Section 2.5 Interest.
(a) The unpaid principal amount of the Notes shall bear interest at a rate per annum equal to (i) from and including June 19, 2020 to, but excluding, June 19, 2023 (the Fixed Rate Period), a fixed rate of 3.929% per annum (the Fixed Rate) and (ii) from and including June 19, 2023 to, but excluding the Maturity Date (the Floating Rate Period), the Accrued Interest Compounding Factor plus a margin of 3.827% (the Floating Rate and together with the Fixed Rate, the Coupon Rate); provided that in no event will the interest payable on the Notes be less than zero. Interest will be payable semi-annually in arrears on June 19 and December 19 of each year during the Fixed Rate Period, with the first such payment to be made on December 19, 2020, and interest will be payable quarterly in arrears on September 19, 2023, December 19, 2023, March 19, 2024 and June 19, 2024 during the Floating Rate Period (each, an Interest Payment Date) or upon earlier redemption or repayment, if applicable, until the principal hereof is paid or made available for payment.
(b) For the purposes of calculating any interest payable with respect to any interest period during the Floating Rate Period:
Accrued Interest Compounding Factor means a rate of return of a daily compounded interest investment calculated in accordance with the formula set forth below, with the resulting percentage being rounded, if necessary, to the nearest one hundred-thousandth of a percentage point (0.0000005 being rounded upwards):
do, for any observation period, is the number of U.S. Government Securities Business Days in the relevant observation period.
i is a series of whole numbers from one to d0, each representing the relevant U.S. Government Securities Business Day in chronological order from, and including, the first U.S. Government Securities Business Day in the relevant observation period.
SOFRi, for any day i in the relevant observation period, is a reference rate equal to SOFR in respect of that day.
ni, for any day i in the relevant observation period, is the number of calendar days from, and including, such U.S. Government Securities Business Day i to, but excluding, the following U.S. Government Securities Business Day.
d is the number of calendar days in the relevant observation period.
U.S. Government Securities Business Day means any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association (SIFMA) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.