Rate of Interest Step Up Trigger definition

Rate of Interest Step Up Trigger means the first public announcement by any one Rating Agency that the rating given by such Rating Agency for the Notes is below Investment Grade.
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Examples of Rate of Interest Step Up Trigger in a sentence

  • If Step Up Rating Adjustment is specified as being applicable in the applicable Final Terms and, prior to an Interest Payment Date, a Rate of Interest Step Up Trigger occurs, then each Note shall bear interest on its outstanding principal amount at the rate per annum equal to the Rate of Interest plus the Step Up Rate specified in the applicable Final Terms, as further described in paragraph (iii) below.

  • If, prior to an Interest Payment Date, the Issuer fails so to procure (a " Rating Agency Rate of Interest Step Up Trigger"), then each Note shall bear interest on its outstanding principal amount at the rate per annum equal to the Rate of Interest plus the Step Up Rate.

  • After the 2020 Notes Redemption Date (a) a Rate of Interest Step Up Trigger shall only be deemed to occur if the long term debt rating of the Issuer assigned by two Rating Agencies is below Investment Grade and (b) a Rate of Interest Step Down Trigger shall be deemed to occur if the long term debt rating of the Issuer assigned by any one Rating Agency is at or above Investment Grade.

  • Any adjustment to the rate of interest under the Notes under this Condition 5(b) shall take effect and accrue in accordance with Condition 5(a) ( Accrual of interest) from the Interest Payment Date immediately following the Rate of Interest Step Up Trigger, the Rate of Interest Step Down Trigger or the Rating Agency Rate of Interest Step Up Trigger, as the case may be, and shall be applied from such Interest Payment Date.

  • The Issuer will notify Noteholders and the Trustee upon any change in the rate of interest under the Notes upon a Rate of Interest Step Up Trigger, a Rate of Interest Step Down Trigger or a Rating Agency Rate of Interest Step Up Trigger in accordance with Condition 17 (Notices) and the Trust Deed respectively and as required by any applicable rules of any stock exchange on which the Notes are then listed as soon as reasonably practicable after such change becomes effective.

  • The Issuer will notify Noteholders and the Trustee upon any change in the rate of interest under the Notes upon a Rate of Interest Step Up Trigger, a Rate of Interest Step Down Trigger or a Rating Agency Rate of Interest Step Up Trigger in accordance with Condition 17 (Notices) and the Trust Deed respectively and as required by any applicable rules of the Luxembourg Stock Exchange as soon as reasonably practicable after such change becomes effective.

  • If the rating designations employed by any Rating Agency are changed from those which are described in this Condition 5(b), the Issuer shall determine the rating designations of the relevant Rating Agency that are most nearly equivalent to the prior rating designations of the relevant Rating Agency and, accordingly, the resulting Rate of Interest Step Up Trigger, the Rate of Interest Step Down Trigger and the Rate of Interest which would apply to the Notes.

  • If the rating designations employed by any Rating Agency are changed from those which are described in this Condition 6(e), the Issuer shall determine the rating designations of the relevant Rating Agency that are most nearly equivalent to the prior rating designations of the relevant Rating Agency and, accordingly, the resulting Rate of Interest Step Up Trigger, the Rate of Interest Step Down Trigger and the Rate of Interest which would apply to the Notes.

  • Any adjustment to the rate of interest under the Notes under this Condition 6(e) shall take effect and accrue in accordance with Condition 6(d) ( Accrual of interest) from the Interest Payment Date immediately following the Rate of Interest Step Up Trigger, the Rate of Interest Step Down Trigger or the Rating Agency Rate of Interest Step Up Trigger, as the case may be, and shall be applied from such Interest Payment Date.

  • The Issuer will notify Noteholders and the Trustee upon any change in the rate of interest under the Notes upon a Rate of Interest Step Up Trigger, a Rate of Interest Step Down Trigger or a Rating Agency Rate of Interest Step Up Trigger in accordance with Condition 17 (Notices) and the Trust Deed respectively and as required by any applicable rules of Euronext Dublin as soon as reasonably practicable after such change becomes effective.

Related to Rate of Interest Step Up Trigger

  • Rate of Interest means the rate of interest payable from time to time in respect of this Note and that is either specified or calculated in accordance with the provisions hereon.

  • Prime Interest Rate means the publicly quoted variable annual basic rate of interest, published from time to time by the bankers of FUNDI as being their prime rate and as certified by the auditors of FUNDI, whose appointment it shall not be necessary to prove. Details of such bankers will be provided to the Applicant when so requested in writing.

  • Default Interest Rate is two percent above the base lending rate of Barclays Bank PLC, as varied from time to time;

  • Reference Interest Rate means the interest rate which is used as the basis for calculating any interest to be applied and which comes from a publicly available source which can be verified by both parties to a payment service contract;

  • Reset Period means the First Reset Period or a Subsequent Reset Period, as the case may be;

  • PIK Interest Rate means (a) in respect of any Interest Period, the Additional Tax Payer Protection Rate plus (b) in respect of any Interest Period ending on or prior to the first anniversary of the date hereof, the Adjusted LIBO Rate plus the Applicable Rate.

  • Interest Margin Except as set forth in the following sentence, with respect to each Class of Regular Certificates, the following percentages: Class I-A Certificates, 0.150%; Class II-A-1 Certificates, 0.050%; Class II-A-2 Certificates, 0.110%; Class II-A-3 Certificates, 0.160%; Class II-A-4 Certificates, 0.240%; Class M-1 Certificates, 0.270%; Class M-2 Certificates, 0.310%; Class M-3 Certificates, 0.330%; Class M-4 Certificates, 0.380%; Class M-5 Certificates, 0.420%; Class M-6 Certificates, 0.510%, Class M-7 Certificates, 0.950%, Class M-8 Certificates, 1.100%, Class M-9 Certificates, 1.950%, Class M-10 Certificates, 2.000% and Class M-11 Certificates, 2.000%. On the first Distribution Date after the Optional Termination Date, the Interest Margins shall increase to the following percentages: Class I-A Certificates, 0.300%; Class II-A-1 Certificates, 0.100%; Class II-A-2 Certificates, 0.220%; Class II-A-3 Certificates, 0.320%; Class II-A-4 Certificates, 0.480%; Class M-1 Certificates, 0.405%; Class M-2 Certificates, 0.465%; Class M-3 Certificates, 0.495%; Class M-4 Certificates, 0.570%; Class M-5 Certificates, 0.630%; Class M-6 Certificates, 0.765%, Class M-7 Certificates, 1.425%, Class M-8 Certificates, 1.650%, Class M-9 Certificates, 2.925%, Class M-10 Certificates, 3.000% and Class M-11 Certificates, 3.000%.

  • Interest Rate shall have the meaning assigned to such term or analogous term in the Mortgage Loan Agreement.

  • Accrual Period With respect to each Payment Date, the period beginning on and including the prior Payment Date (or, in the case of the first Payment Date, the Closing Date) and ending on and including the day preceding such Payment Date.