Fixed Rate Note means a Note which bears interest at a fixed rate (which may be zero in the case of a Zero Coupon Note) specified in the applicable Company Order. Fixed Rate Note shall have the meaning set forth in the Credit Agreement.What happens if a fixed rate note becomes due before maturity?
Upon any Fixed Rate Note in definitive form becoming due and repayable prior to its Maturity Date, all unmatured Talons (if any) appertaining thereto will become void and no further Coupons will be issued in respect thereof.How often does a floating rate note reset?
BREAKING DOWN 'Floating-Rate Note - FRN'. An FRN's interest rate can change as often or as frequently as the issuer chooses, from once a day to once a year. The reset period tells the investor how often the rate adjusts. The issuer may pay interest monthly, quarterly, semiannually or annually.What is a'floating rate note-FRN'?
What is a 'Floating Rate Note - FRN'. A floating-rate note, also known as a floater or FRN, is a debt instrument with a variable interest rate. A floating rate note’s interest rate, since it is not fixed, is tied to a benchmark such as the U.S. Treasury bill rate, LIBOR, the Fed funds or the prime rate.