Common use of Libor Option Clause in Contracts

Libor Option. As to any Portion or Portions of the Loan selected by the Borrower, interest shall accrue pursuant to this LIBOR option at a fixed annual interest rate (a “LIBOR Rate”) equal to the sum of LIBOR (as hereinafter defined) plus 0.625%. Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined) of one, two, three, or six months, as selected by the Borrower; (ii) amounts fixed shall be in increments of $100,000 or multiples thereof; and (iii) rates may only be fixed on a Banking Day on three Banking Days’ prior written notice; provided, however, that the LIBOR option shall not be available with respect to new advances during the continuance of any Default or Event of Default. “LIBOR” means the rate (rounded upward to the nearest sixteenth of one percent and adjusted for reserves required on Eurocurrency Liabilities (as hereinafter defined) for banks subject to FRB Regulation D (as hereinafter defined) or required by any other federal law or regulation) quoted by the British Bankers Association (the “BBA”) at 11:00 a.m. London time two Banking Days before the commencement of the Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Borrower, as published by Bloomberg or another major information vendor listed on BBA’s official website. “Banking Day” shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and Fourth Amended and Restated Line of Credit Agreement/Commonwealth Loan No. S0667F

Libor Option. As to any Portion or Portions of the Loan selected by the Borrower, interest shall accrue pursuant to this LIBOR option at At a fixed annual interest rate (a “LIBOR Rate”) per annum equal to the sum of LIBOR "LIBOR" (as hereinafter defined) plus 0.625%2.00% per annum (the “LIBOR Option”). Under this option: (i1) rates may be fixed for "Interest Periods Periods" (as hereinafter defined) of one1, two2, three3, or six 6 months, as selected by the BorrowerCompany; (ii2) amounts rates may be fixed shall be in increments on balances of $100,000 or multiples thereof; and (iii3) the maximum number of balances that may be fixed at any one time shall be five (5); (4) rates may only be fixed on a "Banking Day Day" (as hereinafter defined) on three 3 Banking Days’ prior written notice; providedand (5) rates may not be fixed for Interest Periods expiring on or after the second anniversary of the date hereof, however, that the LIBOR at which time this option shall not cease to be available with respect to new advances during the continuance of any Default or Event of Defaultin effect. “For purposes hereof: (a) "LIBOR” means " shall mean the rate (rounded upward to the nearest sixteenth of one percent a percentage point and adjusted for reserves required on “Eurocurrency Liabilities Liabilities” (as hereinafter defined) for banks subject to “FRB Regulation D D” (as hereinafter defined) or required by any other federal law or regulation) quoted by the British Bankers Association (the “BBA”) at 11:00 a.m. London time two 2 Banking Days before the commencement of the Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the BorrowerCompany, as published by Bloomberg or another major information vendor listed on BBA’s official website. “; (b) "Banking Day” " shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and Fourth Amended banks are open for business in New York City and Restated Line London, England; (c) "Interest Period" shall mean a period commencing on the date this option is to take effect and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3, or 6 months thereafter, as the case may be; provided, however, that: (i) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (ii) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month; (d) “Eurocurrency Liabilities” shall have the meaning as set forth in FRB Regulation D; and (e) “FRB Regulation D” shall mean Regulation D as promulgated by the Board of Credit Agreement/Commonwealth Loan No. S0667FGovernors of the Federal Reserve System, 12 CFR Part 204, as amended.

Libor Option. As to any Portion or Portions of the Loan selected by the Borrower, interest shall accrue pursuant to this LIBOR option at a fixed annual interest rate (a “LIBOR Rate”) per annum equal to the sum of LIBOR (as hereinafter defineddefined in this Section 4(A)(2)) plus 0.6254.50%. Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defineddefined in this Section 4(A)(2)) of one, two, three, or six months, as selected by the Borrower; (ii) amounts fixed shall be in increments of $100,000 or multiples thereof; and (iii) rates may only be fixed on a Banking Day (as hereinafter defined in this Section 4(A)(2)) on three Banking Days’ prior written notice; provided, however, that the LIBOR option shall not be available with respect to new advances during the continuance of any Default or Event of Default. “LIBOR” means the rate (rounded upward to the nearest sixteenth of one percent thousandth and adjusted for reserves required on Eurocurrency Liabilities (as hereinafter defineddefined in this Section 4(A)(2)) for banks subject to FRB Regulation D (as hereinafter defineddefined in this Section 4(A)(2)) or required by any other federal law or regulation) )), as quoted by the British Bankers Association (the “BBA”) BBA at 11:00 a.m. London time two Banking Days before and published by Bloomberg, on the commencement of date the Interest Period Borrower elects to fix a rate under this option for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Borrower, as published by Bloomberg or another major information vendor listed on BBA’s official website. “Banking Day” shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and Fourth banks are open for business in New York City and London, England. “Interest Period” shall mean the time period chosen by the Borrower during which the chosen fixed rate is to apply to a Portion of the Loan, which period commences on the day a rate fixed under Section 4(A)(4) hereof becomes effective. The Interest Period for Portions accruing interest at the LIBOR option shall end on the day in the next calendar month or in the month that is two, three or six months thereafter which corresponds numerically with the day the Interest Period commences; provided, however, that: (a) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (b) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. No Interest Period shall extend beyond the Maturity Date. “Eurocurrency Liabilities” has the meaning as set forth in FRB Regulation D. “FRB Regulation D” means Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended from time to time. Amended and Restated Line of Credit Third Supplement to the Amended and Restated Master Loan Agreement/Commonwealth Warwick Valley Telephone Company Loan No. S0667FRX0886-S3(A) Upon the occurrence and during the continuance of a Potential Default or an Event of Default, as the Interest Periods for Portions of the Loan accruing interest at a LIBOR option expire, at CoBank’s option in its sole and absolute discretion and upon notice to the Borrower, such Portions of the Loan shall be converted to the Variable Rate option and the LIBOR option will not be available to the Borrower until all Potential Defaults or Events of Default are no longer continuing.

Libor Option. As to any Portion or Portions of the Loan selected by the Borrower, interest shall accrue pursuant to this LIBOR option at a fixed annual interest rate margin (a “the "LIBOR Rate”Margin") equal to the sum percentage determined from time to time in accordance with Subsection 4(A)(5) of LIBOR (as hereinafter defined) plus 0.625%this Third Supplement. Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined) of one, two, three, or six months, as selected by the Borrower; (ii) amounts fixed shall must be in increments of $100,000 or multiples thereof; and (iii) rates may only be fixed on a Banking Day (as hereinafter defined) on three Banking Days’ ' prior written notice; provided, however, that the LIBOR option shall is not be available with respect to new advances during the continuance of any Default or Event of Default. “"LIBOR” " means the rate (rounded upward to the nearest sixteenth of one percent and adjusted for reserves required on Eurocurrency Liabilities (as hereinafter defined) for banks subject to FRB Regulation D (as hereinafter defined) or required by any other federal law or regulation) quoted by the British Bankers Association (the “"BBA”") at 11:00 a.m. London time two Banking Days before the commencement of the Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the BorrowerCompany, as published by Bloomberg or another major information vendor listed on BBA’s 's official website. “"Banking Day” shall mean " means a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and Fourth Amended banks are open for business in New York City and Restated Line London, England. "Interest Period" means the time period chosen by the Borrower during which the chosen fixed rate is to apply to a Portion of Credit Agreementthe Loan, which period commences on the day a rate fixed under this Subsection 4(A)(2) or Subsection 4(A)(3) of this Third Supplement becomes effective. The Interest Period for Portions accruing interest at the LIBOR option rate will end on the day in the next calendar month or in the month that is one, two, three, or six months thereafter which corresponds numerically with the day the Interest Period commences; provided, however, that: (a) in the event such ending day is not a Banking Day, such period will be extended to the Third Supplement/Commonwealth Shenandoah Telecommunications Company Loan No. S0667FML0743-T3

Libor Option. As to any Portion or Portions of the Loan selected by the BorrowerBorrowers, in minimum amounts of $100,000, interest shall accrue pursuant to this LIBOR option Option at a fixed annual interest rate (a “LIBOR Rate”) per annum equal to the sum of LIBOR (as hereinafter defined) plus 0.625%the LIBOR Margin applicable on the ---- first day of the applicable Interest Period (as hereinafter defined) or applicable from time to time as otherwise provided herein. Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined) of one1, two2, three3, or six 6 months, as selected by the Borrower; (ii) amounts fixed shall be in increments of $100,000 or multiples thereofBorrowers; and (iiiii) rates may only be fixed on a Banking Day (as hereinafter defined) or, at the option of the Borrowers, on three two (2) Banking Days’ ' prior written notice; provided, however, that the LIBOR option . "LIBOR" shall not be available with respect to new advances during the continuance of any Default or Event of Default. “LIBOR” means mean the rate indicated by Telerate at Page 3750 (rounded upward to the nearest sixteenth of one percent and adjusted for reserves required on Eurocurrency Liabilities (thousandth) as hereinafter defined) for banks subject to FRB Regulation D (as hereinafter defined) or required by any other federal law or regulation) having been quoted by the British Bankers Association (the “BBA”) at 11:00 a.m. London time two Banking Days before on the commencement of date the Interest Period Borrowers elect to fix a rate under this option for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Borrower, as published by Bloomberg or another major information vendor listed on BBA’s official websiteBorrowers. “"Banking Day” " shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and Fourth Amended banks are open for business in New York City and Restated Line London, England. "Interest Period" shall mean the time period chosen by the Borrowers during which the chosen fixed rate is to apply to a Portion of Credit Agreementthe Loan, which period commences on the day the Borrowers elect to fix a rate under this Section 5(A)(2) or under Section 5(A)(3) (or, at the option of the Borrowers, two (2) First Supplement/Commonwealth Globe/Interstate/Valley Loan No. S0667FML0883T1 Banking Days later). The Interest Period for Portions accruing interest at the LIBOR Option rate shall be 1, 2, 3 or 6 months, as selected by the Borrowers, and the Interest Period shall end on the day in the next calendar month or in the month that is 2, 3, or 6 months thereafter which corresponds numerically with the day the Interest Period commences; provided, however, that: (a) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (b) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. In the event Telerate ceases to provide such quotations or materially changes the form or substance of such quotations (as determined by CoBank), then CoBank will notify the Borrower and the parties hereto will agree upon a substitute basis for obtaining such quotations.

Libor Option. As to any Portion or Portions of the Loan selected by the Borrower, interest shall accrue pursuant to this LIBOR option at a fixed annual interest rate (a “LIBOR Rate”) equal to the sum of LIBOR (as hereinafter defined) plus 0.625%% . Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined) of one, two, three, or six months, as selected by the Borrower; (ii) amounts fixed shall be in increments of $100,000 or multiples thereof; and (iii) rates may only be fixed on a Banking Day on three Banking Days’ prior written notice; provided, however, that the LIBOR option shall not be available with respect to new advances during the continuance of any Default or Event of Default. “LIBOR” means the rate (rounded upward to the nearest sixteenth of one percent and adjusted for reserves required on Eurocurrency Liabilities (as hereinafter defined) for banks subject to FRB Regulation D (as hereinafter defined) or required by any other federal law or regulation) quoted by the British Bankers Association (the “BBA”) at 11:00 a.m. London time two Banking Days before the commencement of the Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Borrower, as published by Bloomberg or another major information vendor listed on BBA’s official website. “Banking Day” shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and Fourth Amended banks are open for business in New York City and Restated Line London, England. “Interest Period” shall mean the time period chosen by the Borrower during which the chosen fixed rate is to apply to a Portion of Credit Agreement/Commonwealth Loan Nothe Loan, which period commences on the day a rate fixed under this Subsection 4(A)(2) becomes effective. S0667FThe Interest Period for Portions accruing interest at the LIBOR option rate shall end on the day in the next calendar month or in the month that is one, two, three, or six months thereafter which corresponds numerically with the day the Interest Period commences; provided, however, that: (a) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (b) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month. No Interest Period shall extend beyond the Maturity Date (as defined in Section 5). “Eurocurrency Liabilities” has the meaning as set forth in FRB Regulation D. “FRB Regulation D” means Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended from time to time.

Libor Option. As to any Portion or Portions of the Loan selected by the Borrower, interest shall accrue pursuant to this LIBOR option at a fixed annual interest rate margin (a the “LIBOR RateMargin”) equal to the sum percentage determined from time to time in accordance with Subsection 4(A)(5) of LIBOR (as hereinafter defined) plus 0.625%this Fourth Supplement. Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined) of one, two, three, or six months, as selected by the Borrower; (ii) amounts fixed shall must be in increments of $100,000 or multiples thereof; and (iii) rates may only be fixed on a Banking Day (as hereinafter defined) on three Banking Days’ prior written notice; provided, however, that the LIBOR option shall is not be available with respect to new advances during the continuance of any Default or Event of Default. “LIBOR” means the rate (rounded upward to the nearest sixteenth of one percent and adjusted for reserves required on Eurocurrency Liabilities (as hereinafter defined) for banks subject to FRB Regulation D (as hereinafter defined) or required by any other federal law or regulation) quoted by the British Bankers Association (the “BBA”) at 11:00 a.m. London time two Banking Days before the commencement of the Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the BorrowerCompany, as published by Bloomberg or another major information vendor listed on BBA’s official website. “Banking Day” shall mean means a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England. “Interest Period” means the time period chosen by the Borrower during which the chosen Fixed Rate Option is to apply to a Portion of the Loan, which period commences on the day a rate fixed under this Subsection 4(A)(2) or Subsection 4(A)(3) of this Fourth Amended and Restated Line of Credit AgreementSupplement becomes effective. The Interest Period for Portions accruing interest at the LIBOR option rate will end on the day in the next calendar month or in the month that is one, two, three, or six months thereafter which corresponds numerically with the day the Interest Period commences; provided, however, that: (a) in the event such ending day is not a Banking Day, such period will be extended to the next Banking Fourth Supplement/Commonwealth Shenandoah Telecommunications Company Loan No. S0667FML0743-T4