Buy-Down Rate definition
Examples of Buy-Down Rate in a sentence
The Agent shall (until otherwise notified by the Borrower and Buy-Down Lender to the contrary) accrue interest on such Fed Funds Loans at the Buy-Down Rate and such Swingline Loans at the Swingline Buy-Down Rate and the Borrower shall pay such interest in accordance with Section 2.17.
In no event shall the Lead Administrative Agent have any obligation or duty to verify the amount of any Buy-Down Deposits supporting the pricing of Buy-Down Rate Loans held by any Buy-Down Lender or the amount of any interest billing with respect thereto.
Interest payable to such Buy-Down Lender with respect to Buy-Down Rate Loans shall be billed as provided in Paragraph 5(d) below.
In the event Lender is holding Buy-Down Deposits and no Potential Default or Event of Default has occurred, the interest rate on Advances made by Lender may be reduced to the Buy-Down Rate for such portion of the Advances which is less than or equal to the amount of the Available Buy-Down Deposits (such portion of the Advances being referred to herein as a "Buy-Down Advances").
In the event that the Company does maintain the required amounts of Buy-Down Deposits with such Lender hereunder during any monthly period, the Company shall pay to such Lender interest at the Buy-Down Rate with respect to an aggregate principal amount of Loans outstanding advanced by such Lender during such monthly period equal to the aggregate daily average balance of Buy-Down Deposits maintained with such Lender during such monthly period.
In the event that the Company is permitted to maintain the required amounts of Buy- Down Deposits with the Tranche C Lender hereunder during any monthly period, the Company shall pay to the Tranche C Lender interest at the Buy-Down Rate with respect to an aggregate principal amount of Tranche C Loans outstanding during such monthly period equal to the aggregate daily average balance of Buy-Down Deposits maintained with the Tranche C Lender during such monthly period.
The Agent shall (until otherwise notified by the Borrower and Buy-Down Lender to the contrary) accrue interest on such Loans at the Buy-Down Rate and the Borrower shall pay such interest in accordance with Section 2.14.
The Agent shall (until otherwise notified by the Borrower and Buy- Down Lender to the contrary) accrue interest on such Fed Funds Loans at the Buy-Down Rate and the Borrower shall pay such interest in accordance with Section 2.18.
The Administrative Agent, in rendering any interest billing relating to Loans, shall have no obligation to verify the amount of any Buy-Down Deposits supporting the pricing of Loans made and/or maintained at the Buy-Down Rate.
Interest accruing on Loans which are ------------------- made and/or maintained at the Applicable Federal Funds Rate and/or the Buy-Down Rate shall be payable monthly, in arrears, as provided in Paragraph 3(d) below.