Second Reset Date definition
Examples of Second Reset Date in a sentence
On the First Reset Date, the Second Reset Date (if applicable) and each Subsequent Reset Date (if any) thereafter, the interest rate will be reset to the sum of (i) the applicable Mid-Swap Rate, Benchmark Gilt Rate or Reference Bond Rate and (ii) the First Margin or Subsequent Margin (as applicable) as determined by the Calculation Agent on the relevant Reset Determination Date (each such interest rate, a “Subsequent Reset Rate”).
The interest rate on the Second Reset Date shall be equal to the 5-year U.S. Treasury Constant Maturity Index (average for the prior month) plus 475 basis points for the remainder of the term of the Loan.
No later than fifteen (15) days prior to the Early Termination Date and the Second Reset Date, respectively, Initial Owner Participant shall provide to Charterer an addendum to Schedule C setting forth the applicable Remaining Rental Factors and the recalculated payments of Basic Hire, which shall be determinative absent manifest error.
On the First Reset Date, the Second Reset Date (if applicable) and each Subsequent Reset Date (if any) thereafter, the interest rate will be reset to the sum of (i) the applicable Mid-Swap Rate, Benchmark Gilt Rate, Reference Bond Rate or U.S. Treasury Rate and (ii) the First Margin or Subsequent Margin (as applicable) as determined by the Calculation Agent on the relevant Reset Determination Date (each such interest rate, a “Subsequent Reset Rate”).
The Interest Rate shall reset on June 1, 2012 ("First Reset Date") and June 1, 2017 ("Second Reset Date").