LIBOR Periods. At the time the Borrower gives a Notice of Borrowing or a Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Rate Loans (in the case of the initial LIBOR Period applicable thereto) or prior to 1:00 p.m. (New York time) on the third (3rd) Business Day (and in any event, on not more than ten (10) Business Days’ notice) prior to the expiration of an LIBOR Period applicable to a Borrowing of LIBOR Rate Loans, the Borrower shall have, by giving the Administrative Agent written notice the right to elect the LIBOR Period applicable to such Borrowing, which LIBOR Period shall, at the option of the Borrower, be a one, two, three or six month period (or, if available to all relevant affected Lenders, a twelve month period):
(a) the initial LIBOR Period for any Borrowing of LIBOR Rate Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Period occurring thereafter in respect of such Borrowing shall commence on the day on which the immediately preceding LIBOR Period expires;
(b) if any LIBOR Period relating to a Borrowing of LIBOR Rate Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Period, such LIBOR Period shall end on the last Business Day of the calendar month at the end of such LIBOR Period;
(c) if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next succeeding Business Day; provided, that if any LIBOR Period in respect of a LIBOR Rate Loan would otherwise expire on a day that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such LIBOR Period shall expire on the immediately preceding Business Day; and
(d) the Borrower shall not be entitled to elect any LIBOR Period in respect of any LIBOR Rate Loan if such LIBOR Period would extend beyond the applicable Maturity Date of such Loan.
LIBOR Periods. The Borrower may select, by irrevocable notice to the Agent, LIBOR Periods of 1, 2, 3 or 6 months to apply to any particular LIBOR Advance. LIBOR Periods of other lengths shall also be available at the discretion of the Lenders from time to time, but there shall not at any time be LIBOR Advances outstanding with more than 6 different maturity dates. No LIBOR Period may end on a date which is not a Business Day or after the Maturity Date. The Borrower shall from time to time select and give notice to the Agent of the LIBOR Period for a LIBOR Advance which shall commence upon the making of the LIBOR Advance or on the date of the expiry of any outstanding LIBOR Period applicable to a LIBOR Advance that is being rolled over. If the Borrower fails to select and give the Agent notice of a LIBOR Period for a LIBOR Advance in accordance with Section 5.3, the Lenders shall be deemed to have made a Base Rate Advance to the Borrower to replace the maturing LIBOR Advance, unless such LIBOR Advance is repaid by the Borrower at the end of the applicable LIBOR Period.
LIBOR Periods. The Borrower may select, by irrevocable notice to the Agent, LIBOR Periods of one, two, three or six months to apply to any particular LIBOR Advance, provided that the Agent, in circumstances of market disruption or illiquidity, shall have the discretion to restrict the LIBOR Period. LIBOR Periods of other lengths shall also be available at the discretion of the Lenders from time to time. No LIBOR Period may end on a date which is not a Business Day or on a date which is later than the date on which the principal amount of any Credit is required to be reduced (in whole or in part) if that would adversely affect the Borrower's ability to cause the reduction of the Credit in question. The Borrower shall from time to time select and give notice to the Agent of the LIBOR Period for a LIBOR Advance which shall commence upon the making of the LIBOR Advance or at the expiry of any outstanding LIBOR Period applicable to a LIBOR Advance that is being rolled over. If the Borrower fails to select and give the Agent notice of a LIBOR Period for a LIBOR Advance in accordance with Section 5.6, the Lenders shall be deemed to have made a Base Rate Advance to the Borrower to replace the maturing LIBO Rate Advance. A rollover of a LIBOR Advance does not constitute a new advance of funds by the Lenders, but rather an adjustment of the basis on which interest is charged.
LIBOR Periods. The Borrower may select, by irrevocable notice to the Agent, LIBOR Periods of one to six months to apply to any particular LIBOR Advance. LIBOR Periods of other lengths shall also be available at the discretion of the Lenders from time to time. No LIBOR Period may end on a date which is not a Business Day, or after the Maturity Date. The Borrower shall from time to time select and give notice to the Agent of the LIBOR Period for a LIBOR Advance which shall commence upon the making of the LIBOR Advance or at the expiry of any outstanding LIBOR Period applicable to a LIBOR Advance that is being rolled over. If the Borrower fails to select and give the Agent notice of a LIBOR Period for a LIBOR Advance in accordance with Section 4.3, the Lenders shall be deemed to have made a Base Rate Advance to the Borrower to replace the maturing LIBO Rate Advance. The Borrower shall not at any time have LIBOR Advances outstanding with a number of different maturity dates that is greater than fifteen minus the number of different maturity dates for the Borrower's Bankers' Acceptances that are then outstanding.
LIBOR Periods. The Borrower may select, by irrevocable notice to the Administrative Agent, the LIBOR Period to apply to any particular LIBOR Advance. The Borrower shall from time to time select and give notice to the Administrative Agent in accordance with Section 6.5 of the LIBOR Period for a LIBOR Advance which shall commence upon the making of the LIBOR Advance or at the expiry of any outstanding LIBOR Period applicable to a LIBOR Advance that is the subject of a Rollover. If the Borrower fails to select and give the Administrative Agent notice of a LIBOR Period for a LIBOR Advance in accordance with Section 6.5, any such LIBOR Advance shall be converted to a U.S. Base Rate Advance, on the last day of the LIBOR Period applicable to such LIBOR Advance.
LIBOR Periods. The Borrowers may select, by irrevocable notice to the Agent, LIBOR Periods of one, two, three or six months to apply to any particular LIBOR Advance. LIBOR Periods of other lengths shall be permitted if the relevant Lenders, acting reasonably, determine that deposits for such terms are readily available. No LIBOR Period may end on a date which is not a Business Day, or after the date on which the principal amount of any Credit is required to be reduced (in whole or in part) if that would adversely affect the Borrowers' ability to cause the reduction of the Credit in question. The Borrowers shall from time to time select and give notice to the Agent of the LIBOR Period for a LIBOR Advance which shall commence upon the making of the LIBOR Advance or at the expiry of any outstanding LIBOR Period applicable to a LIBOR Advance that is being rolled over. If a Borrower fails to select and give the Agent notice of a LIBOR Period for a LIBOR Advance in accordance with Section 8.6, the LIBOR Advance for which the LIBOR Period has ended shall be deemed to be converted to a Base Rate (US) Advance, in the case of a LIBOR Advance in US Dollars, and a Base Rate (UK) Advance in the case of a LIBOR Advance in British Pounds, and the Borrower shall be deemed to have selected a LIBOR Period of one month in the case of a LIBOR Advance in any other Approved Currency. A rollover of a LIBOR Advance does not constitute a new advance of funds by the Lenders, but rather an adjustment of the basis on which interest is charged. [Note: Section amended by Third Amending Agreement]
LIBOR Periods. Each Borrower may select, by irrevocable prior written notice to the Agent, LIBOR Periods of 1, 2, 3 or 6 months to apply to any particular LIBOR Advance. LIBOR Periods of other lengths shall also be available at the discretion of the Lenders from time to time. No LIBOR Period may end on a date which is not a Business Day, or after the date on which the principal amount of the Credit is required to be reduced (in whole or in part) if that would adversely affect the applicable Borrower's ability to cause the reduction of the Credit. Each Borrower shall select and give 3 days prior written notice to the Agent of the LIBOR Period for a LIBOR Advance which shall commence upon the making of the LIBOR Advance or at the expiry of any outstanding LIBOR Period applicable to a LIBOR Advance that is being rolled over. If a Borrower fails to select and give the Agent 3 days prior written notice of a LIBOR Period for a LIBOR Advance in accordance with Section 5.28, the Lenders shall be deemed to have made a Base Rate Canada Advance, in the case of Maxxcom, or a Base Rate U.S. Advance, in the case of Maxxcom US, to such Borrower to replace the maturing LIBOR Advance.
LIBOR Periods. A Borrower may select, by irrevocable notice to the Agent, LIBOR Periods of one, two, three or six months to apply to any particular LIBOR Advance made to such Borrower. LIBOR Periods of other lengths shall also be available at the discretion of the Lenders from time to time. No LIBOR Period may end on a date that is not a Banking Day, or after the Maturity Date. The applicable Borrower shall from time to time select and give notice to the Agent of the LIBOR Period for a LIBOR Advance, which shall commence on the making of the LIBOR Advance or at the expiry of any outstanding LIBOR Period applicable to a LIBOR Advance that is being rolled over. If the applicable Borrower fails to select and give the Agent notice of a LIBOR Period for a LIBOR Advance in accordance with Section 5.6, the Lenders shall be deemed to have made a Base Rate Advance to such Borrower to replace the maturing LIBOR Advance.
LIBOR Periods. The Borrower may select, by irrevocable notice to the Agent, LIBOR Periods of one, two, three or six months to apply to any particular LIBOR Advance. LIBOR Periods of other lengths shall also be available at the discretion of the Lenders from time to time, but there shall not at any time be LIBOR Advances outstanding with more than 12 different maturity dates. No LIBOR Period may end on a date which is not a Banking Day, or after the date on which the principal amount of the Credit is required to be reduced (in whole or in part) if that would adversely affect the Borrower’s ability to cause the reduction of the Credit. The Borrower shall from time to time select and give notice to the Agent of the LIBOR Period for a LIBOR Advance which shall commence on the making of the LIBOR Advance or at the expiry of any outstanding LIBOR Period applicable to a LIBOR Advance that is being rolled over. If the Borrower fails to select and give the Agent notice of a LIBOR Period for a LIBOR Advance in accordance with Section 5.4, the Lenders shall be deemed to have made a Base Rate Advance to the Borrower to replace the maturing LIBO Rate Advance.
LIBOR Periods. The Borrower shall designate the LIBOR Period to apply to each LIBOR Advance in its notice of any drawdown of such advance, any LIBOR Conversion, and any renewal of an existing LIBOR Period, provided that, upon failure of the Borrower to give notice of any such designation, when applicable, as required under this Credit Agreement, the Bank may either convert the affected LIBOR Advance to a Base Rate Advance or designate a substitute LIBOR Period which will apply to such advance for the purpose of determining the interest rate with respect to same.
