Agent Determination; Notice Clause Samples
The 'Agent Determination; Notice' clause defines the process by which an agent is identified or appointed for the purposes of the agreement and outlines the requirements for providing formal notice regarding this determination. Typically, this clause specifies who has the authority to designate the agent, the method by which such designation must be communicated (such as written notice), and any timelines or conditions that must be met for the notice to be effective. Its core function is to ensure all parties are clearly informed about the agent's identity and role, thereby preventing misunderstandings and facilitating smooth communication and administration under the contract.
Agent Determination; Notice. The Agent shall determine the Prime Rate and Adjusted LIBOR in accordance with the definitions of Prime Rate, LIBOR and Adjusted LIBOR set forth in Section 1.1. The Agent shall give prompt notice to the Borrowers and the Lenders of the applicable interest rate determined by the Agent for purposes of Section 3.5(a)(i) or (ii).
Agent Determination; Notice. The Agent shall determine the London Interbank Offered Rate in accordance with the definition of London Interbank Offered Rate set forth in Section 0 of this Agreement. The Agent shall give prompt notice to each of the Banks and the Borrower of the applicable interest rate determined by the Agent for purposes of Sections 0 and 0 of this Agreement.
Agent Determination; Notice. The Agent shall determine the Adjusted LIBOR in accordance with the definition of LIBOR Rate and Adjusted LIBOR set forth in Section 1.1. The Agent shall give prompt notice to the Borrowers and the Banks of the applicable interest rate determined by the Agent for purposes of Section 3.5(a)(i) or (ii) or (iii).