LIBOR INTEREST RATE OPTION Clause Samples

LIBOR INTEREST RATE OPTION. (A) At the option of the Borrower, so long as no Default or Event of Default has occurred and is then continuing, the Borrower may elect from time to time prior to the Maturity Date to have all or a portion of the unpaid principal amount of (a) any Revolving Loan bear interest during any particular Interest Period with reference to the LIBOR Rate or (b) any Revolving Loans as to which there has been and continues to be a Satisfaction of Modified Release Conditions attributable to a specific MRC Investor bear interest at the Modified LIBOR Rate; provided, that any such portion of any Loan shall be in an amount not less than $500,000 or some greater integral multiple of $100,000 with respect to any single Interest Period. Each Interest Period selected hereunder shall commence on the first day of a calendar month. Any election by the Borrower to have interest calculated at the LIBOR Rate or Modified LIBOR Rate shall be made by notice (which shall be irrevocable) to the Agent at least three (3) Business Days prior to the first day of the proposed Interest Period for each Revolving Loan, specifying the LIBOR Rate Amount and the duration of the proposed Interest Period applicable thereto (which must be for one, two, three, six or twelve months). Any such election of a LIBOR Rate or Modified LIBOR Rate shall lapse at the end of the expiring Interest Period unless extended by a further election notice provided in accordance with this paragraph. Except as otherwise provided herein, each LIBOR Rate Amount shall bear interest during each Interest Period relating thereto at the LIBOR Rate plus 170 basis points (1.70%) or, in the case of the Modified LIBOR Rate, at the annual rate as set forth in the definition of such term in SECTION 1.1 hereof. Interest on each LIBOR Rate Amount shall be payable to the Agent for the benefit of the Banks monthly in arrears on the first Business day of each calendar month and on the last day of each Interest Period relating thereto. (B) The Borrower shall pay to the Agent, on behalf of the Banks, pro-rata in proportion to their respective Commitment Percentages, the LIBOR Reserve Charge, if any, with respect to LIBOR Rate Amounts of the Loan outstanding from time to time on the dates interest is payable on such LIBOR Rate Amounts. (C) The Agent shall forthwith upon determining any LIBOR Rate provide notice thereof to the Borrower and each of the Banks. Each such notice shall be conclusive and binding upon the Borrower, absent manifest ...

LIBOR INTEREST RATE OPTION. Subject to the terms and conditions of the Agreement the Borrower may elect that all or portions of the principal balance of this Revolving Note A bear interest at the LIBOR Interest Rate plus the margin described in Section 4.3 of the Agreement (the "LIBOR Interest Rate Option"). Specific reference is made to the Interest Rate Options section of the Agreement for terms governing the designation of interest periods and rate portions. The initial margin applicable to borrowings as of the Effective date shall be 1.10%. The LIBOR Interest Rate shall be computed in accordance with the following formula. LIBOR Interest Rate = London Interbank Offered Rate

LIBOR INTEREST RATE OPTION. In addition to interest rates based on the Base Rate Option defined in the Term Note, the Borrower may elect a fixed rate of interest for a fixed time period and principal amount agreeable to the Bank and Borrower that is based upon the margin stated in the Revolving Note and an interest rate derived from the current LIBOR rate available to the Bank on national or international money markets for a similar time period and dollar amount. To elect the LIBOR Interest Rate Option, as defined in the Revolving Note, the Borrower must request a quote from the Bank two days prior to funding, which must be accepted by the Borrower following quotation by the Bank as a condition to fixing. This request must designate an amount (the "LIBOR Interest Rate Portion") and a period (the "LIBOR Interest Rate Period"). The LIBOR Interest Rate Portion must be at least $100,000.00 and the LIBOR Interest Rate Period will be for 30, 60 or 90 days or any other period to which the parties may agree. The Bank shall not be obligated to provide a LIBOR Interest Rate quote if it determines that no deposits with an amount and maturity equal to those for which a quotation has been requested are available to it in the London Interbank Market. The Borrower must orally accept a quote when received or it will be deemed rejected. If accepted, the LIBOR Interest Rate Option will remain in effect for the LIBOR Interest Rate Period specified in the quote. At the end of each LIBOR Interest Rate Period the principal amount subject to the LIBOR Interest Rate Option shall bear interest at the Base Rate Option (as defined in the Revolving Note).