive Notes, the Calculation Agent will give notice to the Noteholders of the First Reset Rate of Interest and (if applicable) the relevant Subsequent Reset Rate of Interest in accordance with the provisions of Condition 13 (Notices).

• If Mid-Swap Rate Conversion is so specified as being applicable, the First Reset Rate of Interest and, if applicable, each Subsequent Reset Rate of Interest will be converted from the Original Mid-Swap Rate Basis specified in the relevant Final Terms or Pricing Supplement to a basis which matches the per annum frequency of Interest Payment Dates in respect of the relevant Notes (such calculation to be determined by the Issuer in conjunction with a leading financial institution selected by it).

• If Reset Reference Rate Conversion is so specified as being applicable, the First Reset Rate of Interest and, if applicable, each Subsequent Reset Rate of Interest will be converted by the Calculation Agent from the Original Reference Rate Payment Basis specified in the applicable Final Terms to a basis which matches the per annum frequency of Interest Payment Dates in respect of the Notes (such calculation to be determined by the Issuer in conjunction with a leading financial institution selected by it).

• In respect of Resettable Securities which are in definitive form, the Calculation Agent will give notice to the Securityholders of the First Reset Rate of Interest and (if applicable) the relevant Subsequent Reset Rate of Interest in accordance with the provisions of Condition 14 (Notices).

• If on any Reset Determination Date none of the Reference Banks provides the Calculation Agent with a Mid-Market Swap Rate Quotation as provided in the foregoing provisions of this Condition 10(a), the First Reset Rate of Interest or the Subsequent Reset Rate of Interest (as applicable) shall be determined to be the Rate of Interest as at the last preceding Reset Date or, in the case of the first Reset Determination Date, the First Reset Rate of Interest shall be the Initial Rate of Interest.

• If the Calculation Agent does not at any time for any reason determine the First Reset Rate of Interest or Subsequent Reset Rate of Interest, the Trustee shall do so and such determination or calculation shall be deemed to have been made by the Calculation Agent.

More Definitions of First Reset Rate

First Reset Rate shall have the meaning ascribed thereto in Section 3.8(a).

First Reset Rate has the meaning specified in Condition 5(a)(II).

First Reset Rate means the sum of the Reset Margin and the Mid-Swap Rate for the First Reset Period; Mid-Swap Rate means, in relation to a Reset Date and the Reset Period commencing on that Reset Date, the rate for the Reset Date of, in the case of semi-annual or annual Interest Payment Dates, the semi-annual or annual swap rate, respectively (with such semi-annual swap rate to be converted to a quarterly rate in accordance with market convention, in the case of quarterly Interest Payment Dates) for swap transactions in the Specified Currency maturing on the last day of such Reset Period, expressed as a percentage, which appears on the Relevant Screen Page as of approximately 11.00

First Reset Rate on the Note shall be a fixed interest rate equal to the First Reset Rate set forth in the Note. For the period beginning on the first day of the month following the month in which the Conversion Date occurs, and on the first day of each month thereafter throughout the balance of the term of the Loan, Borrower shall pay to Bondowner Representative equal monthly installments of principal and interest in an amount sufficient to amortize the Loan over a ( ) year period, as more specifically set forth in the Note. [BORROWER ACKNOWLEDGES THAT THE AMOUNT OWING PURSUANT TO THE NOTE WILL NOT FULLY AMORTIZE BY THE CCRC TAKEOUT LOAN MATURITY DATE (AS DEFINED IN THE NOTE), AND THAT ON THE CCRC TAKEOUT LOAN MATURITY DATE, A SUBSTANTIAL “BALLOON PAYMENT” WILL BE DUE AND PAYABLE.]

First Reset Rate on the Note shall be a fixed interest rate equal to the First Reset Rate set forth in the Note. From the Conversion Date through the CCRC Takeout Loan Maturity Date, the outstanding principal balance of the Note shall bear interest at the First Reset Rate. For the period beginning on the first day of the month following the month in which the Conversion Date occurs, and on the first day of each month thereafter throughout the balance of the term of the Loan, Borrower shall pay to Bondowner Representative equal monthly installments of principal and interest in an amount sufficient to amortize the Loan over a twenty (20) year period, as more specifically set forth in the Note. BORROWER ACKNOWLEDGES THAT THE AMOUNT OWING PURSUANT TO THE NOTE WILL NOT FULLY AMORTIZE BY THE CCRC TAKEOUT LOAN MATURITY DATE, AND THAT ON THE CCRC TAKEOUT LOAN MATURITY DATE, A SUBSTANTIAL “BALLOON PAYMENT” WILL BE DUE AND PAYABLE.

First Reset Rate on this Note from the Conversion Date until the Second Reset Date shall be a fixed interest rate of __________ percent (___%) per annum, provided that the Conversion Date occurs on or prior to _____________. If CCRC agrees in its sole discretion to extend the Termination Date under the Bond Purchase Agreement, and the Conversion Date occurs after ____________ in accordance with such extension, then unless CCRC otherwise conditions such extension, the First Reset Rate shall be determined as of the date ten (10) days prior to the Conversion Date as the greater of (a) _______% or (b) the percentage obtained by adding 2.00% to the Index; provided, however, that in no event shall the First Reset Rate exceed the lesser of (i) twelve percent (12.00%) per annum or (ii) the maximum rate permitted by law.