Common use of Rate Determination Clause in Contracts

Rate Determination. The Interest Rate shall be adjusted as of the first Business Day of each Interest Period, and Eurodollar Rate shall be used to determine the Interest Rate for that Interest Period. The Interest Rate for the first Interest Period (or fraction thereof) of this Credit Facility shall be determined on the Closing Date, and the Interest Rate shall remain fixed throughout the remainder of such Interest Period (or fraction thereof) until the first Business Day of the following Interest Period (subject to the provisions of Section 12.19 of this Agreement). The Interest Rate for subsequent Interest Periods shall be re-determined, and adjusted if necessary, on each subsequent Eurodollar Rate Determination Date, and the Interest Rate shall remain fixed throughout the applicable Interest Period until the first Business Day of the following Interest Period (subject to the provisions of Section 12.19 of this Agreement). The determination by Administrative Agent of the Interest Rate shall, in the absence of manifest error, be conclusive and binding in all respects.

Appears in 2 contracts

Sources: Credit Agreement (Century Communities, Inc.), Credit Agreement (Century Communities, Inc.)

Rate Determination. The Interest Rate shall be adjusted as of the first Business Day of each Interest Period, and Eurodollar Rate RateTerm SOFR shall be used to determine the Interest Rate for that Interest Period. The Interest Rate for the first Interest Period (or fraction thereof) of this Credit Facility shall be determined on the Closing Date, and the Interest Rate shall remain fixed throughout the remainder of such Interest Period (or fraction thereof) until the first Business Day of the following Interest Period (subject to the provisions of Section 12.19 of this Agreement). The Interest Rate for subsequent Interest Periods shall be re-determined, and adjusted if necessary, on each subsequent Eurodollar Rate RatePeriodic Term SOFR Determination Date, and the Interest Rate shall remain fixed throughout the applicable Interest Period until the first Business Day of the following Interest Period (subject to the provisions of Section 12.19 of this Agreement). The determination by Administrative Agent of the Interest Rate shall, in the absence of manifest error, be conclusive and binding in all respects.

Appears in 1 contract

Sources: Modification Agreement (Century Communities, Inc.)