Sterling Notes Sample Clauses
The 'Sterling Notes' clause defines the terms and conditions under which debt securities denominated in British pounds (sterling) are issued and managed. It typically outlines the currency of payment, interest calculation, and any specific provisions related to the use of sterling as the settlement currency. For example, it may specify how payments are to be made in sterling, address exchange rate risks, or set procedures for handling currency fluctuations. The core function of this clause is to ensure clarity and certainty for both issuers and investors regarding the obligations and processes associated with sterling-denominated notes.
Sterling Notes. With respect to the Called Principal of any Non-Swapped Note denominated in Sterling, the sum of (a) the Applicable Percentage plus (b) the yield to maturity implied by (A) the “Ask yield(s)” reported as of 10:00 a.m. (London time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page PXUK” (or such other display as may replace Page PXUK) on Bloomberg Financial Markets for the then most actively traded “on-the-run” UK Gilt securities (the “Reference Stock”) having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date or (B) if (i) Page PXUK on Bloomberg Financial Markets (or such other display as may replace Page PXUK) is not published on that day, or (ii) the calculation in Page PXUK ceases to be in keeping with the Formula for the Calculation of Redemption Yields indicated by the Joint Index and Classification Committee of the Faculty of Actuaries as reported in the Journal of the Institute of Actuaries Volume 105, Part I, 1978, page 18 (the “Formula”), the gross redemption yield calculated on the basis of the average of the yields for the Reference Stock having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date as reported by three authorized leading market makers in the gilt-edged market as at or about 11:00 a.
Sterling Notes. At any time prior to November 15, 2020, the Issuers may redeem the Sterling Notes, in whole or in part on any one or more occasions, upon giving not less than 10 nor more than 60 days’ notice to the Holders thereof, at a redemption price equal to 100% of the principal amount thereof, plus the Applicable Premium, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant interest payment date). At any time on or after November 15, 2020, the Issuers may redeem the Sterling Notes, in whole or in part on any one or more occasions, upon giving not less than 10 nor more than 60 days’ notice to the Holders thereof, at the redemption price set forth below (expressed as a percentage of the principal amount of the Sterling Notes to be redeemed), plus accrued and unpaid interest, if any, thereon, to, but excluding, the redemption date (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant interest payment date), if redeemed during the twelve-month period commencing on November 15 of the years set out below: 2020 ............................................................................................................. 101.938% 2021 ............................................................................................................. 100.969% 2022 and thereafter ...................................................................................... 100.000% At any time prior to November 15, 2020, the Issuers may redeem up to 40% of the original principal amount of the Sterling Notes (calculated after giving effect to any issuance of Additional Sterling Notes) on any one or more occasions, upon giving not less than 10 nor more than 60 days’ notice to the Holders thereof, with the Net Cash Proceeds of one or more Equity Offerings at a redemption price of 103.875% of the principal amount thereof, plus accrued and unpaid interest, if any, thereon to, but excluding, the redemption date (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant interest payment date); provided that:
(i) at least 50% of the original principal amount of the Sterling Notes (calculated after giving effect to any issuance of Additional Sterling Notes) remains outstanding after each such redemption; and
(ii) the redemption occurs within 180 days after ...