Floating Rate Underlying Assets means Underlying Assets that bear interest at a floating rate.
Floating Rate Underlying Assets. Underlying Assets (other than Defaulted Obligations) that bear interest at floating rates.
Floating Rate Underlying Assets means Underlying Assets (other than Defaulted Obligations) that bear interest at floating rates. For all purposes under the Indenture, any Fixed Rate Underlying Asset that is subject to an Asset Specific Hedge (and is not a Synthetic Security Counterparty Defaulted Obligation) will be deemed to be a Floating Rate Underlying Asset bearing interest at a floating rate equal to the implied spread over LIBOR receivable by the Issuer pursuant to the Asset Specific Hedge. The Issuer will be required to notify each Rating Agency in the event that a default occurs with respect to any such hedged Underlying Asset.