Selection of Interest Rates and Interest Periods; LIBOR Protection; Illegality Sample Clauses

Selection of Interest Rates and Interest Periods; LIBOR Protection; Illegality. (a) Prior to a Wind-Down Event; Transferred Interest held on behalf of the Purchasers. At all times hereafter, but prior to the occurrence of an Enterprise Wind-Down Event, PARCO Wind-Down Event or Sheffield Wind-Down Event, as applicable, and not with respect to any portion of the Transferred Interest held on behalf of the Bank Investors (or any of them), the Transferor may, subject to the approval of each Purchaser and the limitations described below, request that the applicable Net Investment of such Purchaser be allocated among one or more funding periods, so that the aggregate amounts so allocated at all times shall equal the Net Investments held on behalf of the Purchasers. The Transferor shall give the Purchaser Agents irrevocable notice by telephone of the new requested funding period(s) by 11:00 a.m. at least one (1) Business Day prior to the expiration of any then existing funding period; provided, however, that each of the Purchaser Agents may select, in its sole discretion, any such new funding period with respect to its respective Purchaser's Net Investment if (i) the Transferor fails to provide such notice on a timely basis or (ii) the applicable Purchaser Agent determines, in its sole discretion, that the funding period requested by the Transferor is unavailable or for any reason commercially undesirable. Each Purchaser confirms that it is its intention to fund all or substantially all of its Net Investment by issuing Related Commercial Paper (in the case of (A) Enterprise, prior to an Enterprise Wind-Down Event, (B) PARCO, prior to a PARCO Wind-Down Event and (C) Sheffield, prior to a Sheffield Wind-Down Event); provided that a Purchaser may determine, from time to time, in its sole discretion, that funding its Net Investment by means of Related Commercial Paper is not possible or is not desirable for any reason. If a Liquidity Provider acquires from a Purchaser a Purchased Interest with respect to the Receivables pursuant to the terms of a Liquidity Provider Agreement, NationsBank, Chase or Barclays, as applicable, on behalf of the Liquidity Provider, may exercise the right of selection granted to such Purchaser hereby. The initial funding period applicable to any such Purchased Interest shall be a period of not greater than 14 days and shall accrue Carrying Costs on the basis of the Base Rate. Thereafter, provided that the Termination Date or a Special Termination Date shall not have occurred, Carrying Costs shall accrue on the basis of e...
Sample 1
AutoNDA by SimpleDocs
Selection of Interest Rates and Interest Periods; LIBOR Protection; Illegality. (a) Prior to the Termination Date; Transferred Interest held on behalf of the Company. At all times hereafter, but prior to the Termination Date and not with respect to any portion of the Transferred Interest held on behalf of the Bank Investors (or any of them), the Transferor may, subject to the Company's approval and the limitations described below, request that the Net Investment be allocated among one or more funding periods, so that the aggregate amounts so allocated at all times shall equal the Net Investment held on behalf of the Company. The Transferor shall give the Company irrevocable notice by telephone of the new requested funding period(s) by 11:00 a.m. at least one (1) Business Day prior to the expiration of any then existing funding period; provided, however, that the Company may select, in its sole discretion, any such new funding period if (i) the Transferor fails to provide such notice on a timely basis or (ii) the Company determines, in its sole discretion, that the funding period requested by the Transferor is unavailable or for any reason commercially undesirable. The Company confirms that it is its intention to fund all or substantially all of the Net Investment held on behalf of it by issuing Related Commercial Paper; provided that the Company may determine, from time to time, in its sole discretion, that funding such Net Investment by means of Related Commercial Paper is not possible or is not desirable for any reason. If the Liquidity Provider acquires from the Company a Purchased Interest with respect to the Receivables pursuant to the terms of the Liquidity Provider Agreement, NationsBank, on behalf of the Liquidity Provider, may exercise the right of selection granted to the Company hereby. The initial funding period applicable to any such Purchased Interest shall be a period of not greater than 14 days and shall accrue Carrying Costs on the basis of the Base Rate. Thereafter, provided that the Termination Date shall not have occurred, Carrying Costs shall accrue on the basis of either the Base Rate or the Adjusted LIBOR Rate, as determined by NationsBank. In the case of any funding period outstanding upon the Termination Date, such funding period shall end on such date.
Sample 1

Related to Selection of Interest Rates and Interest Periods; LIBOR Protection; Illegality

  • Notification of Interest Periods and interest rate The Agent shall notify the Borrowers and the Banks promptly of the duration of each Interest Period and of each rate of interest (or, as the case may be default interest) determined by it under this clause 3.

  • Determination of Interest Periods Every Interest Period shall be of the duration specified by the Borrowers pursuant to clause 3.2 but so that:

  • Notification of Interest Periods and rates of normal interest The Agent shall notify the Borrower and each Lender of:

  • Selection of Interest Rate Options At any time any portion of this Note bears interest determined in relation to LIBOR, it may be continued by Borrower at the end of the Fixed Rate Term applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Rate or to LIBOR for a new Fixed Rate Term designated by Borrower. At any time any portion of this Note bears interest determined in relation to the Prime Rate, Borrower may convert all or a portion thereof so that it bears interest determined in relation to LIBOR for a Fixed Rate Term designated by Borrower. At such time as Borrower requests an advance hereunder or wishes to select a LIBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed Rate Term, Borrower shall give Bank notice specifying: (i) the interest rate option selected by Borrower; (ii) the principal amount subject thereto; and (iii) for each LIBOR selection, the length of the applicable Fixed Rate Term. Any such notice may be given by telephone (or such other electronic method as Bank may permit) so long as, with respect to each LIBOR selection, (A) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) Business Days after such notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. on the first day of the Fixed Rate Term, or at a later time during any Business Day if Bank, at it’s sole option but without obligation to do so, accepts Borrower’s notice and quotes a fixed rate to Borrower. If Borrower does not immediately accept a fixed rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from Borrower shall be subject to a redetermination by Bank of the applicable fixed rate. If no specific designation of interest is made at the time any advance is requested hereunder or at the end of any Fixed Rate Term, Borrower shall be deemed to have made a Prime Rate interest selection for such advance or the principal amount to which such Fixed Rate Term applied.

  • Selection of Interest Periods (a) A Borrower (or the Company on behalf of a Borrower) may select an Interest Period for a Loan in the Utilisation Request for that Loan.

  • Notice of Interest Period and Interest Rate Promptly after receipt of a Notice of Borrowing pursuant to Section 2.02(a), a notice of Conversion pursuant to Section 2.09 or a notice of selection of an Interest Period pursuant to the definition of “Interest Period”, the Administrative Agent shall give notice to the Borrower and each Lender of the applicable Interest Period and the applicable interest rate determined by the Administrative Agent for purposes of clause (a)(i) or (a)(ii) above.

  • Notification of interest periods and default rates The Agent shall promptly notify the Lenders and the Borrower of each interest rate determined by the Agent under Clause 7.3 and of each period selected by the Agent for the purposes of paragraph (b) of that Clause; but this shall not be taken to imply that the Borrower is liable to pay such interest only with effect from the date of the Agent’s notification.

  • Computation of Interest, Fees, Yield Protection All interest, as well as fees and other charges calculated on a per annum basis, shall be computed for the actual days elapsed, based on a year of 360 days. Each determination by Agent of any interest, fees or interest rate hereunder shall be final, conclusive and binding for all purposes, absent manifest error. All fees shall be fully earned when due and shall not be subject to rebate, refund or proration. All fees payable under Section 3.2 are compensation for services and are not, and shall not be deemed to be, interest or any other charge for the use, forbearance or detention of money. A certificate as to amounts payable by Borrowers under Section 3.4, 3.6, 3.7, 3.9 or 5.9, submitted to Borrower Agent by Agent or the affected Lender, as applicable, shall be final, conclusive and binding for all purposes, absent manifest error, and Borrowers shall pay such amounts to the appropriate party within 10 days following receipt of the certificate.

  • Determination of Interest Rate (a) The Applicable Interest Rate with respect to the Loan shall be: (i) LIBOR plus the Spread with respect to the applicable Interest Period for a LIBOR Loan or (ii) the Prime Rate plus the Prime Rate Spread for a Prime Rate Loan if the Loan is converted to a Prime Rate Loan pursuant to the provisions of Section 2.2.3(c) or Section 2.2.3(f).

  • Duration of Interest Periods The duration of each Interest Period relating to the Advance shall, save as otherwise provided herein, be one, three, six or twelve months, or any such other period as may be agreed from time to time between the Borrower and the Agent, in each case as the Borrower may select by not less than three business days' prior notice to the Agent Provided that:

Time is Money Join Law Insider Premium to draft better contracts faster.