Common use of Selection of Fixed Periods Clause in Contracts

Selection of Fixed Periods. (a) All Advances shall, for purposes of calculating Interest, be allocated to one or more “Fixed Periods” as set forth in the definition of such term, and each such portion allocated to a particular Fixed Period is referred to herein as a “Tranche” (each, a “Tranche”). (b) Each Tranche shall reflect the funding sources for the outstanding principal balance of Advances associated therewith so that (i) there may be one or more Tranches, selected by the applicable Managing Agent, reflecting the portion of the outstanding principal balance of Advances funded by a funding made by a liquidity or credit support provider to the Lender and (ii) there may be one or more Tranches allocated to the portion of the outstanding principal balance of Advances funded by the Commercial Paper of a Conduit Lender. For avoidance of doubt, amounts outstanding in any Tranche may be combined with other Tranches from time to time in the discretion of the Managing Agent to reflect the applicable funding sources for such Tranches as described above.