Common use of Floating Rate Period Clause in Contracts

Floating Rate Period. (i) In accordance with procedures established in the Remarketing Agreement and subject to Section 212, if the Company exercises the Floating Rate Option no later than the seventh Business Day prior to the Floating Rate Spread Determination Date by providing notice to the Trustee and Remarketing Agent, then the Senior Notes shall bear interest at the Floating Period Interest Rate for each Floating Rate Reset Period in the Floating Rate Period. (ii) During each Floating Rate Reset Period in the Floating Rate Period, interest on the Senior Notes shall accrue on the Floating Rate Purchase Price at the Floating Period Interest Rate for such Floating Rate Reset Period and shall be payable quarterly on each Interest Payment Date, commencing with the first such Interest Payment Date following the Initial Reset Date. The Interest Amount for such Floating Rate Reset Period shall be determined by (A) applying the Floating Period Interest Rate for such Floating Rate Reset Period to the Floating Rate Purchase Price and (B) multiplying that amount by the actual number of days in such Floating Rate Reset Period divided by 365 (or, if such Floating Rate Reset Period ends after February 28 in a leap year, 366) expressed as a decimal and rounded upward if necessary to the nearest 1/16th of 1%.

Floating Rate Period. (i1) In accordance with procedures established in the Remarketing Agreement and subject to Section 2123.6, if the Company Issuer exercises the Floating Rate Option no later than the seventh 5th Business Day prior to the Floating Rate Spread Determination Date by providing notice to the Trustee and Remarketing Agent, then the Senior Notes Securities shall bear interest at the Floating Period Interest Rate for each Floating Rate Reset Period in the Floating Rate Period. (ii2) During each Floating Rate Reset Period in the Floating Rate Period, interest on the Senior Notes Securities shall accrue on the Floating Rate Purchase Price principal amount of the Securities at the Floating Period Interest Rate for such Floating Rate Reset Period and shall be payable quarterly on each Interest Payment Date, commencing with the first such Interest Payment Date following the Initial Reset Date. The Interest Amount for such Floating Rate Reset Period shall be determined by (A) applying the Floating Period Interest Rate for such Floating Rate Reset Period to the Floating Rate Purchase Price and (B) multiplying that amount by the actual number of days in such Floating Rate Reset Period divided by 365 (or, if such Floating Rate Reset Period ends after February 28 in a leap year, 366) expressed as a decimal and rounded upward if necessary to the nearest 1/16th of 1%.