Common use of Optional Rates Clause in Contracts

Optional Rates. Each optional interest rate is a rate per year. Interest for each optional interest rate will be paid on the last day of each interest period applicable to such optional interest rate. 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.

Optional Rates. Each optional interest rate is a rate per year. Interest for each optional interest rate will be paid on the last day of each interest period applicable to such optional interest rate. No Portion will be converted to a different interest rate during the applicable interest period. Upon During the occurrence existence of an event of default under this AgreementAgreement that has not been waived in writing by the Bank, the Bank may terminate suspend 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) Section 1.4, entitled “Interest Rate” above, unless the Borrower has designated another optional interest rate for the Portion.