Initial Rate of Interest definition
Examples of Initial Rate of Interest in a sentence
Fixed Rate Reset Notes will initially bear interest at the Initial Rate of Interest until (but excluding) the First Reset Date.
The Subsequent Reset Rate for any Reset Period could be less than the Initial Rate of Interest or the Subsequent Reset Rate for prior Reset Periods and could affect the market value of an investment in the Reset Notes.
Anything to the contrary notwithstanding, if the Initial Rate of Interest is increased to 20% in accordance with the last proviso of the preceding sentence and the failure giving rise to such increase is subsequently cured, the Initial Rate of Interest shall automatically be reduced as of the date of such cure to the rate that would otherwise have been in effect had such failure not occurred.
The Notes bear interest from the Interest Commencement Date at the Initial Rate of Interest payable in arrear on each Interest Payment Date, subject as provided in Condition 12 (Payments).
From (and including) the first Interest Payment Date following the date of a Step Up Rating Change, the Rate of Interest shall be the Initial Rate of Interest plus 1.25 per cent.