Examples of LIBO Rate Option in a sentence
All prepayments required pursuant to this Section 2.27 shall first be applied among the Interest Rate Options to the principal amount of the Revolving Loans subject to the Base Rate Option, then to Revolving Loans subject to a LIBO Rate Option and then to Optional Currency Swingline Loans.
In accordance with Section 2.16, the Borrower shall indemnify the Lenders for any loss or expense incurred with respect to any such prepayments applied against Loans subject to a LIBO Rate Option on any day other than the last day of the applicable Interest Period.
Borrower understands: (i) the process of exercising the One-Month LIBO Rate Option as provided herein; (ii) that amounts owing under this Note may bear interest at different rates and for different lime periods; and (iii) that absent the terms and conditions hereof, it would be extremely difficult to calculate Lender’s additional costs, expenses, and damages in the event of a Default or prepayment by Borrower hereunder.
Borrower understands: (i) the process of exercising the One-Month LIBO Rate Option as provided herein; (ii) that amounts owing under this Note may bear interest at different rates and for different time periods; and (iii) that absent the terms and conditions hereof, it would be extremely difficult to calculate Lender’s additional costs, expenses, and damages in the event of a Default or prepayment by Borrower hereunder.
Subject to the terms and conditions of the Agreement the Borrower may elect that all of the principal balance of this Term Note bear interest at the LIBO Rate plus 2.15% (the "LIBO Rate Option").
The notice shall specify an interest period (the "Interest Period") during which such Interest Rate Option shall apply, such Interest Period to be (i) one Month if Borrower selects the LIBO Rate Option during the Syndications Period and (ii) one, two, three or six Months in the event Borrower selects the LIBO Rate Option after the Syndications Period has ended.
If Borrower should renew after the effective date of such Bank Joinder the LIBO- Rate Option with respect to Revolving Credit Loans existing on such date, Borrower shall be deemed to repay the applicable Revolving Credit Loans on the renewal date and then reborrow a similar amount on such date so that the Additional Bank shall participate in such Revolving Credit Loans after such renewal date.
Dated: , 20 XXXXXX XXXX CORPORATION, as the Borrower By: Name: Title: * Use if converting from the Prime Rate Option to the LIBO Rate Option.
For the avoidance of doubt from and after the date hereof until the Effective Date, the Borrower may continue to borrow Revolving Loans under the LIBO Rate Option and continue Revolving Loans and Term Loans under or convert Revolving Loans and Term Loans to the LIBO Rate Option as provided in the Existing Credit Agreement, provided that the only Interest Period available to the Borrower during such period shall be one (1) month.
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