LIBOR Election Notice definition

LIBOR Election Notice means a written notice by Borrowers to Agent to have all or a portion of the principal balance of a Loan bear or continue to bear interest determined by reference to a LIBOR Rate, in the form of Exhibit E attached hereto.

LIBOR Election Notice a notice by Borrowers to Agent to have a portion of the Principal Balance bear interest at a LIBOR Rate, in the form of EXHIBIT 1T.

LIBOR Election Notice a notice by Borrower to Agent to have a portion of the Principal Balance bear interest determined by reference to a LIBOR Rate, in the form of EXHIBIT 1.1(C).

Examples of LIBOR Election Notice in a sentence

• If Maker elects to have the LIBOR Adjusted Rate apply, it shall advise Payee in writing by delivery to Payee of the LIBOR Election Notice attached hereto as Exhibit “A”, of its election and the LIBOR Period and LIBOR Increment for which Maker desires said rate to apply not later than 10:00 a.m., Central Standard Time or Central Daylight Time (as applicable), two (2) Business Days prior to the LIBOR Period Commencement Date.

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

• In addition to any other payments payable by Borrower to Bank pursuant to the Credit Documents, Borrower shall indemnify and reimburse Bank on demand for any loss or expense which Bank may sustain as a consequence of any prepayment of any LIBOR Loan or Euro Loan prior to the expiration of the Interest Period applicable thereto and/or any failure by Borrower to borrow the amount set forth in any LIBOR Election Notice or EURIBOR Election Notice on the date specified therefor.

• Agent and Lenders shall have the right without further confirmation to assume that any LIBOR Election Notice received by Agent has been given by a Person duly authorized to act on behalf of Borrower.

• A person who is placed in a community corrections program under this chapter is entitled to earn credit time under IC 35- 50-6.(b) A person who is placed in a community corrections program under this chap- ter may be deprived of earned credit time as provided under rules adopted by the department of correction under IC 4-22-2.Pub.

• If Borrower delivers a LIBOR Election Notice or a EURIBOR Election Notice to Bank and thereafter withdraws such election before it becomes effective, Borrower shall reimburse Bank on demand for the amount of any loss, cost and/or expense incurred by Bank as a result of Bank's reliance on such notice, including without limitation, any loss, cost or expense resulting from Bank's contractual obligations in connection with the applicable Dollar or Euro deposits.

• Agent and Lenders shall have the right without further confirmation to assume that any LIBOR Election Notice received by Agent has been given by a person duly authorized to act on behalf of Borrowers.

• Upon the expiration of an Interest Period the applicable LIBOR Loan shall be converted to and become a Prime Rate Loan unless such LIBOR Loan has been continued as a LIBOR Loan in accordance with this SECTION 2.5.1. Agent shall give each Revolving Lender and Term Loan A Lender prompt notice by telephone or facsimile transmission of each LIBOR Election Notice.

• Each LIBOR Election Notice and each EURIBOR Election Notice received by Bank shall be irrevocable.

• Any Loan or portion thereof for which a LIBOR Election Notice has not been received or that is not automatically continued as a LIBOR Rate Loan in accordance with the foregoing, shall accrue interest at the Prime Rate plus 2.25% per annum for outstanding Revolving Advances or the Prime Rate plus 3.75% per annum for the Term Loan.