Examples of Cost of Funds Loan in a sentence
Each such written notice shall specify (w) the principal amount of the Canadian Loan requested and the aggregate Outstanding principal amount of the Canadian Loans on such date, (x) the proposed Drawdown Date of such Canadian Loan, (y) if such Canadian Loan is to be a Canadian Cost of Funds Loan, the Interest Period for such Canadian Loan and (z) the Type of such Canadian Loan.
Whenever the Borrower desires to incur a Loan, it shall give written notice to the Bank, prior to (i) 12:00 Noon (New York time), at least three Business Days' prior to the date on which the Loan will be disbursed, if the requested Loan is to be a Eurodollar Loan, or (ii) 3:00 P.M. (New York time) on the date on which the Loan will be disbursed if the requested Loan is to be a Cost of Funds Loan or a Prime Rate Loan.
At or before 12:00 noon, Boston time, the Canadian Lender shall notify the Canadian Borrower by telephone, telex or telecopier of the Cost of Funds Rate which would apply to such Cost of Funds Loan; provided, however, that the Canadian Lender may, in its sole and absolute discretion, decline to give any such quotation.
In the event that the Domestic Borrowers or Canadian Borrower, as applicable, fail to provide any such notice with respect to the continuation of any Eurodollar Rate Loan or Canadian Cost of Funds Loan as such, then such Eurodollar Rate Loan or Canadian Cost of Funds Loan shall be automatically converted to a Base Rate Loan or Canadian Prime Rate Loan, as applicable, on the last day of the Interest Period relating thereto.
Each Rate Request shall (i) specify the aggregate principal amount of the Cost of Funds Loan to which such quotation would apply (which shall be in a minimum aggregate amount of C$100,000 or an integral multiple thereof), (ii) specify the Interest Period being requested for such Cost of Funds Loan, and (iii) shall be received by the Canadian Lender not later than 11:00 a.m., Boston time, on such day.