Each pricing supplement will specify the terms of the floating rate note being offered, including:
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whether the floating rate note is:
(1)
a Regular Floating Rate Note,
(2)
a Floating Rate/Fixed Rate Note, or
(3)
an Inverse Floating Rate Note,
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the fixed rate commencement date, if applicable,
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the fixed interest rate, if applicable,
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the interest rate basis or bases,
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the interest rate in effect from the date of issue until the date on which this interest rate on the related floating rate note will be reset,
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the date on which the interest rate on the related floating rate note will be reset,
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the interest payment period and dates,
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the period to maturity of the instrument or obligation with respect to which the interest rate basis or bases will be calculated, referred to as the Index Maturity,
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a maximum numerical limitation, or ceiling, on the rate at which interest may accrue during any interest period, if any,
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a minimum numerical limitation, or floor, on the rate at which interest may accrue during any interest period, if any,
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the number of basis points to be added to or subtracted from the related interest rate basis or bases, referred to as the Spread,
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the percentage of the related interest rate basis or bases by which the interest rate basis or bases will be multiplied to determine the applicable interest rate, referred to as the Spread Multiplier, and
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if one or more of the specified interest rate bases is the CMT Rate, the Designated CMT Moneyline Telerate Page and Designated CMT Maturity Index.
The interest rate borne by the floating rate notes will be determined as follows:
Regular Floating Rate Notes. Unless a floating rate note is designated as a Floating Rate/Fixed Rate Note, an Inverse Floating Rate Note or as having an addendum attached or as having “Other/Additional Provisions” apply relating to a different interest rate formula, it will be a Regular Floating Rate Note and, except as described below or in a pricing supplement, will bear interest at the rate determined by reference to the applicable interest rate basis or bases:
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plus or minus the applicable Spread, if any, and/or
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multiplied by the applicable Spread Multiplier, if any.
Commencing on the first interest reset date, the rate at which interest on the Regular Floating Rate Note will be payable will be reset as of each interest reset date. However, the interest rate in effect for the period from the date of issue to the first interest reset date will be the initial interest rate.
Floating Rate/Fixed Rate Notes. If a floating rate note is designated as a Floating Rate/Fixed Rate Note, then, except as described below or in a pricing supplement, it will bear interest at the rate determined by reference to the applicable interest rate basis or bases:
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plus or minus the applicable Spread, if any, and/or
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multiplied by the applicable Spread Multiplier, if any.