Libor Option. (a) In lieu of having interest charged at the rate based upon the Reference Rate, the Borrowers shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Loans be charged at a rate of interest based upon the LIBOR Rate. Each Interest Period of a LIBOR Rate Loan made to Borrowers shall commence on the date such LIBOR Rate Loan is made and shall end on such date as the Borrower may elect as set forth in subsection 2.02(a) above; provided that no Interest Period shall end after the last day of the Final Maturity Date; provided, further, from and after the Amendment No. 1 Effective Date, notwithstanding anything in this Agreement to the contrary, all Revolving Loans shall have interest charged based upon the LIBOR Rate.
(b) The Administrative Borrower shall elect the initial Interest Period applicable to a LIBOR Rate Loan made to the Borrowers by its Notice of Borrowing given to the Administrative Agent pursuant to Section 2.02(a) or by its notice of conversion given to the Administrative Agent pursuant to Section 2.07(c), as the case may be. The Administrative Borrower shall elect the duration of each succeeding Interest Period by giving irrevocable written notice to the Administrative Agent of such duration not later than 11:00 a.m. (New York time) on the day which is not less than three (3) Business Days prior to the last day of the then current Interest Period applicable to such LIBOR Rate Loan. If the Administrative Agent does not receive timely notice of the Interest Period elected by the Administrative Borrower, the Administrative Borrower shall be deemed to have elected to convert such LIBOR Rate Loan to a Reference Rate Loan, subject to Section 2.07(c) herein below.
(c) The Administrative Borrower may, on the last Business Day of the then current Interest Period applicable to any outstanding LIBOR Rate Loan made to the Borrowers, or on any Business Day with respect to Revolving Loans or any portion of the Term Loan that are Reference Rate Loans, convert any such loan into a loan of another type (i.e., a Reference Rate Loan or a LIBOR Rate Loan) in the same aggregate principal amount, provided that any conversion of a LIBOR Rate Loan made to the Borrowers not made on the last Business Day of the then current Interest Period applicable to such LIBOR Rate Loan shall be subject to Section 2.
Libor Option. As to any Portion or Portions of the Loan selected by the Borrower, interest shall accrue pursuant to this LIBOR option at a fixed rate per annum equal to LIBOR (as hereinafter defined in this Section 4(A)(2)) plus 4.50%. Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined in this Section 4(A)(2)) of one, two, three, or six months, as selected by the Borrower; (ii) amounts fixed shall be in increments of $100,000 or multiples thereof; and (iii) rates may only be fixed on a Banking Day (as hereinafter defined in this Section 4(A)(2)) on three Banking Days’ prior written notice. “LIBOR” means the rate (rounded upward to the nearest thousandth and adjusted for reserves required on Eurocurrency Liabilities (as hereinafter defined in this Section 4(A)(2)) for banks subject to FRB Regulation D (as hereinafter defined in this Section 4(A)(2)) or required by any other federal law or regulation)), as quoted by the BBA at 11:00 a.m. London time and published by Bloomberg, on the date the Borrower elects to fix a rate under this option for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Borrower, as published by Bloomberg or another major information vendor listed on BBA’s official website. “Banking Day” shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England. “Interest Period” shall mean the time period chosen by the Borrower during which the chosen fixed rate is to apply to a Portion of the Loan, which period commences on the day a rate fixed under Section 4(A)(4) hereof becomes effective. The Interest Period for Portions accruing interest at the LIBOR option shall end on the day in the next calendar month or in the month that is two, three or six months thereafter which corresponds numerically with the day the Interest Period commences; provided, however, that: (a) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (b) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. No Interest Period shall extend beyond the Maturity Date. “Eurocurrency Liabilities” has the m...
Libor Option. At a fixed rate per annum equal to "LIBOR" (as hereinafter defined) plus 1.25% per annum (the “LIBOR Option”). Under this option: (1) rates may be fixed for "Interest Periods" (as hereinafter defined) of 1, 2, 3, or 6 months, as selected by the Company; (2) rates may be fixed on balances of $100,000 or in multiples thereof; (3) the maximum number of balances that may be subject to this option at any one time shall be five (5); (4) rates may only be fixed on a "Banking Day" (as hereinafter defined) on 3 Banking Days’ prior notice; and (5) rates may not be fixed for Interest Periods expiring on or after the second anniversary of the date hereof, at which time this option shall cease to be in effect. For purposes hereof: (a) "LIBOR" shall mean the rate (rounded upward to the nearest sixteenth of a percentage point and adjusted for reserves required on “Eurocurrency Liabilities” (as hereinafter defined) for banks subject to “FRB Regulation D” (as hereinafter defined) or required by any other federal law or regulation) quoted by the ICE Benchmark Administration (“ICE”) (or any other entity that takes over the administration of such rate) at 11:00 a.m. London time 2 Banking Days before the commencement of the Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Company, as published by Bloomberg or another major information vendor listed on ICE’s official website (or the website of such successor organization); (b) "Banking Day" shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England; (c) "Interest Period" shall mean a period commencing on the date this option is to take effect and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3, or 6 months thereafter, as the case may be; provided, however, that: (i) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (ii) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month; (d) “Eurocurrency Liabilities” shall have the meaning as set forth in FRB Regulation D; and (e) “FRB Regulation D” shall mean R...
Libor Option. The Interest Option shall be exercisable by Borrower, subject to the other limitations set forth herein on Borrower's option to designate a portion of the unpaid principal balance hereof as a LIBOR Rate Loan, only in the manner provided below:
(i) On the date hereof, Borrower shall give Lenders written notice (an 'INTEREST NOTICE') specifying the initial Interest Option(s) and the respective initial amounts of the Contract Rate Loan and the LIBOR Rate Loan or LIBOR Rate Loans designated by Borrower; provided, no LIBOR Rate Loan designated by Borrower for any Interest Period shall be less than $500,000.00. If the required Interest Notice shall not have been timely received by Agent or fails to designate all or a portion of the unpaid principal amount hereof as either a Contract Rate Loan or a LIBOR Rate Loan in accordance with the terms and provisions of this Agreement, Borrower shall be deemed conclusively to have designated such amounts to be a Contract Rate Loan and to have given Agent notice of such designation.
(ii) At least two (2) Business Days prior to the termination of any Interest Period for a LIBOR Rate Loan, Borrower shall give Agent an Interest Notice specifying the Interest Option which is to be applicable to such LIBOR Rate Loan upon the expiration of such Interest Period. If the required Interest Notice shall not have been timely received by Agent prior to the expiration of such Interest Period, Borrower shall be deemed conclusively to have continued such LIBOR Rate Loan for a comparable Interest Period immediately upon the expiration of such Interest Period and to have given Agent notice of such continuation.
(iii) Borrower shall have the right, exercisable on any Business Day, to convert an eligible portion of the Contract Rate Loan to a LIBOR Rate Loan by giving Agent an Interest Notice of such designation at least three (3) Business Days prior to the effective date of such exercise; provided, however, the minimum amount of any LIBOR Rate Loan shall be $500,000. Additionally, upon termination of any Interest Period, Borrower shall have the right, on any Business Day, to convert all or a portion of such principal amount from the LIBOR Rate Loan to a Contract Rate Loan by giving Agent an Interest Notice of such selection at least three (3) Business Days prior to the effective date of such exercise.
(iv) Borrower may not exercise an Interest Option if the last day of the Interest Period for such LIBOR Rate Loans would be after the Maturity ...
Libor Option. At a fixed rate equal to “LIBOR” (as hereinafter defined) plus 90 basis points per annum (the “LIBOR Spread”). Under this option: (a) rates may be fixed for “Interest Periods” (as hereinafter defined) of 1, 2, 3 or 6 months, or 1 year, as selected by the Company; (b) the minimum amount that may be fixed at any one time shall be $2,000,000.00; and (c) rates may only be fixed on a “Banking Day” (as hereinafter defined) or, at the option of the Company, on 3 Banking Days’ prior notice. For purposes hereof: (i) “LIBOR” shall mean the rate (rounded upward to the nearest sixteenth and adjusted for reserves required on “Eurocurrency Liabilities” (as herein after defined) for banks subject to “FRB Regulation D” (as herein after defined) or required by any other federal law or regulation) quoted by the British Bankers Association (the “BBA”) at 11:00 a.m. London time 2 Banking Days before the commencement of the Interest for Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Company, as published by Bloomberg or another major information vendor listed on the BBA’s official website; (ii) “Banking Day” shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in Xxx Xxxx Xxxx xxx Xxxxxx, Xxxxxxx; (iii) “Interest Period” shall mean a period commencing on the day the Company elects to fix a rate under this option and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3 or 6
Libor Option. (a) Provided that no Project Default then exists with respect to any individual Construction Loan, Borrower shall have the right to elect (assuming each of the conditions set forth in subsections (i), (ii) and (iii) below have been satisfied), from time to time during the term of such Construction Loan, to have (y) all or any part, but in no event less than One Hundred Thousand and 00/100 Dollars ($100,000.00), of the then outstanding principal indebtedness evidenced by the Notes executed and delivered in connection with such Construction Loan treated as a LIBOR Portion, and/or to convert (z) the whole or not less than One Hundred Thousand and 00/100 Dollars ($100,000.00) of any existing LIBOR Portion converted to a new LIBOR Portion upon the Contract Payment Date for such LIBOR Portion, subject to:
(i) the receipt by Agent of notice of such election, together with an election of a Contract Period, not less than three (3) Business Days prior to the date requested by Borrower for commencement of the new Contract required to cover the new LIBOR Portion;
(ii) the availability to Agent and/or Lenders of a Contract to cover such new LIBOR Portion effective on the requested date of commencement for the Contract Period; and
(iii) Borrower's payment of any Additional Cost, Funding Cost and Taxes incurred by Agent or any Lender from time to time attributable to such new LIBOR Portion.
(b) Interest on each LIBOR Portion shall be payable, in arrears, on the first day of each month. Interest due on any LIBOR Portion on the date of any termination, breakage or other disposition of its covering Contract shall be paid to Agent and received by Agent in immediately available funds, at the place designated by Agent, by 2:00 p.m. on the date such interest is due to Agent or any Lender by reason of the termination, breakage or other disposition in accordance with the foregoing.
(c) Any portion of the principal balance of any Construction Loan from time to time outstanding that is not a LIBOR Portion shall be considered Prime-Based Funds accruing interest at the Prime-Based Rate.
(d) If, after the date hereof, the adoption of any applicable law, rule or regulation, or any change therein, or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by Agent or any Lender with any request or directive, whether or not having the force of law o...
Libor Option. A rate per annum equal to (A) LIBOR plus (B) the Applicable Margin for the LIBOR Option for the applicable LIBOR Interest Period.
Libor Option. A rate per annum equal to (A) LIBOR plus (B) ninety (90) basis points (0.90%), for the applicable LIBOR Interest Period. For purposes hereof, the following terms shall have the following meanings:
Libor Option. Subject to the provisions of this Section 2, the Borrower shall have the right to have the interest on all or any portion of the principal amount of the Revolving Credit Loans based on a LIBOR Rate.
Libor Option. Subject to the provisions of this Section 2, the Company shall have the right to have the interest on all or any portion of the principal amount of any Revolving Loan, based on a LIBOR Rate.
