Common use of Rate Adjustment Periods Clause in Contracts

Rate Adjustment Periods. Notwithstanding anything to the contrary in Sections 3.06(a) and 3.06(b) but subject to Section 3.06(c) above, at all times during a Rate Adjustment Period, interest on each Eurodollar Rate Advance shall be at a rate of one-quarter of one percent (0.25%) below the rate that would otherwise be payable under Section 3.06(b), provided, however, that (A) no reduction in the interest rate applicable to any Eurodollar Rate Advance outstanding on the commencement of a Rate Adjustment Period shall take effect until such Eurodollar Rate Advance has been continued or converted pursuant to Section 3.03; (B) no reduction in the interest rate applicable to any Eurodollar Rate Advance shall reduce such rate below the sum of 1.00% plus the Eurodollar Rate for such Advance for such Interest Period; and (C) interest on any amount of principal which is not paid when due (whether at stated maturity, by acceleration or otherwise) shall continue to be paid at the rates otherwise specified in Section 3.06(a) or 3.06(b) for such past due amounts.

Rate Adjustment Periods. Notwithstanding anything to the contrary in Sections 3.06(a) and 3.06(b) but subject to Section 3.06(c) above, at all times during a Rate Adjustment Period, interest on each Eurodollar Rate Advance shall be at a rate of one-quarter of one percent (0.25%) below the rate that would otherwise be payable under Section 3.06(b), provided, however, that (A) no reduction in the interest rate applicable to any Eurodollar Rate Advance outstanding on the commencement of a Rate Adjustment Period shall take effect until such Eurodollar Rate Advance has been continued or converted pursuant to Section 3.03; (B) no reduction in the interest rate applicable to any Eurodollar Rate Advance shall reduce such rate below the sum of 1.001.25% plus the Eurodollar Rate for such Advance for such Interest Period; and (C) interest on any amount of principal which is not paid when due (whether at stated maturity, by acceleration or otherwise) shall continue to be paid at the rates otherwise specified in Section 3.06(a) or 3.06(b) for such past due amounts.