Common use of Financial Institution Discount Rates Clause in Contracts

Financial Institution Discount Rates. Seller may select the LIBO Rate or the Prime Rate for each Purchaser Interest of the Financial Institutions. Seller shall by 11:00 a.m. (Chicago time): (i) at least three (3) Business Days prior to the expiration of any Terminating Tranche with respect to which the LIBO Rate is being requested as a new Discount Rate and (ii) at least one (1) Business Day prior to the expiration of any Terminating Tranche with respect to which the Prime Rate is being requested as a new Discount Rate, give the Agent irrevocable notice of the new Discount Rate and new Tranche Period for the Purchaser Interest associated with such Terminating Tranche. If the Seller fails to give notice to the related Agent of a new Discount Rate with respect to any Terminating Tranche, the new Discount Rate for any Terminating Tranche shall be the Prime Rate. The Agent shall promptly forward to each applicable Managing Agent any notice it receives from the Seller pursuant to this Section 4.4.

Financial Institution Discount Rates. Seller may select the LIBO Rate or the Prime Base Rate for each Purchaser Interest of the Financial Institutions. Seller shall by 11:00 a.m. 12:00 noon (Chicago New York City time): (i) at least three (3) Business Days prior to the expiration of any Terminating Tranche with respect to which the LIBO Rate is being requested as a new Discount Rate and (ii) at least one (1) Business Day prior to the expiration of any Terminating Tranche with respect to which the Prime Base Rate is being requested as a new Discount Rate, give the Agent irrevocable notice of the new Discount Rate and new Tranche Period for the Purchaser Interest associated with such Terminating Tranche. If the Seller fails to give notice to the related Agent of a new Discount Rate with respect to any Terminating Tranche, the new Discount Rate for any Terminating Tranche shall be the Prime Base Rate. The Agent shall promptly forward to each applicable Managing Agent any notice it receives from the Seller pursuant to this Section 4.4.