LIBOR Election definition

LIBOR Election means an election to have any Base Rent Period extend for approximately one month, two months, three months or six months. Subject to the limitations and qualifications set forth in this definition, LRC may make any Base Rent Period subject to a LIBOR Election by a notice given to BNPPLC in the form attached as Annex 1 at least five Business Days prior to the commencement of such Base Rent Period. After a LIBOR Election becomes effective, it will remain in effect for all subsequent Base Rent Periods until a different election is made in accordance with the provisions of this definition. (For purposes of the definition of Base Rent Periods above, a LIBOR Election for any Base Rent Period will also be considered the LIBOR Election in effect on the Effective Date or Base Rent Date upon which such Base Rent Period begins.) Notwithstanding the foregoing: • No LIBOR Election made by LRC will be effective or continue if it would cause a Base Rent Period to extend beyond the end of the scheduled Term. • Changes in any LIBOR Election initiated by LRC will become effective only upon the commencement of a new Base Rent Period. • If for any reason (including BNPPLC’s receipt of a notice from LRC purporting to make a LIBOR Election that is contrary to the foregoing provisions), BNPPLC is unable to determine with certainty whether a particular Base Rent Period is subject to a specific LIBOR Election of one month, two months, three months or six months, the LIBOR Period Election for that particular Base Rent Period will be one month. • If any Event of Default has occurred and is continuing on the third Business Day preceding the commencement of a particular Base Rent Period, then BNPPLC shall be entitled (but not required) to make a LIBOR Election for that Base Rent Period of one month, absent which the LIBOR Election for that Base Rent Period will be determined in accordance with the foregoing provisions.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

LIBOR Election means an election by Borrower to have the principal balance of the Loans, up to the LIBOR Amount as designated therein, bear interest at the LIBOR-Based Rate for the LIBOR Period as designated therein in accordance with the provisions of Section 2.5.

LIBOR Election means an effective election by Borrowers to have the principal balance of the Loans, or one or more designated portions thereof, bear interest at the LIBOR-Based Rate for the LIBOR Period as designated therein in accordance with the provisions of Section 2.5(a).

Examples of LIBOR Election in a sentence

• Any LIBOR Election Notice received by Agent shall be irrevocable.

• For Base Rent Periods subject to a LIBOR Election of six months, Base Rent will be payable in two installments, with the first installment becoming due on the Base Rent Date that occurs on the first Business Day of the third calendar month following the commencement of such Base Rent Period, and with the second installment becoming due on the Base Rent Date upon which the Base Rent Period ends.

• Subject to Subsection 2.8.4 (LIBOR Election) as to payments with respect to Adjusted LIBOR, if any payment under the Loan Documents becomes due on a day that is not a Business Day, the due date of such payment shall be extended to the next succeeding Business Day, and such extension of time shall be included in computing interest and fees in connection with such payment.

• Each Request for Advance and Certification or LIBOR Election Form and Certification, as applicable, shall be made by the Borrowers in accordance with the provisions of this Exhibit, the Notes and Section 1.4 of the Loan Agreement.

• In the absence of delivery of a LIBOR Election Form and Certification with respect to any LIBOR Rate Loan at least three (3) Business Days before the last day of the then current Interest Period with respect thereto, such LIBOR Rate Loan shall, on such last day, automatically convert to a Loan that accrues interest on a Base Rate basis.

• The principal balance of the Loans, or portions thereof, as to which a LIBOR Election is not in effect and the balance of all other outstanding Obligations (except that portion of the Obligations, if any, arising under any agreement other than this Agreement if such other agreement provides for the payment of interest at a rate specified therein) will bear interest at an annual rate equal to the applicable Prime-Based Rate as in effect from time to time.

• Such notice shall be delivered to Agent in writing at least 2 business days prior to the date of such advance and shall inform Agent of the amount of the Note to be subject to the LIBOR Election, the LIBOR Interest Period and the effective date for the LIBOR Interest Period.

• This LIBOR basis election shall be effective for a ____ (select 1, 2, 3 or 6 month period), commencing on _____________, 20__ (a Business Day not less than three (3) Business Days nor more than five (5) Business Days from the date of submission of this LIBOR Election Form and Certification), and expiring on _______________, 20___ (not later than the Maturity Date).

• If, at any time that a LIBOR Election is in effect, the principal balance of the applicable LIBOR Rate Loan is, for any reason whatsoever and whether or not within the control of Borrower, reduced below the LIBOR Amount applicable to that LIBOR Rate Loan, then Borrower shall pay to Lenders, in addition to any other Obligations, all costs and expenses incurred by Lenders arising out of that prepayment and a “LIBOR Prepayment Fee” which shall be equal to the “Interest Differential”.

• The Lenders shall not be obligated to act with respect to the provisions of this Exhibit unless the Administrative Agent shall have received a Request for Advance and Certification or LIBOR Election Form and Certification, as applicable, from the Borrowers specifying the following information: the amount of the advance subject to the Applicable Interest Rate election; the length of the Interest Period; and the date on which such election is requested to be effective.

More Definitions of LIBOR Election

LIBOR Election means an election pertaining to LIBOR Principal made pursuant to this Note.

LIBOR Election means the election by the Borrower to apply the Libo Rate to the Loan, pursuant to a Notice of Rate Selection. If by reason of an Event of Default, Lender elects to declare the Obligations to be immediately due and payable, then any yield maintenance fee with respect to the Loan shall become due and payable in the same manner as though Borrower had exercised such right of prepayment.

LIBOR Election means written notice from Borrower delivered to Lender electing the LIBOR Rate as the Effecti▇▇ ▇▇▇▇ hereunder.

LIBOR Election means an election made in a written notice by the Borrower to pay interest at the LIBOR Rate, which notice shall be irrevocable and delivered to the Bank at least three Business Days prior to the first Reset Date, specifying the entire principal balance then outstanding hereunder to be carried in consecutive periods, each one of one-month duration (each, an “Interest Period”) and commencing on the expiration of each preceding Interest Period.

LIBOR Election means any election by Borrower to have the Redwood Daily Yield Rate or the Committed Lender Fixed Rate computed based on LIBOR.

LIBOR Election an election by Borrower pursuant to subsection 2.4.1 to borrow at the LIBOR Rate or to have a portion of the Principal Balance bear or continue to bear interest at the LIBOR Rate. LIBOR INTEREST PERIOD: (i) a period commencing (A) on the applicable Funding Date, if Borrower prior thereto has elected pursuant to subsection 2.4.1 to have all or a portion of the Loan to be disbursed on such date bear interest from such date at a LIBOR Rate, (B) with respect to the conversion of all or a portion of the Prime Rate Portion to a LIBOR Loan, on the Business Day specified by Borrower in the applicable Notice of Borrowing and (C) with respect to the continuation as a LIBOR Loan of all or a portion of a then existing LIBOR Loan after the expiration of the LIBOR Interest Period applicable to such existing LIBOR Loan, on the last day of the LIBOR Interest Period applicable to such existing LIBOR Loan, and (ii) ending one, two, three or six months thereafter, as selected by Borrower in its Notice of Borrowing; provided, however: