Calculation of Interest and Fees; Adjustment to Prime Rate. Interest on the Loans, unpaid fees and other sums payable hereunder shall be computed on the basis of a year of three hundred sixty (360) days and paid for the actual number of days elapsed. In the event of any change in the Prime Rate, the rate of interest applicable to each Loan shall be adjusted effective the next calendar day to correspond with such change; except any interest rate charged hereunder shall not exceed the Maximum Rate.
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Samples: Loan Agreement (Oak Ridge Financial Services, Inc.), Revolving Credit Note (Southern First Bancshares Inc)
Calculation of Interest and Fees; Adjustment to Prime Rate. Interest on the Revolving Credit Loans, unpaid fees and other sums payable hereunder shall be computed on the basis of a year of three hundred sixty (360) days and paid for the actual number of days elapsed. In the event of any change in the Prime Rate, the rate of interest applicable to each Loan on the Revolving Credit Loans shall be adjusted effective the next calendar day to immediately correspond with such change; except provided, however, that any interest rate charged hereunder shall not exceed the Maximum RateRate (as hereinafter defined).
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Samples: Baker Michael Corp
Calculation of Interest and Fees; Adjustment to Prime Rate. Interest on the Loans, unpaid fees and other sums payable hereunder shall be computed on the basis of a year of three hundred sixty (360) days and paid for the actual number of days elapsed. In the event of any change in the Prime Rate, the rate of interest applicable to each Prime Rate Loan shall be adjusted effective the next calendar day to immediately correspond with such change; except any interest rate charged hereunder shall not exceed the Maximum Rate.
Appears in 1 contract
Calculation of Interest and Fees; Adjustment to Prime Rate. Interest on the Loans, unpaid fees and other sums payable hereunder shall be computed on the basis of a year of three hundred sixty (360) days and paid for the actual number of days elapsed. In the event of any change in the Prime Rate, the rate of interest applicable to each Loan shall be adjusted effective the next calendar day to immediately correspond with such change; except any interest rate charged hereunder shall not exceed the Maximum Rate.
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