Interest Equivalent definition

Interest Equivalent means a yield on a 360-day basis of a discount basis security which is equal to the yield on an equivalent interest-bearing security.
Interest Equivalent means an additional amount to be credited to a Cash Account calculated in accordance with Section 7(a)(ii).
Interest Equivalent means the entry in a Deferred Compensation Account of an interest credit with respect to a Cash Unit, compounded on the basis of the balance in the Participant’s Deferred Compensation Account, applying the interest factor approved by the Committee each year for such purpose.

Examples of Interest Equivalent in a sentence

If the Reference Rate is not quoted on an interest basis but is quoted on a discount basis, the Auction Agent shall convert the quoted rate to an Interest Equivalent, as set forth in paragraph 1 of the Articles Supplementary; or, if the rate obtained by the Auction Agent is not quoted on an interest or discount basis, the Auction Agent shall convert the quoted rate to an interest rate after consultation with the Company as to the method of such conversion.

The Employer shall also credit to said Deferred Compensation Account an Interest Equivalent in the amount and manner set forth in Section 3 hereof.

If the Reference Rate is not quoted on an interest basis but is quoted on a discount basis, the Auction Agent shall convert the quoted rate to an Interest Equivalent, as set forth in Section 1 of the Amended By-laws; or, if the rate obtained by the Auction Agent is not quoted on an interest or discount basis, the Auction Agent shall convert the quoted rate to an interest rate after consultation with the Trust as to the method of such conversion.

However, the Employee shall not be entitled to the Interest Equivalent for any years prior to such termination, and such Interest Equivalent shall not be included in determining Employee’s benefit hereunder.

As of the last day of each fiscal quarter and the Eligible Director’s Service Termination Date, the Eligible Director’s Cash Account will be credited with an Interest Equivalent equal to (i) the Rate of Interest, multiplied by (ii) the Average Daily Cash Balance, multiplied by (iii) the number of days during the fiscal quarter or other period during which such Cash Account had a positive balance, divided by (iv) 365.


More Definitions of Interest Equivalent

Interest Equivalent means a right granted to a Grantee under Section 6(g) to receive cash, which may be deferred or paid currently, equal to the interest which would be earned on a specified amount of money, including money deferred in a Deferred Cash Account. Interest Equivalents may be awarded on a free-standing basis or in connection with another Award, and may be paid currently or on a deferred basis. Unless the Committee otherwise provides to the contrary or except as otherwise provided in the Plan, Interest Equivalents paid on a deferred basis will be compounded on a quarterly basis.
Interest Equivalent means any security or obligation that is by its terms directly or indirectly convertible into or exchangeable or exercisable for Interests or other equity securities of the Company, and any option, warrant or other subscription or purchase right with respect to Interests or such other equity securities of the Company.
Interest Equivalent means an amount equivalent to interest on the Unrecovered Purchase Price at a rate equivalent to the Prime Rate plus (1%) percent per annum, adjusted daily.
Interest Equivalent means any right, warrant, option, convertible security, exchangeable security, Indebtedness or other right, in each case exercisable for or convertible or exchangeable into, directly or indirectly, an Interest or security exercisable for or convertible or exchangeable into an Interest, whether at the time of issuance or upon the passage of time or the occurrence of some future event.
Interest Equivalent means the amount credited to such Participant’s Plan Deferral Account in addition to the amount of income deferred by such Participant in accordance with the provisions of Section 7(b)(1).
Interest Equivalent means the entry in a Deferred Compensation Account of an interest credit with respect to a Cash Unit, the interest factor initially being equal to 6.34% per year. Without notice to an Outside Director or any other person, the Interest Equivalent shall automatically be increased or decreased, as the case may be, on the first day of each Plan Year, such that the Interest Equivalent shall then be equal to Company's average cost of funds for the twelve month period ending on September 30 of such year.