Common use of Fixed Rate Option Clause in Contracts

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. 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 7.15 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.