Common use of Rate Options Clause in Contracts

Rate Options. (i) Unless the Borrower has selected a Libor Rate in accordance with the provisions of this Agreement, the Borrower shall be deemed to have selected the ABR Option to apply to any portion of a Revolving Note not subject to a Libor Rate, and such rate shall continue in effect until the earlier of when a Libor Rate and Interest Period are available and properly selected, or until the applicable Revolving Note is paid in full. Notice by the Borrower of the selection of a Libor Rate or Interest Period for any Revolving Loan or Alternative Currency Loan, the amount subject thereto, and the applicable Interest Periods shall be irrevocable. Such notice may be given to the Administrative Agent by a duly completed Request Certificate executed by the Borrower. (ii) The Alternative Currency Notes shall bear interest at the Libor Rate for the Interest Periods selected by the Borrower in accordance with the provisions of this Agreement. (iii) The Swingline Note shall bear interest at the rate of interest applicable to ABR Loans and such rate shall continue until the Swingline Note is paid in full.

Rate Options. (i) Unless the Borrower Company has selected a Libor Rate in accordance with the provisions of this Agreement, the Borrower Company shall be deemed to have selected the ABR Option to apply to any portion of a Revolving Note not subject to a Libor Rate, and such rate shall continue in effect until the earlier of when a Libor Rate and Interest Period are available and properly selected, or until the applicable Revolving Note is paid in full. Notice by the Borrower Company of the selection of a Libor Rate or Interest Period for any Revolving Loan or Alternative Currency Loan, the amount subject thereto, and the applicable Interest Periods shall be irrevocable. Such notice may be given to the Administrative Agent by a duly completed Request Certificate executed by the BorrowerCompany. (ii) The Alternative Currency Notes shall bear interest at the Libor Rate for the Interest Periods selected by the Borrower Company in accordance with the provisions of this Agreement. (iii) The Swingline Note shall bear interest at the rate of interest applicable to ABR Loans and such rate shall continue until the Swingline Note is paid in full.