arrears on March 1 and September 1 of each year, beginning on March 1, 2022, to the person in whose name such notes are registered at the close of business on the immediately preceding February 15 or August 15, as applicable. Interest on the notes will be computed on the basis of a 360-day year of twelve 30-day months.
If an interest payment date for the notes falls on a day that is not a business day, the interest payment shall be postponed to the next succeeding business day, and no interest on such payment shall accrue for the period from and after such interest payment date.
Optional Redemption
The 2027 fixed rate notes will be redeemable at our option, in whole or in part, at any time and from time to time prior to February 1, 2027 (the “2027 Par Call Date”)), and the 2031 fixed rate notes will be redeemable at our option, in whole or in part, at any time and from time to time prior to June 1, 2031 (the “2031 Par Call Date”)). The redemption price with respect to the 2027 fixed rate notes and the 2031 fixed rate notes will be equal to the greater of (1) 100% of the principal amount of the notes to be redeemed and (2) the sum of the present values of the Remaining Scheduled Payments on such notes that would be due if such notes matured on the 2027 Par Call Date or the 2031 Par Call Date, as applicable (not including the amount, if any, of accrued and unpaid interest to, but not including, the date of redemption), discounted to the date of redemption, on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months), at a rate equal to the sum of the Treasury Rate plus 10 basis points for the 2027 fixed rate notes, and plus 10 basis points for the 2031 fixed rate notes, in each case of (1) and (2), plus accrued and unpaid interest on the principal amount of such series to be redeemed to the date of redemption. We will calculate any redemption price.
If, at our option and at any time and from time to time, we redeem the 2027 fixed rate notes on or after the 2027 Par Call Date or the 2031 fixed rate notes on or after the 2031 Par Call Date, we may redeem the notes, in whole or in part at a redemption price equal to 100% of the principal amount of such notes of such series being redeemed, plus accrued and unpaid interest on the principal amount of such notes of such series to be redeemed to the date of redemption.
“Comparable Treasury Issue” means the United States Treasury security selected by a Reference Treasury Dealer as having an actual or interpolated maturity comparable to the remaining term of the notes called for redemption, that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the notes called for redemption, calculated, with respect to the 2027 fixed rate notes and the 2031 fixed rate notes as if the maturity date of such notes were the 2027 Par Call Date or the 2031 Par Call Date, as applicable.
“Comparable Treasury Price” means, with respect to any redemption date, the average, as determined by us, of the Reference Treasury Dealer Quotations for that redemption date.
“Reference Treasury Dealer” means each of BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Wells Fargo Securities, LLC and each of their respective successors. If any one shall cease to be a primary U.S. Government securities dealer, we will substitute another nationally recognized investment banking firm that is a primary U.S. Government securities dealer.
“Reference Treasury Dealer Quotations” means, on any redemption date, the average, as determined by us, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to us by each Reference Treasury Dealer at 3:30 p.m., New York City time, on the third business day preceding that redemption date.
“Remaining Scheduled Payments” means the remaining scheduled payments of principal of and interest on the notes called for redemption that would be due after the related redemption date but for that redemption as if
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