INTEREST REPRICING Sample Clauses
The Interest Repricing clause defines how and when the interest rate on a loan or financial instrument may be adjusted during the term of the agreement. Typically, this clause specifies the frequency of rate reviews—such as monthly, quarterly, or annually—and the benchmark or index used to determine the new rate, like LIBOR or a central bank rate. By establishing clear procedures for changing interest rates, the clause ensures both parties understand when and how their payment obligations may change, thereby managing the risk of interest rate fluctuations and promoting transparency.
POPULAR SAMPLE Copied 4 times
INTEREST REPRICING. The Borrower acknowledges that interest rates available on the date hereof in Sections 5(A) and 5(C) above (the “Available Rates”), may not represent the true cost of funds incurred by Lender in connection with making this Commitment available to Borrower. In recognition of the foregoing the Agent shall, on the third and sixth anniveraries of the date hereof (“Reset Date”), increase or decrease the Available Rates applicable to this Commitment by the basis points difference between the Current Cost of Funds and the Closing Date Cost of Funds, which increase or decrease shall remain in effect until the Reset Date or Term Expiration Date. As used herein:
INTEREST REPRICING. In case of non-payment of any amortization due, the Bank may, at its option, suspend interest repricing. Where the Bank opts to reprice interest, it may continue to use the formula or the interest rate last quoted, whichever is higher.
INTEREST REPRICING. The Borrower acknowledges that interest rates available pursuant to Sections 5(A) and 5(C) of the Existing Promissory Note (the “Available Rates”), may not represent the true cost of funds incurred by Lender in connection with making this Commitment (as “Commitment” is defined in the Existing Promissory note) available to Borrower. In recognition of the foregoing the Agent shall, on the third and sixth anniveraries of December 28, 2018 (“Reset Date”), increase or decrease the Available Rates applicable to this Commitment by the basis points difference between the Current Cost of Funds and the Closing Date Cost of Funds, which increase or decrease shall remain in effect until the Reset Date or Term Expiration Date. As used herein:
INTEREST REPRICING. The Borrower acknowledges that interest rates available on the date hereof in Sections 5(A) and 5(C) above (the “Available Rates”), may not represent the true cost of funds incurred by Lender in connection with making this Commitment available to Borrower. In recognition of the foregoing the Agent (as that term is defined in the MLA) shall, on the third anniversary of the date hereof (“Reset Date”), increase or decrease the Available Rates applicable to this Commitment by the basis points difference between the Current Cost of Funds and the Closing Date Cost of Funds, which increase or decrease shall remain in effect until the Term Expiration Date. As used herein: (A) “Closing Date Cost of Funds” means 0.010%, which is the difference between (A) the all-in one-month LIBOR Floating Note Rate cost of funds paid by Lender as indicated by the Farm Credit Funding Corporation and (B) the one-month LIBOR Rate as of the date hereof. (B) “Current Cost of Funds” means, as of any Reset Date, the difference, if any, between the all-in one-month LIBOR Floating Note Rate cost of funds paid by Lender as indicated by the Farm Credit Funding Corporation and the one-month LIBOR Rate as of such date. (C) “LIBOR Floating Note Rate” means, as of any date, the estimated funding cost, including standard underwriting fees, for new farm credit debt securities issued into the primary market based on market observations on such date indicated at approximately 9:30 a.m. Eastern time; provided that such indications represent the Farm Credit Funding Corporation’s best estimate of the cost of new debt issues based on a combination of daily surveys of selected farm credit selling group members (participating bond dealers) and ongoing monitoring of the fixed income markets for actual, recent, primary market issuance by other government-sponsored enterprises of similar bonds and notes and pricing within related derivative markets, particularly the interest rate swap market. Historical information on such funding costs is available, for the prior week, on the Farm Credit Funding Corporation’s website (▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇/ffcb live/fundingCostlndex.html) under the “Output” tab of the most recent spreadsheet. 3 LINCOLNWAY ENERGY, LLC Nevada, Iowa Promissory Note No. 00031748T02 SECTION 7.