Examples of Eurodollar Rate Funding in a sentence
Accrued interest on each Floating Rate Funding shall be payable in arrears on the last day of each calendar quarter and at maturity or conversion of such Floating Rate Funding to a Eurodollar Rate Funding.
So long as no Default or Event of Default shall exist, the Borrower may cause all or any part of any outstanding Eurodollar Rate Funding to continue to bear interest at a Eurodollar Rate after the end of the then applicable Interest Period by notifying the Agent not later than 10:00 a.m., Minneapolis, Minnesota time, on a Business Day which is at least two (2) Business Days prior to the first day of the new Interest Period.
Accrued interest on each Eurodollar Rate Funding shall be payable on the last day of the Interest Period relating to such Eurodollar Rate Funding; provided, however, that if any Interest Period is longer than three (3) months, interest shall be payable in arrears (3) three months, or a whole multiple thereof, after the first day of such Interest Period and on the last day of the Interest Period.
Unless the Borrower requests a new Eurodollar Rate Funding in accordance with the procedures set forth above, or prepays the principal of an outstanding Eurodollar Rate Funding at the expiration of an Interest Period, the Bank shall automatically and without request of the Borrower convert each Eurodollar Rate Funding to a Floating Rate Funding on the last day of the relevant Interest Period.
Unless the Borrower requests a new Eurodollar Rate Funding in accordance with the procedures set forth below, or prepay the principal of an outstanding Eurodollar Rate Funding at the expiration of an Interest Period, each Bank shall automatically and without request of the Borrower convert each Eurodollar Rate Funding to a Floating Rate Funding on the last day of the relevant Interest Period.
Each Bank, if it so elects, may fulfill its agreements hereunder with respect to any Eurodollar Rate Funding by causing a foreign branch or affiliate of such Bank to make such Eurodollar Rate Funding; provided, that in such event the obligation of the Borrower to repay such Eurodollar Rate Funding shall nevertheless be to such Bank and such Eurodollar Rate Funding shall be deemed held by such Bank for the account of such branch or affiliate.
Subject to subsection (c) below, while any outstanding principal of a Revolving Note constitutes a Eurodollar Rate Funding, the outstanding principal balance thereof shall bear interest for the applicable Interest Period at an annual rate equal to the Eurodollar Rate established with respect such Eurodollar Rate Funding in accordance with Section 2.3, 2.4 or 2.5 hereof.
Each such notice shall be in writing or by telephone or telecopy transmission, to be confirmed in writing by the Borrower if so requested by the Agent (in the form of Exhibit D), shall be irrevocable, effective when received by the Agent, and shall specify the first day of the applicable Interest Period, the amount of the expiring Eurodollar Rate Funding to be continued and the Interest Period therefor.
Notwithstanding anything to the contrary in this Agreement, the Agent and the Lenders shall have no obligation to honor any request for a Eurodollar Rate Funding if a Default or Event of Default has occurred and is continuing when such request is made or on the first (1st) day of the Interest Period applicable thereto.
In no event may the Borrower rescind any request for a Eurodollar Rate Funding once made.