Common use of Fixed Increment Rate Clause in Contracts

Fixed Increment Rate. If the Maker elects to have the Fixed Increment Rate apply, it shall advise the Agent in writing of its election and the Fixed Period and Fixed Increment for which the Maker desires said rate to apply not later than 11:00 a.m., Pacific Standard Time or Pacific Daylight Time (as applicable), three (3) Business Days prior to the Fixed Period Commencement Date. Any such election may be made only (i) once during any thirty (30) day period and (ii) while no Event of Default is in existence and no event has occurred which with notice and/or lapse of time would constitute an Event of Default. After Maker has designated a Fixed Increment to which the Fixed Increment Rate shall apply, such rate shall apply to the Fixed Increment for the duration of the Fixed Period. At any one time during the term hereof, no more than three (3) Fixed Increments may be outstanding. If the Maker elects the Fixed Increment Rate, but the applicable Fixed Period will commence on a date which is not a Business Day, such Fixed Period shall be deemed to commence on the next Business Day after it would otherwise commence, and any interest which accrues hereunder in the interim shall accrue at the Base Rate. Notwithstanding anything contained herein to the contrary, if the Maker elects the Fixed Increment Rate to apply but the Payee is unable for any reason to obtain funds from Payee in the amount of the Fixed Increment elected for the Fixed Period elected, interest on such Fixed Increment shall accrue at the Base Rate unless and until a new election of the Fixed Increment Rate is made by Maker and the Payee is then able to obtain such funds. In the absence of an effective election by Maker of the Fixed Increment Rate in accordance with the above procedures prior to the expiration of the then current Fixed Period with respect to any Fixed Increment, Payee shall be deemed to have elected that such Fixed Increment thereafter bear interest at the Fixed Increment Rate for a Fixed Period of thirty (30) days. SPECIAL PROVISIONS APPLICABLE TO LIBO RATE PROVISIONS. Notwithstanding any other provisions hereof:

Fixed Increment Rate. If the Maker elects to have the Fixed Increment Rate apply, it shall advise the Agent Payee in writing of its election and the Fixed Period and Fixed Increment for which the Maker desires said rate to apply not later than 11:00 a.m., Pacific Standard Time or Pacific Daylight Time (as applicable), three (3) Business Days prior to the Fixed Period Commencement Date. Any such election may be made only (i) once during any thirty (30) day period and (ii) while no Event of Default is in existence and no event has occurred which with notice and/or lapse of time would constitute an Event of Default. After Maker has designated a Fixed Increment to which the Fixed Increment Rate shall apply, such rate shall apply to the Fixed Increment for the duration of the Fixed Period. At any one time during the term hereof, no more than three (3) Fixed Increments may be outstanding. If the Maker elects the Fixed Increment Rate, but the applicable Fixed Period will commence on a date which is not a Business Day, such Fixed Period shall be deemed to commence on the next Business Day after it would otherwise commence, and any interest which accrues hereunder in the interim shall accrue at the Base Rate. Notwithstanding anything contained herein to the contrary, if the Maker elects the Fixed Increment Rate to apply but the Payee is unable for any reason to obtain funds from Payee in the amount of the Fixed Increment elected for the Fixed Period elected, interest on such Fixed Increment shall accrue at the Base Rate unless and until a new election of the Fixed Increment Rate is made by Maker and the Payee is then able to obtain such funds. In the absence of an effective election by Maker of the Fixed Increment Rate in accordance with the above procedures prior to the expiration of the then current Fixed Period with respect to any Fixed Increment, Payee shall be deemed to have elected that such Fixed Increment thereafter bear interest at the Fixed Increment Rate for a Fixed Period fixed period of thirty (30) days. SPECIAL PROVISIONS APPLICABLE TO Special Provisions Applicable to LIBO RATE PROVISIONSRate Provisions. Notwithstanding any other provisions hereof: