CHANGES TO THE CALCULATION OF INTEREST. 12.1 Interest calculation if no RFR or Central Bank Rate before Rate Switch Date (a) there is no RFR or Central Bank Rate for the purposes of calculating the Daily Non-Cumulative Compounded RFR Rate for an RFR Banking Day during an Interest Period for a Compounded Rate Loan; and (b) Cost of funds will apply as a fallback" is specified in the Benchmark Terms, Clause 12.5 (Cost of funds) shall apply to that Compounded Rate Loan for that Interest Period.
Appears in 3 contracts
Sources: Revolving and Accordion Facilities Agreement (Ardmore Shipping Corp), Term, Revolving and Accordion Facilities Agreement (Ardmore Shipping Corp), Term, Revolving and Accordion Facilities Agreement (Ardmore Shipping Corp)
CHANGES TO THE CALCULATION OF INTEREST. 12.1 13.1 Interest calculation if no RFR or Central Bank Rate before Rate Switch DateRate
(a) there is no applicable RFR or Central Bank Rate for the purposes of calculating the Daily Non-Cumulative Compounded RFR Rate for an RFR Banking Day during an Interest Period for a Compounded Rate Loan; and
(b) “Cost of funds will apply as a fallback" ” is specified in the Benchmark Reference Rate Terms, then Clause 12.5 13.3 (Cost of funds) shall apply to that Compounded Rate Loan for that Interest Period.
Appears in 2 contracts
Sources: Fifth Amendment and Restatement Agreement, Facility Agreement
CHANGES TO THE CALCULATION OF INTEREST. 12.1 Interest calculation if no RFR or Central Bank Rate before Rate Switch Date
(a) there is no RFR or Central Bank Rate for the purposes of calculating the Daily Non-Cumulative Compounded RFR Rate for an RFR Banking Day during an Interest Period for a Compounded Rate Loan; and
(b) “Cost of funds will apply as a fallback" ” is specified in the Benchmark Terms, Clause 12.5 (Cost of funds) shall apply to that Compounded Rate Loan for that Interest Period.
Appears in 2 contracts
Sources: Loan Agreement (Ardmore Shipping Corp), Loan Agreement (Ardmore Shipping Corp)
CHANGES TO THE CALCULATION OF INTEREST. 12.1 11.1. Interest calculation if no RFR or Central Bank Rate before Rate Switch DateIf:
(a) there is no RFR or Central Bank Rate for the purposes of calculating the Daily Non-Cumulative Compounded RFR Rate for an RFR Banking Day during an Interest Period for a Compounded Rate Loan; and
(b) Cost of funds will apply as a fallback" is specified in the Benchmark Reference Rate Terms, Clause 12.5 11.4 (Cost of funds) shall apply to that Compounded Rate Loan for that Interest Period.
11.2. Unavailability of Term SOFR after Rate Switch Date
Appears in 1 contract