Common use of Federal Funds Rate Advances Clause in Contracts

Federal Funds Rate Advances. The unpaid principal amount of each Federal Funds Rate Advance shall bear interest prior to maturity at a rate per annum equal to the Federal Funds Rate plus the Applicable Federal Funds Rate Margin. The Borrower agrees to provide written notice to the Agent within three (3) Business Days of the Borrower's senior debt becoming rated by Moody's or by Standard & Poors or, once the Borrower's senior debt has become so rated, of any change in the rating of the Borrower's senior debt by Moody's or by Standard & Poors. Any reduction in the Applicable Federal Funds Rate Margin shall become effective three (3) Business Days after the Borrower has so notified the Agent in writing of the rating or change in rating of the Borrower's senior debt which entitles the Borrower to a reduction in the Applicable Federal Funds Rate Margin. Any increase in the Applicable Federal Funds Rate Margin shall become effective on the earlier to occur of (i) the date which is three (3) Business Days after the date on which the Agent becomes aware of a rating change in the Borrower's senior debt which subjects the Borrower to an increase in the Applicable Federal Funds Rate Margin, or (ii) the date which is three (3) Business Days after the Borrower has notified the Agent in writing of the rating change in the Borrower's senior debt which subjects the Borrower to an increase in the Applicable Federal Funds Rate Margin.

Federal Funds Rate Advances. The unpaid principal amount of each Federal Funds Rate Advance shall bear interest prior to maturity at a rate per annum equal to the Federal Funds Rate plus the Applicable Federal Funds Rate Margin. The Borrower agrees to provide written notice to the Agent within three (3) Business Days of the Borrower's senior debt becoming rated by Moody's or by Standard & Poors or, once the Borrower's senior debt senixx xxxx has become so rated, of any change in the rating of the Borrower's senior debt by Moody's or by Standard & Poors. Any reduction in the Applicable Federal Applixxxxx Xederal Funds Rate Margin shall become effective three (3) Business Days after the Borrower has so notified the Agent in writing of the rating or change in rating of the Borrower's senior debt which entitles the Borrower to a reduction in the Applicable Federal Funds Rate Margin. Any increase in the Applicable Federal Funds Rate Margin shall become effective on the earlier to occur of (i) the date which is three (3) Business Days after the date on which the Agent becomes aware of a rating change in the Borrower's senior debt which subjects the Borrower to an increase in the Applicable Federal Funds Rate Margin, or (ii) the date which is three (3) Business Days after the Borrower has notified the Agent in writing of the rating change in the Borrower's senior debt which subjects the Borrower to an increase in the Applicable Federal Funds Rate Margin.

Federal Funds Rate Advances. The unpaid principal amount of each Federal Funds Rate Advance shall bear interest prior to maturity at a rate per annum equal to the Federal Funds Rate plus the Applicable Federal Funds Rate Margin. The Borrower agrees to provide written notice to the Agent within three (3) Business Days of the Borrower's senior debt becoming rated by Moody's Xxxxx'x or by Standard & Poors or, once the Borrower's senior debt has become so rated, of any change in the rating of the Borrower's senior debt by Moody's Xxxxx'x or by Standard & Poors. Any reduction in the Applicable Federal Funds Rate Margin shall become effective three (3) Business Days after the Borrower has so notified the Agent in writing of the rating or change in rating of the Borrower's senior debt which entitles the Borrower to a reduction in the Applicable Federal Funds Rate Margin. Any increase in the Applicable Federal Funds Rate Margin shall become effective on the earlier to occur of (i) the date which is three (3) Business Days after the date on which the Agent becomes aware of a rating change in the Borrower's senior debt which subjects the Borrower to an increase in the Applicable Federal Funds Rate Margin, or (ii) the date which is three (3) Business Days after the Borrower has notified the Agent in writing of the rating change in the Borrower's senior debt which subjects the Borrower to an increase in the Applicable Federal Funds Rate Margin.