Floating Note Rate definition
Floating Note Rate means, as of any date of determination, the estimated funding cost (not the actual sale price), including standard underwriting fees, for new four-year debt securities issued by the Farm Credit Funding Corporation into the primary market based on market observations on such date indicated at approximately 9:30 a.m., Eastern time; it being understood that such indications represent the Farm Credit Funding Corporation’s best estimate of the cost of new debt issuances based on a combination of daily surveys of selected farm credit selling group members (participating bond dealers) and ongoing monitoring of the fixed income markets for actual, recent, primary market issuance by other government-sponsored institutions of similar bonds and notes and pricing within related derivative markets, particularly the interest rate swap market. Historical information on such funding costs is available, for the prior week, on the Farm Credit Funding Corporation’s website (▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇/ffcb_live/fundingCostIndex.html) under the “Output” tab of the most recent spreadsheet.
Floating Note Rate means CoBank’s best estimate of the cost of such debt securities based on market observations of synthetic (swaps) floating rate indications for similar debt securities or such other replacement benchmark, in each case, as CoBank and Rayonier may mutually agree upon.
Floating Note Rate means, as of any date of determination, the estimated funding cost (not the actual sale price), including standard underwriting fees, for new two and a half-year debt securities issued by The Federal Farm Credit Banks Funding Corporation into the primary market based on market observations on such date indicated at approximately 9:30 a.m., Eastern time; it being understood that such indications represent The Federal Farm Credit Banks Funding Corporation’s best estimate of the cost of new debt issuances based on a combination of daily surveys of selected farm credit selling group members (participating bond dealers) and ongoing monitoring of the fixed income markets for actual, recent, primary market issuance by other government-sponsored institutions of similar bonds and notes and pricing within related derivative markets, particularly the interest rate swap market. Notwithstanding the foregoing, if, in connection with the Incremental Term A-3 Agreement Effective Date or any Reset Date, new farm credit debt securities with a two and a half year term are not then being issued into the primary market by The Federal Farm Credit Banks Funding Corporation, then “Floating Note Rate” shall mean CoBank’s best estimate of the cost of such debt securities based on market observations of synthetic (swaps) floating rate indications for similar debt securities or such other replacement benchmark, in each case, as CoBank and Greif Packaging may mutually agree upon.
Examples of Floating Note Rate in a sentence
On each Payment Date, Accrued Note Interest then due on all Classes of Notes will be paid from amounts on deposit in the Debt Service Sub-Account in accordance with Section 5.01; provided that interest on the Class A-FL Notes shall be payable from the Floating Rate Sub-Account so long as such Notes bear interest at the Floating Note Rate.
On each Payment Date, payments will be made from amounts on deposit in the Floating Rate Sub-Account in accordance with Section 3.06 so long as such Notes bear interest at the Floating Note Rate.
As used herein: (A) “Closing Date Cost of Funds” means 0.010%, which is the difference between (A) the all-in one-month LIBOR Floating Note Rate cost of funds paid by Lender as indicated by the Farm Credit Funding Corporation and (B) the one-month LIBOR Rate as of the date hereof.
As used in this subsection (c): “Current Cost of Funds” means, as of the Reset Date, the amount (in basis points), if any, by which (x) the Floating Note Rate exceeds (y) the Term SOFR Rate for an Interest Period of one (1) month, in each case determined as of the date that is two (2) Business Days prior to the Reset Date.
More Definitions of Floating Note Rate
Floating Note Rate means, as of any date of determination, the estimated funding cost (not the actual sale price), including standard underwriting fees, for new one (1) -year debt securities issued by The Federal Farm Credit Banks Funding Corporation into the primary market based on market observations on such date indicated at approximately 9:30 a.m., Eastern time; it being understood that such indications represent The Federal Farm Credit Banks Funding Corporation’s best estimate of the cost of new debt issuances based on a combination of daily surveys of selected farm credit selling group members (participating bond dealers) and ongoing monitoring of the fixed income markets for actual, recent, primary market issuance by other government-sponsored institutions of similar bonds and notes and pricing within related derivative markets, particularly the interest rate swap market. Historical information on such funding costs is available, for the prior week, on The Federal Farm Credit Banks Funding Corporation’s website (▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇/ffcb_live/fundingCostIndex.html) under the “Output” tab of the most recent spreadsheet.
Floating Note Rate means, as of any date of determination, the estimated funding cost (not the actual sale price), including standard underwriting fees, for new four-year debt securities issued by The Farm Credit Banks Funding Corporation into the primary market based on market observations on such date indicated at approximately 9:30 a.m., Eastern time; it being understood that such indications represent The Farm Credit Banks Funding Corporation’s best estimate of the cost of new debt issuances based on a combination of daily surveys of selected farm credit selling group members (participating bond dealers) and ongoing monitoring of the fixed income markets for actual, recent, primary market issuance by other government-sponsored institutions of similar bonds and notes and pricing within related derivative markets, particularly the interest rate swap market. Notwithstanding the foregoing, if, in connection with the Second Amendment Effective Date or the Reset Date, new farm credit debt securities with a four-year term are not then being issued into the primary market by The Federal Farm Credit Banks Funding Corporation, then “Floating Note Rate” shall mean CoBank’s best estimate of the cost of such debt securities based on market observations of synthetic (swaps) floating rate indications for similar debt securities or such other replacement benchmark, in each case, as CoBank and Rayonier may mutually agree upon.
Floating Note Rate means, as of any date of determination, the estimated funding cost (not the actual sale price), including the applicable “Farm Credit Floating Rate Funding Index Spread” (for one-month LIBOR or overnight SOFR (reset daily, simple average in arrears)) and standard underwriting fees, for new four-year debt securities, in each case indexed to one-month LIBOR or overnight SOFR (reset daily, simple average in arrears), as applicable (based on the relevant issue date) and issued by The Federal Farm Credit Banks Funding Corporation into the primary market based on market observations on such date indicated at approximately 9:30 a.m., Eastern time; it being understood that such indications represent The Federal Farm Credit Banks Funding Corporation’s best estimate of the cost of new debt issuances based on a combination of daily surveys of selected farm credit selling group members (participating bond dealers) and ongoing monitoring of the fixed income markets for actual, recent, primary market issuance by other government-sponsored institutions of similar bonds and notes and pricing within related derivative markets, particularly the interest rate swap market. Historical information on such funding costs is available on The Federal Farm Credit Funding Corporation’s website (▇▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇/ffcb_live/dataCenter/fundingCostIndex.html) within the daily and weekly spreadsheet for the desired date. Notwithstanding the foregoing, if, in connection with the applicable closing date or the Reset Date, new farm credit debt securities with a four-year term are not then being issued into the primary market by The Federal Farm Credit Banks Funding Corporation, then “Floating Note Rate” shall mean CoBank’s best estimate of the cost of such debt securities based on market observations of synthetic (swaps) floating rate indications for similar debt securities or such other replacement benchmark, in each case, as CoBank and Rayonier may mutually agree upon.
Floating Note Rate means, as of any date of determination for any Tranche of Term Loans, SOFR with the same maturity as such Tranche, plus the spread published as of such date by The Federal Farm Credit Banks Funding Corporation as the “Est. Funding Cost” for “Farm Credit Floating Rate Funding Index Spreads” with the same maturity as such Tranche (or, if any such spread is unavailable or no longer published, a spread determined by the Administrative Agent, in its reasonable discretion). Historical information on such spread may be available on the Federal Farm Credit Banks Funding Corporation’s website: (▇▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇/ffcb_live/dataCenter/fundingCostIndex.html).
Floating Note Rate means American AgCredit’s best estimate of the cost of such debt securities based on market observations of synthetic (swaps) floating rate indications for similar debt securities or such other replacement benchmark as the Administrative Agent and the Borrower may mutually agree upon.
Floating Note Rate means, as of any date of determination, the estimated funding cost (not the actual sale price), including the applicable “Farm Credit Floating Rate Funding Index Spread” (for overnight SOFR (reset daily, simple average in arrears)) and standard underwriting fees, for new two and half-year debt securities, indexed to overnight SOFR (reset daily, simple average in arrears) and issued by The Federal Farm Credit Banks Funding Corporation into the primary market based on market observations on such date indicated at approximately 9:30 a.m., Eastern time; it being understood that such indications represent The Federal Farm Credit Banks Funding Corporation’s best estimate of the cost of new debt issuances based on a combination of daily surveys of selected farm credit selling group members (participating bond dealers) and ongoing monitoring of the fixed income markets for actual, recent, primary market issuance by other government-sponsored institutions of similar bonds and notes and pricing within related derivative markets, particularly the interest rate swap market. Historical information on such funding costs is available on The Federal Farm Credit Funding Corporation’s website (▇▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇/ffcb_live/dataCenter/fundingCostIndex.html) within the daily and weekly spreadsheet for the desired date. Notwithstanding the foregoing, if, in connection with the 2022 Increased Amount Date or the Reset Date, new farm credit debt securities with a two and half-year term are not then being issued into the primary market by The Federal Farm Credit Banks Funding Corporation, then “Floating Note Rate” shall mean CoBank’s best estimate of the cost of such debt securities based on market observations of synthetic (swaps) floating rate indications for similar debt securities or such other replacement benchmark, in each case, as CoBank and Rayonier may mutually agree upon.
Floating Note Rate means, as of any date of determination, the estimated funding cost (not the actual sale price), including the applicable “Farm Credit Floating Rate Funding Index Spread” and standard underwriting fees, for new five-year debt securities indexed to overnight SOFR (reset daily, simple average in arrears), as applicable (based on the relevant issue date), and issued by the Farm Credit Funding Corporation into the primary market based on market observations on such date indicated at approximately 9:30 a.m., New York City time; it being understood that such indications represent the Farm Credit Funding Corporation’s best estimate of the cost of new debt issuances based on a combination of daily surveys of selected farm credit selling group members (participating bond dealers) and ongoing monitoring of the fixed income markets for actual, recent, primary market issuance by other government sponsors of similar bonds and notes and pricing within related derivative markets, particularly the interest rate swap market. Historical information on such funding costs is available, for the current day or historical, on the Farm Credit Funding Corporation’s website (▇▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇/ffcb_live/dataCenter/fundingCostIndex.html).