Common use of Selection of Interest Period Clause in Contracts

Selection of Interest Period. The Borrowers' selection of the duration of Interest Period shall be irrevocable and shall be effective only if noted on the applicable Notice of Borrowing and Pledge. Prior to the termination of the Interest Period selected pursuant to this Section 3.04, the Borrowers may elect an Interest Period by delivering written notice, substantially in the form of Annex L attached hereto, to the Lender indicating the desired Interest Period, which such notice must be received no later than two (2) Business Day(s) prior to the date on which the then current Interest Period is scheduled to end. In the event no such written notice is received by the Lender, the applicable Interest Rate shall be one month.

Selection of Interest Period. The Borrowers' Borrower's selection of the duration of Interest Period shall be irrevocable and shall be effective only if noted on the applicable Notice of Borrowing and Pledge. Prior to the termination of the Interest Period selected pursuant to this Section 3.04, the Borrowers Borrower may elect an Interest Period by delivering written notice, substantially in the form of Annex L attached hereto, to the Lender indicating the desired Interest Period, which such notice must be received no later than two (2) Business Day(s) prior to the date on which the then current Interest Period is scheduled to end. In the event no such written notice is received by the Lender, the applicable Interest Rate shall be one month.