Floating Rate Note Clause Samples

A Floating Rate Note clause defines the terms under which an interest-bearing debt instrument pays a variable interest rate, typically linked to a benchmark such as LIBOR or SOFR. The clause specifies how often the interest rate is adjusted, the reference rate used, and any additional margin applied to the benchmark. This structure ensures that the interest payments reflect current market rates, protecting both issuers and investors from interest rate fluctuations and providing flexibility in changing economic conditions.
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Floating Rate Note. Unless this Note is specified on the face hereof as a Floating Rate/Fixed Rate Note or a Fixed Rate/Floating Rate Note, this Note (a “Floating Rate Note”) will bear interest at the rate determined by reference to the applicable Interest Rate Basis or Interest Rate Bases: (1) plus or minus the applicable Spread, if any; and/or (2) multiplied by the applicable Spread Multiplier, if any; provided, however, that interest on this Note will not be less than zero. Commencing on the first Interest Reset Date, the rate at which interest on this Floating Rate Note is payable will be reset as of each Interest Reset Date; provided, however, that the interest rate in effect for the period, if any, from the Original Issue Date to the first Interest Reset Date will be the Initial Interest Rate.
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Floating Rate Note. The Shipowner agrees that to evidence its obligation to repay all Advances made hereunder and to pay interest accrued thereon, it shall issue and deliver to the Facility Agent the Floating Rate Note. Such Floating Rate Note shall (i) be in the form of Exhibit 2A to the Indenture; (ii) bear the Secretary’s Guarantee, and (iii) be valid and enforceable as to its principal amount at any time to the extent of the aggregate amounts then disbursed and outstanding thereunder.
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Floating Rate Note. If the Funding Note is specified on the face hereof as a "Floating Rate Note," interest on the Funding Note shall accrue and be payable in accordance with this Section 3. A Floating Rate Note may be a CD Rate Note, CMT Rate Note, Commercial Paper Rate Note, Constant Maturity Swap Rate Note, Eleventh District Cost of Funds Rate Note, Federal Funds Open Rate Note, Federal Funds Rate Note, LIBOR Note, EURIBOR Note, Prime Rate Note or Treasury Rate Note. If the Funding Note is designated on the face hereof as a Floating Rate Note, the face hereof will specify whether the Funding Note is a Regular Floating Rate Note, Inverse Floating Rate Note or Floating Rate/Fixed Rate Note. For the period from the date of issue to, but not including, the first Interest Reset Date set forth on the face hereof, the interest rate hereon shall be the Initial Interest Rate specified on the face hereof. Thereafter, the interest rate hereon will be reset as of and be effective as of each Interest Reset Date.
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Floating Rate Note. (1) If a Note is a Floating Rate Note, interest shall accrue on such Note from the Interest Commencement Date specified in the applicable Pricing Supplement (or from the most recent date to which interest has been paid or made available for payment) on the unpaid principal amount (and, to the extent lawful, on overdue principal (including premium or redemption amount, if any, and, if a Note is an Original Issue Discount Note, the Amortized Face Amount or other amounts payable in respect thereof)) and interest, if any at a rate per annum equal to the Rate of Interest specified in the applicable Pricing Supplement until the first Reset Date specified in the applicable Pricing Supplement, or if none is specified, until the first Interest Payment Date following the Issue Date and thereafter at a rate determined in accordance with the applicable provisions set forth below or in the applicable Pricing Supplement, as specified in the applicable Pricing Supplement, and shall be payable by the Company monthly, quarterly, semi-annually, annually or at such other intervals specified in the applicable Pricing Supplement under “Interest Periods” and on the dates specified in the applicable Pricing Supplement under “Interest Payment Dates” and at maturity or upon earlier redemption or repayment, until the entire principal amount thereof is paid or made available for payment.
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Related to Floating Rate Note

  • Regular Floating Rate Note Unless this Note is specified on the face hereof as a Floating Rate/Fixed Rate Note, this Note (a “Regular Floating Rate Note”) will bear interest at the rate determined by reference to the applicable Interest Rate Basis or Interest Rate Bases: (1) plus or minus the applicable Spread, if any; and/or (2) multiplied by the applicable Spread Multiplier, if any. Commencing on the first Interest Reset Date, the rate at which interest on this Regular Floating Rate Note is payable will be reset as of each Interest Reset Date; provided, however, that the interest rate in effect for the period, if any, from the Original Issue Date to the first Interest Reset Date will be the Initial Interest Rate.

  • Floating Rate/Fixed Rate Notes If this Note is specified on the face hereof as a “Floating Rate/Fixed Rate Note”, this Note will bear interest at the rate determined by reference to the applicable Interest Rate Basis or Interest Rate Bases: (1) plus or minus the applicable Spread, if any; and/or (2) multiplied by the applicable Spread Multiplier, if any. Commencing on the first Interest Reset Date, the rate at which this Floating Rate/Fixed Rate Note is payable will be reset as of each Interest Reset Date; provided, however, that: (A) the interest rate in effect for the period, if any, from the Original Issue Date to the first Interest Reset Date will be the Initial Interest Rate specified on the face hereof; and (B) the interest rate in effect commencing on the Fixed Rate Commencement Date will be the Fixed Interest Rate, if specified on the face hereof, or, if not so specified, the interest rate in effect on the day immediately preceding the Fixed Rate Commencement Date.

  • Floating Rate Notes If this Note is specified on the face hereof as a “Floating Rate Note”:

  • Interest on Fixed Rate Notes Each Fixed Rate Note bears interest from (and including) the Interest Commencement Date which is specified in the applicable Pricing Supplement at the rate(s) per annum equal to the Fixed Rate(s) of Interest specified in the applicable Pricing Supplement to (but excluding) the Fixed Interest Date(s) in each year and to (but excluding) the Maturity Date so specified if it does not fall on a Fixed Interest Date, and such interest will be paid in arrear on the Fixed Interest Date(s) or the Maturity Date so specified (as the case may be). The first payment of interest shall be made on the Fixed Interest Date next following the Interest Commencement Date and, if the first anniversary of the Interest Commencement Date is not a Fixed Interest Date, will amount to the Initial Broken Amount specified in the applicable Pricing Supplement. If the Maturity Date is not a Fixed Interest Date, interest from (and including) the preceding Fixed Interest Date (or the Interest Commencement Date) to (but excluding) the Maturity Date will amount to the Final Broken Amount specified in the applicable Pricing Supplement. Except in the case of Notes in definitive form where a Fixed Coupon Amount or Broken Amount is specified in the applicable Pricing Supplement, interest shall be calculated in respect of any period by applying the Rate of Interest to: (A) in the case of Fixed Rate Notes which are represented by a Global Note, the aggregate outstanding nominal amount of the Fixed Rate Notes represented by such Global Note (or, if they are Partly Paid Notes, the aggregate amount paid up); or (B) in the case of Fixed Rate Notes in definitive form, the Calculation Amount; and, in each case, multiplying such sum by the applicable Day Count Fraction, and rounding the resultant figure to the nearest sub-unit of the relevant Specified Currency, half of any such sub-unit being rounded upwards or otherwise in accordance with applicable market convention. Where the Specified Denomination of a Fixed Rate Note in definitive form is a multiple of the Calculation Amount, the amount of interest payable in respect of such Fixed Rate Note shall be the product of the amount (determined in the manner provided above) for the Calculation Amount and the amount by which the Calculation Amount is multiplied to reach the Specified Denomination without any further rounding.

  • Fixed Rate Notes If this Note is specified on the face hereof as a “Fixed Rate Note”: (i) This Note will bear interest at the rate per annum specified on the face hereof. Interest on this Note will be computed on the basis of a 360-day year of twelve 30-day months. (ii) Unless otherwise specified on the face hereof, the Interest Payment Dates for this Note will be as follows: