Fixed Interest Rate Option Sample Clauses

Fixed Interest Rate Option. 1. Option to Convert to Fixed Rate I have a Conversion Option that I can exercise unless I am in default or this Section A1 will not permit me to do so. The “Conversion Option” is my option to convert the interest rate I am required to pay by the Note from an adjustable rate to the fixed rate calculated by the Note Holder under Section A2 below. The conversion can only take place on (a) if the first Change Date is 21 months or less from the date of the Note, the third, fourth or fifth Change Date, or (b) if the first Change Date is more than 21 months from the date of the Note, the first, second or third Change Date. Each Change Date on which my interest rate can convert from an adjustable rate to a fixed rate also is called the “Conversion Date.” I can convert my interest rate only on one of the three Conversion Dates. If I want to exercise the Conversion Option, I must first meet certain conditions. Those conditions are that:
Sample 1
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Fixed Interest Rate Option. If you are under the fixed interest rate option, the annual percentage rate does not change. Information on the current Bank of Melbourne personal loan interest rates is available on request by calling 13 22 66 or from your nearest branch.
Sample 1
Fixed Interest Rate Option. Provided that Borrower has previously drawn one or more Advances equal to or greater than One Million and xx/100 Dollars ($1,000,000.00) under the MAL (such amount, the “Fixed Rate Trigger Amount”), at any time during the MAL Advance Period, Borrower may elect to reset as to such Advances from the variable interest rate set forth in the Variable Rate Note to a fixed interest rate for the remaining term of the MAL (the “Fixed Rate Option”). In the event Borrower elects the Fixed Rate Option for any Advances hereunder, such Advances shall thereafter after satisfaction of the conditions precedent set forth herein cease to be subject to the Variable Rate Note and become subject to a new SWAP Note in a principal amount of at least $1,000,000.00 and a Financial Contract, which is based on an interest rate equal to the Prime Rate (as defined in the Note) then in existence as of the effective date of the new SWAP Rate Note plus three quarters of one percent (0.75%). Borrower may elect the Fixed Rate Option upon providing to Bank sixty (60) days’ written notice of Borrower’s intent to exercise the Fixed Rate Option, and Bank shall approve such election upon Borrower’s satisfaction of the following conditions precedent, as determined by Bank in its reasonable discretion, on or prior to the effective date of such reset option.
Sample 1
Fixed Interest Rate Option. The Borrowers may, subject to giving the Agent not fewer than five (5) Business Days’ prior Written notice expiring on a Business Day of their intention to do so, and subject to availability and the Agent’s and the Lenders’ prior written approval, request that the interest rate of all or a substantial part of the Loan be fixed for a period not exceeding twelve (12) months.
Sample 1
Fixed Interest Rate Option. (a) The Borrower may, prior to any Utilization, irrevocably elect to borrow such Utilization as a loan bearing interest at a fixed interest rate (a “Fixed Rate Utilization”) by so indicating on the applicable Utilization Request. Each Fixed Rate Utilization shall bear interest at the rate determined in accordance with this Section 3.3.8.
Sample 1

Related to Fixed Interest Rate Option

  • Interest Rate Options The Borrower shall pay interest in respect of the outstanding unpaid principal amount of the Loans as selected by it from the Base Rate Option or LIBOR Rate Option set forth below applicable to the Loans, it being understood that, subject to the provisions of this Agreement, the Borrower may select different Interest Rate Options and different Interest Periods to apply simultaneously to the Loans comprising different Borrowing Tranches and may convert to or renew one or more Interest Rate Options with respect to all or any portion of the Loans comprising any Borrowing Tranche; provided that (i) there shall not be at any one time outstanding more than ten (10) Borrowing Tranches in the aggregate among all of the Loans and (ii) if an Event of Default or Potential Default exists and is continuing, the Borrower may not request, convert to, or renew the LIBOR Rate Option for any Loans and the Required Lenders may demand that all existing Borrowing Tranches bearing interest under the LIBOR Rate Option shall be converted immediately to the Base Rate Option, subject to the obligation of the Borrower to pay any indemnity under Section 5.9 [Indemnity] in connection with such conversion. If at any time the designated rate applicable to any Loan made by any Lender exceeds such Lender’s highest lawful rate, the rate of interest on such Lender’s Loan shall be limited to such Lender’s highest lawful rate.

  • Fixed Interest Rate Annual interest rate shall be /% and will not change during the duration.

  • Selection of Interest Rate Options At any time any portion of this Note bears interest determined in relation to LIBOR, it may be continued by Borrower at the end of the Fixed Rate Term applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Rate or to LIBOR for a new Fixed Rate Term designated by Borrower. At any time any portion of this Note bears interest determined in relation to the Prime Rate, Borrower may convert all or a portion thereof so that it bears interest determined in relation to LIBOR for a Fixed Rate Term designated by Borrower. At such time as Borrower requests an advance hereunder or wishes to select a LIBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed Rate Term, Borrower shall give Bank notice specifying: (i) the interest rate option selected by Borrower; (ii) the principal amount subject thereto; and (iii) for each LIBOR selection, the length of the applicable Fixed Rate Term. Any such notice may be given by telephone (or such other electronic method as Bank may permit) so long as, with respect to each LIBOR selection, (A) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) Business Days after such notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. on the first day of the Fixed Rate Term, or at a later time during any Business Day if Bank, at it’s sole option but without obligation to do so, accepts Borrower’s notice and quotes a fixed rate to Borrower. If Borrower does not immediately accept a fixed rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from Borrower shall be subject to a redetermination by Bank of the applicable fixed rate. If no specific designation of interest is made at the time any advance is requested hereunder or at the end of any Fixed Rate Term, Borrower shall be deemed to have made a Prime Rate interest selection for such advance or the principal amount to which such Fixed Rate Term applied.

  • Application Among Interest Rate Options All prepayments --------------------------------------- required pursuant to this Section 5.05 shall first be applied among the Interest Rate Options to the principal amount of the Loans subject to a Base Rate Option, then to Loans subject to Euro-Rate Option. In accordance with Section 5.06(b), the Borrower shall indemnify the Banks for any loss or expense including loss of margin incurred with respect to any such prepayments applied against Loans subject to a Euro-Rate Option on any day other than the last day of the applicable Interest Period.

  • Fixed Interest Rates Each Mortgage Loan bears interest at a rate that remains fixed throughout the remaining term of such Mortgage Loan, except in the case of ARD loans and situations where default interest is imposed.

  • Conversion to Fixed Interest Rate The Mortgage Loan does not contain a provision whereby the Mortgagor is permitted to convert the Mortgage Interest Rate from an adjustable rate to a fixed rate;

  • Notice of Interest Period and Interest Rate Promptly after receipt of a Notice of Borrowing pursuant to Section 2.02(a), a notice of Conversion pursuant to Section 2.09 or a notice of selection of an Interest Period pursuant to the definition of “Interest Period”, the Administrative Agent shall give notice to the Borrower and each Lender of the applicable Interest Period and the applicable interest rate determined by the Administrative Agent for purposes of clause (a)(i) or (a)(ii) above.

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