SWITCHING FACILITY TYPES Sample Clauses

SWITCHING FACILITY TYPES. 8.1 You may ask us to change the facility type (and consequently the interest period) for your facility at any time by providing us with a request notice. 8.2 You may only change your facility type if: a. we are offering the facility type you request at the time of your request; and b. we agree at our absolute discretion to your request to change your facility type. 8.3 If we agree to change your facility type, you may be required to pay us a switching fee. In addition, you may also be required to pay break costs in accordance with clause 11 of Part A. 8.4 Any change to your facility type is separately agreed between us and you as a change to the terms of this facility agreement. 8.5 The annual percentage rate for the new facility type is the sum of the margin and the commercial rate loan base rate applicable on the variation date (or if there is no balance owing on your facility account on the variation date, on the first drawdown date on or following the variation date). You must then commence paying interest on the interest payment date for the new facility type. 8.6 A new interest period will commence on the variation date (or if there is no balance owing on your facility account on the variation date, on the first drawdown date on or following the variation date). 8.7 On and from the variation date, these General Conditions, as they relate to the facility type you have switched to, will then apply.