Conversion to Fixed Rate Loan. On and after the date of this Agreement, with the consent of the Banks affected thereby, the Borrower may convert a portion of the Term Loan to a Fixed Rate Loan, bearing interest at a rate equal to the rate listed in the "Government Agency and Similar Issues" section of the Wall Street Journal for the Federal Farm Credit Bank or AgStar's fixed rate as offered for loans of similar size and term and having a maturity approximately equal to the Tem Loan Maturity Date, which is in effect at the time such request is made plus 350 basis points, or another rate agreed upon by the Agent and the Borrower. The Borrower shall provide the Agent at least ten (10) Business Days prior written notice of its election to convert any portion of the Term Loan to a Fixed Rate Loan, Agent shall notify Borrower within five (5) Business Days of receipt of such notice of the applicable fixed rate and consent of the Banks to such conversion. Such written notice shall specify the specific dollar amount that Borrower is electing to convert to a Fixed Rate Loan. Borrower shall pay all applicable fixed rate prepayment fees and breakage points upon the conversion of all or any portion of the Term Loan from a variable interest rate to a Fixed Rate Loan, such fees and points will be disclosed to the Borrower before the conversion to the Fixed Rate Loan is affected. Without limiting the generality of the forgoing, all Fixed Rate Loans over a certain amount may carry a prepayment penalty for the first year of the loan, Borrower will be notified of any such penalty. GP:4272375 vl
Conversion to Fixed Rate Loan. Pursuant to Section 2.05 of the MLA, on the Closing Date, the Borrower shall have the right to convert all or any part of the outstanding principal balance of the Term Loan into a Fixed Rate Loan, with the consent of the Lender which shall not be unreasonably withheld, which shall bear interest at a rate equal to the rate listed in the “Government Agency and Similar Issues” section of the Wall Street Journal for the Federal Farm Credit Bank or the Federal Home Loan Bank having a maturity approximately equal to the Term Loan Maturity Date, or another rate as agreed upon by the Lender and Borrower, which is in effect at the time of conversion plus 300 basis points. Borrower shall provide written notice to Lender at least 30 days prior to the Closing Date of its intention to convert any portion of the Term Loan to a Fixed Rate Loan. Such written notice shall specify the specific dollar amount that Borrower is electing to convert to a Fixed Rate Loan. Any amount subject to a fixed rate of interest pursuant to this Section shall not be subject to any adjustments under Section 2.06 of the MLA.
Conversion to Fixed Rate Loan. At any time the interest on the Term Loan is computed on a basis other than a fixed rate, the Borrowers may convert the Term Loan to a Fixed Rate Loan, bearing interest at a rate equal to the rate listed in the “Government Agency and Similar Issues” section of the Wall Street Journal for the Federal Farm Credit Bank or AgStar’s fixed rate as offered for loans of similar size and term and having a maturity approximately equal to the Maturity Date, which is in effect at the time the request to convert the interest rate to a fixed rate is made, plus 300 basis points, or another rate agreed upon by the Agent and the Borrowers. The Borrowers shall provide written notice to the Agent at least thirty (30) days prior to the date of any requested conversion of its intention to convert any portion of the Term Loan to a Fixed Rate Loan. Such written notice shall specify the specific dollar amount that Borrowers are electing to convert to a Fixed Rate Loan. Any amount subject to a fixed rate of interest pursuant to this Section shall not be subject to any adjustments under Section 2.08.
Conversion to Fixed Rate Loan. As provided in Section 2.05 of the MLA, on the Conversion Date, the Borrower shall have the right to convert an amount not to exceed fifty percent (50%) of the outstanding principal balance of the Term Loan into a Fixed Rate Loan, which shall bear interest at a rate equal to 275 basis points in excess of a mutually agreeable known fixed rate benchmark rate in effect on the Conversion Date, or another rate as agreed upon by the Lender and Borrower. Borrower shall provide written notice to Lender atleast 30 days prior to the Conversion Date of its intention to convert any portion of the Term Loan to a Fixed Rate Loan. Such written notice shall specify the specific dollar amount that Borrower is electing to convert to a Fixed Rate Loan. Any amount subject to a fixed rate of interest pursuant to this Section shall not be subject to any adjustments under Section 2.07 of the MLA.
Conversion to Fixed Rate Loan. On the Conversion Date, the Borrower shall have the right to convert all or any part of the Construction Loan into a Fixed Rate Loan, with the consent of the Lender, which shall bear interest at a rate equal to an agreed upon known funding source, such as the 5-year federal home loan base rate, plus the existing base point spread which Borrower is currently at.
Conversion to Fixed Rate Loan. At Borrower's election made during the period beginning on the date hereof through September 18, 1998, provided no Default or Event of Default then exists, Borrower may effect a change in the interest rate on the Term Loan to a fixed rate by entering into a Swap Agreement between the Borrower and the Bank, at the rate established by exchange, through Key Capital Markets, Inc., of the obligation evidenced by the Term Loan Note for an obligation bearing interest at a fixed rate having a term that is equivalent to the remaining term of the Term Loan. The rights and obligations of Borrower and the Bank respecting such exchange shall be set forth in a Swap Agreement to be executed between them. Once converted to a fixed rate, the interest rate on the Term Loan may not change to any other rate.
Conversion to Fixed Rate Loan. Pursuant to Section 2.05 of the MLA, on the Conversion Date, the Borrower shall have the right to convert up to fifty percent (50%) of the outstanding principal balance of the Term Loan into a Fixed Rate Loan, with the consent of the Lender which shall not be unreasonably withheld, which shall bear interest at a rate equal to the rate listed in the “Government Agency and Similar Issues” section of the Wall Street Journal for the Federal Farm Credit Bank or the Federal Home Loan Bank having a maturity approximately equal to the Maturity Date, or another rate as agreed upon by the Lender and Borrower, which is in effect at the time of conversion plus 300 basis points. Borrower agrees that the portion of the outstanding principal balance of the Term Loan that is eligible to be converted into a Fixed Rate Loan shall not exceed an amount equal to fifty percent (50%) of the total amount of the Term Loan as provided in Section 8(a)(ii) of this First Supplement. Borrower shall provide written notice to Lender at least 30 days prior to the Conversion Date of its intention to convert any portion of the Term Loan to a Fixed Rate Loan. Such written notice shall specify the specific dollar amount that Borrower is electing to convert to a Fixed Rate Loan. Any amount subject to a fixed rate of interest pursuant to this Section shall not be subject to any adjustments under Section 2.07 of the MLA.
Conversion to Fixed Rate Loan. As of September 1, 2011, $39,660,079.69 of the outstanding principal balance of the Term Loan shall be converted to a fixed rate loan, bearing interest at a fixed rate equal to six percent (6.0%) per annum (the “Fixed Rate Loan”). The remaining portion of the outstanding principal balance of the Term Loan which is not converted to a Fixed Rate Loan pursuant to this Section 2.03(d) shall accrue interest as set forth in Section 2.03(b). In addition to the limitation on prepayment set forth in Section 2.16, in the event that all or any portion of the Fixed Rate Loan is prepaid (excluding scheduled payments of principal and interest as set forth in Section 2.03(e)) before September 1, 2012, the Borrower shall pay a prepayment fee equal to the Make Whole Prepayment Fee. Notwithstanding the foregoing, no prepayment fee shall be required if such prepayment is made pursuant to Section 2.25. Any prepayment does not otherwise affect Borrower’s obligation to pay any fees due under this Agreement. “Make Whole Prepayment Fee” shall be an amount calculated as follows: (a) compare the Initial Reference Rate to the Final Reference Rate. If the Initial
Conversion to Fixed Rate Loan. On a date that is not earlier than 30 days after the Conversion Date, the Borrower may convert up to but not more than fifty percent (50%) of the Term Loan to a Fixed Rate Loan, bearing interest at a rate equal to the rate listed in the “Government Agency and Similar Issues” section of the Wall Street Journal for the Federal Farm Credit Bank or the Federal Home Loan Bank having a maturity approximately equal to the Maturity Date, which is in effect at the time of the proposed conversion, plus 325 basis points, or another rate agreed upon by the Agent and the Borrower, which rate shall not be less than five percent (5.0%) per annum. The Borrower shall provide written notice to the Agent at least thirty (30) days prior to the proposed conversion date of its intention to convert any portion of the Term Loan to a Fixed Rate Loan. Such written notice shall specify the specific dollar amount that Borrower is electing to convert to a Fixed Rate Loan. Any amount subject to a fixed rate of interest pursuant to this Section shall not be subject to any adjustments under Section 2.11.
h. Section 2.
Conversion to Fixed Rate Loan. Subject to the provisions of Sections 2.03(a) and 2.04, on the Conversion Date the Borrower may convert up to but not more than fifty percent (50%) of the Outstanding Construction Advances to a Fixed Rate Loan, bearing interest at a rate equal to the rate listed in the "Government Agency and Similar Issues" section of the Wall Street Journal for the Federal Farm Credit Bank or the Federal Home Loan Bank having a maturity approximately equal to the Maturity Date, which is in effect at the time of the Conversion Date plus 325 basis points, or another rate agreed upon by the Agent and the Borrower. The Borrower shall provide written notice to the Agent at least thirty (30) days prior to the Conversion Date of its intention to convert any portion of the Term Loan to a Fixed Rate Loan. Such written notice shall specify the specific dollar amount that Borrower is electing to convert to a Fixed Rate Loan. Any amount subject to a fixed rate of interest pursuant to this Section shall not be subject to any adjustments under Section 2.11.
g. Section 2.04
