Common use of Optional Interest Rates Clause in Contracts

Optional Interest Rates. Instead of the interest rate based on the Bank's Reference Rate, the Borrowers may elect to have all or portions of the line of credit (during the availability period) bear interest at the rate(s) described below during an interest period agreed to by the Bank and the Borrowers. Each interest rate is a rate per year. Interest will be paid on the [first] day of every [month] and on the last day of each interest period, and on the first day of each [month] during the interest period. At the end of any interest period, the interest rate will revert to the rate based on the Reference Rate, unless the Borrowers have designated another optional interest rate for the portion. Upon the occurrence of an event of default under this Agreement, the Bank may terminate the availability of optional interest rates for interest periods commencing after the default occurs.

Optional Interest Rates. Instead of the interest rate based on the Bank's Reference Rate, the Borrowers Borrower may elect to have all or portions of the line of credit (during the availability period) bear interest at the rate(s) described below during an interest period agreed to by the Bank and the BorrowersBorrower. Each interest rate is a rate per year. Interest will be paid on the [first] day of every [month] and on the last day of each interest period, and and, if the interest period is longer than one month, then on the first day of each [month] month during the interest period. At the end of any interest period, the interest rate will revert to the rate based on the Reference Rate, unless the Borrowers have Borrower has designated another optional interest rate for the portion. Upon the occurrence of an event of default under this Agreement, the Bank may terminate the availability of optional interest rates for interest periods commencing after the default occurs.

Optional Interest Rates. Instead of the interest rate based on the Bank's Reference Rate, the Borrowers may elect to have all or portions of the line of credit (during the availability period) bear interest at the rate(s) described below during an interest period agreed to by the Bank and the Borrowers. Each interest rate is a rate per year. Interest will be paid on the [first] day of every [month] and on the last day of each interest period, and and, if the interest period is longer than one month, then on the first day of each [month] month during the interest period. At the end of any interest period, the interest rate will revert to the rate based on the Reference Rate, unless the Borrowers have designated another optional interest rate for the portion. Upon the occurrence of an event of default under this Agreement, the Bank may terminate the availability of optional interest rates for interest periods commencing after the default occurs.

Optional Interest Rates. Instead of the interest rate based on the Bank's Reference Rate, the Borrowers Borrower may elect to have all or portions of the line of credit (during the availability period) bear interest at the rate(s) described below during an interest period agreed to by the Bank and the BorrowersBorrower. Each interest rate is a rate per year. Interest will be paid on the [first] day of every [month] and on the last day of each interest period, and and, if the interest period is longer than ninety (90) days, then on the first day of each [month] calendar quarter during the interest period. At the end of any interest period, the interest rate will revert to the rate based on the Reference Rate, unless the Borrowers have Borrower has designated another optional interest rate for the portion. Upon the occurrence of an event of default under this Agreement, the Bank may terminate the availability of optional interest rates for interest periods commencing after the default occursoccurs until the default is remedied.

Optional Interest Rates. Instead of the interest rate based on the Bank's Reference Rate, the Borrowers Borrower may elect to have all or portions of the line of credit (during the availability period) bear interest at the rate(s) described below during an interest period agreed to by the Bank and the BorrowersBorrower. Each interest rate is a rate per year. Interest will be paid on the [first] day of every [month] and on the last day of each interest period, and and, if the interest period is longer than one month, then on the first day of each [month] month during the interest period. At the end of any interest period, the interest rate will revert to the rate based on the Reference Rate, unless the Borrowers have Borrower has designated another optional interest rate for the portion. Upon the occurrence of an event of default under this Agreement, the Bank may terminate the availability of optional interest rates for interest periods commencing after the default occurs. (The immediately preceding sentence also applies to Facility No.