Interest Rate Election. Subject to the terms and conditions of this Note, at the end of each interest period applicable to any advance, the Borrower may renew the Option applicable to such advance or convert such advance to a different Option; provided that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any advances bearing interest under the LIBOR Option shall, at the Bank’s sole discretion, be converted at the end of the applicable LIBOR Interest Period to the Base Rate Option and the LIBOR Option will not be available to Borrower with respect to any new advances (or with respect to the conversion or renewal of any existing advances) until such Event of Default has been cured by the Borrower or waived by the Bank. The Borrower shall notify the Bank of each election of an Option, each conversion from one Option to another, the amount of the advances then outstanding to be allocated to each Option and where relevant the interest periods therefor. In the case of converting to the LIBOR Option, such notice shall be given at least three (3) Business Days prior to the commencement of any LIBOR Interest Period. If no interest period is specified in any such notice for which the resulting advance is to bear interest under the LIBOR Option, the Borrower shall be deemed to have selected a LIBOR Interest Period of one month’s duration. If no notice of election, conversion or renewal is timely received by the Bank with respect to any advance, the Borrower shall be deemed to have elected the Base Rate Option. Any such election shall be promptly confirmed in writing by such method as the Bank may require.
Interest Rate Election. The basis for determining the rate of interest with respect to any Loan, and the Interest Period with respect to any Eurodollar Loan, shall be selected by the Borrower and notified to the Administrative Agent pursuant to the applicable Funding Notice or Conversion/Continuation Notice, as the case may be. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Administrative Agent in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Interest Rate Election. Each Borrowing Tranche under any Loan shall bear interest as a Base Rate Tranche unless and until Borrower shall otherwise elect. Borrower shall make a LIBO Rate or Base Rate election by delivering a Rate Election Notice (a) not less than one Business Day prior to the Borrowing Date, in the case of Base Rate Tranche, (b) not less than three Business Days prior to the Borrowing Date, in the case of a LIBO Rate Tranche, and (c) in no event more than five Business Days prior to a Borrowing Date, provided that no more than one LIBO Rate Tranche for any Loan shall be outstanding at any one time. Each Rate Election Notice shall specify the LIBOR Period to be applicable to any LIBO Rate Tranche with respect to any Loan. The LIBO Rate shall remain fixed for all disbursements made under a Loan that bear interest based on the LIBO Rate until the next LIBOR Period commences. Any Rate Election Notice delivered by Borrower shall be irrevocable and may not be modified in any way without the prior, written approval of Lender. In addition to initially electing to designate a Borrowing Tranche as a Base Rate Tranche or a LIBO Rate Tranche, Borrower may further elect, by designation on a Rate Election Notice, (i) to convert a Base Rate Tranche or any portion thereof to a LIBO Rate Tranche, (ii) to convert a LIBO Rate Tranche or any portion thereof into a Base Rate Tranche, or (iii) to continue any LIBO Rate Tranche or any portion thereof for an additional LIBOR Period. In the event that Borrower fails to notify Lender that it desires to continue any LIBO Rate Tranche or any portion thereof by the last day of the applicable LIBOR Period, Borrower shall be deemed to have elected to continue the LIBO Rate Tranche in question for an additional LIBOR Period equal in length to the expiring LIBOR Period. The LIBOR Period for the continuation of any LIBO Rate Tranche shall commence on the day after the last day of the next preceding LIBOR Period. Notwithstanding anything to the contrary contained herein and subject to the default interest provisions contained herein, if an Event of Default occurs, all LIBO Rate Tranches will convert to Base Rate Tranches upon the expiration of the LIBOR Periods therefor. The conversion of a LIBO Rate Tranche to a Base Rate Tranche pursuant to a description in a Rate Election Notice shall only occur on the last Business Day of the LIBOR Period relating to such LIBO Rate Tranche. Lender is hereby authorized to rely upon a Rate Election Notice deliver...
Interest Rate Election. (i) Each Advance initially shall be of the Type specified in the applicable request for Advance made in accordance with Section 2.2(a) and, if applicable, shall have an initial Interest Period as specified in such Advance request. Thereafter, any Borrower may elect to convert such Advance to a different Type (to the extent available for the Type of Advance) or to continue such Advance and, in the case of an Advance of Contract Rate Loans of any Type, may elect Interest Periods therefor, all as provided herein. Any Borrower (or the Borrower Representative on behalf of such Borrower) may elect different options with respect to different portions of the affected Advance, and the Loans comprising each such portion shall be considered a separate Advance. This Section shall not apply to Swingline Loans or Special Advances, which may not be so converted or continued. Interest on Contract Rate Loans (including LIBOR Rate Loans and BA Rate Loans as described above) shall be payable on the Interest Payment applicable thereto.
(ii) To make an election pursuant to this Section, any Borrower (or the Borrower Representative on behalf of such Borrower) shall notify the Administrative Agent in writing of such election by the time that an Advance request would be required under Section 2.2 if any Borrower (or the Borrower Representative on behalf of such Borrower) was requesting an Advance of Loans of the Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable. At the Administrative Agent’s election, in lieu of giving an Interest Election Request in writing, any Responsible Officer may give the Administrative Agent telephonic notice of such Interest Election Request. In such circumstance, any Borrower (or the Borrower Representative on behalf of such Borrower) agrees that any such telephonic notice will be confirmed in writing within 24 hours of the giving of such telephonic notice, but the failure to provide such written confirmation shall not affect the validity of such request.
(iii) Each telephonic and written Interest Election Request shall specify the following information:
(A) the Advance to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Advance (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be sp...
Interest Rate Election. The basis for determining the rate of interest with respect to any Loan and the Interest Period with respect to any Eurodollar Loan, shall be selected by the Borrowers and notified to the Administrative Agent pursuant to the applicable Funding Notice or Conversion/Continuation Notice, as the case may be; provided that, (i) Swing Line Loans may only be made and maintained as Base Rate Loans, (ii) Loans (other than Swing Line Loans) that are denominated in Dollars may be made and maintained as Base Rate Loans or Eurodollar Loans, and (iii) Revolving Loans that are denominated in an Alternative Currency may only be made and maintained as Eurodollar Loans. If any Loan that is denominated in Dollars is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Administrative Agent in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then such Loan shall be a Base Rate Loan.
Interest Rate Election. Pursuant to Section 3.2 of the Credit Agreement, the Borrower makes the following interest rate election with respect to the Segment in the principal amount of $______________ that matures on ____________________.
Interest Rate Election. Administrative Agent shall have received an ---------------------- Interest Rate Election, executed by an Authorized Signatory of Borrower, in accordance with the provisions of Section 2.03(a).
Interest Rate Election. All disbursements of Loan proceeds shall bear interest at the Note Rate, subject to the default interest provisions contained herein.
Interest Rate Election. (a) In its sole discretion, as provided in this section, Borrowers may elect to pay accrued interest on a Borrowing on an Interest Payment Date (or, in the case of a prepayment under Section 2.11, on the Prepayment Date) for such Borrowing either:
(i) at the PIK&Cash Payment Rate through the remittance of both (A) the Cash Portion, which is a payment in cash corresponding to an interest rate of 4% per annum plus (B) the PIK Portion corresponding to an interest rate of 8% per annum(such election, a "PIK&Cash Payment Election"); or
(ii) at the Cash Payment Rate through the remittance of the Cash Payment Amount, which is a payment on cash corresponding to an interest rate of 8% (such election, a "Cash Payment Election").
(b) To make a PIK&Cash Payment Election pursuant to this Section 2.14 with respect to any Borrowing for any Interest Period (or in the case of a prepayment under Section 2.11, the portion of an Interest Period ending on the Prepayment Date), the Borrowers shall notify the Administrative Agent of such election by facsimile or telephone not later than 1:00 p.m., New York time, six (6) Business Days before the Interest Payment Date (or, in the case of a prepayment under Section 2.11, six (6) Business Days before the Prepayment Date) for the current Interest Period for such Borrowing (the "PIK&CASH PAYMENT ELECTION DEADLINE"). Each telephonic PIK&Cash Payment Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written PIK&Cash Payment Election Request in a form approved by the Administrative Agent and signed by the Borrowers. Promptly upon receipt of the written PIK&Cash Payment Election Request, the Administrative Agent shall give notice of such PIK&Cash Payment Election Request to the Lenders.
(c) Each telegraphic and written PIK&Cash Payment Election Request shall specify the Borrowing to which such PIK&Cash Payment Election Request applies;
(d) Following receipt of a PIK&Cash Payment Election Request, (i) the Administrative Agent shall advise each Lender and the Borrowers by 11 a.m., New York time, on the Interest Payment Date (or, in the case of a prepayment under Section 2.11, on the Prepayment Date) relating to such PIK&Cash Payment Election Request of the details thereof, including the Administrative Agent's determination of the Cash Payment Portion and the PIK Portion (including its calculation thereof) as determined pursuant to Subsection hereof, (2) within ...
Interest Rate Election. Borrower shall make an election in writing pursuant to Section 2.1 (c) as to whether such Revolving Loan shall bear interest at the Floating Rate or the LIBOR-Based Rate. If Borrower elects to have a Revolving Loan bear interest at the LIBOR- Based Rate, Borrower shall also specify the applicable LIBOR Rate Borrowing Period for such Revolving Loan; provided, however, no more than eight (8) Revolving Loans may bear interest at the LIBOR-Based Rate at any time and each Revolving Loan bearing interest at the LIBOR-Based Rate shall be in a minimum amount of $500,000.
