Floating Rate Payor definition
Examples of Floating Rate Payor in a sentence
In the event the Fixed Rate Loan bears interest at the default rate provided for in Section 1.10(d) hereof, the Lenders shall also be entitled to receive from the Floating Rate Payor their pro rata share of any additional interest provided for therein, based on their Term Loan Percentages of the outstanding Term Loans, to the extent paid by the Borrowers.
In the event interest on any such Fixed Rate Loan is not paid, either in whole or in part, by the Borrower, then the Floating Rate Payor shall be obligated to pay to the Agent for distribution to the Banks an amount determined by multiplying the amounts due the Banks as set forth above times a fraction, the numerator of which is the amount of interest actually paid by the Borrower to the Agent and the denominator of which is the amount of interest due from Borrower with respect to such Fixed Rate Loans.
If any Bank or the Floating Rate Payor makes such a claim for compensation, it shall provide to the Borrower, with a copy to the Agent, a certificate setting forth the amount of such loss, cost or expense in reasonable detail (including an explanation of the basis for and the computation of such loss, cost or expense) and the amounts shown on such certificate shall be conclusive if reasonably determined.
If any Lender or Floating Rate Payor makes such a claim for compensation, it shall provide to the Borrowers, with a copy to the Administrative Agent, a certificate setting forth the amount of such loss, cost or expense in reasonable detail (including an explanation of the basis for and the computation of such loss, cost or expense) and the amounts shown on such certificate shall be deemed prime facie correct, absent manifest error.
The Floating Rate Payor shall determine each interest rate applicable to the Fixed Rate Loan, and its determination thereof shall be conclusive and binding except in the case of manifest error.
The Floating Rate Payor shall determine each interest rate applicable to the Fixed Rate Loans, and its determination thereof shall be conclusive and binding except in the case of manifest error.
In the event any such Fixed Rate Loans bear interest at the default rate provided for in Section 1.10(c) hereof, the Banks shall also be entitled to receive from the Floating Rate Payor their pro rata share thereof, based on their Term Percentages of the relevant Borrowing of Term Loans, to the extent paid by the Borrower.
In the event interest on any such Fixed Rate Loan is not paid in full by the Borrower, then the Floating Rate Payor shall be obligated to pay to the Agent for distribution to the Banks an amount determined by multiplying the amounts due the Banks as set forth above times a fraction, the numerator of which is the amount of interest actually paid by the Borrower to the Agent and the denominator of which is the amount of interest due from Borrower with respect to such Fixed Rate Loans.
In the event any such Fixed Rate Loans bear interest at the default rate provided for in Section 1.10(c) hereof, the Banks shall also be entitled to receive from the Floating Rate Payor their pro rata share thereof, based on their Percentages of the relevant Borrowing of Term B Loans, to the extent paid by the Borrower.
In determining such amount, such Lender or the Floating Rate Payor may use any reasonable averaging and attribution methods.