Common use of Optional Rates Clause in Contracts

Optional Rates. Each optional interest rate is a rate per year. Interest will be paid on the last day of each interest period, and, if the interest period is longer than three months then on each three month anniversary 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 the Borrower has designated another optional interest rate for the Portion. No Portion will be converted to a different interest rate during the applicable interest period. Upon the occurrence and continuance of an Event of Default under this Agreement, the Bank may terminate the availability of optional interest rates for interest periods commencing after the default occurs.

Optional Rates. Each optional interest rate is a rate per year. -------------- Interest will be paid on the last day of each interest period, and, if the interest period is longer than three months one month, then on the first day of each three month anniversary during the interest period. At the end of any interest period, the interest rate will revert to the rate based on the Prime Reference Rate, unless the Borrower has Borrowers have designated another optional interest rate for the Portion. No Portion will be converted to a different interest rate during the applicable interest period. Upon the occurrence and continuance of an Event event of Default default under this Agreement, the Bank may terminate the availability of optional interest rates for interest periods commencing after the default occurs.

Optional Rates. Each optional interest rate is a rate per year. Interest will be paid on the last day of each interest period, and, if and on the interest last day of each monthly period is longer than three months then on each three month anniversary of the Borrower's fiscal calendar during the interest period. At the end of any interest period, the interest rate will revert to the rate based on the Prime Reference Rate, unless the Borrower has designated another optional interest rate for the Portion. No Portion will be converted to a different interest rate during the applicable interest period. Upon the occurrence and continuance of an Event event of Default default under this Agreement, the Bank may terminate the availability of optional interest rates for interest periods commencing after the default occurs.

Optional Rates. Each optional interest rate is a rate per year. Interest will be paid on the last first day of each interest period, and, if the interest period is longer than three months then on each three month anniversary during the interest period. At the end of any interest period, the interest rate will revert to the rate based on the Prime Ratestated in Section 1.4(a) above, unless the Borrower has designated another optional interest rate for the Portion. No Portion will be converted to a different interest rate during the applicable interest period. Upon the occurrence and continuance of an Event event of Default default under this Agreement, after written notice of default has been given to the Borrower, the Bank may terminate suspend the availability of optional interest rates for interest periods commencing after the default occurs, with such suspension to continue until such default is cured.