Funding rate Clause Samples
A funding rate clause defines the interest rate or cost applied to borrowed funds or outstanding balances in a financial agreement. It typically specifies how the rate is calculated, such as referencing a benchmark rate plus a margin, and outlines when and how often the rate may be adjusted. This clause ensures both parties understand the cost of financing under the contract, providing transparency and predictability regarding payment obligations and helping to allocate the risk of interest rate fluctuations.
Funding rate. [OPTION 1 for programmes with single funding rate (per action): The funding rate for costs is […]% of the action’s eligible costs. Contributions are not subject to any funding rate.]
Funding rate. EU grants are normally subject to a single funding rate for the entire action — which is fixed and announced in the call conditions. For some Programmes and types of action (e.g. HE, DEP, EDF, CEF, SMP), there are however several funding rates inside the project. These may depend on: − the type of beneficiaries (e.g. SMEs; for-profit or non-profit legal entities, etc) − the type of cost categories to be covered − the type of activities to be performed. Where funding rates are based on the type of beneficiary, beneficiaries and their affiliated entities will be assessed separately. The funding rate of a beneficiary does NOT condition the funding rate of its affiliated entities.
Funding rate. Funding Rate" as measured on any Payment Date means a per annum percentage rate determined in accordance with the following formula: FR = 0.02% + DRP + SFP + EXP where: FR = the Funding Rate as measured on such Payment Date; DRP = the "Discount Rate Percentage", which shall be equal to a fraction (expressed as a percentage) (x) the numerator of which is the sum of the products obtained by multiplying (A) each CP Rate or Alternate Rate applicable to each Portion of Capital outstanding as of the first day of the Purchase Period ending on the Month-End Date immediately preceding such Payment Date, times (B) the amount of the Portion of Capital to which such CP Rate or Alternate Rate applied on such first day, and (y) the denominator of which is the aggregate outstanding amount of Capital on such first day; SFP = the "Servicer's Fee Percentage", which shall be equal to the per annum percentage rate contemplated by the definition of Servicing Fee; and EXP = the amount, expressed as a per annum percentage rate, of any fees, costs and expenses incurred by the Initial Purchaser during the Purchase Period preceding such Payment Date (and not accounted for in the Discount Rate Percentage), including without limitation reserve costs, tax payments and indemnity obligations of the Initial Purchaser for which the Initial Purchaser is not indemnified pursuant to this Agreement; provided, however, that, for purposes of minimizing fluctuations in the rate calculated as the Funding Rate, the Servicer may allocate and spread any unscheduled or unaccruable costs and expenses of the Initial Purchaser over several Payment Dates at the Servicer's reasonable discretion, subject to the requirement that such allocation be reasonably calculated to allow the Initial Purchaser to recover such costs and expenses over a reasonable period of time.
Funding rate. The funding rate on the Prepayment for each Funding Period is the percentage rate per annum equal to the aggregate of (i) the Interest Rate; and (ii) any Mandatory Cost.
Funding rate. The funding rate for costs is 100% of the eligible costs. Contributions are not subject to any funding rate.
Funding rate. Not applicable
Funding rate. With respect to any Interest Period, the rate per annum determined by the Bank in its sole discretion at the commencement of such Interest Period to be equal to its cost of funds for such Interest Period.
(i) When used in general, means accounting principles which are (1) consistent with the principles promulgated or adopted by the Financial Accounting Standards Board and its predecessors (or successor organizations), and (2) such that a certified public accountant would, insofar as the use of accounting principles is pertinent, be in a position to deliver an unqualified opinion as to financial statements in which such principles have been properly applied; and (ii) when used with reference to the Borrowing Base and the covenants set forth in sec. sec. 7.8-7.12 hereof, generally accepted accounting principles shall mean (to the extent consistent with such principles) the accounting practice of the Company reflected in its financial statements for the year ended on the Balance Sheet Date consistently applied. Guaranteed Pension Plan. Any employee pension benefit plan within the meaning of sec. 3(2) of ERISA maintained by the Company, or any ERISA Affiliate, or to which the Company or any ERISA Affiliate contributes, which is required to pay plan termination insurance premiums to the Pension Benefit Guaranty Corporation.