Selection of Fixed Rate. Provided no Default or Potential Default exists under this Agreement, Borrower, at its option and upon satisfaction of the conditions set forth herein, may request a Fixed Rate as the Effective Rate for calculating interest on the portion of the unpaid principal balance and for the period selected in accordance with and subject to the following procedures and conditions, provided, however, that Borrower may not have in effect at any one time more than five (5)
Selection of Fixed Rate. Provided no Default, breach or failure of condition exists under the Loan Documents, or would exist with passage of time or notice or both, Borrower, at its option and upon satisfaction of the conditions set forth herein, may request a Fixed Rate as the Effective Rate for calculating interest on the portion of the unpaid principal balance and for the period selected in accordance with and subject to the following procedures and conditions:
Selection of Fixed Rate. Subject to the terms and conditions of this Note, Maker may elect from time to time that interest accrue at a rate per annum equal to the Eurodollar Rate rather than the rate per annum equal to the Floating Rate, and for a Eurodollar Interest Period selected hereunder for all (but not less than all) of the outstanding principal balance of this Note by giving the Holder the appropriate Rate Selection Notice in not less than the Minimum Notice Period applicable thereto. The Principal Amount shall bear interest from and including the first day of the Eurodollar Interest Period applicable thereto and during such Eurodollar Interest Period. Except in accordance with Section 7 hereof, the Rate Option shall not be changed by the Maker. Maker may select a new Eurodollar Interest Period and Eurodollar Rate to apply to the Principal Amount, effective as of the last day of the existing Eurodollar Interest Period, by giving a Rate Selection Notice in not less than the Minimum Notice Period. If at the end of a Eurodollar Interest Period the Maker fails to select a new Eurodollar Rate and new Eurodollar Interest Period, then the Principal Amount shall accrue interest at the Floating Rate on and after the last day of such existing Eurodollar Interest Period until paid or until the Effective Date of a new Rate Option selected by the Maker. The Maker may not select the Fixed Rate if, on the date of the Rate Selection Notice or the Effective Date of such selection, there exists an Event of Default.
