Common use of Expiring LIBOR Advance Interest Periods Clause in Contracts

Expiring LIBOR Advance Interest Periods. Unless Company Funds Administrator requests a new LIBOR Advance, or prepays an outstanding LIBOR Advance at the expiration of an Interest Period, Xxxxx Fargo shall convert each LIBOR Advance to a Floating Rate Advance on the last day of the expiring Interest Period. If no Default Period is in effect, Company Funds Administrator may request that all or part of any expiring LIBOR Advance be renewed as a new LIBOR Advance, provided that Xxxxx Fargo receives the request no later than 9:00 a.m. Pasadena, California Time three (3) Business Days preceding the Business Day that constitutes the first day of the new Interest Period. Each request shall specify the principal amount of the expiring LIBOR Advance to be continued and Interest Period desired, and shall be confirmed in an Authenticated Record if requested by Xxxxx Fargo. Each renewal of a LIBOR Advance shall be in multiples of $1,000,000 and in the minimum amount of at least $1,000,000.

Expiring LIBOR Advance Interest Periods. Unless Company Funds Administrator requests a new LIBOR Advance, or prepays an outstanding LIBOR Advance at the expiration of an Interest Period, Xxxxx Wxxxx Fargo shall convert each LIBOR Advance to a Floating Rate Advance on the last day of the expiring Interest Period. If no Default Period is in effect, Company Funds Administrator may request that all or part of any expiring LIBOR Advance be renewed as a new LIBOR Advance, provided that Xxxxx Wxxxx Fargo receives the request no later than 9:00 9:30 a.m. Pasadena, California Time three (3) Business Days preceding the Business Day that constitutes the first day of the new Interest Period. Each request shall specify the principal amount of the expiring LIBOR Advance to be continued and Interest Period desired, and shall be confirmed in an Authenticated Record if requested by Xxxxx Wxxxx Fargo. Each renewal of a LIBOR Advance shall be in multiples of $1,000,000 and in the minimum amount of at least $1,000,000.

Expiring LIBOR Advance Interest Periods. Unless Company Funds Administrator requests a new LIBOR Advance, or prepays an outstanding LIBOR Advance at the expiration of an Interest Period, Xxxxx Fargo shall convert each LIBOR Advance to a Floating Rate Advance on the last day of the expiring Interest Period. If no Default Period is in effect, Company Funds Administrator may request that all or part of any expiring LIBOR Advance be renewed as a new LIBOR Advance, provided that Xxxxx Fargo receives the request no later than 9:00 a.m. Pasadena, California Time three (3) Business Days preceding prior to the Business Day that constitutes the first day of the new Interest Period. Each request shall specify the principal amount of the expiring LIBOR Advance to be continued and Interest Period desired, and shall be confirmed in an Authenticated Record if requested by Xxxxx Fargo. Each renewal of a LIBOR Advance shall be in multiples of $1,000,000 500,000 and in the minimum amount of at least $1,000,000500,000.