Common use of CONTRACT RATES Clause in Contracts

CONTRACT RATES. Pursuant to a duly completed and delivered Contract Borrowing Request or Contract Continuation/Conversion Notice, the Borrowers may elect that Contract Loans comprising a Contract Borrowing accrue interest at a rate per annum: (a) on that portion maintained from time to time as a Base Rate Loan, equal to the sum of the Base Rate from time to time in effect plus the Applicable Margin, if any; and (b) on that portion maintained as a Eurodollar Rate Loan, during each Interest Period applicable thereto, equal to the sum of the Eurodollar Rate for such Interest Period plus the Applicable Margin. All Eurodollar Rate Loans shall bear interest from the first day of the applicable Interest Period to the last day of such Interest Period at the interest rate determined as applicable to such Eurodollar Rate Loan.