Interest Rate Switches and the Switch Option Sample Clauses

Interest Rate Switches and the Switch Option. The Lender may permit a Borrower under any Credit to switch the Guaranteed Interest Rate applicable to such Credit (or any part thereof) one or more times (each such option, an “Interest Rate Switch”) in accordance with the terms and conditions set forth in the relevant Credit Agreement; provided (i) if the Interest Rate Switch is to a floating rate, Ex-Im Bank shall have approved such floating rate in the relevant Ex-Im Bank Approval; (ii) the Lender has notified Ex-Im Bank’s Asset Management Division of the new rate in writing no more than ten (10) Business Days following the exercise of such Interest Rate Switch; and (iii) such Interest Rate Switch may be exercised only as long as no Event of Default has occurred under such Credit. Unless Ex-Im Bank otherwise agrees, the following shall apply:
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