Automatic Continuation Option definition

Automatic Continuation Option shall, with respect to any LIBOR Loan, mean the option to have the then-current Interest Period duration, as previously selected by Borrower, remain the same for the succeeding Interest Period.
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Automatic Continuation Option means the option to have the Interest Period for a LIBOR Rate Loan to automatically continue at the same Interest Period duration initially selected by the Borrower for such LIBOR Rate Loan as of the last day such Interest Period.
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Examples of Automatic Continuation Option in a sentence

  • The Automatic Continuation Option shall be in effect for each LIBOR Loan, unless otherwise specified by Borrower in writing.

  • The Automatic Continuation Option shall be in effect for each LIBOR Rate Loan, unless otherwise specified by Borrower in writing.

  • The Automatic Continuation Option shall be in effect for each Daily LIBOR Loan and for each other LIBOR Loan unless otherwise specified by Borrower in writing.

  • Once the Automatic Continuation Option has been activated for a LIBOR Rate Loan, the submission of a Notice of Conversion or a Notice of Continuation with a different Interest Period shall result in the cancellation of the Automatic Continuation Option for such LIBOR Rate Loan.

  • The Automatic Continuation Option shall be in effect for each Daily LIBOR Loan and unless otherwise specified by the Borrower in writing shall be in effect for each other LIBOR Loan.

  • For LIBOR Rate Loans with the Automatic Continuation Option in effect, the Bank shall, at the end of each Interest Period, automatically continue such LIBOR Rate Loan with the same Interest Period.

  • None of the Founders, nor, to the Seller Parties’ knowledge, none of such Key Employees is currently working for a competitive enterprise, whether or not such Person is or will be compensated by such enterprise.