Examples of Initial Fixed Interest Rate in a sentence
The interest payable shall be determined by the Calculation Agent by applying the Initial Fixed Interest Rate to the principal amount of such Capital Note, multiplying the product by the Fixed Day Count Fraction and rounding the resulting figure to the nearest cent (half a cent if being rounded upwards).
From and including the Effective Date to but excluding the First Reset Date, the Capital Notes bear interest on their outstanding principal amount at the Initial Fixed Interest Rate, subject to Clauses 6.3 (Minority Dividend) and 7.7 (Change of Control).
For the avoidance of doubt, this Condition 3.7(a) shall apply to all payments of interest on the Notes from the end of the Initial Fixed Interest Rate Period onwards only, and the interest payable on the Notes during the Reset Period is subject to the subsequent operation of, and to adjustment as provided in, this Condition 3.7(a).
This Reset Rate of Interest could be less than the Initial Fixed Interest Rate, which could affect the amount of any interest payments under the Notes and the market value of an investment in the Notes.
The Notes will initially accrue interest at the Initial Fixed Interest Rate to, but excluding, the First Reset Date.