Common use of Request for LIBOR Rate Clause in Contracts

Request for LIBOR Rate. If Borrowers desire that all or part of the Line Advances accrue interest at the LIBOR Based Rate, Borrowing Agent shall give Bank a LIBOR Rate Notification. Upon delivery of a LIBOR Rate Notification, that portion of the principal balance outstanding under the Line identified in such LIBOR Rate Notification shall accrue interest at the LIBOR Based Rate as follows: (a) with respect to the principal amount of any new Line Advance from the date of such Advance until the end of the Rate Period specified in such LIBOR Rate Notification; and/or (b) with respect to all or any portion of Line Advances outstanding and accruing interest at another LIBOR Based Rate at the time of the LIBOR Rate Notification related to such Advances, from the expiration of the then current Rate Period related to such Advances until the end of the Rate Period specified in such LIBOR Rate Notification; and/or (c) with respect to all or any portion of the Line Advances outstanding and accruing interest at the Prime Based Rate at the time of the LIBOR Rate Notification related to such Advances, from the date set forth in such LIBOR Rate Notification until the end of the Rate Period specified in such LIBOR Rate Notification.

Request for LIBOR Rate. If Borrowers desire Borrower desires that all or part of the Line Advances accrue interest at the LIBOR Based Rate, Borrowing Agent Borrower shall give Bank Agent a LIBOR Rate Notification. Upon delivery of a LIBOR Rate Notification, that portion of the principal balance outstanding under the Line identified in such LIBOR Rate Notification shall accrue interest at the LIBOR Based Rate as follows: (a) with respect to the principal amount of any new Line Advance from the date of such Advance until the end of the Rate Period specified in such LIBOR Rate Notification; and/or (b) with respect to all or any portion of Line Advances outstanding and accruing interest at another LIBOR Based Rate at the time of the LIBOR Rate Notification related to such Advances, from the expiration of the then current Rate Period related to such Advances until the end of the Rate Period specified in such LIBOR Rate Notification; and/or (c) with respect to all or any portion of the Line Advances outstanding and accruing interest at the Prime Based Rate or the LIBOR Market Index Based Rate at the time of the LIBOR Rate Notification related to such Advances, from the date set forth in such LIBOR Rate Notification until the end of the Rate Period specified in such LIBOR Rate Notification. If Borrower fails to deliver a LIBOR Rate Notification with respect to any new Line Advance or fails to deliver a LIBOR Rate Notification with respect to any existing Line Advance at least three (3) Good Business Days prior to the last day of the applicable Rate Period, such Line Advance shall accrue interest automatically at the LIBOR Market Index Based Rate from the date of advance or the date of expiration of such Rate Period, as applicable, until paid in full, unless and until receipt by Agent of a request for another interest rate in accordance with the terms of this Agreement.

Request for LIBOR Rate. If Borrowers desire Subject to the provisions and limitations set forth in Section 3.7 below, if Borrower desires that all or part of the Revolving Line Advances Advances, the Mortgage Loan or the Term Loan accrue interest at the LIBOR Based Rate, Borrowing Agent Borrower shall give Bank a LIBOR Rate Notification. Upon delivery of a LIBOR Rate Notification, that portion of the principal balance outstanding under the Line Revolving Line, the Mortgage Loan or the Term Loan identified in such LIBOR Rate Notification shall accrue interest at the LIBOR Based Rate as follows: (a) with respect to the principal amount of any new Revolving Line Advance Advance, the initial advance of the Mortgage Loan and the initial advance of the Term Loan from the date of such Advance advance until the end of the Rate Period specified in such LIBOR Rate Notification; and/or (b) with respect to all or any portion of Revolving Line Advances Advances, the Mortgage Loan or the Term Loan, as applicable, outstanding and accruing interest at another LIBOR Based Rate at the time of the LIBOR Rate Notification related to such Advances, from the expiration of the then current Rate Period related to such Advances until the end of the Rate Period specified in such LIBOR Rate Notification; and/or (c) with respect to all or any portion of the Revolving Line Advances Advances, the Mortgage Loan or the Term Loan, as applicable, outstanding and accruing interest at the Prime Based Rate at the time of the LIBOR Rate Notification related to such Advances, from the date set forth in such LIBOR Rate Notification until the end of the Rate Period specified in such LIBOR Rate Notification. Bank shall, at the request of the Borrower, deliver to the Borrower a statement showing the computations used in determining the interest rates pursuant to this Section 3.

Request for LIBOR Rate. If the Borrowers desire that all or part of the Line Advances outstanding principal balance under the Loans accrue interest at the LIBOR Based Rate, Borrowing Agent Borrowers shall give Bank Agent a LIBOR Rate Notification. Upon delivery by Borrowers to Agent of a LIBOR Rate Notification, that portion of the principal balance outstanding under the Line Loans identified in such LIBOR Rate Notification shall accrue interest at the LIBOR Based Rate as follows: (a) with respect to the principal amount of any new Line Advance advance under the Loans, from the date of such Advance advance until the end of the Rate Period specified in such LIBOR Rate Notification; and/or (b) with respect to all or any portion of Line Advances outstanding and accruing interest at another LIBOR Based Rate at the time of the LIBOR Rate Notification related to such Advancesprincipal amount, from the expiration of the then current Rate Period related to such Advances principal amount until the end of the Rate Period specified in such LIBOR Rate Notification; and/or (c) with respect to all or any portion of the Line Advances principal amount outstanding and accruing interest at the Prime Based Floating Rate at the time of the LIBOR Rate Notification related to such Advancesprincipal amount, from the date set forth in such LIBOR Rate Notification until the end of the Rate Period specified in such LIBOR Rate Notification."