Common use of Interest Period Elections Clause in Contracts

Interest Period Elections. (a) Each Borrowing (i) which is outstanding on the First Anniversary shall automatically convert to a Eurocurrency Borrowing on the First Anniversary and (ii) made on or after the First Anniversary shall constitute a Eurocurrency Borrowing as of the date of the Borrowing, in each case with an initial Interest Period as specified in such Borrowing Request or otherwise designated by Section 2.03. Thereafter, each Borrower may elect Interest Periods therefor, as provided in this Section. Each Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. (b) To make an election pursuant to this Section, the applicable Borrower shall notify the Administrative Agent of such election by telephone not later than 2:00 p.m., New York City time, three Business Days before the date of the proposed effective date of such election. Each such telephonic Interest Period Election Request shall be irrevocable and confirmed promptly by hand delivery, facsimile or other electronic transmission to the Administrative Agent of a written Interest Period Election Request signed by the applicable Borrower. (c) Each telephonic and written Interest Period Election Request shall specify the following information: (i) the effective date of the election made pursuant to such Interest Period Election Request, which shall be a Business Day; (ii) the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period.” (d) Promptly following receipt of an Interest Period Election Request in accordance with this Section, the Administrative Agent shall advise each Lender of the applicable Class of the details thereof and of such Lender’s portion of each resulting Borrowing. (e) If the applicable Borrower fails to deliver a timely Interest Period Election Request with respect to a Eurocurrency Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period, the applicable Borrower shall be deemed to have selected an Interest Period of one month’s duration.

Interest Period Elections. (a) Each Borrowing (i) which is outstanding on the First Anniversary shall automatically convert to a Eurocurrency Borrowing on the First Anniversary and (ii) made on or after the First Anniversary shall constitute a Eurocurrency Borrowing as of the date of the Borrowing, in each case with have an initial Interest Period as specified in such the Borrowing Request or otherwise designated by Section 2.03Request. Thereafter, each the Borrower may elect continue such Borrowing for subsequent Interest Periods thereforPeriods, all as provided in this Section. Each The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. (b) To make an election pursuant to this Section, the applicable Borrower shall notify (i) in the case of Dollar Loans, the Administrative Agent of such election thereof by telephone or through a notice in writing not later than 2:00 p.m.11:00 a.m., New York City time, three LIBO Adjusted Business Days before the effective date of the proposed election and (ii) in the case of Peso Loans, the Mexican Administrative Agent thereof by telephone or through a notice in writing not later than 11:00 a.m., Mexico City time, three Peso Business Days before the effective date of such electionthe proposed election (an “Interest Period Election”). Each such telephonic Interest Period Election Request shall be irrevocable and shall be confirmed promptly by hand delivery, facsimile delivery or other electronic transmission telecopy to the Administrative Agent or the Mexican Administrative Agent, as applicable, of a written Interest Period Election Request signed by in the applicable Borrowerform attached hereto as Exhibit E-2. (c) Each telephonic and written Interest Period Election Request shall specify the following informationinformation in compliance with Section 2.02 and subsection (e) of this Section: (i) the Borrowing to which such Interest Period Election applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clause (iii) below shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Interest Period Election RequestElection, which shall be be, in the case of a Dollar Loan, a LIBO Business Day or, in the case of a Peso Loan, a Peso Business Day;; and (iiiii) the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”.” (d) Promptly following receipt of after it receives an Interest Period Election Request in accordance with this SectionElection, the Administrative Agent (or, in the case of any Interest Period Election for Peso Loans, the Mexican Administrative Agent) shall advise each Lender of the applicable Class of with a Loan subject to such Interest Period Election as to the details thereof and of such Lender’s portion of each resulting Borrowing. (e) If the applicable Borrower fails to deliver a timely Interest Period Election Request with respect to a Eurocurrency Borrowing prior to before the end of the an Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Periodto a Borrowing, the applicable Borrower shall will be deemed to have selected an Interest Period of one month’s durationthe same duration as for the prior Interest Period with respect to such Borrowing.

Interest Period Elections. (a) Article 10 Each Borrowing (i) which is outstanding on the First Anniversary shall automatically convert to a Eurocurrency Borrowing on the First Anniversary and (ii) made on or after the First Anniversary shall constitute a Eurocurrency Borrowing as of the date of the Borrowing, in each case with have an initial Interest Period as specified in such the Borrowing Request or otherwise designated by Section 2.03Request. Thereafter, each the Borrower may elect continue such Borrowing for subsequent Interest Periods thereforPeriods, all as provided in this Section. Each The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. (ba) To make an election pursuant to this Section, the applicable Borrower shall notify (i) in the case of Dollar Loans, the Administrative Agent of such election thereof by telephone or through a notice in writing not later than 2:00 p.m.11:00 a.m., New York City time, three LIBO Adjusted Business Days before the effective date of the proposed election and (ii) in the case of Peso Loans, the Mexican Administrative Agent thereof by telephone or through a notice in writing not later than 11:00 a.m., Mexico City time, three Peso Business Days before the effective date of such electionthe proposed election (an “Interest Period Election”). Each such telephonic Interest Period Election Request shall be irrevocable and shall be confirmed promptly by hand delivery, facsimile delivery or other electronic transmission telecopy to the Administrative Agent of a written Interest Period Election Request signed by or the applicable Borrower.Mexican Administrative Agent, (cb) Each telephonic and written Interest Period Election Request shall specify the following informationinformation in compliance with Section 2.02 and subsection (d) of this Section: (i) the Borrowing to which such Interest Period Election applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clause (iii) below shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Interest Period Election RequestElection, which shall be be, in the case of a Dollar Loan, a LIBO Business Day or, in the case of a Peso Loan, a Peso Business Day;; and (iiiii) the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”.” (dc) Promptly following receipt of after it receives an Interest Period Election Request in accordance with this SectionElection, the Administrative Agent (or, in the case of any Interest Period Election for Peso Loans, the Mexican Administrative Agent) shall advise each Lender of the applicable Class of with a Loan subject to such Interest Period Election as to the details thereof and of such Lender’s portion of each resulting Borrowing. (ed) If the applicable Borrower fails to deliver a timely Interest Period Election Request with respect to a Eurocurrency Borrowing prior to before the end of the an Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Periodto a Borrowing, the applicable Borrower shall will be deemed to have selected an Interest Period of one month’s durationthe same duration as for the prior Interest Period with respect to such Borrowing.