Floating Interest Rate means:
(a) initially Three-Month Term SOFR (as defined below).
(b) Notwithstanding the foregoing clause (i) of this Section 2(b):
(i) If the Calculation Agent, determines prior to the relevant Floating Interest Determination Date that a Benchmark Transition Event and its related Benchmark Replacement Date (each of such terms as defined below) have occurred with respect to Three-Month Term SOFR, then the Company shall promptly provide notice of such determination to the Holders and Section 2(c) (Effect of Benchmark Transition Event) will thereafter apply to all determinations, calculations and quotations made or obtained for the purposes of calculating the Floating Interest Rate payable on the Subordinated Notes during a relevant Floating Interest Period.
(ii) However, if the Calculation Agent, determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR, but for any reason the Benchmark Replacement has not been determined as of the relevant Floating Interest Determination Date, the Floating Interest Rate for the applicable Floating Interest Period will be equal to the Floating Interest Rate on the last Floating Interest Determination Date for the Subordinated Notes, as determined by the Calculation Agent (as defined below).
(iii) If the then-current Benchmark is Three-Month Term SOFR and any of the foregoing provisions concerning the calculation of the interest rate and the payment of interest during the Floating Interest Period are inconsistent with any of the Three-Month Term SOFR Conventions determined by the Company, then the relevant Three-Month Term SOFR Conventions will apply.
Floating Interest Rate means the variable annual interest rate calculated for each Interest Adjustment Period so as to equal the Index Rate for such Interest Adjustment Period (truncated at the 5th decimal place if necessary) plus the Margin. However, in no event will the Floating Interest Rate exceed the Capped Interest Rate.
Floating Interest Rate shall have the meaning set forth in Section 2.5(a).
Examples of Floating Interest Rate in a sentence
The term “Floating Interest Determination Date” means the date upon which the Floating Interest Rate is determined by the Calculation Agent pursuant to the Three-Month Term SOFR Conventions.
The term “Floating Interest Determination Date” means the date upon which the Floating Interest Rate is determined by the Calculation Agent pursuant to the Three-Month Term SOFR Conventions (as defined below).
The term “Floating Interest Determination Date” means the date upon which the Floating Interest Rate is determined by the Calculation Agent (as defined below) pursuant to the Three-Month Term SOFR Conventions (as defined below).
Each PD Debt Instrument may be a Fixed Rate PD Debt Instrument, a Floating Rate PD Debt Instrument, a Fixed / Floating Interest Rate Basis PD Debt Instrument, a Zero Coupon PD Debt Instrument or a combination of any of the foregoing, as specified in the relevant Final Terms.
In the absence of satisfaction of any of the above or any other relevant provision of Clause 5.3, interest on the Loan shall continue to be calculated at the Floating Interest Rate.
More Definitions of Floating Interest Rate
Floating Interest Rate means, in respect of any Interest Period, the rate per annum determined by the Agent to be the aggregate of:
Floating Interest Rate means for each Pre-Delivery Period and Interest Period selected pursuant to Clause 5.3.1 the aggregate of LIBOR or EURIBOR (as the case may be) and the Margin;
Floating Interest Rate means:
(i) initially Three-Month Term SOFR (as defined below).
(ii) Notwithstanding the foregoing clause (i) of this Section 2(c):
(1) If the Calculation Agent determines prior to the relevant Floating Interest Determination Date that a Benchmark Transition Event and its related Benchmark Replacement Date (each of such terms as defined below) have occurred with respect to Three-Month Term SOFR, then the Company shall promptly provide notice of such determination to the Noteholders and Section 2(d) will thereafter apply to all determinations, calculations and quotations made or obtained for the purposes of calculating the Floating Interest Rate payable on the Subordinated Notes during a relevant Floating Rate Period.
(2) However, if the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR, but for any reason the Benchmark Replacement has not been determined as of the relevant Floating Interest Determination Date, the Floating Interest Rate for the applicable Floating Rate Period will be equal to the Floating Interest Rate on the last Floating Interest Determination Date for the Subordinated Notes, as determined by the Calculation Agent.
Floating Interest Rate means a Rate of Interest calculated in accordance with Condition 5(b).
Floating Interest Rate means a fluctuating rate per annum equal to LIBOR plus the Spread; provided, however, in no event shall LIBOR be deemed to be less than zero percent (0.0%).
Floating Interest Rate. Interest Rate Basis(es): Fixed Interest Rate: Fixed Rate Commencement Date: Initial Interest Rate*, if any: The Initial Interest Rate for the Notes offered by this Pricing Supplement will be based on an interpolated one month LIBOR rate minus 0.02% determined in accordance with the provisions of this Pricing Supplement and the Prospectus Supplement subject to adjustment in accordance with the Modified Following Adjusted Business Day convention. Interest Rate Basis(es). Check all that apply: [ ] CD Rate [ ] Federal Funds Rate [ ] CMT Rate [X ] LIBOR [ ] Commercial Paper Rate [ ] EURIBOR [ ] Constant Maturity Swap Rate [ ] Prime Rate [ ] Eleventh District Cost of Funds [ ] Treasury Rate [ ] Federal Fund Open Rate If LIBOR: LIBOR Page: 3750 [X] LIBOR Moneyline Telerate: [ ] LIBOR Reuters: LIBOR Currency: U.S. Dollars If CMT Rate: Designated CMT Moneyline Telerate Page: If CMT Moneyline Telerate Page 7052: [ ] Weekly Average [ ] Monthly Average Designated CMT Maturity Index: Index Maturity: One month Spread (+/-): See Additional Provisions for Floating Rate Notes Spread Multiplier: Not applicable Interest Reset Date(s): Each Interest Payment Date
Floating Interest Rate means, in relation to a Tranche of Notes (where applicable), the floating interest rate per annum specified as such in (or calculated in the manner set out in) the Applicable Pricing Supplement;