Common use of Selection, Conversion or Renewal of Rate Options Clause in Contracts

Selection, Conversion or Renewal of Rate Options. Subject to the ---------------------------------------------------- other provisions hereof, Borrower may select any Interest Rate Option to apply to the borrowings evidenced by the Note. Subject to the other provisions hereof, Borrower may convert any part of the unpaid principal amount of the Note from any Interest Rate Option to the other Interest Rate Option: (a) at any time with respect to the conversion from the Base Rate Option to the Libor Rate Option, and (b) at the expiration of any Rate Period with respect to conversion from or renewals of the Libor Rate Option as to the Rate Segment corresponding to such expiring Rate Period (or at any other time, subject to Section 3.6(b)). Whenever Borrower desires to select, convert, or renew the Libor Rate Option, Borrower shall give Bank a Standard Notice thereof (which shall be irrevocable), specifying the date, amount, and type of the proposed new Rate Option. If such notice has been duly given, and if Bank approves the proposed selection, conversion, or renewal, on and after the date specified in such notice, interest shall be calculated upon the unpaid principal amount of the Note taking into account such selection, conversion or renewal.

Selection, Conversion or Renewal of Rate Options. Subject to the ---------------------------------------------------- other provisions hereof, Borrower may select any Interest Rate Option to apply to the borrowings evidenced by the Note. Subject to the other provisions hereof, Borrower may convert any part of the unpaid principal amount of the Note from any Interest Rate Option to the other Interest Rate Option: (a) at any time with respect to the conversion from the Base Rate Option to the Libor Rate Option, and (b) at the expiration of any Rate Period with respect to conversion from or renewals of the Libor Rate Option as to the Rate Segment corresponding to such expiring Rate Period (or at any other time, subject to Section 3.6(b)). Whenever Borrower desires to select, convert, or renew the Libor Rate Option, Borrower shall give Bank a Standard Notice thereof (which shall be irrevocable), specifying the date, amount, and type of the proposed new Rate Option. If such notice has been duly given, and if Bank approves the proposed selection, conversion, or renewal, on and after the date specified in such notice, interest shall be calculated upon the unpaid principal amount of the Note taking into account such selection, conversion or renewal.