Reference Rate and LIBOR Options Clause Samples

Reference Rate and LIBOR Options. All Revolving Loans shall either be Reference Rate Loans bearing interest calculated at the Reference Rate plus the Reference Rate Spread or LIBOR Loans bearing interest, during any Interest Period, at Adjusted LIBOR for such Interest Period plus the LIBOR Spread; provided, however, that (i) if the Company shall fail to elect to have a Revolving Loan funded as a LIBOR Loan, such Revolving Loan shall be a Reference Rate Loan; (ii) no Revolving Loan may be funded as a LIBOR Loan so long as a Potential Default or Event of Default has occurred and is continuing; and (iii) at the election of the Administrative Agent, upon the occurrence of a Potential Default or an Event of Default, all LIBOR Loans then outstanding shall immediately be converted to Reference Rate Loans.