Common use of Change in Interest Rates Clause in Contracts

Change in Interest Rates. The interest rate elected by the Borrower under this Section 2.5 shall, as to each Advance, remain in effect until changed by the Borrower by written notice to Bank on or prior to the date of change or, in the case of Prime Rate Loans until changed by the terms thereof; provided however, (a) that a change to the Libor Rate, or the election of a Libor Rate Loan, can be effected only upon three (3) Business Days' notice (with notice to be received by Bank not later than 11:00 a.m. Cleveland, Ohio time on such day), and (b) when the rate of interest is the Libor Rate it may be changed to a Prime Rate Loan before the end of the applicable Interest Period subject, however, to payment of any applicable additional amount required by Section 2.5(v) hereof (but without requiring prepayment of the effected borrowing); E-3

Change in Interest Rates. The interest rate elected by the Borrower under this Section 2.5 shall, as to each Advance, remain in effect until changed by the Borrower by written notice to Bank on or prior to the date of change or, in the case of Prime Rate Loans until changed by the terms thereof; provided however, (a) that a change to the Libor Rate, or the election of a Libor Rate Loan, can be effected only upon three (3) Business Days' notice (with notice to be received by Bank not later than 11:00 a.m. Cleveland, Ohio time on such day), and (b) when the rate of interest is the Libor Rate it may be changed to a Prime Rate Loan before the end of the applicable Interest Period subject, however, to payment of any applicable additional amount required by Section 2.5(v) hereof (but without requiring prepayment of the effected borrowing); E-3;