Conversion From Prime Rate Clause Samples

Conversion From Prime Rate. During any period in which any portion of the principal hereof bears interest at a rate based upon the Prime Rate, Borrower shall have the right, on any London Business Day (the "Conversion Date"), to convert all or a portion of such principal amount from the Prime Rate Balance to a LIBOR Balance by giving Bank an Interest Notice of such selection at least two (2) London Business Days prior to such Conversion Date, or as otherwise agreed to by Bank. An Interest Notice may be written or oral and Bank is hereby authorized and directed to honor all telephonic Interest Notices hereunder. ▇▇▇▇▇▇▇▇ agrees to indemnify and hold Bank harmless from any loss or liability incurred by Bank in connection with honoring any telephonic or other oral Interest Notices. All written Interest Notices are effective only upon receipt by Bank. Each Interest Notice shall be irrevocable and binding upon Borrower.