Common use of LIBOR Borrowing Clause in Contracts

LIBOR Borrowing. (a) Each request by the Company for a LIBOR Borrowing shall be made pursuant to a Request for Borrowing received by the Agent, at the Agent's office, not later than 9:00 a.m., California time, at least two (2) LIBOR Banking Days (or three (3) if the LIBOR Borrowing is to be more than $15,000,000) before the first day of the applicable LIBOR Period. The Agent will notify each Bank of its receipt of a Request for Borrowing in accordance with Section 3.1(f). -------------- (b) At or about 9:00 a.m., California time, one (1) LIBOR Banking Day after the LIBOR Banking Day on which Agent receives Borrower's Request for Borrowing, the Agent shall determine the applicable LIBOR Rate (which determination shall be conclusive in the absence of manifest error) and shall promptly give notice of the same to the Company and the Banks by telephone, telecopier or telex. (c) Upon fulfillment of the applicable conditions set forth in Article 6, a LIBOR Borrowing shall become effective on the first day of the applicable LIBOR Period. (d) The Agent in its sole discretion may require the Company to request any LIBOR Borrowing of $100,000,000 or more, or any redesignation of a Reference Rate Borrowing of $100,000,000 or more as a LIBOR Borrowing, at a time or on a day which is one (1) LIBOR Banking Day earlier than the deadline stated above (or for redesignations of Reference Rate Borrowings, stated Section 3.4 below) for making such a request. -----------