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.
Appears in 11 contracts
Samples: Credit Agreement (Lacrosse Footwear Inc), Credit Agreement (Acr Group Inc), Credit Agreement (Datalink Corp)
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 's sole option but without obligation to do so, accepts Borrower’s '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.
Appears in 10 contracts
Samples: Credit Agreement (Datalink Corp), Credit Agreement (Northwest Pipe Co), Credit Agreement (Datalink Corp)
Selection of Interest Rate Options. At any time any portion of this Note bears interest determined in relation to LIBORLIBOR for a Fixed Rate Term, 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 Daily One Month LIBOR 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 Daily One Month LIBOR Rate, Borrower may at any time 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 an interest rate determined in relation to the Daily One Month LIBOR Rate or a LIBOR option Fixed Rate Term 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 selectionselection for a Fixed Rate Term, 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 selectionselection for a Fixed Rate Term, (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 its 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 Daily One Month LIBOR Rate interest selection for such advance or the principal amount to which such Fixed Rate Term applied.
Appears in 6 contracts
Samples: Credit Agreement, Credit Agreement (Bebe Stores, Inc.), Credit Agreement (Bebe Stores, Inc.)
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: (ia) the interest rate option selected by Borrower; (iib) the principal amount subject thereto; and (iiic) 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, (Ai) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) 3 Business Days after such notice is given, and (Bii) 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.
Appears in 6 contracts
Samples: Revolving Line of Credit Note, Credit Agreement (Synaptics Inc), Credit Agreement (Garden Fresh Restaurant Corp /De/)
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 If the 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 fails to select a LIBOR option for all or a portion new Interest Period to apply to any Borrowing of the outstanding principal balance hereof, and Loans in Dollars under any Term Rate Loan Option at the end expiration of each Fixed Rate Term, Borrower shall give Bank notice specifying: (i) an existing Interest Period applicable to such Borrowing in accordance with the interest rate option selected by Borrower; (ii) the principal amount subject thereto; and (iii) for each LIBOR selectionprovisions of Section 2.13(b), 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 selected an Interest Period of one (1) month, as applicable to Revolving Loans or Term Loans as the case may be, commencing upon the last day of the existing Interest Period. If the Borrower fails to select a Prime new Interest Period to apply to any Borrowing of Loans in an Alternative Currency under any Term Rate interest selection Loan Option at the expiration of an existing Interest Period applicable to such Borrowing in accordance with the provisions of Section 2.13(b), then, unless such Borrowing is repaid as provided herein, the Borrower shall be deemed to have selected that such Borrowing shall automatically be continued under the applicable Term Rate Loan Option in its original Currency with an Interest Period of one (1) month at the end of such Interest Period. If the Borrower provides any Borrowing Request related to a Loan at the Eurocurrency Rate Option, Term SOFR Rate Option, or on and after the Term RFR Transition Date with respect to any Alternative Currency, the Term RFR Option for such advance or Alternative Currency, but fails to identify an Interest Period therefor, such Borrowing Request shall be deemed to request an Interest Period of one (1) month. Any Borrowing Request with respect to a Borrowing of Loans in Dollars that fails to select an Interest Rate Option shall be deemed to be a request for a Term SOFR Rate Option with an Interest Period of one (1) month. If no election as to Currency is specified in the principal amount to which such Fixed Rate Term appliedapplicable Borrowing Request, then the requested Loans shall be made in Dollars.
Appears in 6 contracts
Samples: Credit Agreement (Koppers Holdings Inc.), Credit Agreement (Koppers Holdings Inc.), Credit Agreement (Koppers Holdings Inc.)
Selection of Interest Rate Options. At Subject to the provisions herein regarding LIBOR Periods and the prior notice required for the selection of a LIBOR interest rate, (i) at any time any portion of this Note bears interest determined in relation to LIBORLIBOR for a LIBOR Period, it may be continued by Borrower at the end of the Fixed Rate Term LIBOR Period applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Daily One Month LIBOR Rate or to LIBOR for a new Fixed Rate Term LIBOR Period designated by Borrower. At , (ii) at any time any portion of this Note bears interest determined in relation to the Prime Daily One Month LIBOR Rate, Borrower may convert all or a portion thereof so that it bears interest determined in relation to LIBOR for a Fixed LIBOR Period designated by Borrower, and (iii) at the time an advance is made hereunder, Borrower may choose to have all or a portion thereof bear interest determined in relation to the Daily One Month LIBOR Rate Term or to LIBOR for a LIBOR Period designated by Borrower. At such time as Borrower requests To select an advance interest rate option hereunder or wishes determined in relation to select LIBOR for a LIBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed Rate TermPeriod, Borrower shall give Bank notice specifyingthereof that is received by Bank prior to 11:00 a.m California time on a State Business Day at least two State Business Days prior to the first day of the LIBOR Period, or at a later time during such State Business Day if Bank, at its sole discretion, accepts Borrower's notice and quotes a fixed rate to Borrower. Such notice shall specify: (iA) the interest rate option selected by Borrower; , (iiB) the principal amount subject thereto; , and (iiiC) for each LIBOR selection, the length of the applicable Fixed LIBOR Period. If Bank has not received such notice in accordance with the foregoing before an advance is made hereunder or before the end of any LIBOR Period, Borrower shall be deemed to have made a Daily One Month LIBOR Rate Terminterest selection for such advance or the principal amount to which such LIBOR Period applied. Any such notice may be given by telephone (or such other electronic method as Bank may permit) so long asas it is given in accordance with the foregoing and, with respect to each LIBOR selection, (A) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) State Business Days after such notice is given, and . Borrower shall reimburse Bank immediately upon demand for any loss or expense (B) such notice is given to Bank prior to 10:00 a.m. on the first day including any loss or expense incurred by reason of the Fixed Rate Term, liquidation or at redeployment of funds obtained to fund or maintain a later time during any Business Day if Bank, at it’s sole option but without obligation LIBOR borrowing) incurred by Bank as a result of the failure of Borrower to do so, accepts Borrower’s notice and quotes accept or complete a fixed rate to BorrowerLIBOR borrowing hereunder after making a request therefor. If Borrower does not immediately accept a fixed rate when quoted Any reasonable determination of such amounts by Bank, the quoted rate shall expire and any subsequent LIBOR request from Borrower Bank 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 appliedconclusive and binding upon Borrower.
Appears in 4 contracts
Samples: Credit Agreement (S&W Seed Co), Ex Im Working Capital Guarantee Credit Agreement (S&W Seed Co), Credit Agreement (S&W Seed Co)
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: (ia) the interest rate option selected by Borrower; (iib) the principal amount subject thereto; and (iiic) 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, (Ai) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) 3 Business Days after such notice is given, and (Bii) 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 's sole option but without obligation to do so, accepts Borrower’s '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.
Appears in 4 contracts
Samples: Credit Agreement (SJW Corp), Credit Agreement (SJW Corp), Credit Agreement (Medtox Scientific Inc)
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 receives written confirmation thereof from Borrower not later than three (3) Business Days after such telephone notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. a.m., California time, on the first day of the Fixed Rate Term. For each LIBOR option requested hereunder, 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 Bank will quote the applicable fixed rate to BorrowerBorrower at approximately 10:00 a.m., California time, on the first day of the Fixed Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by Borrower shall be subject to a redetermination by Bank of the applicable fixed rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and Bank shall have no obligation to permit a LIBOR option to be selected on such day. 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.
Appears in 4 contracts
Samples: Credit Agreement (Simpson Manufacturing Co Inc /Ca/), Credit Agreement (Day Runner Inc), Credit Agreement (Simpson Manufacturing Co Inc /Ca/)
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 Base 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 Base 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 Lender 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 Lender may permit) so long as, with respect to each LIBOR selection, (A) if requested by BankLender, Borrower provides to Bank Lender written confirmation thereof not later than three (3) Business Days after such notice is given, and (B) such notice is given to Bank Lender prior to 10:00 a.m. (California) on the first day of the Fixed Rate Term, or at a later time during any Business Day if BankLender, at it’s its 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 BankLender, the quoted rate shall expire and any subsequent LIBOR request from Borrower shall be subject to a redetermination by Bank Lender 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 Base Rate interest selection for such advance or the principal amount to which such Fixed Rate Term applied.
Appears in 4 contracts
Samples: Credit Agreement (Saba Software Inc), Credit Agreement (Saba Software Inc), Credit Agreement (Saba Software Inc)
Selection of Interest Rate Options. At any time any portion of this Note bears interest determined in relation to LIBORthe LIBOR Rate, it may be continued by Borrower at the end of the Fixed LIBOR Rate Term applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Rate or in relation to the LIBOR Rate for a new Fixed LIBOR 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 the LIBOR Rate for a Fixed LIBOR Rate Term designated by Borrower. At such the time as Borrower requests an each advance is requested hereunder or Borrower wishes to select a the LIBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed LIBOR Rate Term, Borrower shall give Bank notice specifying: specifying (ia) the interest rate option selected by Borrower; , (iib) the principal amount subject thereto; , and (iiic) for each if the LIBOR selectionoption is selected, the length of the applicable Fixed LIBOR 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. a.m., California time, on the first third Business Day prior to the commencement of the LIBOR Rate Term and, with respect to each Prime Rate selection, such notice is given to Bank prior to 11:00 a.m., California time, on the day of the Fixed requested advance. For each LIBOR option requested hereunder, Bank will quote the applicable LIBOR Rate to Borrower at approximately 10:00 a.m., California time, on the second Business Day prior to the LIBOR 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 the rate when quoted by Bank, any subsequent acceptance by Borrower shall be subject to a re-determination by Bank of the applicable LIBOR Rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and any subsequent Bank shall have no obligation to permit a LIBOR request from Borrower shall option to be subject to a redetermination by Bank of the applicable fixed rateselected on such day. If no specific designation of interest is made at the time any advance is requested hereunder or at the end of any Fixed LIBOR 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 LIBOR Rate Term applied.
Appears in 3 contracts
Samples: Credit Agreement (Southwest Water Co), Credit Agreement (Southwest Water Co), Credit Agreement (Southwest Water Co)
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 the time as this Note is disbursed or 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 's sole option but without obligation to do so, accepts Borrower’s '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 this Note is requested hereunder disbursed or at the end of any Fixed Rate Term, Borrower shall be deemed to have made a Prime Rate interest selection for such advance this Note or the principal amount to which such Fixed Rate Term applied.
Appears in 3 contracts
Samples: Credit Agreement (Allis Chalmers Corp), Credit Agreement (Garden Fresh Restaurant Corp /De/), Credit Agreement (Allis Chalmers Corp)
Selection of Interest Rate Options. At any time any portion of this Note bears interest determined in relation to LIBORBank’s IBOR, it may be continued by Borrower at the end of the Fixed IBOR Rate Term applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Rate or in relation to LIBOR Bank’s IBOR for a new Fixed IBOR 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 Bank’s IBOR for a Fixed an IBOR Rate Term designated by Borrower. At such the time as Borrower requests an each advance is requested hereunder or Borrower wishes to select a LIBOR the IBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed IBOR Rate Term, Borrower shall give Bank notice specifying: specifying (ia) the interest rate option selected by Borrower; , (iib) the principal amount subject thereto; , and (iiic) for each LIBOR selectionif the IBOR option is selected, the length of the applicable Fixed IBOR 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 IBOR 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. a.m., California time, on the first day of the Fixed IBOR Rate Term. For each IBOR option requested hereunder, or Bank will quote the applicable IBOR Rate to Borrower at a later time during any Business Day if Bankapproximately 10:00 a.m., at it’s sole option but without obligation to do soCalifornia time, accepts Borrower’s notice and quotes a fixed rate to Borroweron the first day of the IBOR Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Bank, any subsequent acceptance by Borrower shall be subject to a re-determination by Bank of the applicable IBOR Rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and any subsequent LIBOR request from Borrower Bank shall have no obligation to permit a IBOR option to be subject to a redetermination by Bank of the applicable fixed rateselected on such day. If no specific designation of interest is made at the time any advance is requested hereunder or at the end of any Fixed IBOR 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 IBOR Rate Term applied.
Appears in 3 contracts
Samples: Credit Agreement (Southwest Water Co), Credit Agreement (Southwest Water Co), Credit Agreement (Southwest Water Co)
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 receives written confirmation thereof from Borrower not later than three (3) Business Days after such telephone notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. a.m., California time, on the first day of the Fixed Rate Term. For each LIBOR option requested hereunder, 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 Bank will quote the applicable fixed rate to BorrowerBorrower at approximately 10:00 a.m., California time, on the first day of the Fixed Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by Borrower shall be subject to a redetermination by Bank of the applicable fixed rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and Bank shall have no obligation to permit a LIBOR option to be selected on such day. 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.
Appears in 3 contracts
Samples: Revolving Line of Credit Note (Gadzooks Inc), Credit Agreement (Precept Business Services Inc), Credit Agreement (Central Financial Acceptance Corp)
Selection of Interest Rate Options. At Subject to the provisions herein regarding LIBOR Periods and the prior notice required for the selection of a LIBOR interest rate, (i) at any time any portion of this Note bears interest determined in relation to LIBORLIBOR for a LIBOR Period, it may be continued by Borrower at the end of the Fixed Rate Term LIBOR Period applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Base Rate or to LIBOR for a new Fixed Rate Term LIBOR Period designated by Borrower. At , (ii) at any time any portion of this Note bears interest determined in relation to the Prime Base Rate, Borrower may convert all or a portion thereof so that it bears interest determined in relation to LIBOR for a Fixed LIBOR Period designated by Borrower, and (iii) at the time an advance is made hereunder, Borrower may choose to have all or a portion thereof bear interest determined in relation to the Base Rate Term or to LIBOR for a LIBOR Period designated by Borrower. At such time as Borrower requests To select an advance interest rate option hereunder or wishes determined in relation to select LIBOR for a LIBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed Rate TermPeriod, Borrower shall give Bank notice specifyingthereof that is received by Bank prior to 11:00 a.m. California time on a State Business Day at least two State Business Days prior to the first day of the LIBOR Period, or at a later time during such State Business Day if Bank, at its sole discretion, accepts Borrower’s notice and quotes a fixed rate to Borrower. Such notice shall specify: (iA) the interest rate option selected by Borrower; , (iiB) the principal amount subject thereto; , and (iiiC) for each LIBOR selection, the length of the applicable Fixed LIBOR Period. If Bank has not received such notice in accordance with the foregoing before an advance is made hereunder or before the end of any LIBOR Period, Borrower shall be deemed to have made a Base Rate Terminterest selection for such disbursement or the principal amount to which such LIBOR Period applied. Any such notice may be given by telephone (or such other electronic method as Bank may permit) so long asas it is given in accordance with the foregoing and, with respect to each LIBOR selection, (A) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) State Business Days after such notice is given, and . Borrower shall reimburse Bank immediately upon demand for any loss or expense (B) such notice is given to Bank prior to 10:00 a.m. on the first day including any loss or expense incurred by reason of the Fixed Rate Term, liquidation or at redeployment of funds obtained to fund or maintain a later time during any Business Day if Bank, at it’s sole option but without obligation LIBOR borrowing) incurred by Bank as a result of the failure of Borrower to do so, accepts Borrower’s notice and quotes accept or complete a fixed rate to BorrowerLIBOR borrowing hereunder after making a request therefor. If Borrower does not immediately accept a fixed rate when quoted Any reasonable determination of such amounts by Bank, the quoted rate shall expire and any subsequent LIBOR request from Borrower Bank 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 appliedconclusive and binding upon Borrower.
Appears in 3 contracts
Samples: Credit Agreement (Marcus & Millichap, Inc.), Credit Agreement (Marcus & Millichap, Inc.), Credit Agreement (Marcus & Millichap, Inc.)
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 's sole option but without obligation to do so, accepts Borrower’s Xxxxxxxx'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.
Appears in 3 contracts
Samples: Revolving Line of Credit Note (Amrep Corp), Letter Amendment (Barrett Business Services Inc), Credit Agreement (Interlink Electronics Inc)
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: (ia) the interest rate option selected by Borrower; (iib) the principal amount subject thereto; and (iiic) 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, (Ai) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) 3 Business Days after such notice is given, and (Bii) 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 its 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.
Appears in 3 contracts
Samples: Credit Agreement (Tilly's, Inc.), Credit Agreement (Tilly's, Inc.), Credit Agreement (Tilly's, Inc.)
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 its sole option but without obligation to do so, accepts Borrower’s '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.
Appears in 3 contracts
Samples: Credit Agreement (Power Integrations Inc), Credit Agreement (Power Integrations Inc), Credit Agreement (Pacer Technology)
Selection of Interest Rate Options. At any time any portion of this Note ---------------------------------- bears interest determined in relation to LIBORBank's IBOR, it may be continued by Borrower at the end of the Fixed IBOR Rate Term applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Rate or in relation to LIBOR Bank's IBOR for a new Fixed IBOR 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 Bank's IBOR for a Fixed an IBOR Rate Term designated by Borrower. At such the time as Borrower requests an each advance is requested hereunder or Borrower wishes to select a LIBOR the IBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed IBOR Rate Term, Borrower shall give Bank notice specifying: specifying (ia) the interest rate option selected by Borrower; , (iib) the principal amount subject thereto; , and (iiic) for each LIBOR selectionif the IBOR option is selected, the length of the applicable Fixed IBOR 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 IBOR 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. a.m., California time, on the first day of the Fixed IBOR Rate Term. For each IBOR option requested hereunder, or Bank will quote the applicable IBOR Rate to Borrower at a later time during any Business Day if Bankapproximately 10:00 a.m., at it’s sole option but without obligation to do soCalifornia time, accepts Borrower’s notice and quotes a fixed rate to Borroweron the first day of the IBOR Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Bank, any subsequent acceptance by Borrower shall be subject to a re- determination by Bank of the applicable IBOR Rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and any subsequent LIBOR request from Borrower Bank shall have no obligation to permit a IBOR option to be subject to a redetermination by Bank of the applicable fixed rateselected on such day. If no specific designation of interest is made at the time any advance is requested hereunder or at the end of any Fixed IBOR 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 IBOR Rate Term applied.
Appears in 2 contracts
Samples: Credit Agreement (Southwest Water Co), Credit Agreement (Southwest Water Co)
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 's sole option but without obligation to do so, accepts Borrower’s '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.
Appears in 2 contracts
Samples: Credit Agreement (Keystone Automotive Industries Inc), Letter Amendment (Greater Bay Bancorp)
Selection of Interest Rate Options. At Subject to the provisions herein regarding LIBOR Periods and the prior notice required for the selection of a LIBOR interest rate, (i) 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 LIBOR Period 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 LIBOR Period designated by Borrower. At , (ii) 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 LIBOR Period designated by Borrower, and (iii) at the time an advance is made hereunder, Borrower may choose to have all or a portion thereof bear interest determined in relation to the Prime Rate Term or to LIBOR for a LIBOR Period designated by Borrower. At such time as Borrower requests an advance hereunder or wishes to To select a LIBOR interest rate option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed Rate Termhereunder, Borrower shall give Bank notice specifying: (i) the interest rate option selected thereof that is received 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 11:00 a.m. California time on a State Business Day at least two State Business Days prior to the first day of the Fixed Rate TermLIBOR Period, or at a later time during any such State Business Day if Bank, at it’s its sole option but without obligation to do sodiscretion, accepts Borrower’s notice and quotes a fixed rate to Borrower. If Borrower does not immediately accept a fixed Such notice shall specify: (A) the interest rate when quoted option selected by BankBorrower, (B) the principal amount subject thereto, and (C) for each LIBOR selection, the quoted rate shall expire and any subsequent LIBOR request from Borrower shall be subject to a redetermination by Bank length of the applicable fixed rateLIBOR Period. If no specific designation of interest Bank has not received such notice in accordance with the foregoing before an advance is made at the time any advance is requested hereunder or at before the end of any Fixed Rate TermLIBOR Period, 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 LIBOR Period applied. Any such notice may be given by telephone (or such other electronic method as Bank may permit) so long as it is given in accordance with the foregoing and, with respect to each LIBOR selection, if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three State Business Days after such notice is given. Borrower shall reimburse Bank immediately upon demand for any loss or expense (including any loss or expense incurred by reason of the liquidation or redeployment of funds obtained to fund or maintain a LIBOR borrowing) incurred by Bank as a result of the failure of Borrower to accept or complete a LIBOR borrowing hereunder after making a request therefor. Any reasonable determination of such amounts by Bank shall be conclusive and binding upon Borrower.
Appears in 2 contracts
Samples: Credit Agreement (SJW Corp), Credit Agreement (SJW Corp)
Selection of Interest Rate Options. At any time any portion of this Note bears interest determined in relation to LIBORthe LIBOR Rate, it may be continued by Borrower at the end of the Fixed LIBOR Rate Term applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Reference Rate or in relation to the LIBOR Rate for a new Fixed LIBOR Rate Term designated by Borrower. At any time any portion of this Note bears interest determined in relation to the Prime Reference Rate, Borrower may convert all or a portion thereof so that it bears interest determined in relation to the LIBOR Rate for a Fixed LIBOR Rate Term designated by Borrower. At such the time as Borrower requests an each advance is requested hereunder or Borrower wishes to select a the LIBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed LIBOR Rate Term, Borrower shall give Bank notice specifying: specifying (ia) the interest rate option selected by Borrower; , (iib) the principal amount subject thereto; , and (iiic) for each if the LIBOR selectionoption is selected, the length of the applicable Fixed LIBOR 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. a.m., California time, on the first third Business Day prior to the commencement of the LIBOR Rate Term and, with respect to each Reference Rate selection, such notice is given to Bank prior to 11:00 a.m., California time, on the day of the Fixed requested advance. For each LIBOR option requested hereunder, Bank will quote the applicable LIBOR Rate to Borrower at approximately 10:00 a.m., California time, on the second Business Day prior to the LIBOR 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 the rate when quoted by Bank, any subsequent acceptance by Borrower shall be subject to a re-determination by Bank of the applicable LIBOR Rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and any subsequent Bank shall have no obligation to permit a LIBOR request from Borrower shall option to be subject to a redetermination by Bank of the applicable fixed rateselected on such day. If no specific designation of interest is made at the time any advance is requested hereunder or at the end of any Fixed LIBOR Rate Term, Borrower shall be deemed to have made a Prime Reference Rate interest selection for such advance or the principal amount to which such Fixed LIBOR Rate Term applied.
Appears in 2 contracts
Samples: Credit Agreement (Southwest Water Co), Credit Agreement (Southwest Water Co)
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 receives written confirmation thereof from Borrower not later than three (3) 3 Business Days after such telephone notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. a.m., California time, on the first day of the Fixed Rate Term. For each LIBOR option requested hereunder, 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 Bank will quote the applicable fixed rate to BorrowerBorrower at approximately 10:00 a.m., California time, on the first day of the Fixed Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by Borrower shall be subject to a redetermination by Bank of the applicable fixed rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and Bank shall have no obligation to permit a LIBOR option to be selected on such day. 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.
Appears in 2 contracts
Samples: Revolving Line of Credit Note (Il Fornaio America Corp), Credit Agreement (Active Voice Corp)
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 receives written confirmation thereof from Borrower not later than three (3) 3 Business Days after such telephone notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. a.m., California time, on the first day of the Fixed Rate Term. For each LIBOR option requested hereunder, 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 Bank will quote the applicable fixed rate to BorrowerBorrower at approximately 10:00 a.m., California time, on the first day of the Fixed Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by Borrower shall be subject to a redetermination by Bank of the applicable fixed rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and Bank shall have no obligation to permit a LIBOR option to be selected on such day. 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.
Appears in 2 contracts
Samples: Loan Agreement (Grip Technologies Inc), Revolving Line of Credit Note (Staar Surgical Company)
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. a.m., Mountain Time, on the first day of the Fixed Rate Term, or at a later time during any Business Day if Bank, at it’s its sole option but without obligation to do so, accepts Borrower’s Xxxxxxxx'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.
Appears in 2 contracts
Samples: Revolving Line of Credit Note (SBS Technologies Inc), Revolving Line of Credit Note (SBS Technologies Inc)
Selection of Interest Rate Options. At Subject to the provisions herein regarding Interest Periods and the prior notice required for the selection of a Term SOFR interest rate, (i) at any time any portion of this Note bears interest determined in relation to LIBORTerm SOFR for an Interest Period, (A) it may be continued by Borrower at the end of the Fixed Rate Term Interest Period applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Rate or to LIBOR Term SOFR for a new Fixed Rate Term Interest Period designated by Borrower. At Borrower or (B) Borrower may convert all or a portion thereof so that it bears interest determined in relation to Daily Simple SOFR, (ii) at any time any portion of this Note bears interest determined in relation to the Prime RateDaily Simple SOFR, Borrower may convert all or a portion thereof so that it bears interest determined in relation to LIBOR Term SOFR for an Interest Period designated by Borrower, and (iii) at the time an advance is made hereunder, Borrower may choose to have all or a Fixed Rate portion thereof bear interest determined in relation to Daily Simple SOFR or to Term SOFR for an Interest Period designated by Borrower. At such time as Borrower requests an advance hereunder or wishes to To select a LIBOR Term SOFR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed Rate Termhereunder, Borrower shall give Bank notice specifyingthereof that is received by Bank prior to 11:00 a.m. in the time zone of the city referenced on the first page of this Note above the Note date on a Federal Reserve Business Day at least two (2) Federal Reserve C-180DSSTS.docx (Rev. 12/06/21) -3- Business Days prior to the first day of the Interest Period, or at a later time during such Federal Reserve Business Day if Bank, at its sole option but without obligation to do so, accepts Xxxxxxxx’s notice and quotes a fixed rate to Borrower. Such notice shall specify: (iA) the interest rate option selected by Borrower; , (iiB) the principal amount subject thereto; , and (iiiC) for each LIBOR Term SOFR selection, to the extent Borrower has the option to designate the length of an Interest Period, the length of the applicable Fixed Rate TermInterest Period. If Bank has not received such notice in accordance with the foregoing before an advance is made hereunder or before the end of any Interest Period, Borrower shall be deemed to have made a Daily Simple SOFR interest selection for such advance or the principal amount to which such Interest Period applied. Any such notice may be given by telephone (or such other electronic method as Bank may permit) so long asas it is given in accordance with the foregoing and, with respect to each LIBOR Term SOFR selection, (A) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) Federal Reserve Business Days after such notice is given, and . Borrower shall reimburse Bank immediately upon demand for any loss or expense (B) such notice is given to Bank prior to 10:00 a.m. on the first day including any loss or expense incurred by reason of the Fixed Rate Term, liquidation or at redeployment of funds obtained to fund or maintain a later time during any Business Day if Bank, at it’s sole option but without obligation Term SOFR borrowing) incurred by Bank as a result of the failure of Borrower to do so, accepts Borrower’s notice and quotes accept or complete a fixed rate to BorrowerTerm SOFR borrowing hereunder after making a request therefor. If Borrower does not immediately accept a fixed rate when quoted Any reasonable determination of such amounts by Bank, the quoted rate shall expire and any subsequent LIBOR request from Borrower Bank 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 appliedconclusive and binding upon Borrower.
Appears in 2 contracts
Samples: Revolving Line of Credit Note (Arcturus Therapeutics Holdings Inc.), Revolving Line of Credit Note (Arcturus Therapeutics Holdings Inc.)
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 Xxxxxxxx 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 receives written confirmation thereof from Borrower not later than three (3) 3 Business Days after such telephone notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. a.m., California time, on the first day of the Fixed Rate Term. For each LIBOR option requested hereunder, 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 Bank will quote the applicable fixed rate to BorrowerBorrower at approximately 10:00 a.m., California time, on the first day of the Fixed Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by Borrower shall be subject to a redetermination by Bank of the applicable fixed rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and Bank shall have no obligation to permit a LIBOR option to be selected on such day. 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.
Appears in 2 contracts
Samples: Revolving Line of Credit Note (Exponent Inc), Revolving Line of Credit Note (Staar Surgical Company)
Selection of Interest Rate Options. At any time any portion of this Note bears interest determined in relation to LIBORLIBOR or SAF Rate, it may be continued by Borrower at the end of the Fixed Rate Term or SAF Interest Period applicable thereto so that all or a portion thereof bears interest determined in relation to the SAF Rate, 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 Term, or to the SAF Rate, as designated by Borrower. At such time as Borrower requests an advance hereunder or wishes to select a LIBOR or SAF Rate option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed Rate TermTerm and SAF Interest Period, 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 receives written confirmation thereof from Borrower not later than three (3) Business Days after such telephone notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. a.m., California time, on the first day of the Fixed Rate Term. For each LIBOR or SAF Rate option requested hereunder, 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 Bank will quote the applicable rate to BorrowerBorrower at approximately 10:00 a.m., California time, on the first day of the Fixed Rate Term or SAF Interest Period. If Borrower does not immediately accept a fixed the rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by Borrower shall be subject to a redetermination by Bank of the applicable fixed rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and Bank shall have no obligation to permit a LIBOR or SAF Rate, as applicable, option to be selected on such day. If no specific designation of interest is made at the time any advance is requested hereunder or at the end of any Fixed Rate TermTermor SAF Interest Period, 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 or SAF Interest Period applied.
Appears in 2 contracts
Samples: Credit Agreement (In Focus Systems Inc), Credit Agreement (In Focus Systems Inc)
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 BorrowerXxxxxxxx’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.
Appears in 2 contracts
Samples: Revolving Line of Credit Note (Global Water Resources, Inc.), Revolving Line of Credit Note (Global Water Resources, Inc.)
Selection of Interest Rate Options. At any time any portion of this Note the Reducing Line of Credit Loan bears interest determined in relation to LIBOR, it may be continued by Borrower at the end of the Fixed Rate Term LIBOR Period 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 LIBOR Period designated by Borrower. At any time any portion of this Note the Reducing Line of Credit Loan 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 LIBOR Period designated by Borrower. At such time as Borrower requests an advance hereunder a Reducing Line of Credit Advance or wishes to select a LIBOR option for all or a portion of the outstanding principal balance hereofof the Reducing Line of Credit Loan, and at the end of each Fixed Rate TermLIBOR Period, 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 TermLIBOR Period. 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 TermLIBOR Period, or at a later time during any Business Day if Bank, at it’s its sole option but without obligation to do so, accepts Borrower’s '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 Revolving Line of Credit Advance is requested hereunder or at the end of any Fixed Rate TermLIBOR Period, Borrower shall be deemed to have made a Prime Rate interest selection for such advance Revolving Line of Credit Advance or the principal amount of the Revolving Line of Credit Loan to which such Fixed Rate Term LIBOR Period applied.
Appears in 2 contracts
Samples: Credit Agreement, Credit Agreement (Heartland Express Inc)
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 Base 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 Base 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 its 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 Base Rate interest selection for such advance or the principal amount to which such Fixed Rate Term applied.
Appears in 2 contracts
Samples: Credit Agreement (Korn Ferry International), Loan Agreement (Rf Monolithics Inc /De/)
Selection of Interest Rate Options. At any time any portion of this Note bears interest determined in relation to Bank's 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 in relation to Bank's 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 Bank's LIBOR for a Fixed Rate Term designated by Borrower. At such the time as Borrower requests an each advance is requested hereunder or Borrower wishes to select a the 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: specifying (ia) the interest rate option selected by Borrower; , (iib) the principal amount subject thereto; , and (iiic) for each if the LIBOR selectionoption is selected, 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, (Ai) if requested by Bank, Borrower provides to Bank receives written confirmation thereof from Borrower not later than three (3) Business Days after such telephone notice is given, and (Bii) such notice is given to Bank prior to 10:00 a.m. a.m., California time, on the first day of the Fixed Rate Term. For each LIBOR option requested hereunder, 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 Bank will quote the applicable fixed rate to BorrowerBorrower at approximately 10:00 a.m., California time, on the first day of the Fixed Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by Borrower shall be subject to a redetermination by Bank of the applicable fixed rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and Bank shall have no obligation to permit a LIBOR option to be selected on such day. 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.
Appears in 2 contracts
Samples: Assumption and Amendment Agreement (Nstor Technologies Inc), Credit Agreement (Epitope Inc/Or/)
Selection of Interest Rate Options. At any time any portion of this Note bears interest determined in relation to LIBORLlBOR, 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 LlBOR 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 LlBOR for a Fixed Rate Term designated by Borrower. At such time as Borrower requests an advance hereunder or wishes to select a LIBOR LlBOR 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: (ia) the interest rate option selected by Borrower; (iib) the principal amount subject thereto; and (iiic) for each LIBOR LlBOR 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 LlBOR selection, (Ai) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) 3 Business Days after such notice is given, and (Bii) 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 LlBOR 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.
Appears in 2 contracts
Samples: Credit Agreement (SJW Corp), Credit Agreement (SJW Corp)
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 its sole option but without obligation to do so, accepts Borrower’s notice Borrxxxx'x xotice 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.
Appears in 2 contracts
Samples: Revolving Line of Credit Note (Il Fornaio America Corp), Credit Agreement (Auspex Systems Inc)
Selection of Interest Rate Options. At any time any portion of this ---------------------------------- Note bears interest determined in relation to LIBORBank's IBOR, it may be continued by Borrower at the end of the Fixed IBOR Rate Term applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Reference Rate or in relation to LIBOR Bank's IBOR for a new Fixed IBOR Rate Term designated by Borrower. At any time any portion of this Note bears interest determined in relation to the Prime Reference Rate, Borrower may convert all or a portion thereof so that it bears interest determined in relation to LIBOR Bank's IBOR for a Fixed IBOR Rate Term designated by Borrower. At such the time as Borrower requests an each advance is requested hereunder or Borrower wishes to select a LIBOR the IBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed IBOR Rate Term, Borrower shall give Bank notice specifying: specifying (ia) the interest rate option selected by Borrower; , (iib) the principal amount subject thereto; , and (iiic) for each LIBOR selectionif the IBOR option is selected, the length of the applicable Fixed IBOR 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 IBOR 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. a.m., California time, on the first day of the Fixed IBOR Rate Term. For each IBOR option requested hereunder, or Bank will quote the applicable IBOR Rate to Borrower at a later time during any Business Day if Bankapproximately 10:00 a.m., at it’s sole option but without obligation to do soCalifornia time, accepts Borrower’s notice and quotes a fixed rate to Borroweron the first day of the IBOR Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Bank, any subsequent acceptance by Borrower shall be subject to a re- determination by Bank of the applicable IBOR Rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and any subsequent LIBOR request from Borrower Bank shall have no obligation to permit a IBOR option to be subject to a redetermination by Bank of the applicable fixed rateselected on such day. If no specific designation of interest is made at the time any advance is requested hereunder or at the end of any Fixed IBOR Rate Term, Borrower shall be deemed to have made a Prime Reference Rate interest selection for such advance or the principal amount to which such Fixed IBOR Rate Term applied.
Appears in 2 contracts
Samples: Credit Agreement (Southwest Water Co), Credit Agreement (Southwest Water Co)
Selection of Interest Rate Options. At Subject to the provisions herein regarding LIBOR Periods and the prior notice required for the selection of a LIBOR interest rate, (i) 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 LIBOR Period 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 LIBOR Period designated by Borrower. At , (ii) 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 LIBOR Period designated by Borrower, and (iii) at the time this Note is disbursed, Borrower may choose to have all or a portion thereof bear interest determined in relation to the Prime Rate Term or to LIBOR for a LIBOR Period designated by Borrower. At such time as Borrower requests an advance hereunder or wishes to To select a LIBOR interest rate option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed Rate Termhereunder, Borrower shall give Bank notice specifying: (i) the interest rate option selected thereof that is received 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 11:00 a.m. in the jurisdiction described in “Governing Law” herein on a State Business Day at least two State Business Days prior to the first day of the Fixed Rate TermLIBOR Period, or at a later time during any such State Business Day if Bank, at it’s its sole option but without obligation to do sodiscretion, accepts Borrower’s notice and quotes a fixed rate to Borrower. If Borrower does not immediately accept a fixed Such notice shall specify: (A) the interest rate when quoted option selected by BankBorrower, (B) the principal amount subject thereto, and (C) for each LIBOR selection, the quoted rate shall expire and any subsequent LIBOR request from Borrower shall be subject to a redetermination by Bank length of the applicable fixed rateLIBOR Period. If no specific designation of interest Bank has not received such notice in accordance with the foregoing before this Note is made at the time any advance is requested hereunder disbursed or at before the end of any Fixed Rate TermLIBOR Period, 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 LIBOR Period applied. Any such notice may be given by telephone (or such other electronic method as Bank may permit) so long as it is given in accordance with the foregoing and, with respect to each LIBOR selection, if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three State Business Days after such notice is given. Borrower shall reimburse Bank immediately upon demand for any loss or expense (including any loss or expense incurred by reason of the liquidation or redeployment of funds obtained to fund or maintain a LIBOR borrowing) incurred by Bank as a result of the failure of Borrower to accept or complete a LIBOR borrowing hereunder after making a request therefor. Any reasonable determination of such amounts by Bank shall be conclusive and binding upon Borrower. Should more than one person or entity sign this Note as a Borrower, any notice required above may be given by any one Borrower acting alone, which notice shall be binding on all other Borrowers.
Appears in 2 contracts
Samples: Credit Agreement (Power Integrations Inc), Credit Agreement (Power Integrations Inc)
Selection of Interest Rate Options. At Subject to the provisions herein regarding LIBOR Periods and the prior notice required for the selection of a LIBOR interest rate:
(i) at any time any portion of this Note the Line of Credit Loan bears interest determined in relation to LIBORLIBOR for a LIBOR Period, it may be continued by Borrower at the end of the Fixed Rate Term LIBOR Period 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 LIBOR Period designated by Borrower. At ,
(iii) at any time any portion of this Note the Line of Credit Loan 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 LIBOR Period designated by Borrower and
(iv) at the time a Line of Credit Advance is made hereunder, Borrower may choose to have all or a portion thereof bear interest determined in relation to the Prime Rate Term or to LIBOR for a LIBOR Period designated by Borrower. At such time as Borrower requests To select an advance interest rate option hereunder or wishes determined in relation to select LIBOR for a LIBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed Rate TermPeriod, Borrower shall give Bank notice specifying: thereof (i“Interest Rate Selection Notice”) the interest rate option selected that is received 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 11:00 a.m. Des Moines, Iowa time on a Business Day prior to the first day of the Fixed Rate TermLIBOR Period, or at a later time during any such Business Day if Bank, at it’s its 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 Such Interest Rate Selection Notice shall specify: (A) the interest rate when quoted option selected by BankBorrower, (B) the principal amount subject thereto, and (C) for each LIBOR selection, the quoted rate shall expire and any subsequent LIBOR request from Borrower shall be subject to a redetermination by Bank length of the applicable fixed rateLIBOR Period. If no specific designation Bank has not received such Interest Rate Selection Notice in accordance with the foregoing before a Revolving Line of interest Credit Advance is made at the time any advance is requested hereunder or at before the end of any Fixed Rate TermLIBOR Period, Borrower shall be deemed to have made a Prime Rate interest selection for such advance the Revolving Line of Credit Advance or the principal amount to which such Fixed LIBOR Period applied. Any such Interest Rate Term appliedSelection Notice may be given by telephone (or such other electronic method as Bank may permit) so long as it is given in accordance with the foregoing and, with respect to each LIBOR selection, if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three Business Days after such notice is given. Borrower shall reimburse Bank immediately upon demand for any loss or expense (including any loss or expense incurred by reason of the liquidation or redeployment of funds obtained to fund or maintain a Line of Credit Advance or Line of Credit Loan as a LIBOR Loan) incurred by Bank as a result of the failure of Borrower to accept or complete a Line of Credit Advance or Line of Credit Loan as a LIBOR Loan after making a request therefor. Any reasonable, good faith determination of such amounts by Bank shall be conclusive and binding upon Borrower.
(vii) Section 1.2(d) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
Appears in 1 contract
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 Rate, to the Federal Funds 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 or to the Federal Funds 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 receives written confirmation thereof from Borrower not later than three (3) Business Days after such telephone notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. a.m., California time, on the first day of the Fixed Rate Term. For each LIBOR option requested hereunder, 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 Bank will quote the applicable fixed rate to BorrowerBorrower at approximately 10:00 a.m., California time, on the first day of the Fixed Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by Borrower shall be subject to a redetermination by Bank of the applicable fixed rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and Bank shall have no obligation to permit a LIBOR option to be selected on such day. 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 Federal Funds Rate interest selection for such advance or the principal amount to which such Fixed Rate Term applied.
Appears in 1 contract
Selection of Interest Rate Options. At Subject to the provisions herein regarding LIBOR Periods and the prior notice required for the selection of a LIBOR interest rate, (i) 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 LIBOR Period applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Base Rate or to LIBOR for a new Fixed Rate Term LIBOR Period designated by Borrower. At , (ii) at any time any portion of this Note bears interest determined in relation to the Prime Base Rate, Borrower may convert all or a portion thereof so that it bears interest determined in relation to LIBOR for a Fixed LIBOR Period designated by Borrower and (iii) at the time an advance is made hereunder, Borrower may choose to have all or a portion thereof bear interest determined in relation to the Base Rate Term or to LIBOR for a LIBOR Period designated by Borrower. At such time as Borrower requests To select an advance interest rate option hereunder or wishes determined in relation to select LIBOR for a LIBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed Rate TermPeriod, Borrower shall give Bank notice specifyingthereof that is received by Bank prior to 11:00 a.m. California time on a State Business Day at least two State Business Days prior to the first day of the LIBOR Period, or at a later time during such State Business Day if Bank, at its sole discretion, accepts Borrower’s notice and quotes a fixed rate to Borrower. Such notice shall specify: (iA) the interest rate option selected by Borrower; , (iiB) the principal amount subject thereto; , and (iiiC) for each LIBOR selection, the length of the applicable Fixed LIBOR Period. If Bank has not received such notice in accordance with the foregoing before an advance is made hereunder or before the end of any LIBOR Period, Borrower shall be deemed to have made a Base Rate Terminterest selection for such advance or the principal amount to which such LIBOR Period applied. Any such notice may be given by telephone (or such other electronic method as Bank may permit) so long asas it is given in accordance with the foregoing and, with respect to each LIBOR selection, (A) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) State Business Days after such notice is given, and . Borrower shall reimburse Bank immediately upon demand for any loss or expense (B) such notice is given to Bank prior to 10:00 a.m. on the first day including any loss or expense incurred by reason of the Fixed Rate Term, liquidation or at redeployment of funds obtained to fund or maintain a later time during any Business Day if Bank, at it’s sole option but without obligation LIBOR borrowing) incurred by Bank as a result of the failure of Borrower to do so, accepts Borrower’s notice accept or complete a LIBOR borrowing hereunder after making a request therefor. Any reasonable determination of such amounts by Bank shall be conclusive and quotes a fixed rate to binding upon 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.Annex 2-4
Appears in 1 contract
Samples: Credit Agreement
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 the time as this Note is disbursed or 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 its sole option but without obligation to do so, accepts Borrower’s 's notice and quotes a fixed rate to Borrower. If Borrower does not dxxx xxx 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 this Note is requested hereunder disbursed or at the end of any Fixed Rate Term, Borrower shall be deemed to have made a Prime Rate interest selection for such advance this Note or the principal amount to which such Fixed Rate Term applied.
Appears in 1 contract
Samples: Term Note (Itron Inc /Wa/)
Selection of Interest Rate Options. At any time any portion of this ---------------------------------- Note bears interest determined in relation to LIBORBank's IBOR, it may be continued by Borrower at the end of the Fixed IBOR Rate Term applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Rate or in relation to LIBOR Bank's IBOR for a new Fixed IBOR 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 Bank's IBOR for a Fixed IBOR Rate Term designated by Borrower. At such the time as Borrower requests an each advance is requested hereunder or Borrower wishes to select a LIBOR the IBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed IBOR Rate Term, Borrower shall give Bank notice specifying: specifying (ia) the interest rate option selected by Borrower; , (iib) the principal amount subject thereto; , and (iiic) for each LIBOR selectionif the IBOR option is selected, the length of the applicable Fixed IBOR 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 IBOR 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. a.m., California time, on the first day of the Fixed IBOR Rate Term. For each IBOR option requested hereunder, or Bank will quote the applicable IBOR Rate to Borrower at a later time during any Business Day if Bankapproximately 10:00 a.m., at it’s sole option but without obligation to do soCalifornia time, accepts Borrower’s notice and quotes a fixed rate to Borroweron the first day of the IBOR Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Bank, any subsequent acceptance by Borrower shall be subject to a re-determination by Bank of the applicable IBOR Rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and any subsequent LIBOR request from Borrower Bank shall have no obligation to permit a IBOR option to be subject to a redetermination by Bank of the applicable fixed rateselected on such day. If no specific designation of interest is made at the time any advance is requested hereunder or at the end of any Fixed IBOR 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 IBOR Rate Term applied.
Appears in 1 contract
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 the time as this Note is disbursed or 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; provided, however, that if an Event of Default has occurred and is continuing, Borrower may not elect to continue or convert any portion of the Term Loan outstanding hereunder into a LIBOR rate loan. 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 's sole option but without obligation to do so, accepts Borrower’s '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 this Note is requested hereunder disbursed or at the end of any Fixed Rate Term, Borrower shall be deemed to have made a Prime Rate interest selection for such advance this Note or the principal amount to which such Fixed Rate Term applied.
Appears in 1 contract
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: (ia) the interest rate option selected by Borrower; (iib) the principal amount subject thereto; and (iiic) 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, (Ai) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) 3 Business Days after such notice is given, . and (Bii) 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 BorrowerXxxxxxxx’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.
Appears in 1 contract
Selection of Interest Rate Options. At any time any portion of this Note bears interest determined in relation to LIBORLIBOR for a Fixed Rate Term, 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 Daily Three Month LIBOR 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 Daily Three Month LIBOR Rate, Borrower may at any time 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 an interest rate determined in relation to the Daily Three Month LIBOR Rate or a LIBOR option Fixed Rate Term 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 selectionselection for a Fixed Rate Term, 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 selectionselection for a Fixed Rate Term, (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. {Z0022862/7 } Salt Lake City, Utah time on the first day of the Fixed Rate Term, or at a later time during any Business Day if Bank, at it’s its sole option but without obligation to do so, accepts BorrowerXxxxxxxx’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 Daily Three Month LIBOR Rate interest selection for such advance or the principal amount to which such Fixed Rate Term applied.
Appears in 1 contract
Selection of Interest Rate Options. At any time any portion of this Note bears interest determined in relation to Bank’s 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 in relation to Bank’s 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 Bank’s LIBOR for a Fixed Rate Term designated by Borrower. At such the time as Borrower requests an each advance is requested hereunder or Borrower wishes to select a the 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 Trade Bank notice specifying: specifying (ia) the interest rate option selected by Borrower; , (iib) the principal amount subject thereto; , and (iiic) for each if the LIBOR selectionoption is selected, 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, (Ai) if requested by Bank, Borrower provides to Trade Bank receives written confirmation thereof from Borrower not later than three (3) Business Days after such telephone notice is given, and (Bii) such notice is given to Trade Bank prior to 10:00 a.m. a.m., California time, on the first day of the Fixed Rate Term. For each LIBOR option requested hereunder, 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 Trade Bank will quote the applicable fixed rate to BorrowerBorrower at approximately 10:00 a.m., California time, on the first day of the Fixed Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Trade Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by Borrower shall be subject to a redetermination by Trade Bank of the applicable fixed rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and Trade Bank shall have no obligation to permit a LIBOR option to be selected on such day. 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.
Appears in 1 contract
Samples: Credit Agreement (Cymer Inc)
Selection of Interest Rate Options. At any time any portion of this Note ---------------------------------- bears interest 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 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 receives written confirmation thereof from Borrower not later than three (3) 3 Business Days after such telephone notice is given, and (B) such notice is given option requested hereunder. Bank will quote the applicable fixed rate to Bank prior to Borrower at approximately 10:00 a.m. a.m., California time, 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 the rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by Borrower shall be subject to a redetermination by Bank of the applicable fixed rate: provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rated shall expire and Bank shall have no obligation to permit a LIBOR option to be selected on such day. 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.
Appears in 1 contract
Samples: Revolving Line of Credit Note (Staar Surgical Company)
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 receives written confirmation thereof from Borrower not later than three (3) Business Days after such telephone notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. a.m., California time, on the first day of the Fixed Rate Term. For each LIBOR option requested hereunder, 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 Bank will quote the applicable fixed rate to BorrowerBorrower at approximately 10:00 a.m., California time, on the first day of the Fixed Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by Borrower shall be subject to a redetermination by Bank of the applicable fixed rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and Bank shall have no obligation to permit a LIBOR option to be selected on such day. 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.
Appears in 1 contract
Selection of Interest Rate Options. At any time any portion of this Note bears interest determined in relation to LIBORLIBOR for a Fixed Rate Term, 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 Daily Three Month LIBOR 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 Daily Three Month LIBOR Rate, Borrower may at any time 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 an interest rate determined in relation to the Daily Three Month LIBOR Rate or a LIBOR option Fixed Rate Term 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 selectionselection for a Fixed Rate Term, 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 selectionselection for a Fixed Rate Term, (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 its 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 Daily Three Month LIBOR Rate interest selection for such advance or the principal amount to which such Fixed Rate Term applied.
Appears in 1 contract
Samples: Credit Agreement (Landec Corp \Ca\)
Selection of Interest Rate Options. At any time any portion of this Note the Revolving Line of Credit 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 the Revolving Line of Credit 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 hereofof the Revolving Line of Credit, 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 receives written confirmation thereof from Borrower not later than three (3) Business Days after such telephone notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. a.m., Colorado time, on the first day of the Fixed Rate Term. For each LIBOR option requested hereunder, 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 Bank will quote the applicable fixed rate to BorrowerBorrower at approximately 10:00 a.m., Colorado time, on the first day of the Fixed Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by 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 ; provided however, that if Borrower fails to accept 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.rate by 11:00 a.m.,
Appears in 1 contract
Samples: Modification Agreement (American Coin Merchandising Inc)
Selection of Interest Rate Options. At any time any portion of this Note bears interest determined in relation to LIBORBank's IBOR, it may be continued by Borrower at the end of the Fixed IBOR Rate Term applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Rate or in relation to LIBOR Bank's IBOR for a new Fixed IBOR 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 Bank's IBOR for a Fixed an IBOR Rate Term designated by Borrower. At such the time as Borrower requests an each advance is requested hereunder or Borrower wishes to select a LIBOR the IBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed IBOR Rate Term, Borrower shall give Bank notice specifying: specifying (ia) the interest rate option selected by Borrower; , (iib) the principal amount subject thereto; , and (iiic) for each LIBOR selectionif the IBOR option is selected, the length of the applicable Fixed IBOR 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 IBOR 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. a.m., California time, on the first day of the Fixed IBOR Rate Term. For each IBOR option requested hereunder, or Bank will quote the applicable IBOR Rate to Borrower at a later time during any Business Day if Bankapproximately 10:00 a.m., at it’s sole option but without obligation to do soCalifornia time, accepts Borrower’s notice and quotes a fixed rate to Borroweron the first day of the IBOR Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Bank, any subsequent acceptance by Borrower shall be subject to a re-determination by Bank of the applicable IBOR Rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and any subsequent LIBOR request from Borrower Bank shall have no obligation to permit a IBOR option to be subject to a redetermination by Bank of the applicable fixed rateselected on such day. If no specific designation of interest is made at the time any advance is requested hereunder or at the end of any Fixed IBOR 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 IBOR Rate Term applied.
Appears in 1 contract
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. a.m., Mountain Time, on the first day of the Fixed Rate Term, or at a later time during any Business Day if Bank, at it’s its sole option but without obligation to do so, accepts Borrower’s '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.
Appears in 1 contract
Samples: Revolving Line of Credit Note
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: (ia) the interest rate option selected by Borrower; (iib) the principal amount subject thereto; and (iiic) 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, (Ai) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) 3 Business Days after such notice is given, and (Bii) 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 BorrowerXxxxxxxx’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.
Appears in 1 contract
Samples: Revolving Line of Credit Note (Medtox Scientific Inc)
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 Bxxxxxxx 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 its sole option but without obligation to do so, accepts BorrowerBxxxxxxx’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.
Appears in 1 contract
Samples: Revolving Line of Credit Note (eTelecare Global Solutions, Inc.)
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: (ia) the interest rate option selected by Borrower; (iib) the principal amount subject thereto; and (iiic) 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, (Ai) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) Business Days after such notice is given, and (Bii) 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 its sole option but without obligation to do so, accepts BorrowerXxxxxxxx’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.
Appears in 1 contract
Samples: Revolving Line of Credit Note (Orion Energy Systems, Inc.)
Selection of Interest Rate Options. At any time any portion of ---------------------------------- this Note bears interest determined in relation to LIBORBank's IBOR, it may be continued by Borrower at the end of the Fixed IBOR Rate Term applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Rate or in relation to LIBOR Bank's IBOR for a new Fixed IBOR 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 Bank's IBOR for a Fixed IBOR Rate Term designated by Borrower. At such the time as Borrower requests an each advance is requested hereunder or Borrower wishes to select a LIBOR the IBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed IBOR Rate Term, Borrower shall give Bank notice specifying: specifying (ia) the interest rate option selected by Borrower; , (iib) the principal amount subject thereto; , and (iiic) for each LIBOR selectionif the IBOR option is selected, the length of the applicable Fixed IBOR 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 IBOR 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. a.m., California time, on the first day of the Fixed IBOR Rate Term. For each IBOR option requested hereunder, or Bank will quote the applicable IBOR Rate to Borrower at a later time during any Business Day if Bankapproximately 10:00 a.m., at it’s sole option but without obligation to do soEXHIBIT A California time, accepts Borrower’s notice and quotes a fixed rate to Borroweron the first day of the IBOR Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Bank, any subsequent acceptance by Borrower shall be subject to a re-determination by Bank of the applicable IBOR Rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and any subsequent LIBOR request from Borrower Bank shall have no obligation to permit a IBOR option to be subject to a redetermination by Bank of the applicable fixed rateselected on such day. If no specific designation of interest is made at the time any advance is requested hereunder or at the end of any Fixed IBOR 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 IBOR Rate Term applied.
Appears in 1 contract
Selection of Interest Rate Options. At Subject to the provisions herein regarding LIBOR Periods and the prior notice required for the selection of a LIBOR interest rate, (i) at any time any portion of this Note bears interest determined in relation to LIBORLIBOR for a LIBOR Period, it may be continued by Borrower at the end of the Fixed Rate Term LIBOR Period applicable thereto so that all or a portion thereof bears interest determined in relation to the Daily One Month LIBOR Rate, to the Prime Rate or to LIBOR for a new Fixed Rate Term LIBOR Period designated by Borrower. At , (ii) at any time any portion of this Note bears interest determined in relation to the Daily One Month LIBOR Rate, Borrower may convert all or a portion thereof so that it bears interest determined in relation to the Prime Rate or in relation to LIBOR for a LIBOR Period designated by Borrower, (iii) at any time any portion of this Note bears interest determined in relation to the Prime Rate, Borrower may at any time convert all or a portion thereof so that it bears interest determined in relation to the Daily One Month LIBOR Rate or in relation to LIBOR for a Fixed LIBOR Period designated by Xxxxxxxx, and (iv) at the time an advance is made hereunder, Borrower may choose to have all or a portion thereof bear interest determined in relation to the Daily One Month LIBOR Rate, the Prime Rate Term or to LIBOR for a LIBOR Period designated by Borrower. At such time as Borrower requests To select an advance interest rate option hereunder or wishes determined in relation to select LIBOR for a LIBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed Rate TermPeriod, Borrower shall give Bank notice specifyingthereof that is received by Bank prior to 11:00 a.m. California time on a State Business Day at least two State Business Days prior to the first day of the LIBOR Period, or at a later time during such State Business Day if Bank, at its sole discretion, accepts Xxxxxxxx's notice and quotes a fixed rate to Borrower. Such notice shall specify: (iA) the interest rate option selected by Borrower; , (iiB) the principal amount subject thereto; , and (iiiC) for each LIBOR selection, the length of the applicable Fixed LIBOR Period. If Bank has not received such notice in accordance with the foregoing before an advance is made hereunder or before the end of any LIBOR Period, Borrower shall be deemed to have made a Daily One Month LIBOR Rate Terminterest selection for such advance or the principal amount to which such LIBOR Period applied. Any such notice may be given by telephone (or such other electronic method as Bank may permit) so long asas it is given in accordance with the foregoing and, with respect to each LIBOR selection, (A) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) State Business Days after such notice is given, and . Borrower shall reimburse Bank immediately upon demand for any loss or expense (B) such notice is given to Bank prior to 10:00 a.m. on the first day including any loss or expense incurred by reason of the Fixed Rate Term, liquidation or at redeployment of funds obtained to fund or maintain a later time during any Business Day if Bank, at it’s sole option but without obligation LIBOR borrowing) incurred by Bank as a result of the failure of Borrower to do so, accepts Borrower’s notice accept or complete a LIBOR borrowing hereunder after making a request therefor. Any reasonable determination of such amounts by Bank shall be conclusive and quotes a fixed rate to binding upon Borrower. If Borrower does not immediately accept a fixed rate when quoted by Bank, Notwithstanding 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 Termforegoing, Borrower shall be deemed not maintain at the same time advances outstanding under this Note bearing interest in relation to have made a the Prime Rate and separate advances outstanding under this Note bearing interest selection for such advance or in relation to the principal amount to which such Fixed Rate Term appliedDaily One Month LIBOR Rate.
Appears in 1 contract
Samples: Revolving Line of Credit Note (Plantronics Inc /Ca/)
Selection of Interest Rate Options. At Subject to the provisions herein regarding LIBOR Periods and the prior notice required for the selection of a LIBOR interest rate, (i) at any time any portion of this Note bears interest determined in relation to LIBORLIBOR for a LIBOR Period, it may be continued by Borrower at the end of the Fixed Rate Term LIBOR Period applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Daily One Month LIBOR Rate or to LIBOR for a new Fixed Rate Term LIBOR Period designated by Borrower. At , (ii) at any time any portion of this Note bears interest determined in relation to the Prime Daily One Month LIBOR Rate, Borrower may convert all or a portion thereof so that it bears interest determined in relation to LIBOR for a Fixed LIBOR Period designated by Borrower, and (iii) at the time an advance is made hereunder, Borrower may choose to have all or a portion thereof bear interest determined in relation to the Daily One Month LIBOR Rate Term or to LIBOR for a LIBOR Period designated by Borrower. At such time as Borrower requests To select an advance interest rate option hereunder or wishes determined in relation to select LIBOR for a LIBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed Rate TermPeriod, Borrower shall give Bank notice specifyingthereof that is received by Bank prior to 10:00 a.m. Salt Lake City, Utah time on a Utah Business Day at least two Utah Business Days prior to the first day of the LIBOR Period, or at a later time during such Utah Business Day if Bank, at its sole discretion, accepts Borrower’s notice and quotes a fixed rate to Borrower. Such notice shall specify: (iA) the interest rate option selected by Borrower; , (iiB) the principal amount subject thereto; , and (iiiC) for each LIBOR selection, the length of the applicable Fixed LIBOR Period. If Bank has not received such notice in accordance with the foregoing before an advance is made hereunder or before the end of any LIBOR Period, Borrower shall be deemed to have made a Daily One Month LIBOR Rate Terminterest selection for such advance or the principal amount to which such LIBOR Period applied. Any such notice may be given by telephone (or such other electronic method as Bank may permit) so long asas it is given in accordance with the foregoing and, with respect to each LIBOR selection, (A) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) Utah Business Days after such notice is given, and . Borrower shall reimburse Bank immediately upon demand for any loss or expense (B) such notice is given to Bank prior to 10:00 a.m. on the first day including any loss or expense incurred by reason of the Fixed Rate Term, liquidation or at redeployment of funds obtained to fund or maintain a later time during any Business Day if Bank, at it’s sole option but without obligation LIBOR borrowing) incurred by Bank as a result of the failure of Borrower to do so, accepts Borrower’s notice and quotes accept or complete a fixed rate to BorrowerLIBOR borrowing hereunder after making a request therefor. If Borrower does not immediately accept a fixed rate when quoted Any reasonable determination of such amounts by Bank, the quoted rate shall expire and any subsequent LIBOR request from Borrower Bank 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 appliedconclusive and binding upon Borrower.
Appears in 1 contract
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 Base 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 Base 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 Each time as amounts under this Note are disbursed or 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 its sole option but without obligation to do so, accepts BorrowerXxxxxxxx’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 a time any advance is requested hereunder amounts under this Note are disbursed or at the end of any Fixed Rate Term, Borrower shall be deemed to have made a Prime Base Rate interest selection for such advance disbursements or the principal amount to which such Fixed Rate Term applied.
Appears in 1 contract
Samples: Term Note (Red Lion Hotels CORP)
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 hereof 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 receives written confirmation thereof from Borrower not later than three (3) 3 Business Days after such telephone notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. a.m., California time, on the first day of the Fixed Rate Term. For each LIBOR option requested hereunder, 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 Bank will quote the applicable fixed rate to BorrowerBorrower at approximately 10:00 a.m., California time, on the first day of the Fixed Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by Borrower shall be subject to a redetermination by Bank of the applicable fixed rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and Bank shall have no obligation to permit a LIBOR option to be selected on such day. 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.
Appears in 1 contract
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 's sole option but without obligation to do so, accepts Borrower’s Xxxxxxxx'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.
Appears in 1 contract
Selection of Interest Rate Options. At any time any portion of this Amended and Restated 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 thereof, depending upon the option selected by the Borrower, bears interest determined in relation to the Prime Rate Base Rate, to the Daily One Month LIBOR or to LIBOR for a new Fixed Rate Term designated by Borrower. At any time any portion of this Amended and Restated Note bears interest determined in relation to the Prime RateBase Rate or to Daily One Month LIBOR, the 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 the Borrower. At any time any portion of this Amended and Restated Note bears interest determined in relation to the Base Rate, the Borrower may convert all or a portion thereof so that it bears interest determined in relation to Daily One-Month LIBOR. At any time any portion of this Amended and Restated Note bears interest determined in relation to Daily One-Month LIBOR, the Borrower may convert all or a portion thereof so that it bears interest determined in relation to the Base Rate. 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 its sole option but without obligation to do so, accepts Borrower’s '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 Base Rate interest selection for such advance or the principal amount to which such Fixed Rate Term applied.
Appears in 1 contract
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 's sole option but without obligation to do so, accepts Borrower’s Xxxxxxxx'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.
Appears in 1 contract
Selection of Interest Rate Options. At Subject to the provisions herein regarding LIBOR Periods and the prior notice required for the selection of a LIBOR interest rate, (i) at any time any portion of this Note bears interest determined in relation to LIBORLIBOR for a LIBOR Period, it may be continued by Borrower at the end of the Fixed Rate Term LIBOR Period applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Daily Three Month LIBOR Rate or to LIBOR for a new Fixed Rate Term LIBOR Period designated by Borrower. At , (ii) at any time any portion of this Note bears interest determined in relation to the Prime Daily Three Month LIBOR Rate, Borrower may convert all or a portion thereof so that it bears interest determined in relation to LIBOR for a Fixed LIBOR Period designated by Borrower, and (iii) at the time an advance is made hereunder, Borrower may choose to have all or a portion thereof bear interest determined in relation to the Daily Three Month LIBOR Rate Term or to LIBOR for a LIBOR Period designated by Borrower. At such time as Borrower requests To select an advance interest rate option hereunder or wishes determined in relation to select LIBOR for a LIBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed Rate TermPeriod, Borrower shall give Bank notice specifyingthereof that is received by Bank prior to 11:00 a.m Washington time on a State Business Day at least two State Business Days prior to the first day of the LIBOR Period, or at a later time during such State Business Day if Bank, at its sole discretion, accepts Borrower’s notice and quotes a fixed rate to Borrower. Such notice shall specify: (iA) the interest rate option selected by Borrower; , (iiB) the principal amount subject thereto; , and (iiiC) for each LIBOR selection, the length of the applicable Fixed LIBOR Period. If Bank has not received such notice in accordance with the foregoing before an advance is made hereunder or before the end of any LIBOR Period, Borrower shall be deemed to have made a Daily Three Month LIBOR Rate Terminterest selection for such advance or the principal amount to which such LIBOR Period applied. Any such notice may be given by telephone (or such other electronic method as Bank may permit) so long asas it is given in accordance with the foregoing and, with respect to each LIBOR selection, (A) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) State Business Days after such notice is given, and . Borrower shall reimburse Bank immediately upon demand for any loss or expense (B) such notice is given to Bank prior to 10:00 a.m. on the first day including any loss or expense incurred by reason of the Fixed Rate Term, liquidation or at redeployment of funds obtained to fund or maintain a later time during any Business Day if Bank, at it’s sole option but without obligation LIBOR borrowing) incurred by Bank as a result of the failure of Borrower to do so, accepts Borrower’s notice and quotes accept or complete a fixed rate to BorrowerLIBOR borrowing hereunder after making a request therefor. If Borrower does not immediately accept a fixed rate when quoted Any reasonable determination of such amounts by Bank, the quoted rate shall expire and any subsequent LIBOR request from Borrower Bank 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 appliedconclusive and binding upon Borrower.
Appears in 1 contract
Samples: Credit Agreement (Zumiez Inc)
Selection of Interest Rate Options. At Subject to the provisions herein regarding LIBOR Periods and the prior notice required for the selection of a LIBOR interest rate, (i) at any time any portion of this Note bears interest determined in relation to LIBORLIBOR for a LIBOR Period, it may be continued by Borrower at the end of the Fixed Rate Term LIBOR Period applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Rate Daily One Month LIBOR or to LIBOR for a new Fixed Rate Term LIBOR Period designated by Borrower. At , (ii) at any time any portion of this Note bears interest determined in relation to the Prime RateDaily One Month LIBOR, Borrower may convert all or a portion thereof so that it bears interest determined in relation to LIBOR for a Fixed Rate Term LIBOR Period designated by Borrower, and (iii) at the time an advance is made hereunder, Borrower may choose to have all or a portion thereof bear interest determined in relation to Daily One Month LIBOR or to LIBOR for a LIBOR Period designated by Borrower. At such time as Borrower requests To select an advance interest rate option hereunder or wishes determined in relation to select LIBOR for a LIBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed Rate TermPeriod, Borrower shall give Bank notice specifyingthereof that is received by Bank prior to 11:00 a.m. in the jurisdiction described in “Governing Law” herein on a State Business Day at least two State Business Days prior to the first day of the LIBOR Period, or at a later time during such State Business Day if Bank, at its sole discretion, accepts Borrower’s notice and quotes a fixed rate to Borrower. Such notice shall specify: (iA) the interest rate option selected by Borrower; , (iiB) the principal amount subject thereto; , and (iiiC) for each LIBOR selection, the length of the applicable Fixed Rate TermLIBOR Period. If Bank has not received such notice in accordance with the foregoing before an advance is made hereunder or before the end of any LIBOR Period, Borrower shall be deemed to have made a Daily One Month LIBOR interest selection for such advance or the principal amount to which such LIBOR Period applied. Any such notice may be given by telephone (or such other electronic method as Bank may permit) so long asas it is given in accordance with the foregoing and, with respect to each LIBOR selection, (A) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) State Business Days after such notice is given, and . Borrower shall reimburse Bank immediately upon demand for any loss or expense (B) such notice is given to Bank prior to 10:00 a.m. on the first day including any loss or expense incurred by reason of the Fixed Rate Term, liquidation or at redeployment of funds obtained to fund or maintain a later time during any Business Day if Bank, at it’s sole option but without obligation LIBOR borrowing) incurred by Bank as a result of the failure of Borrower to do so, accepts Borrower’s notice accept or complete a LIBOR borrowing hereunder after making a request therefor. Any reasonable determination of such amounts by Bank shall be conclusive and quotes a fixed rate to binding upon Borrower. If Should more than one person or entity sign this Note as a Borrower, any notice required above may be given by any one Borrower does not immediately accept a fixed rate when quoted by Bankacting alone, the quoted rate shall expire and any subsequent LIBOR request from Borrower which notice 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 appliedbinding on all other Borrowers.
Appears in 1 contract
Samples: Credit Agreement (Proto Labs Inc)
Selection of Interest Rate Options. At any time any portion of this Note bears interest determined in relation to LIBORLIBOR for a Fixed Rate Term, 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 Daily One Month LIBOR Rate or to LIBOR for a new Fixed Rate Term Terms designated by Borrower. At any time any portion of this Note bears interest determined in relation to the Prime Daily One Month LIBOR Rate, Borrower may at any time 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 an interest rate determined in relation to the Daily One Month LIBOR Rate or a LIBOR option Fixed Rate Term for all or a portion of the outstanding principal balance hereof, and at the end each 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 selectionselection for a Fixed Rate Term, the length of the applicable Fixed Rate Termterm. 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 selectionselection for a Fixed Rate Term, (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 its 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 Daily One Month LIBOR Rate interest selection for such advance or the principal amount to which such Fixed Rate Term applied.
Appears in 1 contract
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: :
(ia) the interest rate option selected by Borrower; (iib) the principal amount subject thereto; and (iiic) 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, (Ai) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) 3 Business Days after such notice is given, and (Bii) 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 's sole option but without obligation to do so, accepts Borrower’s Xxxxxxxx'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.
Appears in 1 contract
Samples: Revolving Line of Credit Note (Nastech Pharmaceutical Co Inc)
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: :
(ia) the interest rate option selected by Borrower; (iib) the principal amount subject thereto; and (iiic) 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, (Ai) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) 3 Business Days after such notice is given, and (Bii) 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 's sole option but without obligation to do so, accepts Borrower’s '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.
Appears in 1 contract
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 to 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 's sole option but without obligation to do so, accepts Borrower’s Borxxxxx'x 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.
Appears in 1 contract
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 Revolving Line of Credit Note (08/96), Page 1 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 receives written confirmation thereof from Borrower not later than three (3) 3 Business Days after such telephone notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. a.m., California time, on the first day of the Fixed Rate Term. For each LIBOR option requested hereunder, 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 Bank will quote the applicable fixed rate to BorrowerBorrower at approximately 10:00 a.m., California time, on the first day of the Fixed Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by Borrower shall be subject to a redetermination by Bank of the applicable fixed rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and Bank shall have no obligation to permit a LIBOR option to be selected on such day. 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.
Appears in 1 contract
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 Rate, to the Federal Funds 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 or to the Federal Funds 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 receives written confirmation thereof from Borrower not later than three (3) Business Days after such telephone notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. a.m., California time, on the first day of the Fixed Rate Term. For each LIBOR option requested hereunder, 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 Bank will quote the applicable fixed rate to BorrowerBorrower at approximately 10:00 a.m., California time, on the first day of the Fixed Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by Borrower shall be subject to a redetermination by Bank of the applicable fixed rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and Bank shall have no obligation to permit a LIBOR option to be selected on such day. 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.
Appears in 1 contract
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 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, selection the length of the applicable Fixed Rate Race Term. Any such notice may be given by telephone (or such other electronic method as Bank may permit) so long as, 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 's sole option but without obligation to do so, accepts Borrower’s '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.
Appears in 1 contract
Samples: Credit Agreement (Natrol Inc)
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 Xxxxxxxx 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 receives written confirmation thereof from Borrower not later than three (3) 3 Business Days after such telephone notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. a.m., California time, on the first day of the Fixed Rate Term. For each LIBOR option requested hereunder, 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 Bank will quote the applicable fixed rate to BorrowerBorrower at approximately 10:00 a.m., California time, on the first day of the Fixed Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by Borrower shall be subject to a redetermination by Bank of the applicable fixed rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and Bank shall have no obligation to permit a LIBOR option to be selected on such day. 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.
Appears in 1 contract
Selection of Interest Rate Options. At any time any portion of this Note Notes 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 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: (ia) the interest rate option selected by Borrower; (iib) the principal amount subject thereto; and (iiic) 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, (Ai) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) 3 Business Days after such notice is given, and (Bii) such notice is given to Bank prior to 10:00 a.m. on the first fist day of the Fixed Rate Term, or at a later time during any Business Day if Bank, at it’s its 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.
Appears in 1 contract
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 Borrowerborrower; (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 's sole option but without obligation to do so, accepts Borrower’s Xxxxxxxx'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.
Appears in 1 contract
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 any 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 any Borrower. At any time any portion of this Note bears interest determined in relation to the Prime Rate, any 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 any Borrower. At such time as any 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, the applicable Borrower shall give Bank notice specifying: (i) the interest rate option selected by the 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 receives written confirmation thereof from not later than three (3) Business Days after such telephone notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. a.m., California time, on the first day of the Fixed Rate Term. For each LIBOR option requested hereunder, 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 Bank will quote the applicable fixed rate to Borrowerthe applicable Borrower at approximately 10:00 a.m., California time, on the first day of the Fixed Rate Term. If the applicable Borrower does not immediately accept a fixed the rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by the applicable Borrower shall be subject to a redetermination by Bank of the applicable fixed rate; provided however, that if the applicable Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and Bank shall have no obligation to permit a LIBOR option to be selected on such day. 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, the applicable 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.
Appears in 1 contract
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 its sole option but without obligation to do so, accepts Borrower’s Xxxxxxxx'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.
Appears in 1 contract
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 LIBOR Period 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 LIBOR Period 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 LIBOR Period 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 TermLIBOR Period, Borrower shall give Bank notice specifying: (ia) the interest rate option selected by Borrower; (iib) the principal amount subject thereto; and (iiic) for each LIBOR selection, the length of the applicable Fixed Rate TermLIBOR Period. 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, (Ai) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) 3 Business Days after such notice is given, and (Bii) such notice is given to Bank prior to 10:00 a.m. on the first day of the Fixed Rate TermLIBOR Period, or at a later time during any Business Day if Bank, at it’s its 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 TermLIBOR Period, 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 LIBOR Period applied.
Appears in 1 contract
Samples: Credit Agreement (Tilly's, Inc.)
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 lie 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 receives written confirmation thereof from Borrower not later than three (3) 3 Business Days after such telephone notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. am., California time, on the first day of the Fixed Rate Term. For each LIBOR option requested hereunder, 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 Bank will quote the applicable fixed rate to BorrowerBorrower at approximately 10:00 n.m., California time, on the first day of the Fixed Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by Borrower shall be subject to a redetermination by Bank of the applicable fixed rate; provided however, that if Borrower fails to accept any such rate by 11:00 am., California time, on the Business Day such quotation is given, then the quoted rate shall expire and Bank shall have no obligation to permit a LIBOR option to be selected on such day. 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.
Appears in 1 contract
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 the time as this Note is disbursed or 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; provided, however, that if an Event of Default has occurred and is continuing, Borrower may not elect to continue or convert any portion of the Term Loan outstanding hereunder into a LIBOR rate loan. 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 's sole option but without obligation to do so, accepts Borrower’s Xxxxxxxx'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 this Note is requested hereunder disbursed or at the end of any Fixed Rate Term, Borrower shall be deemed to have made a Prime Rate interest selection for such advance this Note or the principal amount to which such Fixed Rate Term applied.
Appears in 1 contract
Samples: Term Note (Virco MFG Corporation)
Selection of Interest Rate Options. At Subject to the provisions herein regarding LIBOR Periods and the prior notice required for the selection of a LIBOR interest rate, (i) at any time any portion of this Note bears interest determined in relation to LIBORLIBOR for a LIBOR Period, it may be continued by Borrower at the end of the Fixed Rate Term LIBOR Period applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Base Rate or to LIBOR for a new Fixed Rate Term LIBOR Period designated by Borrower. At , (ii) at any time any portion of this Note bears interest determined in relation to the Prime Base Rate, Borrower may convert all or a portion thereof so that it bears interest determined in relation to LIBOR for a Fixed LIBOR Period designated by Borrower, and (iii) at the time this Note is disbursed, Borrower may choose to have all or a portion thereof bear interest determined in relation to the Base Rate Term or to LIBOR for a LIBOR Period designated by Borrower. At such time as Borrower requests To select an advance interest rate option hereunder or wishes determined in relation to select LIBOR for a LIBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed Rate TermPeriod, Borrower shall give Bank notice specifyingthereof that is received by Bank prior to 11:00 a.m. in the jurisdiction described in “Governing Law” herein on a State Business Day at least two State Business Days prior to the first day of the LIBOR Period, or at a later time during such State Business Day if Bank, at its sole discretion, accepts Borrower’s notice and quotes a fixed rate to Borrower. Such notice shall specify: (iA) the interest rate option selected by Borrower; , (iiB) the principal amount subject thereto; , and (iiiC) for each LIBOR selection, the length of the applicable Fixed LIBOR Period. If Bank has not received such notice in accordance with the foregoing before principal is disbursed hereunder or before the end of any LIBOR Period, Borrower shall be deemed to have made a Base Rate Terminterest selection for such disbursement or the principal amount to which such LIBOR Period applied. Any such notice may be given by telephone (or such other electronic method as Bank may permit) so long asas it is given in accordance with the foregoing and, with respect to each LIBOR selection, (A) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) State Business Days after such notice is given, and . Borrower shall reimburse Bank immediately upon demand for any loss or expense (B) such notice is given to Bank prior to 10:00 a.m. on the first day including any loss or expense incurred by reason of the Fixed Rate Term, liquidation or at redeployment of funds obtained to fund or maintain a later time during any Business Day if Bank, at it’s sole option but without obligation LIBOR borrowing) incurred by Bank as a result of the failure of Borrower to do so, accepts Borrower’s notice accept or complete a LIBOR borrowing hereunder after making a request therefor. Any reasonable determination of such amounts by Bank shall be conclusive and quotes a fixed rate to binding upon Borrower. If Should more than one person or entity sign this Note as a Borrower, any notice required above may be given by any one Borrower does not immediately accept a fixed rate when quoted by Bankacting alone, the quoted rate shall expire and any subsequent LIBOR request from Borrower which notice 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 appliedbinding on all other Borrowers.
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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 's sole option but without obligation to do so, accepts Borrower’s 's notice and quotes a fixed rate to Borrowerxx Xxxxower. 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.
Appears in 1 contract
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 to 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 's sole option but without obligation to do so, accepts Borrower’s Xxxxxxxx'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.
Appears in 1 contract
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 any 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 any Borrower. At any time any portion of this Note bears interest determined in relation to the Prime Rate, any 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 any Borrower. At such time as any 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, the applicable Borrower shall give Bank notice specifying: (i) the interest rate option selected by the 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 receives written confirmation thereof from not later than three (3) Business Days after such telephone notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. a.m., California time, on the first day of the Fixed Rate Term. For each LIBOR option requested hereunder, 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 Bank will quote the applicable fixed rate to Borrowerthe applicable Borrower at approximately 10:00 a.m., California time, on the first day of the Fixed Rate Term. If the applicable Borrower does not immediately accept a fixed the rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by the applicable Borrower shall be subject to a redetermination by Bank of the applicable fixed rate; provided however, that if the applicable Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and Bank shall have no obligation to permit a LIBOR option to be selected on such day. 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, the applicable 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.
Appears in 1 contract
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; provided, however, that if an Event of Default has occurred and is continuing, Borrower may not elect to continue or convert any Advance outstanding hereunder into a LIBOR rate loan. 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 's sole option but without obligation to do so, accepts Borrower’s '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.
Appears in 1 contract
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) 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 bays 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 's sole option but without obligation to do so, accepts Borrower’s '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 Rata 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.
Appears in 1 contract
Samples: Letter Amendment (Interwoven Inc)
Selection of Interest Rate Options. At any time any portion of this Note bears interest determined in relation to Bank's 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 in relation to Bank's 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 Bank's LIBOR for a Fixed Rate Term designated by Borrower. At such the time as Borrower requests an each advance is requested hereunder or Borrower wishes to select a the 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 Trade Bank notice specifying: specifying (ia) the interest rate option selected by Borrower; , (iib) the principal amount subject thereto; , and (iiic) for each if the LIBOR selectionoption is selected, 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, (Ai) if requested by Bank, Borrower provides to Trade Bank receives written confirmation thereof from Borrower not later than three (3) Business Days after such telephone notice is given, and (Bii) such notice is given to Trade Bank prior to 10:00 a.m. a.m., California time, on the first day of the Fixed Rate Term. For each LIBOR option requested hereunder, 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 Trade Bank will quote the applicable fixed rate to BorrowerBorrower at approximately 10:00 a.m., California time, on the first day of the Fixed Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Trade Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by Borrower shall be subject to a redetermination by Trade Bank of the applicable fixed rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and Trade Bank shall have no obligation to permit a LIBOR option to be selected on such day. 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.
Appears in 1 contract
Samples: Revolving Credit Loan Agreement (Southwall Technologies Inc /De/)
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 each Fixed Rate Term applicable thereto Term, so that all or a portion thereof bears interest determined in relation to the Prime Base 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 Base Rate, Borrower may convert all or a portion thereof so that it bears interest determined in relation to LIBOR for with a Fixed Rate Term designated by Borrowerthirty (30) day term. 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 its 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 Base Rate interest selection (excluding a LIBOR Base Rate) for such advance or the principal amount to which such Fixed Rate Term applied.
Appears in 1 contract
Samples: Revolving Line of Credit Note
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 's sole option but without obligation to do so, accepts Borrower’s 's notice and quotes a fixed rate to Borrower. If Borrower does not xxxx xxt 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.
Appears in 1 contract
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 Xxxxxxxx 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 and 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 receives written confirmation thereof from Borrower not later than three (3) 3 Business Days after such telephone notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. a.m., California time, on the first day of the Fixed Rate Term. For each LIBOR option requested hereunder, 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 Bank will quote the applicable fixed rate to BorrowerBorrower at approximately 10:00 a.m., California time, on the first day of the Fixed Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by Borrower shall be subject to a redetermination by Bank of the applicable fixed rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, an the Business Day such quotation is given, then the quoted rate shall expire and Bank shall have no obligation to permit a LIBOR option to be selected on such day. 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.
Appears in 1 contract
Selection of Interest Rate Options. At Subject to the provisions herein regarding Interest Periods and the prior notice required for the selection of a Term SOFR interest rate, (i) at any time any portion of this Note bears interest determined in relation to LIBORTerm SOFR for an Interest Period, (A) it may be continued by Borrower at the end of the Fixed Rate Term Interest Period applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Rate or to LIBOR Term SOFR for a new Fixed Rate Term Interest Period designated by Borrower. At Borrower or (B) Borrower may convert all or a portion thereof so that it bears interest determined in relation to Daily Simple SOFR, (ii) at any time any portion of this Note bears interest determined in relation to the Prime RateDaily Simple SOFR, Borrower may convert all or a portion thereof so that it bears interest determined in relation to LIBOR Term SOFR for an Interest Period designated by Borrower, and (iii) at the time an advance is made hereunder, Borrower may choose to have all or a Fixed Rate portion thereof bear interest determined in relation to Daily Simple SOFR or to Term SOFR for an Interest Period designated by Borrower. At such time as Borrower requests an advance hereunder or wishes to To select a LIBOR Term SOFR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed Rate Termhereunder, Borrower shall give Bank notice specifyingthereof that is received by Bank prior to 11:00 a.m. in the time zone of the city referenced on the first page of this Note above the Note date on a Federal Reserve Business Day at least two (2) Federal Reserve Business Days prior to the first day of the Interest Period, or at a later time during such Federal Reserve Business Day if Bank, at its sole option but without obligation to do so, accepts Xxxxxxxx’s notice and quotes a fixed rate to Borrower. Such notice shall specify: (iA) the interest rate option selected by Borrower; , (iiB) the principal amount subject thereto; , and (iiiC) for each LIBOR Term SOFR selection, to the extent Borrower has the option to designate the length of an Interest Period, the length of the applicable Fixed Rate TermInterest Period. If Bank has not received such notice in accordance with the foregoing before an advance is made hereunder or before the end of any Interest Period, Borrower shall be deemed to have made a Daily Simple SOFR interest selection for such advance or the principal amount to which such Interest Period applied. Any such notice may be given by telephone (or such other electronic method as Bank may permit) so long asas it is given in accordance with the foregoing and, with respect to each LIBOR Term SOFR selection, (A) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) Federal Reserve Business Days after such notice is given, and . Borrower shall reimburse Bank immediately upon demand for any loss or expense (B) such notice is given to Bank prior to 10:00 a.m. on the first day including any loss or expense incurred by reason of the Fixed Rate Term, liquidation or at redeployment of funds obtained to fund or maintain a later time during any Business Day if Bank, at it’s sole option but without obligation Term SOFR borrowing) incurred by Bank as a result of the failure of Borrower to do so, accepts Borrower’s notice accept or complete a Term SOFR borrowing hereunder after making a request therefor. Any reasonable determination of such amounts by Bank shall be conclusive and quotes a fixed rate to binding upon Borrower. If Should more than one person or entity sign this Note as a Borrower, any notice required above may be given by any one Borrower does not immediately accept a fixed rate when quoted by Bankacting alone, the quoted rate shall expire and any subsequent LIBOR request from Borrower which notice 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 appliedbinding on all other Borrowers.
Appears in 1 contract
Samples: Term Note (Werner Enterprises Inc)
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 receives written confirmation thereof from Borrower not later than three (3) Business Days after such telephone notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. a.m., California time, on the first day of the Fixed Rate Term. For each LIBOR option requested hereunder, 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 Bank will quote the applicable fixed rate to BorrowerBorrower at approximately 10:00 a.m., California time, on the first day of the Fixed Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by Borrower shall be subject to a Gadzooks Second Amended and Restated Revolving Line of Credit Note redetermination by Bank of the applicable fixed rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and Bank shall have no obligation to permit a LIBOR option to be selected on such day. 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.
Appears in 1 contract
Samples: Credit Agreement (Gadzooks Inc)
Selection of Interest Rate Options. At any time any portion of this the Note bears interest determined in relation to LIBORLIBOR for a Fixed Rate Term, 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 Base Rate or to LIBOR for a new Fixed Rate Term designated by Borrower. At any time any portion of this the Note bears interest determined in relation to the Prime Base Rate, Borrower may at any time 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 an interest rate determined in relation to the Base Rate or a LIBOR option Fixed Rate Term for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed Rate Term, Borrower shall give Bank Lender notice specifying: (i) the interest rate option selected by Borrower; (ii) the principal amount subject thereto; and (iii) for each LIBOR selectionselection for a Fixed Rate Term, the length of the applicable Fixed Rate Term. Any such notice may be given by telephone (or such other electronic method as Bank Lender may permit) so long as, with respect to each LIBOR selectionselection for a Fixed Rate Term, (A) if requested by BankLender, Borrower provides to Bank Lender written confirmation thereof not later than three (3) Business Days after such notice is given, and (B) such notice is given to Bank Lender 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 BankLender, at it’s its 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 BankLender, the quoted rate shall expire and any subsequent LIBOR request from Borrower shall be subject to a redetermination by Bank Lender of the applicable fixed rate. If no specific designation of interest is made If, 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 does not designate whether such advance or the principal amount to which such Fixed Rate Term appliedis applied is to bear interest at the Base Rate or at a Fixed Term Rate, Borrower shall be deemed to have made a Base Rate interest selection for such advance or principal amount.
Appears in 1 contract
Samples: Loan Agreement (Omega Protein Corp)
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: :
(ia) the interest rate option selected by Borrower; (iib) the principal amount subject thereto; and (iiic) 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, (Ai) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) 3 Business Days after such notice is given, and (Bii) 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 its sole option but without obligation to do so, accepts Borrower’s Xxxxxxxx'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 the 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.
Appears in 1 contract
Samples: Term Note (Intervoice Inc)
Selection of Interest Rate Options. At any time any portion of this ---------------------------------- Note bears interest determined in relation to Bank's 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 in relation to Bank's 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 Bank's LIBOR for a Fixed Rate Term designated by BorrowerXxxxxxxx. At such the time as Borrower requests an each advance is requested hereunder or Borrower wishes to select a the 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: specifying (ia) the interest rate option selected by Borrower; , (iib) the principal amount subject thereto; , and (iiic) for each if the LIBOR selectionoption is selected, 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, (Ai) if requested by Bank, Borrower provides to Bank receives written confirmation thereof from Borrower not later than three (3) Business Days after such telephone notice is given, and (Bii) such notice is given to Bank prior to 10:00 a.m. a.m., California time, on the first day of the Fixed Rate Term. For each LIBOR option requested hereunder, 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 Bank will quote the applicable fixed rate to BorrowerBorrower at approximately 10:00 a.m., California time, on the first day of the Fixed Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by Borrower shall be subject to a redetermination by Bank of the applicable fixed rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and Bank shall have no obligation to permit a LIBOR option to be selected on such day. 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.
Appears in 1 contract
Samples: Revolving Line of Credit Agreement (Hughes B Wayne Et Al)
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 the time as this Note is disbursed or 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, Term or at a later time during any Business Day if Bank, at it’s its sole option but without obligation to do so, accepts Borrower’s notice Borrxxxx'x xotice and quotes a fixed rate to of 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 redermination by Bank of the applicable fixed rate. If no specific designation of interest is made at the time any advance this Note is requested hereunder disbursed or at the end of any Fixed Rate Term, Borrower shall be deemed to have made a Prime Rate interest selection for such advance this Note or the principal amount to which such Fixed Rate Term applied.
Appears in 1 contract
Samples: Term Note (Sonomawest Holdings Inc)
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.
Appears in 1 contract
Samples: Revolving Line of Credit Note (Global Water Resources, Inc.)
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: (ia) the interest rate option selected by Borrower; (iib) the principal amount subject thereto; and (iiic) 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, (Ai) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) 3 Business Days after such notice is given, and (Bii) 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 its 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.
Appears in 1 contract
Samples: Credit Agreement (Startek Inc)
Selection of Interest Rate Options. At any time any portion of this Note bears interest determined in relation to Bank's 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 in relation to Bank's 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 Bank's LIBOR for a Fixed Rate Term designated by Borrower. At such the time as Borrower requests an each advance is requested hereunder or Borrower wishes to select a the 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: specifying (ia) the interest rate option selected by Borrower; , (iib) the principal amount subject thereto; , and (iiic) for each if the LIBOR selectionoption is selected, the length of the applicable Fixed Rate Term. Any such notice may be given given,by telephone (or such other electronic method as Bank may permit) so long as, with respect to each LIBOR selection, (Ai) if requested by Bank, Borrower provides to Bank receives written confirmation thereof from Borrower not later than three (3) Business Days after such telephone notice is given, and (Bii) such notice is given to Bank prior to 10:00 a.m. a.m., California time, on the first day of the Fixed Rate Term. For each LIBOR option requested hereunder, 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 Bank will quote the applicable fixed rate to BorrowerBorrower at approximately 10:00 a.m., California time, on the first day of the Fixed Rate Term. If Borrower does not immediately accept a fixed the rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by Borrower shall be subject to a redetermination by Bank of the applicable fixed rate; provided however, that if Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and Bank shall have no obligation to permit a LIBOR option to be selected on such day. 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.
Appears in 1 contract
Samples: Credit Agreement (Epitope Inc/Or/)
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 the applicable Borrower at the end of the LIBOR Fixed Rate Term applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Rate or Rate, to LIBOR for a new LIBOR Fixed Rate Term designated by the applicable Borrower, or to the Money Market Funds Rate for a new Money Market Fixed Rate Term designated by the applicable Borrower. At any time any portion of this Note bears interest determined in relation to the Prime Rate, the applicable Borrower may convert all or a portion thereof so that it bears interest determined in relation to LIBOR for a LIBOR Fixed Rate Term designated by the applicable Borrower or to the Money Market Funds Rate for a Money Market Fixed Rate Term designated by the applicable Borrower. At the time the balance of the Line of Credit Note (as such time term is defined in the Credit Agreement (as defined below)) is converted into this Note or any Borrower requests an advance hereunder or wishes to select a LIBOR or Money Market Fund Rate option for all or a portion of the outstanding principal balance hereof, and at the end of each LIBOR Fixed Rate Term and each Money Market Fixed Rate Term, the applicable Borrower shall give Bank notice specifying: (i) the interest rate option selected by the Borrower; (ii) the principal amount subject thereto; and (iii) for each LIBOR selection, the length of the applicable LIBOR Fixed Rate Term, and for each Money Market Funds Rate selection, the length of the applicable Money Market Fixed Rate Term. Any such notice may be given by telephone (or such other electronic method as Bank may permit) so long as, (A) with respect to each LIBOR selection, (A1) if requested by Bank, Borrower provides to Bank receives written confirmation thereof from the Borrower not later than three (3) Business Days after such telephone notice is given, and (B2) such notice is given to Bank prior to 10:00 a.m. a.m., California time, on the first day of the LIBOR Fixed Rate Term, or at a and (B) with respect to each Money Market Funds Rate selection, Bank receives written confirmation from the Borrower not later time during any than three (3) Business Day if BankDays after such telephone notice is given. For each LIBOR option requested hereunder, at it’s sole option but without obligation to do so, accepts Borrower’s notice and quotes a Bank will quote the applicable fixed rate to Borrowerthe applicable Borrower at approximately 10:00 a.m., California time, on the first day of the LIBOR Fixed Rate Term. If the Borrower does not immediately accept a fixed the rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from acceptance by the Borrower shall be subject to a redetermination by Bank of the applicable fixed rate; provided however, that if the Borrower fails to accept any such rate by 11:00 a.m., California time, on the Business Day such quotation is given, then the quoted rate shall expire and Bank shall have no obligation to permit a LIBOR option to be selected on such day. If no specific designation of interest is made at the time any advance the balance of the Line of Credit Note is requested hereunder converted into this Note or at the end of any LIBOR Fixed Rate Term or Money Market Fixed Rate Term, Borrower Borrowers shall be deemed to have made a Prime Rate interest selection for such advance this Note or the principal amount to which such LIBOR Fixed Rate Term or Money Market Fixed Rate Term applied.
Appears in 1 contract
Selection of Interest Rate Options. At Subject to the provisions herein regarding LIBOR Periods and the prior notice required for the selection of a LIBOR interest rate, (i) at any time any portion of this Note bears interest determined in relation to LIBORLIBOR for a LIBOR Period, it may be continued by Borrower at the end of the Fixed Rate Term LIBOR Period applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Base Rate or to LIBOR for a new Fixed Rate Term LIBOR Period designated by Borrower. At , (ii) at any time any portion of this Note bears interest determined in relation to the Prime Base Rate, Borrower may convert all or a portion thereof so that it bears interest determined in relation to LIBOR for a Fixed LIBOR Period designated by Borrower, and (iii) at the time this Note is disbursed, Borrower may choose to have all or a portion thereof bear interest determined in relation to the Base Rate Term or to LIBOR for a LIBOR Period designated by Borrower. At such time as Borrower requests To select an advance interest rate option hereunder or wishes determined in relation to select LIBOR for a LIBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed Rate TermPeriod, Borrower shall give Bank notice specifyingthereof that is received by Bank prior to 11:00 a.m. in the jurisdiction described in “Governing Law” herein on a State Business Day at least three State Business Days prior to the first day of the LIBOR Period, or at a later time during such State Business Day if Bank, at its sole discretion, accepts Borrower’s notice and quotes a fixed rate to Borrower. Such notice shall specify: (iA) the interest rate option selected by Borrower; , (iiB) the principal amount subject thereto; , and (iiiC) for each LIBOR selection, the length of the applicable Fixed LIBOR Period. If Bank has not received such notice in accordance with the foregoing before principal is disbursed hereunder or before the end of any LIBOR Period, Borrower shall be deemed to have made a Base Rate Terminterest selection for such disbursement or the principal amount to which such LIBOR Period applied. Any such notice may be given by telephone (or such other electronic method as Bank may permit) so long asas it is given in accordance with the foregoing and, with respect to each LIBOR selection, (A) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) one State Business Days Day after such notice is given, and . Borrower shall reimburse Bank immediately upon demand for any loss or expense (B) such notice is given to Bank prior to 10:00 a.m. on the first day including any loss or expense incurred by reason of the Fixed Rate Term, liquidation or at redeployment of funds obtained to fund or maintain a later time during any Business Day if Bank, at it’s sole option but without obligation LIBOR borrowing) incurred by Bank as a result of the failure of Borrower to do so, accepts Borrower’s notice and quotes accept or complete a fixed rate to BorrowerLIBOR borrowing hereunder after making a request therefor. If Borrower does not immediately accept a fixed rate when quoted Any reasonable determination of such amounts by Bank, the quoted rate shall expire and any subsequent LIBOR request from Borrower Bank shall be subject to conclusive and binding upon Borrower absent manifest error. Should more than one person or entity sign this Note as a redetermination Borrower, any notice required above may be given 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 Termone Borrower acting alone, Borrower which notice shall be deemed to have made a Prime Rate interest selection for such advance or the principal amount to which such Fixed Rate Term appliedbinding on all other Borrowers.
Appears in 1 contract
Samples: Credit Agreement (All Market Inc.)
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 hereofhereunder, 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 selectionselection (other than a selection of Daily One Month LIBOR), the length of the applicable Fixed Rate Term; provided, when a Fixed Rate Term expires while an Event of Default has occurred and is continuing, then, at the sole option of the Bank the LIBOR interest rate basis for the relevant loan advances shall be the Daily One Month LIBOR Rate in effect from time to time. 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. Principal evidenced by this Note 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 Daily One Month LIBOR 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 Daily One Month LIBOR, Borrower may convert $250,000.00 or more thereof so that it bears interest determined in relation to LIBOR for a Fixed Rate Term designated by Borrower. 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 Daily One Month LIBOR interest selection for such advance or the principal amount to which such Fixed Rate Term applied.
Appears in 1 contract