Rate Elections. Borrower may from time to time designate all or any portions of the Loans (including any yet to be made Revolving Loan Advances which are to be made prior to or at the beginning of the designated Eurodollar Interest Period but excluding any portions of the Loans which are required to be repaid prior to the end of the designated Eurodollar Interest Period and excluding any Competitive Bid Advance and any Swing Line Advance) as a "Tranche", which term refers to a set of Eurodollar Portions of the same type with identical Eurodollar Interest Periods and with each Lender participating in such Tranche in accordance with its Percentage Share. Without the consent of Required Lenders, Borrower may not make such election, and Administrative Agent and Lenders shall not be required to give effect to such election, during the continuance of a Default and Borrower may make such an election with respect to already existing Eurodollar Portions only if such election will take effect at or after the termination of the Eurodollar Interest Period applicable thereto. Each election by Borrower of a Tranche shall:
(a) Be made in writing in the form and substance of Exhibit D attached hereto, duly completed, herein called a "Rate Election";
(b) Specify the aggregate amount of the Loans which Borrower desires to designate as such Tranche, the first day of the Eurodollar Interest Period which is to apply thereto, and the length of such Eurodollar Interest Period; and
(c) Be received by Administrative Agent not later than 10:00 a.m., Dallas, Texas time, on the third Business Day preceding the first day of the specified Eurodollar Interest Period. Promptly after receiving any such Rate Election which meets the requirements of this Section, Administrative Agent shall notify each Lender thereof. Each Rate Election shall be irrevocable. Borrower may not make any Rate Election which does not specify an Eurodollar Interest Period complying with the definition of "Eurodollar Interest Period" in Section 1.1, and the aggregate amount of the Tranche elected in any Rate Election must be $10,000,000 or a higher integral multiple of $1,000,000. Upon the termination of each Eurodollar Interest Period the portion of each Loan within the related Tranche shall, unless the subject of a new Rate Election then taking effect, automatically become a part of the Base Rate Portion of such Loan and become subject to all provisions of the Loan Documents governing such Base Rate Portion. Borrower shall have ...
Rate Elections. Borrower may from time to time designate, within the dollar limits set forth below, a portion of the Loans as Eurodollar Loans. Each election (a “Rate Election”) by Borrower shall:
(i) Be made by email notice to Lender and confirmed by telephonic notice from Lender.
(ii) Specify the aggregate amount of the Loans which Borrower desires to designate as a Eurodollar Rate Portion and the applicable Interest Period which is to apply thereto; and
(iii) Be received by the Lender not later than 11:00 a.m., Oklahoma City, Oklahoma time, on the first Business Day preceding the first day of the applicable Interest Period.
(iv) Each Rate Election shall be irrevocable. Borrower may make no Rate Election which does not specify an Interest Period complying with the definition of “Interest Period” in Section 1.1, and the aggregate amount of the election must be at least $1,000,000 or a higher integral multiple of $500,000. Upon the termination of each Interest Period, the portion of the Loans theretofore constituting the related Eurodollar Rate Portion shall, unless the subject of a new Rate Election then taking effect, automatically be continued as a Eurodollar Rate Portion with an Interest Period equal to one month. Notwithstanding the foregoing, if any automatic continuation of any Eurodollar Rate Portion pursuant to the preceding sentence results in an Interest Period not complying with the definition of “Interest Period” in Section 1.1, such Eurodollar Rate Portion shall automatically be continued with an Interest Period of one week, unless such reduced Interest Period will also not comply with such definition, in which event such Eurodollar Rate Portion will become a part of the Floating Rate Portion of the Loans and become subject to all provisions of the Loan Documents governing such Floating Rate Portion. Borrower shall have no more than three Eurodollar Rate Portions for the Loans in effect at any time.
Rate Elections. Borrower may from time to time designate, within the dollar limits set forth below, all of the Revolving Loans (including any yet to be made Advances which are to be made prior to or at the beginning of the Interest Period but excluding any portions of any Revolving Loan which are required to be repaid prior to the end of the designated LIBOR Interest Period) as a LIBOR Portion. Each election by Borrowers shall:
(i) Be made by written notice to Bank or by telephonic notice to Bank promptly confirmed in writing, in the form and substance of the “Rate Election” attached hereto as Exhibit “D”, duly completed and signed by either Co-President of Borrower.
(ii) Specify the aggregate amount of the Loan which Borrower desires to designate as a LIBOR Portion; and
(iii) Be received by Bank not later than 9:00 a.m., Oklahoma City, Oklahoma time, on the first Business Day preceding the first day of the applicable Interest Period. Each Rate Election shall be irrevocable. The aggregate amount of the election must be at least $500,000 or a higher integral multiple of $500,000. Upon the termination of each Interest Period, the portion of the Revolving Loan theretofore constituting the related LIBOR Portion shall, unless the subject of a new Rate Election then taking effect, automatically become a part of the Prime Rate Portion of the Loan and become subject to all provisions of the Loan Documents governing such Prime Rate Portion. Borrower shall have no need for more than one LIBOR Portion for the Revolving Loan in effect at any time.
Rate Elections. Unless a LIBOR Rate Election is in effect, Borrower shall be deemed to have made an effective Base Rate Election.
Rate Elections. 4 2.4 Closing Fee................................................................................... 5 2.5 Letter of Credit and LC Guaranty Fees......................................................... 5 2.6 Unused Line Fee............................................................................... 5 2.7 Collection Charges............................................................................ 6 2.8
Rate Elections. 12 2.10 Increased Cost of Eurodollar Portion.......................12 2.11 Availability...............................................13 2.12
Rate Elections. Unless one or more LIBOR Rate Elections by Borrower are in effect, Borrower shall be deemed to have made an effective Base Rate Election as to all of the Revolving Credit Loans. If one or more LIBOR Rate Elections have been made by Borrower and are in effect, then Borrower shall be deemed to have made a LIBOR Rate Election as to the Revolving Credit Loan, that are the subject thereof and Borrower shall be deemed to have made an effective Base Rate Election as to the balance of the Revolving Credit Loans that are not the subject thereof.
Rate Elections. Borrower may from time to time designate all or any portions of the Loans (including any yet to be made Advances which are to be made prior to or at the beginning of the designated Interest Period but excluding any portions of the Loans which are required to be repaid prior to the end of the designated Interest Period) as a "Tranche", which term refers to a set of Eurodollar Portions of the same type with identical Interest Periods. The amounts of Lenders' Eurodollar Portions within a Tranche shall be in proportion to their respective Percentage Shares, subject to the provisions of Section 2.
Rate Elections. Borrower may from time to time designate all -------------- or any portions of the Loans (including any yet to be made Advances which are to be made prior to or at the beginning of the designated Interest Period but excluding any portions of the Loans which are required to be repaid prior to the end of the designated Interest Period) as a "Tranche", which term refers to a set of Fixed Rate Portions with identical Interest Periods and with each Lender participating in such Tranche in accordance with its Percentage Share. Without the consent of Majority Lenders, Borrower may make no such election during the continuance of a Default under Section 5.2 or of an Event of Default, and Borrower may make such an election with respect to already existing Fixed Rate Portions only if such election will take effect at or after the termination of the Interest Period applicable thereto. Each election by Borrower of a Tranche shall:
Rate Elections. The first sentence of Section 2.4 of the Original Agreement is hereby amended in its entirety to read as follows:
