LIBOR Election Notice definition

LIBOR Election Notice means a written notice by Borrowers to Agent to have all or a portion of the principal balance of a Loan bear or continue to bear interest determined by reference to a LIBOR Rate, in the form of Exhibit E attached hereto.

LIBOR Election Notice a notice by Borrowers to Agent to have a portion of the Principal Balance bear interest at a LIBOR Rate, in the form of EXHIBIT 1T.

Examples of LIBOR Election Notice in a sentence

• If Maker elects to have the LIBOR Adjusted Rate apply, it shall advise Payee in writing by delivery to Payee of the LIBOR Election Notice attached hereto as Exhibit “A”, of its election and the LIBOR Period and LIBOR Increment for which Maker desires said rate to apply not later than 10:00 a.m., Central Standard Time or Central Daylight Time (as applicable), two (2) Business Days prior to the LIBOR Period Commencement Date.

• Any LIBOR Election Notice received by Agent shall be irrevocable.

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• Subject to the provisions of subsection 2.6.2 and provided no Event of Default then exists, Borrowers from time to time may elect to have all or a portion of the Principal Balance bear or continue to bear interest at a LIBOR Rate, such election to be exercised by delivery of a LIBOR Election Notice to Agent c/o Xxxxxx X.

• Each such election shall be exercised by delivery of a LIBOR Election Notice or EURIBOR Election Notice, as applicable, to Bank by facsimile transmission to LaSalle Bank National Association, 000 X.

• Agent and Lenders shall have the right without further confirmation to assume that any LIBOR Election Notice executed by Jamex X.

• Any Loan or portion thereof for which a LIBOR Election Notice has not been received or that is not automatically continued as a LIBOR Rate Loan in accordance with the foregoing, shall accrue interest at the Prime Rate plus 2.25% per annum for outstanding Revolving Advances or the Prime Rate plus 3.75% per annum for the Term Loan.

• Subject to the provisions of subsection 2.3.2 and provided no Event of Default then exists, Borrower from time to time may elect to have all or a portion of the Principal Balance bear or continue to bear interest at a LIBOR Rate, such election to be exercised by delivery of a LIBOR Election Notice to Agent x/x Xxxxxx Xxxxx, FINOVA Capital Corporation, 000 X.

• Such election shall be exercised by delivery of a LIBOR Election Notice to Agent by facsimile transmission to 0000 Xxxxxxx Xxxxxx, Chevy Chase, Maryland 20815, Telecopy No.: (000) 000-0000, Attention: Corporate Finance Group, Portfolio Manager, not later than 1:00 p.m. (New York City time) at least three (3) Business Days prior to the Business Day on which the requested Interest Period will commence.

• Borrower shall reimburse Agent and Lenders on demand for the amount of any expense actually incurred by Agent and Lenders as a result of their reliance on any LIBOR Election Notice, including without limitation, any expense resulting from their contractual obligations in connection with the applicable Dollar deposits.