Rate of Interest for Floating Rate Notes Clause Samples
The 'Rate of Interest for Floating Rate Notes' clause defines how the interest rate for floating rate notes is determined and adjusted over time. Typically, this clause specifies the reference rate (such as LIBOR or EURIBOR) and the margin or spread to be added, as well as the frequency and dates on which the rate is reset. By outlining these mechanisms, the clause ensures that both issuers and investors have a clear understanding of how interest payments will fluctuate, thereby providing transparency and predictability in the calculation of interest owed.
Rate of Interest for Floating Rate Notes. The Rate of Interest in respect of Floating Rate Notes for each Interest Accrual Period shall be determined in the manner specified in the applicable Final Terms and the provisions below relating to either ISDA Determination or Screen Rate Determination shall apply, depending upon which is specified in the applicable Final Terms.
Rate of Interest for Floating Rate Notes. The Rate of Interest in respect of Floating Rate Notes for each Interest Accrual Period shall be determined in the manner specified in the Final Terms and the provisions below relating to either ISDA Determination or Screen Rate Determination shall apply, depending upon which is specified in the Final Terms.
(A) ISDA Determination for Floating Rate Notes Where ISDA Determination is specified in the Final Terms as the manner in which the Rate of Interest is to be determined, the Rate of Interest for each Interest Accrual Period shall be determined by the Calculation Agent as a rate equal to the relevant ISDA Rate. For the purposes of this sub-paragraph (A), ISDA Rate for an Interest Accrual Period means a rate equal to the Floating Rate that would be determined by the Calculation Agent under a Swap Transaction under the terms of an agreement incorporating the ISDA Definitions and under which:
Rate of Interest for Floating Rate Notes. The Rate of Interest in respect of Floating Rate Notes for each Interest Accrual Period shall be determined in the manner specified in the applicable Pricing Supplement and the provisions below relating to either Screen Rate Determination or ISDA Determination shall apply, depending upon which is specified in the applicable Pricing Supplement.
(A) Screen Rate Determination for Floating Rate Notes Where Screen Rate Determination and Overnight Rate are specified as "Applicable", the Reference Rate is specified as being "Compounded Daily ▇▇▇▇▇" and Index Determination is specified as "Not Applicable" for a Floating Rate Note in the applicable Pricing Supplement, the following provisions shall apply and the Rate of Interest for each Interest Period will, subject as provided below, be Compounded Daily ▇▇▇▇▇ plus or minus (as indicated in the applicable Pricing Supplement) the Margin (if any), as calculated by the Calculation Agent (or such other party responsible for the calculation of the Rate of Interest, as specified in the applicable Pricing Supplement) as soon as possible after the date falling “p” days prior to the Interest Payment Date and in no event less than three London Business Days prior to the Interest Payment Date.
Rate of Interest for Floating Rate Notes. The Rate of Interest payable from time to time in respect of the Notes shall be determined in the manner specified in the relevant Final Terms.
(a) Where Screen Rate Determination is specified in the relevant Final Terms as the manner in which the Rate(s) of Interest is/are to be determined, the Rate of Interest applicable to the Notes for each Interest Period will, subject as provided below, be either:
(i) the offered quotation; or
(ii) the arithmetic mean (rounded if necessary to the fifth decimal place, with 0.000005 being rounded upwards) of the offered quotations, (expressed as a percentage rate per annum) for the Reference Rate which appears or appear, as the case may be, on the Relevant Screen Page as at 11.00 a.m. (London time, in the case of LIBOR, or Brussels time, in the case of EURIBOR) (the “Relevant Time”) on the Interest Determination Date in question plus or minus (as indicated in the applicable Final Terms) the Margin (if any), all as determined by the Calculation Agent. If five or more of such offered quotations are available on the Relevant Screen Page, the highest (or, if there is more than one such highest quotation, one only of such quotations) and the lowest (or, if there is more than one such lowest quotation, one only of such quotations) shall be disregarded by the Calculation Agent for the purpose of determining the arithmetic mean (rounded as provided above) of such offered quotations, provided, however that:
Rate of Interest for Floating Rate Notes. The Rate of Interest payable from time to time in respect of the Notes shall be determined in the manner specified in the relevant Final Terms.