Common use of Application of LIBOR to Outstanding Loans Clause in Contracts

Application of LIBOR to Outstanding Loans. (a) Borrowers may elect to convert any portion of Prime Rate Loans to, or to continue any LIBOR Rate Loan at the end of its Interest Period as, a LIBOR Rate Loan. During any Default or Event of Default, Agent may (and shall at the direction of Required Lenders) declare that no Loan may be made, converted or continued as a LIBOR Rate Loan. (b) Borrower Agent shall give Agent a Notice of Conversion/Continuation no later than 11:00 a.m. at least three Business Days before the requested conversion or continuation date. Promptly after receiving any such notice, Agent shall notify each Lender thereof. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be converted or continued, the conversion or continuation date (which shall be a Business Day), and the duration of the Interest Period (which shall be deemed to be one month if not specified). If, at expiration of an Interest Period for a LIBOR Rate Loan, Borrowers have failed to deliver a Notice of Conversion/Continuation, the Loan shall convert into a Prime Rate Loan. Agent does not warrant or accept responsibility for, nor shall it have any liability with respect to, administration, submission or any other matter related to any rate used in determining the LIBOR Rate or with respect to any alternate or replacement for or successor to any such rate, any LIBOR Successor Rate Conforming Changes, or the effect of any of the foregoing.

Application of LIBOR to Outstanding Loans. (a) Borrowers Borrower may on any Business Day, elect to convert any portion of Prime the Base Rate Loans to, or to continue any LIBOR Rate Loan at the end of its Interest Period as, a LIBOR Rate Loan. During any Default or Event of Default, Agent Lender may (and shall at the direction of Required Lenders) declare that no Loan may be made, converted or continued as a LIBOR Rate Loan. (b) To convert or continue Loans as LIBOR Loans, Borrower Agent shall give Agent Lender a Notice of Conversion/Continuation Continuation, no later than 11:00 a.m. at least three two Business Days before the requested conversion or continuation date. Promptly after receiving any such notice, Agent shall notify each Lender thereof. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be converted or continued, the conversion or continuation date (which shall be a Business Day), and the duration of the Interest Period (which shall be deemed to be one month 30 days if not specified). If, at upon the expiration of an any Interest Period for a in respect of any LIBOR Rate LoanLoans, Borrowers Borrower shall have failed to deliver a Notice of Conversion/Continuation, the Loan they shall be deemed to have elected to convert such Loans into a Prime Base Rate LoanLoans. Agent Lender does not warrant or accept responsibility for, nor shall it have any liability with respect to, administration, submission or any other matter related to any rate used described in determining the LIBOR Rate or with respect to any alternate or replacement for or successor to any such rate, any LIBOR Successor Rate Conforming Changes, or the effect definition of any of the foregoingLIBOR.

Application of LIBOR to Outstanding Loans. (a) Borrowers may elect to convert any portion of Prime Base Rate Loans to, or to continue any LIBOR Rate Loan at the end of its Interest Period as, a LIBOR Rate Loan. During any Default or Event of Default, Agent may (and shall at the direction of Required Lenders) declare that no Loan may be made, converted or continued as a LIBOR Rate Loan. (b) Borrower Agent shall give Agent Lender a Notice of Conversion/Continuation no later than 11:00 a.m. at least three two Business Days before the requested conversion or continuation date. Promptly after receiving any such notice, Agent shall notify each Lender thereof. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be converted or continued, the conversion or continuation date (which shall be a Business Day), and the duration of the Interest Period (which shall be deemed to be one month if not specified). If, at expiration of an Interest Period for a LIBOR Rate Loan, Borrowers have failed to deliver a Notice of Conversion/Continuation, the Loan shall convert into to a Prime Base Rate Loan. Agent Lender does not warrant or accept responsibility for, nor shall it have any liability with respect to, administration, submission or any other matter related to any rate used in determining the LIBOR Rate or with respect to any alternate or replacement for or successor to any such rate, any LIBOR Successor Rate Conforming Changes, or the effect of any of the foregoing. During a Default or Event of Default, Lender may elect not to make, convert or continue a Loan as a LIBOR Loan.

Application of LIBOR to Outstanding Loans. (a) Borrowers may elect to convert any portion of Prime Base Rate Loans to, or to continue any LIBOR Rate Loan at the end of its Interest Period as, a LIBOR Rate Loan. During any Default or Event of Default, Agent may (and shall at the direction of Required Lenders) declare that no Loan may be made, converted or continued as a LIBOR Rate Loan. (b) Borrower Agent shall give Agent a Notice of Conversion/Continuation no later than 11:00 a.m. 1:00 p.m. at least three two Business Days before the requested conversion or continuation date. Promptly after receiving any such notice, Agent shall notify each Lender thereof. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be converted or continued, the conversion or continuation date (which shall be a Business Day), and the duration of the Interest Period (which shall be deemed to be one month if not specified). If, at expiration of an Interest Period for a LIBOR Rate Loan, Borrowers have failed to deliver a Notice of Conversion/Continuation, the Loan shall convert into a Prime Base Rate Loan. Agent does not warrant or accept responsibility for, nor shall it have any liability with respect to, administration, submission or any other matter related to any rate used in determining the LIBOR Rate or with respect to any alternate or replacement for or successor to any such rate, any LIBOR Successor Rate Conforming Changes, or the effect of any of the foregoing.

Application of LIBOR to Outstanding Loans. (a) Borrowers may on any Business Day, subject to delivery of a Notice of Conversion/Continuation, elect to convert any portion of Prime the Base Rate Loans to, or to continue any LIBOR Rate Loan at the end of its Interest Period as, a LIBOR Rate Loan. During any Default or Event of Default, Agent may (and shall at the direction of Required Lenders) declare that no Loan may be made, converted or continued as a LIBOR Rate Loan. (b) To convert or continue Loans as LIBOR Loans, Borrower Agent shall give Agent a Notice of Conversion/Continuation Continuation, no later than 11:00 a.m. at least three two Business Days before the requested conversion or continuation date. Promptly after receiving any such notice, Agent shall notify each Lender thereof. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be converted or continued, the conversion or continuation date (which shall be a Business Day), and the duration of the Interest Period (which shall be deemed to be one month 30 days if not specified). If, at upon the expiration of an any Interest Period for a any LIBOR Rate Loan, Borrowers shall have failed to deliver a Notice of Conversion/Continuation, the they shall be deemed to have elected to convert such Loan shall convert into a Prime Base Rate Loan. Agent does not warrant or accept responsibility for, nor shall it have any liability with respect to, administration, submission or any other matter related to any rate used described in determining the LIBOR Rate or with respect to any alternate or replacement for or successor to any such rate, any LIBOR Successor Rate Conforming Changes, or the effect definition of any of the foregoingLIBOR.

Application of LIBOR to Outstanding Loans. (a) Borrowers may on any Business Day, subject to delivery of a Notice of Continuation, elect to convert any portion of Prime Rate Loans to, or to continue any LIBOR Rate Loan at the end of its Interest Period as, a LIBOR Rate Loan. During any Default or Event of Default, Agent may (and shall at the direction of Required Lenders) declare that no Loan may be made, converted or continued as a LIBOR Rate Loan. (b) Whenever Borrowers desires to continue Loans as LIBOR Loans, Borrower Agent shall give Agent a Notice of Conversion/Continuation Continuation, no later than 11:00 a.m. at least three two Business Days before the requested conversion or continuation date. Promptly after receiving any such notice, Agent shall notify each Lender thereof. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be converted or continued, the conversion or continuation date (which shall be a Business Day), and the duration of the Interest Period (which shall be deemed to be one month 30 days if not specified). If, at upon the expiration of an any Interest Period for a any LIBOR Rate Loan, Borrowers shall have failed to deliver a Notice of Conversion/Continuation, the they shall be deemed to have elected to convert such Loan shall convert into a Prime Base Rate Loan. Agent does not warrant or accept responsibility for, nor shall it have any liability with respect to, administration, submission or any other matter related to any rate used described in determining the LIBOR Rate or with respect to any alternate or replacement for or successor to any such rate, any LIBOR Successor Rate Conforming Changes, or the effect definition of any of the foregoingLIBOR.