Interest Option. Subject to the provisions hereof, Borrower shall have the option (an "INTEREST OPTION") of having designated portions of the unpaid principal balance of this Note bear interest at a rate based upon the Adjusted LIBOR Rate or Adjusted Base Rate as provided in PARAGRAPH 3 hereof; provided, however, that the selection of the Adjusted LIBOR Rate for a particular Interest Period shall not be for less than $100,000.00 of unpaid principal or an integral multiple thereof. The Interest Option shall be exercised in the manner provided below:
Interest Option. On each of the First Closing Date and the Second Closing Date, Borrowers shall choose to have the Term Loan accrue interest as a Base Rate Loan or a LIBOR Rate Loan (which, if chosen, also requires Borrowers to choose an Interest Period). In the case of the LIBOR Rate Loan, upon the expiration of an Interest Period, in the absence of a new Interest Period Notice submitted to Agent not less than three (3) Business Days prior to the end of such Interest Period (which shall set forth the new Interest Period or state that the LIBOR Rate Loan is being converted to a Base Rate Loan), the LIBOR Rate Loan then maturing shall be automatically continued at the then current LIBOR Rate for an additional Interest Period equal to the expired Interest Period; provided, however, that if the Term Loan Maturity Date would fall within such subsequent Interest Period, the LIBOR Rate Loan then maturing shall be automatically converted to a Base Rate Loan. At any time prior to the Term Loan Maturity Date, Borrowers may request to convert a Base Rate Loan to a LIBOR Rate Loan upon submission of a LIBOR Rate Notice to Agent at least three (3) Business Days prior to the effectiveness of such conversion.
Interest Option. (a) Borrower may elect that any of the Revolving Loans to be made hereunder shall be a Euro Rate Loan, to continue any existing Euro Rate Loan as a new Euro Rate Loan or to convert any Prime Rate Loan to a LIBOR Rate Loan, by giving irrevocable written notice of such election to Agent by 10:00 a.m. (New York City time) at least three (3) Business Days prior to the requested Commencement Date and, in the case of the continuation of any Euro Rate Loan, such continuation shall take place on the last day of the applicable LIBOR Period with respect to the Euro Rate Loan being so continued. Such notice of election shall be given to Agent in a Record from Borrower. Each such request for a Euro Rate Loan, or to continue or convert (in the case of a Prime Rate Loan) shall include the requested Commencement Date (which shall be a Business Day), the LIBOR Period selected and the amount of the Euro Rate Loan to be made or continued, or into which a Prime Rate Loan is to be converted (which shall be in a principal amount of not less than (x) in the case of Dollar Denominated Revolving Loans, $1,000,000 and integral multiples of $500,000 and (y) in the case of Euro Denominated Revolving Loan, €1,000,000 and integral multiples of €500,000). If no Default nor Event of Default has occurred and is continuing at such time, such Euro Rate Loan shall be made or continued, or such Prime Rate Loan shall be converted, on the requested Commencement Date. In no event shall there be more than ten (10) Euro Rate Loans in effect at any time.
Interest Option. ☐ LIBOR Rate Loan ☐ Base Rate Loan In connection with the Credit Event requested herein, Borrower hereby represents and warrants to the Agent for the benefit of the Lenders that:
Interest Option. ☐ Reference Rate ☐ Daily Simple RFR ☐ Term SOFR with 1 -month Interest Period (Note: 12-month Eurocurrency Rate Interest Periods are subject to confirmation of availability by the Administrative Agent) In connection with the Conversion requested herein, the Borrower hereby represents, warrants, and certifies to the Administrative Agent for the benefit of the Lenders that:
Interest Option. 14 2.7 Repayment of Advances and Interest Thereon................................ 15 2.8 Advances and Payments on Note............................................. 15 2.9 Borrowing Base Determinations and Monthly Borrowing Base Reductions....... 15 2.10
Interest Option. Subject to the provisions of this Section 2.6, --------------- ----------- Borrower shall have the option of having all or any portion of the Note bear interest at the Adjusted LIBOR Rate, or a rate based upon the Base Rate (an "Interest Option"); provided, however, that each LIBOR Tranche shall be in the ---------------- ----------------- minimum amount of $1,000,000.00 and in multiples of $500,000.00 and provided further that there shall be no more than three (3) LIBOR Tranches existing at any one point in time.
Interest Option. Notwithstanding anything to the contrary contained herein, in no event shall the interest rate hereunder exceed the Maximum Rate.
Interest Option. 38 2.6 Computation And Payment Of Interest...........................40 2.7
Interest Option. (a) Subject to the conditions precedent set forth in Article 3 hereof, the applicable Borrower shall have the option to (i) request that any Advance be made as a LIBOR Loan, (ii) convert at any time all or any part of outstanding Loans from Index Rate Loans to LIBOR Loans, (iii) convert any LIBOR Loan to an Index Rate Loan, subject to payment of LIBOR breakage costs in accordance with Section 2.8 hereof if such conversion is made prior to the expiration of the LIBOR Period applicable thereto, or (iv) continue all or any portion of any Loan as a LIBOR Loan upon the expiration of the applicable LIBOR Period and the succeeding LIBOR Period of that continued Loan shall commence on the first day after the last day of the LIBOR Period of the Loan to be continued. Any Loan or group of Loans having the same proposed LIBOR Period to be made or continued as, or converted into, a LIBOR Loan must be in a minimum amount of, in the case of Westcon America, $2,000,000.00 and integral multiples of $500,000 in excess of such amount and, in the case of Westcon Canada, $2,000,000 and integral multiples of $500,000 in excess of such amount. Any such election must be made by 11:00 a.m. (Eastern Time) on the third Business Day prior to (1) the date of any proposed Advance which is to bear interest at the LIBOR Rate, (2) the end of each LIBOR Period with respect to any LIBOR Loans to be continued as such, or (3) the date on which the applicable Borrower wishes to convert any Index Rate Loan to a LIBOR Loan for a LIBOR Period designated by such Borrower in such election. If no election is received with respect to a LIBOR Loan by 11:00 a.m. (Eastern Time) on the third Business Day prior to the end of the LIBOR Period with respect thereto (or if a Default or an Event of Default has occurred and is continuing or if the additional conditions precedent set forth in Article III shall not have been satisfied), that LIBOR Loan shall be converted to an Index Rate Loan at the end of its LIBOR Period. The applicable Borrower must make such election by written notice to the applicable Collateral Agent, by telecopy or overnight courier. In the case of any conversion or continuation, such election must be made in writing by the applicable Borrower submitting a Request Certificate to the applicable Collateral Agent no later than three (3) Business Days prior to the proposed conversion. No Loan may be made as or converted into a LIBOR Loan until forty-five (45) days after the Closing Date.
