Common use of Selection of Interest Rates Clause in Contracts

Selection of Interest Rates. (a) Subject to SECTION 6 and SECTION 12.8, the Company shall have the right, by giving a Rate Designation Notice to the Agent as provided in SECTION 5.5, to designate any Loan as a Loan of a particular Type, to convert (a "CONVERSION") any Loan (in whole or in part) into a Loan of another Type or to continue (a "CONTINUATION") any Loan (in whole or in part) as a Loan of the same Type. The records of the Agent with respect to interest rate designations, Interest Periods and the amount of Loans to which they are applicable shall be binding and conclusive, absent manifest error. Loans shall be Alternate Base Rate Loans except where the Company has complied with all requirements of this Agreement for the designation, Conversion or Continuation of such Loan as a Eurodollar Loan. Interest on the amount of each Loan shall accrue on the amount of that Loan and from the date it is made. Any such notice of designation, Conversion or Continuation shall specify the Loan and the new Interest Period. In the event the Company fails to so give such notice prior to the end of any Interest Period for any Eurodollar Loan, such Loan shall become an Alternate Base Rate Loan on the last day of such Interest Period. No more than 10 Eurodollar Interest Periods shall be in effect at any time. Except as otherwise provided in this Agreement, each such designation, Conversion or Continuation shall apply to all Notes ratably in accordance with their respective principal balances. If any Bank assigns an interest in its Note when any Eurodollar Loan is outstanding with respect thereto, the assignee shall have its ratable interest in such Eurodollar Loan.

Selection of Interest Rates. (a) Subject to SECTION 6 and SECTION 12.8, the Company shall have the right, by giving a Rate Designation Notice to the Agent as provided in SECTION 5.5, to designate any Loan as a Loan of a particular Type, to convert (a "CONVERSION") any Loan (in whole or in part) into a Loan of another Type or to continue (a "CONTINUATION") any Loan (in whole or in part) as a Loan of the same Type. The records of the Agent with respect to interest rate designations, Interest Periods and the amount of Loans to which they are applicable shall be binding and conclusive, absent manifest error. Loans shall be Alternate Base Rate Loans except where the Company has complied with all requirements of this Agreement for the designation, Conversion or Continuation of such Loan as a Eurodollar Loan. Interest on the amount of each Loan shall accrue on the amount of that Loan and from the date it is made. Any such notice of designation, Conversion or Continuation shall specify the Loan and the new Interest Period. In the event the Company fails to so give such notice prior to the end of any Interest Period for any Eurodollar Loan, such Loan shall become an Alternate Base Rate Loan on the last day of such Interest Period. No more than 10 Eurodollar Interest Periods shall be in effect at any time. Except as otherwise provided in this Agreement, each such designation, Conversion or Continuation shall apply to all Notes ratably in accordance with their respective principal balances. If any Bank assigns an interest in its Note when any Eurodollar Loan is outstanding with respect thereto, the assignee shall have its ratable interest in such Eurodollar Loan.