Common use of Floating Rate Notes Clause in Contracts

Floating Rate Notes. Each Floating Rate Note shall bear interest, payable quarterly in arrears unless otherwise agreed by the parties hereto and set forth in the applicable Pricing Agreement, on the outstanding principal amount thereof (computed on the basis of a 360-day year and the actual number of days elapsed) from its date of issuance until final payment on the maturity date thereof or otherwise at a variable rate per annum equal to the LIBOR Rate for each Interest Period (Floating Rate Note) plus the Applicable Margin (LIBOR). The LIBOR Rate shall reset as of the first day of each Interest Period. The (i) initial LIBOR Rate and (ii) Applicable Margin (LIBOR) for the term of each Floating Rate Note shall be specified in the applicable Pricing Agreement. Interest only shall be payable on each Interest Payment Date (Floating Rate Note). The Interest Payment Dates (Floating Rate Note) shall be determined at the time of an advance and set forth in the applicable Pricing Agreement. The principal amount of each Floating Rate Note, together with any accrued but unpaid interest, shall be due and payable on the maturity date.