Interest Period Election Sample Clauses

Interest Period Election. Borrower may, by prior telephonic notice to Bank, elect the Interest Period(s) to be applicable to all or any portion of any Eurodollar Advance upon the expiration of the Interest Period then applicable to such Eurodollar Advance; provided that such notice is given to Bank at least two (2) Business Days prior to the expiration of the then Interest Period and that Borrower gives written confirmation by facsimile of its telephonic notice on the same Business Day that such telephonic notice is given. In the event Borrower does not make such an election with respect to all or any portion of a Eurodollar Advance for which the Interest Period is expiring, then, upon the expiration of such Interest Period, the portion of such Eurodollar Advance for which no such election has been made shall automatically convert to a Prime Rate Advance.
Sample 1Sample 2Sample 3See All (5)
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Interest Period Election. 17 2.12. Libor Brokerage Fee..................................17 2.13. Usury ...............................................17 3.
Sample 1
Interest Period Election. The Borrower shall elect the Interest Period that shall apply to each Eurodollar Loan; provided that all Eurodollar Loans related to the same Borrowing shall have the same Interest Period and prior to the written consent of the Majority Banks to the Loan Conversion, the last day of any Interest Period shall end on or prior to the Line of Credit Loan Commitment Termination Date, the First Extended Termination Date or the Second Extended Termination Date (as applicable); provided further, that during the time period preceding the Line of Credit Loan Commitment Termination Date, the First Extended Termination Date or the Second Extended Termination Date (as applicable), the Borrower may only select an Interest Period of one month. Each such election shall be in substantially the form of Exhibit 4.1 hereto (a "Notice of Interest Period") and shall be made by giving the Administrative Agent at least three Business Days' prior written notice thereof specifying the Interest Period being elected. The Administrative Agent shall promptly notify each Bank of its receipt of a Notice of Interest Period and of the contents thereof. If, within the time period required under the terms of this Section 4.1, the Administrative Agent does not receive a Notice of Interest Period from the Borrower, or a Default or Event of Default shall then exist and be continuing, then the Administrative Agent shall inform the Banks of the same and the Interest Period applicable to such Eurodollar Loans thereafter shall be (x) one month, in the case of the Borrower's failure to deliver a Notice of Interest Period, and (y) of such duration as the Administrative Agent may determine, in the event a Default or Event of Default shall then exist and be continuing, until such time as (i) in the case of the foregoing clause (x), the Borrower delivers a Notice of Interest Period in accordance with the terms of this Agreement electing a different Interest Period or (ii) such Loans become due and payable (as the case may be). Each Notice of Interest Period shall be irrevocable.
Sample 1
Interest Period Election. Borrower shall have the option of selecting Interest Periods of one, two, three or six months duration and may elect to have more than one Interest Period outstanding at any one time; provided, however, that (i) no Interest Period shall extend beyond the Maturity Date and (ii) the initial Interest Period for the Term Loan shall be one month. Thereafter, Borrower shall, not less than seven Business Days prior to the next Interest Payment Date, specify in writing to Lender the duration of the next Interest Period, which shall commence on (and include) the Interest Payment Date and shall expire on (but exclude) the next Interest Payment Date. If Borrower fails at any time to make an Interest Period election, the next succeeding Interest Period shall be of one month's duration and all succeeding Interest Periods thereafter shall be for one month's duration until such time, if any, as Borrower makes an Interest Period election.
Sample 1
Interest Period Election. 29 2.13. FEES ........................................................29 2.14. USURY .......................................................30 3.
Sample 1
Interest Period Election. Each of the parties hereto agrees that all outstanding Loans shall, upon the expiration of the current Interest Period with respect to such Loans on or about November 10, 2023, be continued as (or converted to, if applicable) SOFR Loans with an Interest Period of six months, without further action of any Person (and for the avoidance of doubt, without delivery of a Conversion/Continuation Notice with respect to such Interest Period).
Sample 1
Interest Period Election. Section 2.07 Default Interest
Sample 1
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Interest Period Election. (a) Subject to Section 2.15, the Borrower may, upon the expiration of any Interest Period applicable to any Eurodollar Rate Loan, select the Interest Period applicable to all or any portion of any Eurodollar Rate Loan equal to $5,000,000 and integral multiples of $1,000,000. (b) The Borrower shall deliver a Notice of Interest Period Election to the Administrative Agent no later than 10:00 a.m. (New York City time) at least three Business Days in advance of the proposed Interest Period Election Date. Except as otherwise provided herein, a Notice of Interest Period Election shall be irrevocable on and after the related Interest Rate Determination Date.
Sample 1

Related to Interest Period Election

  • Interest Period Commencing on the first (1st) Payment Date of the month following the month in which the Funding Date of the applicable Term Loan Advance occurs, and continuing on each Payment Date thereafter, Borrower shall make monthly payments of interest on the principal amount of each Term Loan Advance at the rate set forth in Section 2.2(a).

  • Duration of normal Interest Periods Subject to Clauses 6.3 and 6.4, each Interest Period shall be: (a) 3 or 6 months; or (b) such other period (as proposed by the Borrower to the Agent not later than 11:00 a.m. (Hamburg time) 5 Business Days before the commencement of the Interest Period) as the Agent may, with the authorisation of the Majority Lenders, agree with the Borrower (failing which the Interest Period shall be three months).

  • Rest Period During each normal work day, Saturdays, Sundays, and shift work, employees will be entitled to two (2) ten (10) minute paid rest periods to be scheduled and observed. When working a four (4) day, ten (10) hour schedule, the rest period will be fifteen (15) minutes each. - one (1) rest period at the mid-way point of the first half of the normal hours of work; - one (1) rest period at the mid-point of the second half of the normal hours of work. Rest period will be measured from ceasing work to commencement of labour and will be taken at a time determined by the employer.

  • Interest Periods In connection with each LIBOR Rate Loan, the Borrower, by giving notice at the times described in Section 3.1(a), shall elect an interest period (each, an "Interest Period") to be applicable to such Loan, which Interest Period shall be a period of one (1), two (2), three (3) or six (6) months with respect to each LIBOR Rate Loan; provided that: (i) the Interest Period shall commence on the date of advance of or conversion to any LIBOR Rate Loan or and, in the case of immediately successive Interest Periods, each successive Interest Period shall commence on the date on which the next preceding Interest Period expires; (ii) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, that if any Interest Period with respect to a LIBOR Rate Loan would otherwise expire on a day that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (iii) any Interest Period with respect to a LIBOR Rate Loan that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period; (iv) no Interest Period shall be permitted to extend beyond the Termination Date; and (v) there shall be no more than five (5) Interest Periods outstanding at any time.

  • LIBOR Election (i) Borrowers may, at any time and from time to time, so long as Borrowers have not received a notice from Agent (which notice Agent may elect to give or not give in its discretion unless Agent is directed to give such notice by the Required Lenders, in which case, it shall give the notice to Borrowers), after the occurrence and during the continuance of an Event of Default, to terminate the right of Borrowers to exercise the LIBOR Option during the continuance of such Event of Default, elect to exercise the LIBOR Option by notifying Agent prior to 11:00 a.m. at least 1 Business Day prior to the commencement of the proposed Interest Period (the “LIBOR Deadline”). Notice of Borrowers’ election of the LIBOR Option for a permitted portion of the Revolving Loans or the Term Loan and an Interest Period pursuant to this Section shall be made by delivery to Agent of a LIBOR Notice received by Agent before the LIBOR Deadline, or by telephonic notice received by Agent before the LIBOR Deadline (to be confirmed by delivery to Agent of a LIBOR Notice received by Agent prior to 5:00 p.m. on the same day). Promptly upon its receipt of each such LIBOR Notice, Agent shall provide a copy thereof to each of the affected Lenders. (ii) Each LIBOR Notice shall be irrevocable and binding on Borrowers. In connection with each LIBOR Rate Loan, each Borrower shall indemnify, defend, and hold Agent and the Lenders harmless against any loss, cost, or expense actually incurred by Agent or any Lender as a result of (A) the payment of any principal of any LIBOR Rate Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (B) the conversion of any LIBOR Rate Loan other than on the last day of the Interest Period applicable thereto, or (C) the failure to borrow, convert, continue or prepay any LIBOR Rate Loan on the date specified in any LIBOR Notice delivered pursuant hereto (such losses, costs, or expenses, “Funding Losses”). A certificate of Agent or a Lender delivered to Borrowers setting forth in reasonable detail any amount or amounts that Agent or such Lender is entitled to receive pursuant to this Section 2.12 shall be conclusive absent manifest error. Borrowers shall pay such amount to Agent or the Lender, as applicable, within 30 days of the date of its receipt of such certificate. If a payment of a LIBOR Rate Loan on a day other than the last day of the applicable Interest Period would result in a Funding Loss, Agent may, in its sole discretion at the request of Borrowers, hold the amount of such payment as cash collateral in support of the Obligations until the last day of such Interest Period and apply such amounts to the payment of the applicable LIBOR Rate Loan on such last day, it being agreed that Agent has no obligation to so defer the application of payments to any LIBOR Rate Loan and that, in the event that Agent does not defer such application, Borrowers shall be obligated to pay any resulting Funding Losses. (iii) Unless Agent, in its sole discretion, agrees otherwise, Borrowers shall have not more than 5 LIBOR Rate Loans in effect at any given time. Borrowers may only exercise the LIBOR Option for proposed LIBOR Rate Loans of at least $1,000,000.

  • Number of Interest Periods There may be no more than 6 different Interest Periods for LIBOR Loans outstanding at the same time.

  • Notice of Interest Period and Interest Rate Promptly after receipt of a Notice of Borrowing pursuant to Section 2.02(a), a notice of Conversion pursuant to Section 2.09 or a notice of selection of an Interest Period pursuant to the definition of “Interest Period”, the Administrative Agent shall give notice to the Borrower and each Lender of the applicable Interest Period and the applicable interest rate determined by the Administrative Agent for purposes of clause (a)(i) or (a)(ii) above.

  • Determination of Interest Periods The length of each Interest Period shall be as requested by the Borrowers under clause 3.2 but so that: 3.3.1 the first Interest Period in respect of each Tranche shall start on the Drawdown Date in respect of the first Advance in respect of that Tranche, and each subsequent Interest Period shall start on the last day of the previous Interest Period; 3.3.2 the first Interest Period in respect of each subsequent Advance shall commence on its Drawdown Date and terminate simultaneously with the Interest Period which is then current for the Tranche under which the Advance is made available; 3.3.3 if any Interest Period would otherwise overrun a Repayment Date, then, in the case of the last Repayment Date, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date the relevant Tranche shall be divided into parts so that there is one part in the amount of the repayment instalment due on each Repayment Date falling in that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part consisting of the balance of the relevant Tranche having an Interest Period ascertained in accordance with the other provisions of this clause 3; and 3.3.4 if the Borrowers fail to specify the length of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3 such Interest Period shall last three months or such other period as complies with this clause 3.3.

  • Rest Periods All employees shall have two (2), fifteen (15) minute rest periods in each work period in excess of six (6) hours, one (1) rest period to be granted before and one (1) after the meal period. Employees working a shift of three and one-half (3½) hours, but not more than six (6) hours, shall receive one (1) rest period during such a shift. Rest periods shall not begin until one (1) hour after the commencement of work or not later than one (1) hour before either the meal period or the end of the shift. Rest periods shall be taken without loss of pay to the employees.

  • Meal/Rest Periods All nurses shall receive an unpaid meal period of one-half (1/2) hour. Nurses required to remain on duty or in the Hospital during their meal period shall be compensated for such time at the appropriate rate of pay. All nurses shall receive one (1) fifteen

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