OPTIONAL RATE Sample Clauses
OPTIONAL RATE. Provided that no Default or Event of Default exists, Borrower may elect that Portions (as defined in Section 5.2(b)) of the loans hereunder will bear interest at the Offshore Rate in accordance with this Section 5. The Offshore Rate is a rate per annum based upon a year of 360 days and the actual number of days elapsed. Interest will be paid on the last day of each interest period, and, if the interest period is longer than one month, then on the last business day of each calendar month during the interest period. At the end of any interest period, the interest rate will revert to the Reference Rate, unless Borrower has designated another optional interest rate for the Portion. Subject to Section 8.10, no Portion will be converted to a different interest rate during the applicable interest period. Upon the occurrence of a Default or Event of Default under this Agreement, Bank may terminate the availability of optional interest rates for interest periods commencing after a Default or Event of Default occurs.
OPTIONAL RATE. The optional interest rate is a rate per year. Interest will be paid on the last day of each interest period, and, if the interest period is longer than 90 days, then on the last day of each quarter during the interest period. At the end of any interest period, the interest rate will revert to the Prime Rate, unless the Borrower has designated another optional interest rate for the Portion. No Portion will be converted to a different interest rate during the applicable interest period. Upon the occurrence of an event of default under this Agreement, the Bank may terminate the availability of optional interest rates for interest periods commencing after the default occurs.
OPTIONAL RATE. (a) Each optional interest rate is a rate per year. Interest will be paid on the last day of each interest period until payment in full of any principal outstanding under this Agreement. No Portion will be converted to a different interest rate during the applicable interest period. Upon the occurrence of an Event of Default under this Agreement, the Bank may terminate the availability of optional interest rates for interest periods commencing after the Event of Default occurs. At the end of any interest period, the interest rate accruing on the applicable Portion will revert to the rate stated in the paragraph entitled “Interest Rate” above, unless the Borrower has designated another optional interest rate for such Portion. Prepayments of outstanding advances shall be applied first to advances accruing interest at the LIBOR Daily Floating Rate until repaid in full and next to the Portion with the next expiring interest period.
(b) The election of LIBOR Rates shall be subject to the following terms and requirements:
(i) The interest period during which the LIBOR Rate will be in effect will be one, two, or three months. The first day of the interest period must be a day other than a Saturday or a Sunday on which banks are open for business in New York and London and dealing in offshore dollars (a “LIBOR Banking Day”). The last day of the interest period and the actual number of days during the interest period will be determined by the Bank using the practices of the London inter-bank market.
(ii) Each LIBOR Rate Portion will be for an amount not less than One Hundred Thousand Dollars ($100,000).
OPTIONAL RATE. Each optional interest rate is a rate per year. Interest will be paid on July 1, 2010, and then on the same day of each month thereafter until payment in full of any principal outstanding under this Agreement. No Portion will be converted to a different interest rate during the applicable interest period. Upon the occurrence of an event of default under this Agreement, the Bank may terminate the availability of optional interest rates for interest periods commencing after the default occurs. At the end of any interest period, the interest rate will revert to the rate stated in the paragraph(s) entitled “Interest Rate” above, unless the Borrower has designated another optional interest rate for the Portion.
OPTIONAL RATE. A new Article 1A is added to the Agreement, to read as follows: