Common use of Selection of Interest Option Clause in Contracts

Selection of Interest Option. Upon making a Request for Borrowing under Section 2.02(a) hereof, Company shall advise Agent as to whether the Borrowing shall be (i) a LIBOR Borrowing, in which case Company shall specify the applicable Interest Period therefor, or (ii) a Base Rate Borrowing. At any time any portion of a Revolving Credit Loan bears interest determined in relation to LIBOR, it may be continued by Company at the end of the Interest Period applicable thereto so that all or a portion thereof bears interest determined in relation to the Base Rate or to LIBOR for a new Interest Period designated by Company. At any time any portion of a Revolving Credit Loan bears interest determined in relation to the Base Rate, Company may convert all or a portion thereof so that it bears interest determined in relation to LIBOR for an Interest Period designated by Company. At such time as Company requests an Advance or wishes to select a LIBOR option for all or a portion of the outstanding principal balance of the Revolving Credit Loans, and at the end of each Interest Period, Company shall give Agent notice specifying: (i) the interest rate option selected by Company; (ii) the principal amount subject thereto; and (iii) for each LIBOR selection, the length of the applicable Interest Period. Any such notice may be given by telephone so long as, with respect to each LIBOR selection, Agent receives written confirmation from Company not later than 11:00 a.m., Fort Worth time, on the earlier of the day of the Advance or the first day of the Interest Period. For each LIBOR option requested hereunder, Agent will quote the applicable LIBOR interest rate to Company at approximately 10:00 a.m., Fort Worth time, on the first day of the Interest Period. If Company does not immediately accept the rate quoted by Agent, any subsequent acceptance by Company shall be subject to a redetermination by Agent of the applicable LIBOR interest rate; provided however, if Company fails to accept any such rate by 11:00 a.m., Fort Worth time, on the Business Day such quotation is given, then the quoted rate shall expire and Agent shall have no obligation to permit a LIBOR option to be selected on such day. If no specific designation of interest is made at the time any Advance is requested hereunder or at the end of any Interest Period, Company shall be deemed to have made a Base Rate interest selection for such Advance or for the principal amount to which such Interest Period applied. Notwithstanding anything to the contrary contained herein, Company shall have no right to request a LIBOR Borrowing if the interest rate applicable thereto under Section 2.03 hereof would exceed the Maximum Rate in effect on the first day of the Interest Period applicable to such LIBOR Borrowing.

Selection of Interest Option. Upon making a Request for Borrowing ---------------------------- under Section 2.02(a) hereof, Company shall advise Administrative Agent as to whether the Borrowing shall be (i) a LIBOR Eurodollar Borrowing, in which case Company shall specify the applicable Interest Period therefor, (ii) a CD Borrowing, in which case Company shall specify the applicable Interest Period therefor, or (iiiii) a Floating Base Rate Borrowing. At any time any portion of a Revolving Credit Loan bears interest determined in relation to LIBORleast two (2) Business Days or Eurodollar Business Days, it as the case may be continued by Company at the end of the Interest Period applicable thereto so that all or a portion thereof bears interest determined in relation be, prior to the Base Rate or to LIBOR for a new Interest Period designated by Company. At any time any portion of a Revolving Credit Loan bears interest determined in relation to the Base Rate, Company may convert all or a portion thereof so that it bears interest determined in relation to LIBOR for an Interest Period designated by Company. At such time as Company requests an Advance or wishes to select a LIBOR option for all or a portion of the outstanding principal balance of the Revolving Credit Loans, and at the end termination of each Interest Period, Period with respect to a Eurodollar Borrowing or a CD Borrowing (whether such termination occurs before or after the Maturity Date) Company shall give Administrative Agent written notice specifying: (ithe "Rollover Notice") of the interest rate option selected by Company; (ii) which shall be applicable to such Borrowing upon the principal amount subject thereto; and (iii) for each LIBOR selection, the length expiration of the applicable Interest Period. Any such notice may be given by telephone so long as, with respect to each LIBOR selection, Agent receives written confirmation from Company not later than 11:00 a.m., Fort Worth time, on the earlier of the day of the Advance or the first day of the Interest Period. For each LIBOR option requested hereunder, Agent will quote the applicable LIBOR interest rate to Company at approximately 10:00 a.m., Fort Worth time, on the first day of the Interest Period. If Company does not immediately accept shall specify that such Borrowing shall be a Eurodollar Borrowing or a CD Borrowing, such Rollover Notice shall also specify the rate quoted by Agent, any subsequent acceptance length of the succeeding Interest Period selected by Company with respect to such Advance. Each Rollover Notice shall be subject irrevocable and effective upon notification thereof to a redetermination Administrative Agent. If the required Rollover Notice shall not have been timely received by Administrative Agent prior to the expiration of the applicable LIBOR interest rate; provided however, if Company fails to accept any such rate by 11:00 a.m., Fort Worth time, on the Business Day such quotation is given, then the quoted rate shall expire and Agent shall have no obligation to permit a LIBOR option to be selected on such day. If no specific designation of interest is made at the time any Advance is requested hereunder or at the end of any then-relevant Interest Period, then Company shall be deemed to have made elected to have such Borrowing be a Floating Base Rate interest Borrowing. With respect to any Floating Base Borrowing, Company shall have the right, on any Business Day or Eurodollar Business Day as the case may be (a "Conversion Date") to convert such Floating Base Borrowing to a Eurodollar Borrowing or to a CD Borrowing, by giving Administrative Agent a Rollover Notice of such selection for at least two (2) Business Days or Eurodollar Business Days, as the case may be, prior to such Advance or for the principal amount to which such Interest Period appliedConversion Date. Notwithstanding anything to the contrary contained herein, Company shall have no right to request a LIBOR Eurodollar Borrowing or CD Borrowing if the interest rate applicable thereto under Section 2.03 hereof would exceed the Maximum Rate in effect on the first day of the Interest Period applicable to such LIBOR Eurodollar Borrowing or CD Borrowing.