Selection Notice Clause Samples
A Selection Notice clause defines the process by which one party formally notifies the other of its choice among specified options or alternatives under the contract. Typically, this clause outlines the method, timing, and required content of the notice, ensuring that the selection is communicated clearly and within any stipulated deadlines. Its core practical function is to provide a structured and unambiguous way for parties to exercise contractual choices, thereby reducing the risk of misunderstandings or disputes about selections made during the contract term.
Selection Notice. From: [Borrower] / [Parent] To: [Agent]
1. We refer to the Agreement. This is a Selection Notice. Terms defined in the Agreement have the same meaning in this Selection Notice unless given a different meaning in this Selection Notice.
2. We refer to the following Facility [A]/[B]/[C] Loan[s] in [identify currency] with an Interest Period ending on [________].*
3. [We request that the above Facility [A]/[B]/[C] Loan[s] be divided into [________] Facility [A]/[B]/[C] Loans with the following Base Currency Amounts and Interest Periods:]** [We request that the next Interest Period for the above Facility [A]/[B]/[C] Loan[s] is [________]].***
4. [We request that the above Facility C Loan[s] [is]/[are] [denominated in the same currency for the next Interest Period]/[denominated in the following currencies: [ ]. As this results in a change of currency we confirm that each condition specified in Clause 4.2 (Further conditions precedent) of the Agreement is satisfied on the date of this Selection Notice. The proceeds of any change in currency should be credited to [account]].] ****
5. This Selection Notice is irrevocable. authorised signatory for [the Parent on behalf of] [name of relevant ▇▇▇▇▇▇▇▇] * Insert details of all Loans in the same currency which have an Interest Period ending on the same date. ** Use this option if division of Loans is requested. *** Use this option if sub-division is not required. *** Use this option if sub-division is not required. *** Delete this option unless in relation to Facility C. Form of Transfer Certificate2 To: [________] as Agent From: [The Existing Lender] (the "Existing Lender") and [The New Lender] (the "New Lender")
Selection Notice. APPLICABLE TO A TERM FACILITY LOAN From: [Borrower] [Company]* To: [Agent] Dated: Dear Sirs dated [ ] 2007 (the “Facilities Agreement”)
1. We refer to the Facilities Agreement. This is a Selection Notice. Terms defined in the Facilities Agreement have the same meaning in this Selection Notice unless given a different meaning in this Selection Notice.
2. We refer to the following Term Facility Loan[s] with an Interest Period ending on [ ]**.
3. [We request that the above Term Facility Loan[s] be divided into [ ] Term Facility Loans with the following amounts and Interest Periods:]*** or [We request that the next Interest Period for the above Term Facility Loans is [ ]].****
4. This Selection Notice is irrevocable. [the Company on behalf of] [insert name of Relevant Borrower] * NOTES: * Amend as appropriate. The Selection Notice can be given by a Borrower or the Company. ** Insert details of all Term Facility Loans for the relevant Facility which have an Interest Period ending on the same date. *** Use this option if division of Term Facility Loans is requested. **** Use this option if sub-division is not required. MANDATORY COST FORMULAE
1. The Mandatory Cost is an addition to the interest rate to compensate Lenders for the cost of compliance with (a) the requirements of the Bank of England and/or the Financial Services Authority (or, in either case, any other authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank.
2. On the first day of each Interest Period (or as soon as possible thereafter) the Agent shall calculate, as a percentage rate, a rate (the “Additional Cost Rate”) for each Lender, in accordance with the paragraphs set out below. The Mandatory Cost will be calculated by the Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in proportion to the percentage participation of each Lender in the relevant Loan) and will be expressed as a percentage rate per annum.
3. The Additional Cost Rate for any Lender lending from a Facility Office in a Participating Member State will be the percentage notified by that Lender to the Agent. This percentage will be certified by that Lender in its notice to the Agent to be its reasonable determination of the cost (expressed as a percentage of that Lender’s participation in all Loans made from that Facility Office) of complying with the minimum reserve requirements of the European Central Bank in respect of loans made from that Facility Offi...
Selection Notice. APPLICABLE TO A FACILITY A LOAN
Selection Notice. From: [Borrower]* To: [Facility Agent] Dated: Dear Sirs
Selection Notice. From: [Borrower] To: [Agent] Dated: Dear Sirs We refer to the Agreement. This is a Selection Notice. Terms defined in the Agreement have the same meaning in this Selection Notice unless given a different meaning in this Selection Notice. We refer to the following Loan[s] with an Interest Period ending on [ ]* [We request that the next Interest Period for the above Loan[s] is [ ]].*** This Selection Notice is irrevocable. Yours faithfully authorised signatory for [the Company on behalf of] [name of relevant Borrower] * Insert details of all Facility A Loans in the same currency which have an Interest Period ending on the same date. *** Use this option if sub-division is not required.
1. The Mandatory Cost is an addition to the interest rate in relation to the cost of compliance with (a) the requirements of the Bank of England and/or the Financial Services Authority (or, in either case, any other authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank.
2. On the first day of each Interest Period (or as soon as possible thereafter) the Agent shall calculate, as a percentage rate, a rate (the “Additional Cost Rate”) in accordance with the paragraphs set out below. The Mandatory Cost will be calculated by the Agent as the average of the rates supplied by the Reference Banks and will be expressed as a percentage rate per annum.
3. The Additional Cost Rate for any Lender lending from a Facility Office in a Participating Member State will be the percentage determined by the Agent as the cost of complying with the minimum reserve requirements of the European Central Bank.
4. The Additional Cost Rate for any Lender lending from a Facility Office in the United Kingdom will be calculated by the Agent as follows:
(a) in relation to a Loan in any currency other than domestic sterling:
Selection Notice. From: Studio City Company Limited as Borrower To: [Agent] Date: Dear Sirs
Selection Notice. From: [Borrower] To: [Agent] Dated: Dear Sirs
Selection Notice. From: [Borrower] To: [Agent] Dated: Dear Sirs 1 We refer to the Facilities Agreement. This is a Selection Notice. Terms defined in the Facilities Agreement have the same meaning in this Selection Notice unless given a different meaning in this Selection Notice.
Selection Notice. Applicable to a Term Loan Marina Bay Sands Pte. Ltd. S$1,104,040,000 Facility Agreement dated 18 August 2006 (the “Agreement”)
1. We refer to the Agreement. This is a Selection Notice. Terms defined in the Agreement have the same meaning in this Selection Notice unless given a different meaning in this Selection Notice.
2. We refer to the following Facility [A/B/C] Loan[s] in [identify currency] with an Interest Period ending on [ ].*
3. [We request that the above Facility [A/B/C] Loan[s] be divided into [ ] Facility [A/B/C] Loans with the following amounts and Interest Periods:]** or [We request that the next Interest Period for the above Facility [A/B] Loan[s] is [ ]].***
4. This Selection Notice is irrevocable. * Insert details of all Facility A Loans, Facility B Loans or, as the case may be, Facility C Loans which have an Interest Period ending on the same date. ** Use this option if division of Loans is requested. *** Use this option if sub-division is not required. To: [ ] as Agent From: [The Existing Lender] (the “Existing Lender”) and [The New Lender] (the “New Lender”) Dated:
1. We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate.
2. We refer to Clause 23.5 (Procedure for transfer):
(a) The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation all or part of the Existing Lender’s Commitment, rights and obligations referred to in the Schedule in accordance with Clause 23.5 (Procedure for transfer).
(b) The proposed Transfer Date is [ ].
(c) The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 30.2 (Addresses) are set out in the Schedule.
(d) The New Lender agrees to be bound by the terms of the Agreement and the Security Trust Agreement as a Lender.
3. The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in paragraph (c) of Clause 23.4 (Limitation of responsibility of Existing Lenders).
4. The New Lender confirms that it is an Eligible Lender.
5. This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Transfer Certificate.
Selection Notice. Applicable to a Term Loan