Fixed Rate Option. 7.4.1 Newco may, on at least two Business Days, notice prior to any Interest Date, request the Bank in writing to quote a Fixed Funds Rate in respect of a Term Advance or Term Advances to which such Interest Date relates for a Fixed Rate Period commencing on the expiry of the relevant Interest Period. Any such request shall state the amount and the duration of the proposed Fixed Rate Period. The Bank shall have no obligation to quote any such Fixed Funds Rate, but if it does so it shall contemporaneously specify the method of and latest time for acceptance of such quote.
7.4.2 If Newco accepts a quote made by the Bank under Clause 7.4.1 by the required method and prior to the latest time for acceptance, the Bank shall as soon as reasonably practicable issue a Fixed Rate Confirmation Notice and the proposed conversion shall occur as agreed.
7.4.3 At all times during the relevant Fixed Rate Period, interest shall accrue on the Fixed Rate Tranche at the Fixed Funds Rate and the Mandatory Costs agreed in respect of that Fixed Rate Tranche under this Clause 7.4 and shall be payable 3 monthly in arrears.
7.4.4 The Term Advance or Term Advances to which the Fixed Funds Rate applied shall, upon expiry of the Fixed Rate Period applicable to it, immediately accrue interest in accordance with Clause 7.2.
(a) Newco expressly acknowledges that the Bank may enter into or may have entered into one or more other arrangements in connection with or by reference to this Agreement on the assumption that its source of funds for payments to be made by it under such other arrangements will be, in whole or in part, payments to be received by it pursuant to this Agreement in respect of each Fixed Rate Tranche during the relevant Fixed Rate Period.
(b) Accordingly, Newco agrees that in the event of:
(i) any default in payment by Newco of any sum under this Agreement when due in connection with a Fixed Rate Tranche during the applicable Fixed Rate Period; or
(ii) the occurrence of any Event of Default and acceleration of repayment of the Fixed Rate Tranche under Clause 16; or
(iii) any repayment, prepayment or recovery in whole or in part of a Fixed Rate Tranche prior to the last day of the applicable Fixed Rate Period, it shall on demand indemnify the Bank without prejudice to any of its other rights under the Security Documents against any cost, loss (including without limitation loss of Margin) expense or liability which the Bank has sustained or incurred.
Fixed Rate Option. (a) At Borrower’s written request, which shall be made in the Drawdown Notice in accordance with Article 2 hereof (the “Fixed Rate Option”), each Lender agrees that the Equipment Notes shall bear interest at a Fixed Rate. If Borrower exercises the Fixed Rate Option, the aggregate Commitment shall be reduced to the amount specified in Section 2 of Schedule 2 of this Agreement. If such request is so made by Borrower, Borrower shall conduct a swap auction in which each Lender and Acceptable Potential Swap Counterparty selected by Borrower shall be invited to submit its fixed-rate quote to act as Swap Counterparty in the Swap Transaction with each Lender. At Borrower’s option, Borrower shall have the right to conduct a second swap auction on the second Business Day before the scheduled Closing Date in which each Lender and Acceptable Potential Swap Counterparty selected by Borrower shall be invited to submit its fixed-rate quote to act as Swap Counterparty in the Swap Transaction. Three basis points shall be added to the fixed rate quote submitted by each Acceptable Potential Swap Counterparty that is not a Lender (such quote as so adjusted, the “Adjusted Fixed Rate Quote”). Subject to the next succeeding sentence, the institution submitting the lowest fixed-rate quote (as adjusted in accordance with the immediately preceding sentence) in such swap auction (or, if a second swap auction is held, such second swap auction) shall be the Swap Counterparty, and
(1) if such institution is a Lender, its quote in such swap auction (or, if a second swap auction is held, such second swap auction) shall be the Debt Rate for the Equipment Notes, or
(2) if such institution is not a Lender, its Adjusted Fixed Rate Quote in such swap auction (or, if a second swap auction is held, such second swap auction) shall be the Debt Rate for the Equipment Notes.
(b) If a Lender submits a fixed-rate quote equal to the lowest Adjusted Fixed Rate Quote submitted by a non-Lender and no other Lender has submitted a lower fixed-rate quote, then such Lender shall be the Swap Counterparty; provided, if there shall be two or more such Lenders, each such Lender shall be a Swap Counterparty for a pro rata portion of the Swap Transaction with each Lender. Security Agent and Borrower shall promptly notify the Lenders of the Debt Rate determined in accordance with the above procedures and the identity of the “winning” Swap Counterparty and at the Closing Date, each Lender shall enter into a Swap Tra...
Fixed Rate Option. At a fixed rate per annum to be quoted by CoBank in its sole discretion in each instance. Under this option, rates may be fixed on such balances and for such periods (including periods extending beyond the maturity date of the loans (as set forth in Section 5 hereof)) as may be agreeable to CoBank in its sole discretion in each instance. In the event CoBank consents to one or more balances being fixed for a period or periods extending beyond the maturity date but the Commitment is not renewed, then each such balance shall be due and payable on the last day of its fixed rate period and Section 5 hereof shall, for each such balance, be deemed amended accordingly. The Company shall select the applicable rate option at the time it requests a loan hereunder and may, on any Business Day, elect to convert balances bearing interest at the variable rate option to the fixed rate option. In addition, prior to the expiration of any fixed rate period, the Company may, subject to Section 12 of the MLA, repay any fixed rate balance, convert any fixed rate balance to the variable rate option, or refix the rate at a new rate to be quoted by CoBank. Upon the expiration of any fixed rate period, the Company may, subject to the terms hereof, refix the rate or convert the rate to the variable rate option. In the absence of any such election, interest shall automatically accrue at the variable rate option. All elections provided for herein shall be made telephonically or in writing and must be received by 12:00 Noon Company's local time. Interest shall be calculated on the actual number of days each loan is outstanding on the basis of a year consisting of 360 days and shall be payable monthly in arrears by the 20th day of the following month.
Fixed Rate Option. If Borrower selects the fixed rate pricing option, Borrower shall repay the amount of principal drawn in forty-seven (47) equal monthly payments including both principal and interest, and one final payment of all outstanding principal and accrued interest.
Fixed Rate Option. In the event Borrower desires to fix the interest rate at a rate other than the LIBOR Rate or for a period other than those periods permitted under the definition of Interest Period, Borrower may upon three (3) Domestic Business Days notice to the Agent request Agent to poll the Banks as to the rate they will quote as a fixed rate for a portion of the Term Loan or Revolving Credit Loans and for a period to be specified by Borrower in such notice to Agent. Thereafter, Agent shall notify the Banks of Borrower's request for a fixed rate quote, the amount of the Term Loan or Revolving Credit Loans for which the rate is to be fixed, and the period for which such interest rate is to be fixed. The Banks must unanimously agree to the rate to be quoted as a fixed rate for such requested period and such specified loan amount, and will communicate such rate to Agent no later than two (2) Domestic Business Days prior to the proposed effective date of such requested fixed rate loan conversion, which rate Agent shall thereafter promptly quote to Borrower. Borrower must notify Agent by 11:00 a.m. (St. Louis time) on the Domestic Business Day prior to the requested effective date of such fixed rate loan as to whether Borrower shall accept or reject the fixed rate quoted by Banks for the period and the loan amount requested in its original notice to the Agent, and if accepted, Agent shall promptly so notify the Banks, in which case on the following Domestic Business Day the portion of the Term Loan or Revolving Credit Loan to be converted shall automatically be converted to a Loan at the quoted fixed rate for the period requested by Borrower. Any Loan for which the interest rate is fixed under this Section 6.15 shall be subject to such prepayment premiums and other terms as Banks and/or Agent shall specify to Borrower in their rate quote prior to Borrower's acceptance of any such fixed rate. In the event Banks cannot unanimously agree as to the fixed rate to be quoted to Borrower, then the Agent shall so notify the Borrower and no fixed rate option will be available hereunder at that time.
Fixed Rate Option. At a fixed rate per annum to be quoted by CoBank in its sole discretion in each instance. Under this option, rates may be fixed on such balances and for such periods as may be agreeable to CoBank in its sole discretion in each instance. The Company shall select the applicable rate option at the time it requests each loan hereunder and may, on any Business Day, elect to convert balances bearing interest at the variable rate option to the fixed rate option. In addition, prior to the expiration of any fixed rate period, the Company may, subject to Section 12 of the MLA, convert any fixed rate balance to the variable rate option or refix the rate at a new rate to be quoted by CoBank. Upon the expiration of any fixed rate period, the Company may, subject to the terms hereof, refix the rate or convert the rate to the variable rate option. In the absence of any such election, interest shall automatically accrue at the variable rate option. All elections provided for herein shall be made telephonically or in writing and must be received by 12:00 Noon Company's local time. Interest shall be calculated on the actual number of days each loan is outstanding on the basis of a year consisting of 360 days and shall be payable monthly in arrears by the 20th day of the following month.
Fixed Rate Option. The Borrowers may elect, in accordance with Section 4.8 hereof, to have a specified portion of the Revolving Loan bear interest from time to time at a fixed rate per annum equal to the LIBOR Rate for the applicable Interest Period plus the Applicable Margin in effect on the Disbursement Date, the date of conversion or the date of continuation, as applicable, as adjusted as provided in this Agreement. The interest rate (other than adjustments to the Applicable Margin as provided herein) with respect to any LIBOR Rate Loan shall not change during any Interest Period.”
Fixed Rate Option a) request The Borrower may request Westpac NZ to set a fixed interest rate for all or part of the Loan for the period requested by the Borrower. The Fixed Rate Period may begin on any Banking Day which is not already part of a relevant Fixed Rate Period, including:
i) on the Commencement Date; and
iI) Immediately after the end of a Floating Rate Period or a Fixed Rate Period. Provided no Event of Default or potential Event of Default has occurred, a request may be made by the Borrower giving Westpac NZ not less than 5 Banking Days written notice. Any Fixed Rate Period which would otherwise end on a day which is not a Banking Day will be extended to the next Banking Day.
b) notification Subject to Westpac NZ being able to enter into suitable arrangements to provide the fixed rate funding requested by the Borrower, Westpac NZ will, following the receipt of a request under clause 4.2(a), notify the Borrower by telephone of a fixed interest rate for the Fixed Rate Period (as Westpac NZ in its discretion determines). If Westpac NZ does not notify the Borrower under this clause 4.2(b), it will be deemed not to have agreed to the Borrower's request
Fixed Rate Option. From time to time, and so long as no Event of Default has occurred and is continuing, at the request of Borrower ("Fixed Rate Request"), all or any part of the outstanding principal balance under the Notes may bear interest at the LIBO Rate ("Fixed Rate Loans"). The Fixed Rate Request must be made to Agent in writing on any Business Day and is effective as of the third Business Day after the Fixed Rate Request is received if received by Agent no later than 12 noon Central Time or as of the fourth Business Day if received later than 12 noon Central Time. The Fixed Rate Request must specify the principal amount that is to bear interest at the LIBO Rate and the Fixed Rate Period selected by Borrower. Following the expiration of the Fixed Rate Period for any Fixed Rate Loan, interest shall automatically accrue at the Base Rate unless Borrower requests and receives another Fixed Rate Loan as provided in this Subsection 5.1.2. or a Quoted Rate Loan as provided in Subsection 5.1.3.
