Common use of Notice of Election to Adjust Interest Rate Clause in Contracts

Notice of Election to Adjust Interest Rate. Upon telephonic notice which shall be received by the Bank at or before 2:00 p.m. (California time) on a Business Day, the Borrower may elect: (i) That interest on a Variable Rate Advance shall be adjusted to accrue at the Fixed Rate; provided, however, that such notice shall be received by the Bank no later than 2:00 p.m. on the Business Day on which the Borrower requests that interest be adjusted to accrue at the Fixed Rate.

Notice of Election to Adjust Interest Rate. Upon telephonic notice which shall be received by the Bank at or before 2:00 p.m. 11:00 am (California time) on a Business Day, the Borrower may elect: (ia) That interest on a Variable Rate Advance shall be adjusted to accrue at the a quoted and offered Fixed Rate; provided, however, that such notice shall be received by the Bank no later than 2:00 p.m. on two business days prior to the Business Day day (which shall be a business day) on which the Borrower requests that interest be adjusted to accrue at the Fixed Rate.