Common use of Choosing Interest Rate Basis and Interest Period Clause in Contracts

Choosing Interest Rate Basis and Interest Period. (i) At least three (3) Business Days prior to the last day of each Interest Period for each LIBOR Loan, Borrower Representative shall give the Collateral Agent a Notice of Conversion or Continuation specifying whether all or a portion of such LIBOR Loan (1) is to be Continued in whole or in part as to one or more LIBOR Loans (and such Notice shall set forth the applicable duration of the next Interest Period as one (1), three (3) or six (6) months), (2) is to be Converted in whole or in part into a Base Rate Loan, or (3) is to be repaid. The failure to give such notice shall be deemed to constitute a request by Borrowers on the last day of the applicable Interest Period to Convert such Loan to a Base Rate Loan. Upon the last day of such Interest Period, such LIBOR Loan will, subject to the provisions hereof, be so Continued, Converted or repaid, as set forth in such Notice or, if no notice is given, as provided herein. (ii) With respect to a Base Rate Loan, such Loan shall continue to bear interest at the Base Rate unless and until Borrowers request that such Loan be Converted into a LIBOR Loan as follows. Borrowers may give Collateral Agent three (3) Business Days’ prior written notice in the form of a Notice of Conversion or Continuation specifying that all or a portion of such Base Rate Loan is to be Converted in whole or in part into a LIBOR Loan pursuant to the terms hereof, and the applicable Interest Period (and such Notice shall set forth the applicable duration of such Interest Period as one (1), three (3) or six (6) months). Upon the date set forth in such Notice, such Base Rate Loan will, subject to the provisions hereof, be Converted into a LIBOR Loan with an initial Interest Period as set forth in such Notice.”

Choosing Interest Rate Basis and Interest Period. (i) At least three (3) Business Days prior to the last day of each Interest interest Period for each LIBOR Loan, the Borrower Representative shall give the Collateral Agent a Notice of Conversion or Continuation specifying whether all or a portion of such LIBOR Loan (1) is to be Continued in whole or in part as or to one or more LIBOR Loans (and such Notice shall set forth the applicable duration of the next Interest Period as one (1), three (3) or six (6) monthsmonth period), (2) is to be Converted in whole or in part into a Base Rate Loan, or (3) is to be repaid. The failure to give such notice shall be deemed to constitute a request by Borrowers to continue such Loan as a LIBOR Loan for a one-month LIBOR Interest Period on the last day of the applicable Interest Period to Convert such Loan to a Base Rate LoanPeriod. Upon the last day of such Interest Period, such LIBOR Loan will, subject to the provisions hereof, be so Continued, Converted or repaid, as applicable and as set forth in such Notice or, if no notice is given, as provided hereinNotice. (ii) With respect to a Base Rate Loan, such Loan shall continue to bear interest at the Base Rate unless and until the Borrowers request that such Loan be Converted into a LIBOR Loan as follows. The Borrowers may give Collateral Collateral. Agent three (3) Business Days’ Days prior written notice in the form of a Notice of Conversion or Continuation specifying that all or a portion of such Base Rate Loan is to be Converted in whole or in part into a LIBOR Loan pursuant to the terms hereof, and the applicable Interest Period (and such Notice shall set forth the applicable duration of such the next Interest Period as one (1), three (3) or six (6) monthsmonth period). Upon the date set forth in such Notice, such Base Rate Loan will, subject to the provisions hereof, be Converted into a LIBOR Loan with an initial Interest Period as set forth in such Notice.”

Choosing Interest Rate Basis and Interest Period. (i) At least three (3) 3 Business Days prior to the last day of each Interest Period for each LIBOR Loan, the Borrowers or Borrower Representative shall give deliver to the Collateral Administrative Agent a Notice of Conversion or Continuation specifying whether all or a portion of such LIBOR Loan (1x) is to be Continued in whole or in part as or to one or more LIBOR Loans (and such Notice shall set forth the applicable duration of the next Interest Period as one 1, 2, 3 or 6 (1), three (3or 9 if acceptable to all applicable Lenders) or six (6) monthsmonth period), (2y) is to be Converted in whole or in part into a Base Rate Loan, or (3z) is to be repaid. The failure to give such notice shall preclude the Borrowers from continuing such Loan as a LIBOR Loan and shall be deemed to constitute considered a request by Borrowers for a Conversion to a Base Rate Loan and if no timely Notice of Conversion or Continuation is given with respect to any LIBOR Loan, it shall automatically Convert to a Base Rate Loan on the last day of the applicable Interest Period to Convert such Loan to a Base Rate LoanPeriod. Upon the last day of such Interest Period, such LIBOR Loan will, subject to the provisions hereof, be so Continued, Converted or repaid, as applicable and as set forth in such Notice orNotice. Notwithstanding anything to the contrary contained herein, if after the occurrence and during the continuance of an Event of Default, the Administrative Agent may (and at the request of the Required Lenders shall) notify the Borrowers that Loans may only be converted into or continued as Base Rate Loans and thereafter, until no notice is givenEvent of Default shall continue to exist, Loans may not be converted into or continued as provided hereinLIBOR Loans. (ii) With respect to a Base Rate Loan, such Loan shall continue to bear interest at the Base Rate plus the Applicable Base Rate Margin unless and until the Borrowers request that such Loan be Converted into a LIBOR Loan as follows. So long as no Event of Default has occurred and is continuing, the Borrowers or Borrower Representative may give Collateral the Administrative Agent three (3) 3 Business Days’ Days prior written notice in the form of a Notice of Conversion or Continuation specifying that all or a portion of such Base Rate Loan is to be Converted in whole or in part into a LIBOR Loan pursuant to the terms hereof, and the applicable Interest Period (and such Notice shall set forth the applicable duration of such the next Interest Period as one 1, 2, 3 or 6 (1), three (3or 9 if acceptable to all applicable Lenders) or six (6) monthsmonth period). Upon the date set forth in such Notice, such Base Rate Loan will, subject to the provisions hereof, be Converted into a LIBOR Loan with an initial Interest Period as set forth in such Notice.”

Choosing Interest Rate Basis and Interest Period. (i) At least three (3) Business Days prior to the last day of each Interest Period for each LIBOR Loan, the Borrower Representative shall give the Collateral Billing Agent a Notice of Conversion or Continuation specifying whether all or a portion of such LIBOR Loan (1) is to be Continued in whole or in part as or to one or more LIBOR Loans (and such Notice shall set forth the applicable duration of the next Interest Period as one (1), three (3) or six (6) months), (2) is to be Converted in whole or in part into a Base Rate Loan, or (3) is to be repaid. The failure to give such notice shall be deemed to constitute a request by Borrowers to continue such Loan as a LIBOR Loan for a one-month LIBOR Interest Period on the last day of the applicable Interest Period to Convert such Loan to a Base Rate LoanPeriod. Upon the last day of such Interest Period, such LIBOR Loan will, subject to the provisions hereof, be so Continued, Converted or repaid, as applicable and as set forth in such Notice or, if no notice such Notice is given, as provided herein. (ii) With respect to a Base Rate Loan, such Loan shall continue to bear interest at the Base Rate unless and until the Borrowers request that such Loan be Converted into a LIBOR Loan as follows. The Borrowers may give Collateral Billing Agent three (3) Business Days’ Days prior written notice in the form of a Notice of Conversion or Continuation specifying that all or a portion of such Base Rate Loan is to be Converted in whole or in part into a LIBOR Loan pursuant to the terms hereof, and the applicable Interest Period (and such Notice shall set forth the applicable duration of such the next Interest Period as one (1), three (3) or six (6) monthsmonth period). Upon the date set forth in such Notice, such Base Rate Loan will, subject to the provisions hereof, be Converted into a LIBOR Loan with an initial Interest Period as set forth in such Notice.”