Common use of Calculation of Spot Rates Clause in Contracts

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.

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"“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"“Sterling Reset Date”) and shall remain effective until the next succeeding Sterling Reset Date.

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 DATEReset 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 DATESterling Reset Date") and shall remain effective until the next succeeding Sterling Reset Date.