Interest Rate Reset. The applicable interest rate borne by the Senior Notes on and after the Purchase Contract Settlement Date shall be reset pursuant to the Remarketing on the third Business Day immediately preceding the Purchase Contract Settlement Date to a rate equal to the Reset Rate (such Reset Rate to be in effect on and after the Purchase Contract Settlement Date).
Interest Rate Reset. The applicable interest rate borne by the Debt Securities, whether or not part of Corporate Units, shall be reset to the Reset Rate, pursuant to the Indenture, and will be effective with respect to all Debt Securities, whether or not then constituting a component of Corporate Units, as of the Remarketing Settlement Date, in the case of a Successful Remarketing, or, as of the Purchase Contract Settlement Date, in the event of a Failed Remarketing or in the event there is no Remarketing pursuant to clause (c) of the definition of Reset Rate in the Indenture Officers' Certificate.
Interest Rate Reset. The interest rate on this Security will be reset from time to time, as provided in this Section 3, and each date upon which such rate is reset as so provided is hereinafter called an "Interest Reset Date". Unless otherwise specified on the face hereof, the Interest Reset Dates with respect to this Security will be as follows:
Interest Rate Reset. The applicable interest rate borne by the Senior Notes, whether or not part of Corporate PIES, shall be reset to the Reset Rate, pursuant to the Indenture, and will be effective with respect to all Senior Notes, whether or not then constituting a component of Corporate PIES, as of the Remarketing Settlement Date, in the case of a Successful Remarketing, or, as of the Purchase Contract Settlement Date, in the event of a Failed Remarketing or in the event there is no Remarketing pursuant to clause (c) of the definition of Reset Rate in the Indenture Officers' Certificate.
Interest Rate Reset. Unless a Tax Event Redemption has occurred, the applicable interest rate borne by the Senior Notes, whether or not part of Corporate Units, shall be reset to the Reset Rate, under the Supplemental Indenture, and will be effective with respect to all Senior Notes, whether or not then constituting a component of Corporate Units, as of the Remarketing Settlement Date, in the case of a Successful Remarketing, or, as of the Purchase Contract Settlement Date, in the event of a Failed Remarketing or in the event there is no Remarketing under clause (iii) of the definition of Reset Rate in the Supplemental Indenture.
Interest Rate Reset. The interest rate payable on this Surplus Note as described above shall be reset at the first anniversary of the Purchase Date, and at each subsequent anniversary thereafter for as long as this Surplus Note is outstanding to a rate equal to the then one-year LIBOR plus 350 basis points.
Interest Rate Reset. During the Withdrawal Phase, an increase in the current XXX if the calculation described in Section 5.06 results in a greater XXX than the current XXX on the Ratchet Date.
Interest Rate Reset. Great-West will calculate the XXX by multiplying the Covered Fund Value by the Current 10YR, subject to the Initial Calculation, and determine if it is higher than the previous XXX. If so, the XXX will adjust to the higher amount.
Interest Rate Reset. XXX% = 7.7% (10 YR of 7.7% x Age Adjustment of 70 Year Old of [1.10]) • Interest Rate Reset Calculation = $6,930 (XXX% of 7.7%x Covered Fund Value of $90,000) • Since Interest Rate Reset calculation of $6,930 is higher than current XXX of $6,600 then the new XXX = $6,930 Ratchet: • Ratchet Calculation = $4,950 (XXX% of 5.5% x Covered Fund Value of $90,000) • Since Ratchet Calculation is lower than the current XXX of $6,600 then no Ratchet Result: • NEW XXX = $6,930 • NEW BENEFIT BASE = $90,000 • NEW XXX% = 7.7% Numerical Example #2: When Ratchet is More Beneficial than Interest Rate Reset: On Initial Installment Date: 70 Year Old Single Covered Person Covered Fund Value = $108,000 Benefit Base = $120,000 10 YR = 5% XXX% = 5.5% (10 YR of 5% x Age Adjustment of [1.10]) XXX = $6,600 (XXX% of 5.5% x Benefit Base of $120,000) On 5th Anniversary of Initial Installment Date: Customer is now a 75 Year Old Single Covered Person Covered Fund Value - $140,000 Current 10 YR = 4%
Interest Rate Reset. If Borrower fails to perform any obligation under SECTIONS 6.8, 6.9, 6.10 OR 6.11 (a "FINANCIAL COVENANT DEFAULT") in any one month, all Credit Extensions shall automatically bear interest at a rate equal to one half (0.5) percentage point above the interest rate applicable immediately prior to the occurrence of such Financial Covenant Default. If any such Financial Covenant Default shall continue for two consecutive months, all Credit Extensions shall automatically bear interest at a rate equal to one half of one (0.5) percentage point above the interest rate applicable immediately prior to the continuance of such Financial Covenant Default; provided, however, that upward adjustments to the interest rate pursuant to this SECTION 2.3.2 shall not exceed one (1) percentage point in the aggregate; that once Borrower cures a Financial Covenant Default, all Credit Extensions shall bear interest at a rate equal to the applicable interest rate set forth in SECTION 2.3.1 above.
