Act/Act (ICMA) definition
Act/Act (ICMA) means (A) if, in respect of the calculation of an amount of interest on this Security, any period of time from and including the first day of such period to but excluding the last day of such period (the “Calculation Period”) is equal to or shorter than the Determination Period during which it falls, the number of days in the Calculation Period divided by the product of (x) the number of days in such Determination Period and (y) the number of Determination Periods normally ending in any year, and (B) if the Calculation Period is longer than one Determination Period, the sum of (x) the number of days in such Calculation Period falling in the Determination Period in which it begins divided by the product of (1) the number of days in such Determination Period and (2) the number of Determination Periods normally ending in any year and (y) the number of days in such Calculation Period falling in the next Determination Period divided by the product of (1) the number of days in such Determination Period and (2) the number of Determination Periods normally ending in any year. “Determination Period” means the period from and including an Interest Determination Date in any year to but excluding the next Interest Determination Date; and “Interest Determination Date” means the date specified in the applicable final terms or, if none is so specified, the Interest Payment Date. The principal of, and interest and Additional Amounts on, the Securities will be payable in Australian Dollars. The Company will cause the Trustee, or the paying agent, if any, to pay such amounts, on the dates payment is to be made, directly to THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED. The Company will pay the Holder hereof Additional Amounts with respect to withholding taxes as are provided for, and subject to the conditions stated, on the reverse of this Security. This Security is being deposited with THE BANK OF NEW YORK MELLON, LONDON BRANCH acting as a common depositary of Euroclear and Clearstream, and registered in the name of THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, a nominee of the common depositary. As Holder of record of this Security, THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED shall be entitled to receive payments of principal and interest. Payments of principal and interest, including any Additional Amounts, on this Security shall be made in the manner specified on the reverse hereof and, to the extent not inconsistent with the provisions set forth herei...
Examples of Act/Act (ICMA) in a sentence
Interest will be computed on the basis of the actual number of days in the year and the actual number of days elapsed (Act/Act (ICMA) (as defined below)) and rounding the resultant figure to the nearest cent (with one-half cent being rounded upwards.