LIBOR INTEREST RATE OPTION Clause Samples

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LIBOR INTEREST RATE OPTION. Subject to the terms and conditions of the Agreement the Borrower may elect that all or portions of the principal balance of this Revolving Note bear interest at the LIBOR Interest Rate plus 1.25% (the "LIBOR Interest Rate Option"). Specific reference is made to the Interest Rate Options section of the Agreement for terms governing the designation of interest periods and rate portions. The LIBOR Interest Rate shall be computed in accordance with the following formula. LIBOR Interest Rate = London Interbank Offered Rate ------------------------------ 1.00 - Reserve Requirement Where,
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LIBOR INTEREST RATE OPTION. (A) At the option of the Borrower, so long as no Default or Event of Default has occurred and is then continuing, the Borrower may elect from time to time prior to the Maturity Date to have all or a portion of the unpaid principal amount of (a) any Revolving Loan bear interest during any particular Interest Period with reference to the LIBOR Rate or (b) any Revolving Loans as to which there has been and continues to be a Satisfaction of Modified Release Conditions attributable to a specific MRC Investor bear interest at the Modified LIBOR Rate; provided, that any such portion of any Loan shall be in an amount not less than $500,000 or some greater integral multiple of $100,000 with respect to any single Interest Period. Each Interest Period selected hereunder shall commence on the first day of a calendar month. Any election by the Borrower to have interest calculated at the LIBOR Rate or Modified LIBOR Rate shall be made by notice (which shall be irrevocable) to the Agent at least three (3) Business Days prior to the first day of the proposed Interest Period for each Revolving Loan, specifying the LIBOR Rate Amount and the duration of the proposed Interest Period applicable thereto (which must be for one, two, three, six or twelve months). Any such election of a LIBOR Rate or Modified LIBOR Rate shall lapse at the end of the expiring Interest Period unless extended by a further election notice provided in accordance with this paragraph. Except as otherwise provided herein, each LIBOR Rate Amount shall bear interest during each Interest Period relating thereto at the LIBOR Rate plus 170 basis points (1.70%) or, in the case of the Modified LIBOR Rate, at the annual rate as set forth in the definition of such term in SECTION 1.1 hereof. Interest on each LIBOR Rate Amount shall be payable to the Agent for the benefit of the Banks monthly in arrears on the first Business day of each calendar month and on the last day of each Interest Period relating thereto. (B) The Borrower shall pay to the Agent, on behalf of the Banks, pro-rata in proportion to their respective Commitment Percentages, the LIBOR Reserve Charge, if any, with respect to LIBOR Rate Amounts of the Loan outstanding from time to time on the dates interest is payable on such LIBOR Rate Amounts. (C) The Agent shall forthwith upon determining any LIBOR Rate provide notice thereof to the Borrower and each of the Banks. Each such notice shall be conclusive and binding upon the Borrower, absent manifest ...
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LIBOR INTEREST RATE OPTION. Subject to the terms and conditions of the Agreement the Borrower may elect that all or portions of the principal balance of this Revolving Note A bear interest at the LIBOR Interest Rate plus the margin described in Section 4.3 of the Agreement (the "LIBOR Interest Rate Option"). Specific reference is made to the Interest Rate Options section of the Agreement for terms governing the designation of interest periods and rate portions. The initial margin applicable to borrowings as of the Effective date shall be 1.10%. The LIBOR Interest Rate shall be computed in accordance with the following formula. LIBOR Interest Rate = London Interbank Offered Rate
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LIBOR INTEREST RATE OPTION. In addition to interest rates based on the Base Rate Option defined in the Term Note, the Borrower may elect a fixed rate of interest for a fixed time period and principal amount agreeable to the Bank and Borrower that is based upon the margin stated in the Revolving Note and an interest rate derived from the current LIBOR rate available to the Bank on national or international money markets for a similar time period and dollar amount. To elect the LIBOR Interest Rate Option, as defined in the Revolving Note, the Borrower must request a quote from the Bank two days prior to funding, which must be accepted by the Borrower following quotation by the Bank as a condition to fixing. This request must designate an amount (the "LIBOR Interest Rate Portion") and a period (the "LIBOR Interest Rate Period"). The LIBOR Interest Rate Portion must be at least $100,000.00 and the LIBOR Interest Rate Period will be for 30, 60 or 90 days or any other period to which the parties may agree. The Bank shall not be obligated to provide a LIBOR Interest Rate quote if it determines that no deposits with an amount and maturity equal to those for which a quotation has been requested are available to it in the London Interbank Market. The Borrower must orally accept a quote when received or it will be deemed rejected. If accepted, the LIBOR Interest Rate Option will remain in effect for the LIBOR Interest Rate Period specified in the quote. At the end of each LIBOR Interest Rate Period the principal amount subject to the LIBOR Interest Rate Option shall bear interest at the Base Rate Option (as defined in the Revolving Note).
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Related to LIBOR INTEREST RATE OPTION

  • Interest Rate Options The Borrower shall pay interest in respect of the outstanding unpaid principal amount of the Loans as selected by it from the Base Rate Option or LIBOR Rate Option set forth below applicable to the Loans, it being understood that, subject to the provisions of this Agreement, the Borrower may select different Interest Rate Options and different Interest Periods to apply simultaneously to the Loans comprising different Borrowing Tranches and may convert to or renew one or more Interest Rate Options with respect to all or any portion of the Loans comprising any Borrowing Tranche; provided that (i) there shall not be at any one time outstanding more than ten (10) Borrowing Tranches in the aggregate among all of the Loans and (ii) if an Event of Default or Potential Default exists and is continuing, the Borrower may not request, convert to, or renew the LIBOR Rate Option for any Loans and the Required Lenders may demand that all existing Borrowing Tranches bearing interest under the LIBOR Rate Option shall be converted immediately to the Base Rate Option, subject to the obligation of the Borrower to pay any indemnity under Section 5.9 [Indemnity] in connection with such conversion. If at any time the designated rate applicable to any Loan made by any Lender exceeds such Lender’s highest lawful rate, the rate of interest on such Lender’s Loan shall be limited to such Lender’s highest lawful rate.

  • Libor Option (a) In lieu of having interest charged at the rate based upon the Reference Rate, the Borrowers shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Loans be charged at a rate of interest based upon the LIBOR Rate. Each Interest Period of a LIBOR Rate Loan made to Borrowers shall commence on the date such LIBOR Rate Loan is made and shall end on such date as the Borrower may elect as set forth in subsection 2.02(a) above; provided that no Interest Period shall end after the last day of the Final Maturity Date; provided, further, from and after the Amendment No. 1 Effective Date, notwithstanding anything in this Agreement to the contrary, all Revolving Loans shall have interest charged based upon the LIBOR Rate. (b) The Administrative Borrower shall elect the initial Interest Period applicable to a LIBOR Rate Loan made to the Borrowers by its Notice of Borrowing given to the Administrative Agent pursuant to Section 2.02(a) or by its notice of conversion given to the Administrative Agent pursuant to Section 2.07(c), as the case may be. The Administrative Borrower shall elect the duration of each succeeding Interest Period by giving irrevocable written notice to the Administrative Agent of such duration not later than 11:00 a.m. (New York time) on the day which is not less than three (3) Business Days prior to the last day of the then current Interest Period applicable to such LIBOR Rate Loan. If the Administrative Agent does not receive timely notice of the Interest Period elected by the Administrative Borrower, the Administrative Borrower shall be deemed to have elected to convert such LIBOR Rate Loan to a Reference Rate Loan, subject to Section 2.07(c) herein below. (c) The Administrative Borrower may, on the last Business Day of the then current Interest Period applicable to any outstanding LIBOR Rate Loan made to the Borrowers, or on any Business Day with respect to Revolving Loans or any portion of the Term Loan that are Reference Rate Loans, convert any such loan into a loan of another type (i.e., a Reference Rate Loan or a LIBOR Rate Loan) in the same aggregate principal amount, provided that any conversion of a LIBOR Rate Loan made to the Borrowers not made on the last Business Day of the then current Interest Period applicable to such LIBOR Rate Loan shall be subject to Section 2.

  • Base Rate Option A fluctuating rate per annum (computed on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed) equal to the Base Rate plus the Applicable Margin, such interest rate to change automatically from time to time effective as of the effective date of each change in the Base Rate; or

  • Notice of Interest Period and Interest Rate Promptly after receipt of a Notice of Borrowing pursuant to Section 2.02(a), a notice of Conversion pursuant to Section 2.09 or a notice of selection of an Interest Period pursuant to the definition of “Interest Period”, the Administrative Agent shall give notice to the Borrower and each Lender of the applicable Interest Period and the applicable interest rate determined by the Administrative Agent for purposes of clause (a)(i) or (a)(ii) above.

  • Revolving Credit Interest Rate Options The Borrower shall have the right to select from the following Interest Rate Options applicable to the Revolving Credit Loans: