Common use of Financial Institution Funding Clause in Contracts

Financial Institution Funding. Each Purchaser Interest of the Financial Institutions shall accrue Yield for each day during its Tranche Period at either the LIBO Rate or the Base Rate in accordance with the terms and conditions hereof. If any Financial Institution acquires by assignment from the Conduit in its Purchase Group all or any portion of a Purchaser Interest (or an undivided interest therein) pursuant to such Conduit’s Liquidity Agreement, (i) such assigning Conduit (or its related Managing Agent) shall promptly (but in any event without one (1) Business Day of such assignment) give notice of such assignment to the Seller and the Agent, (ii) until Seller gives notice to the applicable Managing Agent of another Discount Rate in accordance with Section 4.4, the initial Discount Rate for any such transferred Purchaser Interest shall be the Base Rate and (iii) each Purchaser Interest so assigned shall be deemed to have a new Tranche Period commencing on the date of any such assignment and having a duration of one (1) Business Day, which Tranche Period shall be the first of a series of successive Tranche Periods each having a duration of one (1) Business Day until such time as Seller shall select a new Tranche Period and new Discount Rate in accordance with Section 4.3 or 4.4; provided, that, notwithstanding the terms of Sections 4.3 of 4.4, for purposes of clauses (ii) and (iii) of this Section 4.1, only two (2) Business Days notice shall be required to be given to the applicable Managing Agent by the Seller (x) in the event that the Seller selects the LIBO Rate to be the applicable Discount Rate with respect to the transferred Purchaser Interests and (y) with respect to the selection of the Tranche Periods with respect to such transferred Purchaser Interests.

Appears in 2 contracts

Samples: Receivables Purchase Agreement (Johnsondiversey Holdings Inc), Receivables Purchase Agreement (Johnsondiversey Inc)

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Financial Institution Funding. Each Purchaser Interest of the Financial Institutions shall accrue Yield for each day during its Tranche Period at either the LIBO Rate or the Base Prime Rate in accordance with the terms and conditions hereof. If any Financial Institution acquires by assignment from the Conduit in its Purchase Group all or any portion of a Purchaser Interest (or an undivided interest therein) pursuant to such Conduit’s Liquidity Agreement, (i) such assigning Conduit (or its related Managing Agent) shall promptly (but in any event without one (1) Business Day of such assignment) give notice of such assignment to the Seller and the Agent, (ii) until Seller gives notice to the applicable Managing Agent of another Discount Rate in accordance with Section 4.4, the initial Discount Rate for any such transferred Purchaser Interest shall be the Base Rate and (iii) each Purchaser Interest so assigned shall be deemed to have a new Tranche Period commencing on the date of any such assignment and having a duration of one (1) Business Day, which Tranche Period shall be the first of a series of successive Tranche Periods each having a duration of one (1) Business Day until such time as Seller shall select a new Tranche Period and new Discount Rate in accordance with Section 4.3 or 4.4; provided, that, notwithstanding the terms of Sections 4.3 of 4.4, for purposes of clauses (ii) and (iii) of this Section 4.1, only two (2) Business Days notice shall be required to be given to the applicable Managing Agent by the Seller (x) in the event that the Seller selects the LIBO Rate to be the applicable Discount Rate with respect to the transferred Purchaser Interests and (y) with respect to the selection of the Tranche Periods with respect to such transferred Purchaser Interests.

Appears in 2 contracts

Samples: Receivables Purchase Agreement (Johnsondiversey Holdings Inc), Receivables Purchase Agreement (Johnsondiversey Inc)

Financial Institution Funding. (a) Each Purchaser Interest of the Financial Institutions shall accrue Yield for each day during its Tranche Period at either the LIBO Rate or the PrimeAdjusted Daily One Month Term SOFR or the Base Rate in accordance with the terms and conditions hereof. If any Financial Institution acquires by assignment from the Conduit in its Purchase Group all or any portion of a Purchaser Interest (or an undivided interest therein) pursuant to such Conduit’s Liquidity Agreement, (i) such assigning Conduit (or its related Managing Agent) shall promptly (but in any event without one (1) Business Day of such assignment) give notice of such assignment to the Seller and the Agent, (ii) until Until Seller gives notice to the Agent and the applicable Managing Agent Agent(s) of another Discount Rate in accordance with Section 4.4, the initial Discount Rate for any such transferred Purchaser Interest transferred to the Financial Institutions pursuant to the terms and conditions hereof shall be the Base Rate and (iii) PrimeBase Rate. If any Purchaser Interest of any Conduit is assigned or transferred to, or funded by, any Related Financial Institution of such Conduit pursuant to any Funding Agreement or to or by any other Person, each such Purchaser Interest so assigned assigned, transferred or funded shall each be deemed to have a new Tranche Period commencing on the date of any such assignment transfer or funding and having a duration of one (1) Business Day, which shall accrue Yield for each day during its Tranche Period shall be at either the first of a series of successive Tranche Periods each having a duration of one (1) Business Day until such time as Seller shall select a new Tranche Period and new Discount LIBO Rate or the PrimeAdjusted Daily One Month Term SOFR or the Base Rate in accordance with Section 4.3 or 4.4; provided, that, notwithstanding the terms of Sections 4.3 of 4.4and conditions hereof as if each such Purchaser Interest was held by a Financial Institution, for purposes of clauses (ii) and (iii) of this Section 4.1, only two (2) Business Days notice shall be required to be given to the applicable Managing Agent by the Seller (x) in the event that the Seller selects the LIBO Rate to be the applicable Discount Rate with respect to each such Purchaser Interest, the transferred Purchaser Interests and (y) assignee or transferee thereof or lender with respect thereto shall be deemed to be a Financial Institution in the transferring Conduit’s Purchaser Group solely for the purposes of Sections 4.1, 4.2, 4.3, 4.4 and 4.5. (b) In connection with the use or administration of Daily One Month Term SOFR, the Agent will have the right to make Conforming Changes in consultation with the Seller from time to time and, notwithstanding anything to the selection contrary herein or in any other Transaction Document, any amendments implementing such Conforming Changes will become effective following such consultation with the Seller without any further action or consent of any other party to this Agreement or any other Transaction Document. The Agent will promptly notify the Seller and the Managing Agents of the Tranche Periods effectiveness of any Conforming Changes in connection with respect to such transferred Purchaser Intereststhe use or administration of Daily One Month Term SOFR.

Appears in 1 contract

Samples: Receivables Purchase Agreement (Cardinal Health Inc)

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Financial Institution Funding. (a) Each Purchaser Interest of the Financial Institutions shall accrue Yield for each day during its Tranche Period at either the LIBO Rate Adjusted Daily One Month Term SOFR or the Base Rate in accordance with the terms and conditions hereof. If any Financial Institution acquires by assignment from Until the Conduit in its Purchase Group all or any portion of a Purchaser Interest (or an undivided interest therein) pursuant to such Conduit’s Liquidity Agreement, (i) such assigning Conduit (or its related Managing Agent) shall promptly (but in any event without one (1) Business Day of such assignment) Sellers give notice of such assignment to the Seller and the Agent, (ii) until Seller gives notice to the Agent and the applicable Managing Agent Agent(s) of another Discount Rate in accordance with Section 4.4, the initial Discount Rate for any such transferred Purchaser Interest transferred to the Financial Institutions pursuant to the terms and conditions hereof shall be the Base Rate and (iii) Rate. If any Purchaser Interest of any Conduit is assigned or transferred to, or funded by, any Related Financial Institution of such Conduit pursuant to any Funding Agreement or to or by any other Person, each such Purchaser Interest so assigned assigned, transferred or funded shall each be deemed to have a new Tranche Period commencing on the date of any such assignment transfer or funding and having a duration of one (1) Business Day, which shall accrue Yield for each day during its Tranche Period shall be at either Adjusted Daily One Month Term SOFR or the first of a series of successive Tranche Periods each having a duration of one (1) Business Day until such time as Seller shall select a new Tranche Period and new Discount Base Rate in accordance with Section 4.3 or 4.4; provided, that, notwithstanding the terms of Sections 4.3 of 4.4and conditions hereof as if each such Purchaser Interest was held by a Financial Institution, for purposes of clauses (ii) and (iii) of this Section 4.1, only two (2) Business Days notice shall be required to be given to the applicable Managing Agent by the Seller (x) in the event that the Seller selects the LIBO Rate to be the applicable Discount Rate with respect to each such Purchaser Interest, the transferred Purchaser Interests and (y) assignee or transferee thereof or lender with respect thereto shall be deemed to be a Financial Institution in the transferring Conduit’s Purchaser Group solely for the purposes of Sections 4.1, 4.2, 4.3, 4.4 and 4.5. (b) In connection with the use or administration of Daily One Month Term SOFR, the Agent will have the right to make Conforming Changes in consultation with the Sellers from time to time and, notwithstanding anything to the selection contrary herein or in any other Transaction Document, any amendments implementing such Conforming Changes will become effective following such consultation with the Sellers without any further action or consent of any other party to this Agreement or any other Transaction Document. The Agent will promptly notify the Sellers and the Managing Agents of the Tranche Periods effectiveness of any Conforming Changes in connection with respect to such transferred Purchaser Intereststhe use or administration of Daily One Month Term SOFR.

Appears in 1 contract

Samples: Receivables Purchase Agreement (Cardinal Health Inc)

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