Common use of Duration of Interest Periods and Selection of Interest Rates Clause in Contracts

Duration of Interest Periods and Selection of Interest Rates. The commencement date and duration of the initial Interest Period for each Libor Rate Loan shall be as specified in the applicable Advance request. Borrower shall elect the duration of each subsequent Interest Period applicable to such Libor Rate Loan or elect to convert to a Base Rate Loan (and Borrower shall have the option (x) in the case of any Base Rate Loan, to elect that such Loan become a Libor Rate Loan and the Interest Period to be applicable thereto or (y) in the case of any Libor Rate Loan, to elect that such Loan become a Base Rate Loan), by giving notice of such election to Bank by 1:00 p.m. (New Orleans time) on the last day of the then expiring Interest Period (in the case of an existing Libor Rate Loan) or on the date of the requested conversion of a Base Rate Loan to a Libor Rate Loan, as applicable; provided, however, that notwithstanding the foregoing, in addition to and without limiting the rights and remedies of Bank under Section VI hereof, so long as any Default under this Agreement has occurred and is continuing, Borrower shall not be permitted to renew any Libor Rate Loan or to convert any Base Rate Loan into a Libor Loan. All Libor Rate Loans, whether by conversion or by an Advance, shall be in increments of $100,000.00 or greater. All Loans which bear interest at a particular Libor Rate for a particular Interest Period shall constitute a single Libor Loan. Notwithstanding the foregoing, the duration of each Interest Period shall be subject to the provisions of the definition of Interest Period.

Duration of Interest Periods and Selection of Interest Rates. (a) The commencement date and duration of the initial Interest Period for each Libor Rate LIBOR Loan shall be as specified in the applicable Advance requestNotice of Borrowing. Borrower shall elect the duration of each subsequent Interest Period applicable to such Libor Rate LIBOR Loan or elect and the interest rate to convert to a Base Rate Loan be applicable during such subsequent Interest Period (and Borrower shall have the option (xi) in the case of any Base Rate Prime Loan, to elect that such Loan become a Libor Rate LIBOR Loan and the Interest Period to be applicable thereto or thereto, and (yii) in the case of any Libor Rate LIBOR Loan, to elect that such Loan become a Base Rate Prime Loan), by giving notice of such election to Bank Lender by 1:00 p.m. 10:00 a.m. (New Orleans St. Louis time) on the last day of the then expiring Interest Period (Business Day of, in the case of an existing Libor Rate Loan) or on the date election of the requested conversion Prime Rate, and by 10:00 a.m. (St. Louis time) at least three (3) Eurodollar Business Days before, in the case of a Base Rate Loan to a Libor Rate Loanthe election of the LIBOR Rate, as applicablethe end of the immediately preceding Interest Period applicable thereto, if any; provided, however, that notwithstanding the foregoing, in addition to and without limiting the rights and remedies of Bank Lender under Section VI hereof6 of this Agreement, so long as any Default or Event of Default under this Agreement has occurred and is continuing, Borrower shall not be permitted to renew any Libor Rate LIBOR Loan as a LIBOR Loan or to convert any Base Rate Prime Loan into a Libor LIBOR Loan. All Libor Rate LoansIf Lender does not receive a notice of election for a Loan pursuant to this Section 2.04(a) within the applicable time limits specified herein, whether by conversion or by an Advance, Borrower shall be deemed to have elected to pay such Loan in increments whole pursuant to Section 2.08 on the last day of $100,000.00 or greater. All Loans which bear interest at a particular Libor Rate for a particular the current Interest Period shall constitute with respect thereto and to reborrow the principal amount of such Loan on such date as a single Libor Prime Loan. Notwithstanding the foregoing, the duration of each Interest Period shall be subject to the provisions of the definition of Interest Period.

Duration of Interest Periods and Selection of Interest Rates. (a) The commencement date and duration of the initial Interest Period for each Libor Rate LIBOR Loan shall be as specified in the applicable Advance requestNotice of Borrowing. Borrower shall elect the duration of each subsequent Interest Period applicable to such Libor Rate Loan or elect LIBOR Loan, and the interest rate to convert to a Base Rate Loan be applicable during such subsequent Interest Period (and and, Borrower shall have the option (x) in the case of any Base Rate Loan, to elect that such Loan become a Libor Rate LIBOR Loan and the Interest Period to be applicable thereto or (y) in the case of any Libor Rate LIBOR Loan, to elect that such Loan become a Base Rate Loan), by giving notice of such election to Bank the Agent by 1:00 p.m. 11:00 a.m. (New Orleans time) on the last day of the then expiring Interest Period (of, in the case of an existing Libor Rate Loan) or on the date election of the requested conversion Base Rate, by 11:00 a.m. (New Orleans time) at least three (3) Business Days before, in the case of a Base Rate Loan to a Libor Rate Loanthe election of the LIBOR Rate, as applicablethe end of the immediately preceding Interest Period applicable thereto, if any; provided, however, that notwithstanding the foregoing, in addition to and without limiting the rights and remedies of Bank the Agent and the Banks under Section VI 9 hereof, so long as any Default or Event of Default under this Agreement has occurred and is continuing, Borrower shall not be permitted to renew any Libor Rate LIBOR Loan as a LIBOR Loan or to convert any Base Rate Loan into a Libor LIBOR Loan. By 1:00 p.m. (New Orleans time) on the date of receipt of each such notice of conversion or continuation of a Loan from Borrower, Agent shall notify each Bank of the contents thereof and of such Bank's ratable share of such Loan. A notice by Borrower under this Section 5.1(a) shall not be revocable by Borrower. All Libor Rate LIBOR Loans, whether by conversion or by an Advanceadvance, shall be in increments a principal amount of at least $5,000,000.00 or multiples of $100,000.00 or greater500,000.00 in excess thereof. All Loans which bear interest at a particular Libor LIBOR Rate for a particular Interest Period shall constitute a single Libor LIBOR Loan. Notwithstanding the foregoing, the duration of each Interest Period shall be subject to the provisions of the definition of Interest Period.