Interest Rate Election definition

Interest Rate Election means an election delivered by Borrower to BOTW from time to time in the form of Exhibit D attached hereto and made a part hereof.

Interest Rate Election means written notice from Maker to Lender no earlier than twenty (20) days and no later than five (5) days prior to the contemplated effective date, substantially in form and content as set forth on Exhibit “A” hereto, whereby Maker may elect from time to time that interest shall accrue hereunder at the Adjusted Prime Rate or the Adjusted LIBOR Rate.

Interest Rate Election means the Borrower's irrevocable telecopied or telephonic notice of election, which shall be promptly confirmed by a written notice of election that Effective Prime or the Libor Rate shall apply to all or any portion of the Loans, which shall, subject to this Agreement, be effective on the next Interest Adjustment Date, such telecopied or telephonic notice and written confirmation thereof to be in the form of Exhibit 1.4 and to be received by the Agent prior to 12:00 o'clock P.M. on a Business Day and at least three (3) Business Days prior to an Interest Adjustment Date in the case of a Libor Loan, and by 12:00 p.m. on an Interest Adjustment Date in the case of a Prime Rate Loan (or four (4) Business Days in the case of an Interest Rate Election as to which the consent of the Lenders is required), each such Interest Rate Election, subject to the terms of this Agreement to apply to the Advance or the Loan referred to in such Interest Rate Election or to effect a change in the interest rate on the applicable portion of the Loans then outstanding, as applicable, with respect to which such Interest Rate Election was made, such change to occur on the Interest Adjustment Date next succeeding receipt of such Interest Rate Election by the Agent. Any Interest Rate Election received by the Agent after 12 o'clock P.M. on a Business Day shall be deemed, for all purposes of this Agreement to have been received prior to 12 o'clock P.M. on the next succeeding Business Day.

Examples of Interest Rate Election in a sentence

• Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of Interest Period.

• If no Notice of Interest Rate Election is timely received prior to the end of an Interest Period for any Group of Loans, the Borrower shall be deemed to have elected that such Group of Loans be converted to Base Rate Loans as of the last day of such Interest Period.

• Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of the term “Interest Period”.

• A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans; provided that (i) such portion is allocated ratably among the Loans comprising such Group and (ii) the portion to which such Notice applies, and the remaining portion to which it does not apply, are each at least $10,000,000 (unless such portion is comprised of Base Rate Loans).

• If the Borrower fails to deliver a timely Notice of Interest Rate Election to the Administrative Agent for any Group of Euro-Dollar Loans, such Loans shall be converted into Base Rate Loans on the last day of the then current Interest Period applicable thereto.

More Definitions of Interest Rate Election

Interest Rate Election means a LIBOR Rate Election, or a Prime Rate Election, or any one or more of the foregoing.

Interest Rate Election means an election on the part of the Borrower to choose the LIBOR Rate or the Variable Rate as the Interest Rate to be charged on an Advance.

Interest Rate Election is defined in Section 2.3(d).

Interest Rate Election means a request by the Borrower to borrow, convert or continue a Term Borrowing in accordance with Section 2.07.

Interest Rate Election has the meaning specified in Section 3.03(3).

Interest Rate Election means the Borrower's irrevocable E-mailed, telecopied or telephonic notice of election, which shall be promptly confirmed by a written notice of election that the Reference Rate or the Libor Rate shall apply to all or any portion of the Loans, which shall, subject to this Agreement, be effective on the next Interest Adjustment Date, such E-mailed, telecopied or telephonic notice and written confirmation thereof to be in the form of Exhibit E and to be received by Agent prior to 12:00 P.M. on a Business Day and at least three (3) Business Days prior to an Interest Adjustment Date in the case of a Libor Loan (or four (4) Business Days in the case of an Interest Rate Election as to which the consent of the Banks is required), and at least one (1) Business Day prior to an Interest Adjustment Date in the case of a Reference Rate Loan, each such Interest Rate Election, subject to the terms of this Agreement, to effect a change in the interest rate on the applicable portion of the Loans then outstanding, with respect to which such Interest Rate Election was made, such change to occur on the Interest Adjustment Date next succeeding receipt of such Interest Rate Election by Agent. Any Interest Rate Election received by Agent after 12:00 P.M. on a Business Day shall be deemed, for all purposes of this Agreement, to have been received prior to 12:00 P.M. on the next succeeding Business Day. Interest Rate Elections shall be effective only as to Revolving Credit Loans.

Interest Rate Election has the meaning set forth in Section 2.03(b).