Common use of Available Options Clause in Contracts

Available Options. Except as hereinafter provid ed, during the period commencing on the Closing Date and continuing through the Conversion Date, interest shall accrue on that portion of the aggregate principal amount of the Notes from time to time outstanding and on any past due interest prior to an Event of Default (collectively the "Debt") according to the following interest rate matrix: Options Percentage that the Debt ------------------------------------ Bears to the Loan Value Prime Rate Libor Rate ------------------------ ---------- ---------- Less than 50% Applicable Prime Libor Rate plus Rate or 1.000% 50% - up to but Applicable Prime Libor Rate plus not including 75% Rate or 1.250% 75% or more Applicable Prime Libor Rate plus Rate or 1.500% Except as hereinafter provided, during the period commencing on the earlier of the Conversion Date or May 1, 2005, and continuing through Maturity, interest shall accrue on the Debt according to the following interest rate matrix: Options Percentage that the Debt ------------------------------------ Bears to the Loan Value Prime Rate Libor Rate ------------------------ ---------- ---------- Less than 50% Applicable Prime Libor Rate plus Rate or 1.250% 50% - up to but Applicable Prime Libor Rate plus not including 75% Rate or 1.500% 75% or more Applicable Prime Libor Rate plus Rate or 1.750% Notwithstanding the foregoing, and at least three (3) Business Days prior to the Conversion Date, at Borrowers' request, pursuant to a written notice from Unit to the Agent requesting a Fixed Rate Loan (the "Fixed Rate Election Notice"), and specifying the amount and term thereof received at least three (3) Business Days prior to the first date of application of the Fixed Rate (the "Fixed Rate Election Notice Date"), the Borrowers may request the selection of a Fixed Rate for the Notes pursuant to which the Agent, within two (2) Business Days of receipt of the Fixed Rate Election Notice, shall notify Unit of the Banks' Fixed Rate, subject to the terms, provisions and limitations hereinafter set forth. Fixed Rate Loans selected by the Borrowers in accordance herewith shall accrue interest, payable monthly on the first day of each calendar month, commencing August 1, 2001.

Available Options. Except as hereinafter provid edprovided, during the period commencing on the Closing Date and continuing through the Conversion Date, interest shall accrue on that portion of the aggregate principal amount of the Notes from time to time outstanding and on any past due interest prior to an Event of Default (collectively the "Debt") according to the following interest rate matrix: Options Percentage that the Debt ------------------------------------ Bears to the Loan Value Options ------------------------ ------------------------------------------- Prime Rate Libor Rate ------------------------ ---------- ---------- Less than 50% Applicable Prime Rate Libor Rate plus Rate or 1.000% 50% - up to but not Applicable Prime Rate Libor Rate plus not including 75% Rate or 1.250% 75% or more Applicable Prime Rate Libor Rate plus Rate or 1.500% Except as hereinafter provided, during the period commencing on the earlier of the Conversion Date or May 1, 20052002, and continuing through Maturity, interest shall accrue on the Debt according to the following interest rate matrix: Options Percentage that the Debt ------------------------------------ Bears to the Loan Value Options ------------------------ ------------------------------------------- Prime Rate Libor Rate ------------------------ ---------- ---------- Less than 50% Applicable Prime Rate Libor Rate plus Rate or 1.250% 50% - up to but Applicable not Applicabel Prime Rate Libor Rate plus not including 75% Rate or 1.500% 75% or more Applicable Prime Rate Libor Rate plus Rate or 1.750% Notwithstanding the foregoing, and at least three (3) Business Days prior to the Conversion Date, at Borrowers' request, pursuant to a written notice from Unit to the Agent requesting a Fixed Rate Loan (the "Fixed Rate Election Notice"), and specifying the amount and term thereof received thereby at least three (3) Business Days prior to the first date of application of the Fixed Rate (the "Fixed Rate Election Notice Date"), the Borrowers may request the selection of a Fixed Rate for the Notes pursuant to which the Agent, within two (2) Business Days of receipt of the Fixed Rate Election Notice, shall notify Unit of the Banks' Fixed Rate, subject to the terms, provisions and limitations hereinafter set forth. Fixed Rate Loans selected selec xxx by the Borrowers in accordance herewith shall accrue interest, payable monthly on the first day of each calendar month, commencing August June 1, 20011999.

Available Options. Except as hereinafter provid edprovided, during the period commencing on the Closing Date September 1, 1996 and continuing through the Conversion Commitment Termination Date, interest shall accrue on any past due interest and on that portion of the aggregate principal amount of the Notes from time to time outstanding and on any past due interest prior to an Event of Default (collectively the "Debt") according to the following interest rate matrix: Options Percentage that the Debt ------------------------------------ Bears to the Loan Value Prime Borrowing Base Rate Libor Rate ------------------------ ---------- ---------- of Interest ------------------------- -------------------- Less than 50% Applicable Prime Rate or Libor Rate plus Rate or 1.0001.25% 50% - up to but Applicable Prime Libor Rate plus or not including 75% Libor Rate or 1.250plus 1.50% 75% or more Applicable Prime Rate or Libor Rate plus Rate or 1.5001.75% Except as hereinafter provided, during the period commencing on the earlier of the Conversion Date or May 1August 2, 20051999, and continuing through Maturity, interest shall accrue on the Debt according to the following interest rate matrix: Options Percentage that the Debt ------------------------------------ Bears to the Loan Value Prime Borrowing Base Rate Libor Rate ------------------------ ---------- ---------- of Interest ------------------------- -------------------- Less than 50% Applicable Prime Rate plus .25% or Libor Rate plus Rate or 1.2501.50% 50% - up to but Applicable Prime Libor Rate plus .25% not including 75% or Libor Rate or 1.500plus 1.75% 75% or more Applicable Prime Rate plus .25% or Libor Rate plus Rate or 1.7502.00% Notwithstanding In determining the foregoing, and at least three (3) Business Days prior percentage that the Debt bears to the Conversion DateBorrowing Base, at Borrowers' request, pursuant to a written notice from Unit to the Agent requesting a Fixed Rate Loan (the "Fixed Rate Election Notice"), Debt" and specifying the amount and term thereof received at least three (3) Business Days prior to the first date of application of the Fixed Rate (the "Fixed Borrowing Base" shall be the average of such respective amounts during the most recent calendar month preceding such determination. The Applicable Prime Rate Election Notice Dateoption described above in the matrices is herein- after referred to as the "), Prime Rate Option" and the Borrowers may request Libor Rate interest option described above in the selection matrices is here- inafter referred to as the "Libor Rate Option". The Prime Rate Option shall be computed on the basis of a Fixed year of 365 or 366 days, as the case may be and the Libor Rate for the Notes pursuant Option shall be based on a year of 360 days and actual days elapsed. The reference to which the Agent, within two (2) Business Days of receipt of the Fixed Rate Election Notice, shall notify Unit of the Banks' Fixed Rate, subject to the terms, provisions and limitations hereinafter set forth. Fixed Rate Loans selected by the Borrowers in accordance herewith shall accrue interest, payable monthly on the first day of each calendar month, commencing August "September 1, 20011995" in Section 2.5(c) in the Prior Loan Agreement is hereby amended to refer to "October 1, 1996."

Available Options. Except as hereinafter provid edprovided, during the period commencing on the Closing Date and continuing through the Conversion Date, interest shall accrue on that portion of the aggregate principal amount of the Notes from time to time outstanding and on any past due interest prior to an Event of Default (collectively the "Debt") according to the following interest rate matrix: Options Percentage that Options the Debt ------------------------------------ Bears ------- to the Loan Value Prime Rate Libor Rate ------------------------ ----------------- ---------- ---------- Less than 50% Applicable Prime Rate or Libor Rate plus Rate or 1.0000.750% 50% - up to but Applicable Prime Rate or Libor Rate plus 1.00% not including 75% Rate or 1.250% 75% or more Applicable Prime Rate or Libor Rate plus Rate or 1.5001.250% Except as hereinafter provided, during the period commencing on the earlier of the Conversion Date or May 1, 20052002, and continuing through Maturity, interest shall accrue on the Debt according to the following interest rate matrix: Options Percentage that Options the Debt ------------------------------------ Bears ------- to the Loan Value Prime Rate Libor Rate ------------------------ ----------------- ---------- ---------- Less than 50% Applicable Prime Rate plus .25% or Libor Rate plus Rate or 1.2501.000% 50% - up to but Applicable Prime Libor Rate plus not including 75% plus .25% or Libor Rate or 1.500plus 1.250% 75% or more Applicable Prime Rate plus .25% or Libor Rate plus Rate or 1.7501.500% Notwithstanding In determining the foregoing, and at least three (3) Business Days prior percentage that the Debt bears to the Conversion DateLoan Value, at Borrowers' request, pursuant to a written notice from Unit to the Agent requesting a Fixed Rate Loan (the "Fixed Rate Election Notice"), Debt" and specifying the amount and term thereof received at least three (3) Business Days prior to the first date of application of the Fixed Rate (the "Fixed Loan Value" shall be the average of such respective amounts during the most recent calendar month preceding such determination. The Applicable Prime Rate Election Notice Dateoption described above in the matrices is hereinafter referred to as the "), Prime Rate Option" and the Borrowers may request Libor Rate interest option described above in the selection matrices is hereinafter referred to as the "Libor Rate Option". The Prime Rate Option shall be computed on the basis of a Fixed year of 365 or 366 days, as the case may be and the Libor Rate for the Notes pursuant to which the Agent, within two (2) Business Days Option shall be based on a year of receipt of the Fixed Rate Election Notice, shall notify Unit of the Banks' Fixed Rate, subject to the terms, provisions 360 days and limitations hereinafter set forth. Fixed Rate Loans selected by the Borrowers in accordance herewith shall accrue interest, payable monthly on the first day of each calendar month, commencing August 1, 2001actual days elapsed.