Common use of Computation of Yield Clause in Contracts

Computation of Yield. (a) Holder Yield shall be calculated on the basis established in Section 14.16 of the Participation Agreement, with respect to length of a "year" and number of days for which interest is accrued. Any change in the Holder Yield resulting from a change in the Base Rate, Eurodollar Reserve Percentage, or otherwise, shall become effective as of the opening of business on the day on which such change would become effective under the Existing Wackenhut Corrections Credit Agreement. (b) Pursuant to Section 14.14 of the Participation Agreement, the calculation of Holder Yield under this Section 3.7 shall be made by the Administrative Agent. Each determination of an interest rate by the Administrative Agent shall be conclusive and binding on the Owner Trustee and the Holders in the absence of manifest error. (c) If the Eurodollar Rate cannot be determined by the Administrative Agent in the manner specified in the definition of the term "Eurodollar Rate", the Owner Trustee shall give telecopy or telephonic notice thereof to the Holders as soon as practicable after receipt of same from the Administrative Agent. Until such time as the Eurodollar Rate can be determined by the Administrative Agent in the manner specified in the definition of such term, no further Eurodollar Holder Fundings shall be made or continue as such at the end of the then current Interest Period and all Holder Fundings shall continue as Base Rate Holder Fundings.