Common use of Optional Interest Rate Clause in Contracts

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:

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(a3.4(a). Designation of a LIBOR Rate Portion portion is subject to the following requirements:

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 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), 3.4(a) and 4.4(aParagraph 2.5(a). Designation of a LIBOR Rate Portion is subject to the following requirements: