Common use of Euro-Rate Interest Periods; Limitations on Elections Clause in Contracts

Euro-Rate Interest Periods; Limitations on Elections. At any time when the Borrower shall select, convert to or renew the Euro-Rate Option to apply to all or any Portion of the outstanding Loans, it shall fix one or more periods during which such Option shall apply, such periods to be one (1), two (2), three (3), or six (6) months, in each case commencing on the borrowing, conversion or renewal date. All of the foregoing, however, is subject to the following: (i) any Euro-Rate Interest Period which would otherwise end on a day which is not a Business Day shall be extended to the next Business Day unless such Business Day falls in the succeeding calendar month in which case such Euro-Rate Interest Period shall end on the next preceding Business Day; (ii) any Euro-Rate Interest Period which begins on the last day of a calendar month or on a day for which there is no numerically corresponding day in the subsequent calendar month during which such Euro-Rate Interest Period is to end shall end on the last Business Day of such subsequent month; and (iii) in the case of the renewal of a Euro-Rate Portion at the end of a Euro-Rate Interest Period, the first day of the new Euro-Rate Interest Period shall be the last day of the preceding Euro-Rate Interest Period, without duplication in payment of interest for such day. Elections by the Borrower of the Euro-Rate Option shall be subject to the following further limitations: (i) The Euro-Rate Portion for each Euro-Rate Interest Period shall be in an aggregate principal amount of $500,000 or more; provided, however, that each incremental unit in excess of $500,000 shall be $250,000 or an integral multiple thereof; (ii) No Euro-Rate Interest Period may be elected with regard to amounts outstanding under the Note which Euro-Rate Interest Period would end after the Termination Date; (iii) Upon the occurrence of any automatic default set forth in Section 9 hereof, or upon the declaration of any optional default pursuant to Section 9 hereof, the ability of the Borrower to elect the Euro-Rate Option shall cease; and (iv) At no time may there be more than six (6) Euro-Rate Interest Periods in effect.

Euro-Rate Interest Periods; Limitations on Elections. At any time when the Borrower Borrowers shall select, convert to or renew the Euro-Rate Option to apply to all or any Portion of the outstanding Loans, it shall fix one or more periods during which such Option shall apply, such periods to be one (1), two (2), three (3), or six (6) months, in each case commencing on the borrowing, conversion or renewal date. All of the foregoing, however, is subject to the following: (i) any Euro-Rate Interest Period which would otherwise end on a day which is not a Business Day shall be extended to the next Business Day unless such Business Day falls in the succeeding calendar month in which case such Euro-Rate Interest Period shall end on the next preceding Business Day; (ii) any Euro-Rate Interest Period which begins on the last day of a calendar month or on a day for which there is no numerically corresponding day in the subsequent calendar month during which such Euro-Rate Interest Period is to end shall end on the last Business Day of such subsequent month; and (iii) in the case of the renewal of a Euro-Rate Portion Option at the end of a Euro-Rate Interest Period, the first day of the new Euro-Rate Interest Period shall be the last day of the preceding Euro-Rate Interest Period, without duplication in payment of interest for such day. Elections by the Borrower Borrowers of the Euro-Rate Option shall be subject to the following further limitations: (i) The Euro-Rate Portion for each Euro-Rate Interest Period shall be in an aggregate principal amount of $500,000 or more; provided, however, that each incremental unit in excess of $500,000 shall be $250,000 or an integral multiple thereof; (ii) No Euro-Rate Interest Period may be elected with regard to amounts outstanding under the Note which Euro-Rate Interest Period would end after the Termination Date; (iii) Upon the occurrence of any automatic default set forth in Section 9 hereof, or upon the declaration of any optional default pursuant to Section 9 hereof, the ability of the Borrower Borrowers to elect the Euro-Rate Option shall cease; and (iv) At no time may there be more than six ten (610) Euro-Rate Interest Periods in effect.

Euro-Rate Interest Periods; Limitations on Elections. At any time when the Borrower shall select, convert to or renew the Euro-Rate Option to apply to all or any Portion of the outstanding Revolving Credit Loans, the Seven-Year Term Loan or the Term Loan, as the case may be, it shall fix one or more periods during which such Option shall apply, such periods to be (x) one (1) month if the Borrower selects the Euro-Rate Option during the Syndications Period and (ii) one (1), two (2), three (3), or six (6) monthsmonths if the Borrower selects the Euro-Rate Option after the Syndications Period has ended, in each case commencing on the borrowing, conversion or renewal date. All of the foregoing, however, is subject to the following: (i) any Euro-Rate Interest Period which would otherwise end on a day which is not a Business Day shall be extended to the next Business Day unless such Business Day falls in the succeeding calendar month in which case such Euro-Rate Interest Period shall end on the next preceding Business Day; (ii) any Euro-Rate Interest Period which begins on the last day of a calendar month or on a day for which there is no numerically corresponding day in the subsequent calendar month during which such Euro-Rate Interest Period is to end shall end on the last Business Day of such subsequent month; and (iii) in the case of the renewal of a Euro-Rate Portion Option at the end of a Euro-Rate Interest Period, the first day of the new Euro-Rate Interest Period shall be the last day of the preceding Euro-Rate Interest Period, without duplication in payment of interest for such day. Elections by the Borrower of the Euro-Rate Option shall be subject to the following further limitations: (i) The Euro-Rate Portion for each Euro-Rate Interest Period shall be in an aggregate principal amount of $500,000 or more; provided, however, that each incremental unit in excess of $500,000 shall be $250,000 100,000 or an integral multiple thereof; (ii) No Euro-Rate Interest Period may be elected with regard to amounts outstanding under the Revolving Credit Note which Euro-Rate Interest Period would end after the Termination Date; (iii) No Euro-Rate Interest Period may be elected with regard to amounts outstanding under the Term Note or the Seven-Year Term Note which Euro-Rate Interest Period would end after the then last scheduled principal payment of the Term Loan or the Seven-Year Term Note (as the case may be); (iv) The Borrower shall maintain a Base Rate Portion, or must schedule the expiration of Euro-Rate Interest Periods with sufficient principal portions, or must cause the existence of a combination of a Base Rate Portion plus expirations of Euro-Rate Interest Periods with sufficient principal portions, equal to the next scheduled principal payment of the Term Loan and the Seven-Year Term Loan; (v) Upon the occurrence of any automatic a default set forth in items A or B of Section 9 8 hereof, or upon the declaration of any optional default pursuant to items C through and including L of Section 9 8 hereof, the ability of the Borrower to elect the Euro-Rate Option shall cease; and (ivvi) At no time may there be more than six ten (610) Euro-Rate Interest Periods in effect.