Interest Determination Dates Clause Samples
The Interest Determination Dates clause defines the specific dates on which the applicable interest rate for a financial instrument or agreement is calculated or set. In practice, this clause outlines when the interest rate will be reviewed, such as at the start of each interest period or on predetermined calendar dates, and may specify the method or source for determining the rate. Its core function is to ensure clarity and predictability for both parties regarding when and how interest rates are established, thereby reducing the risk of disputes or confusion over interest calculations.
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Interest Determination Dates. The interest rate applicable to a Floating Rate Note for an Interest Reset Period commencing on the related Interest Reset Date will be determined by reference to the applicable Interest Rate Basis as of the particular “Interest Determination Date”, which will be: (1) with respect to the Federal Funds Open Rate—the related Interest Reset Date; (2) with respect to the Commercial Paper Rate, the Federal Funds Rate and the Prime Rate—the Business Day immediately preceding the related Interest Reset Date; (3) with respect to the CD Rate and the CMT Rate—the second Business Day preceding the related Interest Reset Date; (4) with respect to the Constant Maturity Swap Rate—the second U.S. Government Securities business day preceding the related Interest Reset Date, provided, however, that if after attempting to determine the Constant Maturity Swap Rate, such rate is not determinable for a particular Interest Determination Date, then such Interest Determination Date shall be the first U.S. Government Securities business day preceding the original interest determination date for which the Constant Maturity Swap Rate can be determined; (5) with respect to LIBOR—the second London Banking Day (as defined below) preceding the related Interest Reset Date; and (6) with respect to the Treasury Rate—the day of the week in which the related Interest Reset Date falls on which day Treasury Bills (as defined below) are normally auctioned (i.e., Treasury Bills are normally sold at auction on Monday of each week, unless that day is a legal holiday, in which case the auction is normally held on the following Tuesday, except that the auction may be held on the preceding Friday); provided, however, that if an auction is held on the Friday of the week preceding the related Interest Reset Date, the Interest Determination Date will be the preceding Friday. The Interest Determination Date pertaining to a Floating Rate Note, the interest rate of which is determined with reference to two or more Interest Rate Bases, will be the latest Business Day which is at least two Business Days before the related Interest Reset Date for the applicable Floating Rate Note on which each Interest Reset Basis is determinable. “London Banking Day” means a day on which commercial banks are open for business (including dealings in the LIBOR Currency) in London.
Interest Determination Dates. Unless otherwise specified on the face hereof, the interest rate applicable to a Floating Rate Note for an Interest Period commencing on the related Interest Reset Date will be determined by reference to the applicable Interest Rate Basis as of the particular “Interest Determination Date”, which will be: (1) with respect to the Commercial Paper Rate and the Prime Rate—the Business Day immediately preceding the related Interest Reset Date; (2) with respect to the CD Rate and the CMT Rate—the second Business Day preceding the related Interest Reset Date; (3) with respect to LIBOR—the second London Banking Day (as defined below) preceding the related Interest Reset Date; and (4) with respect to the Treasury Rate—the day of the week in which the related Interest Reset Date falls on which day Treasury Bills (as defined below) are normally auctioned (i.e., Treasury Bills are normally sold at auction on Monday of each week, unless that day is a legal holiday, in which case the auction is normally held on the following Tuesday, except that the auction may be held on the preceding Friday);
Interest Determination Dates. Unless otherwise specified on the face hereof, the interest rate applicable to a Floating Rate Note for an Interest Period commencing on the related Interest Reset Date will be determined by reference to the applicable Interest Rate Basis as of the particular “Interest Determination Date”, which will be: (1) with respect to the Commercial Paper Rate, Federal Funds Rate and the Prime Rate—the Business Day immediately preceding the related Interest Reset Date; (2) with respect to the CD Rate and the CMT Rate—the second Business Day preceding the related Interest Reset Date; (3) with respect to the Eleventh District Cost of Funds Rate—the last working day of the month immediately preceding the related Interest Reset Date on which the Federal Home Loan Bank of San Francisco publishes the Eleventh District Index (as defined below); (4) with respect to LIBOR and EURIBOR—the second London Banking Day (as defined below) preceding the related Interest Reset Date; and (5) with respect to the Treasury Rate—the day of the week in which the related Interest Reset Date falls on which day Treasury Bills (as defined below) are normally auctioned (i.e., Treasury Bills are normally sold at auction on Monday of each week, unless that day is a legal holiday, in which case the auction is normally held on the following Tuesday, except that the auction may be held on the preceding Friday); provided, however, that if an auction
Interest Determination Dates. The interest rate applicable to a Floating Rate Note for an Interest Period commencing on the related Interest Reset Date will be determined by reference to the applicable Interest Rate Basis as of the particular “Interest Determination Date”, which will be: (1) with respect to the Commercial Paper Rate, Federal Funds Rate and the Prime Rate—the Business Day immediately preceding the related Interest Reset Date; (2) with respect to the CD Rate and the CMT Rate—the second
Interest Determination Dates. The second Business Day immediately preceding the first day of the relevant interest period
Interest Determination Dates. The “Interest Determination Date” for each Interest Period will be the second London Banking Day (as defined below) preceding the applicable Interest Reset Date. “London Banking Day” means any day on which dealings in U.S. dollars are transacted in the London interbank market. Day Count: 30/360, following, unadjusted (during the Fixed Rate Period). Actual/360, modified following, adjusted (during the Floating Rate Period). Business Days: Any weekday, other than one on which banking institutions are authorized or obligated by law, regulation or executive order to close in London, England or in the City of New York, United States.
Interest Determination Dates. The interest rate applicable to an Interest Reset Period commencing as of the applicable Interest Reset Date will be determined by reference to the applicable Interest Rate Basis as of the particular “Interest Determination Date,” which will be:
(1) with respect to the Commercial Paper Rate, the Federal Funds Rate and the Prime Rate, the Business Day immediately preceding the related Interest Reset Date;
(2) with respect to the CD Rate and the CMT Rate, the second Business Day preceding the related Interest Reset Date;
(3) with respect to LIBOR, the second London Banking Day (as defined in § 5 below) preceding the related Interest Reset Date; and
(4) with respect to the Treasury Rate, the day on which Treasury Bills (as defined in § 3(M)(1) below) are normally auctioned for the week in which the related Interest Reset Date falls; provided, however, that if an auction is held on the Friday of the week preceding the related Interest Reset Date, the Interest Determination Date will be such preceding Friday. If the interest rate of a Note is determined with reference to two or more Interest Rate Bases, the Interest Determination Date pertaining to such Note will be the latest Business Day on which each Interest Rate Basis is determinable that is at least two Business Days before the related Interest Reset Date for the applicable Note.
Interest Determination Dates. Upon each Interest Determination Date, the Administrative Agent shall determine the Eurodollar Rate for each Interest Period applicable to Eurodollar Loans and shall promptly notify the Borrower and the Lenders thereof. Each such determination shall, absent manifest error, be final and conclusive and binding on all parties hereto.
Interest Determination Dates. The “Interest Determination Date” for each Interest Period will be the second London Banking Day (as defined below) preceding the applicable Interest Reset Date (as defined above). “London Banking Day” means any day on which dealings in U.S. dollars are transacted in the London interbank market. Day Count: 30/360, following, unadjusted (during the Fixed Rate Period). Actual/360, modified following, adjusted (during the Floating Rate Period).
Interest Determination Dates. The Interest Determination Date for the first Interest Period will be the second London Banking Day preceding the Settlement Date and the Interest Determination Date for each succeeding Interest Period will be on the second London Banking Day preceding the applicable Interest Reset Date. “London Banking Day” means any day on which dealings in U.S. dollars are transacted in the London interbank market. Day Count: Actual/360, Modified Following, adjusted Business Days: New York, London Preliminary Prospectus Supplement: Preliminary Prospectus Supplement dated May 9, 2018 (the “Preliminary Prospectus Supplement,” incorporating the Prospectus dated April 6, 2018 relating to the Notes (the “Base Prospectus”)). If there is any discrepancy or contradiction between this Pricing Term Sheet and the Preliminary Prospectus Supplement, this Pricing Term Sheet shall prevail.