Common use of Offered Rate Portions Clause in Contracts

Offered Rate Portions. Each Offered Rate Portion shall bear interest for each Interest Period selected therefor at the Offered Rate for such Interest Period, provided that if any Offered Rate Portion is not paid when due, after giving effect to any grace periods (whether by lapse of time, acceleration or otherwise) such Portion shall bear interest, whether before or after judgment, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding 3% to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such Offered Rate Portion shall automatically be converted into and added to the Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the Domestic Rate Portion after Default. Interest on each Offered Rate Portion shall be due and payable on the last day of each Interest Period applicable thereto and interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company shall notify the Bank on or before 11:00 a.m. (Chicago time) at least one Business Day preceding the end of an Interest Period applicable to an Offered Rate Portion whether such Offered Rate Portion is to continue as an Offered Rate Portion, in which event the Company shall notify the Bank of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the Bank, such Offered Rate Portion shall automatically be converted into and added to the Domestic Rate Portion as of and on the last day of such Interest Period. The Company understands and agrees that each Offered Rate shall be determined by the Bank in its sole discretion, without reference to any particular index or source of funds, and may be higher than the Domestic Rate or Adjusted LIBOR Rate.

Offered Rate Portions. Each Offered Rate Portion shall bear interest for each the Interest Period selected therefor at the Offered Rate for such Interest Period, provided that if any such Offered Rate Portion is not paid when due, after giving effect to any grace periods due (whether by lapse of time, acceleration or otherwise) ), or at the election of the Bank upon notice to the Company during the existence of any other Event of Default, such Portion shall bear interest, whether before or after judgment, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding 32% to the interest rate which would otherwise be applicable thereto, thereto and effective at the end of such Interest Period such Offered Rate Portion shall automatically be converted into and added to the Domestic Base Rate Portion and shall thereafter bear interest at the interest rate applicable to the Domestic Base Rate Portion after Defaultdefault. Interest on each Offered Rate Portion shall be due and payable on the last day of each Interest Period applicable thereto thereto, and interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company shall notify the Bank on or before by 11:00 a.m. (Chicago time) at least one on the Business Day preceding on which the end Company requests that any Offered Rate Portion be created or that any part of an Interest Period applicable to the Base Rate Portion or any part of a LIBOR Portion be converted into an Offered Rate Portion whether (each such Offered Rate Portion is notice to continue as an Offered Rate Portion, specify in which event each instance the Company shall notify amount thereof and the Interest Period selected therefor). Upon receipt of notice from the Bank of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the Bank, such Company’s request that an Offered Rate Portion be created or effected by conversion, the Bank shall automatically be converted into and added in its discretion quote an interest rate to the Domestic Company at which the Bank would be willing to make the Offered Rate Portion as of and on available to the last day of Company for such Interest Period. The Company understands and agrees that each (i) the Bank has no obligation to quote Offered Rates or to make any Offered Rate Portion available to the Company, (ii) that the Bank may refuse to make any such Offered Rate Portion available to the Company after receiving a request therefor from the Company and (iii) that any such Offered Rate Portion made available to the Company shall be determined subject to such other terms and conditions as are mutually agreed upon by the Company and the Bank. If the Company accepts the Offered Rate so quoted by the Bank, then the Company shall be irrevocably committed to take the Offered Rate Portion on the date, in the amount and for the Interest Period requested by the Company and at the Offered Rate quoted by the Bank. The Company acknowledges and agrees that each interest rate quote is given for immediate acceptance, and if the Company does not so immediately accept the Offered Rate quoted on the terms and conditions specified by the Bank and in its sole discretionthe amount and for the Interest Period requested by the Company, without reference the offer to any particular index make such Offered Rate Portion shall be deemed immediately withdrawn and such Offered Rate Portion not created or source of fundseffected by conversion, and as the case may be higher than the Domestic Rate or Adjusted LIBOR Ratebe.

Offered Rate Portions. Each Offered Rate Portion shall bear interest for each Interest Period selected therefor at the Offered Rate for such Interest Period, provided that if any Offered Rate Portion is not paid when due, after giving effect to any grace periods due (whether by lapse of time, acceleration acceleration, or otherwise) ), or at the election of the Bank upon notice to the Borrower during the existence of any other Default, such Portion shall bear interest, whether before or after judgment, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding 32.0% to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such Offered Rate Portion shall automatically be converted into and added to the Domestic Prime Rate Portion and shall thereafter bear interest at the interest rate applicable to the Domestic Prime Rate Portion after Defaultdefault. Interest on each Offered Rate Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to an Offered Rate Portion in excess of 90 days, on the date occurring every 90 days after the date such Interest Period began and at the end of such Interest Period; and interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company shall notify If the Borrower and the Bank fail to agree on or before 11:00 a.m. (Chicago time) at least one on the first Business Day preceding the end of an Interest Period applicable to an Offered Rate Portion whether that such Offered Rate Portion is to will continue as an Offered Rate Portion, in which event the Company shall notify the Bank of the Portion at a new Offered Rate for a new Interest Period selected therefor, and in the event the Company shall fail to so notify the BankPeriod, such Offered Rate Portion shall automatically be converted into and added to the Domestic Prime Rate Portion as of and on the last day of such Interest Period. The Company understands and agrees that each Offered Rate shall be determined by the Bank in its sole discretion, without reference to any particular index or source of funds, and may be higher than the Domestic Rate or Adjusted LIBOR Rate.Interest

Offered Rate Portions. Each Offered Rate Portion shall bear interest for each Interest Period selected therefor at a rate per annum determined by adding the Applicable Margin to the Offered Rate for such Interest Period, provided that if any Offered Rate Portion is not paid when due, after giving effect to any grace periods due (whether by lapse of time, acceleration acceleration, or otherwise) ), or at the election of the Bank upon notice to the Borrower during the existence of any Event of Default, such Portion shall bear interest, whether before or after judgment, judgment until payment in full thereof thereof, through the end of the Interest Period then applicable thereto at the rate per annum determined by adding 32.0% to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such Offered Rate Portion shall automatically be converted into and added to the Domestic Base Rate Portion and shall thereafter bear interest at the interest rate applicable to the Domestic Base Rate Portion after Defaultdefault. Interest on each Offered Rate Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to an Offered Rate Portion in excess of 90 days, on the date occurring every 90 days after the date such Interest Period began and at the end of such Interest Period, and interest after maturity (whether by lapse of time, acceleration acceleration, or otherwise) shall be due and payable upon demand. The Company Borrower shall notify the Bank on or before 11:00 a.m. (Chicago time) at least one on the Business Day preceding the end of an Interest Period applicable to an Offered Rate Portion whether such Offered Rate Portion is to continue as an Offered Rate Portion, in which event the Company Borrower shall notify the Bank of the new Interest Period selected therefor, ; and in the event the Company Borrower shall fail to so notify the Bank, such Offered Rate Portion shall automatically be converted into and added to the Domestic Base Rate Portion as of and on the last day of such Interest Period. The Company Borrower understands and agrees that each the Bank has no obligation to quote Offered Rates or to make any Offered Rate Portion available to the Borrower, that the Bank may refuse to make any such Offered Rate Portion available to the Borrower after receiving a request therefor from the Borrower, and that any such Offered Rate Portion made available to the Borrower shall be determined subject to such other terms and conditions as are mutually agreed upon by the Bank in its sole discretion, without reference to any particular index or source of funds, Borrower and may be higher than the Domestic Rate or Adjusted LIBOR RateBank.