Common use of Liquidity Bank Interest Rates Clause in Contracts

Liquidity Bank Interest Rates. Subject to the provisions of Section 1.2 and 1.6(c) relating to Loans made by any Lender, Borrower may select the LIBO Rate or the Alternate Base Rate for each Liquidity Funding. Borrower shall by 1:30 pm (New York City time): (a) 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 Interest Rate and (b) at least one (1) Business Day prior to the expiration of any Terminating Tranche with respect to which the Alternate Base Rate is being requested as a new Interest Rate, give the applicable Lender Group Agent irrevocable notice of the new Interest Rate for the Liquidity Funding associated with such Terminating Tranche. Subject to the provisions of Section 1.2 and 1.6(c) relating to Loans made by any Lender, until Borrower gives notice to the applicable Lender Group Agent of another Interest Rate, the initial Interest Rate for any Loan transferred to the Liquidity Banks of a Lender Group pursuant to the Liquidity Agreement for such Lender Group shall be the Alternate Base Rate (unless the Default Rate is then applicable).