Common use of QUOTED RATE OPTIONS Clause in Contracts

QUOTED RATE OPTIONS. As to any Portion or Portions selected by the Borrower, interest shall accrue pursuant to this quoted fixed rate option at a fixed annual interest rate (a "Quoted Rate") equal to the rate quoted by CoBank, in its sole and absolute discretion, on the date any such Portion is to be fixed pursuant to this option for the Interest Period selected by the Borrower for such Portion. Under this option, each Portion so fixed for any separate Interest Period must be in a minimum amount of $100,000 and Portions may be fixed for Interest Periods ranging from 30 days to the Maturity Date; provided, however, that Interest Periods may expire only on a Business Day; and provided further, however, that each Portion of the Loan accruing interest at a Quoted Rate shall be repaid in part as provided in Section 5 on each Payment Date occurring during its applicable Interest Period.

QUOTED RATE OPTIONS. As to any Portion or Portions selected by the Borrower, interest shall accrue pursuant to this quoted fixed rate option at a fixed annual interest rate (a "Quoted Rate") equal to the rate quoted by CoBank, in its sole and absolute discretion, on the date any such Portion is to be fixed pursuant to this option for the Interest Period selected by the Borrower for such Portion. Under this option, each Portion so fixed for any separate Interest Period must be in a minimum amount of $100,000 and Portions may be fixed for Interest Periods ranging from 30 five days to the Maturity Date; provided, however, that Interest Periods may expire only on a Business Day; and provided further, however, that each Portion of the Loan accruing interest at a Quoted Rate shall be repaid in part as provided in Section 5 on each Payment Date occurring during its applicable Interest Period.