Common use of Revolving Facility Commitment Clause in Contracts

Revolving Facility Commitment. Unless the Borrower elects the Eurodollar Rate as described below, the interest rate on outstanding principal amounts under the Revolving Facility Commitment is the lesser of (a) the maximum lawful rate of interest permitted under applicable usury laws, now or hereafter enacted (the "MAXIMUM RATE"), or (b) the rate that is equal to the Bank's Reference Rate. The "REFERENCE RATE" is the rate of interest publicly announced from time to time by the Bank in Irving, Texas, as its Reference Rate. The Reference Rate is set by the Bank based on various factors, including its costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans. The Bank may price loans to its customers at, above, or below the Reference Rate. Any change in the Reference Rate will take effect at the opening of business on the day specified in the public announcement of a change in the Bank's Reference Rate. Notwithstanding the foregoing, if at any time the Reference Rate shall exceed the Maximum Rate and thereafter the Reference Rate shall become less than the Maximum Rate, the rate of interest payable shall be the Maximum Rate until the Bank shall have received the amount of interest it otherwise would have received if the interest payable had not been limited by the Maximum Rate during the period of time the Reference Rate exceeded the Maximum Rate.

Revolving Facility Commitment. Unless the Borrower elects the Eurodollar Rate as described below, the interest rate on outstanding principal amounts under the Revolving Facility Commitment is the lesser LESSER of (a) the maximum lawful rate of interest permitted under applicable usury laws, now or hereafter enacted (the "MAXIMUM RATE"), or OR (b) the rate that is equal to the Bank's Reference Rate. The "REFERENCE RATE" is the rate of interest publicly announced from time to time by the Bank in Irving, Texas, as its Reference Rate. The Reference Rate is set by the Bank based on various factors, including its costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans. The Bank may price loans to its customers at, above, or below the Reference Rate. Any change in the Reference Rate will take effect at the opening of business on the day specified in the public announcement of a change in the Bank's Reference Rate. Notwithstanding the foregoing, if at any time the Reference Rate shall exceed the Maximum Rate and thereafter the Reference Rate shall become less than the Maximum Rate, the rate of interest payable shall be the Maximum Rate until the Bank shall have received the amount of interest it otherwise would have received if the interest payable had not been limited by the Maximum Rate during the period of time the Reference Rate exceeded the Maximum Rate.