Notification of Interest Periods and interest rate Clause Samples
The 'Notification of Interest Periods and interest rate' clause defines the process by which parties are informed about the applicable interest periods and the corresponding interest rates under an agreement. Typically, this clause requires one party, often the lender or agent, to notify the borrower of the start and end dates of each interest period and the specific interest rate that will apply during that time. For example, before the commencement of a new interest period, the borrower may receive written notice specifying the relevant dates and the rate calculated according to the contract's terms. This clause ensures transparency and predictability in the calculation and application of interest, helping both parties manage their financial obligations and avoid disputes over interest charges.
Notification of Interest Periods and interest rate. The Agent shall notify the Borrowers and the Banks promptly of the duration of each Interest Period and of each rate of interest (or, as the case may be default interest) determined by it under this clause 3.
Notification of Interest Periods and interest rate. The Bank agrees to notify the Borrowers promptly of the length of each Interest Period and of each rate of interest determined by it under this clause 3.
Notification of Interest Periods and interest rate. The Bank shall notify the Borrower promptly of the duration of each Interest Period and of each rate of interest determined by it under this clause 3.
Notification of Interest Periods and interest rate. The Facility Agent shall notify the Primary Borrower (who shall notify any other relevant Borrower) and the Banks promptly of the duration of each Interest Period, Maturity Period or other period for the calculation of interest (or, as the case may be, default interest) and of each rate of interest determined by it under this clause 5.
Notification of Interest Periods and interest rate. (a) Save where paragraph (d) of Clause 10.1 (Unavailability of Term SOFR) applies, the Agent shall notify the Borrower and each Lender of each interest rate and the duration of each Interest Period as soon as reasonably practicable after each is determined and no later than the Quotation Day.
(b) In respect of any Fallback Interest Payment, the Agent shall promptly upon a Fallback Interest Payment being determinable notify:
(i) the Borrower of that Fallback Interest Payment;
(ii) each Lender of the proportion of that Fallback Interest Payment which relates to that L▇▇▇▇▇'s participation in the Loan or the relevant part of the Loan; and
(iii) the Lenders and the Borrower of each applicable Daily Simple SOFR relating to the determination of that Fallback Interest Payment.
(c) The Agent shall promptly notify the Borrower of each Funding Rate relating to the Loan or any part of the Loan.
Notification of Interest Periods and interest rate. Unless expressly provided for in this Agreement, the Agent shall notify the Borrower promptly of the duration of each Interest Period or other period for the calculation of interest (or, as the case may be, default interest) and of each rate of interest determined under this clause 5.
Notification of Interest Periods and interest rate shall not require the Agent to make any notification to any Party on a day which is not a Business Day.
Notification of Interest Periods and interest rate. The Agent shall notify TCN and the relevant Lenders promptly of, the duration of each Interest Period or other period for the calculation of interest (or, as the case may be, default interest) and of each rate of interest determined by it under this clause 6.
Notification of Interest Periods and interest rate. The Facility Agent shall notify the Borrower and the Lenders promptly of the duration of each Interest Period or other period for the calculation of interest (or, as the case may be, default interest) and of each rate of interest determined by either of them under this clause 5.
Notification of Interest Periods and interest rate. (a) Save where paragraph (d) of Clause 10.1 (Unavailability of Term SOFR) applies, the Agent shall notify the Borrower and each Lender of each interest rate and the duration of each Interest Period as soon as reasonably practicable after each is determined and no later than the Quotation Day.
(b) In respect of any Fallback Interest Payment, the Agent shall promptly upon a Fallback Interest Payment being determinable notify: