LIBOR Rate Election. At any time and from time to time, ------------------- upon three (3) Libor Rate Business Days' prior notice by the Borrower to Bank, the Borrower may irrevocably make a Libor Rate Election that specifies (i) the Libor Rate Business Day that is to be the Libor Rate Period Commencement Date for the Libor Rate Period elected pursuant to such Libor Rate Election, (ii) whether a one-month, two-month, three-month or six-month option is elected as the length of such Libor Rate Period and (iii) expressed as a dollar amount, (A) any portion of the principal amount of any Loan requested to be made on such Libor Rate Period Commencement Date to which such Libor Rate Election relates and (B) any portion of the aggregate outstanding principal amounts of all Loans made prior to such Libor Rate Period Commencement Date to which such Libor Rate Election relates; provided, however, that (I) such Libor Rate Period may not extend beyond the Revolving Loan Repayment Date in the case of Revolving Loans, or beyond the maturity date of the Term Loan in the case of the Term Loan, (II) such Libor Rate Election may not change any election made pursuant to any prior Libor Rate Election, and (III) such Libor Rate Election need not be honored by the Bank if (1) such Libor Rate Election is received by the Bank more than five or less than three Libor Rate Business Days before such Libor Rate Period Commencement Date, (2) any Event of Default occurs or exists before the time such Libor Rate Election is received by the Bank or exists at such time, or (3) the total of the dollar amounts specified in clause (iii) of this sentence is not at least $250,000. Each Libor Rate Period shall end on the day before the anniversary of such Libor Rate Period Commencement Date corresponding to the option elected pursuant to such Libor Rate Election (e.g., one-month, two-month, ---- three-month or six-month anniversary) or, if such anniversary is not a Libor Rate Business Day, on the day before the first day following such anniversary that is a Libor Rate Business Day. The Bank may treat as made by the Borrower and rely upon, and the Borrower shall be bound by, any Libor Rate Election that the Bank believes in good faith to be valid and to have been made in the name or on behalf of the Borrower by any officer of the Borrower, and the Bank shall not incur any liability to the Borrower or any other Person as a direct or indirect result of honoring such Libor Rate Election.
LIBOR Rate Election. All Loans made on the ------------------- Closing Date shall be Base Rate Loans and shall remain so for three (3) days. Thereafter, subject to the provisions of subsection 1.2(A), Borrower Representative shall have the option ---------- ------ to (1) convert at any time all or any part of outstanding Loans equal to $2,500,000 and integral multiples of $250,000 in excess of that amount from Base Rate Loans to LIBOR Loans or (2) upon the expiration of any Interest Period applicable to a LIBOR Loan, to (a) continue all or any portion of such LIBOR Loan equal to $2,500,000 and integral multiplies of $250,000 in excess of that amount as a LIBOR Loan or (b) convert all or any portion of such LIBOR Loan to a Base Rate Loan. Borrower Representative shall deliver a LIBOR Loan request no later than noon Chicago, Illinois time at least three (3) Business Days in advance of the proposed conversion/continuation date. A LIBOR Loan request shall state and certify: (1) the proposed conversion/continuation date (which shall be a Business Day); (2) the amount of the Loan to be converted/continued; (3) the nature of the proposed conversion/continuation; (4) in the case of conversion to, or a continuation of, a LIBOR Loan, the requested Interest Period; and (5) that no Default or Event of Default has occurred and is continuing or would result from the proposed conversion/continuation. Once given, a LIBOR Loan request shall be irrevocable and Borrowers shall be bound thereby. Upon the expiration of an Interest Period, in the absence of a new LIBOR Loan request submitted to Agent not less than three (3) Business Days prior to the end of such Interest Period, the LIBOR Loan then maturing shall be automatically converted to a Base Rate Loan. There may be no more than nine (9) LIBOR Loans outstanding at any one time. Loans which are not the subject of a LIBOR Loan request shall be Base Rate Loans. Agent will notify Lenders, by telephonic or facsimile notice, of each LIBOR Loan request received by Agent not less than two (2) Business Days prior to the first day of the Interest Period of the LIBOR Loan requested thereby.
LIBOR Rate Election. All Loans made on the Closing Date shall be Base Rate Loans and remain so for ten (10) Business Days. Thereafter, Borrower may request that Revolving Loans to be made be LIBOR Rate Loans and that portions of outstanding Loans be converted to LIBOR Rate Loans. Any such request, which will be made by submitting a LIBOR Rate Loan request, in the form of Exhibit 1.2(G), to Xxxxxx, shall pertain to Loans in an aggregate minimum amount of $500,000 and integral multiples of $10,000 in excess thereof. Once given, a LIBOR Rate Loan request shall be irrevocable and Borrower shall be bound thereby. Upon the expiration of an Interest Period, in the absence of a new LIBOR Rate Loan request submitted to Xxxxxx not less than two (2) Business Days prior to the end of such Interest Period, the LIBOR Rate Loan then maturing shall be automatically converted to a Base Rate Loan. There may be no more than eight (8) LIBOR Rate Loans outstanding at any one time.
LIBOR Rate Election. Libor Rate Election" means any oral ------------------- (including, but not limited to, telephonic), written or other (including, but not limited to, facsimile) election to have the interest charged for any period on a portion of the aggregate outstanding principal amounts of all Loans determined by reference to the Libor Rate for such period.
LIBOR Rate Election. All Loans made on the Effective Date shall be Base Rate Loans and remain so for thirty (30) days. Thereafter, Borrower Representative may request that Loans to be made be LIBOR Loans, that outstanding portions of the Loans be converted to LIBOR Loans and that all or any portion of a LIBOR Loan be continued as a LIBOR Loan upon expiration of the applicable Interest Period. Any such request will be made by submitting a LIBOR Loan request in the form of Exhibit B-2. Once given, a LIBOR Loan request shall be irrevocable and Borrowers shall be bound thereby. Upon the expiration of an Interest Period, in the absence of a new LIBOR Loan request submitted to Lender not less than three (3) Business Days prior to the end of such Interest Period, the LIBOR Loan then maturing shall be automatically converted to a Base Rate Loan. There may be no more than six (6) LIBOR Loans outstanding at any one time. Loans which are not the subject of a LIBOR Loan request shall be Base Rate Loans.
LIBOR Rate Election. No more than five (5) LIBOR Rate Borrowings may be outstanding at any time. Each LIBOR Rate draw must be at least One Million and 00/100 Dollars ($1,000,000) and, if greater, shall be in $250,000 increments.
LIBOR Rate Election. Borrower may request Base Rate Loans and LIBOR Loans. Borrower may request that outstanding portions of the Term Loans be converted to LIBOR Loans and that all or any portion of a LIBOR Loan be continued as a LIBOR Loan upon expiration of the applicable Interest Period. Any such request will be made by submitting a LIBOR Loan request in the form of Exhibit 1.2(E). Once given, a LIBOR Loan request shall be irrevocable and Borrower shall be bound thereby. Upon the expiration of an Interest Period, in the absence of a new LIBOR Loan request submitted to Agent not less than 3 Business Days prior to the end of such Interest Period (provided such prior notice may be less than 3 Business Days with respect to LIBOR Loans borrowed on the Closing Date), the LIBOR Loan then maturing shall be automatically converted to a Base Rate Loan. There may be no more than 6 LIBOR Loans outstanding at any one time. Loans, which are not the subject of a LIBOR Loan request, shall be Base Rate Loans. Agent will notify Lenders, by telephonic or facsimile notice, of each LIBOR Loan request received by Agent not less than 2 Business Days prior to the 1st day of the Interest Period of the LIBOR Loan requested thereby.
LIBOR Rate Election. Provided there is no Default or Event ------------------- of Default hereunder or under any other Loan Document, Borrower may elect a LIBOR Pricing Option by (i) giving written notice to Lender no later than 10:00 A.M. (New York, New York time) three (3) Eurodollar Business Days prior to the commencement of a LIBOR Interest Period of Borrower's desire to select a LIBOR Pricing Option and (ii) by not later than 1:00 P.M. (New York, New York time) three (3) Eurodollar Business Days prior to the commencement of a LIBOR Interest Period, Borrower shall by telephonic advice (to be confirmed the next day in writing) irrevocably select a LIBOR Pricing Option based upon approximate and nonbinding rates quoted by Lender to Borrower at the time of such telephonic notice, by specifying the portion (but in no event less than $100,000.00) of the principal amount of the Notes not then subject to a LIBOR Pricing Option to bear interest at the Applicable LIBOR Rate. If the written confirmation received by Lender differs from the action taken by Lender, the records of Lender shall control absent manifest error. Prior to the effective date of any LIBOR Pricing Option, Lender shall notify Borrower (by telephone, telecopy or otherwise) if any LIBOR Pricing Option is not available to Lender because (i) Eurodollar deposits which have a maturity corresponding to the proposed LIBOR Interest Period in an amount equal to the portion of the Principal Amount to be subject to such LIBOR Pricing Option are not reasonably available to Lender in the London Interbank Eurocurrency Market, or (ii) by reason of circumstances affecting such Market, adequate and reasonable methods do not exist for Lender to ascertain the interest rate applicable to such deposits for the proposed LIBOR Interest Period, or (iii) Lender has determined in its reasonable discretion that the Applicable LIBOR Rate does not adequately and fairly reflect the cost to Lender of making or maintaining the portion of the Principal Amount to be subject to a LIBOR Pricing Option. Upon the termination of a LIBOR Pricing Option, the portion of the principal amount of the Notes subject to such LIBOR Pricing Option will thenceforth bear interest at (i) the Revolving Loan Commitment Period Applicable Base Rate, if such termination occurs during the Revolving Loan Commitment Period, or (ii) the Term Loan Period Applicable Base Rate, if such termination occurs during the Term Loan Period, if any, unless, in either case, an alternativ...
LIBOR Rate Election. Each Lender shall upon any notice pursuant to this Section 3d make available to the Agent an amount in immediately available funds equal to its Commitment Percentage of the amount of the Letter of Credit Borrowing, whereupon each such Lender shall each be deemed to have made a Letter of Credit Participation Advance in that amount. If any Lender so notified fails to make available to the Agent for the account of the Agent such amount by no later than 3:30 P.M. eastern United States time on the related Letter of Credit Drawing Date, then interest shall accrue on such Lender's obligation to make such amount available from such Letter of Credit Drawing Date to the date on which such Lender makes such amount available, at a rate per annum equal to Marine's Prime Rate in effect from time to time during such period.
LIBOR Rate Election. At Borrower’s election, indicated in writing by facsimile notice given by Borrower to Lender (or such other parties as Lender may from time to time designate) in accordance with Section 11.5 not later than 12:00P.M. (New York time), at least three (3) Business Days prior to the commencement date of the first or next succeeding Interest Period (as applicable), Borrower may designate a one, three or six month maturity for the LIBOR Rate (each a “LIBOR Rate Election”). Notwithstanding the foregoing, after giving effect to all LIBOR Rate Elections, (i) the number of LIBOR Rate Elections shall not exceed five (5) at any one time and (ii) each LIBOR Rate Election shall be for a minimum amount of $1,000,000. If Borrower fails to timely notify Lender in accordance with this Section 2.2(E), the LIBOR Rate shall be based on a one month maturity. In the event that five (5) LIBOR Rate Elections exists at the time of any Development Advance, Borrower shall timely notify Lender to select one of the five existing LIBOR Rate Elections to apply to such Development Advance, otherwise the LIBOR Rate shall be based on a one month maturity.
