Changes in Market Interest Rates Sample Clauses

Changes in Market Interest Rates. (A) Subject to Section 7.06(b)(ii)(B), the Department will bear the risk and have the benefit of:‌ (1) 100% of the impact on the Public Funds Amount or Concession Fee (either positive or negative) arising from changes in Benchmark Rates solely with respect to TIFIA financing, bonds, private placement and bank debt assumed and indicated in the Initial Base Case Financial Model, for the period beginning on the Adjustment Period Start Date and ending on the Adjustment Period End Date; provided, however, that this protection will be extended only to the lesser of (aa) the amount of proceeds of TIFIA financing, bonds, private placement debt and bank debt assumed and indicated in the Initial Base Case Financial Model, and (bb) the amount of proceeds of TIFIA financing, bonds, private placement debt and bank debt issued or incurred at Financial Close; and (2) 75% of the impact on the Public Funds Amount or Concession Fee (either positive or negative) arising from the differences between the credit spreads assumed and indicated in the Initial Base Case Financial Model for the period beginning on the Adjustment Period Start Date and ending on the Adjustment Period End Date; provided, however, that this protection will be extended only to the lesser of (aa) the amount of proceeds of the approved capital markets financing(s) assumed and indicated in Initial Base Case Financial Model, and (bb) the amount of proceeds of the approved capital markets financing(s) issued at the Financial Close. (B) If the Financial Close Deadline is extended pursuant to Section 7.06(c), the Department will bear the risk and have the benefit of impacts to changes in Section 7.06(b)(ii)(A) for the period of such extension.‌
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Changes in Market Interest Rates. (a) Subject to Section 3.6.1(b), TxDOT will bear the risk and have the benefit of: (i) 100% of the impact of changes in Benchmark Rates (either positive or negative) solely with respect to PABs and TIFIA financing, taxable bonds and bank debt assumed and indicated in Developer’s Base Case Financial Model as presented at the Financial Proposal Due Date, for the period beginning at 10:00 a.m. on January 20, 2015 (the “first date of the of the market interest rate adjustment period”) and ending on the last date of the market interest rate adjustment period (as defined below); and (ii) 75% of the impact (either positive or negative) of the differences between (1) the credit spreads for bonds (whether PABs or taxable bonds but excluding TIFIA financing and bank debt) assumed and indicated in Developer’s Base Case Financial Model as presented at the Financial Proposal Due Date; and (2) the credit spreads for PABs or taxable bonds as obtained at the end of the market interest rate adjustment period. For the purposes of this Section 3.6.1, the “last date of the market interest rate adjustment period” means the earlier of 10:00 a.m. on the interest rate commitment date or 10:00 a.m. on the Financial Close Deadline (as may be extended); and “interest rate commitment date” means the date on which the interest rate is set for each respective debt instrument protected by this Section 3.6.1(a). (b) If the Financial Close Deadline is extended pursuant to Section 3.3.1(b) (first 30- day extension), the risk and benefit allocated to TxDOT pursuant to Section 3.6.1(a) shall be reduced to 75% of the risk and benefit otherwise allocated to TxDOT for the period of such extension (i.e., during such period, TxDOT will bear 75% of the impact of changes in Benchmark Rates and 56.25% of the impact of changes in credit spreads). If the Financial Close Deadline is extended pursuant to Section 3.3.1(c) (second 30-day extension), the risk and benefit allocated to TxDOT pursuant to Section 3.6.1(a) shall be reduced to 50% of the risk and benefit otherwise allocated to TxDOT for the period of such extension (i.e., during such period, TxDOT will bear 50% of the impact of changes in Benchmark Rates and 37.5% of the impact of changes in credit spreads). If the Financial Close Deadline is extended pursuant to Section 3.3.1(d) (discretionary extension) and such extension was not initiated by TxDOT, TxDOT will not bear any of the risk or have any of the benefit of the impact of changes describ...
Sample 1
Changes in Market Interest Rates. (a) Subject to Section 3.6.1(b), TxDOT will bear the risk and have the benefit of (i) 100% of the impact of changes in Benchmark Rates (either positive or negative) with respect to PABs and TIFIA financing, taxable bonds and bank debt, as reflected in an updated Base Case Financial Model provided pursuant to Section 3.6.3, for the period beginning at 10:00 a.m. on [●] [insert the date that is ten days prior to the Proposal Due Date] (the “first date of the of the market interest rate adjustment period”) and ending on the last date of the market interest rate adjustment period (as defined below) and
Sample 1

Related to Changes in Market Interest Rates

  • FIXED RATES If a fixed rate is in this Agreement, it is based on an estimate of the costs for the period covered by the rate. When the actual costs for this period are determined, an adjustment will be made to a rate of a future year(s) to compensate for the difference between the costs used to establish the fixed rate and actual costs.

  • Interest Rates All outstanding Term Loans to the Borrower shall bear interest on the unpaid principal amount thereof (including, to the extent permitted by law, on interest thereon not paid when due) from the date made until paid in full in cash at a rate determined by reference to the Base Rate or Adjusted Term SOFR plus the Applicable Margin, but not to exceed the Maximum Rate. If at any time Term Loans are outstanding with respect to which the Borrower has not delivered to the Agent a notice specifying the basis for determining the interest rate applicable thereto in accordance herewith, those Term Loans shall be treated as Base Rate Loans until notice to the contrary has been given to the Agent in accordance with this Agreement and such notice has become effective. Except as otherwise provided herein, the Term Loans shall bear interest as follows: (i) For all Base Rate Loans, at a fluctuating per annum rate equal to the Base Rate plus the Applicable Margin; and (ii) For all SOFR Rate Loans, at a fluctuating per annum rate equal to Adjusted Term SOFR plus the Applicable Margin. Each change in the Base Rate (or any component thereof) shall be reflected in the interest rate applicable to Base Rate Loans as of the effective date of such change. All computations of interest for Base Rate Loans when the Base Rate is determined by the “prime rate” shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). On the last Business Day of each calendar quarter hereafter and on the Termination Date, the Borrower shall pay to the Agent, for the ratable benefit of the Lenders, interest accrued from the last Business Day of the preceding calendar quarter to the last Business Day of such calendar quarter (or accrued to the Termination Date in the case of a payment on the Termination Date) on all Base Rate Loans in arrears. The Borrower shall pay to the Agent, for the ratable benefit of the Lenders, interest on all SOFR Rate Loans in arrears on each SOFR Interest Payment Date.

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