Common use of Fixed Rate Option Clause in Contracts

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.