LIBOR Fixed Rate Sample Clauses

LIBOR Fixed Rate. The election of the LIBOR Fixed Rate Option shall be subject to the following terms and requirements: (a) Each advance bearing interest at the LIBOR Fixed Rate Option will be for an amount not less than One Hundred Thousand and 00/100 ($100,000.00) Dollars. (b) The Bank will have no obligation to accept an election for the LIBOR Fixed Rate Option if any of the following described events has occurred and is continuing: (i) Dollar deposits in the principal amount, and for periods equal to the Interest Period, of any advance with respect to which the Borrower has elected the LIBOR Fixed Rate Option to apply are not available in the London inter-bank market; (ii) the LIBOR Fixed Rate does not accurately reflect the cost of funding an advance at the LIBOR Fixed Rate Option; or (iii) adequate and reasonable means do not exist for determining the LIBOR Fixed Rate for any requested Interest Period. (c) Each prepayment of an advance bearing interest at the LIBOR Fixed Rate Option, whether voluntary, by reason of acceleration or otherwise, will be accompanied by the amount of accrued interest on the amount prepaid and a prepayment fee as described in subsection (d) below (hereinafter referred to as the “Prepayment Fee”). A “prepayment” is a payment of an amount on a date earlier than the scheduled payment date for such amount as required by this Agreement.

LIBOR Fixed Rate. The principal balance of the Term Loan will bear interest at a rate per year equal to the LIBOR Fixed Rate plus one hundred and twenty-five (125) percentage points. The LIBOR Fixed Rate is subject to the following requirements: (i) The Interest Period (as hereinafter defined) during which the LIBOR Fixed Rate will be in effect will be one (1) month. The interest rate shall change on each Interest Rate Change Date (as hereinafter defined). The first day of the Interest Period must be a Banking Day (as hereinafter defined). (ii) For purposes hereof, the following terms shall have the meanings indicated: