Common use of Selection of Fixed Periods Clause in Contracts

Selection of Fixed Periods. (a) At all times until the earlier to occur of the Early Amortization Commencement Date (other than one solely attributable to a Single Type Early Amortization Event) and the Facility Maturity Date, the Borrower shall, subject to the Agent’s and the Lender’s approval and the limitations described below, request Fixed Periods and allocations of a portion of the outstanding Loans to each selected Fixed Period, so that all such outstanding Loans are at all times allocated to one or more Fixed Periods. Subject to Section 2.04(c), the Yield Rate to apply to all Loans outstanding shall be the CP Rate. The requested initial Fixed Period applicable to any new Loan arising as a result of a Borrowing shall be requested in the Notice of Borrowing, which shall be delivered in connection with the applicable Subsequent Borrowing. Subject to the next sentence of this Section 2.04, each CP Rollover Fixed Period shall commence on the last day of the immediately preceding Fixed Period, and the duration of such CP Rollover Fixed Period shall be such as the Borrower shall request in a Commercial Paper Remittance Report and the Agent shall approve; provided, that such Commercial Paper Remittance Report was received by the Agent no later than 12:30 P.M. (New York City time) on a day at least one Business Day prior to such last day, except that if the Agent shall not have received such report before 12:30 P.M. on such day or the Agent and the Borrower shall not have so mutually agreed before 2:00 P.M. (New York City time) on such day, such CP Rollover Fixed Period shall be one day, and the applicable Yield Rate shall be the CP Rate plus 1.00%; provided that, notwithstanding the foregoing, upon the occurrence and during the continuance of any Event of Default, the Lender shall cease to issue commercial paper notes to fund and maintain Loans hereunder, and the applicable Yield Rate for all Fixed Periods in effect at the time of such occurrence shall convert to, and for all Fixed Periods that come into effect during the continuance of any Event of Default shall be, the Default Funding Rate. Any Fixed Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day. Any Fixed Period that commences before the Early Amortization Commencement Date and would otherwise end on a date occurring after the Early Amortization Commencement Date (in each case other than one solely attributable to a Single Type Early Amortization Event) shall end on such Early Amortization Commencement Date. On and after such an Early Amortization Commencement Date, the Agent shall have the right to allocate outstanding Loans, if any, to Fixed Periods of such duration as shall be selected by the Agent. The Lender shall, on the first day of each Fixed Period with respect to Loans which accrue Yield at the CP Rate, notify the Agent and the Borrower of the Yield Rate for such Loans. (b) References herein to Loans that accrue Yield at the Non-CP Rate being allocated to a Fixed Period shall mean all such Loans that are outstanding during such Fixed Period or a portion thereof. (c) So long as no Event of Default or Early Amortization Event (other than a Single Type Early Amortization Event) shall have occurred and be continuing, each of the Lender and the Agent shall make reasonable efforts to allow Loans to accrue Yield at the CP Rate; provided that neither the Lender nor the Agent shall have any obligation to allow Loans to accrue Yield at the CP Rate upon the occurrence of a CP Disruption Event or upon a determination by the Lender, or the Agent on its behalf, that allowing Loans to accrue Yield at the CP Rate would materially impair its ability to issue commercial paper notes generally or would otherwise be disadvantageous to its business generally.

Selection of Fixed Periods. (a) At all times until the earlier to occur of the Early Amortization Commencement Date (other than one solely attributable to a Single Type Early Amortization Event) and the Facility Maturity Date, the Borrower shall, subject to the Agent’s 's and the Lender’s 's approval and the limitations described below, request Fixed Periods and allocations of a portion of the outstanding Loans to each selected Fixed Period, so that all such outstanding Loans are at all times allocated to one or more Fixed Periods. Subject to Section 2.04(c), the Yield Rate to apply to all Loans outstanding shall be the CP Rate. The requested initial Fixed Period applicable to any new Loan arising as a result of a Borrowing shall be requested in the Notice of Borrowing, which shall be delivered in connection with the applicable Subsequent Borrowing. Subject to the next sentence of this Section 2.04, each CP Rollover Fixed Period shall commence on the last day of the immediately preceding Fixed Period, and the duration of such CP Rollover Fixed Period shall be such as the Borrower shall request in a Commercial Paper Remittance Report delivered by Servicer on behalf of Borrower and the Agent shall approve; provided, that such Commercial Paper Remittance Report was received by the Agent no not later than 12:30 P.M. (New York City time) on a day at least one Business Day prior to such last day, except that if the Agent shall not have received such report before 12:30 P.M. on such day or the Agent and the Borrower shall not have so mutually agreed before 2:00 P.M. (New York City time) on such day, such CP Rollover Fixed Period shall be one day, and the applicable Yield Rate shall be the CP Rate plus 1.00%; provided that, notwithstanding the foregoing, upon the occurrence and during the continuance of any Event of Default, the Lender shall may cease to issue commercial paper notes to fund and maintain Loans hereunder, and the applicable Yield Rate for all Fixed Periods in effect at the time of such occurrence shall convert to, and for all Fixed Periods that come into effect during the continuance of any Event of Default shall be, the Default Funding Rate. Any Fixed Period that which would otherwise end on a day that which is not a Business Day shall be extended to the next succeeding Business Day. Any Fixed Period that which commences before the Early Amortization Commencement Date and would otherwise end on a date occurring after the Early Amortization Commencement Date (in each case other than one solely attributable to a Single Type Early Amortization Event) shall end on such the Early Amortization Commencement Date. On and after such an the Early Amortization Commencement Date, the Agent shall have the right to allocate outstanding Loans, if any, to Fixed Periods of such duration as shall be selected by the Agent. The Lender shall, on the first day of each Fixed Period with respect to Loans which accrue Yield at the CP Rate, notify the Agent and the Borrower of the Yield Rate for such Loans. (b) References herein to Loans that which accrue Yield at the Non-CP Rate being allocated to a Fixed Period shall mean all such Loans that are outstanding during such Fixed Period or a portion thereof. (c) So long as no Event of Default or Early Amortization Event (other than a Single Type Early Amortization Event) shall have occurred and be continuing, each of the Lender and the Agent shall make reasonable efforts to allow Loans to accrue Yield at the CP Rate; provided that neither the Lender nor the Agent shall have any obligation to allow Loans to accrue Yield at the CP Rate upon the occurrence of a CP Disruption Event or upon a determination by the Lender, or the Agent on its behalf, that allowing Loans to accrue Yield at the CP Rate would materially impair its ability to issue commercial paper notes generally or would otherwise be disadvantageous to its business generally.

Selection of Fixed Periods. (a) At all times until the earlier to occur of the Early Amortization Commencement Date (other than one solely attributable to a Single Type Early Amortization Event) and the Facility Maturity Date, the Borrower shall, subject to the Agent’s and the Lender’s approval and the limitations described below, request Fixed Periods and allocations of a portion of the outstanding Loans to each selected Fixed Period, so that all such outstanding Loans are at all times allocated to one or more Fixed Periods. Subject to Section 2.04(c), the Yield Rate to apply to all Loans outstanding shall be the CP Rate. The requested initial Fixed Period applicable to any new Loan arising as a result of a Borrowing shall be requested in the Notice of Borrowing, which Notice of Borrowing also shall be delivered in connection with the applicable Subsequent Borrowing. Subject to the next sentence remaining provisions of this Section 2.04, each CP Rollover Fixed Period shall commence on the last day of the immediately preceding Fixed PeriodPeriod (the “Expiration Date”), and the duration of such CP Rollover Fixed Period shall be such as the Borrower shall request in a Commercial Paper Remittance Report and the Agent shall approve; provided, however, that if such Commercial Paper Remittance Report was not received by the Agent no later than by 12:30 P.M. p.m. (New York City time) on a day at least one (1) Business Day prior to such last day, except that Expiration Date or if the Agent shall not have received such report before 12:30 P.M. on such day or the Agent and the Borrower shall not have so mutually agreed to the applicable Fixed Periods before 2:00 P.M. p.m. (New York City time) on such dayExpiration Date, then, such CP Rollover Fixed Period shall be one day, and the applicable Yield Rate shall be the CP Rate plus 1.00%; provided that, notwithstanding . Notwithstanding the foregoing, upon the occurrence and during the continuance of any Event of Default, the Lender shall may cease to issue commercial paper notes to fund and maintain Loans hereunder, and the applicable Yield Rate for all Fixed Periods in effect at the time of such occurrence shall convert to, and for all Fixed Periods that come into effect during the continuance of any Event of Default shall be, the Default Funding Rate. Any Fixed Period that which would otherwise end on a day that which is not a Business Day shall be extended to the next succeeding Business Day. Any Fixed Period that which commences before the Early Amortization Commencement Date and would otherwise end on a date occurring after the Early Amortization Commencement Date (in each case other than one solely attributable to a Single Type Early Amortization Event) shall end on such the Early Amortization Commencement Date. On and after such an the Early Amortization Commencement Date, the Agent shall have the right to allocate outstanding Loans, if any, to Fixed Periods of such duration as shall be selected by the AgentAgent in its sole discretion. The Lender shall, on the first day of each Fixed Period with respect to Loans which accrue Yield at the CP Rate, notify the Agent and the Borrower of the applicable Yield Rate for such Loans. (b) References herein to Loans that which accrue Yield at the Non-CP Rate being allocated to a Fixed Period shall mean all such Loans that are outstanding during such Fixed Period or a any portion thereof. (c) So long as no Event of Default or Early Amortization Event (other than a Single Type Early Amortization Event) shall have occurred and be continuing, each of the Lender and the Agent shall make reasonable efforts to allow Loans to accrue Yield at the CP Rate; provided that neither the Lender nor the Agent shall have any obligation to allow Loans to accrue Yield at the CP Rate upon the occurrence of a CP Disruption Event or upon a determination by the Lender, or the Agent on its behalf, that allowing Loans to accrue Yield at the CP Rate would materially impair its ability to issue commercial paper notes generally or would otherwise be disadvantageous to its business generally.

Selection of Fixed Periods. (a) At all times until the earlier to occur of the Early Amortization Commencement Date (other than one solely attributable to a Single Type Early Amortization Event) and the Facility Maturity Date, the Borrower shall, subject to the Agent’s 's and the Lender’s 's approval and the limitations described below, request Fixed Periods and allocations of a portion of the outstanding Loans to each selected Fixed Period, so that all such outstanding Loans are at all times allocated to one or more Fixed Periods. Subject to Section 2.04(c), the Yield Rate to apply to all Loans outstanding shall be the CP Rate. The requested initial Fixed Period applicable to any new Loan arising as a result of a Borrowing shall be requested in the Notice of Borrowing, Borrowing which shall be delivered in connection with the applicable Subsequent Borrowing. Subject to the next sentence of this Section 2.04, each CP Rollover Fixed Period shall commence on the last day of the immediately preceding Fixed Period, and the duration of such CP Rollover Fixed Period shall be such as the Borrower shall request in a Commercial Paper Remittance Report and the Agent shall approve; provided, provided that such Commercial Paper Remittance Report was received by the Agent no not later than 12:30 P.M. (New York City time) on a day at least one Business Day prior to such last day, except that if the Agent shall not have received such report before 12:30 P.M. on such day or the Agent and the Borrower shall not have so mutually agreed before 2:00 P.M. (New York City time) on such day, such CP Rollover Fixed Period shall be one day, day and the applicable Yield Rate shall be the CP Rate plus 1.00%Rate; provided that, notwithstanding the foregoing, upon the occurrence of any Early Amortization Event, the applicable Yield Rate for all Fixed Periods in effect at the time of such occurrence shall convert to, and for all Fixed Periods that come into effect thereafter (but prior to the occurrence of any Event of Default) shall be, the Early Amortization Funding Rate and provided further that, notwithstanding the foregoing, upon the occurrence and during the continuance of any Event of Default, the Lender shall cease to issue commercial paper notes to fund and maintain Loans hereunder, hereunder and the applicable Yield Rate for all Fixed Periods in effect at the time of such occurrence shall convert to, and for all Fixed Periods that come into effect during the continuance of any Event of Default shall be, the Default Funding Rate. Any Fixed Period that (other than a Fixed Period with respect to Loans which accrue Yield at the Non-CP Rate) which would otherwise end on a day that which is not a Business Day shall be extended to the next succeeding Business Day. Any Fixed Period that which commences before the Early Amortization Commencement Date and would otherwise end on a date occurring after the Early Amortization Commencement Date (in each case other than one solely attributable to a Single Type Early Amortization Event) shall end on such the Early Amortization Commencement Date. On and after such an the Early Amortization Commencement Date, the Agent shall have the right to allocate outstanding Loans, if any, to Fixed Periods of such duration as shall be selected by the Agent. The Lender shall, on the first day of each Fixed Period with respect to Loans which accrue Yield at the CP Rate, notify the Agent and the Borrower of the Yield Rate for such Loans. (b) References herein to Loans that accrue Yield at the Non-CP Rate being allocated to a Fixed Period shall mean all such Loans that are outstanding during such Fixed Period or a portion thereof. (c) So long as no Event of Default or Early Amortization Event (other than a Single Type Early Amortization Event) shall have occurred and be continuing, each of the Lender and the Agent shall make reasonable efforts to allow Loans to accrue Yield at the CP Rate; provided that neither the Lender nor the Agent shall have any obligation to allow Loans to accrue Yield at the CP Rate upon the occurrence of a CP Disruption Event or upon a determination by the Lender, or the Agent on its behalf, that allowing Loans to accrue Yield at the CP Rate would materially impair its ability to issue commercial paper notes generally or would otherwise be disadvantageous to its business generally.

Selection of Fixed Periods. (a) At all times until the earlier to occur of the Early Amortization Commencement Date (other than one solely attributable to a Single Type Early Amortization Event) and the Facility Maturity Date, the Borrower shall, subject to the Agent’s and the Lender’s approval and the limitations described below, request Fixed Periods and allocations of a portion of the outstanding Loans to each selected Fixed Period, so that all such outstanding Loans are at all times allocated to one or more Fixed Periods. Subject to Section 2.04(c), the Yield Rate to apply to all Loans outstanding shall be the CP Rate. The requested initial Fixed Period applicable to any new Loan arising as a result of a Borrowing shall be requested in the Notice of Borrowing, which shall be delivered in connection with the applicable Subsequent Borrowing. Subject to the next sentence of this Section 2.04, each CP Rollover Fixed Period shall commence on the last day of the immediately preceding Fixed Period, and the duration of such CP Rollover Fixed Period shall be such as the Borrower shall request in a Commercial Paper Remittance Report and the Agent shall approve; provided, that such Commercial Paper Remittance Report was received by the Agent no later than 12:30 P.M. (New York City time) on a day at least one Business Day prior to such last day, except that if the Agent shall not have received such report before 12:30 P.M. on such day or the Agent and the Borrower shall not have so mutually agreed before 2:00 P.M. (New York City time) on such day, such CP Rollover Fixed Period shall be one day, and the applicable Yield Rate shall be the CP Rate plus 1.00%; provided that, notwithstanding the foregoing, upon the occurrence and during the continuance of any Event of Default, the Lender shall cease to issue commercial paper notes to fund and maintain Loans hereunder, and the applicable Yield Rate for all Fixed Periods in effect at the time of such occurrence shall convert to, and for all Fixed Periods that come into effect during the continuance of any Event of Default shall be, the Default Funding Rate. Any Fixed Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day. Any Fixed Period that commences before the Early Amortization Commencement Date and would otherwise end on a date occurring after the Early Amortization Commencement Date (in each case other than one solely attributable to a Single Type Early Amortization Event) shall end on such the Early Amortization Commencement Date. On and after such an the Early Amortization Commencement Date, the Agent shall have the right to allocate outstanding Loans, if any, to Fixed Periods of such duration as shall be selected by the Agent. The Lender shall, on the first day of each Fixed Period with respect to Loans which accrue Yield at the CP Rate, notify the Agent and the Borrower of the Yield Rate for such Loans. (b) References herein to Loans that accrue Yield at the Non-CP Rate being allocated to a Fixed Period shall mean all such Loans that are outstanding during such Fixed Period or a portion thereof. (c) So long as no Event of Default or Early Amortization Event (other than a Single Type Early Amortization Event) shall have occurred and be continuing, each of the Lender and the Agent shall make reasonable efforts to allow Loans to accrue Yield at the CP Rate; provided that neither the Lender nor the Agent shall have any obligation to allow Loans to accrue Yield at the CP Rate upon the occurrence of a CP Disruption Event or upon a determination by the Lender, or the Agent on its behalf, that allowing Loans to accrue Yield at the CP Rate would materially impair its ability to issue commercial paper notes generally or would otherwise be disadvantageous to its business generally.

Selection of Fixed Periods. (a) At all times hereafter until the earlier to occur of the Early Amortization Commencement Date (other than one solely attributable to a Single Type Early Amortization Event) and the Facility Maturity Termination Date, the Borrower Seller shall, subject to the Agent’s 's and the Lender’s Purchaser's approval and the limitations described below, request select (a) Fixed Periods and allocations of allocate a portion of the outstanding Loans Capital to each selected Fixed Period, so that all such the outstanding Loans are Capital is at all times allocated to one or more Fixed Periods. Subject to Section 2.04(c), the Periods and (b) Yield Rate Rates to apply to all Loans outstanding shall be the CP Ratesuch Capital for such Fixed Periods. The requested initial Fixed Period Period(s) and Yield Rate(s) applicable to any new Loan the Capital arising as a result of a Borrowing the initial Purchase shall be requested specified in the Notice of Borrowing, which shall be delivered in connection with the applicable Subsequent Borrowing. Subject notice relating to the next sentence of this Purchase described in Section 2.04, each CP Rollover 2.02(b). Each subsequent Fixed Period shall commence on the last day of the immediately preceding Fixed Period, and the duration of and Yield Rate applicable to such CP Rollover subsequent Fixed Period shall be such as the Borrower Seller shall request in a Commercial Paper Remittance Report select and the Agent shall approve; provided, that such Commercial Paper Remittance Report was approve on notice from the Seller received by the Agent no (including notice by telephone, confirmed in writing) not later than 12:30 P.M. (New York City time) on a day at least one Business Day prior to such last day, except that if the Agent shall not have received such report notice before 12:30 P.M. on such day or the Agent and the Borrower Seller shall not have so mutually agreed before 2:00 P.M. (New York City time) on such last day, such CP Rollover Fixed Period shall be one day, day and the applicable Yield Rate shall be the CP Rate plus 1.00%Alternative Rate, until the Agent receives notice from the Seller requesting a Fixed Period and applicable Yield Rate, which, if accepted by the Agent, shall be the Fixed Period and the applicable Yield Rate; provided provided, that, notwithstanding the foregoing, upon on and after the occurrence and during the continuance of any Event of DefaultTermination (unless waived in accordance with the terms and conditions hereof), the Lender Purchaser shall cease to issue commercial paper notes to fund and maintain Loans hereunder, Purchases hereunder and the applicable Yield Rate for all Fixed Periods in effect at shall be the time of such occurrence shall convert to, and for all Fixed Periods that come into effect during the continuance of any Event of Default shall be, the Default Funding Alternative Rate. Any Fixed Period that which would otherwise end on a day that which is not a Business Day shall be extended to the next succeeding Business Day. Any Fixed Period that which commences before the Early Amortization Commencement Termination Date and would otherwise end on a date occurring after the Early Amortization Commencement Termination Date (in each case other than one solely attributable to a Single Type Early Amortization Event) shall end on such Early Amortization Commencement the Termination Date. On and or after such an Early Amortization Commencement the Termination Date, the Agent shall have the right to allocate outstanding Loans, if any, Capital to Fixed Periods of such duration as shall be selected by the Agent. The Lender Purchaser shall, on the first day of each Fixed Period with respect to Loans which accrue Yield at the CP RatePeriod, notify the Agent and the Borrower of the Yield Rate for such Loans. (b) References herein to Loans that accrue Yield at the Non-CP Rate being Capital allocated to a Fixed Period shall mean all such Loans that are outstanding during such Fixed Period or a portion thereofPeriod. (c) So long as no Event of Default or Early Amortization Event (other than a Single Type Early Amortization Event) shall have occurred and be continuing, each of the Lender and the Agent shall make reasonable efforts to allow Loans to accrue Yield at the CP Rate; provided that neither the Lender nor the Agent shall have any obligation to allow Loans to accrue Yield at the CP Rate upon the occurrence of a CP Disruption Event or upon a determination by the Lender, or the Agent on its behalf, that allowing Loans to accrue Yield at the CP Rate would materially impair its ability to issue commercial paper notes generally or would otherwise be disadvantageous to its business generally.

Selection of Fixed Periods. (a) At all times hereafter until -------------------------- the earlier to occur of the Early Amortization Commencement Date (other than one solely attributable to a Single Type Early Amortization Event) and the Facility Maturity Termination Date, the Borrower shall, subject to the Agent’s 's and the Lender’s 's approval and the limitations described below, request select (a) Fixed Periods and allocations of allocate a portion of the outstanding Loans to each selected Fixed Period, so that all such the outstanding Loans are at all times allocated to one or more Fixed Periods. Subject to Section 2.04(c), the Periods and (b) Yield Rate Rates to apply to all such Loans outstanding shall be the CP Ratefor such Fixed Periods. The requested initial Fixed Period Period(s) and Yield Rate(s) applicable to any new Loan the Loans arising as a result of a the initial Borrowing shall be requested specified in the Notice of Borrowing, which shall be delivered in connection with the applicable Subsequent Borrowing. Subject notice relating to the next sentence of this Borrowing described in Section 2.04, each CP Rollover 2.02(b). Each subsequent Fixed Period shall --------------- commence on the last day of the immediately preceding Fixed Period, and the duration of and Yield Rate applicable to such CP Rollover subsequent Fixed Period shall be such as the Borrower shall request in a Commercial Paper Remittance Report select and the Agent shall approve; provided, that such Commercial Paper Remittance Report was approve on notice from the Borrower received by the Agent no (including notice by telephone, confirmed in writing) not later than 12:30 P.M. (New York City time) on a day at least one Business Day prior to such last day, except ------ that if the Agent shall not have received such report notice before 12:30 P.M. on such day or the Agent and the Borrower shall not have so mutually agreed before 2:00 P.M. (New York City time) on such last day, such CP Rollover Fixed Period shall be one day, day and the applicable Yield Rate shall be the CP Alternative Rate plus 1.00%or, if applicable, the Default Rate, until the Agent receives notice from the Borrower requesting a Fixed Period and applicable Yield Rate, which, if accepted by the Agent, shall be the Fixed Period and the applicable Yield Rate; provided provided, that, -------- ---- notwithstanding the foregoing, upon on and after the occurrence and during the continuance of any Event of DefaultDefault or Event of Termination (unless such Event of Default or Event of Termination (other than the Event of Termination described in clause (i) thereof which Event of Termination may not be waived for the purposes of this provision) is waived in accordance with the terms and conditions hereof), the Lender shall cease to issue commercial paper notes to fund and maintain Loans hereunder, hereunder and the applicable Yield Rate for all Fixed Periods in effect at shall be the time of such occurrence shall convert to, and for all Fixed Periods that come into effect during the continuance of any Event of Default shall be, the Default Funding Alternative Rate. Any Fixed Period that which would otherwise end on a day that which is not a Business Day shall be extended to the next succeeding Business Day. Any Fixed Period that which commences before the Early Amortization Commencement Termination Date and would otherwise end on a date occurring after the Early Amortization Commencement Termination Date (in each case other than one solely attributable to a Single Type Early Amortization Event) shall end on such Early Amortization Commencement the Termination Date. On and or after such an Early Amortization Commencement the Termination Date, the Agent shall have the right to allocate outstanding Loans, if any, Loans to Fixed Periods of such duration as shall be selected by the Agent. The Lender shall, on the first day of each Fixed Period with respect to Loans which accrue Yield at the CP RatePeriod, notify the Agent and the Borrower of the Yield Rate for such Loans. (b) References herein to the Loans that accrue Yield at the Non-CP Rate being allocated to a Fixed Period shall mean all such Loans that are outstanding during such Fixed Period or a portion thereofPeriod. (c) So long as no Event of Default or Early Amortization Event (other than a Single Type Early Amortization Event) shall have occurred and be continuing, each of the Lender and the Agent shall make reasonable efforts to allow Loans to accrue Yield at the CP Rate; provided that neither the Lender nor the Agent shall have any obligation to allow Loans to accrue Yield at the CP Rate upon the occurrence of a CP Disruption Event or upon a determination by the Lender, or the Agent on its behalf, that allowing Loans to accrue Yield at the CP Rate would materially impair its ability to issue commercial paper notes generally or would otherwise be disadvantageous to its business generally.