SUBSTITUTE INTEREST RATE Sample Clauses

SUBSTITUTE INTEREST RATE. In the event, and to the extent, that on the Expiration Date of the Interest Rate or the Default Rate, the TIIE Rate is not published, may not be determined by any reason, whatsoever, or if such rate ceases to exist, the rate published by Banco de Mexico as a substitute rate for the TIIE Rate shall apply in substitution of the TIIE Rate (the “Substitute Interest Rate”), provided that when the inability to determine the applicable TIIE Rate is temporary, the Substitute Interest Rate shall only apply to the period or periods in which such TIIE Rate may not be determined. If no rate is published by Banco de Mexico as a substitute rate for the TIIE Rate, then the Substitute Interest Rate shall be the rate equivalent to: (A) in case of the Interest Rate, the sum of (i) the rate of the 28-day Treasury Bills (CETES), published the following day by Banco de Mexico in its official website (the “CETE Rate”); plus (ii) 2 percentage points; plus (iii) the applicable Margin; and (B) in case of the Delinquent Interest Rate, the sum of (i) 150% of the CETE Rate plus 2 percentage points; plus (ii) the Margin. Translation from Spanish [SEAL] In the event that Banco de Mexico, does not publish either a substitute rate for the TIIE Rate or a CETE Rate, the Administrative Agent, shall agree, in good faith, in writing with the Borrower, the applicable Substitute Interest Rate; provided however that: (i) from the date in which the TIIE Rate or the CETE Rate, as the case may be, ceases to be published until the date in which the relevant substitute rate is published, the TIIE Rate is re-published or the parties agree on the applicable substitute interest rate, the Substitute Interest Rate shall be the interest rate applicable to the immediate preceding Interest Period; (ii) if the TIIE Rate cases to be published for a period exceeding 30 days, and in such period Banco de Mexico does not publish a substitute interest rate or the CETE Rate, and the Borrower and the Administrative Agent have not reached an agreement as to the applicable substitute interest rate, then the applicable interest rate shall be the highest market interest rate in effect, authorized to the Administrative Agent by Banco de Mexico or the competent authority replacing Banco de Mexico, which shall be promptly notified to the Borrower by the Agent; and (iii) any interest rate determined pursuant to (i) and (ii) above, shall cease to apply when Banco de Mexico publishes again the TIIE Rate, its substitute rate o...
Sample 1
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SUBSTITUTE INTEREST RATE. If, on or before any date on which a Eurodollar Rate is to be determined hereunder, Bank determines that deposits of United States Dollars in the appropriate amount for the appropriate period are not being offered in the interbank Eurodollar market for United States Dollars, or that by reason of circumstances affecting such market, adequate and reasonable means do not exist for ascertaining the Eurodollar Rate, then Bank shall promptly give notice of such determination to Borrower and such determination shall be conclusive and binding. During the ten (10) days next following the giving of such notice, Borrower and Bank shall negotiate in good faith in order to arrive at a mutually satisfactory alternative interest rate (the "SUBSTITUTE RATE") to replace the rate otherwise applicable to the pertinent Eurodollar Advances of Borrower during the applicable Interest Period. If, within such ten (10) day period, Borrower and Bank agree in writing upon a Substitute Rate, such rate shall be effective from the first day of such Interest Period. If Bank and Borrower fail to agree upon a Substitute Rate within such ten (10) day period, the Substitute
Sample 1
SUBSTITUTE INTEREST RATE. If an alternative basis for calculating the interest payable is not agreed in writing pursuant to Section 16(b), the Loan shall during that Interest Period bear interest at the rate per annum equal to the sum of the Mandatory Costs and the cost to the Lender (expressed as a rate per annum) of funding the Loan during that Interest Period by whatever means it determines to be appropriate. The Lender shall certify that cost to the Borrower as soon as practical after the Lender's determination of the event in question (but in any event at least two Business Days before the end of that Interest Period).
Sample 1
SUBSTITUTE INTEREST RATE. If on or before the date on which the LIBOR Rate is to be determined for any Interest Period, the LIBOR Rate for periods equal to the relevant Interest Period are not being offered to the Bank in New York or the LIBOR Rate does not accurately reflect the Bank's cost for making the loan for any reason whatsoever, or if the Borrower has failed to elect the Applicable Rate for any reason, then (i) the Bank shall promptly give notice of such determination to the Borrower and (ii) the Bank's obligation to make the Loan at the LIBOR Rate shall be suspended until the Bank gives notice to the Borrower that the circumstances giving rise to such determination no longer exist. The parties shall immediately thereafter enter into negotiations in good faith with a view to agreeing on an alternate mutually acceptable basis of determining the interest rate to be applicable to the Loan. If at the expiry of thirty (30) days from the date of such notice no alternate basis has been agreed upon, then the Bank shall specify an alternate interest rate and interest period and set forth the terms thereof in a notice to the Borrower in which the Bank shall certify that in its reasonable judgment such terms generate for the Bank a yield approximately equivalent to that provided for in this Agreement (which terms shall thereupon be conclusive and binding, absent manifest error, on the Borrower retroactively from the beginning of the period for which such notice was given). The foregoing procedure shall be repeated if the circumstances that made it necessary continue beyond the interest period set in accordance with such procedure.
Sample 1
SUBSTITUTE INTEREST RATE. The Bank shall notify the Borrower if it is not possible to establish the LIBOR Interest Rate. In this case, the Substitute LIBOR Interest Rate shall be applicable. After calculating the substitute interest rate applicable to the Interest Period in question, the Bank shall notify the Borrower no later than 14.00 on the Business Day immediately preceding the first day of the corresponding Interest Period. The substitute interest rate calculated by the Bank shall be binding on the Parties, save error. In the event of manifest error in the calculation of a substitute interest rate notified to the Borrower, the Bank shall adjust the calculation of that rate to the provisions of this Clause with effect as from the first day of the Interest Period to which the rate in question is applicable. As soon as the corresponding Interbank Market so permits, the applicable interest rate shall again be calculated in accordance with Clause 8, as the Bank shall duly notify the Borrower. The provisions of Clauses 8.3 and 8.4 shall be applicable to all interest accrued in pursuance of this Clause.
Sample 1
SUBSTITUTE INTEREST RATE. In the event the REFERENCE RATE or the ALTERNATIVE REFERENCE RATE is not available for the INTEREST PERIOD in question or, together with the SPREAD, does not or will not accurately reflect the cost to the BANK of making or maintaining the LOAN during such INTEREST PERIOD or is no longer indicative of competitive interest rates for similar periods of borrowings (which determination shall be conclusive and binding upon the BORROWER from the date of receipt by the BORROWER of written notice to that effect), then the applicable interest rate shall be determined by negotiation which shall be completed or terminated within thirty (30) days from the receipt of written notice by one party (“Initiating Party”) from the other. The rate agreed upon by the BANK and the BORROWER during the thirty (30)-day period for negotiation shall hereinafter be referred to as the “SUBSTITUTE INTEREST RATE”. Such SUBSTITUTE INTEREST RATE shall be retroactive to and shall take effect from the beginning of the affected INTEREST PERIOD and shall be deemed as the interest rate for such INTEREST PERIOD. In case the BANK and the BORROWER fail to agree on the applicable interest rate within the thirty (30) day period for negotiation, then the BORROWER shall prepay all amounts owing to the BANK, whether of principal, interest or otherwise, without any penalty, which prepayment shall be effected not later than five (5) BUSINESS DAYS from the expiration of the thirty (30) day period for negotiation. In case of such prepayment, the CURRENT INTEREST RATE or, in its absence, the interest rate used in the preceding INTEREST PERIOD, shall be applied to the relevant INTEREST PERIOD until full payment of the outstanding amount on the LOAN. In the event the BORROWER does not prepay the LOAN within the five (5) day period indicated above, then the applicable interest rate shall be whichever is the highest of the following rate; (i) the CURRENT INTEREST RATE plus fifty percent (50%) thereof, or in its absence, the interest rate used in the preceding INTEREST PERIOD, plus fifty percent (50%) thereof, or (ii) three percent (3%) per month.
Sample 1
SUBSTITUTE INTEREST RATE. In the event the REFERENCE RATE or the ALTERNATIVE REFERENCE RATE, as the case may be, is not available for the INTEREST PERIOD in question or, together with the SPREAD, does not or will not accurately reflect the cost to the BANK of making or maintaining the LOAN during such INTEREST PERIOD or is no longer indicative of competitive interest rates for similar periods of borrowings (which determination shall be conclusive and binding upon the BORROWER), then the applicable interest rate shall be the "SUBSTITUTE INTEREST RATE". Such SUBSTITUTE INTEREST RATE shall be retroactive to and shall take effect from the beginning of the affected INTEREST PERIOD and shall be deemed as the interest rate for such INTEREST PERIOD.
Sample 1
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SUBSTITUTE INTEREST RATE. If a Market Disruption Event occurs in relation to an Advance for any Interest Period, then the rate of interest applicable to each Lender’s share in that Advance during the relevant Interest Period shall (subject to any agreement reached pursuant to Clause 10.3 (Alternative Rate)) be the rate per annum which is the sum of:
Sample 1

Related to SUBSTITUTE INTEREST RATE

  • Applicable Interest Rate 5.10.1 In respect of Pre-Delivery Interest Periods or Interest Periods pursuant to Clause 5.3.1 and subject to Clause 5.3.1, Clause 5.12 and Clause 6, the rate of interest applicable to the Loan (or relevant part in the case of the division of the Loan under Clause 5.8) during a Pre-Delivery Interest Period or an Interest Period shall be the Floating Interest Rate.

  • Fixed Interest Rate Annual interest rate shall be /% and will not change during the duration.

  • Maximum Interest Rate In no event shall any interest rate provided for hereunder exceed the maximum rate legally chargeable under applicable law with respect to loans of the Type provided for hereunder (the “Maximum Rate”). If, in any month, any interest rate, absent such limitation, would have exceeded the Maximum Rate, then the interest rate for that month shall be the Maximum Rate, and, if in future months, that interest rate would otherwise be less than the Maximum Rate, then that interest rate shall remain at the Maximum Rate until such time as the amount of interest paid hereunder equals the amount of interest which would have been paid if the same had not been limited by the Maximum Rate. In the event that, upon payment in full of the Obligations, the total amount of interest paid or accrued under the terms of this Agreement is less than the total amount of interest which would, but for this Section 3.3, have been paid or accrued if the interest rate otherwise set forth in this Agreement had at all times been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Agent, for the account of the applicable Lenders, an amount equal to the excess of (a) the lesser of (i) the amount of interest which would have been charged if the Maximum Rate had, at all times, been in effect or (ii) the amount of interest which would have accrued had the interest rate otherwise set forth in this Agreement, at all times, been in effect over (b) the amount of interest actually paid or accrued under this Agreement. If a court of competent jurisdiction determines that the Agent and/or any Lender has received interest and other charges hereunder in excess of the Maximum Rate, such excess shall be deemed received on account of, and shall automatically be applied to reduce, the Obligations other than interest, and if there are no Obligations outstanding, the Agent and/or such Lender shall refund to the Borrower such excess.

  • Applicable Interest Rates (a) U.S.

  • Interest Rate Subject to Section 2.5(b), the principal amount outstanding under the Revolving Line shall accrue interest a floating per annum rate equal to the greater of (i) one quarter of one percentage point (0.25%) above the Prime Rate, or (ii) three and one half percentage points (3.50%), which interest shall, in each case, be payable monthly in accordance with Section 2.5(d) below.”

  • INTEREST; INTEREST RATE (a) Interest on this Bond shall commence accruing at the Interest Rate (as defined in Section 30) from and including the Issuance Date and shall be computed on the basis of a three hundred and sixty (360)-day year comprised of twelve (12) thirty (30)-day months and shall be payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each year (each, an “Interest Payment Date”) with the first Interest Payment Date being January 1, 2010. Interest shall be payable on each Interest Payment Date, to the record holders of this Bond as recorded in the Register (as defined in Section 3(g)) held by the Company on the applicable Record Date, at the Company’s option, (A) in whole in cash (“Cash Interest”), or (B) in whole in shares (“Interest Shares”) of the Company that are designated on the date hereof as common shares, par value $0.01 per share (the “Common Shares”), or (C) in a combination of Cash Interest and Interest Shares. In the event the Company decides to deliver Interest Shares on an Interest Payment Date, it must deliver a written notice (“Interest Election Notice”) to Holders no less than five (5) Trading Days prior to the Interest Payment Date (the date such notice is sent being the “Interest Notice Date”) pursuant to which notice, the Company elects to pay Interest entirely in Interest Shares or a combination of Cash Interest and Interest Shares and specifies the amount of Interest that shall be paid as Cash Interest and the amount of Interest that shall be paid in Interest Shares. Interest to be paid on an Interest Payment Date in Interest Shares shall be paid in a number of fully paid and nonassessable Common Shares equal to the quotient of (1) the amount of Interest payable on such Interest Payment Date less any Cash Interest paid and (2) the Interest Conversion Price in effect for the applicable Interest Payment Date (rounded down to the preceding whole number).

  • VARIABLE INTEREST RATE The interest rate on this loan is subject to change from time to time based on changes in an independent index which is the daily average yield on United States Treasury securities adjusted to a constant maturity of five years, as made available by the Federal Reserve Board (the “Index”). The Index is not necessarily the lowest rate charged by Lender on its loans. If the Index becomes unavailable during the term of this loan, Lender may designate a substitute index after notifying Borrower. Lender will tell Borrower the current Index rate upon Borrower’s request. The interest rate change will not occur more often than each 5 years. Borrower understands that Lender may make loans based on other rates as well. The interest rate or rates to be applied to the unpaid principal balance during this loan will be the rate or rates set forth herein in the “Payment” section. Notwithstanding any other provision of this Agreement, after the first payment stream, the interest rate for each subsequent payment stream will be effective as of the due date of the last payment in the just-ending payment stream. NOTICE: Under no circumstances will the interest rate on this loan CHANGE IN TERMS (Continued) Loan No. 5510060956801 Page 2 be less than 4.900% per annum or more than the maximum rate allowed by applicable law. Whenever increases occur in the interest rate, Lender, at its option, may do one or more of the following: (A) increase Borrower's payments to ensure Borrower's loan will pay off by its original final maturity date, (B) increase Borrower's payments to cover accruing interest, (C) increase the number of Borrower's payments, and (D) continue Borrower's payments at the same amount and increase Borrower's final payment. INTEREST CALCULATION METHOD. Interest on this Note is computed on a 30/360 simple interest basis; that is, with the exception of odd days before the first full payment cycle, monthly interest is calculated by applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by a month of 30 days. Interest for the odd days before the first full month is calculated on the basis of the actual days and a 360-day year. All interest payable under this Note is computed using this method.

  • Fixed Interest Rates Each Mortgage Loan bears interest at a rate that remains fixed throughout the remaining term of such Mortgage Loan, except in the case of ARD loans and situations where default interest is imposed.

  • Determination of Applicable Interest Rate As soon as practicable on each Interest Rate Determination Date, Bank shall determine (which determination shall, absent manifest error in calculation, be final, conclusive and binding upon all parties) the interest rate that shall apply to the LIBOR Advances for which an interest rate is then being determined for the applicable Interest Period and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to Borrower.

  • Adjustment to Interest Rate Changes to the interest rate of any Credit Extension based on changes to the Prime Rate shall be effective on the effective date of any change to the Prime Rate and to the extent of any such change.

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