Common use of Fixed Rate Loans Clause in Contracts

Fixed Rate Loans. In the event that (i) the Borrower shall have accepted the Bank’s offer of a Fixed Rate with respect to a particular proposed Fixed Rate Loan, and such Fixed Rate Loan was not made because either (x) the Borrower rejected such Fixed Rate Loan or the proceeds thereof, or (y) such Fixed Rate Loan was not advanced by the Bank because any condition precedent therefor set forth in Article V was not satisfied, or (b) for any reason any Fixed Rate Loan shall have been, prior to the end of the Fixed Period therefor, either repaid, prepaid or converted to a Variable Rate Loan (including, without limitation, as a result of the acceleration thereof in accordance with Section 8.2), then in any such case referred to in clause (i) or clause (ii) above (each a “Breakage Event”), the Bank shall promptly (and in any event within ten (10) Business Days thereafter) (A) determine the Fixed Rate Breakage Amount arising out of such Breakage Event, and (B) deliver a certificate thereof to the Borrower stating such Fixed Breakage Amount. In the event such Fixed Rate Breakage Amount is a positive number, such Fixed Rate Breakage Amount shall be paid to the Borrower by the Bank within two (2) Business Days after the delivery of such certificate to the Borrower. In the event such Fixed Rate Breakage Amount is a negative number, such Fixed Rate Breakage Amount shall be paid to the Bank by the Borrower within two (2) Business Days after the delivery of such certificate to the Borrower.

Fixed Rate Loans. In At any time after the event that (i) Conversion Date, at the Borrower request of any Lender, all or any portion of the Term Loan owing to such Lender shall have accepted bear interest at a rate per annum equal to the Bank’s offer of a Fixed Rate plus the Fixed Rate Spread, effective as of the first interest payment date with respect to such Term Loan after such notice so long as the 20 Business Days' notice set forth below is given; provided that no such conversion shall be permitted in respect of amounts to be voluntarily prepaid following receipt of a particular proposed notice of prepayment pursuant to subsection 2.5A. In order to request the conversion of a Floating Rate Loan to a Fixed Rate Loan, the Lender shall notify the Administrative Agent in writing of its intention to do so at least 20 Business Days prior to an interest payment date indicating the amount of the Term Loan for which it is requesting conversion to a Fixed Rate Loan, which shall be not less than $5,000,000 and increments of $500,000 in excess thereof (or, in the case any Lender holds a Term Loan with an outstanding amount less than $5,000,000, such remaining amount), and Administrative Agent shall so notify Company in writing at least 5 Business Days prior to such next succeeding interest payment date. Upon the conversion of a portion of a Floating Rate Loan to a Fixed Rate Loan was not an appropriate notation will be made because either (x) on the Borrower rejected Term Note and, on and after the first interest payment date following the receipt by Company of a notice hereunder, such Fixed Rate portion of the Term Loan or the proceeds thereof, or (y) such Fixed Rate Loan was not advanced by the Bank because any condition precedent therefor set forth in Article V was not satisfied, or (b) for any reason any which is converted to a Fixed Rate Loan shall have been, prior to the end of the Fixed Period therefor, either repaid, prepaid or converted to a Variable Rate Loan (including, without limitation, as a result of the acceleration thereof in accordance with Section 8.2), then in any such case referred to in clause (i) or clause (ii) above (each a “Breakage Event”), the Bank shall promptly (and in any event within ten (10) Business Days thereafter) (A) determine bear interest at the Fixed Rate Breakage Amount arising out of such Breakage Event, and (B) deliver a certificate thereof to plus the Borrower stating such Fixed Breakage Amount. In the event such Fixed Rate Breakage Amount is a positive number, such Fixed Rate Breakage Amount shall be paid to the Borrower by the Bank within two (2) Business Days after the delivery of such certificate to the Borrower. In the event such Fixed Rate Breakage Amount is a negative number, such Fixed Rate Breakage Amount shall be paid to the Bank by the Borrower within two (2) Business Days after the delivery of such certificate to the BorrowerSpread until repaid in full.

Fixed Rate Loans. In Notwithstanding any provision in this Agreement to the event that contrary, at all times on and after the Twelfth Amendment Closing Date, the amount of Fixed Rate Outstandings shall not be less than the Minimum Fixed Rate Amount. If at any time the amount of Fixed Rate Outstandings is less than the Minimum Fixed Rate Amount, then (a) outstanding Base Rate Loans shall be immediately and automatically Converted into Fixed Rate Loans (without any further action on the part of the Borrower or any other Person) until (i) the Borrower shall have accepted the Bank’s offer amount of a Fixed Rate with respect Loans is equal to a particular proposed the Minimum Fixed Rate Loan, and such Fixed Rate Loan was not made because either (x) the Borrower rejected such Fixed Rate Loan or the proceeds thereof, Amount or (yii) such Fixed all Base Rate Loan was not advanced by the Bank because any condition precedent therefor set forth in Article V was not satisfied, or Loans have been so Converted (whichever comes first); and (b) for if, after the Conversion of all Base Rate Loans to Fixed Rate Loans, the amount of Fixed Rate Outstandings is still less than the Minimum Fixed Rate Amount, then outstanding Eurodollar Rate Loans shall be immediately and automatically Converted to Fixed Rate Loans (without any reason further action of the part of the Borrower or any other Person) until the amount of Fixed Rate Loans is equal to the Minimum Fixed Rate Amount; and the Borrower shall pay any amounts required by Section 6.5. The Borrower may not Convert any Fixed Rate Loan to any other Type of Loan. All prepayments of Revolving Credit Outstandings shall have beenbe applied to Revolving Loans other than Fixed Rate Loans unless and until the only outstanding Revolving Loans are Fixed Rate Loans, prior at which point such prepayments shall be applied to the end outstanding Fixed Rate Loans. At any time that Fixed Rate Outstandings are less than $25,000,000, any new Advances of Revolving Loans shall automatically be deemed to be Fixed Rate Loans until the amount of Fixed Rate Outstandings is equal to $25,000,000. (w) Section 10.1 of the Fixed Period thereforCredit Agreement is amended in its entirety, either repaid, prepaid or converted to a Variable Rate Loan (including, without limitation, so that as a result of the acceleration thereof in accordance with Section 8.2), then in any such case referred to in clause (i) or clause (ii) above (each a “Breakage Event”), the Bank amended it shall promptly (and in any event within ten (10) Business Days thereafter) (A) determine the Fixed Rate Breakage Amount arising out of such Breakage Event, and (B) deliver a certificate thereof to the Borrower stating such Fixed Breakage Amount. In the event such Fixed Rate Breakage Amount is a positive number, such Fixed Rate Breakage Amount shall be paid to the Borrower by the Bank within two (2) Business Days after the delivery of such certificate to the Borrower. In the event such Fixed Rate Breakage Amount is a negative number, such Fixed Rate Breakage Amount shall be paid to the Bank by the Borrower within two (2) Business Days after the delivery of such certificate to the Borrower.read as follows: