Common use of Alternate Index Clause in Contracts

Alternate Index. If an Index Conversion Event occurs: (a) Lender will notify Borrower in writing of the Alternate Index, the Alternate Index Page, and the Index Conversion Date (as defined below) (“Index Conversion Notice”) and of the Adjustment Factor (“Adjustment Factor Notice”) before the first Payment Date following the Index Conversion Date. (b) Beginning on the date specified in the Index Conversion Notice (“Index Conversion Date”), interest will accrue at the Interest Rate calculated using the Alternate Index, the Alternate Index Page and the Adjustment Factor specified in the applicable Index Conversion Notice and Adjustment Factor Notice, without the necessity of any amendment or other modification of this Loan Agreement or the Note. (c) The designation or determination by Lender of an Index Conversion Event, the Index Conversion Date, the Alternate Index, the Alternate Index Page, and the Adjustment Factor will be conclusive. (d) Lender will determine and designate the Alternate Index, the Alternate Index Page, and the Adjustment Factor only if an Index Conversion Event occurs, and will not re-determine or re-designate another Alternate Index, the Alternate Index Page, or Adjustment Factor unless a subsequent Index Conversion Event occurs.