Common use of Selection and Changes of Rates Clause in Contracts

Selection and Changes of Rates. The Borrower shall select the initial interest rate or rates at the time it gives CoBank written notice of the Funding Date pursuant to Section 3. The Borrower may, on any Business Day, elect to have one of the fixed rate options apply to any Portion of the Loan then accruing interest at the Variable Rate. With respect to any Portion of the Loan accruing interest pursuant to one of the fixed rate options, the Borrower may, subject to Subsection (A)(2), on the last day of the Interest Period for such Portion, elect to fix the interest rate accruing on such Portion for another Interest Period pursuant to one of the fixed rate options. In the absence of any such election, interest shall automatically accrue on such Portion of the Loan at the Variable Rate. From time to time the Borrower may elect on a Business Day and upon payment of the Surcharge (as defined in, and calculated pursuant to, Section 6) to convert all, but not part, of any Portion of the Loan accruing interest pursuant to one of the fixed rate options to accrue interest at the Variable Rate or pursuant to another fixed rate option for an Interest Period as provided in Subsection (A)(2). Except for the initial selection, all interest rate selections provided for herein shall be made by telephonic or written request of an authorized employee of the Borrower by 12:00 noon, Eastern time, on the relevant day.

Selection and Changes of Rates. The Borrower shall select the initial applicable interest rate or rates at the time it gives CoBank written notice of the Funding Date requests an advance pursuant to Section 3. The Borrower may, on any Business Day, elect to have one of the fixed rate options apply to any Portion of the Loan then accruing interest at the Variable Rate. With In addition, with respect to any Portion of the Loan accruing interest pursuant to one of the fixed rate options, the Borrower may, subject to Subsection (A)(2Subsection(A)(2), on the last day of the Interest Period for such Portion, Portion elect to fix the interest rate accruing on such Portion for another a new Interest Period pursuant to one of the Period(s) at a new fixed rate optionsrate(s). In the absence of any such election, interest shall automatically accrue on such Portion of the Loan at the Variable Rate. From time to time the Borrower may elect on a Business Day and upon payment of the Surcharge (as defined in, and calculated pursuant to, Section 6) to convert all, but not partpart of, of any Portion of the Loan accruing interest pursuant to one of the fixed rate options to accrue interest at the Variable Rate or and/or pursuant to another fixed rate option rate(s) for an a new Interest Period as provided Period(s) selected in accordance with Subsection (A)(2)) above. Except for the initial selectionselection of a rate or rates for each advance, all interest rate selections provided for herein shall be made by telephonic or written request of an authorized employee of the Borrower by 12:00 noon, Eastern time, on the relevant day.

Selection and Changes of Rates. The Borrower shall select the initial applicable interest rate or rates at the time it gives CoBank written notice of the Funding Date pursuant to Section 3. The Borrower may, on any Business Day, elect to have one of the fixed rate options apply to any Portion of the Loan then accruing interest at the Variable Rate. With respect to any Portion of the Loan accruing interest pursuant to one of the fixed rate options, the Borrower may, subject to Subsection (A)(2), on the last day of the Interest Period for such Portion, elect to fix the interest rate accruing on such Portion for another Interest Period pursuant to one of the fixed rate options. In the absence of any such election, interest shall automatically accrue on such Portion of the Loan at the Variable Rate. From time to time time, the Borrower may elect on a Business Day and upon payment of the Surcharge (as defined in, and calculated pursuant to, Section 6) to convert all, but not part, of any Portion of the Loan accruing interest pursuant to one of the fixed rate options to accrue interest at the Variable Rate or pursuant to another of the fixed rate option options for an Interest Period as provided in Subsection (A)(2). Except for the initial selection, all interest rate selections provided for herein shall be made by telephonic or written request of an authorized employee of the Borrower by 12:00 noon, Eastern time, on the relevant day.