Selection of Interest Rate. Borrower may select the interest rate which will apply for a particular Interest Period by notice to Lender before one o'clock p.m., Charlotte, North Carolina time, on the second Business Day prior to the first day of the Interest Period if the LIBOR Base Rate is selected, and otherwise before one o'clock p.m., Charlotte, North Carolina Time, on the last Business Day prior to the first day of the Interest Period. For any Interest Period in which the Prime Rate applies, changes in the rate of interest payable by Borrower due to a change in the Prime Rate shall take effect on the same day on which the Prime Rate changes. For any Interest Period in which the CD Contract Rate or the LIBOR Contract Rate applies, such interest rate will remain constant throughout the Interest Period and will not fluctuate. If Borrower fails to notify Lender of its selection of interest rate by the deadlines set forth in this Section 2.4.2, Borrower will be deemed to have selected the Prime Rate option for the applicable Interest Period.
Selection of Interest Rate. Except as hereinafter provided, Borrower shall select through an Authorized Representative, and thereafter may change the selection of, the applicable interest rate, from the alternatives provided herein, for a Loan by giving Bank a Notice of Rate Selection: (i) prior to each Advance, (ii) prior to the end of each Interest Period applicable to a LIBOR Advance or (iii) on any Business Day on which Borrower desires to convert an outstanding Prime Rate Advance to a LIBOR Advance. The selection of an interest rate for a particular Advance or Loan shall be limited to those rates specifically made available for such Advance or Loan pursuant to this Agreement.
Selection of Interest Rate. 4.3.1 Borrower may select a one month, two month, three month, four month, five month or six month LIBOR rate to which there shall be added 150 basis points (the sum being referred to herein as the "Chosen LIBOR Rate"). The Chosen LIBOR Rate shall apply for a period equal to 30 days times the number of months denominated in the LIBOR rate selected by Borrower to compute the Chosen LIBOR Rate (such period being referred to as the "Chosen LIBOR Period"). Also, Borrower may select an interest rate equal to one percent (1%) less than Lender's Prime Rate, provided such reduced rate shall not be less than one percent (1.00%) over LIBOR (such prime rate as reduced and as limited being referred to herein as the "Adjusted Prime Rate") which rate shall apply to an Advance until a Chosen LIBOR Rate for a Chosen LIBOR Period applies to such Advance.
Selection of Interest Rate. BORROWER shall select, and thereafter may change the selection of, the applicable interest rate, from the alternatives provided herein, for the Revolving Line of Credit Loan by giving BANK a Notice of Rate Selection: (i) prior to each Loan Advance, (ii) prior to the end of each Interest Period applicable to a LIBOR Advance, or (iii) on any Business Day on which BORROWER desires to convert an outstanding Prime Rate Advance to a LIBOR Advance.
Selection of Interest Rate. 8 5.4 Conversion Option: Prime Rate to Eurodollar Rate....................................................9 5.5 Conversion Option: Eurodollar Rate to Prime Rate....................................................9 5.6 Prepayment of Eurodollar Loans......................................................................9 5.7 Schedule II.........................................................................................9
Selection of Interest Rate. Borrower shall select the interest rate or rates for the Term Note by means of completing a request (the "Term Loan Rate Request") in the form of Exhibit "B." attached hereto with blanks completed in conformity herewith. Where Borrower desires to select an interest rate, convert from one interest rate to another or renew a Eurodollar Loan, Borrower shall submit to Bank a Term Loan Rate Request specifying (a) the date for the requested selection to be effective (which shall be a Business Day in the case of a Prime Rate Loan or a eurodollar Business Day in the case of a eurodollar Loan); (b) the type of transaction (selection of an interest rate, conversion from one rate to another or a renewal of a eurodollar Loan); (c) the amount involved (which in the case of the initial selection of the eurodollar Rate or in the case of a conversion from the Prime Rate to the Eurodollar Rate or in the case of a renewal of an existing eurodollar Loan must be an Incremental Portion); and (d) if any portion of the request involves a Eurodollar Loan, the length of the Eurodollar Interest Period selected (thirty days, sixty days, ninety days, or one hundred eighty days). Each Term Loan Rate Request shall be delivered to Bank by 10 a.m. (Fort Worth, Texas time) on the date of the proposed transaction in the case of a Prime Rate Loan, and by 10 a.m. (Fort Worth, Texas time) two (2) Business Days prior to the date of the proposed transaction in the case of a eurodollar Loan. The information required to be specified in a Term Loan Rate Request may be given telephonically by Borrower to Bank, but upon giving such telephonic notice, Borrower shall immediately thereafter provide Bank with the fully completed and executed Term Loan Rate Request. All Term Loan Rate Requests given pursuant to this Agreement shall be irrevocable. Not later than 12 noon (Fort Worth, Texas time) on the date of the requested transaction and upon fulfillment of all other conditions required by this Agreement, Bank will effect the requested transaction. Bank shall determine each Eurodollar Rate applicable hereunder and shall give prompt notice thereof to Borrower.
Selection of Interest Rate. The Borrowers may select the interest rate (i.e., either the Chase Bank Rate or LIBOR) that will apply to all Advances for a particular calendar month by giving notice to the Agent not later than 11:00 a.m.(New York time)on the third (3rd) Business Day prior to the first day of such month. The Chase Bank Rate or LIBOR applicable to any month will be the Chase Bank Rate or LIBOR on the first day of such month, and such Chase Bank Rate or LIBOR will remain constant throughout such month and will not fluctuate. If the Borrowers fail to notify the Agent of their selection of the applicable interest rate (i.e., either the Chase Bank Rate or LIBOR) for any month by 11:00 a.m. (New York time) on the third (3rd) Business Day prior to the first day of such month, Borrowers will be deemed to have selected for the next month the rate of interest then in effect, which rate will be reset to the Chase Bank Rate or LIBOR in effect on the first day of such month. For the calendar month in which the Effective Date occurs, all Advances shall be deemed to be outstanding as LIBOR Advances. In the event of a Default or Event of Default, all Advances shall, at the Agent's option, be deemed to be converted to Prime Advances and the Borrowers shall not be permitted to select LIBOR as the applicable rate of interest.
Selection of Interest Rate. The Company may select the interest rate (i.e., either the Base Rate or the LIBOR Rate) that will apply to all Revolving Loans for a particular calendar month by giving notice to CIT not later than 11:00 a.m. (New York time) on the third (3rd) Business Day prior to the first day of such month. The Base Rate or the LIBOR Rate applicable to any month will be the Base Rate or the LIBOR Rate on the first day of such month, and such Base Rate or LIBOR Rate will remain constant throughout such month and will not fluctuate. If the Company does not notify CIT of its selection of the applicable interest rate (i.e., either the Base Rate or the LIBOR Rate) for any month by 11:00 a.m. (New York time) on the third (3rd) Business Day prior to the first day of such month, the Company will be deemed to have selected for the next month the rate of interest then in effect, which rate will be reset to the Base Rate or the LIBOR Rate in effect on the first day of such month. For the calendar month in which the Closing Date occurs, all Revolving Loans shall be deemed to be outstanding as LIBOR Rate Loans. In the event of a Default or Event of Default, all Revolving Loans shall, at CIT's option, be deemed to be converted to Base Rate Loans, and the Company shall not be permitted to select the LIBOR Rate as the applicable rate of interest. All interest rates shall be calculated based on a 360-day year and actual days elapsed.
Selection of Interest Rate. The Funds Administrator may select the interest rate (i.e., either the Chase Bank Rate or LIBOR) that will apply to all Revolving Loans for a particular calendar month by giving notice to CIT not later than 11:00 a.m. (New York time) on the third (3rd) Business Day prior to the first day of such month. The Chase Bank Rate or LIBOR applicable to any month will be the Chase Bank Rate or LIBOR on the first day of such month, and such Chase Bank Rate or LIBOR will remain constant throughout such month and will not fluctuate. If the Funds Administrator fails to notify CIT of its selection of the applicable interest rate (i.e., either the Chase Bank Rate or LIBOR) for any month by 11:00 a.m. (New York time) on the third (3rd) Business Day prior to the first day of such month, the Funds Administrator will be deemed to have selected for the next month the rate of interest then in effect, which rate will be reset to the Chase Bank Rate or LIBOR in effect on the first day of such month. For the calendar month in which the Closing Date occurs, all Revolving Loans shall be deemed to be outstanding as LIBOR Loans. In the event of a Default or Event of Default, all Revolving Loans shall, at CIT's option, be deemed to be converted to Chase Bank Rate Loans and the Funds Administrator shall not be permitted to select LIBOR as the applicable rate of interest. All interest rates shall be calculated based on a 360-day year and actual days elapsed.
Selection of Interest Rate. An authorized officer of Maker shall give bank irrevocable telephonic notice confirmed in writing no later than 11:00 a.m. Chicago time on the business day prior to the expiration of the then current Interest Period of its selection of an Interest Rate. In the event Bank does not receive such notice in a timely fashion, then the Maker shall be deemed to have selected the LIBOR Rate for the next succeeding Interest Period.
