Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option, subject to [Section 2.12(b)] below (the "LIBOR Option") to have interest on all or a portion of the Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of # the last day of the Interest Period applicable thereto, # the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or # the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing Borrower no longer shall have the option to request that Revolving Loans bear interest at a rate based upon the LIBOR Rate.
Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option, subject to [Section 2.12(b)] below (the "LIBOR Option") to have interestInterest on all or a portion of the Revolving Loans shall be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. At any time that an Event of Default has occurred and is continuing, the Revolving Loans may no longer bear interest upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of # the last day of the Interest Period applicable thereto,thereto; provided, that, subject to the [following [clauses (ii) and (iii)])]])], in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), # the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or # the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing Borrower no longer shall have the option to request that Revolving Loans bear interest at a rate based upon the LIBOR Rate.
Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, BorrowerBorrowers shall have the option, subject to [Section 2.12(b)] below (the "LIBOR Option"“SOFR Option”) to have interest on all or a portion of the Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR RateSOFR Loan, or upon continuation of a LIBOR RateSOFR Loan as a LIBOR RateSOFR Loan) at a rate of interest based upon the LIBOR Rate.Adjusted Term SOFR. Interest on LIBOR RateSOFR Loans shall be payable on the earliest of # the last day of the Interest Period applicable thereto,thereto; provided, that subject to the [following [clauses (ii) and (iii)])]])], in the case of any Interest Period greater than three months in duration, interest shall be payable at three month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period, # the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or # the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless BorrowerBorrowers have properly has exercised the LIBORSOFR Option with respect thereto, the interest rate applicable to such LIBOR RateSOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing Borrowercontinuing, Borrowers no longer shall have the option to request that Revolving Loans bear interest at a rate based upon the LIBOR Rate.Adjusted Term SOFR.
Interest and Interest Payment Dates. In lieuRate Provisions. The Borrower shall pay interest in respect of having interest charged at the rate based uponoutstanding unpaid principal amount of the Base Rate, Borrower shall have the option,Rate Loans and LIBOR Rate Loans, it being understood that, subject to [Section 2.12(b)] below (the "LIBOR Option")the provisions of this Agreement, the Borrower may select different Interest Rate Options and different Interest Periods to have interest on allapply to different Borrowings at any time outstanding and may convert to or a portion of the Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Baserenew one or more Interest Rate LoanOptions with respect to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of # the last day of the Interest Period applicable thereto, # the date on which all or any portion of the Obligations are accelerated pursuantany Borrowing (subject to the terms hereof,minimum amounts in a principal amount equal to or # the date on which this Agreement is terminated pursuant to the terms hereof. On the last dayany whole multiple of each applicable Interest Period, unless Borrower properly has exercised the in excess thereof); provided that there shall not be at any one time outstanding more than an aggregate of five (5) Borrowings of LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable toLoans and Base Rate Loans of the same type hereunder. At any timeLoans, and provided, further, that if an Event of Default or Default has occurred and is continuingcontinuing, the Borrower no longermay not request, convert to, or renew any LIBOR Rate Loans. If at any time the designated rate applicable to any Term Loan made by any Lender exceeds the Maximum Rate, the rate of interest on such Lenders Term Loan shall havebe limited to the option to request that Revolving Loans bear interest at a rate based upon the LIBORMaximum Rate.
Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option, subject to [Section 2.12(b)] below (the "LIBOR Option") to have interestInterest on all or a portion of the Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate.Loans shall be due and payable in arrears on each Interest Payment Date. Interest on LIBOR Rate Loans shall be due and payable on the earliest of # the last day of the Interest Period applicable thereto, # the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or # the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercisedPeriod for those Term Loans and, if such Interest Period is longer than three (3) months, also on the LIBOR Option with respect thereto,date that is the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loansthree-month anniversary of the same type hereunder. At any time thatfirst day of such Interest Period. Interest on the principal amount of each Term Loan or other monetary Obligation shall be due and payable on demand after such principal amount or other monetary Obligation becomes due and payable (whether on the stated Maturity Date, upon an Event of Default has occurred and is continuing Borrower no longer shall have the option to request that Revolving Loans bear interest at a rate based upon the LIBOR Rate.accelerated Maturity Date or otherwise).
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