Common use of Rate Conversions Clause in Contracts

Rate Conversions. Anything herein to the contrary notwithstanding: (a) (i) On the 1st Amendment Date, the Borrowers shall convert Closing Date Loans in an aggregate principal amount equal to $75,000,000 from LIBOR Loans to Fixed Rate Loans in accordance with the Commitments and Applicable Percentages of Closing Date Loans on the 1st Amendment Date as set forth on Annex I hereto as in effect on the 1st Amendment Date, and (ii) no other conversion of the Closing Date Loans shall be permitted at any time. (b) Any LIBOR Loans converted to Fixed Rate Loans on the 1st Amendment Date shall cease to bear interest at the LIBO Rate as of such date and from and after such date shall bear interest at the Fixed Rate applicable thereto; provided that (i) the Borrowers shall not be liable for any “broken funding” or similar costs under Section 3.05 in connection with the conversion of any Closing Date Loans from LIBO Rate Loans to Fixed Rate Loans on the 1st Amendment Date, the 3rd Amendment Date or the 4th Amendment Date, as applicable, and (ii) unpaid interest in respect of any such Closing Date Loans converted on the 1st Amendment Date that accrued through the 1st Amendment Date shall be payable on December 31, 2017.

Rate Conversions. Anything herein to the contrary notwithstanding: (a) (i) On the 1st Amendment Date, the Borrowers shall convert Closing Date Loans in an aggregate principal amount equal to $75,000,000 from LIBOR Loans to Fixed Rate Loans in accordance with the Commitments and Applicable Percentages of Closing Date Loans on the 1st Amendment Date as set forth on Annex I hereto as in effect on the 1st Amendment Date, and (ii) no other conversion of the Closing Date Loans shall be permitted at any time. (b) Any LIBOR Loans converted to Fixed Rate Loans on the 1st Amendment Date shall cease to bear interest at the LIBO Rate as of such date and from and after such date shall bear interest at the Fixed Rate applicable thereto; provided that (i) the Borrowers shall not be liable for any “broken funding” or similar costs under Section 3.05 in connection with the conversion of any Closing Date Loans from LIBO Rate Loans to Fixed Rate Loans on the 1st Amendment Date, the 3rd Amendment Date or the 4th 3rd Amendment Date, as applicable, and (ii) unpaid interest in respect of any such Closing Date Loans converted on the 1st Amendment Date that accrued through the 1st Amendment Date shall be payable on December 31, 2017.