BASE INTEREST RATE. At Debtor's option, amounts outstanding hereunder in minimum amounts of at least $100,000.00 shall bear interest at a rate, based on an index selected by Debtor, which is 1.50% per annum in excess of Bank's LIBOR-Rate for the Interest Period selected by Debtor, acceptable to Bank. No Base Interest Rate may be changed, altered or otherwise modified until the expiration of the Interest Period selected by Debtor. The exercise of interest rate options by Debtor shall be as recorded in Bank's records, which records shall be prima facie evidence of the amount borrowed under either interest option and the interest rate; provided, however, that failure of Bank to make any such notation in its records shall not discharge Debtor from it obligations to repay in full with interest all amounts borrowed. In no event shall any Interest Period extend beyond the maturity date of this note. To exercise this option, Debtor may, from time to time with respect to principal outstanding on which a Base Interest Rate is not accruing, and on the expiration of any Interest Period with respect to principal outstanding on which a Base Interest Rate has been accruing select an index offered by Bank for a Base Interest Rate Loan and an Interest Period by telephoning an authorized lending officer of Bank located at the banking office identified below prior to 10:00 a.m., Pacific time, on any Business Day and advising that officer of the selected index, the Interest Period and the Origination Date selected (which Origination Date, for a Base Interest Rate Loan based on the LIBOR-Rate, shall follow the date of such selection by no more than two (2) Business Days). Bank will mail a written confirmation of the terms of the selection to Debtor promptly after the selection is made. Failure to send such confirmation shall not affect Bank's rights to collect interest at at the rate selected. If, on the date of the selection, the index selected is unavailable for any reason, the selection shall be void. Bank reserves the right to fund the principal from any source of funds notwithstanding any Base Interest Rate selected by Debtor.
BASE INTEREST RATE. The rate of interest established by the Company, at its sole discretion, for a specified Fixed Account Option period. In no event will the Base Interest Rate be less than the Fixed Account Minimum Interest Rate shown on the Contract Data Page. BENEFICIARY(IES). The person(s) or entity(ies) designated to receive any Contract benefits upon the death of the Owner.
BASE INTEREST RATE. The rate of interest declared by the Company, at its sole discretion, for a specified Fixed Account Option period. BENEFICIARY(IES). The natural person(s) or entity(ies) entitled to receive any Contract benefits upon the death of the Owner or Annuitant as applicable in the circumstances.
BASE INTEREST RATE. Subject to Sections 2B and 2C below, the outstanding Principal Amount shall bear interest at the rate of eight (8%) percent per annum.
BASE INTEREST RATE. Section 3.02 (a). The definition of “Base Interest Rate” shall be amended as follows:
(i) Up to and including December 31, 2016, the outstanding unpaid balance of the Loans comprising each Borrowing shall bear interest at a rate per annum equal to eight (8%) percent compounded annually and (ii) on January 1, 2017, and annually on each January 1st thereafter, the total outstanding balance of all Loans made to each Borrower shall bear interest at a rate per annum equal to eight (8%) percent compounded.
BASE INTEREST RATE. Subject to subsections 4B and 4C below, the outstanding Principal Amount shall bear interest per annum at the Applicable Federal Rate (the "Base Interest Rate"), as defined in Section 1274(d) of the Internal Revenue Code of 1986, as amended (the "Code"), payable on the Maturity Date.
BASE INTEREST RATE. At Debtor's option, amounts outstanding hereunder in increments of at least $500,000 shall bear interest at a rate to be selected by Debtor which is 2.25% per annum in excess of Bank's Adjusted LIBOR-Rate for the Interest Period so selected by Debtor. Any Base Interest Rate selected by Debtor may not be changed, altered or otherwise modified until the expiration of the Interest Period for which it was selected. The exercise of interest options by Debtor shall be as recorded in Bank's records, which records shall be prima facie evidence of the amount borrowed under either interest option and the interest rate; provided, however, that failure of Bank to make any such notation in its records shall not discharge Debtor from its obligations to repay in full with interest all amounts borrowed. In no event shall any Interest Period extend beyond the maturity date of this note. To select a Base Interest Rate, Debtor may, from time to time with respect to principal outstanding on which a Base Interest Rate has not been selected and on the expiration of any Interest Period with respect to principal outstanding on which a Base Interest Rate has been selected, select a Base Interest Rate by telephoning an authorized lending officer of Bank located at the banking office identified below prior to 10:00 a.m., California time, on any Business Day and advising that officer of the Base Interest Rate, the Interest Period and the Origination Date selected (which Origination Date, for a Base Interest Rate Loan based on the Adjusted LIBOR-Rate, shall follow the date of such election by no more than two (2) Business Days). Xxxx will confirm the terms of the election in writing by mail to Debtor promptly after the election is made. Failure to send such confirmation shall not affect Bank's rights to collect interest at the rate selected. If, on the date of the election, the Base Interest Rate selected is unavailable for any reason, the selection shall be void. Bank reserves the right to fund the principal from any source of funds notwithstanding any Base Interest Rate selected by Debtor.
BASE INTEREST RATE. So long as no Event of Default shall have occurred and be continuing, the Company shall pay interest on the unpaid Principal balance of, and accrued and unpaid interest on, this Note from the Issuance Date until the Execution Date at a rate per annum equal to sixteen (16%) percent (the “Interest Rate”). All accrued and unpaid interest on this Note from the Issuance Date through the Execution Date shall, on the Execution Date, be added to the Principal amount of this Note. Commencing upon the Execution Date, and through the sooner of (i) January 15, 2018 or (ii) the fifth (5th) Business Day following a Stockholder Meeting (as defined in the Amendment Agreement) (the “Interest Recommencement Date”) the Interest Rate under this Note shall be reduced to a rate per annum equal to zero percent (0.00%). Following the Interest Recommencement Date, the Interest Rate will automatically increase to five percent (5%) per annum.
BASE INTEREST RATE. Unless an Event of Default has occurred and is continuing, the outstanding principal amount of the Notes and all other accrued but unpaid Obligations shall bear interest as set forth in this Section 2.4. The Borrower shall pay to the holders of the Notes accrued interest in cash (the “Current Pay Interest”), on the last Business Day of each month (the “Monthly Payment Date”), at a rate equal to 7.25% per annum. In addition to the Current Pay Interest, accrued interest at the rate of 3.75% per annum shall be added to the principal balance of the outstanding Notes on each Monthly Payment Date (the “PIK Interest,” and together with the Current Pay Interest, the “Aggregate Interest Rate”), and itself shall bear interest at the Aggregate Interest Rate. All amounts of accrued PIK Interest as of each Monthly Payment Date shall no longer be deemed to be accrued and unpaid interest on the outstanding principal of the Loan Amount, but shall be considered principal until paid. Unless prohibited under applicable law, any accrued interest which is not paid within 3 calendar days of the date on which it is due and payable shall bear interest at the Aggregate Interest Rate until such time as payment therefore is actually paid to the holders of the Notes. Any accrued interest which for any reason has not theretofore been paid shall be due and payable in full on the Maturity Date.
BASE INTEREST RATE. The total outstanding balance of each Borrower’s Loan shall bear interest at a rate equal to the amount set forth on Schedule 3.02 based on such Borrower’s Debt to WI Ratio as of the Third Amendment Effective Date compounded monthly. For the avoidance of doubt, interest will accrue on each Borrower’s Loans hereunder only on the total outstanding loan balance of such Borrower’s for such month.
