Common use of Minimum Fixed Rate Debt Clause in Contracts

Minimum Fixed Rate Debt. Not less than sixty percent (60%) of Total Adjusted Committed Indebtedness (other than the Loan, with respect to which only the principal outstanding on the date of calculation shall be included) shall (x) accrue interest at a fixed rate of interest and (y) have an initial term of not less than five (5) years. Absent Majority Lenders’ prior written approval, the Revolving Commitment shall constitute the only unsecured indebtedness incurred by Borrower. In addition, Borrower hereby agrees that to the extent Borrower would like to incur secured indebtedness accruing interest at a floating rate of interest from time to time, Borrower shall provide prior written notice to Agent. In the event that at any time Borrower intends to receive advances under indebtedness accruing interest at a floating rate of interest (including the Revolving Commitment), which advances aggregate in excess of the Revolving Commitment Amount, then Borrower shall provide prior written notice thereof to Agent and Agent may thereupon require that the Borrower make interest rate protection arrangements satisfactory to Borrower and Agent with respect to all advances of floating rate indebtedness (including the Revolving Commitment) exceeding in the aggregate the Revolving Commitment Amount. The Borrower shall thereafter maintain such arrangements in full force and effect, and shall not, without the approval of the Majority Lenders, modify, terminate, or transfer such arrangements.

Minimum Fixed Rate Debt. Not Borrower covenants and agrees that not less than sixty seventy five percent (6075%) of Total Adjusted Committed Outstanding Indebtedness (other than the Loan, with respect to which only the principal outstanding on the date of calculation shall be included) shall (x) accrue interest at a fixed rate of interest and (y) have an initial a term of not less than five (5) years. Absent Majority Lenders’ ' prior written approval, the Revolving Commitment shall constitute the only unsecured indebtedness incurred by BorrowerBorrower which accrues interest at a floating rate of interest. In addition, Borrower hereby agrees that to the extent Borrower would like to incur secured indebtedness accruing interest at a floating rate of interest from time to time, Borrower shall provide prior written notice to Agent. In the event that at any time Borrower intends to receive advances under indebtedness accruing interest at a floating rate of interest (including the Revolving Commitment), which advances aggregate in excess of the Revolving Commitment Amount$60 million, then Borrower shall provide prior written notice thereof to Agent and Agent the Lenders may thereupon require that the Borrower make interest rate protection arrangements satisfactory to Borrower and Agent Lenders with respect to all advances of floating rate indebtedness (including the Revolving Commitment) exceeding in the aggregate the Revolving Commitment Amount$60 million. The Borrower shall thereafter maintain such arrangements in full force and effect, and shall not, without the approval of the Majority Lenders, modify, terminate, or transfer such arrangements.

Minimum Fixed Rate Debt. Not less than sixty percent (60%) of Total Adjusted Committed Indebtedness (other than the Loan, with respect to which only the principal outstanding on the date of calculation shall be included) shall (x) accrue interest at a fixed rate of interest and (y) have an initial term of not less than five (5) years. Absent Majority Lenders’ ' prior written approval, the Revolving Commitment shall constitute the only unsecured indebtedness incurred by Borrower. In addition, Borrower hereby agrees that to the extent Borrower would like to incur secured indebtedness accruing interest at a floating rate of interest from time to time, Borrower shall provide prior written notice to Agent. In the event that at any time Borrower intends to receive advances under indebtedness accruing interest at a floating rate of interest (including the Revolving Commitment), which advances aggregate in excess of the Revolving Commitment Amount$125,000,000.00, then Borrower shall provide prior written notice thereof to Agent and Agent may thereupon require that the Borrower make interest rate protection arrangements satisfactory to Borrower and Agent with respect to all advances of floating rate indebtedness (including the Revolving Commitment) exceeding in the aggregate the Revolving Commitment Amount$125,000,000.00. The Borrower shall thereafter maintain such arrangements in full force and effect, and shall not, without the approval of the Majority Lenders, modify, terminate, or transfer such arrangements.