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 loan bear interest at the Offshore Rate, subject to the same requirements set forth in subparagraphs (a) through (g) of Paragraph 1.7 (except for purposes of this Facility No. 3, the term "loan" is substituted for the term "line of credit" in subparagraphs (d) and (e) of Paragraph 1.7).

OFFSHORE RATE. The Borrower may elect to have all or portions of the principal balance of the loan bear interest at the Offshore Rate, subject to the same requirements set forth in subparagraphs (a) through (g) of Paragraph paragraph 1.7 (except for purposes of this Facility No. 32, the term "loan" is substituted for the term "line of credit" in subparagraphs (d) and (e) of Paragraph 1.7).