Optional Interest Rate. Instead of the interest rate based on the Bank's Reference Rate, the Borrower may elect the optional interest rate listed below for this Facility No. 3 during interest periods agreed to by the Bank and the Borrower. The optional interest rate shall be subject to the terms and conditions described later in this Agreement. Any principal amount bearing interest at an optional rate under this Agreement is referred to as a "Portion." The optional interest rate available is the Cayman Rate plus 2.10 percentage points.
Optional Interest Rate. Instead of the interest rate based on the Bank's Reference Rate, the Borrower may elect the IBOR Rate plus 1.20 percentage points during interest periods agreed to by the Bank and the Borrower. The optional interest rate shall be subject to the terms and conditions described later in this Agreement. Any principal amount bearing interest at the optional rate under this Agreement is referred to as a "Portion."
Optional Interest Rate. Instead of an interest rate based on the Reference Rate, the Borrowers may elect to have all or portions of their outstanding advances and loans (herein called a "LIBOR Rate Portion") bear interest based on the "LIBOR Rate" (described below), plus the addition of a spread, as described more particularly in Paragraphs 2.4(a), 3.4(a) and 4.4(a). Designation of a LIBOR Rate Portion is subject to the following requirements:
(a) The interest period during which the LIBOR Rate will be in effect will be one, two, three or six months. The first day of the interest period must be a day other than a Saturday or a Sunday on which BofA is open for business in California, New York and London and dealing in offshore dollars (a "LIBOR Banking Day"). The last day of the interest period and the actual number of days during the interest period will be determined by the Bank using the practices of the London interbank market. No interest period may extend beyond the Termination Date, however.
(b) Each LIBOR Rate Portion will be for an amount not less than $500,000, and no more than four (4) LIBOR Rate Portions, in total, per each Facility, may be outstanding at any one time.
Optional Interest Rate. (a) Instead of the interest rates based on the LIBOR Rate as described in Section 1.4 below, the Borrower may elect to have any Advance bear interest at a rate based on the Bank's Prime Rate. Tax-Exempt Advances would bear interest at the Banks Prime Rate, and Taxable Advances would bear interest at the Banks Prime Rate.
(b) The Prime Rate is the rate of interest publicly announced from time to time by the Bank as its Prime Rate. The Prime Rate is set by the Bank based on various factors, including the Banks costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans. The Bank may price loans to its customers at, above, or below the Prime Rate. Any change in the Prime Rate shall take effect at the opening of business on the day specified in the public announcement of a change in the Bank's Prime Rate.
Optional Interest Rate. Instead of the interest rate based on the BBA LIBOR Daily Floating Rate, the Borrower may elect the optional interest rate listed below during interest periods designated pursuant to Section 2.2(a) below. The optional interest rate shall be subject to the terms and conditions described later in this Agreement. Any principal amount bearing interest at an optional rate under this Agreement is referred to as a “Portion,” and each interest period designated pursuant to Section 2.2(a) for such Portion is referred to as an "Interest Period". The following optional interest rate is available:
(a) the LIBOR Rate plus 250 basis points.
Optional Interest Rate. Instead of the interest rate based on Bank's Prime Rate, Borrower may elect to have all or any portion, but not less than $500,000.00 of the revolving portion of the Revolving Line (during the Revolving Availability Period) bear interest at the rate described below ("Optional Interest Rate") during an interest period agreed to in writing by Bank and Borrower. Each interest rate is a rate per annum. Interest will be paid in arrears. At the end of any interest period, the interest rate will revert to the rate based on the Prime Rate, unless Borrower has designated another Optional Interest Rate for that portion. The optional interest rate will be equal to LIBOR, as described below, plus a spread equal to one and one half percent (1.50%) per annum.
(i) LIBOR shall mean the London Interbank Offered Rate, which is the rate of interest at which deposits in U.S. Dollars for one month are offered to first class banks in the London Interbank Market as quoted for the mid-morning average LlBOR rate as published by Telerate Systems, Inc. or such other publications as Bank may reasonable select, two (2) Business Days prior to the commencement of each relevant Interest Period.
(ii) Borrower may select an Optional Interest Rate for periods of 30, 60, 90, 120, 150 or 180 days, provided Borrower may not elect an Optional Interest Rate with respect to any portion of the principal balance which is scheduled to be repaid before the last day of the applicable Interest Period.
(iii) No portion of the principal balance of the Revolving Line already bearing interest at an Optional Interest Rate may be converted to a different rate during its Interest Period.
(iv) Each prepayment of principal of the Revolving Line which is covered by an Optional Interest Rate, whether voluntary, by reason of acceleration or otherwise, will be accompanied by the amount of accrued interest on the amount prepaid, and a prepayment fee equal to the amount (if any) by which: (a) the additional interest which would have been payable on the amount prepaid had it not been paid until the last day of the interest period, exceeds (b) the interest which would have been recoverable by Bank by placing the amount prepaid on the deposit in the offshore dollar market for a period starting on the date on which it was prepaid and ending on the last day of the interest period for such portion.
(v) Bank will have no obligation to accept an election of an Optional Interest Rate if: (a) dollar deposits in the principal a...
Optional Interest Rate. Instead of the interest rate based on Bank's Prime Rate, Borrower may elect to have all or portions of the Revolving Line of Credit (during the Availability Period) bear interest at the rate(s) described below (each an "Optional Interest Rate") during an interest period agreed to by Bank and Borrower (subject to the limitations set forth below). Each interest rate is a rate per annum. Interest will be paid monthly in arrears and shall be due on the first day of each month. At the end of any interest period, the interest rate will revert to the rate based on the Prime Rate, unless Borrower has designated another Optional Interest Rate for that portion.
Optional Interest Rate. Instead of the interest rate based on the Bank's Reference Rate, Borrowers may elect the optional interest rate listed below for this line of credit during interest periods agreed to by the Bank and the Borrowers. The optional interest rate shall be subject to the terms and conditions described later in this Agreement. Any principal amount bearing interest at an optional rate under this Agreement is referred to as a "Portion." The following optional interest rate is available:
(a) The LIBOR Rate plus one and one-half (1.50) percentage points.
Optional Interest Rate. Instead of the interest rate based on Sumitomo's Prime Rate, Borrowers may elect to have all or portions of the Loans bear interest at the Offshore Rate plus the Applicable Spread (as defined below) (the "Optional Interest Rate"), during an interest period agreed to by Agent and Borrowers. Each interest rate is a rate per annum. Interest will be paid on the last day of each interest period and, if the interest period is longer than 30 days, then on the first day of each month during the interest period. At the end of any interest period, the interest rate will revert to the rate based on the Prime Rate, unless Borrowers have designated another Optional Interest Rate for that portion. In offering Optional Interest Rates, neither Bank shall be obligated to match fund. Designation of an Offshore Rate portion is subject to the following requirements:
(i) The interest period during which the Offshore Rate will be in effect will be 30 days, 60 days, 90 days or 180 days as selected by Borrowers. The last day of the interest period will be determined by Agent using the practices of the offshore dollar inter-bank market.
(ii) Each Offshore Rate portion will be for an amount not less than one million dollars ($1,000,000) and increments of two hundred fifty thousand dollars ($250,000) above the minimum.
(iii) At any given time, Borrowers may have no more than three portions of the principal balance of the Loans bearing interest based on the Offshore Rate.
Optional Interest Rate. Instead of an interest rate based on the Reference Rate, the Borrowers may elect to have all or portions of their outstanding advances (herein called a "LIBOR Rate Portion") bear interest based on the "LIBOR Rate" (described below), plus the addition of a spread, as described more particularly in Paragraphs 2.4(a) and 3.4(a). Designation of a LIBOR Rate portion is subject to the following requirements:
(a) The interest period during which the LIBOR Rate will be in effect will be one, two, three or six months. The first day of the interest period must be a day other than a Saturday or a Sunday on which BofA is open for business in California, New York and London and dealing in offshore dollars (a "LIBOR Banking Day"). The last day of the interest period and the actual number of days during the interest period will be determined by the Bank using the practices of the London interbank market. No interest period may extend beyond the Termination Date, however.
(b) Each LIBOR Rate portion will be for an amount not less than $500,000, and no more than four (4) LIBOR Rate portions, in total, per each Facility, may be outstanding at any one time.
