Selection of Interest Rate Option Sample Clauses

Selection of Interest Rate Option. Subject to the other provisions hereof, the Borrower may select any Interest Rate Option to apply to the Loans if the Interest Rate Option is available for the Loan, as provided in Section 2.04 of this Agreement. Subject to the other provisions hereof, the Borrower may convert any part of the unpaid principal amount of the Loans from any Interest Rate Option to any other Interest Rate Option and may renew the LIBOR Rate Option as to any Rate Segment: (a) at any time with respect to conversion from the Base Rate Option or Libor Advantage Rate Option to any other Interest Rate Option and (b) at the expiration of any Rate Period with respect to conversion from or renewals of the LIBOR Rate Option as to the Rate Segment corresponding to such expiring Rate Period. Whenever the Borrower desires to select, convert or renew the LIBOR Rate Option, the Borrower shall give the Bank Standard Notice thereof (which shall be irrevocable, except as provided in Section 2.06 of this Agreement), specifying the date, amount and type of the proposed new Interest Rate Option. If such notice has been duly given, on and after the date specified in such notice, interest shall be calculated upon the unpaid principal amount of the Loan or Loans in question taking into account such selection, conversion or renewal. Notwithstanding anything to the contrary contained in this Agreement, no Portion of the outstanding principal amount of any Revolving Credit Loans may be converted to, or continued as, LIBOR Rate Loans (i) when any default or Event of Default has occurred and is continuing or (ii) if the last date of such LIBOR Rate Loan Rate Period is after the Expiration Date. The Bank’s right to payment of principal and interest under the Loans and the Notes shall in no way be affected by the fact that one or more Rate Periods may be in effect. In the absence of delivery of a continuation/conversion notice with respect to any LIBOR Rate Loan at least three (3) Business Days before the last day of the then current Rate Period with respect thereto, such LIBOR Rate Loan shall, on such last day, automatically convert to a Base Rate Loan.
Sample 1
AutoNDA by SimpleDocs
Selection of Interest Rate Option. 21 --------------------------------- 3.2 Payments and Computations................................. 24 ------------------------- 3.3 LIBOR Inadequate or Unfair................................ 24 -------------------------- 3.4 Changes in Law Rendering a LIBOR Loan Unlawful............ 24 ---------------------------------------------- 3.5 Reimbursement and Indemnification......................... 25 --------------------------------- 3.6 Default Rate.............................................. 26 ------------
Sample 1
Selection of Interest Rate Option. (A) AT TIME ADVANCE IS MADE. Any Advance shall, at the option of the ----------------------- Company as provided in this Section 3 (and, in the case of LIBOR Advances, subject to the provisions of Sections 3.1(h), 3.3 and 3.4) be made either as a Base Rate Advance or a LIBOR Advance. Not later than 12:00 noon (i) on the date of borrowing in the event that the borrowing will initially be made as a Base Rate Advance, or (ii) on the date which is three (3) Business Days prior to the date of such borrowing in the event that the borrowing will initially be made as a LIBOR Advance, the Company shall give the Administrative Agent notice of each requested Advance by telephone immediately confirmed in writing substantially in the form attached hereto as Exhibit B (a "Notice of --------- Borrowing"). For each Advance, such Notice of Borrowing shall specify the Type of Advance, the requested funding date which shall be a Business Day, the aggregate amount of the proposed Advance, the Interest Period (except in the case of a Base Rate Advance), and if any portion of such Advance is to be of a different Type, or has a different Interest Period, the amount of such portion, the Type of Advance it will be, the Interest Period selected by the Company and the manner of disbursement. Each Advance shall be in the aggregate principal amount of $2,000,000, or an integral multiple of $500,000 in excess thereof, except a Base Rate Advance may be in an amount equal to the unused amount of the Aggregate Commitment.
Sample 1

Related to Selection of Interest Rate Option

  • Selection of Interest Rate Options At any time any portion of this Note bears interest determined in relation to LIBOR, it may be continued by Borrower at the end of the Fixed Rate Term applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Rate or to LIBOR for a new Fixed Rate Term designated by Borrower. At any time any portion of this Note bears interest determined in relation to the Prime Rate, Borrower may convert all or a portion thereof so that it bears interest determined in relation to LIBOR for a Fixed Rate Term designated by Borrower. At such time as Borrower requests an advance hereunder or wishes to select a LIBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed Rate Term, Borrower shall give Bank notice specifying: (i) the interest rate option selected by Borrower; (ii) the principal amount subject thereto; and (iii) for each LIBOR selection, the length of the applicable Fixed Rate Term. Any such notice may be given by telephone (or such other electronic method as Bank may permit) so long as, with respect to each LIBOR selection, (A) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) Business Days after such notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. on the first day of the Fixed Rate Term, or at a later time during any Business Day if Bank, at it’s sole option but without obligation to do so, accepts Borrower’s notice and quotes a fixed rate to Borrower. If Borrower does not immediately accept a fixed rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from Borrower shall be subject to a redetermination by Bank of the applicable fixed rate. If no specific designation of interest is made at the time any advance is requested hereunder or at the end of any Fixed Rate Term, Borrower shall be deemed to have made a Prime Rate interest selection for such advance or the principal amount to which such Fixed Rate Term applied.

  • Selection of Interest Periods (a) A Borrower (or the Company on behalf of a Borrower) may select an Interest Period for a Loan in the Utilisation Request for that Loan.

  • Notification of Interest Periods and interest rate The Agent shall notify the Borrowers and the Banks promptly of the duration of each Interest Period and of each rate of interest (or, as the case may be default interest) determined by it under this clause 3.

  • Interest Rate Options The Borrower shall pay interest in respect of the outstanding unpaid principal amount of the Loans as selected by it from the Base Rate Option or LIBOR Rate Option set forth below applicable to the Loans, it being understood that, subject to the provisions of this Agreement, the Borrower may select different Interest Rate Options and different Interest Periods to apply simultaneously to the Loans comprising different Borrowing Tranches and may convert to or renew one or more Interest Rate Options with respect to all or any portion of the Loans comprising any Borrowing Tranche; provided that (i) there shall not be at any one time outstanding more than ten (10) Borrowing Tranches in the aggregate among all of the Loans and (ii) if an Event of Default or Potential Default exists and is continuing, the Borrower may not request, convert to, or renew the LIBOR Rate Option for any Loans and the Required Lenders may demand that all existing Borrowing Tranches bearing interest under the LIBOR Rate Option shall be converted immediately to the Base Rate Option, subject to the obligation of the Borrower to pay any indemnity under Section 5.9 [Indemnity] in connection with such conversion. If at any time the designated rate applicable to any Loan made by any Lender exceeds such Lender’s highest lawful rate, the rate of interest on such Lender’s Loan shall be limited to such Lender’s highest lawful rate.

  • Determination of Interest Periods Every Interest Period shall be of the duration specified by the Borrowers pursuant to clause 3.2 but so that:

  • Determination of Interest Rate (a) The Applicable Interest Rate with respect to the Loan shall be: (i) LIBOR plus the Spread with respect to the applicable Interest Period for a LIBOR Loan or (ii) the Prime Rate plus the Prime Rate Spread for a Prime Rate Loan if the Loan is converted to a Prime Rate Loan pursuant to the provisions of Section 2.2.3(c) or Section 2.2.3(f).

  • Notification of Interest Periods and rates of normal interest The Agent shall notify the Borrower and each Lender of:

  • Duration of Interest Periods The duration of each Interest Period relating to the Advance shall, save as otherwise provided herein, be one, three, six or twelve months, or any such other period as may be agreed from time to time between the Borrower and the Agent, in each case as the Borrower may select by not less than three business days' prior notice to the Agent Provided that:

  • Choice of Interest Rate, Etc The Advances hereunder shall, at the option of the Borrower, be made as one or more Base Rate Advances or LIBOR Advances; provided, however, that at such time as there shall have occurred and be continuing a Default hereunder, the Borrower shall not have the right to Continue a LIBOR Advance or to Convert a Base Rate Advance to a LIBOR Advance. Any notice given to the Administrative Agent in connection with a requested Advance or Conversion hereunder shall be given to the Administrative Agent prior to 11:00 a.m. (New York, New York time) in order for such Business Day to count toward the minimum number of Business Days required.

  • Determination of Interest (a) The Administrative Agent shall determine the Interest (including unpaid Interest related thereto, if any, due and payable on a prior Payment Date) to be paid by the Borrower on each Payment Date for the related Accrual Period and shall advise the Collateral Agent, the Collateral Manager and the Borrower thereof on the third Business Day prior to such Payment Date.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!