Common use of Selection of Fixed Rate Clause in Contracts

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: 3.1 Borrower shall deliver to the Disbursement and Operations Center, 0000 Xxxx Xxxx Xxxxx, Xxxxx 000, Xx Xxxxxxx, Xxxxxxxxxx, 00000, with a copy to: Lender, 000 X Xxxxxx, Xxxxx 000, Xxx Xxxxx, XX 00000, Attention: Xxxxxxx Xxxxxx, or such other addresses as Lender shall designate, an original or facsimile Fixed Rate Notice no later than 9:00 A.M. (California time) for each Fixed Rate Portion. Any Fixed Rate Notice pursuant to this Section 3 is irrevocable. Lender is authorized to rely upon the telephonic request and acceptance of Xxxx Xxxxxx and Xxxxx XxXxxxx as Xxxxxxxx's duly authorized agents, or such additional authorized agents as Borrower shall designate in writing to Lender. Xxxxxxxx's telephonic notices, requests and acceptances shall be directed to such officers of Xxxxxx as Lender may from time to time designate. 3.2 Borrower may elect (A) to convert advances to a Fixed Rate Portion, or (B) to convert a matured Fixed Rate Portion into a new Fixed Rate Portion, provided, however, that the aggregate amount of the advance being converted into or continued as a Fixed Rate Portion shall, in the aggregate, be not less than $100,000.00 and is an even multiple of $250,000.00. The conversion of a matured Fixed Rate Portion back to a or to a new Fixed Rate Portion shall occur on the last Business Day of the Fixed Rate Period relating to such Fixed Rate Portion. Each Fixed Rate Notice shall specify (1) the amount of the Fixed Rate Portion, (2) the Fixed Rate Period, and (3) the Fixed Rate Commencement Date. 3.3 Upon receipt of a Fixed Rate Notice in the proper form requesting a Fixed Rate Portion advance under Sections 3.1 and 3.2 above, Lender shall determine the Fixed Rate applicable to the Fixed Rate Period for such Fixed Rate Portion. Each determination by Lender of the Fixed Rate shall be conclusive and binding upon the parties hereto in the absence of manifest error. Lender shall deliver to Borrower (by facsimile) an acknowledgment of receipt and confirmation of the Fixed Rate Notice; provided, however, that failure to provide such acknowledgment of receipt and confirmation of the Fixed Rate Notice to Borrower shall not affect the validity of such rate. -------------------------------------------------------------------------------- The 520 Group Page 5 LOAN NO. 100441 XXXXXXXX.XX M (07/01) 3641-1-7-ALEXANJA EXHIBIT A -------------------------------------------------------------------------------- 3.4 If Borrower does not make a timely election to convert all or a portion of a matured Fixed Rate Portion into a new Fixed Rate Portion in accordance with Section 3.2 above, such Fixed Rate Portion shall be automatically converted back to a Variable Rate upon the expiration of the Fixed Rate Period applicable to such Fixed Rate Portion.

Selection of Fixed Rate. Provided no Default, breach Default or failure of condition Potential Default exists under the Loan Documentsthis Agreement, or would exist with passage of time or notice or both, BorrowerBorrowers, at its their 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 Borrowers may not have in effect at any one time more than five (5) Fixed Rates: 3.1 Borrower (i) Borrowers shall deliver to the Disbursement and Operations Los Angeles Loan Center, 0000 Xxxx Xxxx Xxxxx, Xxxxx 000, Xx Xxxxxxx, Xxxxxxxxxx, 00000, Attn: Xxxxxxx Xxxx Xxxx, with a copy to: Lender, 000 X Real Estate Group, Orange County, 0000 Xxxx Xxxxxx, Xxxxx 000, Xxx XxxxxXxxxxx, XX 00000, Attention: Xxxxxxx XxxxxxXxxx Xxxxxxxx, Vice President, or such other addresses as Lender Administrative Agent shall designate, an original or facsimile Fixed Rate Notice no later than 9:00 A.M. (California time), and not less than three (3) nor more than five (5) Business Days prior to the proposed Fixed Rate Period for each Fixed Rate Portion. Any Fixed Rate Notice pursuant to this Section 3 subsection (i) is irrevocable. Lender Administrative Agent is authorized to rely upon the telephonic request and acceptance of Xxx Xxxxxxxxxx, Xxxx Xxxxx, Xxxxxx Xxxxxx, Xxxx Xxxxxx, Xxx Xxxxx Xxxxxxx and Xxxxx XxXxxxx Xxxxxxxxxxx as Xxxxxxxx's Borrowers’ duly authorized agents, or such additional authorized agents as Borrower Borrowers shall designate in writing to LenderAdministrative Agent. Xxxxxxxx's Borrowers’ telephonic notices, requests and acceptances shall be directed to such officers of Xxxxxx Administrative Agent as Lender Administrative Agent may from time to time designate. 3.2 (ii) Borrower may may, with a timely and complying Fixed Rate Notice, elect (A) to convert advances all or a portion of the principal balance of the Notes which is accruing interest at the One-Month LIBO Rate determined by Administrative Agent, reset daily, to a Fixed Rate Portion, or (B) to convert a matured Fixed Rate Portion into a new Fixed Rate Portion, provided, however, that the aggregate amount of the advance being converted into or continued as a Fixed Rate Portion shall, in shall comply with the aggregate, be not less than $100,000.00 and is an even multiple of $250,000.00definition thereof as to Dollar amount. The conversion of a matured Fixed Rate Portion back to a the One-Month LIBO Rate determined by Administrative Agent, reset daily, or to a new Fixed Rate Portion shall occur on the last Business Day of the Fixed Rate Period relating to such Fixed Rate Portion. Each Fixed Rate Notice shall specify (1A) the amount of the Fixed Rate Portion, (2B) the Fixed Rate Period, and (3C) the Fixed Rate Commencement Date. 3.3 (iii) Upon receipt of a Fixed Rate Notice in the proper form requesting a Fixed Rate Portion advance under Sections 3.1 subsections (i) and 3.2 (ii) above, Lender Administrative Agent shall determine the Fixed Rate applicable to the Fixed Rate Period for such Fixed Rate PortionPortion two (2) Business Days prior to the beginning of such Fixed Rate Period. Each determination by Lender Administrative Agent of the Fixed Rate shall be conclusive and binding upon the parties hereto in the absence of manifest error. Lender Administrative Agent shall deliver to Borrower Borrowers and each Lender (by facsimile) an acknowledgment of receipt and confirmation of the Fixed Rate Notice; provided, however, that failure to provide such acknowledgment of receipt and confirmation of the Fixed Rate Notice to Borrower Borrowers or any Lender shall not affect the validity of such rate. -------------------------------------------------------------------------------- The 520 Group Page 5 LOAN NO. 100441 XXXXXXXX.XX M . (07/01iv) 3641-1-7-ALEXANJA EXHIBIT A -------------------------------------------------------------------------------- 3.4 If Borrower does Borrowers do not make a timely election to convert all or a portion of a matured Fixed Rate Portion into a new Fixed Rate Portion in accordance with this Section 3.2 2.7(f) above, such Fixed Rate Portion shall be automatically converted back begin to a Variable accrue interest at the One-Month LIBO Rate determined by Administrative Agent, reset daily, upon the expiration of the Fixed Rate Period applicable to such Fixed Rate Portion.

Selection of Fixed Rate. Provided no Default, breach Default or failure of condition Potential Default exists under the Loan Documentsthis Agreement, or would exist with passage of time or notice or both, BorrowerBorrowers, at its their 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 Borrowers may not have in effect at any one time more than five (5) Fixed Rates: 3.1 Borrower (i) Borrowers shall deliver to the Disbursement and Operations Los Angeles Loan Center, 0000 Xxxx Xxxx Xxxxx, Xxxxx 000, Xx Xxxxxxx, Xxxxxxxxxx, 00000, Attn: Xxx Xxxxx, with a copy to: LenderXxxxx Fargo Bank, 000 X National Association, Real Estate Group, Orange County, 0000 Xxxx Xxxxxx, Xxxxx 000, Xxx XxxxxXxxxxx, XX 00000, Attention: Xxxxxxx XxxxxxXxxxx Xxxxxxx, Senior Vice President, or such other addresses as Lender Administrative Agent shall designate, an original or facsimile Fixed Rate Notice no later than 9:00 A.M. (California time), and not less than three (3) nor more than five (5) Business Days prior to the proposed Fixed Rate Period for each Fixed Rate Portion. Any Fixed Rate Notice pursuant to this Section 3 subsection (i) is irrevocable. Lender Administrative Agent is authorized to rely upon the telephonic request and acceptance of Xxxx Xxxxxx and Xxxxx XxXxxxx any of the following, acting alone, as Xxxxxxxx's Borrowers’ duly authorized agents, or such additional authorized agents as Borrower Borrowers shall designate in writing to LenderAdministrative Agent: Xxx Xxxxxxxxxx, Xxxx Xxxxx, Xxxxxx Xxxxxx, Xxxx Xxxxxx, Xxx Xxxxx Xxxxxxx, Xxxxxx X. Xxxxxx and Xxxxx Xxxxxxx. Xxxxxxxx's Borrowers’ telephonic notices, requests and acceptances shall be directed to such officers of Xxxxxx Administrative Agent as Lender Administrative Agent may from time to time designate. 3.2 (ii) Borrower may may, with a timely and complying Fixed Rate Notice, elect (A) to convert advances all or a portion of the principal balance of the Notes which is accruing interest at the Variable Rate to a Fixed Rate Portion, or (B) to convert a matured Fixed Rate Portion into a new Fixed Rate Portion, provided, however, that the aggregate amount of the advance being converted into or continued as a Fixed Rate Portion shall, in shall comply with the aggregate, be not less than $100,000.00 and is an even multiple of $250,000.00definition thereof as to Dollar amount. The conversion of a matured Fixed Rate Portion back to a the Variable Rate or to a new Fixed Rate Portion shall occur on the last Business Day of the Fixed Rate Period relating to such Fixed Rate Portion. Each Fixed Rate Notice shall specify (1A) the amount of the Fixed Rate Portion, (2B) the Fixed Rate Period, and (3C) the Fixed Rate Commencement Date. 3.3 (iii) Upon receipt of a Fixed Rate Notice in the proper form requesting a Fixed Rate Portion advance under Sections 3.1 subsections (i) and 3.2 (ii) above, Lender Administrative Agent shall determine the Fixed Rate applicable to the Fixed Rate Period for such Fixed Rate PortionPortion two (2) Business Days prior to the beginning of such Fixed Rate Period. Each determination by Lender Administrative Agent of the Fixed Rate shall be conclusive and binding upon the parties hereto in the absence of manifest error. Lender Administrative Agent shall deliver to Borrower Borrowers and each Lender (by facsimile) an acknowledgment of receipt and confirmation of the Fixed Rate Notice; provided, however, that failure to provide such acknowledgment of receipt and confirmation of the Fixed Rate Notice to Borrower Borrowers or any Lender shall not affect the validity of such rate. -------------------------------------------------------------------------------- The 520 Group Page 5 LOAN NO. 100441 XXXXXXXX.XX M . (07/01iv) 3641-1-7-ALEXANJA EXHIBIT A -------------------------------------------------------------------------------- 3.4 If Borrower does Borrowers do not make a timely election to convert all or a portion of a matured Fixed Rate Portion into a new Fixed Rate Portion in accordance with this Section 3.2 2.7(f) above, such Fixed Rate Portion shall be automatically converted back begin to a accrue interest at the Variable Rate upon the expiration of the Fixed Rate Period applicable to such Fixed Rate Portion.

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: 3.1 Borrower shall deliver to the Disbursement and Operations Center, 0000 Xxxx Xxxx Xxxxx2120 East Park Place, Xxxxx 000Suite 100, Xx XxxxxxxEl Segundo, California, 00000, xxxx x xxxx xx: Xxxxxx, 000 Xxxxxxxxxx Xxxxxx, 00xx Floor, San Francisco, Xxxxxxxxxx, 00000, with a copy to: Lender, 000 X Xxxxxx, Xxxxx 000, Xxx Xxxxx, XX 00000, Attention: Xxxxxxx XxxxxxJay Rosenberg, or such other addresses as Lender shall designatesxxxx xxxxxxxxx, an xx original or facsimile Fixed Rate Notice no later than 9:00 A.M. (California time), and not less than three (3) nor more than five (5) Business Days prior to the proposed Fixed Rate Period for each Fixed Rate Portion. Any Fixed Rate Notice pursuant to this Section 3 is irrevocable. Lender is authorized to rely upon the telephonic request and acceptance of Xxxx Xxxxxx and Xxxxx XxXxxxx Joey Cory as XxxxxxxxBorrower's duly authorized agents, or such additional authorized xxxx xxxitioxxx xxxxorized agents as Borrower shall designate in writing to Lender. XxxxxxxxBorrower's telephonic notices, requests and acceptances shall acceptxxxxx xxall be directed to such officers of Xxxxxx Lender as Lender may from time to time designate. 3.2 Borrower may elect (A) to convert advances to a Fixed Rate Portion, or (B) to convert a matured Fixed Rate Portion into a new Fixed Rate Portion, provided, however, that the aggregate amount of the advance being converted into or continued as a Fixed Rate Portion shall, in the aggregate, be not less than $100,000.00 and is an even multiple of $250,000.001,000,000.00. The conversion of a matured Fixed Rate Portion back to a or to a new Fixed Rate Portion shall occur on the last Business Day of the Fixed Rate Period relating to such Fixed Rate Portion. Each Fixed Rate Notice shall specify (1) the amount of the Fixed Rate Portion, (2) the Fixed Rate Period, and (3) the Fixed Rate Commencement Date. 3.3 Upon receipt of a Fixed Rate Notice in the proper form requesting a Fixed Rate Portion advance under Sections 3.1 and 3.2 above, Lender shall determine the Fixed Rate applicable to the Fixed Rate Period for such Fixed Rate PortionPortion two (2) Business Days prior to the beginning of such Fixed Rate Period. Each determination by Lender of the Fixed Rate shall be conclusive and binding upon the parties hereto in the absence of manifest error. Lender shall deliver to Borrower (by facsimile) an acknowledgment of receipt and confirmation of the Fixed Rate Notice; provided, however, that failure to provide such acknowledgment of receipt and confirmation of the Fixed Rate Notice to Borrower shall not affect the validity of such rate. -------------------------------------------------------------------------------- The 520 Group Page 5 LOAN NO. 100441 XXXXXXXX.XX M (07/01) 3641-1-7-ALEXANJA EXHIBIT A --------------------------------------------------------------------------------. 3.4 If Borrower does not make a timely election to convert all or a portion of a matured Fixed Rate Portion into a new Fixed Rate Portion in accordance with Section 3.2 above, such Fixed Rate Portion shall be automatically converted back to a Variable one month Fixed Rate Period upon the expiration of the Fixed Rate Period applicable to such Fixed Rate Portion.

Selection of Fixed Rate. Provided no Default, breach Default or failure of condition Potential Default exists under the Loan Documents, or would exist with passage of time or notice or boththis 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:. 3.1 (i) Borrower shall deliver to the Disbursement and Operations CenterCenter of Administrative Agent, 0000 Xxxx Xxxx Xxxxx000 Xxxxxxxxx Xxxxxx, Xxxxx 00000xx xxxxx, Xx XxxxxxxXxxxxxxxxxx, Xxxxxxxxxx, XX 00000-00000, with a copy to: Lender, 000 X XxxxxxAdministrative Agent, Xxxxx 000Fargo Bank, Xxx Xxxxx, XX 00000N.A., Attention: Xxxxxxx XxxxxxXxxxxx Xxxxx, or such other addresses as Lender Administrative Agent shall designate, an original or facsimile Fixed Rate Notice no later than 9:00 A.M. (California time), and not less than three (3) nor more than five (5) Business Days prior to the proposed Fixed Rate Period for each Fixed Rate Portion. Any Fixed Rate Notice pursuant to this Section 3 subsection (i) is irrevocable. Lender Administrative Agent is authorized to rely upon the telephonic request and acceptance of Xxxxx X. Xxxx and Xxxxxxx X. Xxxxxx and Xxxxx XxXxxxx as Xxxxxxxx's Borrower’s duly authorized agents, or such additional authorized agents as Borrower shall designate in writing to LenderAdministrative Agent. Xxxxxxxx's Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of Xxxxxx Administrative Agent as Lender Administrative Agent may from time to time designate. 3.2 (ii) Borrower may elect (A) to convert Variable Rate advances to a Fixed Rate Portion, or (B) to convert a matured Fixed Rate Portion into a new Fixed Rate Portion, ; provided, however, that the aggregate amount of the advance being converted into or continued as a Fixed Rate Portion shall, in shall comply with the aggregate, be not less than $100,000.00 and is an even multiple of $250,000.00definition thereof as to Dollar amount. The conversion of a matured Fixed Rate Portion back to a Variable Rate or to a new Fixed Rate Portion shall occur on the last Business Day of the Fixed Rate Period relating to such Fixed Rate Portion. Each Fixed Rate Notice shall specify (1A) the amount of the Fixed Rate Portion, (2B) the Fixed Rate Period, and (3C) the Fixed Rate Commencement Date. 3.3 (iii) Upon receipt of a Fixed Rate Notice in the proper form requesting a Fixed Rate Portion advance under Sections 3.1 subsections (i) and 3.2 (ii) above, Lender Administrative Agent shall determine the Fixed Rate applicable to the Fixed Rate Period for such Fixed Rate PortionPortion two (2) Business Days prior to the beginning of such Fixed Rate Period. Each determination by Lender Administrative Agent of the Fixed Rate shall be conclusive and binding upon the parties hereto in the absence of manifest error. Lender Administrative Agent shall deliver to Borrower and each Lender (by facsimile) an acknowledgment of receipt and confirmation of the Fixed Rate Notice; provided, however, that failure to provide such acknowledgment of receipt and confirmation of the Fixed Rate Notice to Borrower or any Lender shall not affect the validity of such rate. -------------------------------------------------------------------------------- The 520 Group Page 5 LOAN NO. 100441 XXXXXXXX.XX M . (07/01iv) 3641-1-7-ALEXANJA EXHIBIT A -------------------------------------------------------------------------------- 3.4 If Borrower does not make a timely election to convert all or a portion of a matured Fixed Rate Portion into a new Fixed Rate Portion in accordance with this Section 3.2 2.6(f) above, such Fixed Rate Portion shall be automatically converted back to a Variable Rate upon the expiration of the Fixed Rate Period applicable to such Fixed Rate PortionPortion / or automatic rollover language, as applicable.