Common use of OFFSHORE RATE Clause in Contracts

OFFSHORE RATE. The Borrower may elect to have all or portions of the principal balance of the line of credit bear interest at the Offshore Rate plus the number of percentage points indicated for each period specified below: Period Percentage Points ------ ----------------- During the availability period one (1.00) During the term one and three- repayment period quarters (1.75) Designation of an Offshore Rate portion is subject to the following requirements: (a) The interest period during which the Offshore Rate will be in effect will be no shorter than 30 days and no longer than 180 days. The last day of the interest period will be determined by the Bank using the practices of the offshore dollar inter-bank market. (b) Each Offshore Rate portion will be for an amount not less than Five Hundred Thousand Dollars ($500,000).

OFFSHORE RATE. The Rate Plus Disclosed Spread. Borrower may elect to have all or portions of the principal balance of the line Revolving Line of credit Credit bear interest at the Offshore Rate plus the number of percentage points indicated for each period specified below: Period Percentage Points ------ ----------------- During the availability period one two and three quarters percent (1.002.75%) During the term one and three- repayment period quarters (1.75) per annum. Designation of an Offshore Rate portion is subject to the following requirements: (ai) The interest period during which the Offshore Rate will be in effect will be a period of thirty (30), sixty (60) or ninety (90) days as selected by Borrower with consent of Bank, provided that no shorter than 30 days and no longer than 180 daysinterest period shall extend beyond the Maturity Date. The last day of the interest period will be determined by the Bank using the practices of the offshore dollar inter-bank market. (bii) Each Offshore Rate portion will be for an amount not less than Five Hundred Thousand Dollars one million dollars ($500,0001,000,000.).