Looking for an agreement? Search from over 1 million agreements now.

Form Of Interest Calculation Agency Agreement

This is an actual contract by Popular.
Browse the agreement preview below and buy the entire agreement for $35
Search This Document

INTEREST CALCULATION AGENCY AGREEMENT between BanPonce Corporation, a Puerto Rico corporation (the "Issuer"), and The First National Bank of Chicago, dated as of February 15, 1995.


1. The Issuer proposes to issue and sell Medium-Term Notes,

Series 1 (the "Notes") from time to time under, and pursuant to, the terms

of an Indenture, dated as of February 15, 1995 (the "Indenture," the terms

defined being used herein as defined therein or in the Notes), between the

Issuer and The First National Bank of Chicago, trustee under the Indenture

(acting in such capacity, the "Trustee").

2. The Issuer desires to appoint an agent of the Issuer to

calculate the base rates applicable to those Notes on which interest is to

accrue at a variable or floating rate ("Floating Rate Notes"), determined

by references to LIBOR, the Eleventh District Cost of Funds Rate, the

Commercial Paper Rate, the Treasury Rate, the Certificate of Deposit Rate,

the CMT Rate, the Prime Rate or the Federal Funds Rate (collectively, the

"Base Rates") as are specified and described in the Floating Rate Notes, a

copy of which is attached hereto as Exhibit A.

NOW, THEREFORE, the Issuer and The First National Bank of

Chicago hereby agree as follows:


Section 1. Appointment of Calculation Agent. The Issuer

hereby appoints The First National Bank of Chicago as Calculation Agent (in

such capacity, the "Calculation Agent") of the Issuer with respect to any

Floating Rate Notes to be issued by the Issuer under and pursuant to the

terms of the Indenture, and the Calculation Agent hereby accepts its

obligations as set forth in this Agreement upon the terms and conditions

set forth herein.

Section 2. Calculation of Base Rates. Unless otherwise

specified to the Calculation Agent with respect to any particular note, the

calculation date for each applicable Interest Determination Date for any

Note shall be the earlier of (i) the tenth calendar day after such Interest

Determination Date, or if any such day is not a Business Day (as defined in

the Indenture) the next succeeding Business Day or (ii) the Business Day

preceding the applicable Interest Payment Date or Maturity, as the case may

be. The Calculation Agent shall notify the Issuer and the Trustee of such

Base Rate on such calculation date. If at any time the Calculation Agent

is not also acting as Trustee under the Indenture, the Issuer shall, upon

the issuance of each Floating Rate Note having a different Base Rate or

different Interest Determination Dates than the Base Rate or Interest

Determination Dates for any prior Floating Rate Note, notify such

Calculation Agent of such Interest


Determination Dates and Base Rate for such Floating Rate Note.

Section 3. New Base Rates. If the Issuer proposes to issue

Floating Rate Notes whose interest rate will be determined on a basis or

formula not referred to above (a "New Base Rate"), the Issuer shall give a

description of such New Base Rate to the Calculation Agent. The

Calculation Agent shall determine if it is able and willing to calculate

the New Base Rate and upon its agreement in writing to do so the term "Base

Rate" shall be deemed to include the New Base Rate. If the Calculation

Agent notifies the Issuer that it is not able or willing to calculate the

New Base Rate, or that it is only willing to do so on the basis of an

increase of its fees not acceptable to the Issuer, the Calculation Agent

shall have no responsibility with respect to such New Base Rate and the

Issuer shall appoint a different calculation agent to determine the New

Base Rate.

Section 4. Fees and Expenses. The Calculation Agent shall

be entitled to such compensation for its services under this Agreement as

may be agreed upon with the Issuer, and the Issuer shall pay such

compensation and shall reimburse the Calculation Agent for all reasonable

expenses, disbursements and advances incurred or made by the Calculation

Agent in connection with the services rendered by it under this Agreement,

-- End of Preview --
Home| About Us| FAQ| Subscription | Contact Us |