Common use of LIBOR Interest Periods Clause in Contracts

LIBOR Interest Periods. If a U.S. Borrower or the Canadian Borrower is borrowing by way of a Libor Loan or if a U.S. Borrower or the Canadian Borrower elects to convert into a Libor Loan pursuant to Section 2.3, the applicable Borrower shall, prior to the expiration or beginning of each Libor Interest Period , select and notify the Canadian Agent and/or the U.S. Agent, as the case may be, at least 3 Business Days prior to: (a) the last day of the current Libor Interest Period for such Libor Loan; (b) the Conversion Date, as the case may be, of the next or new, as the case may be, Libor Interest Period applicable to such Libor Loan, which new Libor Interest Period, as applicable, shall commence on and include the day following the expiration of the prior Libor Interest Period. If a Borrower fails to select and to notify the Canadian Agent or the U.S. Agent, as the case may be, of the Libor Interest Period applicable to a Libor Loan, such Borrower shall be deemed to have selected a Libor Interest Period, of one month or 30 days, as the case may be. In any event, no Libor Interest Period shall end on a date falling after the Final Maturity Date. The Borrowers shall ensure, when selecting a Libor Interest Period, that no Libor Loan shall be required to be prepaid in order for the Borrowers to perform their obligations under Section 3.1.