Common use of Options Available Clause in Contracts

Options Available. The outstanding principal balance of the Notes shall bear interest at the Adjusted Base Rate (the "Base Rate Option"); provided, that (i) all past due amounts, both principal and accrued interest, shall bear interest at the Past Due Rate, and (ii) subject to the provisions hereof, Borrower shall have the option of having all or any portion of the principal balance of the Notes, from time to time outstanding bear interest at Adjusted LIBOR (the "LIBOR Option"). The records of the Lenders with respect to Interest Options, LIBOR Interest Periods and the portion of Loan to which they are applicable shall be prima facie evidence thereof. Interest on the Loans shall be calculated at the Adjusted Base Rate except where it is expressly provided pursuant to this Agreement that Adjusted LIBOR is to apply.