Common use of Libor Pricing Options Clause in Contracts

Libor Pricing Options. Borrower may elect to fix the rate of interest payable upon the Principal Balance (other than with respect to a Swing Loan) or any portion thereof pursuant to the provisions of this Section. The provisions of this Section 1.6 shall govern the computation, accrual and payment of interest with respect to the Principal Balance or any portion thereof for which Borrower properly makes such an election. If no Event of Default has occurred and is continuing under this Agreement or any of the other Loan Documents, Borrower may from time to time elect, by a LIBOR Rate Notice, to pay interest on the LIBOR Rate Advance described in said LIBOR Rate Notice at a LIBOR Rate during the LIBOR Rate Period specified in said LIBOR Rate Notice; provided, however, Borrower may not elect to have more than five (5) LIBOR Rate Advances outstanding at any one time. Upon request by Borrower, prior to the submission by Borrower to Agent of any LIBOR Rate Notice, Agent shall by telephone advise Borrower from time to time of the then applicable LIBOR Rate with respect to any LIBOR Rate Period promptly after the same is determined by Agent, which determination shall be final, conclusive and binding on Borrower. All interest accruing hereunder at a LIBOR Rate shall accrue and be computed and charged in the same manner as interest at the Loan Rate. From and after the end of each LIBOR Rate Period, in the event Borrower does not timely select another interest rate option at least three (3) Euro Days before a particular LIBOR Rate Advance expires, Agent may, at any time thereafter convert such LIBOR Rate Advance to a Loan Rate Advance, but until such conversion, the funds advanced under the expired LIBOR Rate Advance shall continue to accrue interest at the same rate as the interest rate under such expired LIBOR Rate Advance. Agent’s internal records of applicable interest rates shall be determinative in the absence of manifest error. Notwithstanding the foregoing, all LIBOR Rate Periods at any one time outstanding shall end on not more than five (5) different dates, and the duration of any LIBOR Rate Periods which would exceed such limitation shall be adjusted to coincide with the remaining term of such other shorter LIBOR Rate Period(s) as Borrower shall notify Agent of in writing, or absent such notice, as Agent may elect. Except as hereinafter expressly provided, no LIBOR Rate Advance may be repaid or prepaid on any day other than the last day of the LIBOR Rate Period applicable thereto; provided, however, that if Agent is required by any applicable law, statute, rule, regulation or requirement to accept any such prepayment, Borrower shall also pay to Agent for the benefit of the Lenders, from time to time, on demand, any sums necessary to compensate the Lenders for all costs, expenses, claims, penalties and liabilities incurred by the Lenders by virtue of the repayment or prepayment of funds, or the inability of the Lenders to repay or prepay funds borrowed by the Lenders in the London interbank market to advance to Borrower.

Libor Pricing Options. Borrower may elect to fix the rate of interest payable upon the Principal Balance (other than with respect to a Swing Loan) or any portion thereof pursuant to the provisions of this Section. The provisions of this Section 1.6 shall govern the computation, accrual and payment of interest with respect to the Principal Balance or any portion thereof for which Borrower properly makes such an election. If no Event of Default has occurred and is continuing under this Agreement or any of the other Loan Documents, Borrower may from time to time elect, by a LIBOR Rate Notice, to pay interest on the LIBOR Rate Advance described in said LIBOR Rate Notice at a LIBOR Rate during the LIBOR Rate Period specified in said LIBOR Rate Notice; provided, however, Borrower may not elect to have more than five (5) LIBOR Rate Advances outstanding at any one time. Upon request by Borrower, prior to the submission by Borrower to Agent of any LIBOR Rate Notice, Agent shall by telephone advise Borrower from time to time of the then applicable LIBOR Rate with respect to any LIBOR Rate Period promptly after the same is determined by Agent, which determination shall be final, conclusive and binding on Borrower. All interest accruing hereunder at a LIBOR Rate shall accrue and be computed and charged in the same manner as interest at the Loan Rate. From and after the end of each LIBOR Rate Period, in the event Borrower does not timely select another interest rate option at least three (3) Euro Days before a particular LIBOR Rate Advance expires, Agent may, at any time thereafter convert such LIBOR Rate Advance to a Loan Rate Advance, but until such conversion, the funds advanced under the expired LIBOR Rate Advance shall continue to accrue interest at the same rate as the interest rate under such expired LIBOR Rate Advance. Agent’s 's internal records of applicable interest rates shall be determinative in the absence of manifest error. Notwithstanding the foregoing, all LIBOR Rate Periods at any one time outstanding shall end on not more than five (5) different dates, and the duration of any LIBOR Rate Periods which would exceed such limitation shall be adjusted to coincide with the remaining term of such other shorter LIBOR Rate Period(s) as Borrower shall notify Agent of in writing, or absent such notice, as Agent may elect. Except as hereinafter expressly provided, no LIBOR Rate Advance may be repaid or prepaid on any day other than the last day of the LIBOR Rate Period applicable thereto; provided, however, that if Agent is required by any applicable law, statute, rule, regulation or requirement to accept any such prepayment, Borrower shall also pay to Agent for the benefit of the Lenders, from time to time, on demand, any sums necessary to compensate the Lenders for all costs, expenses, claims, penalties and liabilities incurred by the Lenders by virtue of the repayment or prepayment of funds, or the inability of the Lenders to repay or prepay funds borrowed by the Lenders in the London interbank market to advance to Borrower.