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100% of the principal amount of the Notes to be redeemed,
plus, in either case, accrued interest, if any, to the redemption date.
On and after the applicable Par Call Date, the redemption price for the 2027 Notes, the 2032 Notes and the 2052 Notes will be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued interest, if any, to the redemption date.
“Par Call Date” means with respect to the 2027 Notes, June 27, 2027 (one month prior to the maturity date of the 2027 Notes); with respect to the 2032 Notes, April 27, 2032 (three months prior to the maturity of the 2032 Notes); and with respect to the 2052 Notes, January 27, 2052 (six months prior to the maturity of the 2052 Notes).
“Treasury Rate” means, with respect to any redemption date for any Notes of a series, the yield determined by the company in accordance with the following two paragraphs.
The Treasury Rate applicable to such redemption shall be determined by the company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) — H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities — Treasury constant maturities — Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the applicable Treasury Rate, the company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to July 27, 2025, in the case of the 2025 Notes, or to the applicable Par Call Date, in the case of the 2027 Notes, the 2032 Notes and the 2052 Notes (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields — one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life — and shall interpolate to July 27, 2025, in the case of the 2025 Notes, or to the applicable Par Call Date, in the case of the 2027 Notes, the 2032 Notes and the 2052 Notes, on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.
If on the third business day preceding the redemption date H.15 TCM is no longer published, the company shall calculate the Treasury Rate applicable to such redemption based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, July 27, 2025, in the case of the 2025 Notes, or the applicable Par Call Date, in the case of the 2027 Notes, the 2032 Notes and the 2052 Notes, as applicable. If there is no United States Treasury security maturing on July 27, 2025, in the case of the 2025 Notes, or on the applicable Par Call Date, in the case of the 2027 Notes, the 2032 Notes and the 2052 Notes, but there are two or more United States Treasury securities with a maturity date equally distant from July 27, 2025, in the case of the 2025 Notes, or the applicable Par Call Date, in the case of the 2027 Notes, the 2032 Notes and the 2052 Notes, one with a maturity date preceding July 27, 2025, in the case of the 2025 Notes, or the applicable Par Call Date, in the case of the 2027 Notes, the 2032 Notes and the 2052 Notes, and one with a maturity date following July 27, 2025, in the case of the 2025 Notes, or the applicable Par Call Date, in the case of the 2027 Notes, the 2032 Notes and the 2052 Notes, the company shall select the United States Treasury security with a maturity date preceding July 27, 2025, in the case of the 2025 Notes, or the applicable Par Call Date, in the case of the 2027 Notes, the 2032 Notes and the 2052 Notes. If there are two or more United States Treasury securities maturing on July 27, 2025, in the case of the 2025 Notes, or on the applicable Par Call Date, in the case of the 2027 Notes, the 2032 Notes and the 2052 Notes, or two or more United States Treasury securities meeting the criteria of the preceding sentence, the company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the