close of business on the fifteenth calendar day preceding each February 5 or August 5. Interest on the Notes will be computed on the basis of a 360-day year consisting of twelve 30-day months.
Optional Redemption
The Notes of each series will be redeemable, as a whole or in part, at IIC’s option, at any time or from time to time, on at least 10 days, but not more than 60 days, prior notice (by mail, electronic delivery or otherwise in accordance with the depositary’s procedures) to holders of the Notes to be redeemed. Prior to February 5, 2026, in the case of the 2026 Notes, and prior to the applicable Par Call Date, in the case of the 2027 Notes, the 2029 Notes, the 2031 Notes, the 2034 Notes, the 2044 Notes and the 2054 Notes, the redemption price (expressed as a percentage of principal amount and rounded to three decimal places) for Notes of a series will be equal to the greater of:
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(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming, in the case of the 2027 Notes, the 2029 Notes, the 2031 Notes, the 2034 Notes, the 2044 Notes or the 2054 Notes, the Notes of such series matured on the applicable Par Call Date) on a semi-annual basis, assuming a 360-day year consisting of twelve 30-day months, at the applicable Treasury Rate, as defined below, plus 10 basis points in the case of the 2026 Notes, 10 basis points in the case of the 2027 Notes, 10 basis points in the case of the 2029 Notes, 15 basis points in the case of the 2031 Notes, 15 basis points in the case of the 2034 Notes, 15 basis points in the case of the 2044 Notes and 15 basis points in the case of the 2054 Notes less (b) interest accrued to the date of redemption, and
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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 2029 Notes, the 2031 Notes, the 2034 Notes, the 2044 Notes and the 2054 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, January 5, 2027 (one month prior to the maturity date of the 2027 Notes); with respect to the 2029 Notes, January 5, 2029 (one month prior to the maturity date of the 2029 Notes); with respect to the 2031 Notes, December 5, 2030 (two months prior to the maturity date of the 2031 Notes); with respect to the 2034 Notes, November 5, 2033 (three months prior to the maturity date of the 2034 Notes); with respect to the 2044 Notes, August 5, 2043 (six months prior to the maturity date of the 2044 Notes); and with respect to the 2054 Notes, August 5, 2053 (six months prior to the maturity date of the 2054 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 February 5, 2026, in the case of the 2026 Notes, or to the applicable Par Call Date, in the case of the 2027 Notes, the 2029 Notes, the 2031 Notes, the 2034 Notes, the 2044 Notes and the 2054 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 February 5, 2026, in the case of the 2026 Notes, or to the applicable Par Call Date, in the case of the 2027 Notes, the 2029 Notes, the 2031 Notes, the 2034 Notes, the 2044 Notes and the 2054 Notes, on a straight-line basis (using the actual number