Common use of Interest on the Notes Clause in Contracts

Interest on the Notes. (a) The rate of interest on each 2023 Note will be 0.000% per annum, accruing from the date of original issuance or from the most recent date on which interest has been paid or duly provided for, to, but excluding, the applicable Interest Payment Date, and interest on each 2023 Note will be payable annually in arrears on November 12 of each year, beginning on November 12, 2022, and on the Maturity of such series. (b) The rate of interest on each 2026 Note will be 0.318% per annum, accruing from the date of original issuance or from the most recent date on which interest has been paid or duly provided for, to, but excluding, the applicable Interest Payment Date, and interest on each 2026 Note will be payable annually in arrears on December 15 of each year, beginning on December 15, 2022, and on the Maturity of such series. (c) The rate of interest on each 2031 Note will be 0.934% per annum, accruing from the date of original issuance or from the most recent date on which interest has been paid or duly provided for, to, but excluding, the applicable Interest Payment Date, and interest on each 2031 Note will be payable annually in arrears on December 15 of each year, beginning on December 15, 2022, and on the Maturity of such series. (d) Interest on the Notes shall be computed on the basis of the actual number of days in the period for which interest is being calculated, and including the last date on which interest was paid or duly provided for in the Notes (or from the issue date, if no interest has been paid on the Notes), but excluding the next following Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA), as defined in the rulebook of the International Capital Markets Association. The amount of interest payable for any period shorter than a full monthly period will be computed on the basis of the actual number of calendar days elapsed in such a period. (e) If the date on which a payment of interest or principal on such series of Notes is scheduled to be paid is not a Business Day, then the interest or principal payable on that date will be paid on the next succeeding Business Day, and no further interest will accrue as a result of such delay. (f) Interest will be payable to the Persons in whose names such Notes (or one or more Predecessor Securities) are registered on the relevant Record Date; provided, that interest payable at the Maturity of such series will be payable to the Persons to whom the principal of such Notes is payable.

Appears in 1 contract

Sources: Supplemental Indenture (Otis Worldwide Corp)

Interest on the Notes. (a) The rate of interest on each 2023 2025 Note will be 0.0004.375% per annum, accruing from the date of original issuance or from the most recent date on to which interest has been paid or duly provided for, to, but excluding, the applicable Interest Payment Date, and interest on each 2023 2025 Note will be payable annually in arrears on November 12 May 29 of each year, beginning on November 12May 29, 20222024, and on the Maturity of such series. (b) The rate of interest on each 2026 2028 Note will be 0.3184.125% per annum, accruing from the date of original issuance or from the most recent date on to which interest has been paid or duly provided for, to, but excluding, the applicable Interest Payment Date, and interest on each 2026 2028 Note will be payable annually in arrears on December 15 May 29 of each year, beginning on December 15May 29, 20222024, and on the Maturity of such series. (c) The rate of interest on each 2031 2032 Note will be 0.9344.500% per annum, accruing from the date of original issuance or from the most recent date on to which interest has been paid or duly provided for, to, but excluding, the applicable Interest Payment Date, and interest on each 2031 2032 Note will be payable annually in arrears on December 15 November 29 of each year, beginning on December 15November 29, 20222024, and on the Maturity of such series. (d) Interest on with respect to the Notes shall will be computed on the basis of (i) the actual number of days in the period for which interest is being calculated, calculated and (ii) the actual number of days from and including the last date on which interest was paid or duly provided for in on the Notes (or from and including the original issue date, if no interest has been paid on or duly provided for with respect to the applicable series of Notes), to but excluding the next following scheduled Interest Payment DateDate for the applicable series of Notes. This payment convention is referred to as ACTUAL/ACTUAL (ICMA), ) as defined in the rulebook of the International Capital Markets Market Association. The amount of interest payable for any period shorter than a full monthly period will be computed on the basis of the actual number of calendar days elapsed in such a period. (e) If the date on which a payment of interest or principal on such series of the Notes is scheduled to be paid is not a Business Day, then the interest or principal payable on that date will be paid on the next succeeding Business Day, and no further interest will accrue as a result of such delay. (f) Interest will be payable to the Persons in whose names such Notes (or one or more Predecessor Securities) are registered on the relevant Record Date; provided, that interest payable at the relevant Maturity of such series will be payable to the Persons to whom the principal of such the Notes is payable.

Appears in 1 contract

Sources: Supplemental Indenture (CARRIER GLOBAL Corp)

Interest on the Notes. (a) The rate of interest on each 2023 2025 Note will be 0.0005.800% per annum, accruing from the date of original issuance or from the most recent date on to which interest has been paid or duly provided for, to, but excluding, the applicable Interest Payment Date, and interest on each 2023 2025 Note will be payable semi-annually in arrears on May 30 and November 12 30 of each year, beginning on November 12May 30, 20222024, and on the Maturity of such series. (b) The rate of interest on each 2026 2034 Note will be 0.3185.900% per annum, accruing from the date of original issuance or from the most recent date on to which interest has been paid or duly provided for, to, but excluding, the applicable Interest Payment Date, and interest on each 2026 2034 Note will be payable semi-annually in arrears on December March 15 and September 15 of each year, beginning on December March 15, 20222024, and on the Maturity of such series. (c) The rate of interest on each 2031 2054 Note will be 0.9346.200% per annum, accruing from the date of original issuance or from the most recent date on to which interest has been paid or duly provided for, to, but excluding, the applicable Interest Payment Date, and interest on each 2031 2054 Note will be payable semi-annually in arrears on December March 15 and September 15 of each year, beginning on December March 15, 20222024, and on the Maturity of such series. (d) Interest on with respect to the Notes shall be computed will accrue on the basis of the actual number a 360-day year consisting of days in the period for which interest is being calculated, and including the last date on which interest was paid or duly provided for in the Notes (or from the issue date, if no interest has been paid on the Notes), but excluding the next following Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA), as defined in the rulebook of the International Capital Markets Associationtwelve 30-day months. The amount of interest payable for any period shorter than a full monthly period will be computed on the basis of the actual number of calendar days elapsed in such a period. (e) If the date on which a payment of interest or principal on such series of the Notes is scheduled to be paid is not a Business Day, then the interest or principal payable on that date will be paid on the next succeeding Business Day, and no further interest will accrue as a result of such delay. (f) Interest will be payable to the Persons in whose names such Notes (or one or more Predecessor SecuritiesNotes) are registered on the relevant Record Date; provided, that interest payable at the relevant Maturity of such series will be payable to the Persons to whom the principal of such the Notes is payable.

Appears in 1 contract

Sources: Supplemental Indenture (CARRIER GLOBAL Corp)