Early Opt-in Election

Early Opt-in Election. The occurrence of (a) a determination by Bank, or a notification by Borrower to Bank that Borrower has made a determination, that U.S. Dollar-denominated syndicated credit facilities currently being executed, or that include language similar to that contained in Section 3.9 of the Sixth Amendment, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR; and (b) the joint election by Bank and Borrower to replace LIBOR with a Benchmark... Replacement. View More

Early Opt-in Election. The occurrence of: (a)(i) a determination by the Administrative Agent or (ii) a notification by the Required Lenders to the Administrative Agent (with a copy to Terex) that the Required Lenders have determined that syndicated credit facilities denominated in Dollars or Euro, as applicable, being executed at such time, or that include language similar to that contained in Section 2.08 are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to... replace the LIBO Rate or the EURIBO Rate, as applicable; and (b)(i) the election by the Administrative Agent or (ii) the election by the Required Lenders to declare that an Early Opt-in Election has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to Terex and the Lenders or by the Required Lenders of written notice of such election to the Administrative Agent View More

Early Opt-in Election. Means the occurrence of: (a)a determination by Bank that at least 5 currently outstanding U.S. dollar-denominated syndicated or bilateral credit facilities at such time contain (as a result of amendment or as originally executed) as a benchmark interest rate, in lieu of LIBOR, a new benchmark interest rate to replace LIBOR, and (b)the election by Bank to declare that an Early Opt-in Election has occurred and the provision by Bank of notice of such election to Borrower.