Common use of Interest Rate Elections Clause in Contracts

Interest Rate Elections. (a) Subject to the conditions and limitations in this Loan, Borrower may by written notice to Administrative Agent (a “Rate Election Notice”): (i) Elect, for a new advance of funds, that such Principal Debt will be Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof; (ii) Elect to convert, on a LIBOR Business Day, all or part of Base Rate Principal into LIBOR Rate Principal or LIBOR Daily Rate Principal or a combination thereof; (iii) Elect to convert, on the last day of the Interest Period applicable thereto, all or part of any LIBOR Rate Principal into Base Rate Principal or LIBOR Daily Rate Principal or a combination thereof; (iv) Elect to continue, commencing on the last day of the Interest Period applicable thereto, any LIBOR Rate Principal; or (v) Elect to convert, on a LIBOR Business Day, all or part of any LIBOR Daily Rate Principal into Base Rate Principal or LIBOR Rate Principal or a combination thereof. If, for any reason, an effective election is not made in accordance with the terms and conditions hereof for any principal advance or for any LIBOR Rate Principal for which the corresponding Interest Period is expiring, or to convert Base Rate Principal to LIBOR Rate Principal or LIBOR Daily Rate Principal, then the sums in question will be Base Rate Principal until an effective LIBOR Rate Election or LIBOR Daily Rate Election is thereafter made for such sums. (b) Each Rate Election Notice must be received by Administrative Agent not later than 10:00 a.m., Administrative Agent’s Time on the applicable date as follows: (i) With respect to an advance of or conversion to Base Rate Principal, one (1) Business Day prior to the proposed date of advance or conversion; (ii) With respect to an advance of, conversion to or continuation of LIBOR Rate Principal, three (3) LIBOR Business Days prior to the proposed date of advance, conversion or continuation; and (iii) With respect to an advance of or conversion to LIBOR Daily Rate Principal, one (1) LIBOR Business Day prior to the proposed date of advance or conversion. Unless otherwise specified herein, no conversion from LIBOR Rate Principal may be made other than at the end of the corresponding Interest Period. Each Rate Election Notice shall stipulate: (A) the amount of the advance or of the Principal Debt to be converted or continued; (B) the nature of the proposed advance, conversion or continuation, which shall be either Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof, and in the case of a conversion or continuation, the nature of the Principal Debt to be converted or continued; and (C) in the case of LIBOR Rate Principal, the proposed commencement date and duration of the Interest Period. All such notices shall be irrevocable once given, and shall be deemed to have been given only when actually received by Administrative Agent in writing in form specified by Administrative Agent. (c) Administrative Agent shall promptly notify Borrower and Lenders of the interest rate applicable to each portion of the Principal Debt other than a Base Rate Principal upon determination of same.

Interest Rate Elections. (a) Subject to the conditions and limitations in this Loan, Borrower may by written notice to Administrative Agent (a “Rate Election Notice”): (i) Elect, for a new advance of funds, that such Principal Debt will be Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof; (ii) Elect to convert, on a LIBOR Business Day, all or part of Base Rate Principal into LIBOR Rate Principal or LIBOR Daily Rate Principal or a combination thereof; (iii) Elect to convert, on the last day of the Interest Period applicable thereto, all or part of any LIBOR Rate Principal into Base Rate Principal or LIBOR Daily Rate Principal or a combination thereof; (iv) Elect to continue, commencing on the last day of the Interest Period applicable thereto, any LIBOR Rate Principal; or (v) Elect to convert, on a LIBOR Business Day, all or part of any LIBOR Daily Rate Principal into Base Rate Principal or LIBOR Rate Principal or a combination thereof. If, for any reason, an effective election is not made in accordance with the terms and conditions hereof of this Agreement, the Borrower shall have the right, exercisable by submission of an Interest Rate Election, as to any Revolving Credit Loan and as to any portion of the then outstanding principal balance of the Revolving Credit Loans, to be effective on the applicable Interest Adjustment Date for any the Loan in question, to elect the Reference Rate or the Libor Rate as the interest rate on such Loan and/or on the portion of the outstanding principal advance or for any LIBOR Rate Principal for which balance of the corresponding Loans that is subject to an Interest Period is expiring, or to convert Base Rate Principal to LIBOR Rate Principal or LIBOR Daily Rate Principal, then the sums in question will be Base Rate Principal until an effective LIBOR Rate Election or LIBOR Daily Rate Election is thereafter made for on such sumsInterest Adjustment Date. (b) Each Interest Rate Election Notice must be received by Administrative Agent not later than 10:00 a.m., Administrative Agent’s Time on the applicable date as follows: (i) With respect to an advance of or conversion to Base Rate Principal, one (1) Business Day prior Elections with regard to the proposed date of advance or conversion; (ii) With respect to an advance of, conversion to or continuation of LIBOR Libor Rate Principal, three (3) LIBOR Business Days prior to the proposed date of advance, conversion or continuation; and (iii) With respect to an advance of or conversion to LIBOR Daily Rate Principal, one (1) LIBOR Business Day prior to the proposed date of advance or conversion. Unless otherwise specified herein, no conversion from LIBOR Rate Principal may be made other than at the end of the corresponding Interest Period. Each Rate Election Notice shall stipulate: (A) the amount of the advance or of the Principal Debt to be converted or continued; (B) the nature of the proposed advance, conversion or continuation, which shall be either Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof, subject to and in the case of a conversion or continuation, the nature of the Principal Debt to be converted or continued; and (C) in the case of LIBOR Rate Principal, the proposed commencement date and duration of the Interest Period. All such notices shall be irrevocable once given, and shall be deemed to have been given only when actually received governed by Administrative Agent in writing in form specified by Administrative AgentSection 2.10. (c) Administrative Notwithstanding any other provisions of this Agreement, no Interest Rate Election shall be permitted if it would cause the outstanding amount of Libor Loans on any date on which the Commitment is to be reduced in accordance with Section 2.09 to exceed the amount to which the Commitment is to be reduced. (d) On the Business Day that the Agent is deemed to have received a Borrowing Request or an Interest Rate Election from the Borrower, the Agent shall promptly notify each of the Banks thereof, by telecopying or E-mailing a copy of such Borrowing Request or Interest Rate Election, as applicable, to each Bank. The Business Day on which the Banks receive notice from the Agent of a Borrowing Request or Interest Rate Election is hereinafter referred to as a "Notice Day". (e) In the case of a Borrowing Request or Interest Rate Election for a Libor Loan, at or prior to 12:00 P.M. on the Business Day immediately succeeding the Notice Day, if the Interest Period selected by the Borrower in such Borrowing Request or Interest Rate Election is an Interest Period which, under this Agreement, requires the consent of the Banks, each Bank shall notify the Agent, by telephone, telecopy or E-mail, whether such Bank is willing to offer to the Borrower the Interest Period so selected by the Borrower and, if not, subject to Section 2.10(b), (c), (f) and (g), the longest Interest Period which such Bank is prepared to offer to the Borrower with respect to such Loan, which Interest Period may not be shorter than the longest Interest Period which does not require the consent of the Banks under this Agreement. If any Bank fails to give any such notice on or prior to the time set forth above, the Agent shall base its below selections on the notices received from Banks at or prior to such time. The Agent shall (a) select (i) if the Interest Period selected by the Borrower is one which requires the consent of the Banks, the shortest Interest Period among those which each Bank has indicated it is prepared to offer to the Borrower and Lenders (ii) the Adjusted Libor Rate applicable thereto, (b) calculate the Libor Rate on the basis thereof and (c) notify the Borrower and each Bank of such Libor Rate and, if applicable, the available Interest Period, by telephone or telecopy or E-mail, prior to 2:00 P.M. on the same Business Day as the Business Day on which the Agent receives such determinations from the Banks. In accordance with Section 2.01 (c), the Banks shall send to the Agent by Wire Transfer Dollars (which are immediately available to Agent upon receipt) for disbursement to the Borrower. (f) In the case of a Borrowing Request or Interest Rate Election for a Reference Rate Loan, the Agent shall, concurrently with its notification to each of the interest rate Banks pursuant to subsection (d) notify such Bank of the Reference Rate applicable to the Loan. At or prior to 12:00 P.M. on the Business Day immediately succeeding the Notice Day, each portion of Bank shall send to the Principal Debt other than a Base Rate Principal Agent by Wire Transfer Dollars (which are immediately available to the Agent upon determination of samereceipt) for disbursement to the Borrower in accordance with Section 2.01.

Interest Rate Elections. (a) Subject to the conditions and limitations in this LoanAgreement, Borrower may by written notice providing a Rollover/Conversion Notice to Administrative Agent (a “Rate Election Notice”):Agent: (i) Elect, for a new advance of funds, that such Principal Debt will be Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof; (ii) Elect to convert, on a LIBOR Business Day, all or part of Base Rate Principal into LIBOR Rate Principal or LIBOR Daily Rate Principal or a combination thereofPrincipal; (iii) Elect to convert, on the last day of the Interest Period applicable thereto, all or part of any LIBOR Rate Principal into Base Rate Principal or LIBOR Daily Rate Principal or a combination thereof;Principal; or (iv) Elect to continue, commencing on the last day of the Interest Period applicable thereto, any LIBOR Rate Principal; or (v) Elect to convert, on a LIBOR Business Day, all or part of any LIBOR Daily Rate Principal into Base Rate Principal or LIBOR Rate Principal or a combination thereof. If, for any reason, an effective election is not made in accordance with the terms and conditions hereof for any principal advance or for any LIBOR Rate Principal for which the corresponding Interest Period is expiring, or to convert Base Rate Principal to LIBOR Rate Principal or LIBOR Daily Rate Principal, then the sums in question will be Base Rate Principal until an effective LIBOR Rate Election or LIBOR Daily Rate Election is thereafter made for such sums. (b) Each Rate Election Rollover/Conversion Notice must be received by Administrative Agent not later than 10:00 a.m., Administrative Agent’s Time on the applicable date as follows: (i) With respect to an advance of or a conversion to Base Rate Principal, one (1) Business Day prior to the proposed date of advance or conversion;; and (ii) With respect to an advance of, conversion to or continuation of LIBOR Rate Principal, three (3) LIBOR Business Days prior to the proposed date of advance, conversion or continuation; and (iii) With respect to an advance of or conversion to LIBOR Daily Rate Principal, one (1) LIBOR Business Day prior to the proposed date of advance or conversion. Unless otherwise specified herein, no conversion from LIBOR Rate Principal may be made other than at the end of the corresponding Interest Period. Each Rate Election Rollover/Conversion Notice shall stipulate: (A) the amount of the advance or of the Principal Debt to be converted or continued; (B) the nature of the proposed advance, conversion or continuation, which shall be either Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof, and in the case of a conversion or continuation, the nature of the Principal Debt to be converted or continued; and (C) in the case of LIBOR Rate Principal, the proposed commencement date and duration of the Interest Period. All such notices shall be irrevocable once given, and shall be deemed to have been given only when actually received by Administrative Agent in writing in form specified by Administrative Agent. (c) Administrative Agent shall promptly notify Borrower and Lenders of the interest rate applicable to each portion of the Principal Debt other than a Base Rate Principal upon determination of same.

Interest Rate Elections. (a) Subject to the conditions and limitations in this LoanNote, Borrower may by written notice to Administrative Agent Lender in the form specified by Lender (a “Rate Election Notice”): (i) Elect, for a new advance of funds, that such Principal Debt will be LIBOR Rate Principal or, if no Swap Transaction (as defined in the Loan Agreement) is in effect, Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof; (ii) Elect to convert, on a LIBOR Business Day, all or part of Base Rate Principal into LIBOR Rate Principal or LIBOR Daily Rate Principal or a combination thereofPrincipal; (iii) Elect to convert, on the last day of the Interest Period applicable thereto, all or part of any LIBOR Rate Principal into Base Rate Principal or LIBOR Daily Rate Principal or a combination thereof;but only with the consent of Lender; or (iv) Elect to continue, commencing on the last day of the Interest Period applicable thereto, any LIBOR Rate Principal; or (v) Elect to convert, on a LIBOR Business Day, all or part of any LIBOR Daily Rate Principal into Base Rate Principal or LIBOR Rate Principal or a combination thereof. If, for any reason, an effective election is not made in accordance with the terms and conditions hereof of this Note for any principal advance or for any LIBOR Rate Principal for which the corresponding Interest Period is expiring, or to convert Base Rate Principal to LIBOR Rate Principal or LIBOR Daily Rate Principal, then the sums in question will be Base Rate Principal continued for a one month Interest Period until an effective LIBOR Rate Election or LIBOR Daily Rate Election is thereafter made for such sums. (b) Each Rate Election Notice must be received by Administrative Agent Lender not later than 10:00 a.m., Administrative Agent’s Time a.m. on the applicable date as follows: (i) With respect to an advance of or conversion to Base Rate Principal, one (1) Business Day prior to the proposed date of advance or conversion;; and (ii) With respect to an advance of, conversion to or continuation of LIBOR Rate Principal, three (3) LIBOR Business Days prior to the proposed date of advance, conversion or continuation; and (iii) With respect to an advance of or conversion to LIBOR Daily Rate Principal, one (1) LIBOR Business Day prior to the proposed date of advance or conversion. Unless otherwise specified herein, no conversion from LIBOR Rate Principal may be made other than at the end of the corresponding Interest Period. Each Rate Election Notice shall stipulate: (A) the amount of the advance or of the Principal Debt to be converted or continued; (B) the nature of the proposed advance, conversion or continuation, which shall be either Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof, and in the case of a conversion or continuation, the nature of the Principal Debt to be converted or continued; and (C) in the case of LIBOR Rate Principal, the proposed commencement date and duration of the Interest Period. All such notices shall be irrevocable once given, and shall be deemed to have been given only when actually received by Administrative Agent Lender in writing in a form specified by Administrative AgentLender. (c) Administrative Agent shall promptly notify Borrower and Lenders of the interest rate applicable to each portion of the Principal Debt other than a Base Rate Principal upon determination of same.

Interest Rate Elections. (a) Subject to the conditions and limitations in this LoanAgreement, Borrower may by written notice providing a Rollover/Conversion Notice to Administrative Agent (a “Rate Election Notice”):Agent: (i) Elect, for a new advance of funds, that such Principal Debt will be Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof; (ii) Elect to convert, on a LIBOR Business Day, all or part of Base Rate Principal into LIBOR Rate Principal or LIBOR Daily Rate Principal or a combination thereofPrincipal; (iii) Elect to convert, on the last day of the Interest Period applicable thereto, all or part of any LIBOR Rate Principal into Base Rate Principal or LIBOR Daily Rate Principal or a combination thereof;Principal; or (iv) Elect to continue, commencing on the last day of the Interest Period applicable thereto, any LIBOR Rate Principal; or (v) Elect to convert, on a LIBOR Business Day, all or part of any LIBOR Daily Rate Principal into Base Rate Principal or LIBOR Rate Principal or a combination thereof. If, for any reason, an effective election is not made in accordance with the terms and conditions hereof for any principal advance or for any LIBOR Rate Principal for which the corresponding Interest Period is expiring, or to convert Base Rate Principal to LIBOR Rate Principal or LIBOR Daily Rate Principal, then the sums in question will be Base Rate Principal until an effective LIBOR Rate Election or LIBOR Daily Rate Election is thereafter made for such sums. (b) Each Rate Election Rollover/Conversion Notice must be received by Administrative Agent not later than 10:00 a.m., Administrative Agent’s Time on the applicable date as follows: (i) With respect to an advance of or a conversion to Base Rate Principal, one (1) Business Day prior to the proposed date of advance or conversion;; and (ii) With respect to an advance of, conversion to or continuation of LIBOR Rate Principal, three (3) LIBOR Business Days prior to the proposed date of advance, conversion or continuation; and (iii) With respect to an advance of or conversion to LIBOR Daily Rate Principal, one (1) LIBOR Business Day prior to the proposed date of advance or conversion. Unless otherwise specified herein, no conversion from LIBOR Rate Principal may be made other than at the end of the corresponding Interest Period. Each Rate Election Rollover/Conversion Notice shall stipulate: (A) the amount of the advance or of the Principal Debt to be converted or continued; (B) the nature of the proposed advance, conversion or continuation, which shall be either Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof, and in the case of a conversion or continuation, the nature of the Principal Debt to be converted or continued; and (C) in the case of LIBOR Rate Principal, the proposed commencement date and duration of the Interest Period. All such notices shall be irrevocable once given, and shall be deemed to have been given only when actually received by Administrative Agent in writing in form specified by Administrative Agent. (c) Administrative Agent shall promptly notify Borrower and Lenders of the interest rate applicable to each portion of the Principal Debt other than a Base Rate Principal upon determination of same.

Interest Rate Elections. (a) Subject to the conditions and limitations in this Loan, Borrower may by written notice to Administrative Agent (a “Rate Election Notice”): (i) Elect, for a new advance of funds, that such Principal Debt will be Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof; (ii) Elect to convert, on a LIBOR Business Day, all or part of Base Rate Principal into LIBOR Rate Principal or LIBOR Daily Rate Principal or a combination thereof; (iii) Elect to convert, on the last day of the Interest Period applicable thereto, all or part of any LIBOR Rate Principal into Base Rate Principal or LIBOR Daily Rate Principal or a combination thereof; (iv) Elect to continue, commencing on the last day of the Interest Period applicable thereto, any LIBOR Rate Principal; or (v) Elect to convert, on a LIBOR Business Day, all or part of any LIBOR Daily Rate Principal into Base Rate Principal or LIBOR Rate Principal or a combination thereof. If, for any reason, an effective election is not made in accordance with the terms and conditions hereof for any principal advance or for any LIBOR Rate Principal for which the corresponding Interest Period is expiring, or to convert Base Rate Principal to LIBOR Rate Principal or LIBOR Daily Rate Principal, then the sums in question will be Base Rate Principal until an effective LIBOR Rate Election or LIBOR Daily Rate Election is thereafter made for such sums. (b) Each Rate Election Notice must be received by Administrative Agent not later than 10:00 a.m., Administrative Agent’s Time on the applicable date as follows: (i) With respect to an advance of or conversion to Base Rate Principal, one (1) Business Day prior to the proposed date of advance or conversion;; and (ii) With respect to an advance of, conversion to or continuation of LIBOR Rate Principal, three (3) LIBOR Business Days prior to the proposed date of advance, conversion or continuation; and (iii) With respect to an advance of or conversion to LIBOR Daily Rate Principal, one (1) LIBOR Business Day prior to the proposed date of advance or conversion. Unless otherwise specified herein, no conversion from LIBOR Rate Principal may be made other than at the end of the corresponding Interest Period. Each Rate Election Notice shall stipulate: (A) the amount of the advance or of the Principal Debt to be converted or continued; (B) the nature of the proposed advance, conversion or continuation, which shall be either Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof, and in the case of a conversion or continuation, the nature of the Principal Debt to be converted or continued; and (C) in the case of LIBOR Rate Principal, the proposed commencement date and duration of the Interest Period. All such notices shall be irrevocable once given, and shall be deemed to have been given only when actually received by Administrative Agent in writing in form specified by Administrative Agent. (c) Administrative Agent shall promptly notify Borrower and Lenders of the interest rate applicable to each portion of the Principal Debt other than a Base Rate Principal upon determination of same.

Interest Rate Elections. (a) Subject to the terms and conditions and limitations in this Loanset forth herein, Borrower may may, by written notice to Administrative Agent telephone or telefax (a “promptly confirmed in writing by an Interest Rate Election Notice”): (i) ElectNotice delivered to the Agent, for in the form attached as Exhibit 4.02 hereto), elect that the Loan Balance or one or more portions thereof bear a new advance of fundsparticular Interest Rate or be converted from one Interest Rate to another, that such Principal Debt will be Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof; (ii) Elect to convert, on a LIBOR Business Day, all or part of Base Rate Principal into LIBOR Rate Principal or LIBOR Daily Rate Principal or a combination thereof; (iii) Elect to convert, on continue at the last day of same Interest Rate. Such notice shall also specify the Interest Period applicable thereto, all elected by the Borrower for such balance or part of any LIBOR Rate Principal into Base Rate Principal or LIBOR Daily Rate Principal or a combination thereof; (iv) Elect to continue, commencing on the last day of the Interest Period applicable thereto, any LIBOR Rate Principal; or (v) Elect to convert, on a LIBOR Business Day, all or part of any LIBOR Daily Rate Principal into Base Rate Principal or LIBOR Rate Principal or a combination portion thereof. If, for any reason, an effective election is not made in accordance with the terms and conditions hereof for any principal advance or for any LIBOR Rate Principal for which the corresponding Each Interest Period is expiring, or to convert Base Rate Principal to LIBOR Rate Principal or LIBOR Daily Rate Principal, then the sums in question will be Base Rate Principal until an effective LIBOR Rate Election or LIBOR Daily Rate Election is thereafter made for such sums. (b) Each Rate Election Notice must shall be received by Administrative irrevocable and shall be delivered to the Agent not later than 10:00 a.m.11:00 A.M., Administrative Agent’s Time on the applicable date as followsPhiladelphia time: (i) With respect to an advance of or conversion to For a Base Rate PrincipalLoan, one (1) on the same Business Day prior to as the proposed date of advance or conversion;Effective Date for such Base Rate Loan; and (ii) With respect to an advance ofFor a LIBOR Loan, conversion to or continuation of LIBOR Rate Principal, at least three (3) LIBOR Business Days prior to the proposed date Effective Date for such Loan. (b) To the extent possible consistent with Section 2.03(a): (i) Each Base Rate Loan shall be in an aggregate principal amount of advance$250,000 or a multiple of $50,000 in excess thereof, conversion and any Base Rate Loan which is converted from a LIBOR Loan shall be in an aggregate principal amount of $250,000 or continuationmultiples of $50,000 in excess thereof; and (iiiii) With respect to Each LIBOR Loan shall be in an advance of or conversion to LIBOR Daily Rate Principal, one (1) LIBOR Business Day prior to the proposed date of advance or conversion. Unless otherwise specified herein, no conversion from LIBOR Rate Principal may be made other than at the end of the corresponding Interest Period. Each Rate Election Notice shall stipulate: (A) the aggregate principal amount of the advance or of the Principal Debt to be converted or continued; (B) the nature of the proposed advance, conversion or continuation, which shall be either Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal $250,000 or a combination multiple of $50,000 in excess thereof, and in the case of a conversion or continuation, the nature of the Principal Debt to be converted or continued; and (C) in the case of LIBOR Rate Principal, the proposed commencement date and duration of the Interest Period. All such notices shall be irrevocable once given, and shall be deemed to have been given only when actually received by Administrative Agent in writing in form specified by Administrative Agent. (c) Administrative Agent shall promptly notify Borrower and Lenders Notwithstanding the foregoing: (i) In the case of conversion of a LIBOR Loan to a Loan bearing interest at a different Interest Rate, the Effective Date for the new Interest Period may not be any day other than the day after the expiration of the interest rate Interest Period relating to the Loan being converted; (ii) At the end of any applicable LIBOR Interest Period, the relevant LIBOR Loan will convert to each portion of the Principal Debt other than a Base Rate Principal upon determination Loan, respectively, unless the Borrower notifies the Bank pursuant to an Interest Rate Election Notice that Borrower is selecting a new Interest Rate option and a new Interest Period; (iii) At no time shall there be outstanding more than five (5) different LIBOR Loans under the Credit Facility, or six (6) if there are no Base Rate Loans outstanding; and (iv) During the continuance of samean Event of Default, at the Agent's option exercisable by written notice to the Borrower, Borrower may not thereafter elect that the Loan Balance or one or more portions thereof shall bear interest at the Adjusted LIBOR Rate, until Borrower receives written notice to the contrary from the Agent.

Interest Rate Elections. (a) Subject to the conditions and limitations in this LoanAgreement, Borrower the Operating Partnership, on behalf of Borrowers, may by written notice to Administrative Agent in the form specified by Administrative Agent (a “Rate Election Notice”): (i) Elect, for a new advance Advance of funds, that such Principal Debt will be Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof; (ii) Elect to convert, on a LIBOR Business Day, all or part of Base Rate Principal into LIBOR Rate Principal or LIBOR Daily Rate Principal or a combination thereofPrincipal; (iii) Elect to convert, on the last day of the Interest Period applicable thereto, all or part of any LIBOR Rate Principal into Base Rate Principal or LIBOR Daily Rate Principal or a combination thereof;Principal; or (iv) Elect to continue, commencing on the last day of the Interest Period applicable thereto, any LIBOR Rate Principal; or (v) Elect to convert, on a LIBOR Business Day, all or part of any LIBOR Daily Rate Principal into Base Rate Principal or LIBOR Rate Principal or a combination thereof. If, for any reason, an effective election is not made in accordance with the terms and conditions hereof for any principal advance Advance or for any LIBOR Rate Principal for which the corresponding Interest Period is expiring, or to convert Base Rate Principal to LIBOR Rate Principal or LIBOR Daily Rate Principal, then the sums in question will be Base Rate Principal until an effective LIBOR Rate Election or LIBOR Daily Rate Election is thereafter made for such sums. (b) Each Rate Election Notice must be received by Administrative Agent not later than 10:00 a.m., Administrative Agent’s Time Time, on the applicable date as follows: (i) With respect to an advance Advance of or conversion to Base Rate Principal, one (1) Business Day prior to the proposed date of advance Advance or conversion;; and (ii) With respect to an advance Advance of, conversion to or continuation of LIBOR Rate Principal, three (3) LIBOR Business Days prior to the proposed date of advanceAdvance, conversion or continuation; and (iii) With respect to an advance of or conversion to LIBOR Daily Rate Principal, one (1) LIBOR Business Day prior to the proposed date of advance or conversion. Unless otherwise specified herein, no conversion from LIBOR Rate Principal may be made other than at the end of the corresponding Interest Period. Each Rate Election Notice shall stipulate: (A) the amount of the advance Advance or of the Principal Debt to be converted or continued; (B) the nature of the proposed advanceAdvance, conversion or continuation, which shall be either Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof, and in the case of a conversion or continuation, the nature of the Principal Debt to be converted or continued; and (C) in the case of LIBOR Rate Principal, the proposed commencement date and duration of the Interest Period. All such notices shall be irrevocable once given, and shall be deemed to have been given only when actually received by Administrative Agent in writing in form specified by Administrative Agent. (c) Administrative Agent shall promptly notify Borrower the Operating Partnership, on behalf of Borrowers, and Lenders of the interest rate applicable to each portion of the Principal Debt other than a Base Rate Principal upon determination of same.

Interest Rate Elections. (a) Subject to the conditions and limitations in this LoanNote, Borrower may by written notice to Administrative Agent Lender in the form specified by Xxxxxx (a “Rate Election Notice”): (i) Elect, for a new advance of funds, that such Principal Debt will be Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof; (ii) Elect to convert, on a LIBOR Business Day, all or part of Base Rate Principal into LIBOR Rate Principal or LIBOR Daily Rate Principal or a combination thereofPrincipal; (iii) Elect to convert, on the last day of the Interest Period applicable thereto, all or part of any LIBOR Rate Principal into Base Rate Principal or LIBOR Daily Rate Principal or a combination thereof;Principal; or (iv) Elect to continue, commencing on the last day of the Interest Period applicable thereto, any LIBOR Rate Principal; or (v) Elect to convert, on a LIBOR Business Day, all or part of any LIBOR Daily Rate Principal into Base Rate Principal or LIBOR Rate Principal or a combination thereof. If, for any reason, an effective election is not made in accordance with the terms and conditions hereof of this Note for any principal advance or for any LIBOR Rate Principal for which the corresponding Interest Period is expiring, or to convert Base Rate Principal to LIBOR Rate Principal or LIBOR Daily Rate Principal, then the sums in question will be Base Rate Principal until an effective LIBOR Rate Election or LIBOR Daily Rate Election is thereafter made for such sums. (b) Each Rate Election Notice must be received by Administrative Agent Lender not later than 10:00 a.m., Administrative Agent’s Time a.m. on the applicable date as follows: (i) With respect to an advance of or conversion to Base Rate Principal, one (1) Business Day prior to the proposed date of advance or conversion;; and (ii) With respect to an advance of, conversion to or continuation of LIBOR Rate Principal, three (3) LIBOR Business Days prior to the proposed date of advance, conversion or continuation; and (iii) With respect to an advance of or conversion to LIBOR Daily Rate Principal, one (1) LIBOR Business Day prior to the proposed date of advance or conversion. Unless otherwise specified herein, no conversion from LIBOR Rate Principal may be made other than at the end of the corresponding Interest Period. Each Rate Election Notice shall stipulate: (A) the amount of the advance or of the Principal Debt to be converted or continued; (B) the nature of the proposed advance, conversion or continuation, which shall be either Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof, and in the case of a conversion or continuation, the nature of the Principal Debt to be converted or continued; and (C) in the case of LIBOR Rate Principal, the proposed commencement date and duration of the Interest Period. All such notices shall be irrevocable once given, and shall be deemed to have been given only when actually received by Administrative Agent Xxxxxx in writing in a form specified by Administrative AgentXxxxxx. (c) Administrative Agent shall promptly notify Borrower and Lenders of the interest rate applicable to each portion of the Principal Debt other than a Base Rate Principal upon determination of same.

Interest Rate Elections. (a) Subject to the conditions and limitations in this LoanAgreement, Borrower may by written notice to Administrative Agent in the form specified by Administrative Agent (a “Rate Election Notice”"RATE ELECTION NOTICE"): (i) Elect, for a new advance Advance of funds, that such Principal Debt will be Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof; (ii) Elect to convert, on a LIBOR Business Day, all or part of Base Rate Principal into LIBOR Rate Principal or LIBOR Daily Rate Principal or a combination thereofPrincipal; (iii) Elect to convert, on the last day of the Interest Period applicable thereto, all or part of any LIBOR Rate Principal into Base Rate Principal or LIBOR Daily Rate Principal or a combination thereof;Principal; or (iv) Elect to continue, commencing on the last day of the Interest Period applicable thereto, any LIBOR Rate Principal; or (v) Elect to convert, on a LIBOR Business Day, all or part of any LIBOR Daily Rate Principal into Base Rate Principal or LIBOR Rate Principal or a combination thereof. If, for any reason, an effective election is not made in accordance with the terms and conditions hereof for any principal advance Advance or for any LIBOR Rate Principal for which the corresponding Interest Period is expiring, or to convert Base Rate Principal to LIBOR Rate Principal or LIBOR Daily Rate Principal, then the sums in question will be Base Rate Principal until an effective LIBOR Rate Election or LIBOR Daily Rate Election is thereafter made for such sums. (b) Each Rate Election Notice must be received by Administrative Agent not later than 10:00 a.m., Administrative Agent’s Time 's Time, on the applicable date as follows: (i) With respect to an advance Advance of or conversion to Base Rate Principal, one (1) Business Day prior to the proposed date of advance Advance or conversion;; and (ii) With respect to an advance Advance of, conversion to or continuation of LIBOR Rate Principal, three (3) LIBOR Business Days prior to the proposed date of advanceAdvance, conversion or continuation; and (iii) With respect to an advance of or conversion to LIBOR Daily Rate Principal, one (1) LIBOR Business Day prior to the proposed date of advance or conversion. Unless otherwise specified herein, no conversion from LIBOR Rate Principal may be made other than at the end of the corresponding Interest Period. Each Rate Election Notice shall stipulate: (A) the amount of the advance Advance or of the Principal Debt to be converted or continued; (B) the nature of the proposed advanceAdvance, conversion or continuation, which shall be either Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof, and in the case of a conversion or continuation, the nature of the Principal Debt to be converted or continued; and (C) in the case of LIBOR Rate Principal, the proposed commencement date and duration of the Interest Period. All such notices shall be irrevocable once given, and shall be deemed to have been given only when actually received by Administrative Agent in writing in form specified by Administrative Agent. (c) Administrative Agent shall promptly notify Borrower and Lenders of the interest rate applicable to each portion of the Principal Debt other than a Base Rate Principal upon determination of same.

Interest Rate Elections. (a) Subject to the conditions and limitations in this LoanAgreement, Borrower may by written notice to Administrative Agent in the form specified by Administrative Agent (a “Rate Election Notice”"RATE ELECTION NOTICE"): (i) Elect, for a new advance Advance of funds, that such Principal Debt will be Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof; (ii) Elect to convert, on a LIBOR Business Day, all or part of Base Rate Principal into LIBOR Rate Principal or LIBOR Daily Rate Principal or a combination thereofPrincipal; (iii) Elect to convert, on the last day of the Interest Period applicable thereto, all or part of any LIBOR Rate Principal into Base Rate Principal or LIBOR Daily Rate Principal or a combination thereof;Principal; or (iv) Elect to continue, commencing on the last day of the Interest Period applicable thereto, any LIBOR Rate Principal; or (v) Elect to convert, on a LIBOR Business Day, all or part of any LIBOR Daily Rate Principal into Base Rate Principal or LIBOR Rate Principal or a combination thereof. If, for any reason, an effective election is not made in accordance with the terms and conditions hereof for any principal advance Advance or for any LIBOR Rate Principal for which the corresponding Interest Period is expiring, or to convert Base Rate Principal to LIBOR Rate Principal or LIBOR Daily Rate Principal, then the sums in question will be Base Rate Principal until an effective LIBOR Rate Election or LIBOR Daily Rate Election is thereafter made for such sums. (b) Each Rate Election Notice must be received by Administrative Agent not later than 10:00 a.m., Administrative Agent’s Time 's Time, on the applicable date as follows: (i) With respect to an advance Advance of or conversion to Base Rate Principal, one (1) Business Day prior to the proposed date of advance Advance or conversion;; and (ii) With respect to an advance Advance of, conversion to or continuation of LIBOR Rate Principal, three (3) LIBOR Business Days prior to the proposed date of advanceAdvance, conversion or continuation; and (iii) With respect to an advance of or conversion to LIBOR Daily Rate Principal, one (1) LIBOR Business Day prior to the proposed date of advance or conversion. Unless otherwise specified herein, no conversion from LIBOR Rate Principal may be made other than at the end of the corresponding Interest Period. Each Rate Election Notice shall stipulate: (A) the amount of the advance Advance or of the Principal Debt to be converted or continued; (B) the nature of the proposed advanceAdvance, conversion or continuation, which shall be either Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof, and in the case of a conversion or continuation, the nature of the Principal Debt to be converted or continued; and (C) in the case of LIBOR Rate Principal, the proposed commencement date and duration of the Interest Period. All such notices shall be irrevocable once given, and shall be deemed to have been given only when actually received by Administrative Agent in writing in form specified by Administrative Agent. (c) Administrative Agent shall promptly notify Borrower and Lenders of the interest rate applicable to each portion of the Principal Debt other than a Base Rate Principal upon determination of same.

Interest Rate Elections. (ai) Subject to the conditions and limitations in this LoanAgreement, Borrower may by written notice providing a Rollover/Conversion Notice to Administrative Agent (a “Rate Election Notice”):Agent: (iA) Elect, for a new advance of funds, that such Principal Debt will be Base Rate Principal, LIBOR Rate Principal, the LIBOR Daily Floating Rate Principal or a combination thereof; (iiB) Elect to convert, on a LIBOR Business Day, all or part of Base Rate Principal into LIBOR Rate Principal or LIBOR Daily Floating Rate Principal or a combination thereofPrincipal; (iiiC) Elect to convert, on the last day of the Interest Period applicable thereto, all or part of any LIBOR Rate Principal into Base Rate Principal or LIBOR Daily Floating Rate Principal; (D) Elect to convert, on any date, all or a part of any LIBOR Daily Floating Rate Principal into Base Rate Principal or a combination thereof;LIBOR Rate Principal; or (ivE) Elect to continue, commencing on the last day of the Interest Period applicable thereto, any LIBOR Rate Principal; or (v) Elect to convert, on a LIBOR Business Day, all or part of any LIBOR Daily Rate Principal into Base Rate Principal or LIBOR Rate Principal or a combination thereof. If, for any reason, an effective election is not made in accordance with the terms and conditions hereof for any principal advance or for any LIBOR Rate Principal for which the corresponding Interest Period is expiring, or to convert Base Rate Principal to LIBOR Rate Principal or LIBOR Daily Floating Rate Principal, then the sums in question will be Base LIBOR Daily Floating Rate Principal until an effective LIBOR Rate Election or LIBOR Daily Rate Election is thereafter made for such sums. Any one of M. Sxxx Xxxxx, Dxxxx X. Xxxxxx, Sxxx X. Xxx, and Jxxxxx Xxxxx may execute a Rollover/Conversion Notice on behalf of Borrower. The authority of each of them to give Rollover/Conversion Notices shall continue until Administrative Agent receives written notice of the revocation or cancellation of such authority and has a reasonable opportunity to act thereon. (bii) Each Rate Election Rollover/Conversion Notice must be received by Administrative Agent not later than 10:00 a.m., Administrative Agent’s Time on the applicable date as follows: (iA) With respect to an advance of or conversion to Base Rate Principal, one (1) Business Day prior to the proposed date of advance or conversion;; and (iiB) With respect to an advance of, conversion to or continuation of LIBOR Rate Principal, three (3) LIBOR Business Days prior to the proposed date of advance, conversion or continuation; and (iii) With respect to an advance of or conversion to LIBOR Daily Rate Principal, one (1) LIBOR Business Day prior to the proposed date of advance or conversion. Unless otherwise specified herein, no conversion from LIBOR Rate Principal may be made other than at the end of the corresponding Interest Period. Each Rate Election Rollover/Conversion Notice shall stipulate: (A) the amount of the advance or of the Principal Debt to be converted or continued; (B) the nature of the proposed advance, conversion or continuation, which shall be either Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof, and in the case of a conversion or continuation, the nature of the Principal Debt to be converted or continued; and (C) in the case of LIBOR Rate Principal, the proposed commencement date and duration of the Interest Period. All such notices shall be irrevocable once given, and shall be deemed to have been given only when actually received by Administrative Agent in writing in the form of the Rollover/Conversion Notice specified by Administrative Agentthis Agreement. (ciii) Administrative Agent shall promptly notify Borrower and Lenders of the interest rate applicable to each portion of the Principal Debt other than a Base Rate Principal upon determination of same.

Interest Rate Elections. (a) Subject The Borrower shall have the right, by submission of an Interest Rate Elections to the conditions and limitations in this LoanBank, Borrower may by written notice to Administrative Agent (a “Rate Election Notice”): (i) Elect, for a new advance of funds, elect that such Principal Debt will be Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal the interest rate payable on all or a combination thereof; (ii) Elect to convert, on a LIBOR Business Day, all or part of Base Rate Principal into LIBOR Rate Principal or LIBOR Daily Rate Principal or a combination thereof; (iii) Elect to convert, on the last day minimum $100,000 portion of the then-outstanding principal balance of the Loans on an Interest Period Adjustment Date applicable thereto, all shall be the Fixed Rate, as the same shall exist on the date in question for such term (the "Fixed Rate Term"), for periods of 30, 60 or part 90 days, as the Bank shall offer to the Borrower in its sole discretion and the Borrower shall select; provided, however, that in no event may any Fixed Rate Term end after the Repayment Date. In its initial Interest Rate Election, the Borrower shall elect that either Effective Prime or the Fixed Rate offered by the Bank for a specified Fixed Rate Term shall apply to the Loan being made on the Closing Date. Thereafter, once Effective Prime become applicable, Effective Prime must remain in effect for a minimum of 30 days, and once a Fixed Rate becomes applicable, such Fixed Rate must remain in effect for the applicable Fixed Rate Term. An Interest Rate Election electing the Fixed Rate shall only apply to a portion of the Loans outstanding at the time of election in a minimum principal amount of $100,000. On the last Business Day of any LIBOR agreed upon Fixed Rate Principal into Base Term then in effect, or at any time after the expiration of such 30 day period during which Effective Prime must be in effect, the Borrower may submit to the Bank a new Interest Rate Principal Election electing the Fixed Rate, at which time the Bank shall inform the Borrower of the Fixed Rate and the Fixed Rate Term which the Bank is then prepared to offer the Borrower, and the Borrower shall immediately elect whether or LIBOR Daily not to accept same. The Bank shall not be required to offer the Borrower a Fixed Rate Principal if, at the time in question, the time remaining until the Repayment Date is less than the greater of 30 days or a combination thereof; (iv) Elect such larger Fixed Rate Term which the Bank determines to continue, commencing be available on the last day of in question, nor shall the Interest Period applicable thereto, any LIBOR Bank be required to offer the Borrower a Fixed Rate Principal; or (v) Elect to convert, on a LIBOR Business Day, all or part of any LIBOR Daily Rate Principal into Base Rate Principal or LIBOR Rate Principal or a combination thereofTerm which would end after the Repayment Date. If, for upon the expiration of any reasonFixed Rate Term, the Borrower fails to contact the Bank and make such an effective election is not made in accordance with Interest Rate Election, as to all of the terms and conditions hereof for any principal advance or for any LIBOR Rate Principal for Loans which the corresponding Interest Period is expiring, or to convert Base Rate Principal to LIBOR Rate Principal or LIBOR Daily Rate Principal, then the sums in question will be Base Rate Principal until an effective LIBOR Rate Election or LIBOR Daily Rate Election is thereafter made for such sums. (b) Each Rate Election Notice must be received by Administrative Agent not later than 10:00 a.m., Administrative Agent’s Time on the applicable date as follows: (i) With respect to an advance of or conversion to Base Rate Principal, one (1) Business Day prior were subject to the proposed date of advance or conversion; (ii) With respect to an advance ofFixed Rate in question, conversion to or continuation of LIBOR Rate Principal, three (3) LIBOR Business Days prior to the proposed date of advance, conversion or continuation; and (iii) With respect to an advance of or conversion to LIBOR Daily Rate Principal, one (1) LIBOR Business Day prior to the proposed date of advance or conversion. Unless otherwise specified herein, no conversion from LIBOR Rate Principal may be made other than at the end of the corresponding Interest Period. Each Rate Election Notice Effective Prime shall stipulate: (A) the amount of the advance or of the Principal Debt to be converted or continued; (B) the nature of the proposed advance, conversion or continuation, which shall be either Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof, and in the case of a conversion or continuation, the nature of the Principal Debt to be converted or continued; and (C) in the case of LIBOR Rate Principal, the proposed commencement date and duration of the Interest Period. All such notices shall be irrevocable once given, and shall thereafter be deemed to have been given only when actually received by Administrative Agent in writing in form specified by Administrative Agent. be the applicable interest rate payable on such Loans until such later date (c) Administrative Agent shall promptly notify not sooner than 30 days later), as the Borrower and Lenders may again elect to convert to a Fixed Rate as set forth above. As to any portion of the Loans at any time not subject to a Fixed Rate, the interest rate payable with respect thereto shall be Effective Prime, as elsewhere provided under the terms of this Agreement. Upon the Borrower's making any telephonic election of a Fixed Rate, the Borrower shall contemporaneously submit to the Bank a written Interest Rate Election specifying that commencing with the date in question, the applicable to each interest rate for a specified portion of the Principal Debt other than Loans of at least $100,000 shall be the Fixed Rate offered by the Bank which shall remain in effect for a Base specified Fixed Rate Principal upon determination of sameTerm.

Interest Rate Elections. (a) Subject to the conditions and limitations in this LoanNote and in the Credit Agreement, Borrower may by written notice to Administrative Lender in the form specified by Agent (a “Rate Election Notice”): (i) Elect, for a new advance of funds, that such Principal Debt will be Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof; (ii) Elect to convert, on a LIBOR Business Day, all or part of Base Rate Principal into LIBOR Rate Principal or LIBOR Daily Rate Principal or a combination thereofPrincipal; (iii) Elect to convert, on the last day of the Interest Period applicable thereto, all or part of any LIBOR Rate Principal into Base Rate Principal or LIBOR Daily Rate Principal or a combination thereof;Principal; or (iv) Elect to continue, commencing on the last day of the Interest Period applicable thereto, any LIBOR Rate Principal; or (v) Elect to convert, on a LIBOR Business Day, all or part of any LIBOR Daily Rate Principal into Base Rate Principal or LIBOR Rate Principal or a combination thereof. If, for any reason, an effective election is not made in accordance with the terms and conditions hereof of this Note for any principal advance or for any LIBOR Rate Principal for which the corresponding Interest Period is expiring, or to convert Base Rate Principal to LIBOR Rate Principal or LIBOR Daily Rate Principal, then the sums in question will be Base Rate Principal until an effective LIBOR Rate Election or LIBOR Daily Rate Election is thereafter made for such sums. (b) Each Rate Election Notice must be received by Administrative Agent Lender not later than 10:00 a.m., Administrative Agent’s Time a.m. on the applicable date as follows: (i) With respect to an advance of or conversion to Base Rate Principal, one (1) Business Day prior to the proposed date of advance or conversion;; and (ii) With respect to an advance of, conversion to or continuation of LIBOR Rate Principal, three (3) LIBOR Business Days prior to the proposed date of advance, conversion or continuation; and (iii) With respect to an advance of or conversion to LIBOR Daily Rate Principal, one (1) LIBOR Business Day prior to the proposed date of advance or conversion. Unless otherwise specified herein, no conversion from LIBOR Rate Principal may be made other than at the end of the corresponding Interest Period. Each Rate Election Notice shall stipulate: (A) the amount of the advance or of the Principal Debt to be converted or continued; (B) the nature of the proposed advance, conversion or continuation, which shall be either Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof, and in the case of a conversion or continuation, the nature of the Principal Debt to be converted or continued; and (C) in the case of LIBOR Rate Principal, the proposed commencement date and duration of the Interest Period. All such notices shall be irrevocable once given, and shall be deemed to have been given only when actually received by Administrative Agent Lender in writing in a form specified by Administrative AgentLender. (c) Administrative Agent shall promptly notify Borrower and Lenders of the interest rate applicable to each portion of the Principal Debt other than a Base Rate Principal upon determination of same.

Interest Rate Elections. (a) Subject to the conditions and limitations in this LoanNote, Borrower may by written notice to Administrative Agent Lender in the form specified by Xxxxxx (a “Rate Election Notice”): (i) Elect, for a new upon the initial advance of funds, that such the Principal Debt will be Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof; (ii) Elect to convert, on a LIBOR Business Day, all or part of Base Rate Principal into LIBOR Rate Principal or LIBOR Daily Rate Principal or a combination thereofPrincipal; (iii) Elect to convert, on the last day of the Interest Period applicable thereto, all or part of any LIBOR Rate Principal into Base Rate Principal or LIBOR Daily Rate Principal or a combination thereof;Principal; or (iv) Elect to continue, commencing on the last day of the Interest Period applicable thereto, any LIBOR Rate Principal; or (v) Elect to convert, on a LIBOR Business Day, all or part of any LIBOR Daily Rate Principal into Base Rate Principal or LIBOR Rate Principal or a combination thereof. If, for any reason, an effective election is not made in accordance with the terms and conditions hereof of this Note for any principal advance or for any LIBOR Rate Principal for which the corresponding Interest Period is expiring, or to convert Base Rate Principal to LIBOR Rate Principal or LIBOR Daily Rate Principal, then the sums in question will be Base Rate Principal until an effective LIBOR Rate Election or LIBOR Daily Rate Election is thereafter made for such sums. (b) Each Rate Election Notice must be received by Administrative Agent Lender not later than 10:00 a.m., Administrative Agent’s Time a.m. on the applicable date as follows: (i) With respect to an advance of or conversion to Base Rate Principal, one (1) Business Day prior to the proposed date of advance or conversion;; and (ii) With respect to an advance of, conversion to or continuation of LIBOR Rate Principal, three (3) LIBOR Business Days prior to the proposed date of advance, conversion or continuation; and (iii) With respect to an advance of or conversion to LIBOR Daily Rate Principal, one (1) LIBOR Business Day prior to the proposed date of advance or conversion. Unless otherwise specified herein, no conversion from LIBOR Rate Principal may be made other than at the end of the corresponding Interest Period. Each Rate Election Notice shall stipulate: (A) the amount of the advance or of the Principal Debt to be converted or continued; (B) the nature of the proposed advance, conversion or continuation, which shall be either Base Rate Principal, LIBOR Rate Principal, LIBOR Daily Rate Principal or a combination thereof, and in the case of a conversion or continuation, the nature of the Principal Debt to be converted or continued; and (C) in the case of LIBOR Rate Principal, the proposed commencement date and duration of the Interest Period. All such notices shall be irrevocable once given, and shall be deemed to have been given only when actually received by Administrative Agent Xxxxxx in writing in a form specified by Administrative AgentXxxxxx. (c) Administrative Agent shall promptly notify Borrower and Lenders of the interest rate applicable to each portion of the Principal Debt other than a Base Rate Principal upon determination of same.