Interest Rate Selection Sample Clauses
The Interest Rate Selection clause defines how the applicable interest rate for a financial agreement or loan will be determined. Typically, this clause outlines the process for choosing between fixed or variable rates, specifies the reference rate (such as LIBOR or Prime Rate), and may detail how and when the rate can be changed or selected by the parties. Its core practical function is to provide clarity and predictability regarding the cost of borrowing, thereby reducing disputes and ensuring both parties understand how interest charges will be calculated throughout the term of the agreement.
Interest Rate Selection. The parties acknowledge that the interest rate applicable under the UBS Loan (or other Authorized Loan) shall affect the amount of Base Rent payable by Tenant hereunder.
Interest Rate Selection. Section 5.1(b) is hereby deleted, and is replaced with the following:
Interest Rate Selection. 4.7.1 Borrower agrees that each Borrower's Requisition for Advance submitted to Agent pursuant to Section 3.1 of this Agreement shall be accompanied by a written notice of Borrower (a "Notice of Borrowing") specifying (i) the requested Type of Advance comprising such Advance, (ii) in the case of a Eurodollar Rate Advance, the initial Interest Period, and (iii) the amount of each Type of Advance; provided, however, that each Eurodollar Rate Advance shall be in an amount of $1,000,000 or whole multiple of $100,000 in excess thereof, and each borrowing of or conversion to Base Rate Advance shall be in an amount of $500,000 or a whole multiple of $50,000 in excess thereof. Notwithstanding anything to the contrary herein, the obligation of Agent and Lenders to make any and all Advances is subject to Section 4.10 of this Agreement and to the other terms and conditions of this Agreement.
4.7.2 A Notice of Borrowing with respect to a Eurodollar Rate Advance shall be irrevocable and binding on Borrower. If the information described in Section 4.7.1 above is not specified by Borrower, Borrower shall be deemed to have selected a Base Rate Advance.
4.7.3 If after giving a Notice of Borrowing, Borrower fails to borrow any Eurodollar Rate Advance, Borrower shall indemnify Agent and Lenders against any loss or expense incurred by Agent and Lenders as a result of such failure as provided for in Section 4.11 below.
Interest Rate Selection. If the Borrower shall fail to select the duration of any Interest Period for any Eurocurrency Advance in accordance with the provisions contained in the definition of "Interest Period", or if the Borrower shall fail to select a subsequent Interest Period for any Eurocurrency Advance in the manner set forth in Section 2.16(b), the Agent will forthwith so notify the Borrower and such Advance will automatically, on the last of the then existing Interest Period therefor, Convert into a Base Rate Advance.
Interest Rate Selection. 4.7.1 Borrower agrees that each Borrower's Requisition for Advance submitted to Agent pursuant to Section 3.1 of this Agreement shall be accompanied by a written notice of Borrower (a "Notice of Borrowing") specifying (i) the requested Type of Advance comprising such Advance, (ii) in the case of a LIBOR Advance, the initial Interest Period, and (iii) the amount of each Type of Advance; provided, however, that each LIBOR Advance shall be in an amount of $1,000,000.00 or more. Notwithstanding anything to the contrary herein, the obligation of Agent and Lenders to make any and all Advances is subject to Section 4.10 of this Agreement and to the other terms and conditions of this Agreement.
4.7.2 A Notice of Borrowing with respect to a LIBOR Advance shall be irrevocable and binding on Borrower. If the information described in Section 4.7.1 above is not specified by Borrower, Borrower shall be deemed to have selected a Prime Rate Advance.
4.7.3 If after giving a Notice of Borrowing, Borrower fails to borrow any LIBOR Advance, Borrower shall indemnify Agent and Lenders against any loss or expense incurred by Agent and Lenders as a result of such failure as provided for in Section 4.11 below.