Common use of LIBO Rate Option Clause in Contracts

LIBO Rate Option. (i) Interest on the outstanding LIBOR Based Rate Advances under the Revolving Credit shall accrue at the rate (the “LIBOR Based Rate”) equal to the sum of (A) the Adjusted LIBO Rate as determined by the Administrative Agent on the Interest Rate Determination Date plus (B) the Applicable LIBO Rate Margin. (ii) Those portions of the Revolving Credit subject to this option shall be selected and outstanding for either a one (1) month, two (2) month, three (3) month, or six (6) month period from the date such LIBOR Based Rate Advance is made or renewed or an Advance is converted to a LIBOR Based Rate Advance (“LIBOR Interest Period”) and must be repaid in full on the last day of such applicable period with all accrued and unpaid interest thereon. Interest shall also be due and payable, for LIBOR Based Rate Advances having a LIBOR Interest Period of three (3) months or greater, on each date occurring at three-month intervals after the first day of such LIBOR Based Rate Advance Period. No LIBOR Interest Period may end after the Maturity Date. Subject to all of the terms and conditions applicable to a request for a new Advance which the Borrower desires to select as a LIBOR Based Rate Advance, the Borrower may convert any Advance to a LIBOR Based Rate Advance or extend a LIBOR Based Rate Advance as of the last day of the LIBOR Interest Period to a new LIBOR Based Rate Advance. (iii) No more than seven (7) portions (tranches) of principal of LIBOR Based Rate Advances may be outstanding at any one time. (iv) The initial LIBOR Interest Period for any Borrowing of LIBOR Based Rate Advances shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of an Alternate Base Rate Advance) and each LIBOR Interest Period occurring thereafter (including continuations thereof) in respect of such Borrowing shall commence on the date on which the next preceding LIBOR Interest Period expires. (v) If any LIBOR Interest Period relating to a Borrowing of LIBOR Based Rate Advances begins on a date for which there is no numerically corresponding date in the calendar month in which such LIBOR Interest Period ends, such LIBOR Interest Period shall end on the last Business Day of such calendar month. (vi) If any LIBOR Interest Period would otherwise expire on a day which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided that if any LIBOR Interest Period in respect of a LIBOR Based Rate Advance would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such LIBOR Interest Period shall expire on the next preceding Business Day.

LIBO Rate Option. (i) Interest on the outstanding LIBOR Based Rate Advances under the Revolving Credit shall accrue at the rate (the “"LIBOR Based Rate”") equal to the sum of (A) the Adjusted LIBO Rate as determined by the Administrative Agent on the Interest Rate Determination Date plus (B) the Applicable LIBO Rate Margin. (ii) Those portions of the Revolving Credit subject to this option shall be selected and outstanding for either a one (1) month, two (2) month, three (3) month, or six (6) month period from the date such LIBOR Based Rate Advance is made or renewed or an Advance is converted to a LIBOR Based Rate Advance (“"LIBOR Interest Period”") and must be repaid in full on the last day of such applicable period with all accrued and unpaid interest thereon. Interest shall also be due and payable, for LIBOR Based Rate Advances having a LIBOR Interest Period of three (3) months or greater, on each date occurring at three-month intervals after the first day of such LIBOR Based Rate Advance Period. No LIBOR Interest Period may end after the Maturity Date. Subject to all of the terms and conditions applicable to a request for a new Advance which the Borrower desires to select as a LIBOR Based Rate Advance, the Borrower may convert any Advance to a LIBOR Based Rate Advance or extend a LIBOR Based Rate Advance as of the last day of the LIBOR Interest Period to a new LIBOR Based Rate Advance. (iii) No more than seven (7) portions (tranches) of principal of LIBOR Based Rate Advances may be outstanding at any one time. (iv) The initial LIBOR Interest Period for any Borrowing of LIBOR Based Rate Advances shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of an Alternate Base Rate Advance) and each LIBOR Interest Period occurring thereafter (including continuations thereof) in respect of such Borrowing shall commence on the date on which the next preceding LIBOR Interest Period expires. (v) If any LIBOR Interest Period relating to a Borrowing of LIBOR Based Rate Advances begins on a date for which there is no numerically corresponding date in the calendar month in which such LIBOR Interest Period ends, such LIBOR Interest Period shall end on the last Business Day of such calendar month. (vi) If any LIBOR Interest Period would otherwise expire on a day which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided that if any LIBOR Interest Period in respect of a LIBOR Based Rate Advance would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such LIBOR Interest Period shall expire on the next preceding Business Day.