RATE SELECTION. Borrower shall select and change its selection of the interest rate as among LIBOR, the Federal Funds Rate and the Prime-Based Rate, as applicable, to apply to at least $100,000 and in integral multiples of $100,000 thereafter of any Loan or portion thereof, subject to the requirements herein stated: (a) At the time any Loan is made; (b) At the expiration of a particular LIBOR Interest Period selected for the outstanding principal balance of any Loan or portion of any Loan currently bearing interest at LIBOR; and (c) At any time for the outstanding principal balance of any Loan or portion thereof currently bearing interest at the Prime-Based Rate or the Federal Funds Rate.
Appears in 4 contracts
Samples: Revolving Credit Agreement (First Community Bancorp /Ca/), Revolving Credit Agreement (First Community Bancorp /Ca/), Revolving Credit Agreement (First Community Bancorp /Ca/)
RATE SELECTION. Borrower shall select and change its selection of the interest rate as among LIBOR, the Federal Funds Rate and the Prime-Based Rate, as applicable, to apply to at least $100,000 500,000 and in integral multiples of $100,000 thereafter of any Loan or portion thereof, subject to the requirements herein stated:
(a) At the time any Loan is made;
(b) At the expiration of a particular LIBOR Interest Period selected for the outstanding principal balance of any Loan or portion of any Loan currently bearing interest at LIBOR; and
(c) At any time for the outstanding principal balance of any Loan or portion thereof currently bearing interest at the Prime-Prime- Based Rate or the Federal Funds Rate.
Appears in 1 contract
