Common use of Optional Rates Clause in Contracts

Optional Rates. In addition to the interest rate specified in the Note, on the terms and subject to the conditions set forth below, Borrower will be able to select, from one of the following optional rates, an interest rate which will be applicable to a particular dollar increment of amounts outstanding, or to be disbursed, under the Note, during interest periods agreed to by Lender and Borrower. Any principal amount bearing interest at an optional rate is referred to as a "Portion": (a) the LIBOR Rate plus 1.50 percentage points.

Optional Rates. In addition to Instead of the interest rate specified in the Note, on the -------------- terms and subject to the conditions set forth below, Borrower will be able to select, from one of the following optional rates, an interest rate which will be applicable to a particular dollar increment of amounts outstanding, or to be disbursed, under the Note, during interest periods agreed to by Lender and Borrower. Any principal amount bearing interest at an optional rate is referred to as a "Portion": (a) the IBOR Rate plus 1.50 percentage points. (b) the LIBOR Rate plus 1.50 percentage points.