Common use of Quoted Fixed Rate Option Clause in Contracts

Quoted Fixed Rate Option. As to any Portion or Portions of the Loan selected by the Borrower, interest shall accrue pursuant to this quoted rate option at a fixed annual interest rate (the “Quoted Rate”) to be quoted by CoBank in its sole and absolute discretion in each instance. Under this option, the interest rate on such Portion or Portions of the Loan may be fixed for such Interest Periods as may be agreeable to CoBank in its sole and absolute discretion in each instance; provided, however, that (i) such Interest Period shall not extend beyond the Maturity Date and such Interest Period may only expire on a Business Day, (ii) the minimum fixed period shall be one year, and (iii) amounts fixed shall be in increments of $100,000 or multiples thereof. Upon the occurrence and during the continuance of any Event of Default, as the Interest Periods for Portions of the Loan accruing interest at the Quoted Rate option expire, such Portions of the Loan shall be converted to the Variable Rate option, and the Quoted Rate option will not be available to the Borrower until any such Events of Default have been waived.

Quoted Fixed Rate Option. As to any Portion or Portions of the Revolving Loan selected by the Borrower, interest shall will accrue pursuant to this quoted rate option at a fixed annual interest rate (the “Quoted Rate”) to be quoted by CoBank in its sole and absolute discretion in each instancediscretion. Under this option, the interest rate on such Portion or Portions of the Revolving Loan may be fixed for such Interest Periods time periods chosen by Borrower during which the Quoted Rate is to apply to a Portion of the Revolving Loan as may be agreeable to CoBank in its sole and absolute discretion in each instance; provided, however, that (i) the minimum Interest Period is 365 days, (ii) the minimum amount that may be fixed is $100,000, (iii) such Interest Period shall may not extend beyond the Maturity Date Date, and (iv) such Interest Period may only expire on a Business Day, (ii) the minimum fixed period shall be one year, and (iii) amounts fixed shall be in increments of $100,000 or multiples thereof. Upon the occurrence and during the continuance of any an Event of Default, as the Interest Periods for Portions of the Revolving Loan accruing interest at the a Quoted Rate option expire, at CoBank’s option, such Portions of the Revolving Loan shall be converted to the Variable Rate option, and the Quoted Rate option will not be available to the Borrower until any such all Events of Default are no longer continuing or have been waived.

Quoted Fixed Rate Option. As to any Portion or Portions of the Loan selected by the Borrower, interest shall accrue pursuant to this quoted rate option at a fixed annual interest rate (the “Quoted Rate”) to be quoted by CoBank in its sole and absolute discretion in each instance. Under this option, the interest rate on such Portion or Portions of the Loan may be fixed for such Interest Periods as may be agreeable to CoBank in its sole and absolute discretion in each instance; provided, however, that (i) such Interest Period shall not extend beyond the Maturity Date and such Interest Period may only expire on a Business Day, (ii) the minimum fixed period shall be one year, and (iii) amounts fixed shall be in increments of $100,000 or multiples thereof. Upon the occurrence and during the continuance of any Event of Default, as the Interest Periods for Portions of the Loan accruing interest at the Quoted Rate option expire, such Portions of the Loan shall be converted to the Variable Rate option, and the Second Supplement to the Master Loan Agreement/Xxxxxxxxxx Acquisition Corp. Loan No. RX0584-T2 Quoted Rate option will not be available to the Borrower until any such Events of Default have been waived.

Quoted Fixed Rate Option. As to any Portion or Portions of the Loan selected by the Borrower, interest shall will accrue pursuant to this quoted rate option at a fixed annual interest rate (the “Quoted Rate”) to be quoted by CoBank in its sole and absolute discretion in each instancediscretion. Under this option, the interest rate on such Portion or Portions of the Loan may be fixed for such Interest Periods time periods chosen by Borrower during which the Quoted Rate is to apply to a Portion of the Loan as may be agreeable to CoBank in its sole and absolute discretion in each instance; provided, however, that (i) the minimum Interest Period is 365 days, (ii) the minimum amount that may be fixed is $100,000, (iii) such Interest Period shall may not extend beyond the Maturity Date Date, and (iv) such Interest Period may only expire on a Business Day, (ii) the minimum fixed period shall be one year, and (iii) amounts fixed shall be in increments of $100,000 or multiples thereof. Upon the occurrence and during the continuance of any an Event of Default, as the Interest Periods for Portions of the Loan accruing interest at the a Quoted Rate option expire, at CoBank’s option, such Portions of the Loan shall be converted to the Variable Rate option, and the Quoted Rate option will not be available to the Borrower until any such all Events of Default are no longer continuing or have been waived.