OPTIONAL RATE Sample Clauses

OPTIONAL RATE. Provided that no Default or Event of Default exists, Borrower may elect that Portions (as defined in Section 5.2(b)) of the loans hereunder will bear interest at the Offshore Rate in accordance with this Section 5. The Offshore Rate is a rate per annum based upon a year of 360 days and the actual number of days elapsed. Interest will be paid on the last day of each interest period, and, if the interest period is longer than one month, then on the last business day of each calendar month during the interest period. At the end of any interest period, the interest rate will revert to the Reference Rate, unless Borrower has designated another optional interest rate for the Portion. Subject to Section 8.10, no Portion will be converted to a different interest rate during the applicable interest period. Upon the occurrence of a Default or Event of Default under this Agreement, Bank may terminate the availability of optional interest rates for interest periods commencing after a Default or Event of Default occurs.
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OPTIONAL RATE. The optional interest rate is a rate per year. Interest will be paid on the last day of each interest period, and, if the interest period is longer than 90 days, then on the last day of each quarter during the interest period. At the end of any interest period, the interest rate will revert to the Prime Rate, unless the Borrower has designated another optional interest rate for the Portion. No Portion will be converted to a different interest rate during the applicable interest period. 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.
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OPTIONAL RATE. (a) Each optional interest rate is a rate per year. Interest will be paid on the last day of each interest period until payment in full of any principal outstanding under this Agreement. No Portion will be converted to a different interest rate during the applicable interest period. 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 Event of Default occurs. At the end of any interest period, the interest rate accruing on the applicable Portion will revert to the rate stated in the paragraph entitled “Interest Rate” above, unless the Borrower has designated another optional interest rate for such Portion. Prepayments of outstanding advances shall be applied first to advances accruing interest at the LIBOR Daily Floating Rate until repaid in full and next to the Portion with the next expiring interest period. (b) The election of LIBOR Rates shall be subject to the following terms and requirements: (i) The interest period during which the LIBOR Rate will be in effect will be one, two, or three months. The first day of the interest period must be a day other than a Saturday or a Sunday on which banks are open for business in New York and London and dealing in offshore dollars (a “LIBOR Banking Day”). The last day of the interest period and the actual number of days during the interest period will be determined by the Bank using the practices of the London inter-bank market. (ii) Each LIBOR Rate Portion will be for an amount not less than One Hundred Thousand Dollars ($100,000).
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OPTIONAL RATE. Each optional interest rate is a rate per year. Interest will be paid on July 1, 2010, and then on the same day of each month thereafter until payment in full of any principal outstanding under this Agreement. No Portion will be converted to a different interest rate during the applicable interest period. 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. At the end of any interest period, the interest rate will revert to the rate stated in the paragraph(s) entitled “Interest Rate” above, unless the Borrower has designated another optional interest rate for the Portion.
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OPTIONAL RATE. A new Article 1A is added to the Agreement, to read as follows:
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Related to OPTIONAL RATE

  • Accrual Rate Compensatory time for employees will accrue at the rate of one and one-half hours for each one hour of overtime worked.

  • Normal rate of interest Subject to the provisions of this Agreement, the rate of interest on the Loan in respect of an Interest Period shall be the aggregate of the Margin and LIBOR for that Interest Period.

  • Payment at Highest Lawful Rate If the Borrower is not obliged to make a payment that it would otherwise be required to make, as a result of Section 5.6(a), the Borrower shall make such payment to the maximum extent permitted by or consistent with applicable laws, rules and regulations.

  • Interest Rate The LHIN may charge the HSP interest on any amount owing by the HSP at the then current interest rate charged by the Province of Ontario on accounts receivable.

  • Interest Rate Options The Borrower shall pay interest in respect of the outstanding unpaid principal amount of the Loans as selected by it from the Base Rate Option or LIBOR Rate Option set forth below applicable to the Loans, it being understood that, subject to the provisions of this Agreement, the Borrower may select different Interest Rate Options and different Interest Periods to apply simultaneously to the Loans comprising different Borrowing Tranches and may convert to or renew one or more Interest Rate Options with respect to all or any portion of the Loans comprising any Borrowing Tranche; provided that (i) there shall not be at any one time outstanding more than ten (10) Borrowing Tranches in the aggregate among all of the Loans and (ii) if an Event of Default or Potential Default exists and is continuing, the Borrower may not request, convert to, or renew the LIBOR Rate Option for any Loans and the Required Lenders may demand that all existing Borrowing Tranches bearing interest under the LIBOR Rate Option shall be converted immediately to the Base Rate Option, subject to the obligation of the Borrower to pay any indemnity under Section 5.9 [Indemnity] in connection with such conversion. If at any time the designated rate applicable to any Loan made by any Lender exceeds such Lender’s highest lawful rate, the rate of interest on such Lender’s Loan shall be limited to such Lender’s highest lawful rate.