Common use of LIBOR Election Clause in Contracts

LIBOR Election. (i) Borrower may, at any time and from time to time, so long as no Event of Default has occurred and is continuing, elect to exercise the LIBOR Option by notifying the Lender prior to 11:00 a.m. (Chicago time) at least 3 Business Days prior to the commencement of the proposed Interest Period (the “LIBOR Deadline”). Notice of Borrower’s election of the LIBOR Option for a permitted portion of the Advances or Term Loan and an Interest Period pursuant to this Section shall be made by delivery to the Lender of a LIBOR Notice received by the Lender before the LIBOR Deadline, or by telephonic notice received by the Lender before the LIBOR Deadline (to be confirmed by delivery to the Lender of a LIBOR Notice received by the Lender prior to 5:00 p.m. (Chicago time) on the same day). (ii) Each LIBOR Notice shall be irrevocable and binding on Borrower. (iii) Borrowers shall have not more than 10 LIBOR Rate Loans in effect at any given time. Borrower only may exercise the LIBOR Option for LIBOR Rate Loans of at least $100,000 and integral multiples of $100,000 in excess thereof.

LIBOR Election. (i) Administrative Borrower may, at any time and from time to time, so long as no Event of Default has occurred and is continuing, elect to exercise the LIBOR Option by notifying the Lender prior to 11:00 a.m. (Chicago time) at least 3 Business Days prior to the commencement of the proposed Interest Period (the “LIBOR Deadline”). Notice of Administrative Borrower’s election of the LIBOR Option for a permitted portion of the Advances or Term Loan and an Interest Period pursuant to this Section shall be made by delivery to the Lender of a LIBOR Notice received by the Lender before the LIBOR Deadline, or by telephonic notice received by the Lender before the LIBOR Deadline (to be confirmed by delivery to the Lender of a LIBOR Notice received by the Lender prior to 5:00 p.m. (Chicago time) on the same day). (ii) Each LIBOR Notice shall be irrevocable and binding on BorrowerBorrowers. (iii) Borrowers shall have not more than 10 5 LIBOR Rate Loans in effect at any given time. Borrower Borrowers only may exercise the LIBOR Option for LIBOR Rate Loans of at least $100,000 and integral multiples of $100,000 in excess thereof.