Interest Rate Elections Sample Clauses
Interest Rate Elections. Subject to the terms and conditions of this Note, including limitations with respect to Interest Periods and notice requirements: (i) at the end of any Interest Period applicable to any advance under the Term SOFR Option, Borrowers may renew the Term SOFR Option applicable to such advance or convert such advance to the Prime Rate Option; (ii) at any time any of the advances under this Note bear interest under the Prime Rate Option, Borrowers may convert all or a portion of such advances become SOFR Advances; and (iii) at the time any advance is made hereunder, Borrowers may choose to have all thereof bear interest under the Prime Rate Option or the Term SOFR Option; provided that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any SOFR Advances shall, at Bank’s sole discretion, be converted at the end of the applicable Interest Period to the Prime Rate Option and the Term SOFR Option will not be available to Borrowers 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 Borrowers or waived by Bank. Borrowers shall notify 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 electing or converting to the Term SOFR Option, such notice shall be given prior to 11:00 a.m. New York time on a Business Day at least three (3) Business Days prior to the commencement of the applicable Interest Period, or at a later time if Bank, in its sole discretion, accepts Borrowers’ notice and quotes a rate for such requested advance (or conversion) under the Term SOFR Option. Each such notice shall specify: (a) the Option selected by Borrowers, (b) the principal amount subject thereto, (c) the date of the requested advance (or conversion) and (d) if applicable, the Interest Period with respect to such request. If no notice of election, conversion or renewal is timely received by Bank with respect to any advance (or expiring Interest Period), Borrowers shall be deemed to have elected the Prime Rate Option. Any such election shall be promptly confirmed in writing by such method as Bank may require. Borrowers may select different Options to apply simultaneously to different portions of the advances and may select up to five (5) different Interest Periods to apply s...
Interest Rate Elections. (a) Subject to the conditions and limitations in this Agreement, Borrower may by providing a Rollover/Conversion Notice to Administrative Agent:
(i) Elect, for a new advance of funds, that such Principal Debt will be Base Rate Principal, LIBOR Rate Principal or a combination thereof;
(ii) Elect to convert, on a LIBOR Business Day, all or part of Base Rate Principal into LIBOR Rate Principal;
(iii) Elect to convert, on the last day of the Interest Period applicable thereto, all or part of any LIBOR Rate Principal into Base Rate Principal; or
(iv) Elect to continue, commencing on the last day of the Interest Period applicable thereto, any LIBOR Rate Principal. If, for any reason, an effective election is not made in accordance with the terms and conditions hereof for any principal advance or for any LIBOR Rate Principal for which the corresponding Interest Period is expiring, or to convert Base Rate Principal to LIBOR Rate Principal, then the sums in question will be Base Rate Principal until an effective LIBOR Rate Election is thereafter made for such sums.
(b) Each Rollover/Conversion Notice must be received by Administrative Agent not later than 10:00 a.m., Administrative Agent’s Time on the applicable date as follows:
(i) With respect to an advance of or a conversion to Base Rate Principal, one (1) Business Day prior to the proposed date of advance or conversion; and
(ii) With respect to an advance of, conversion to or continuation of LIBOR Rate Principal, three (3) Business Days prior to the proposed date of advance, conversion or continuation. Unless otherwise specified herein, no conversion from LIBOR Rate Principal may be made other than at the end of the corresponding Interest Period. Each Rollover/Conversion Notice shall stipulate: (A) the amount of the advance or of the Principal Debt to be converted or continued; (B) the nature of the proposed advance, conversion or continuation, which shall be either Base Rate Principal, LIBOR Rate Principal or a combination thereof, and in the case of a conversion or continuation, the nature of the Principal Debt to be converted or continued; and (C) in the case of LIBOR Rate Principal, the proposed commencement date and duration of the Interest Period. All such notices shall be irrevocable once given, and shall be deemed to have been given only when actually received by Administrative Agent in writing in form specified by Administrative Agent.
Interest Rate Elections. (a) The Borrower may, upon irrevocable written notice to the Agent in accordance with Section 2.5(b):
(i) elect, as of any Business Day, in the case of new LIBOR Rate Loans or any Reference Rate Loans, or as of the last day of the applicable Interest Period, in the case of any existing LIBOR Rate Loans, to make or convert any such Loans (or any part thereof (A) in the case of a conversion to a LIBOR Rate Loan, in an amount not less than $1,000,000, or that is in an integral multiple of $100,000 in excess thereof or (B) in the case of a conversion to a Reference Rate Loan, in an amount not less than $250,000) into Loans of any other Type; or
(ii) elect, as of the last day of the applicable Interest Period, to continue any Loans having Interest Periods expiring on such day (or any part thereof in an amount not less than $1,000,000, or that is in an integral multiple of $100,000 in excess thereof).
(b) The Borrower shall deliver an Interest Rate Notice to be received by the Agent not later than 10:00 p.m. (Seattle time) at least (i) three Business Days in advance of the Interest Rate Election Date, if the Loans are to be made, converted into or continued as LIBOR Rate Loans; and (ii) one Business Day in advance of the Interest Rate Election Date, if the Loans are to be converted into Reference Rate Loans, specifying:
(A) the proposed Interest Rate Election Date;
(B) the aggregate amount of Loans to be made, converted or renewed;
(C) the Type of Loans resulting from the proposed making, conversion or continuation; and
(D) other than in the case of Reference Rate Loans, the duration of the requested Interest Period.
(c) If the Borrower does not specify an interest rate election in any Notice of Borrowing, the Loans made pursuant to such Notice of Borrowing shall constitute Reference Rate Loans.
(d) If upon the expiration of any Interest Period applicable to LIBOR Rate Loans, the Borrower has failed to timely select a new Interest Period to be applicable to such LIBOR Rate Loans, or if any Default or Event of Default then exists, the Borrower shall be deemed to have elected to convert such LIBOR Rate Loans into Reference Rate Loans effective as of the expiration date of such Interest Period.
(e) the Agent will promptly notify each Lender of its receipt of an Interest Rate Notice, or, if no timely notice is provided by the Borrower, the Agent will promptly notify each Lender of the details of any automatic conversion. All conversions and continuations shall be ma...
Interest Rate Elections. (a) The initial Type of Loans comprising each Committed Borrowing, and the duration of the initial Interest Period applicable thereto if they are initially CD Loans or Euro-Dollar Loans, shall be as specified in the applicable Notice of Committed Borrowing. Thereafter, the relevant Borrower may from time to time elect to change or continue (x) the Type of, or (y) in the case of CD Loans or Euro-Dollar Loans, the duration of the Interest Period applicable to, the Loans included in any Committed Borrowing (excluding overdue Loans and subject in each case to the provisions of the definition of Interest Period and Article 8), as follows:
(i) if such Loans are Base Rate Loans, such Borrower may elect to designate such Loans as CD Loans or Euro-Dollar Loans, or may elect to designate such Loans as any combination of Base Rate Loans, CD Loans and Euro-Dollar Loans; (ii) if such Loans are CD Loans, such Borrower may elect to designate such Loans as Base Rate Loans or Euro-Dollar Loans, may elect to continue such Loans as CD Loans for an additional Interest Period, or may elect to designate such Loans as any combination of Base Rate Loans, CD Loans and Euro-Dollar Loans; and (iii) if such Loans are Euro-Dollar Loans, such Borrower may elect to designate such Loans as Base Rate Loans or CD Loans, may elect to continue such Loans as Euro-Dollar Loans for an additional Interest Period, or may elect to designate such Loans as any combination of Base Rate Loans, CD Loans and Euro-Dollar Loans. Notwithstanding the foregoing, no Borrower may elect an Interest Period for CD Loans or Euro-Dollar Loans unless the aggregate outstanding principal amount of such Loans (including any such Loans made pursuant to Section 2.01 on the date that such Interest Period is to begin) to which such Interest Period will apply is at least $10,000,000.
(b) Any election permitted by subsection (a) of this Section may become effective on any Euro-Dollar Business Day specified by the Borrower (the "Election Date"). Each such election shall be made by the Borrower by delivering a notice (a "Notice of Interest Rate Election") to the Agent not later than 11:00 A.M. (New York City time) on (x) the Election Date, if all the resulting Loans will be Base Rate Loans, (y) the second Domestic Business Day before the Election Date, if the resulting Loans will include CD Loans but not Euro-Dollar Loans, and (z) the third Euro-Dollar Business Day before the Election Date, if the resulting Loans will include ...
Interest Rate Elections. (a) The initial Type of ------------------------ Loans comprising each Borrowing, and the duration of the initial Interest Period applicable thereto if they are initially Euro-Dollar Loans, shall be as specified in the applicable Notice of Borrowing. Thereafter, the Borrower may from time to time elect to change or continue the Type of, or the duration of the Interest Period applicable to, the Loans included in any Borrowing (excluding overdue Loans and subject in each case to the provisions of the definition of Interest Period and Article VIII), as follows:
(i) if such Loans are Base Rate Loans, the Borrower may elect to designate such Loans as Euro-Dollar Loans, may elect to continue such Loans as Base Rate Loans for an additional Interest Period, or may elect to designate such Loans as any combination of Base Rate Loans and Euro-Dollar Loans; and
(ii) if such Loans are Euro-Dollar Loans, the Borrower may elect to designate such Loans as Base Rate Loans, may elect to continue such Loans as Euro-Dollar Loans for an additional Interest Period, or may elect to designate such Loans as any combination of Base Rate Loans and Euro-Dollar Loans. Notwithstanding the foregoing, the Borrower may not elect an Interest Period for Euro-Dollar Loans of any Class unless (A) the aggregate outstanding principal amount of such Euro-Dollar Loans (including any such Euro-Dollar Loans of the same Class made pursuant to Section 2.01 on the date that such Interest Period is to begin) to which such Interest Period will apply is at least $5,000,000 and (B) such election will not result in the total number of outstanding Euro-Dollar Borrowings exceeding 10 at any time.
(b) Any election permitted by subsection (a) of this Section may become effective on any Euro-Dollar Business Day specified by the Borrower (the "Election Date"); provided that the Borrower may not specify an Election Date -------- with respect to an outstanding Euro-Dollar Loan that is not the last day of the Interest Period therefor. Each such election shall be made by the Borrower by delivering a notice (a "Notice of Interest Rate Election") to the Agent not later than 10:00 A.M. (New York City time) at least one Domestic Business Day before the Election Date, if all the resulting Loans will be Base Rate Loans, and at least three Euro-Dollar Business Days before the Election Date, if the resulting Loans will include Euro-Dollar Loans. Each Notice of Interest Rate Election shall specify with respect to the outstan...
Interest Rate Elections. (i) Subject to the conditions and limitations in this Agreement, Borrower may by written notice to Agent request an Interest Rate Election, which is a Request for Credit Extension in such amount that will bear interest at a Eurodollar Rate for the Interest Period of one, two, three or six months (plus the Applicable Margin) as selected by the Borrower in its Committed Loan Notice. If, for any reason, an effective Interest Rate Election is not made in accordance with the terms and conditions of this Agreement for any principal amount for which the corresponding Interest Period is expiring, then the sums in question will bear interest at the Floating Rate until an effective Interest Rate Election is thereafter made for such sums.
Interest Rate Elections. Borrower shall give the Administrative Agent, in accordance with Section 2.3(a) hereof, notice of its elected rate option with respect to the applicable portion of the Demand Line of Credit Loans. If Borrower does not elect a new Interest Period prior to the expiration of any Interest Period, the interest rate for the relevant advance(s) may be set by the Administrative Agent at the applicable Base Rate or at the applicable seven day LIBOR Based Rate at the Administrative Agent’s discretion. Borrower will have the right to change from a Base Rate to a LIBOR Based Rate at any time with respect to any advance but may change from a LIBOR Based Rate to a Base Rate only at the end of the applicable Interest Period for such advance.
Interest Rate Elections. (a) Subject to the terms and conditions set forth herein, Borrower may, by telephone or telefax (promptly confirmed in writing by an Interest Rate Election Notice delivered to the Agent, in the form attached as Exhibit 4.02 hereto), elect that the Loan Balance or one or more portions thereof bear a particular Interest Rate or be converted from one Interest Rate to another, or continue at the same Interest Rate. Such notice shall also specify the Interest Period elected by the Borrower for such balance or portion thereof. Each Interest Rate Election Notice shall be irrevocable and shall be delivered to the Agent not later than 11:00 A.M., Philadelphia time:
(i) For a Base Rate Loan, on the same Business Day as the proposed Effective Date for such Base Rate Loan; and
(ii) For a LIBOR Loan, at least three Business Days prior to the proposed Effective Date for such Loan.
(b) To the extent possible consistent with Section 2.03(a):
(i) Each Base Rate Loan shall be in an aggregate principal amount of $250,000 or a multiple of $50,000 in excess thereof, and any Base Rate Loan which is converted from a LIBOR Loan shall be in an aggregate principal amount of $250,000 or multiples of $50,000 in excess thereof; and
(ii) Each LIBOR Loan shall be in an aggregate principal amount of $250,000 or a multiple of $50,000 in excess thereof.
(c) Notwithstanding the foregoing:
(i) In the case of conversion of a LIBOR Loan to a Loan bearing interest at a different Interest Rate, the Effective Date for the new Interest Period may not be any day other than the day after the expiration of the Interest Period relating to the Loan being converted;
(ii) At the end of any applicable LIBOR Interest Period, the relevant LIBOR Loan will convert to a Base Rate Loan, respectively, unless the Borrower notifies the Bank pursuant to an Interest Rate Election Notice that Borrower is selecting a new Interest Rate option and a new Interest Period;
(iii) At no time shall there be outstanding more than five (5) different LIBOR Loans under the Credit Facility, or six (6) if there are no Base Rate Loans outstanding; and
(iv) During the continuance of an Event of Default, at the Agent's option exercisable by written notice to the Borrower, Borrower may not thereafter elect that the Loan Balance or one or more portions thereof shall bear interest at the Adjusted LIBOR Rate, until Borrower receives written notice to the contrary from the Agent.
Interest Rate Elections. If no Default exists, the Obligors may elect to have a Eurodollar Rate plus the Applicable Margin, or the Adjusted LIBOR Rate plus the Applicable Margin, apply or continue to apply (as the case may be) to all or a portion of the principal balance of the Warehouse Loans or the Servicing Acquisition Loans. No such designation shall change the outstanding principal balance of any Note. Obligors shall designate such rate in the related Loan Request given to the Agent by no later than 10:00 a.m., Houston time, on the applicable Rate Designation Date (except that if the Loan Request includes a Eurodollar Rate designation, such Loan Request must be given to the Agent by no later than 10:00 a.m. on the Business Day immediately before the applicable Rate Designation Date) or by a separate written notice if Obligors desire to designate (or continue) a Eurodollar Rate Loan or an Adjusted LIBOR Rate Loan, or to convert a Eurodollar Rate Loan to an Adjusted LIBOR Rate Loan or vice versa. Each Eurodollar Rate Loan shall be and remain in the amount of at least Five Million Dollars ($5,000,000), and no more than three (3) Eurodollar Rate Loans may be outstanding at any one time. If an Obligor elects to have a Eurodollar Rate apply to any portion of a Loan funded as a Swing Loan, then such Obligor shall be deemed to have elected that (i) the Adjusted LIBOR Rate plus the Applicable Margin for Swing
Interest Rate Elections. (a) Elections by ▇▇▇▇▇▇▇▇ for Advances. Subject to Section 2.02, each Advance initially shall be of the type and currency specified in the applicable Notice of Borrowing. Thereafter, the Borrower may elect to change the Interest Accrual Period therefor, as provided in this Section 2.20. (b)