Calculation of Spot Rates Sample Clauses

Calculation of Spot Rates. On each Calculation Date with respect to any Offshore Currency, the Administrative Agent shall determine the Spot Rate as of such Calculation Date with respect to such Offshore Currency (it being acknowledged and agreed that Administrative Agent shall use the Spot Rates so calculated for the purposes of determining compliance with subsection 2.1C with respect to any borrowing request). Any Spot Rate so determined shall become effective on the first Business Day immediately following the relevant Calculation Date (each, a "RESET DATE") and shall remain effective until the next succeeding Reset Date. Administrative Agent shall promptly notify Borrowers of each determination of a Spot Rate hereunder. No later than 10:30 A.M. (London Time) on each Calculation Date with respect to Sterling, Administrative Agent shall determine the Sterling Spot Rate as of such Calculation Date (it being acknowledged and agreed that Administrative Agent shall use the Sterling Spot Rates so calculated for the purposes of determining compliance with subsection 2.1C with respect to any borrowing request). Any Sterling Spot Rate so determined shall become effective on the first Offshore Banking Day with respect to Sterling immediately following the relevant Calculation Date (each, a "STERLING RESET DATE") and shall remain effective until the next succeeding Sterling Reset Date.
Sample 1Sample 2See All (4)
AutoNDA by SimpleDocs
Calculation of Spot Rates. On each Calculation Date with respect to any Offshore Currency or, in the case of a Letter of Credit, other non-Dollar currency, the Administrative Agent shall determine the Spot Rate as of such Calculation Date with respect to such currency (it being acknowledged and agreed that Administrative Agent shall use the Spot Rates so calculated for the purposes of determining compliance with subsections 2.1A(v) and 2.1C with respect to any borrowing request and subsection 2.8A(i) with respect to any request for a Letter of Credit denominated in a non-Dollar currency, but shall not use such Spot Rate for purposes of calculating the Dollar Equivalent of Loans made in an Offshore Currency for purposes of calculating the Total Utilization of Revolving Loan Commitments for purposes of calculating commitment fees under subsection 2.3A(i)). Any Spot Rate so determined shall become effective on the first Business Day immediately following the relevant Calculation Date (each, a “Reset Date”) and shall remain effective until the next succeeding Reset Date. Administrative Agent shall promptly notify Borrowers of each determination of a Spot Rate hereunder. Solely for purposes of calculating the Total Utilization of Revolving Loan Commitments for purposes of calculating commitment fees under subsection 2.3A(i), Administrative Agent shall determine the Dollar Equivalent of any Loan made in an Offshore Currency based on the Spot Rate as of the date such Loan is made, and the amount so determined shall be deemed to be the Dollar Equivalent of such Loan for such purpose until such Loan is repaid.
Sample 1
Calculation of Spot Rates. No later than 10:30 A.M. (Local Time) on each Calculation Date with respect to any Offshore Currency, the relevant Offshore Administrative Agent shall determine the Spot Rate as of such Calculation Date with respect to such Offshore Currency and shall promptly notify Administrative Agent thereof (it being acknowledged and agreed that Administrative Agent shall use the Spot Rates so calculated for the purposes of determining (i) compliance with subsection 2.1C(i) with respect to any borrowing request and (ii) whether any prepayment is required under subsection 2.4A(ii)(b)). Any Spot Rate so determined shall become effective on the first Business Day immediately following the relevant Calculation Date (each, a "Reset Date") and shall remain effective until the next succeeding Reset Date. No later than 1:00 P.M. (Local Time) on the date of its receipt of a Notice of Borrowing (or telephonic notice in lieu thereof) under subsection 2.1F, each Offshore Administrative Agent shall determine the Dollar Equivalent of the amount of Offshore Loans requested in such Notice of Borrowing and notify Administrative Agent promptly, but no later than 2:00 P.M. (Local Time) on the same day, of the amount of such Dollar Equivalent. Each Offshore Administrative Agent shall promptly notify Borrowers of each determination of a Spot Rate hereunder.
Sample 1
Calculation of Spot Rates. On each Calculation Date the Administrative Agent shall determine the Spot Rate as of such Calculation Date (it being acknowledged and agreed that Administrative Agent shall use the Spot Rates so calculated for the purposes of determining compliance with subsection 2.1A(ii) and 2.1A(iii) and for all other purposes under 49 this Agreement or any other Loan Document that requires the calculation of the Dollar Equivalent or the Euro Equivalent). Any Spot Rate so determined shall become effective on such Calculation Date and shall remain effective until the next succeeding Calculation Date. Administrative Agent shall promptly notify Offshore Borrower of each determination of a Spot Rate hereunder.
Sample 1
Calculation of Spot Rates. On each Calculation Date Administrative Agent shall determine the Spot Rate as of such Calculation Date (it being acknowledged and agreed that Administrative Agent shall use the Spot Rates so calculated for the purposes of determining compliance with subsections 2.1A(i), 2.1A(ii), 2.1A(iv), 2.1A(v) and 2.1(vi) and for all other purposes under this Agreement or any other Loan Document that requires the calculation of the Dollar Equivalent or the Offshore Currency Equivalent). Any Spot Rate so determined shall become effective on such Calculation Date and shall remain effective until the next succeeding Calculation Date. Administrative Agent shall promptly notify Offshore Borrower of each determination of a Spot Rate hereunder.
Sample 1
Calculation of Spot Rates. On each Calculation Date with respect to any Offshore Currency or, in the case of a Letter of Credit, other non-Dollar currency, the Administrative Agent shall determine the Spot Rate as of such Calculation Date with respect to such currency (it being acknowledged and agreed that Administrative Agent shall use the Spot Rates so calculated for the purposes of determining compliance with subsection 2.1C with respect to any borrowing request and subsection 2.8A(i) with respect to any request for a Letter of Credit denominated in a non-Dollar currency). Any Spot Rate so determined shall become effective on the first Business Day immediately following the relevant Calculation Date (each, a “Reset Date”) and shall remain effective until the next succeeding Reset Date. Administrative Agent shall promptly notify Borrowers of each determination of a Spot Rate hereunder.
Sample 1

Related to Calculation of Spot Rates

  • Calculation of Amounts Binding Effect of Interpretations and Actions of Master Servicer...............................

  • CALCULATION OF NET ASSET VALUE U.S. Trust will calculate the Fund's daily net asset value and the daily per-share net asset value in accordance with the Fund's effective Registration Statement on Form N-2 (the "Registration Statement") under the Securities Act of 1933, as amended (the "Securities Act"), including its current prospectus. If so directed, U.S. Trust shall also calculate daily the net income of the Fund

  • Interest Rates and Letter of Credit Fee Rates Payments and Calculations (a) Interest Rates. Except as provided in Section 2.13(c) and Section 2.15(a), all Obligations (except for the undrawn portion of the face amount of Letters of Credit) that have been charged to the Loan Account pursuant to the terms hereof shall bear interest at a per annum rate equal to the lesser of (i) the LIBOR Rate plus the Applicable Margin, or (ii) the maximum rate of interest allowed by applicable laws; provided, that following notice to Borrower in accordance with Section 2.15(a) hereof, all Obligations that have been charged to the Loan Account pursuant to the terms hereof shall bear interest at a per annum rate equal, during the duration of the circumstances described in Section 2.15(a), to the lesser of (A) the Base Rate plus the Applicable Margin as calculated pursuant to Section 2.15(a) or (B) the maximum rate of interest allowable by applicable laws.

  • Determination of Amount In lieu of the payment of the Exercise Price multiplied by the number of Units for which this Purchase Option is exercisable (and in lieu of being entitled to receive Common Stock and Warrants) in the manner required by Section 2.1, the Holder shall have the right (but not the obligation) to convert any exercisable but unexercised portion of this Purchase Option into Units ("Conversion Right") as follows: upon exercise of the Conversion Right, the Company shall deliver to the Holder (without payment by the Holder of any of the Exercise Price in cash) that number of shares of Common Stock and Warrants comprising that number of Units equal to the quotient obtained by dividing (x) the "Value" (as defined below) of the portion of the Purchase Option being converted by (y) the Current Market Value (as defined below). The "Value" of the portion of the Purchase Option being converted shall equal the remainder derived from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of Units underlying the portion of this Purchase Option being converted from (b) the Current Market Value of a Unit multiplied by the number of Units underlying the portion of the Purchase Option being converted. As used herein, the term "Current Market Value" per Unit at any date means the remainder derived from subtracting (x) the exercise price of the Warrants multiplied by the number of shares of Common Stock issuable upon exercise of the Warrants underlying one Unit from (y) the Current Market Price of the Common Stock multiplied by the number of shares of Common Stock underlying the Warrants and the Common Stock issuable upon exercise of one Unit. The "Current Market Price" of a share of Common Stock shall mean (i) if the Common Stock is listed on a national securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange), the last sale price of the Common Stock in the principal trading market for the Common Stock as reported by the exchange, Nasdaq or the NASD, as the case may be; (ii) if the Common Stock is not listed on a national securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or the NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange), but is traded in the residual over-the-counter market, the closing bid price for the Common Stock on the last trading day preceding the date in question for which such quotations are reported by the Pink Sheets, LLC or similar publisher of such quotations; and (iii) if the fair market value of the Common Stock cannot be determined pursuant to clause (i) or (ii) above, such price as the Board of Directors of the Company shall determine, in good faith.

  • Calculation of Seniority For the purpose of this Article, "seniority" shall be defined as continuous employment at the university in positions within the bargaining unit. An authorized leave of absence or sabbatical, pursuant to Articles 15, Section C, 18 or 19 of this Agreement, shall not be deemed an interruption of continuous employment. For purposes of seniority calculation, time on a Sabbatical Leave pursuant to Article 15, Section C will be counted based on the ASF Member’s regular appointment as provided in this Subdivision. For purposes of this Section, a full-time ASF Member on a nine (9) to twelve (12) month appointment or a part time ASF Members on a seventy five percent (75%) time or greater appointment for twelve (12) months shall be considered to have accrued one (1) year of seniority. For other part time ASF Member and for first year full time ASF Members whose FTE is less than seventy five (75) percent, the number of months of seniority will be credited based on the FTE of the individual's appointment. If an ASF Member has an assignment in more than one department, program or service area, all seniority will be credited in the one in which the ASF Member is assigned the greatest percentage of time. If the assignment is split equally between more than one department, program or service area, then the President/designee will designate that one in which all seniority will be credited prior to the issuance of the subsequent seniority roster. If two (2) or more ASF Members have equal seniority, then those with greater length of service in permanent status shall have priority for retention. Should ASF Members still be equal in seniority, then the decision of which person to retain will be made on the basis of ASF Member competence and programmatic needs of the university as determined by the President. A seniority roster shall be posted by the President/designee on or before November 1 of each year, and a copy of such rosters shall be furnished to the Campus Association President. Grievances concerning the accuracy of the roster must be filed within thirty (30) calendar days of publication of the roster and must be limited to changes made and shown on the most recent roster. ASF Members on leave status at the time of posting of the seniority roster shall have thirty (30) calendar days after the end of such leave within which to file a grievance. The format of the seniority roster shall be the same for each university. The rosters shall contain all relevant information necessary to implement this Article, including a notification of any department, program or service area in which the ASF Member has served at least thirty-six (36) FTE months.

  • Calculation of Adjustments All adjustments to the Settlement Rate shall be calculated to the nearest 1/10,000th of a share of Common Stock (or if there is not a nearest 1/10,000th of a share to the next lower 1/10,000th of a share). No adjustment in the Settlement Rate shall be required unless such adjustment would require an increase or decrease of at least one percent therein; provided, that any adjustments which by reason of this subparagraph are not required to be made shall be carried forward and taken into account in any subsequent adjustment. If an adjustment is made to the Settlement Rate pursuant to paragraph (1), (2), (3), (4), (5), (6), (7) or (10) of this Section 5.6(a), an adjustment shall also be made to the Applicable Market Value solely to determine which of clauses (i), (ii) or (iii) of the definition of Settlement Rate in Section 5.1(a) will apply on the Stock Purchase Date. Such adjustment shall be made by multiplying the Applicable Market Value by a fraction, the numerator of which shall be the Settlement Rate immediately after such adjustment pursuant to paragraph (1), (2), (3), (4), (5), (6), (7) or (10) of this Section 5.6(a) and the denominator of which shall be the Settlement Rate immediately before such adjustment; provided, that if such adjustment to the Settlement Rate is required to be made pursuant to the occurrence of any of the events contemplated by paragraph (1), (2), (3), (4), (5), (7) or (10) of this Section 5.6(a) during the period taken into consideration for determining the Applicable Market Value, appropriate and customary adjustments shall be made to the Settlement Rate.

  • Determination of Net Asset Value The net asset value per share of each class and each series of Shares of the Trust shall be determined in accordance with the 1940 Act and any related procedures adopted by the Trustees from time to time. Determinations made under and pursuant to this Section 2 in good faith and in accordance with the provisions of the 1940 Act shall be binding on all parties concerned.

  • Calculation of Consideration Received If any Common Stock, Options or Convertible Securities are issued, granted or sold for cash, the consideration received therefor for purposes of this Warrant will be the amount received by the Company therefor, before deduction of reasonable commissions, underwriting discounts or allowances or other reasonable expenses paid or incurred by the Company in connection with such issuance, grant or sale. In case any Common Stock, Options or Convertible Securities are issued or sold for a consideration part or all of which shall be other than cash, the amount of the consideration other than cash received by the Company will be the fair value of such consideration, except where such consideration consists of securities, in which case the amount of consideration received by the Company will be the Market Price thereof as of the date of receipt. In case any Common Stock, Options or Convertible Securities are issued in connection with any acquisition, merger or consolidation in which the Company is the surviving corporation, the amount of consideration therefor will be deemed to be the fair value of such portion of the net assets and business of the non-surviving corporation as is attributable to such Common Stock, Options or Convertible Securities, as the case may be. The fair value of any consideration other than cash or securities will be determined in good faith by the Board of Directors of the Company.

  • Calculation of Fees Ameriprise will have sole responsibility, and Ameriprise’s records will provide the sole basis, for calculating fees for which Ameriprise invoices under this Agreement. However, the Issuer Entities may provide records to assist Ameriprise in its calculations.

  • Determination of Gross-Up Payment Subject to sub-paragraph (c) below, all determinations required to be made under this Section 6, including whether a Gross-Up Payment is required and the amount of the Gross-Up Payment, shall be made by the firm of independent public accountants selected by the Company to audit its financial statements for the year immediately preceding the Change in Control (the "Accounting Firm") which shall provide detailed supporting calculations to the Company and the Executive within 30 days after the date of the Executive's termination of employment. In the event that the Accounting Firm is serving as accountant or auditor for the individual, entity or group affecting the Change of Control, the Executive may appoint another nationally recognized accounting firm to make the determinations required under this Section 6 (which accounting firm shall then be referred to as the "Accounting Firm"). All fees and expenses of the Accounting Firm in connection with the work it performs pursuant to this Section 6 shall be promptly paid by the Company. Any Gross-Up Payment shall be paid by the Company to the Executive within 5 days of the receipt of the Accounting Firm's determination. If the Accounting Firm determines that no Excise Tax is payable by the Executive, it shall furnish the Executive with a written opinion that failure to report the Excise Tax on the Executive's applicable federal income tax return would not result in the imposition of a penalty. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm, it is possible that Gross-Up Payments which will not have been made by the Company should have been made ("Underpayment"). In the event that the Company exhausts its remedies pursuant to sub-paragraph (c) below, and the Executive is thereafter required to make a payment of Excise Tax, the Accounting Firm shall promptly determine the amount of the Underpayment that has occurred and any such Underpayment shall be paid by the Company to the Executive within 5 days after such determination. Amended and Restated Change in Control Agreement

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!