Common use of LIBOR Based Rate Loans Clause in Contracts

LIBOR Based Rate Loans. LIBOR Based Rate Loans may not be prepaid on any date other than the last day of the selected Interest Period unless Borrower gives Agent written notice of such intention prior to 1:00 p.m. on a Business Day which is no less than two (2) Business Days prior to the date it intends to make such prepayment (unless such prepayment must be immediate because of the illegality of LIBOR Based Rate Loans as set forth in Section 2.4(c)(iv) hereof, in which case Borrower shall not be required to provide such notice) and pays a prepayment fee in accordance with Section 2.4(c)(v) above. All such prepayments must be of the full amount of the applicable LIBOR Based Rate Loan plus all accrued but unpaid interest, fees and Expenses related to such prepaid Loan. Borrower agrees that this fee is an estimate of Lender's damages and not a penalty.