Fixed Rate Option. (a) At Borrower’s written request, which shall be made in the Drawdown Notice in accordance with Article 2 hereof (the “Fixed Rate Option”), each Lender agrees that the Equipment Notes shall bear interest at a Fixed Rate. If Borrower exercises the Fixed Rate Option, the aggregate Commitment shall be reduced to the amount specified in Section 2 of Schedule 2 of this Agreement. If such request is so made by Borrower, Borrower shall conduct a swap auction in which each Lender and Acceptable Potential Swap Counterparty selected by Borrower shall be invited to submit its fixed-rate quote to act as Swap Counterparty in the Swap Transaction with each Lender. At Borrower’s option, Borrower shall have the right to conduct a second swap auction on the second Business Day before the scheduled Closing Date in which each Lender and Acceptable Potential Swap Counterparty selected by Borrower shall be invited to submit its fixed-rate quote to act as Swap Counterparty in the Swap Transaction. Three basis points shall be added to the fixed rate quote submitted by each Acceptable Potential Swap Counterparty that is not a Lender (such quote as so adjusted, the “Adjusted Fixed Rate Quote”). Subject to the next succeeding sentence, the institution submitting the lowest fixed-rate quote (as adjusted in accordance with the immediately preceding sentence) in such swap auction (or, if a second swap auction is held, such second swap auction) shall be the Swap Counterparty, and
Fixed Rate Option. At a fixed rate per annum to be quoted by CoBank in its sole discretion in each instance. Under this option, rates may be fixed on such balances and for such periods (including periods extending beyond the maturity date of the loans (as set forth in Section 5 hereof)) as may be agreeable to CoBank in its sole discretion in each instance. In the event CoBank consents to one or more balances being fixed for a period or periods extending beyond the maturity date but the Commitment is not renewed, then each such balance shall be due and payable on the last day of its fixed rate period and Section 5 hereof shall, for each such balance, be deemed amended accordingly. The Company shall select the applicable rate option at the time it requests a loan hereunder and may, on any Business Day, elect to convert balances bearing interest at the variable rate option to the fixed rate option. In addition, prior to the expiration of any fixed rate period, the Company may, subject to Section 12 of the MLA, repay any fixed rate balance, convert any fixed rate balance to the variable rate option, or refix the rate at a new rate to be quoted by CoBank. Upon the expiration of any fixed rate period, the Company may, subject to the terms hereof, refix the rate or convert the rate to the variable rate option. In the absence of any such election, interest shall automatically accrue at the variable rate option. All elections provided for herein shall be made telephonically or in writing and must be received by 12:00 Noon Company's local time. Interest shall be calculated on the actual number of days each loan is outstanding on the basis of a year consisting of 360 days and shall be payable monthly in arrears by the 20th day of the following month.
Fixed Rate Option. In the event Borrower desires to fix the interest rate at a rate other than the LIBOR Rate or for a period other than those periods permitted under the definition of Interest Period, Borrower may upon three (3) Domestic Business Days notice to the Agent request Agent to poll the Banks as to the rate they will quote as a fixed rate for a portion of the Term Loan or Revolving Credit Loans and for a period to be specified by Borrower in such notice to Agent. Thereafter, Agent shall notify the Banks of Borrower's request for a fixed rate quote, the amount of the Term Loan or Revolving Credit Loans for which the rate is to be fixed, and the period for which such interest rate is to be fixed. The Banks must unanimously agree to the rate to be quoted as a fixed rate for such requested period and such specified loan amount, and will communicate such rate to Agent no later than two (2) Domestic Business Days prior to the proposed effective date of such requested fixed rate loan conversion, which rate Agent shall thereafter promptly quote to Borrower. Borrower must notify Agent by 11:00 a.m. (St. Louis time) on the Domestic Business Day prior to the requested effective date of such fixed rate loan as to whether Borrower shall accept or reject the fixed rate quoted by Banks for the period and the loan amount requested in its original notice to the Agent, and if accepted, Agent shall promptly so notify the Banks, in which case on the following Domestic Business Day the portion of the Term Loan or Revolving Credit Loan to be converted shall automatically be converted to a Loan at the quoted fixed rate for the period requested by Borrower. Any Loan for which the interest rate is fixed under this Section 6.15 shall be subject to such prepayment premiums and other terms as Banks and/or Agent shall specify to Borrower in their rate quote prior to Borrower's acceptance of any such fixed rate. In the event Banks cannot unanimously agree as to the fixed rate to be quoted to Borrower, then the Agent shall so notify the Borrower and no fixed rate option will be available hereunder at that time.
Fixed Rate Option. If Borrower selects the fixed rate pricing option, Borrower shall repay the amount of principal drawn in forty-seven (47) equal monthly payments including both principal and interest, and one final payment of all outstanding principal and accrued interest.
Fixed Rate Option. At a fixed rate per annum to be quoted by CoBank in its sole discretion in each instance. Under this option, rates may be fixed on such balances and for such periods as may be agreeable to CoBank in its sole discretion in each instance. The Company shall select the applicable rate option at the time it requests each loan hereunder and may, on any Business Day, elect to convert balances bearing interest at the variable rate option to the fixed rate option. In addition, prior to the expiration of any fixed rate period, the Company may, subject to Section 12 of the MLA, convert any fixed rate balance to the variable rate option or refix the rate at a new rate to be quoted by CoBank. Upon the expiration of any fixed rate period, the Company may, subject to the terms hereof, refix the rate or convert the rate to the variable rate option. In the absence of any such election, interest shall automatically accrue at the variable rate option. All elections provided for herein shall be made telephonically or in writing and must be received by 12:00 Noon Company's local time. Interest shall be calculated on the actual number of days each loan is outstanding on the basis of a year consisting of 360 days and shall be payable monthly in arrears by the 20th day of the following month.
Fixed Rate Option. The Borrowers may elect, in accordance with Section 4.8 hereof, to have a specified portion of the Revolving Loan bear interest from time to time at a fixed rate per annum equal to the LIBOR Rate for the applicable Interest Period plus the Applicable Margin in effect on the Disbursement Date, the date of conversion or the date of continuation, as applicable, as adjusted as provided in this Agreement. The interest rate (other than adjustments to the Applicable Margin as provided herein) with respect to any LIBOR Rate Loan shall not change during any Interest Period.”
Fixed Rate Option. From time to time, and so long as no Event of Default has occurred and is continuing, at the request of Borrower included in a Advance Request, all or any part of the outstanding principal balance under the Notes may bear interest at the Fixed Rate (each a "FIXED RATE LOAN"); provided that Borrower may have no more than three (3) Fixed Rate Loans outstanding at any time. To effect this option, the Advance Request must specify (a) the principal amount that is to bear interest at the Fixed Rate, which must be a minimum of $1,000,000.00, and (b) the period selected by Borrower during which the Fixed Rate is to be applied ("FIXED RATE PERIOD"), which may be any period of one, two, three, or six months, provided that Fixed Rate Periods which begin prior to the Maturity Date must mature on or prior to the Maturity Date. In addition, for the purposes of determining a Fixed Rate Period, a month means a period starting on one day in a calendar month and ending on a numerically corresponding day in the next calendar month; provided that if there is no numerically corresponding day in the month in which a Fixed Rate Period is to end, or if a Fixed Rate Period begins on the last day of a calendar month, then such Fixed Rate Period shall end on the last Business Day of the calendar month in which such Fixed Rate Period is to end. Borrower may convert any Base Rate Loan to a Fixed Rate Loan, or continue a Fixed Rate Loan, by making a written request therefore ("FIXED REQUEST") to the Agent by facsimile, specifying (y) the principal amount that is to bear interest at the Fixed Rate, which must be a minimum of $1,000,000.00, and (z) the Fixed Rate Period selected by Borrower during which the Fixed Rate is to be applied. The Agent shall incur no liability in acting upon a request which it believed in good faith had been made by a properly authorized officer of Borrower. Following the expiration of the Fixed Rate Period for any Fixed Rate Loan, interest shall automatically accrue at the Fixed Rate (based on a Fixed Rate Period of three months) unless Borrower (i) requests and receives another Fixed Rate Loan as provided in this Subsection or (ii) makes a written request to Agent to have such Fixed Rate Loan bear interest at the Base Rate.
Fixed Rate Option. From time to time, and so long as no Event of Default has occurred and is continuing, at the request of Borrower ("Fixed Rate Request"), all or any part of the outstanding principal balance under the Notes may bear interest at the LIBO Rate ("Fixed Rate Loans"). The Fixed Rate Request must be made to Agent in writing on any Business Day and is effective as of the third Business Day after the Fixed Rate Request is received if received by Agent no later than 12 noon Central Time or as of the fourth Business Day if received later than 12 noon Central Time. The Fixed Rate Request must specify the principal amount that is to bear interest at the LIBO Rate and the Fixed Rate Period selected by Borrower. Following the expiration of the Fixed Rate Period for any Fixed Rate Loan, interest shall automatically accrue at the Base Rate unless Borrower requests and receives another Fixed Rate Loan as provided in this Subsection 5.1.2. or a Quoted Rate Loan as provided in Subsection 5.1.3.
Fixed Rate Option. 7.4.1 Newco may, on at least two Business Days, notice prior to any Interest Date, request the Bank in writing to quote a Fixed Funds Rate in respect of a Term Advance or Term Advances to which such Interest Date relates for a Fixed Rate Period commencing on the expiry of the relevant Interest Period. Any such request shall state the amount and the duration of the proposed Fixed Rate Period. The Bank shall have no obligation to quote any such Fixed Funds Rate, but if it does so it shall contemporaneously specify the method of and latest time for acceptance of such quote.
Fixed Rate Option. Subject to the availability of fixed rate funds, the Borrower may, at its option, provided that such option may be exercised only once by notice in writing to the Lender given not more than 30 days prior to the Term Date or during the Term Credit Period, request the Lender to fix the rate at which all, but not less than all, of the Term Obligations shall bear interest during the then remaining Term Credit Period, which fixed rate shall be equal to (i) the annual rate of interest equal to the Canadian Dollar interest swap rate quoted by the Lender for the then remaining Term Credit Period as of the later of (A) the Term Date, and (B) any date within 30 days after the date such notice is given to the Lender specified by the Borrower in such notice, plus (ii) 1.375% per annum. Interest payable at such fixed rate shall be compounded and payable (a) monthly in arrears on the last Business Day of each month of each year, and (b) on the date on which such Term Obligations become due and payable, in each case based on the actual number of days elapsed and a year of 365 or 366 days, as the case may be. Any interest payable at such fixed rate not paid on the date it is due and payable pursuant to this Section 3.7 shall bear interest from such date at the Past Due Rate. Upon the exercise by the Borrower of its option pursuant to this Section 3.7 all rights or entitlements of the Borrower to convert, in whole or in part, any Term Obligation to any other Advance or Type of Advance under the Credit Facility shall be permanently terminated.
