Common use of Election of the Offshore Rate Clause in Contracts

Election of the Offshore Rate. Subject to all the terms and conditions hereof and so long as there exists no Default, the Company may, by irrevocable notice to you received not less than four Business Days prior to the commencement of the Interest Period selected in such notice, elect to have all or such portion of the Loan as the Company may specify in such notice accrue and bear daily interest during the Interest Period so selected at a per annum rate equal to the Applicable Rate computed on the basis of the Offshore Rate for such Interest Period; provided, however, that no such election shall become effective if, prior to the commencement of such Interest Period, you in your sole discretion determine that you are unable to obtain a corresponding loan at the Offshore Rate under the Lender's Credit Agreement; and provided, further, that no such election shall be made with respect to any portion of the Loan which is less than $100,000.