Common use of Adjusted Base Rate Clause in Contracts

Adjusted Base Rate. Except as otherwise provided by the terms of this AGREEMENT, the LOAN shall bear interest on the unpaid principal balance at the fluctuating ADJUSTED BASE RATE. Absent a timely election by the BORROWERS in accordance with Section 2.2.2 of this AGREEMENT, the unpaid balance of the LOAN, including any balance of any LIBOR BORROWING for which the applicable INTEREST PERIOD has expired, automatically shall be deemed to bear interest at the ADJUSTED BASE RATE. Changes in the interest rate shall be made when and as changes in the BASE RATE occur. For each BASE RATE BORROWING, all accrued and unpaid interest shall be payable monthly in arrears on each consecutive PAYMENT DATE. Each election by the BORROWERS of a BASE RATE BORROWING shall be in the MINIMUM BORROWING AMOUNT, or any multiple thereof.