LIBOR Rate Terms Clause Samples

LIBOR Rate Terms. Each optional interest rate is a rate per year. Interest will be paid as set forth in this Second Addendum. No Portion will be converted to a different interest rate during the applicable interest period. Upon the occurrence of an event of default under the Notes or any other Loan Documents, Bank may terminate the availability of optional interest rates for interest periods commencing after the default occurs. No interest period may extend beyond the maturity date of the Third Amended and Restated Revolving Promissory Note Note. At the end of any applicable interest period, the interest rate will revert to the Prime Rate minus 3/4 of one percent, unless Borrower has designated another optional interest rate for the Portion.