Common use of LIBOR Rate Conversion Options Clause in Contracts

LIBOR Rate Conversion Options. Subject to Sections 2.5(c) and 2.3(e) hereof, Borrower may elect to convert the Applicable Interest Rate with respect to any portion of the Loan which bears interest at a LIBOR Rate, from such LIBOR Rate to another LIBOR Rate effective upon the expiration of the then current LIBOR Rate Period; provided, however, that (x) there shall not have occurred and be continuing any Default or Event of Default, (y) the circumstances referred to in Section 2.11(b) hereof applicable to such LIBOR Rate Period shall not have occurred and be continuing, and (z) after giving effect to such conversion (or election pursuant to Section 2.3(c) hereof), the number of LIBOR Rates in effect shall not exceed, in the aggregate, four (4). If Borrower wishes to convert the Applicable Interest Rate on any Loan Portion as permitted by the preceding sentence, an Authorized Borrower Representative shall give notice thereof (which shall be irrevocable) to Agent to the attention of an Authorized Agent Representative prior to 1:00 p.m. (New York City time) on the day that is not less than three (3) LIBOR Banking Days prior to the proposed conversion date specifying (A) the principal amount of the Loan with respect to which such conversion shall occur, (B) the proposed conversion date, which shall be determined in accordance with the preceding sentence, and (C) the applicable LIBOR Rate Period.

LIBOR Rate Conversion Options. Subject to Sections 2.5(c) and 2.3(e2.3(f) hereof, Borrower may elect to convert the Applicable Interest Rate (i) with respect to any Loan Portion which bears interest at the Base Rate, from the Base Rate to a LIBOR Rate effective on any LIBOR Banking Day, or (ii) with respect to any portion of the Loan which bears interest at a LIBOR Rate, from such LIBOR Rate to another LIBOR Rate effective upon the expiration of the then current LIBOR Rate Period; provided, however, that (x) there shall not have occurred and be continuing any Default or Event of Default, (y) the circumstances referred to in Section 2.11(b) 2.9 hereof applicable to such LIBOR Rate Period shall not have occurred and be continuing, and (z) after giving effect to such conversion conversion, there shall be no more than one (or election pursuant to Section 2.3(c1) hereof), the number of LIBOR Rates Rate in effect shall not exceed, in the aggregate, four (4)effect. If Borrower wishes to convert the Applicable Interest Rate on any Loan Portion as permitted by the preceding sentence, an Authorized Borrower Representative shall give notice thereof (which shall be irrevocable) to Agent to the attention of an Authorized Agent Representative prior to 1:00 p.m. (New York City time) on the day that is not less than three (3) LIBOR Banking Days prior to the proposed conversion date specifying (A) the principal amount of the Loan with respect to which such conversion shall occur, (B) the proposed conversion date, which shall be determined in accordance with the preceding sentence, and (C) the applicable LIBOR Rate Period.

LIBOR Rate Conversion Options. Subject to Sections 2.5(c) and 2.3(e2.3(f) hereof, Borrower may elect to convert the Applicable Interest Rate with respect for any Loan Portion (i) from the Base Rate to any portion of the Loan which bears interest at a LIBOR RateRate effective on any LIBOR Banking Day, or (ii) from such LIBOR Rate to another LIBOR Rate effective upon the expiration of the then current LIBOR Rate Period; provided, however, that (x) there shall not have occurred and be continuing any First Tier Default or Event of Default, (y) the circumstances referred to in Section 2.11(b) 2.11 hereof applicable to such LIBOR Rate Period shall not have occurred and be continuing, and (z) after giving effect to such conversion (or election pursuant to Section 2.3(c) hereof)conversion, the number of LIBOR Rates in effect shall not exceed, in the aggregate, four (4five(5). If Borrower wishes to convert the Applicable Interest Rate on any Loan Portion as permitted by the preceding sentence, an Authorized Borrower Representative shall give Agent notice thereof (which shall be irrevocable) to Agent to the attention of an Authorized Agent Representative prior to 1:00 12:00 p.m. (New York ________________________________________________________________________________________________________________________ City time) on the day that is not less than three (3) LIBOR Banking Days prior to the proposed conversion date specifying (A) the principal amount of the Loan with respect to which such conversion shall occur, (B) the proposed conversion date, which shall be determined in accordance with the preceding sentence, sentence and (C) the applicable LIBOR Rate Period.

LIBOR Rate Conversion Options. Subject to Sections 2.5(c) and 2.3(e2.3(f) hereof, Borrower may elect to convert the Applicable Interest Rate with respect for any Loan Portion (i) from the Base Rate to any portion of the Loan which bears interest at a LIBOR RateRate effective on any LIBOR Banking Day, or (ii) from such LIBOR Rate to another LIBOR Rate effective upon the expiration of the then current LIBOR Rate Period; provided, however, that (x) there shall not have occurred and be continuing any First Tier Default or Event of Default, (y) the circumstances referred to in Section 2.11(b) 2.11 hereof applicable to such LIBOR Rate Period shall not have occurred and be continuing, and (z) after giving effect to such conversion (or election pursuant to Section 2.3(c) hereof)conversion, the number of LIBOR Rates in effect shall not exceed, in the aggregate, four (4five(5). If Borrower wishes to convert the Applicable Interest Rate on any Loan Portion as permitted by the preceding sentence, an Authorized Borrower Representative shall give Agent notice thereof (which shall be irrevocable) to Agent to the attention of an Authorized Agent Representative prior to 1:00 12:00 p.m. (New York City time) on the day that is not less than three (3) LIBOR Banking Days prior to the proposed conversion date specifying (A) the principal amount of the Loan with respect to which such conversion shall occur, (B) the proposed conversion date, which shall be determined in accordance with the preceding sentence, sentence and (C) the applicable LIBOR Rate Period.

LIBOR Rate Conversion Options. Subject to Sections 2.5(c2.5(b) and 2.3(e) hereof, Borrower may elect to convert the Applicable Interest Rate (i) with respect to any Loan Portion which bears interest at the Base Rate, from the Base Rate to a LIBOR Rate effective on any LIBOR Banking Day, or (ii) with respect to any portion of the Loan which bears interest at a LIBOR Rate, from such LIBOR Rate to another LIBOR Rate effective upon the expiration of the then current LIBOR Rate Period; provided, however, that (x) there shall not have occurred and be continuing any Default or Event of Default, (y) the circumstances referred to in Section 2.11(b2.10(a) hereof applicable to such LIBOR Rate Period shall not have occurred and be continuing, and (z) after giving effect to such conversion (or election pursuant to Section 2.3(c) hereof)conversion, the number of LIBOR Rates in effect shall not exceed, in the aggregate, four three (43). If Borrower wishes to convert the Applicable Interest Rate on any Loan Portion as permitted by the preceding sentence, an Authorized Borrower Representative shall give notice thereof (which shall be irrevocable) to Agent to the attention of an Authorized Agent Representative prior to 1:00 3:00 p.m. (New York City time) on the day that is not less than three (3) LIBOR Banking Days prior to the proposed conversion date specifying (A) the principal amount of the Loan with respect to which such conversion shall occur, (B) the proposed conversion date, which shall be determined in accordance with the preceding sentence, and (C) the applicable LIBOR Rate Period.