Floating or Adjustable Rate Security definition

Floating or Adjustable Rate Security means any Security which provides for interest thereon at a periodic rate that may vary from time to time over the term thereof in accordance with a Floating or Adjustable Rate Provision.
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Examples of Floating or Adjustable Rate Security 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.