Common use of Floating Rate Payer Clause in Contracts

Floating Rate Payer. Party A Calculation Amount: For each Floating Rate Payer Payment Date, the aggregate Invested Amount of the Relevant Notes as at the first day of the Calculation Period ending on but excluding that Floating Rate Payer Payment Date. The Calculation Amount for the initial Calculation Period will be USD1,000,000,000. The Calculation Amount will not ever exceed USD1,000,000,000 for any Calculation Period. Floating Rate Payer Each Distribution Date during the Payment Dates: period commencing on and including [ ] and ending on and including the Termination Date, subject to adjustment in accordance with the Following Business Day Convention Floating Rate Option: USD-LIBOR-BBA except that: (a) references to "London Banking Days" in section 7.1(a)(w)(xvii) and (xx) of the Annex (June 2000 version) to the 2000 ISDA Definitions will be replaced with references to "Banking Days" as that expression is defined in the Note Conditions: (b) references to "Telerate Page 3750" in section 7.1(w)(xvii) of the Annex (June 2000 version) to the 2000 ISDA Definitions will be replaced with references to "Rate Page" as that expression is defined in the Note Conditions; and (c) if USD-LIBOR-BBA cannot be determined in accordance with the 2000 ISDA Definitions as varied above (including endeavouring to determine a rate under the definition of "USD-LIBOR-Reference banks" in section 7.1(w)(xx)), it will remain as the most recently determined rate obtained from a Rate Page for a preceding Calculation Period. Designated Maturity: [ ] months Spread: [ ] Floating Rate Day Count Actual/360 Fraction: Reset Dates: The first day of each Calculation Period Compounding: Inapplicable