Common use of Interest Rate Election Clause in Contracts

Interest Rate Election. Subject to the terms and conditions of this Note, at the end of each interest period applicable to any advance, the Borrower may renew the Option applicable to such advance or convert such advance to a different Option; provided that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any advances bearing interest under the LIBOR Option shall, at the Bank’s sole discretion, be converted at the end of the applicable LIBOR Interest Period to the Base Rate Option and the LIBOR Option will not be available to Borrower with respect to any new advances (or with respect to the conversion or renewal of any existing advances) until such Event of Default has been cured by the Borrower or waived by the Bank. The Borrower shall notify the Bank of each election of an Option, each conversion from one Option to another, the amount of the advances then outstanding to be allocated to each Option and where relevant the interest periods therefor. In the case of converting to the LIBOR Option, such notice shall be given at least three (3) Business Days prior to the commencement of any LIBOR Interest Period. If no interest period is specified in any such notice for which the resulting advance is to bear interest under the LIBOR Option, the Borrower shall be deemed to have selected a LIBOR Interest Period of one month’s duration. If no notice of election, conversion or renewal is timely received by the Bank with respect to any advance, the Borrower shall be deemed to have elected the Base Rate Option. Any such election shall be promptly confirmed in writing by such method as the Bank may require.

Interest Rate Election. Subject to the terms and conditions of this Note, at the end of each interest period applicable to any advance, the Borrower may renew the Option applicable to such advance or convert such advance to a different Option; provided that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any advances bearing interest under the LIBOR Option and Daily LIBOR Option shall, at the Bank’s sole discretion, be converted at the end of the applicable LIBOR Interest Period (or immediately in the case of the Daily LIBOR Option) to the Base Rate Option and the LIBOR Option and Daily LIBOR Option will not be available to Borrower with respect to any new advances (or with respect to the conversion or renewal of any existing advances) until such Event of Default has been cured by the Borrower or waived by the Bank. The Borrower shall notify the Bank of each election of an Option, each conversion from one Option to another, the amount of the advances then outstanding to be allocated to each Option and where relevant the interest periods (if any) therefor. In the case of converting to the LIBOR Option or the Daily LIBOR Option, such notice shall be given at least three (3) Business Days prior to the commencement of any LIBOR Interest PeriodPeriod (or start of the Daily LIBOR Option, as applicable). If no interest period is specified in any such notice for which the resulting advance is to bear interest under the LIBOR Option, the Borrower shall be deemed to have selected a LIBOR Interest Period of one month’s duration. If no notice of election, conversion or renewal is timely received by the Bank with respect to any advance, the Borrower shall be deemed to have elected the Base Rate Option. Any such election shall be promptly confirmed in writing by such method as the Bank may require.

Interest Rate Election. Subject to the terms and conditions of this Note, at the end of each interest period applicable to any advanceamounts hereunder, the Borrower may renew the Option applicable to such advance amounts or convert such advance amounts to a different Option; provided that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any advances amounts bearing interest under the LIBOR Term SOFR Rate Option shall, at the Bank’s sole discretion, be converted at the end of the applicable LIBOR Interest Period interest period to the Base Rate Option Option, and the LIBOR Term SOFR Rate Option will not be available to the Borrower with respect to any new advances (or with respect to the conversion or renewal of any existing advancesother amounts) until such Event of Default has been cured by the Borrower or waived by the Bank. The Borrower shall notify the Bank of each election of an Option, each conversion from one Option to another, the amount of the advances then outstanding portions hereunder to be allocated to each Option and where relevant the interest periods period therefor. In the case of converting to the LIBOR Term SOFR Rate Option, such notice shall be given at least three (3) 3 Business Days prior to the commencement of any LIBOR Term SOFR Interest Period. If no interest period is specified in any such notice for which the resulting advance an amount that is to bear interest under the LIBOR Term SOFR Rate Option, the Borrower shall be deemed to have selected a LIBOR Term SOFR Interest Period of one month’s duration. If no notice of election, conversion or renewal is timely received by the Bank with respect to any advanceamount hereunder, the Borrower shall be deemed to have elected the Base Term SOFR Rate OptionOption having a Term SOFR Interest Period of one month’s duration. Any such election shall be promptly confirmed in writing by such method as the Bank may require.

Interest Rate Election. Subject to the terms and conditions of this Note, at the end of each interest period applicable to any advanceamounts hereunder, the Borrower may renew the Option applicable to such advance amounts or convert such advance amounts to a different Option; provided that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, continuing any advances amounts bearing interest under the LIBOR Option shall, at the Bank’s sole discretion, be converted at the end of the applicable LIBOR Interest Period to the Base Daily LIBOR Rate Option Option, and the LIBOR Option will not be available to Borrower with respect to any new advances (or with respect to the conversion or renewal of any existing advances) other amounts until such Event of Default has been cured by the Borrower or waived by the Bank. The Borrower shall notify the Bank of each election of an Option, each conversion from one Option to another, the amount of the advances then outstanding portions hereunder to be allocated to each Option and where relevant the interest periods therefor. In the case of converting to the LIBOR Option, such notice shall be given at least three (3) Business Days prior to the commencement of any LIBOR Interest Period. If no interest period is specified in any such notice for which the resulting advance an amount that is to bear interest under the LIBOR Option, the Borrower shall be deemed to have selected a LIBOR Interest Period of one month’s duration. If no notice of election, conversion or renewal is timely received by the Bank with respect to any advanceamount hereunder, the Borrower shall be deemed to have elected the Base Daily LIBOR Rate Option. Any such election shall be promptly confirmed in writing by such method as the Bank may require.

Interest Rate Election. Subject to the terms and conditions of this Note, at the end of each interest period applicable to any advance, the Borrower may renew the Option applicable to such advance or convert such advance to a different Option; provided that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any advances bearing interest under the LIBOR Rate Option shall, at the Bank’s 's sole discretion, be converted at the end of the applicable LIBOR Rate Interest Period to the Base Prime-based Rate Option and the LIBOR Rate Option will not be available to Borrower with respect to any new advances (or with respect to the conversion or renewal of any existing advances) until such Event of Default has been cured by the Borrower or waived by the Bank. The Borrower shall notify the Bank of each election of an Option, each conversion from one Option to another, the amount of the advances then outstanding to be allocated to each Option and where relevant the interest periods therefor. In the case of converting to the LIBOR Rate Option, such notice shall be given at least three (3) Business Days prior to the commencement of any LIBOR Rate Interest Period. If no interest period is specified in any such notice for which the resulting advance is to bear interest under the LIBOR Rate Option, the Borrower shall be deemed to have selected a LIBOR Rate Interest Period of one month’s 's duration. If no notice of election, conversion or renewal is timely received by the Bank with respect to any advance, the Borrower shall be deemed to have elected the Base Prime-based Rate Option. Any such election shall be promptly confirmed in writing by such method as the Bank may require.

Interest Rate Election. Subject to the terms and conditions of this Note, at the end of each interest period applicable to any advanceamounts hereunder, the Borrower may renew the Option applicable to such advance amounts or convert such advance amounts to a different Option; provided thatPROVIDED THAT, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any advances amounts bearing interest under the LIBOR Option shall, at the Bank’s 's sole discretion, be converted at the end of the applicable LIBOR Interest Period to the Base Rate Option and the LIBOR Option will not be available to Borrower with respect to any new advances (or with respect to the conversion or renewal of any existing advances) other amounts until such Event of Default has been cured by the Borrower or waived by the Bank. The Borrower shall notify the Bank of each election of an Option, each conversion from one Option to another, the amount of the advances then outstanding portions hereunder to be allocated to each Option and where relevant the interest periods therefor. In the case of converting to the LIBOR Option, such notice shall be given at least three (3) Business Days prior to the commencement of any LIBOR Interest Period. If no interest period is specified in any such notice for which the resulting advance an amount that is to bear interest under the LIBOR Option, the Borrower shall be deemed to have selected a LIBOR Interest Period of one month’s 's duration. If no notice of election, conversion or renewal is timely received by the Bank with respect to any advanceamount hereunder, the Borrower shall be deemed to have elected the Base Rate OptionOption therefor. Any such election shall be promptly confirmed in writing by such method as the Bank may require.

Interest Rate Election. Subject to the terms and conditions of this Note, at the end of each interest period applicable to any advance, the Borrower may renew the Option applicable to such advance or convert such advance to a different Option; provided that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any advances bearing interest under the LIBOR Option shall, at the Bank’s 's sole discretion, be converted at the end of the applicable LIBOR Interest Period to the Base Rate Option and the LIBOR Option will not be available to Borrower with respect to any new advances (or with respect to the conversion or renewal of any existing advances) until such Event of Default has been cured by the Borrower or waived by the Bank. The Borrower shall notify the Bank of each election of an Option, each conversion from one Option to another, the amount of the advances then outstanding to be allocated to each Option and where relevant the interest periods therefor. In the case of converting to the LIBOR Option, such notice shall be given at least three (3) Business Days prior to the commencement of any LIBOR Interest Period. If no interest period is specified in any such notice for which the resulting advance is to bear interest under the LIBOR Option, the Borrower shall be deemed to have selected a LIBOR Interest Period of one month’s 's duration. If no notice of election, conversion or renewal is timely received by the Bank with respect to any advance, the Borrower shall be deemed to have elected the Base Rate Option. Any such election shall be promptly confirmed in writing by such method as the Bank may require.

Interest Rate Election. Subject to the terms and conditions of this Note, at the end of each interest period applicable to any advanceamounts hereunder, the Borrower Undersigned may renew the Rate Option applicable to such advance amounts or convert such advance amounts to a different Rate Option; provided that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any advances amounts bearing interest under the LIBOR Rate Option shall, at the Bank’s sole discretion, be converted at the end of the applicable LIBOR Interest Period to the Base Prime Rate Option and the LIBOR Rate Option will not be available to Borrower with respect to any new advances (or Undersigned with respect to the conversion or renewal of any existing advances) other amounts until such Event of Default has been cured by the Borrower Undersigned or waived by the Bank. The Borrower Undersigned shall notify the Bank of each election of an a Rate Option, each conversion from one Rate Option to another, the amount of the advances then outstanding portions hereunder to be allocated to each Rate Option and where relevant the interest periods Interest Periods therefor. In the case of converting to the LIBOR Rate Option, such notice shall be given at least three by 10:00 a.m. (3New York time) not less than two (2) nor more than five (5) Business Days prior to the commencement of any LIBOR Interest Period. If no interest period Interest Period is specified in any such notice for which the resulting advance an amount that is to bear interest under the LIBOR Rate Option, the Borrower Undersigned shall be deemed to have selected a LIBOR Interest Period of one month’s duration. If no notice of election, conversion or renewal is timely received by the Bank with respect to any advanceamount hereunder, the Borrower Undersigned shall be deemed to have elected the Base Prime Rate OptionOption therefor. Any such election shall be promptly confirmed in writing by such method as the Bank may require.

Interest Rate Election. Subject to the terms and conditions of this Note, at the end of each interest period applicable to any advanceamounts hereunder that bear interest under a Fixed Rate Option, the Borrower may renew the Option applicable to such advance amounts (in the case of a Term SOFR Rate Option) or convert such advance amounts to a different Option; provided that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any advances amounts bearing interest under the LIBOR a Fixed Rate Option shall, at the Bank’s sole discretion, be converted at the end of the applicable LIBOR Interest Period interest period to the Base Rate Option Option, and the LIBOR any Fixed Rate Option will not be available to the Borrower with respect to any new advances (or with respect to the conversion or renewal of any existing advancesother amounts) until such Event of Default has been cured by the Borrower or waived by the Bank. The Borrower shall notify the Bank of each election of an Option, each conversion from one Option to another, the amount of the advances then outstanding portions hereunder to be allocated to each Option and where relevant the interest periods period therefor. In the case of converting to the LIBOR Term SOFR Rate Option, such notice shall be given at least three (3) 3 Business Days prior to the commencement of any LIBOR Term SOFR Interest Period. If no interest period is specified in any such notice for which the resulting advance an amount that is to bear interest under the LIBOR Term SOFR Rate Option, the Borrower shall be deemed to have selected a LIBOR Term SOFR Interest Period of one month’s duration. If no notice of election, conversion or renewal is timely received by the Bank with respect to any advanceamount hereunder, the Borrower shall be deemed to have elected the Base Term SOFR Rate OptionOption having a Term SOFR Interest Period of one month’s duration. Any such election shall be promptly confirmed in writing by such method as the Bank may require.

Interest Rate Election. Subject to the terms and conditions of this Note, at the end of each interest period applicable to any advance, the Borrower may renew the Option applicable to such advance or convert such advance to a different Option; provided that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any advances bearing interest under the LIBOR Option shall, at the Bank’s sole discretion, be converted at the end of the applicable LIBOR Interest Period to the Base Daily LIBOR Rate Option and the LIBOR Option will not be available to Borrower with respect to any new advances (or with respect to the conversion or renewal of any existing advances) until such Event of Default has been cured by the Borrower or waived by the Bank. The Borrower shall notify the Bank of each election of an Option, each conversion from one Option to another, the amount of the advances then outstanding to be allocated to each Option and where relevant the interest periods therefor. In the case of converting to the LIBOR Option, such notice shall be given at least three (3) Business Days prior to the commencement of any LIBOR Interest Period. If no interest period is specified in any such notice for which the resulting advance is to bear interest under the LIBOR Option, the Borrower shall be deemed to have selected a LIBOR Interest Period of one month’s duration. If no notice of election, conversion or renewal is timely received by the Bank with respect to any advance, the Borrower shall be deemed to have elected the Base Daily LIBOR Rate Option. Any such election shall be promptly confirmed in writing by such method as the Bank may require.

Interest Rate Election. Subject to the terms and conditions of this Note, at the end of each interest period applicable to any advance, the Borrower may renew the Option applicable to such advance or convert such advance to a different Option; provided that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any advances bearing interest under the LIBOR Option shall, at the Bank’s sole discretion, be converted at the end of the applicable LIBOR Interest Period to the Base Rate Option and the LIBOR Option will not be available to Borrower with respect to any new advances (or with respect to the conversion or renewal of any existing advances) until such Event of Default has been cured by the Borrower or waived by the Bank. The Borrower shall notify the Bank of each election of an Option, each conversion from one Option to another, the amount of the advances then outstanding to be allocated to each Option and and, where relevant relevant, the interest periods therefor. In the case of converting to the LIBOR Option, such notice shall be given at least three (3) Business Days prior to the commencement of any LIBOR Interest Period. If no interest period is specified in any such notice for which the resulting advance is to bear interest under the LIBOR Option, the Borrower shall be deemed to have selected a LIBOR Interest Period of one month’s duration. If no notice of election, conversion or renewal is timely received by the Bank with respect to any advance, the Borrower shall be deemed to have elected selected the Base Rate Option. Any such election shall be promptly confirmed in writing by such method as the Bank may require.

Interest Rate Election. Subject to the terms and conditions of this Note, at the end of each interest period applicable to any advance, the Borrower may renew the Option applicable to such advance or convert such advance to a different Option; provided that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any advances bearing interest under the LIBOR Option shall, at the Bank’s 's sole discretion, be converted at the end of the applicable LIBOR Interest Period to the Base Rate Option and the LIBOR Option will not be available to Borrower with respect to any new advances (or with respect to the conversion or renewal of any existing advances) until such Event of Default has been cured by the Borrower or waived by the Bank. The Borrower shall notify the Bank of each election of an Option, each conversion from one Option to another, the amount of the advances then outstanding to be allocated to each Option and where relevant the interest periods therefor. In the case of converting to the LIBOR Option, such notice shall be given at least three (3) Business Days prior to the commencement of any LIBOR Interest Period. If no interest period is specified in any such notice for which the resulting advance is to bear interest under the LIBOR Option, the Borrower shall be deemed to have selected a LIBOR Interest Period of one month’s 's duration. If no notice of election, conversion or renewal is timely received by the Bank with respect to any advance, the Borrower shall be deemed to have elected the Base Rate Option. Any such election shall be promptly confirmed in writing by such method as the Bank may require.

Interest Rate Election. Subject to the terms and conditions of this Note, at the end of each interest period applicable to any advance, the Borrower may renew the Option applicable to such advance or convert such advance to a different Option; provided that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any advances bearing interest under the LIBOR Option shall, at the Bank’s sole discretion, be converted at the end of the applicable LIBOR Interest Period to the Base Rate Option and the LIBOR Option will not be available to Borrower with respect to any new advances (or with respect to the conversion or renewal of any existing advances) until such Event of Default has been cured by the Borrower or waived by the Bank. The Borrower shall notify the Bank of each election of an Option, each conversion from one Option to another, the amount of the advances then outstanding to be allocated to each Option and where relevant the interest periods therefor. In the case of converting to the LIBOR Option, such notice shall be given at least three (3) Business Days prior to the commencement of any LIBOR Interest Period. If no interest period is specified in any such notice for which the resulting advance is to bear interest under the LIBOR Option, the Borrower shall be deemed to have selected a LIBOR Interest Period of one month’s duration. If no notice of election, conversion or renewal is timely received by the Bank with respect to any advance, the Borrower shall be deemed to have elected the Base Rate OptionLIBOR Option having a LIBOR Interest Period of one month’s duration. Any such election shall be promptly confirmed in writing by such method as the Bank may require.

Interest Rate Election. Subject to the terms and conditions of this Note, at the end of each interest period applicable to any advance, the Borrower may renew the Option applicable to such advance or convert such advance to a different Option; provided that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any advances bearing interest under the LIBOR Libor-Rate Option shall, at the Bank’s 's sole discretion, be converted at the end of the applicable LIBOR Libor-Rate Interest Period to the Base Rate Option and the LIBOR Libor-Rate Option will not be available to Borrower with respect to any new advances (or with respect to the conversion or renewal of any existing advances) until such Event of Default has been cured by the Borrower or waived by the Bank. The Borrower shall notify the Bank of each election of an Option, each conversion from one Option to another, the amount of the advances then outstanding to be allocated to each Option and where relevant the interest periods therefor. In the case of converting to the LIBOR Libor-Rate Option, such notice shall be given at least three (3) Business Days prior to the commencement of any LIBOR Libor-Rate Interest Period. If no interest period notice of conversion or renewal is specified in any such notice for which timely received by the resulting advance is to bear interest under the LIBOR OptionBank, the Borrower shall be deemed to have selected a LIBOR Interest Period of one month’s duration. If no notice of election, conversion or renewal is timely received by the Bank with respect converted such advance to any advance, the Borrower shall be deemed to have elected the Base Rate Option. Any such election shall be promptly confirmed in writing by such method as the Bank may require. The amount of advances made, converted or renewed bearing interest at the Libor-Rate Option for each Libor-Rate Interest Period shall be in integral multiples of $100,000 and not less than $1,000,000.

Interest Rate Election. Subject to the terms and conditions of this Note, at the end of each interest period applicable to any advance, the Borrower may renew the Option applicable to such advance or convert such advance to a different Option; provided that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, (i) any advances bearing interest under the Daily LIBOR Option shall, at the Bank’s sole discretion, be converted on the next Business Day to the Applicable Base Rate, (ii) any advances bearing interest under the LIBOR Option shall, at the Bank’s sole discretion, be converted at the end of the applicable LIBOR Interest Period to the Applicable Base Rate Rate, and (iii) the Daily LIBOR Option and the LIBOR Option will not be available to Borrower with respect to any new advances (or with respect to the conversion or renewal of any existing advances) until such Event of Default has been cured by the Borrower or waived by the Bank. The Borrower shall notify the Bank of each election of an Option, each conversion from one Option to another, the amount of the advances then outstanding to be allocated to each Option and where relevant the interest periods therefor. In the case of converting to the LIBOR Option, such notice shall be given at least three (3) Business Days prior to the commencement of any LIBOR Interest Period. If no interest period is specified in any such notice for which the resulting advance is to bear interest under the LIBOR Option, the Borrower shall be deemed to have selected a LIBOR Interest Period of one month’s duration. If no notice of election, conversion or renewal is timely received by the Bank with respect to any advance, the Borrower shall be deemed to have elected the Base Rate Daily LIBOR Option. Any such election shall be promptly confirmed in writing by such method as the Bank may require.

Interest Rate Election. Subject to the terms and conditions of this Note, at the end of each interest period applicable to any advance, the Borrower may renew the Option applicable to such advance or convert such advance to a different Option; provided that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any advances bearing interest under the LIBOR Option and Daily LIBOR Option shall, at the Bank’s sole discretion, be converted at the end of the applicable LIBOR Interest Period (or immediately in the case of the Daily LIBOR Option) to the Base Rate Option and the LIBOR Option and Daily LIBOR Option will not be available to Borrower with respect to any new advances (or with respect to the conversion or renewal of any existing advances) until such Event of Default has been cured by the Borrower or waived by the Bank. The Borrower shall notify the Bank of each election of an Option, each conversion from one Option to another, the amount of the advances then outstanding to be allocated to each Option and where relevant the interest periods (if any) therefor. In the case of converting to the LIBOR Option or the Daily LIBOR Option, such notice shall be given at least three (3) Business Days prior to the commencement of any LIBOR Interest PeriodPeriod (or start of the Daily LIBOR Option, as applicable). If no interest period is specified in any such notice for which the resulting advance is to bear interest under the LIBOR Option, the Borrower shall be deemed to have selected a LIBOR Interest Period of one month’s duration. If no notice of election, conversion or renewal is timely received by the Bank with respect to any advance, the Borrower shall be deemed to have elected the Base Daily LIBOR Rate Option. Any such election shall be promptly confirmed in writing by such method as the Bank may require.

Interest Rate Election. Subject to the terms and conditions of this Note, at the end of each interest period applicable to any advance, the Borrower may renew the Option applicable to such advance or convert such advance to a different Option; provided that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any advances bearing interest under the LIBOR Option shall, at the Bank’s sole discretion, be converted at the end of the applicable LIBOR Interest Period to the Base Rate Option and the LIBOR Option will not be available to the Borrower with respect to any new advances (or with respect to the conversion or renewal of any existing advances) until such Event of Default has been cured by the Borrower or waived by the Bank. The Borrower shall notify the Bank of each election of an Option, each conversion from one Option to another, the amount of the advances then outstanding to be allocated to each Option and where relevant the interest periods therefor. In the case of converting to the LIBOR Option, such notice shall be given at least three (3) Business Days prior to the commencement of any LIBOR Interest Period. If no interest period is specified in any such notice for which the resulting advance is to bear interest under the LIBOR Option, the Borrower shall be deemed to have selected a LIBOR Interest Period of one month’s duration. If no notice of election, conversion or renewal is timely received by the Bank with respect to any advance, the Borrower shall be deemed to have elected the Base Rate OptionLIBOR Option having a LIBOR Interest Period of one month’s duration. Any such election shall be promptly confirmed in writing by such method as the Bank may require.

Interest Rate Election. Subject to the terms and conditions of this Note, at the end of each interest period applicable to any advance, the Borrower may renew the Option LIBOR Interest Period applicable to such advance or convert such advance to a different OptionLIBOR Interest Period; provided that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any advances bearing interest under the LIBOR Option shall, at the Bank’s sole discretion, be converted at the end of the applicable LIBOR Interest Period to the Base Rate Option and the LIBOR Option will not be available to Borrower with respect to any new advances (or with respect to the conversion or renewal of any existing advances) until such Event of Default has been cured by the Borrower or waived by the Bank. The Borrower shall notify the Bank of each election of an Optiona LIBOR Interest Period, each conversion from one Option LIBOR Interest Period to another, the amount of the advances then outstanding to be allocated to each Option LIBOR Interest Period and where relevant the interest periods therefor. In the case of converting to the a different LIBOR OptionInterest Period, such notice shall be given at least three (3) Business Days prior to the commencement of any LIBOR Interest Period. If no interest period is specified in any such notice for which the resulting advance is to bear interest under the LIBOR OptionRate, the Borrower shall be deemed to have selected a LIBOR Interest Period of one month’s duration. If no notice of election, conversion or renewal is timely received by the Bank with respect to any advance, the Borrower shall be deemed to have elected the Base Rate OptionLIBOR Option with a LIBOR Interest Period of one month’s duration. Any such election shall be promptly confirmed in writing by such method as the Bank may require.

Interest Rate Election. Subject In the event that the Master Agreement, amendment or successor thereto or other interest or currency swap, future, option or other interest rate protection or similar agreement is not in effect, subject to the terms and conditions of this Note, at the end of each interest period applicable to any advance, the Borrower may renew the Option applicable to such advance or convert such advance to a different Option; provided that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any advances bearing interest under the LIBOR Option shall, at the Bank’s sole discretion, be converted at the end of the applicable LIBOR Interest Period to the Base Rate Option and the LIBOR Option will not be available to Borrower with respect to any new advances (or with respect to the conversion or renewal of any existing advances) until such Event of Default has been cured by the Borrower or waived by the Bank. The Borrower shall notify the Bank in writing of each election of an Option, each conversion from one Option to another, the amount of the advances then outstanding to be allocated to each Option and where relevant the interest periods therefortherefore. In the case of electing or converting to the LIBOR Option, such notice shall be given at least three (3) Business Days prior to the commencement of any LIBOR Interest Period. In the case of electing or converting to the Base Rate Option, such notice shall be given at least two (2) Business Days prior to the commencement of any Base Rate Period. If no interest period notice of conversion or renewal is specified in any such notice for which timely received by the resulting advance is to bear interest under the LIBOR OptionBank, the Borrower shall be deemed to have selected a LIBOR Interest Period of one month’s duration. If no notice of election, conversion or renewal is timely received by the Bank with respect converted such advance to any advance, the Borrower shall be deemed to have elected the Base Rate Option. Any such election shall be promptly confirmed provided in writing by such method as the Bank may require.

Interest Rate Election. Subject to the terms and conditions of this Note, at the end of each interest period applicable to any advanceamounts hereunder, the Borrower may renew the Option applicable to such advance amounts or convert such advance amounts to a different Option; provided that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any advances amounts bearing interest under the LIBOR Term SOFR Rate Option shall, at the Bank’s sole discretion, be converted at the end of the applicable LIBOR Interest Period interest period to the Base Daily Rate Option Option, and the LIBOR Term SOFR Rate Option will not be available to the Borrower with respect to any new advances (or with respect to the conversion or renewal of any existing advancesother amounts) until such Event of Default has been cured by the Borrower or waived by the Bank. The Borrower shall notify the Bank of each election of an Option, each conversion from one Option to another, the amount of the advances then outstanding portions hereunder to be allocated to each Option and where relevant the interest periods period therefor. In the case of converting to the LIBOR Term SOFR Rate Option, such notice shall be given at least three (3) 3 Business Days prior to the commencement of any LIBOR Term SOFR Interest Period. If no interest period is specified in any such notice for which the resulting advance an amount that is to bear interest under the LIBOR Term SOFR Rate Option, the Borrower shall be deemed to have selected a LIBOR Term SOFR Interest Period of one month’s duration. If no notice of election, conversion or renewal is timely received by the Bank with respect to any advanceamount hereunder, the Borrower shall be deemed to have elected the Base Term SOFR Rate OptionOption having a Term SOFR Interest Period of one month’s duration. Any such election shall be promptly confirmed in writing by such method as the Bank may require.