Method of Selecting Types and Interest Periods for the Loan Sample Clauses
The "Method of Selecting Types and Interest Periods for the Loan" clause defines how a borrower chooses the type of interest rate (such as fixed or variable) and the duration for which that rate will apply to their loan. Typically, this clause outlines the procedures and deadlines for notifying the lender of the borrower's selections, and may specify any restrictions or conditions on available options. By establishing a clear process for these selections, the clause ensures both parties understand how interest will be calculated and applied, reducing the risk of disputes and providing predictability in loan management.
Method of Selecting Types and Interest Periods for the Loan. On the Closing Date, in the case of Floating Rate Loans, and two Business Days’ prior to the Closing Date, in the case of Eurodollar Loans, Borrower shall designate the Type of Loan for all or any portion of the Loan and, in the case of any portion of the Loan designated as a Eurodollar Loan, the Interest Period applicable thereto. The Borrower shall give the Lender irrevocable notice (a “Borrowing Notice”) not later than 11:00 a.m. on the Closing Date, in the case of Floating Rate Loans, and two Business Days prior to the Closing Date, in the case of Eurodollar Loans, designating whether the Loan or any portion thereof shall be a Floating Rate Loan or a Eurodollar Loan, specifying:
(i) the Type of Loan selected for all or any portion of the Loan and the aggregate amount of each Type of Loan, and
(ii) in the case of any portion of the Loan which is a Eurodollar Loan, the Interest Period applicable thereto. On the Closing Date, the Lender shall make available the Loan in funds immediately available in New York to Borrower at its address specified pursuant to Article XIII.
Method of Selecting Types and Interest Periods for the Loan. On the Closing Date, in the case of Floating Rate Loans, and two Business Days’ prior to the Closing Date, in the case of Eurodollar Loans, Borrower shall designate the Type of Loan for all or any portion of the Loan and, in the case of any portion of the Loan designated as a Eurodollar Loan, the Interest Period applicable thereto. The Borrower shall give the Lender irrevocable notice (a “Borrowing Notice”) not later than 11:00 a.m. on the Closing Date, in the case of Floating Rate Loans, and two Business Days prior to the Closing Date, in the case of Eurodollar Loans, designating whether the Loan or any portion thereof shall be a Floating Rate Loan or a Eurodollar Loan, specifying:
(i) the Type of Loan selected for all or any portion of the Loan and the aggregate amount of each Type of Loan, and
(ii) in the case of any portion of the Loan which is a Eurodollar Loan, the Interest Period applicable thereto. On the Closing Date, the Lender shall make available the Loan in funds immediately available in Charlotte, North Carolina to Borrower at its address specified pursuant to Article XIII.
Method of Selecting Types and Interest Periods for the Loan. Borrower shall give the Lender irrevocable notice (a "Borrowing Notice") not later than 10:00 a.m. (New York time) three Business Days prior to the Borrowing Date specifying:
(i) the Borrowing Date, which shall be a Business Day, of the Loan,
(ii) the aggregate amount of the Loan, and
(iii) the Interest Period applicable thereto. On the Borrowing Date, Lender shall make available the Loan in funds immediately available in New York to Borrower at its address specified pursuant to Article XIII.
Method of Selecting Types and Interest Periods for the Loan. The Company shall select the Type of Loan and, in the case of each Term SOFR Loan, the Interest Period therefor. The Company shall give the Administrative Agent notice substantially in the form of Exhibit H hereto or such other form agreed to by the Company and the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent) (a “Borrowing Notice”), not later than 11:00 a.m. (i) on the Borrowing Date of a Base Rate Loan and (ii) two (2) Business Days before the Borrowing Date for a Term SOFR Loan, specifying:
(a) the Borrowing Date, which shall be a Business Day prior to the Commitment Termination Date, of the Loan;
(b) the aggregate amount of the Loan;
(c) the Type of Loan selected;
(d) in the case of a Term SOFR Loan, the Interest Period; and
(e) details relating to funds transfer for the Loan. If no election as to the Type of Loan is specified, then the requested Loan shall be a Base Rate Loan. If no Interest Period is specified with respect to any requested Term SOFR Loan, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Notice in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such ▇▇▇▇▇▇’s Loan to be made as part of the requested Loan. After giving effect to all borrowings of Loans, all conversions of Loans from one Type to the other and all continuations of the same Type, there shall not be more than ten (10) Interest Periods in effect with respect to the Loans. Notwithstanding anything to the contrary contained in this Agreement, the Borrower may revoke any Borrowing Notice (or postpone the borrowing requested therein) under this Section 2.9 if such Borrowing Notice is conditioned on the consummation of either or both of the Aztecs Merger and the Cure Merger, which transaction or transactions shall not be consummated or shall otherwise be delayed.