Fixed Rate Lock Sample Clauses
A Fixed Rate Lock clause establishes a set interest rate for a loan or financial product over a specified period, protecting the borrower from fluctuations in market rates during that time. Typically, this clause applies to mortgages or other loans, where the lender guarantees that the interest rate will not change from the agreed-upon rate for the duration of the lock period, regardless of broader economic changes. The core function of this clause is to provide certainty and stability for borrowers, allowing them to plan their finances without concern for rising interest rates before the loan closes.
Fixed Rate Lock. At any time during the Term, NAI may deliver a notice in the form attached to the Common Definitions and Provisions Agreement as Annex 2 (a “Fixed Rate Lock Notice”), requesting that BNPPLC establish a fixed rate for use in the calculation of the Effective Rate hereunder (a “Fixed Rate Lock”) for all Base Rent Periods commencing on or after a date specified in such notice, which date must be the first Business Day of a calendar month (the “Fixed Rate Lock Date”). Promptly after receiving a Fixed Rate Lock Notice, BNPPLC will enter into an Interest Rate Swap with BNP Paribas (the “Fixed Rate Swap”); except that BNPPLC may decline to enter into the Fixed Rate Swap and to establish a Fixed Rate Lock if:
(a) NAI does not deliver the Fixed Rate Lock Notice to BNPPLC at least ten Business days prior to the Fixed Rate Lock Date specified therein;
(b) NAI specifies a Fixed Rate Lock Date in the Fixed Rate Lock Notice that is prior to the end of any Base Rent Period which commenced before BNPPLC receives the Fixed Rate Lock Notice;
(c) any notice has been given to accelerate the Designated Sale Date as provided in the definition thereof in the Common Definitions and Provisions Agreement;
(d) the estimate of the Fixed Rate (hereinafter defined) specified by NAI in the Fixed Rate Lock Notice is for any reason less than the fixed rate available to BNPPLC under any Interest Rate Swap proposed by BNP Paribas;
(e) at the time the Fixed Rate Lock Notice is given, the Interest Rate Swap requested thereby is contrary to any Applicable Laws or any interpretation thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency (including, without limitation, any such requirement imposed by the Board of Governors of the United States Federal Reserve System); or
(f) any event has occurred or circumstance exists that constitutes a Default or a 97-10/Meltdown Event. The notional principal amount of the Fixed Rate Swap will equal the Lease Balance on the date such notice is given. The fixed rate used to calculate payments required of BNPPLC under the Fixed Rate Swap, as the counterparty designated the fixed rate payor, will constitute the “Fixed Rate” for purposes of this Lease.
Fixed Rate Lock. At any time during the Term, Ross may deliver a notice in the form attached to this Lease as Exhibit D (a "Fixed Rate Lock Notice"), requesting that BNPPLC establish a fixed rate for use in the calculation of the Effective Rate hereunder (a "Fixed Rate Lock") for all Base Rent Periods commencing on or after a date specified in such notice (the "Fixed Rate Lock Date"). Promptly after receiving a Fixed Rate Lock Notice, BNPPLC will enter into an Interest Rate Swap with BNP Paribas (the "First Interest Rate Swap"); except that BNPPLC may decline to enter into the First Interest Rate Swap and to establish a Fixed Rate Lock, if:
a) Ross does not deliver the Fixed Rate Lock Notice to BNPPLC at least three Business days prior to the Fixed Rate Lock Date specified therein;