Common use of Available Options Clause in Contracts

Available Options. Except as hereinafter provided, during the period commencing on September 1, 1996 and continuing through the Commitment Termination Date, interest shall accrue on any past due interest and on that portion of the aggregate principal amount of the Notes from time to time outstanding (collectively the "Debt") according to the following matrix: Percentage that the Debt Bears to the Borrowing Base Rate of Interest ------------------------- -------------------- Less than 50% Applicable Prime Rate or Libor Rate plus 1.25% 50% - up to but Applicable Prime Rate or not including 75% Libor Rate plus 1.50% 75% or more Applicable Prime Rate or Libor Rate plus 1.75% Except as hereinafter provided, during the period commencing on August 2, 1999, and continuing through Maturity, interest shall accrue on the Debt according to the following matrix: Percentage that the Debt Bears to the Borrowing Base Rate of Interest ------------------------- -------------------- Less than 50% Applicable Prime Rate plus .25% or Libor Rate plus 1.50% 50% - up to but Applicable Prime Rate plus .25% not including 75% or Libor Rate plus 1.75% 75% or more Applicable Prime Rate plus .25% or Libor Rate plus 2.00% In determining the percentage that the Debt bears to the Borrowing Base, the "Debt" and the "Borrowing Base" shall be the average of such respective amounts during the most recent calendar month preceding such determination. The Applicable Prime Rate option described above in the matrices is herein- after referred to as the "Prime Rate Option" and the Libor Rate interest option described above in the matrices is here- inafter referred to as the "Libor Rate Option". The Prime Rate Option shall be computed on the basis of a year of 365 or 366 days, as the case may be and the Libor Rate Option shall be based on a year of 360 days and actual days elapsed. The reference to "September 1, 1995" in Section 2.5(c) in the Prior Loan Agreement is hereby amended to refer to "October 1, 1996."

Available Options. Except as hereinafter provided, during the period commencing on September 1, 1996 the Closing Date and continuing through the Commitment Termination Conversion Date, interest shall accrue on any past due interest and on that portion of the aggregate principal amount of the Notes from time to time outstanding and on any past due interest prior to an Event of Default (collectively the "Debt") according to the following matrix: Percentage that Options the Debt Bears ------- to the Borrowing Base Loan Value Prime Rate of Interest ------------------------- -------------------- Libor Rate ----------------- ---------- ---------- Less than 50% Applicable Prime Rate or Libor Rate plus 1.250.750% 50% - up to but Applicable Prime Rate or Libor Rate plus 1.00% not including 75% Libor Rate plus 1.50% 75% or more Applicable Prime Rate or Libor Rate plus 1.751.250% Except as hereinafter provided, during the period commencing on August 2the earlier of the Conversion Date or May 1, 19992002, and continuing through Maturity, interest shall accrue on the Debt according to the following matrix: Percentage that Options the Debt Bears ------- to the Borrowing Base Loan Value Prime Rate of Interest ------------------------- -------------------- Libor Rate ----------------- ---------- ---------- Less than 50% Applicable Prime Rate plus .25% or Libor Rate plus 1.501.000% 50% - up to but Applicable Prime Rate plus .25% not including 75% plus .25% or Libor Rate plus 1.751.250% 75% or more Applicable Prime Rate plus .25% or Libor Rate plus 2.001.500% In determining the percentage that the Debt bears to the Borrowing BaseLoan Value, the "Debt" and the "Borrowing BaseLoan Value" shall be the average of such respective amounts during the most recent calendar month preceding such determination. The Applicable Prime Rate option described above in the matrices is herein- after hereinafter referred to as the "Prime Rate Option" and the Libor Rate interest option described above in the matrices is here- inafter hereinafter referred to as the "Libor Rate Option". The Prime Rate Option shall be computed on the basis of a year of 365 or 366 days, as the case may be and the Libor Rate Option shall be based on a year of 360 days and actual days elapsed. The reference to "September 1, 1995" in Section 2.5(c) in the Prior Loan Agreement is hereby amended to refer to "October 1, 1996."

Available Options. Except as hereinafter provided, during the period commencing on September 1, 1996 the Closing Date and continuing through the Commitment Termination Conversion Date, interest shall accrue on any past due interest and on that portion of the aggregate principal amount of the Notes from time to time outstanding and on any past due interest prior to an Event of Default (collectively the "Debt") according to the following interest rate matrix: Percentage that the Debt Bears to the Borrowing Base Loan Value Options ------------------------ ------------------------------------------- Prime Rate of Interest ------------------------- -------------------- Libor Rate ---------- ---------- Less than 50% Applicable Prime Rate or Libor Rate plus 1.25or 1.000% 50% - up to but not Applicable Prime Rate or not Libor Rate plus including 75% Libor Rate plus 1.50or 1.250% 75% or more Applicable Prime Rate or Libor Rate plus 1.75or 1.500% Except as hereinafter provided, during the period commencing on August 2the earlier of the Conversion Date or May 1, 19992002, and continuing through Maturity, interest shall accrue on the Debt according to the following interest rate matrix: Percentage that the Debt Bears to the Borrowing Base Loan Value Options ------------------------ ------------------------------------------- Prime Rate of Interest ------------------------- -------------------- Libor Rate ---------- ---------- Less than 50% Applicable Prime Rate plus .25% or Libor Rate plus 1.50or 1.250% 50% - up to but Applicable not Applicabel Prime Rate Libor Rate plus .25% not including 75% or Libor Rate plus 1.751.500% 75% or more Applicable Prime Rate plus .25% or Libor Rate plus 2.00or 1.750% In determining Notwithstanding the percentage that the Debt bears foregoing, and at least three (3) Business Days prior to the Borrowing BaseConversion Date, at Borrowers' request, pursuant to a written notice from Unit to the Agent requesting a Fixed Rate Loan (the "Fixed Rate Election Notice"), and specifying the amount and term thereof received thereby at least three (3) Business Days prior to the first date of application of the Fixed Rate (the "Fixed Rate Election Notice Date"), the "Debt" Borrowers may request the selection of a Fixed Rate for the Notes pursuant to which the Agent, within two (2) Business Days of receipt of the Fixed Rate Election Notice, shall notify Unit of the Banks' Fixed Rate, subject to the terms, provisions and limitations hereinafter set forth. Fixed Rate Loans selec ▇▇▇ by the "Borrowing Base" Borrowers in accordance herewith shall be the average of such respective amounts during the most recent calendar month preceding such determination. The Applicable Prime Rate option described above in the matrices is herein- after referred to as the "Prime Rate Option" and the Libor Rate interest option described above in the matrices is here- inafter referred to as the "Libor Rate Option". The Prime Rate Option shall be computed accrue interest, payable monthly on the basis first day of a year of 365 or 366 dayseach calendar month, as the case may be and the Libor Rate Option shall be based on a year of 360 days and actual days elapsed. The reference to "September commencing June 1, 1995" in Section 2.5(c) in the Prior Loan Agreement is hereby amended to refer to "October 1, 19961999."

Available Options. Except as hereinafter providedprovid ed, during the period commencing on September 1, 1996 the Closing Date and continuing through the Commitment Termination Conversion Date, interest shall accrue on any past due interest and on that portion of the aggregate principal amount of the Notes from time to time outstanding and on any past due interest prior to an Event of Default (collectively the "Debt") according to the following interest rate matrix: Options Percentage that the Debt ------------------------------------ Bears to the Borrowing Base Loan Value Prime Rate of Interest ------------------------- -------------------- Libor Rate ------------------------ ---------- ---------- Less than 50% Applicable Prime Rate or Libor Rate plus 1.25Rate or 1.000% 50% - up to but Applicable Prime Libor Rate or plus not including 75% Libor Rate plus 1.50or 1.250% 75% or more Applicable Prime Rate or Libor Rate plus 1.75Rate or 1.500% Except as hereinafter provided, during the period commencing on August 2the earlier of the Conversion Date or May 1, 19992005, and continuing through Maturity, interest shall accrue on the Debt according to the following interest rate matrix: Options Percentage that the Debt ------------------------------------ Bears to the Borrowing Base Loan Value Prime Rate of Interest ------------------------- -------------------- Libor Rate ------------------------ ---------- ---------- Less than 50% Applicable Prime Rate plus .25% or Libor Rate plus 1.50Rate or 1.250% 50% - up to but Applicable Prime Libor Rate plus .25% not including 75% Rate or Libor Rate plus 1.751.500% 75% or more Applicable Prime Rate plus .25% or Libor Rate plus 2.00Rate or 1.750% In determining Notwithstanding the percentage that the Debt bears foregoing, and at least three (3) Business Days prior to the Borrowing BaseConversion Date, at Borrowers' request, pursuant to a written notice from Unit to the Agent requesting a Fixed Rate Loan (the "Fixed Rate Election Notice"), and specifying the amount and term thereof received at least three (3) Business Days prior to the first date of application of the Fixed Rate (the "Fixed Rate Election Notice Date"), the "Debt" Borrowers may request the selection of a Fixed Rate for the Notes pursuant to which the Agent, within two (2) Business Days of receipt of the Fixed Rate Election Notice, shall notify Unit of the Banks' Fixed Rate, subject to the terms, provisions and limitations hereinafter set forth. Fixed Rate Loans selected by the "Borrowing Base" Borrowers in accordance herewith shall be the average of such respective amounts during the most recent calendar month preceding such determination. The Applicable Prime Rate option described above in the matrices is herein- after referred to as the "Prime Rate Option" and the Libor Rate interest option described above in the matrices is here- inafter referred to as the "Libor Rate Option". The Prime Rate Option shall be computed accrue interest, payable monthly on the basis first day of a year of 365 or 366 dayseach calendar month, as the case may be and the Libor Rate Option shall be based on a year of 360 days and actual days elapsed. The reference to "September commencing August 1, 1995" in Section 2.5(c) in the Prior Loan Agreement is hereby amended to refer to "October 1, 19962001."