Common use of Extendable provisions Clause in Contracts

Extendable provisions. Securities are repayable on , [insert date and years], at the option of the holder, at their principal amount with accrued interest. Initial annual interest rate will be %, and thereafter annual interest rate will be adjusted on , and to a rate not less than % of the effective annual interest rate on U.S. Treasury obligations with -year maturities as of the [insert date 15 days prior to maturity date] prior to such [insert maturity date].]

Extendable provisions. [Securities are repayable on , [insert date and years], at the option of the holder, at their principal amount with accrued interest. Initial annual interest rate will be %, _____% and thereafter annual [semi-]annual] interest rate will be adjusted on , and to a rate not less than % of the effective annual interest rate on U.S. Treasury obligations with -year maturities as of the [insert date 15 days prior to maturity date] prior to such [insert maturity date].]

Extendable provisions. Securities are repayable on __________, [insert date and years], at the option of the holder, at their principal amount with accrued interest. Initial annual interest rate will be __%, and thereafter annual interest rate will be adjusted on , and to a rate not less than __% of the effective annual interest rate on U.S. Treasury obligations with -year maturities as of the [insert date 15 days prior to maturity date] prior to such [insert maturity date].]