Floating or Adjustable Rate Provision definition

Floating or Adjustable Rate Provision means a formula or provision, specified in or pursuant to a Board Resolution or an indenture supplemental hereto, providing for the determination, whether pursuant to objective factors or pursuant to the sole discretion of any Person (including the Company), and periodic adjustment of the interest rate borne by a Floating or Adjustable Rate Security.
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Floating or Adjustable Rate Provision means a formula or provision, specified in or pursuant to a resolution of the Board of Directors of the Company, provided for in an Officers’ Certificate or Issuer Order or a supplemental Indenture, providing for the determination, whether pursuant to objective factors or pursuant to the sole discretion of any Person (including the Company or one or more officer designees thereof), and periodic adjustment of the interest rate borne by a Floating or Adjustable Rate Security.
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Floating or Adjustable Rate Provision means a formula or provision, specified in a Board Resolution or an indenture supplemental hereto, providing
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Examples of Floating or Adjustable Rate Provision in a sentence

  • The Company promises to pay interest on the principal amount of this Security at [a rate of % per annum][if the Security is a Floating or Adjustable Rate Security, insert — a rate per annum [computed/determined] in accordance with the [insert defined name of Floating or Adjustable Rate Provision] set forth below], [if the Security is to bear interest at a rate determined with reference to an index, refer to description of index below] until the principal hereof is paid or made available for payment.

  • The Company promises to pay interest on the principal amount of this Security at [a rate of ___% per annum][if the Security is a Floating or Adjustable Rate Security, insert – a rate per annum [computed/determined] in accordance with the [insert defined name of Floating or Adjustable Rate Provision] set forth below], [if the Security is to bear interest at a rate determined with reference to an index, refer to description of index below] until the principal hereof is paid or made available for payment.