Common use of Interest Rate Election Provisions Clause in Contracts

Interest Rate Election Provisions. (a) Any Loan shall, at the option of Borrower, be made either as a Reference Rate Loan or as a LIBOR Loan; provided, that if a Default or Event of Default has occurred and is continuing, all Loans advanced or continued thereafter shall be made as Reference Rate Loans. If Borrower fails to give notice to Agent specifying whether any LIBOR Loan is to be repaid or reborrowed on a Payment Date, such LIBOR Loan shall be repaid and then reborrowed as a Reference Rate Loan on the Payment Date. Borrower shall give to Agent irrevocable notice of a request for a LIBOR Loan by telephone or facsimile transmission not later than three (3) Business Days prior to the date of the proposed LIBOR Loan. Agent shall determine the applicable LIBOR Basis as of the second Business Day prior to the date of the requested LIBOR Loan. Each determination by Agent of a LIBOR Basis shall, absent manifest error, be deemed final, binding and conclusive upon Borrower. The LIBOR Loan Period for each LIBOR Loan shall be fixed at one, two or three months. With respect to LIBOR Loans, (i) each LIBOR Loan shall be in a principal amount of not less than $1,000,000 and in an integral multiple of $500,000, and (ii) at no time shall there be more than five (5) LIBOR Loans outstanding.

Interest Rate Election Provisions. (a) Any Revolving Loan shall, at the option of Borrower, be made either as a Reference Rate Loan or as a LIBOR Loan; provided, that if written notice of a Default or Event of Default has occurred and is continuing, all Revolving Loans advanced or continued thereafter shall be made as Reference Rate Loans. If Borrower fails to give notice to Agent Bank specifying whether any LIBOR Loan is to be repaid or reborrowed on a Payment Date, such LIBOR Loan shall be repaid and then reborrowed as a Reference Rate Loan on the Payment Date. Borrower shall give to Agent Bank irrevocable notice of a request for a LIBOR Loan by telephone or facsimile transmission not later than three (3) two Business Days prior to the date of the proposed LIBOR Loan. Agent Bank shall determine the applicable LIBOR Basis as of the second Business Day prior to the date of the requested LIBOR Loan. Each determination by Agent Bank of a LIBOR Basis shall, absent manifest error, be deemed final, binding binding, and conclusive upon Borrower. The LIBOR Loan Period for each LIBOR Loan shall be fixed at one, two two, three, or three six months. With respect to LIBOR Loans, (i) each LIBOR Loan shall be in a principal amount of not less than $1,000,000 500,000 and in an integral multiple of $500,000, and (ii) at no time shall there be more than five (5) tranches of LIBOR Loans outstanding.