Common use of Designation of Fixed Rates Clause in Contracts

Designation of Fixed Rates. Upon expiration of the current Fixed Rate the Borrower may, from time to time, elect to convert all or a portion of Term Loan Tranche A to a Fixed Rate; provided, that (i) at least two (2) Business Days prior to the proposed Interest Determination Date, Borrower has provided Lender with written notice of such election, the requested Interest Determination Date, the amount of Term Loan Tranche A to be converted, and the requested Interest Period for the amount to be converted, (ii) at the time of delivery of such written notice and upon the date of conversion, no Default or Event of Default exists under this Agreement, (iii) at no time shall there be more than four (4) outstanding tranches of Term Loan Tranche A bearing interest at a Fixed Rate, (iv) the last day of the Interest Period chosen by Borrower shall not extend beyond the Term Loan Maturity Date, and (v) the amount converted to a Fixed Rate at any one time shall be not less than Fifty Thousand Dollars ($50,000) and any amounts in excess thereof shall be in integral multiples of Ten Thousand Dollars ($10,000). Any election by Borrower pursuant to this Section 2.5(b) shall be irrevocable during the Interest Period selected by Borrower, and that portion of Term Loan Tranche A so converted shall bear interest at the applicable Fixed Rate until the expiration of the applicable Interest Period at which time, unless another Fixed Rate has been duly elected by Borrower pursuant to this Section 2.5(b), the interest rate for such portion of Term Loan Tranche A will automatically convert to the Base Rate.

Designation of Fixed Rates. Upon expiration of the current Fixed Rate the Borrower may, from time to time, elect to convert all or a portion of Term Loan Tranche A to a Fixed Rate; providedPROVIDED, that (i) at least two (2) Business Days prior to the proposed Interest Determination Date, Borrower has provided Lender with written notice of such election, the requested Interest Determination Date, the amount of Term Loan Tranche A to be converted, and the requested Interest Period for the amount to be converted, (ii) at the time of delivery of such written notice and upon the date of conversion, no Default or Event of Default exists under this Agreement, (iii) at no time shall there be more than four (4) outstanding tranches of Term Loan Tranche A bearing interest at a Fixed Rate, (iv) the last day of the Interest Period chosen by Borrower shall not extend beyond the Term Loan Maturity Date, and (v) the amount converted to a Fixed Rate at any one time shall be not less than Two Hundred Fifty Thousand Dollars ($50,000250,000) and any amounts in excess thereof shall be in integral multiples of Ten Fifty Thousand Dollars ($10,00050,000). Any election by Borrower pursuant to this Section 2.5(b) shall be irrevocable during the Interest Period selected by Borrower, and that portion of Term Loan Tranche A so converted shall bear interest at the applicable Fixed Rate until the expiration of the applicable Interest Period at which time, unless another Fixed Rate has been duly elected by Borrower pursuant to this Section 2.5(b), the interest rate for such portion of Term Loan Tranche A will automatically convert to the Term Loan Tranche A Base Rate.

Designation of Fixed Rates. Upon expiration of the current Fixed Rate the Borrower may, from time to time, elect to convert all or a portion of Term Loan Tranche A to a Fixed Rate; provided, that At least five (i) at least two (25) Business Days prior -------------------------- to the proposed expiration of any Interest Determination DatePeriod chosen by Borrower with respect to a portion of the Term Loan, Borrower has provided Lender shall provide Agent with written notice of such election, the requested Interest Determination Date, the amount of Term Loan Tranche A to be converted, and the requested subsequent Interest Period elected by Borrower for that portion of the amount Term Loan. Subsequent elections shall be subject to be converted, the following conditions: (iii) at the time of delivery of such written notice and upon the date of conversion, Borrower may designate no Default or Event of Default exists under this Agreement, (iii) at no time shall there be more than four (4) outstanding tranches of separate Interest Periods for Term Loan Tranche A bearing interest at a Fixed RateA, no more than six (6) separate Interest Periods for Term Loan Tranche B, and no more than three (3) separate Interest Periods for Term Loan Tranche C, (ivii) the last day of the an Interest Period chosen by Borrower shall not extend beyond the applicable Term Loan Maturity Date, and (viii) the amount converted to a Fixed Rate at any one time shall be not less than Fifty Thousand Dollars ($50,000) and any amounts in excess thereof of each portion of the Term Loan designated for an Interest Period shall be in integral multiples of Ten Thousand Dollars ($10,000)amounts reasonably acceptable to Agent. Any election The designations made by Borrower pursuant to this Section 2.5(b2.6(b) shall be irrevocable during the Interest Period selected by Borrower, Borrower and that any portion of the Term Loan Tranche A so converted designated shall bear interest at the applicable Fixed Rate until the expiration of the applicable Interest Period. If Borrower shall not have designated an Interest Period at which time, unless another Fixed Rate has been duly elected by Borrower pursuant to the fifth (5th) Business Day required by the first sentence of this Section 2.5(b2.6(b), then, subject to Section 2.6(c), Borrower shall be deemed to have designated an Interest Period of ninety (90) days for the interest rate for such applicable portion of the Term Loan; provided; that if the Term Loan Tranche A will automatically convert Maturity Date is less than ninety -------- days (90) after such date, then Agent shall select a shorter Interest Period. The Fixed Rates for Interest Periods shall be as follows: (i) as to any ninety (90) day Interest Period, the Base RateDiscount Rate as of the date of such election plus ---- the applicable margin set forth in Section 2.6(c), and (ii) as to any one year, two year, three year, five year, or seven year Interest Period, the Cost of Funds Rate applicable to such Interest Period plus the applicable margin set ---- forth in Section 2.6(c).

Designation of Fixed Rates. Upon At least five (5) Business Days -------------------------- prior to the expiration of the current Fixed Rate the any Interest Period chosen by Borrower may, from time with respect to time, elect to convert all or a portion of the Term Loan Tranche A to a Fixed Rate; provided, that (i) at least two (2) Business Days prior to the proposed Interest Determination DateLoan, Borrower has provided Lender shall provide Agent with written notice of such election, the requested Interest Determination Date, the amount of Term Loan Tranche A to be converted, and the requested subsequent Interest Period elected by Borrower for that portion of the amount Term Loan. Subsequent elections shall be subject to be converted, the following conditions: (iii) at the time of delivery of such written notice and upon the date of conversion, Borrower may designate no Default or Event of Default exists under this Agreement, (iii) at no time shall there be more than four (4) outstanding tranches of separate Interest Periods for Term Loan Tranche A bearing interest at a Fixed RateA, and no more than six (6) separate Interest Periods for Term Loan Tranche B, (ivii) the last day of the an Interest Period chosen by Borrower shall not extend beyond the Term Loan Maturity Date, and (viii) the amount converted to a Fixed Rate at any one time shall be not less than Fifty Thousand Dollars ($50,000) and any amounts in excess thereof of each portion of the Term Loan designated for an Interest Period shall be in integral multiples of Ten Thousand Dollars ($10,000)amounts reasonably acceptable to Agent. Any election The designations made by Borrower pursuant to this Section 2.5(b2.6(b) shall be irrevocable during the Interest Period selected by Borrower, Borrower and that any portion of the Term Loan Tranche A so converted designated shall bear interest at the applicable Fixed Rate until the expiration of the applicable Interest Period. If Borrower shall not have designated an Interest Period at by the fifth (5th) Business Day required by the first sentence of this Section 2.6(b), then, subject to Section 2.6(c), Borrower shall be deemed to have designated an Interest Period of ninety (90) days for the applicable portion of the Term Loan; provided; that if the Term Loan Maturity Date is -------- less than ninety days (90) after such date, then Agent shall select a shorter Interest Period. The Fixed Rates for Interest Periods shall be as follows: (i) as to any ninety (90) day Interest Period, the Discount Rate as of the date of such election plus the applicable margin listed below, ---- and (ii) as to any one year, two year, three year, five year, or seven year Interest Period, the Cost of Funds Rate applicable to such Interest Period plus the applicable margin listed below: ---- Interest Period Applicable Margin --------------- ----------------- 90 days 1.500% one year 1.575% two years 1.550% three years 1.575% five years 1.625% seven years 1.625% or such lower Fixed Rates, if any, to which time, unless another Fixed Rate has been duly elected by Borrower may be entitled pursuant to this Section 2.5(b2.6(c), the interest rate for such portion of Term Loan Tranche A will automatically convert to the Base Rate.

Designation of Fixed Rates. Upon expiration of the current Fixed Rate the Borrower mayshall, from time to time, elect designate a Fixed Rate to convert be applicable to all or a portion of Term Loan Tranche A to a Fixed RateTrance B; providedPROVIDED, that (i) at least two (2) Business Days prior to the proposed Interest Determination Date, Borrower has provided Lender with written notice of such electiondesignation, the requested Interest Determination Date, the amount of Term Loan Tranche A to be convertedB so designated, and the requested Interest Period for the amount to be convertedso designated, (ii) at the time of delivery of such written notice and upon the date of conversion, no Default or Event of Default exists under this Agreement, (iii) at no time shall there be more than four (4) outstanding interest rate tranches of Term Loan Tranche A bearing interest at a Fixed RateB, (iv) the last day of the Interest Period chosen by Borrower shall not extend beyond the Term Loan Maturity Date, and (v) the amount converted to a Fixed Rate at any one time so designated shall be not less than Fifty Five Hundred Thousand Dollars ($50,000500,000) and any amounts in excess thereof shall be in integral multiples of Ten Five Thousand Dollars ($10,0005,000). Any election designation by Borrower pursuant to this Section 2.5(b2.6(a) shall be irrevocable during the Interest Period selected designated by Borrower, and that portion of Term Loan Tranche A B so converted designated shall bear interest at the applicable Fixed Rate until the expiration of the applicable Interest Period. Borrower's failure to designate a new Interest Period at which time, unless another Fixed Rate has been duly elected by Borrower pursuant to this Section 2.5(b), upon the interest rate for such expiration of a previous Interest Period shall constitute an Event of Default and the portion of Term Loan Tranche A will automatically convert B not subject to a designated Interest Period shall bear interest at the Base Default Rate.