Common use of Libor Option Clause in Contracts

Libor Option. As to any Portion or Portions of the Revolving Loan selected by the Borrower, interest will accrue pursuant to this LIBOR option at a fixed rate per annum equal to LIBOR (as hereinafter defined in this Subsection 4(A)(2)) plus the Applicable Margin. Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined in this Subsection 4(A)(2)) of one, two, three or six months as selected by the Borrower; (ii) amounts fixed shall be in a principal amount equal to $100,000 or any whole multiple of $100,000 in excess thereof; and (iii) rates may only be fixed on a Banking Day on three Banking Days’ prior written notice. “LIBOR” means the rate (rounded upward to the nearest sixteenth and adjusted for reserves required on Eurocurrency Liabilities for banks subject to FRB Regulation D or required by any other federal law or regulation) reported 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 Borrower by Bloomberg Information Services (or any successor or substitute service providing rate quotations comparable to those currently provided by such service, as determined by CoBank from time to time, for the purpose of proving quotations of interest rates applicable to dollar deposits in the London interbank market); provided that if CoBank determines in its sole discretion that LIBOR is not available, an alternative rate shall be substituted as CoBank may select in its sole discretion; provided, further, that in no event shall LIBOR be less than 0%. “Interest Period” shall mean the time period chosen by the Borrower during which a fixed rate is to apply to a Portion of the Revolving Loan, which period commences on the day a rate is fixed under Subsection 4(A)(2) or 4(A)(3) of this Fifth Supplement. 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 (as defined in Subsection 6(A) of this Fifth Supplement). Upon the occurrence and during the continuance of an Event of Default, as the Interest Periods for Portions of the Revolving Loan accruing interest at a LIBOR option expire, at CoBank’s option, such Portions of the Revolving Loan shall be converted to the Variable Rate option, and the LIBOR option will not be available to the Borrower until all Events of Default are no longer continuing or have been waived.

Libor Option. As to any Portion or Portions of the Revolving Loan selected by the Borrower, interest will accrue pursuant to this LIBOR option at a fixed rate per annum equal to LIBOR (as hereinafter defined in this Subsection 4(A)(2)) plus the Applicable Margin. Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined in this Subsection 4(A)(2)) of one, two, three or six months as selected by the Borrower; (ii) amounts fixed shall be in a principal amount equal to $100,000 or any whole multiple of $100,000 in excess thereof; and (iii) rates may only be fixed on a Banking Day on three Banking Days’ prior written notice. “LIBOR” means the rate (rounded upward to the nearest sixteenth and adjusted for reserves required on Eurocurrency Liabilities for banks subject to FRB Regulation D or required by any other federal law or regulation) reported quoted by 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 Borrower by Bloomberg Information Services (or any successor or substitute service providing rate quotations comparable to those currently provided by such service, as determined by CoBank from time to time, for the purpose of proving quotations of interest rates applicable to dollar deposits in the London interbank market); provided that if CoBank determines in its sole discretion that LIBOR is not available, an alternative rate shall be substituted as CoBank may select in its sole discretion; provided, further, that in no event shall LIBOR be less than 0%. “Interest Period” shall mean the time period chosen by the Borrower during which a fixed rate is to apply to a Portion of the Revolving Loan, which period commences on the day a rate is fixed under Subsection 4(A)(2) or 4(A)(3) of this Fifth Second Supplement. 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 (as defined in Subsection 6(A) of this Fifth Second Supplement). Upon the occurrence and during the continuance of an Event of Default, as the Interest Periods for Portions of the Revolving Loan accruing interest at a LIBOR option expire, at CoBank’s option, such Portions of the Revolving Loan shall be converted to the Variable Rate option, and the LIBOR option will not be available to the Borrower until all Events of Default are no longer continuing or have been waived.

Libor Option. As to any Portion or Portions of the Revolving Loan selected by the Borrower, interest will accrue pursuant to this LIBOR option at a fixed rate per annum equal to LIBOR (as hereinafter defined in this Subsection 4(A)(2)) plus the Applicable LIBOR Margin. Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined in this Subsection 4(A)(2)) of one, two, three three, six, nine or six months 12 months, as selected by the Borrower; (ii) amounts fixed shall be in a principal amount equal to increments of $100,000 or any whole multiple of $100,000 in excess multiples thereof; and (iii) rates may only be fixed on a Banking Day (as hereinafter defined in this Subsection 4(A)(2)) on three Banking Days’ prior written notice. “LIBOR” means the rate (rounded upward to the nearest sixteenth and adjusted for reserves required on Eurocurrency Liabilities for banks subject to FRB Regulation D or required by any other federal law or regulation) reported quoted by 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 Borrower Borrower, as published by Bloomberg Information Services (or any successor or substitute service providing rate quotations comparable to those currently provided by such serviceanother major information vendor listed on BBA’s official website. “Banking Day” shall mean a day on which CoBank is open for business, as determined by CoBank from time to time, for the purpose of proving quotations of interest rates applicable to dealings in U.S. dollar deposits are being carried out in the London interbank market); provided that if CoBank determines , and banks are open for business in its sole discretion that LIBOR is not availableNew York City and London, an alternative rate shall be substituted as CoBank may select in its sole discretion; provided, further, that in no event shall LIBOR be less than 0%England. “Interest Period” shall mean the time period chosen by the Borrower during which a the chosen fixed rate is to apply to a First Supplement to the Master Loan Agreement/Xxxxxxxxxx Acquisition Corp. Loan No. RX0584-T1 Portion of the Revolving Loan, which period commences on the day a rate is fixed under Subsection 4(A)(2) or 4(A)(3) of this Fifth SupplementFirst Supplement 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 three, six, nine or six 12 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 Subsection 6(A) Section 6 of this Fifth First Supplement). Upon the occurrence and during the continuance of an any Event of Default, as the Interest Periods for Portions of the Revolving Loan accruing interest at a LIBOR option expire, at CoBank’s option, such Portions of the Revolving Loan shall be converted to the Variable Rate option, and the LIBOR option will not be available to the Borrower until all any such Events of Default are no longer continuing or have been waived.

Libor Option. As to any Portion or Portions of the Revolving Loan selected by the Borrower, interest will accrue pursuant to this LIBOR option at a fixed rate per annum equal to LIBOR (as hereinafter defined in this Subsection 4(A)(2)) plus the Applicable Margin. Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined in this Subsection 4(A)(2)) of one, two, three or six months as selected by the Borrower; (ii) amounts fixed shall be in a principal amount equal to $100,000 or any whole multiple of $100,000 in excess thereof; and (iii) rates may only be fixed on a Banking Day on three Banking Days’ prior written notice. “LIBOR” means the rate (rounded upward to the nearest sixteenth and adjusted for reserves required on Eurocurrency Liabilities for banks subject to FRB Regulation D or required by any other federal law or regulation) reported quoted by 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 Borrower by Bloomberg Information Services (or any successor or substitute service providing rate quotations comparable to those currently provided by such service, as determined by CoBank from time to time, for the purpose of proving quotations of interest rates applicable to dollar deposits in the London interbank market); provided that if CoBank determines in its sole discretion that LIBOR is not available, an alternative rate shall be substituted as CoBank may select in its sole discretion; provided, further, that in no event shall LIBOR be less than 0%. “Interest Period” shall mean the time period chosen by the Borrower during which a fixed rate is to apply to a Portion of the Revolving Loan, which period commences on the day a rate is fixed under Subsection 4(A)(2) or 4(A)(3) of this Fifth Third Supplement. 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 (as defined in Subsection 6(A) of this Fifth Third Supplement). Upon the occurrence and during the continuance of an Event of Default, as the Interest Periods for Portions of the Revolving Loan accruing interest at a LIBOR option expire, at CoBank’s option, such Portions of the Revolving Loan shall be converted to the Variable Rate option, and the LIBOR option will not be available to the Borrower until all Events of Default are no longer continuing or have been waived.

Libor Option. As to any Portion or Portions of the Revolving Loan selected by the Borrower, interest will accrue pursuant to this LIBOR option at a fixed rate per annum equal to LIBOR (as hereinafter defined in this Subsection 4(A)(2)) plus the Applicable LIBOR Margin. Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined in this Subsection 4(A)(2)) of one, two, three three, six, nine or six months 12 months, as selected by the Borrower; (ii) amounts fixed shall be in a principal amount equal to increments of $100,000 or any whole multiple of $100,000 in excess multiples thereof; and (iii) rates may only be fixed on a Banking Day (as hereinafter defined in this Subsection 4(A)(2)) on three Banking Days’ prior written notice. “LIBOR” means the rate (rounded upward to the nearest sixteenth and adjusted for reserves required on Eurocurrency Liabilities for banks subject to FRB Regulation D or required by any other federal law or regulation) reported quoted by 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 Borrower Borrower, as published by Bloomberg Information Services (or any successor or substitute service providing rate quotations comparable to those currently provided by such serviceanother major information vendor listed on BBA’s official website. “Banking Day” shall mean a day on which CoBank is open for business, as determined by CoBank from time to time, for the purpose of proving quotations of interest rates applicable to dealings in U.S. dollar deposits are being carried out in the London interbank market); provided that if CoBank determines , and banks are open for business in its sole discretion that LIBOR is not availableNew York City and London, an alternative rate shall be substituted as CoBank may select in its sole discretion; provided, further, that in no event shall LIBOR be less than 0%England. “Interest Period” shall mean the time period chosen by the Borrower during which a the chosen fixed rate is to apply to a Portion of the Revolving Loan, which period commences on the day a rate is fixed under Subsection 4(A)(2) or 4(A)(3) of this Fifth SupplementThird Supplement 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 three, six, nine or six 12 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 Subsection 6(A) Section 6 of this Fifth Third Supplement). Upon the occurrence and during the continuance of an any Event of Default, as the Interest Periods for Portions of the Revolving Loan accruing interest at a LIBOR option expire, at CoBank’s option, such Portions of the Revolving Loan shall be converted to the Variable Rate option, and the LIBOR option will not be available to the Borrower until all any such Events of Default are no longer continuing or have been waived.

Libor Option. As to any Portion or Portions of the Revolving Loan selected by the Borrower, interest will accrue pursuant to this LIBOR option at a fixed rate per annum equal to LIBOR (as hereinafter defined in this Subsection 4(A)(2)) plus the Applicable Margin. Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined in this Subsection 4(A)(2)) of one, two, three or six months as selected by the Borrower; (ii) amounts fixed shall be in a principal amount equal to $100,000 or any whole multiple of $100,000 in excess thereof; and (iii) rates may only be fixed on a Banking Day on three Banking Days’ prior written notice. “LIBOR” means the rate (rounded upward to the nearest sixteenth and adjusted for reserves required on Eurocurrency Liabilities for banks subject to FRB Regulation D or required by any other federal law or regulation) reported 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 Borrower by Bloomberg Information Services (or any successor or substitute service providing rate quotations comparable to those currently provided by such service, as determined by CoBank from time to time, for the purpose of proving quotations of interest rates applicable to dollar deposits in the London interbank market); provided that if CoBank determines in its sole discretion that LIBOR is not available, an alternative rate shall be substituted as CoBank may select in its sole discretion; provided, further, that in no event shall LIBOR be less than 0%. “Interest Period” shall mean the time period chosen by the Borrower during which a fixed rate is to apply to a Portion of the Revolving Loan, which period commences on the day a rate is fixed under Subsection 4(A)(2) or 4(A)(3) of this Fifth Fourth Supplement. 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 (as defined in Subsection 6(A) of this Fifth Fourth Supplement). Upon the occurrence and during the continuance of an Event of Default, as the Interest Periods for Portions of the Revolving Loan accruing interest at a LIBOR option expire, at CoBank’s option, such Portions of the Revolving Loan shall be converted to the Variable Rate option, and the LIBOR option will not be available to the Borrower until all Events of Default are no longer continuing or have been waived.

Libor Option. As to any Portion or Portions of the Revolving Loan selected by the Borrower, interest will accrue pursuant to this LIBOR option at a fixed rate per annum equal to LIBOR (as hereinafter defined in this Subsection 4(A)(2)) plus the Applicable LIBOR Margin. Under this option: (i) rates may be fixed for Interest Periods (as hereinafter defined in this Subsection 4(A)(2)) of one, two, three three, six, nine or six months 12 months, as selected by the Borrower; (ii) amounts fixed shall be in a principal amount equal to increments of $100,000 or any whole multiple of $100,000 in excess multiples thereof; and (iii) rates may only be fixed on a Banking Day (as hereinafter defined in this Subsection 4(A)(2)) on three Banking Days’ prior written notice. “LIBOR” means the rate (rounded upward to the nearest sixteenth and adjusted for reserves required on Eurocurrency Liabilities for banks subject to FRB Regulation D or required by any other federal law or regulation) reported quoted by 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 Borrower Borrower, as published by Bloomberg Information Services (or any successor or substitute service providing rate quotations comparable to those currently provided by such serviceanother major information vendor listed on BBA’s official website. “Banking Day” shall mean a day on which CoBank is open for business, as determined by CoBank from time to time, for the purpose of proving quotations of interest rates applicable to dealings in U.S. dollar deposits are being carried out in the London interbank market); provided that if CoBank determines , and banks are open for business in its sole discretion that LIBOR is not availableNew York City and London, an alternative rate shall be substituted as CoBank may select in its sole discretion; provided, further, that in no event shall LIBOR be less than 0%England. “Interest Period” shall mean the time period chosen by the Borrower during which a the chosen fixed rate is to apply to a Portion of the Revolving Loan, which period commences on the day a rate is fixed under Subsection 4(A)(2) or 4(A)(3) of this Fifth SupplementFirst Supplement becomes effective. The Interest Period for Portions accruing interest at the LIBOR option shall end on the day in the next First Supplement to the Master Loan Agreement/New Ulm Telecom, Inc. Loan No. RX0583-T1 calendar month or in the month that is two, three three, six, nine or six 12 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 Subsection 6(A) Section 6 of this Fifth First Supplement). Upon the occurrence and during the continuance of an any Event of Default, as the Interest Periods for Portions of the Revolving Loan accruing interest at a LIBOR option expire, at CoBank’s option, such Portions of the Revolving Loan shall be converted to the Variable Rate option, and the LIBOR option will not be available to the Borrower until all any such Events of Default are no longer continuing or have been waived.