Common use of Change in Interest Rate Clause in Contracts

Change in Interest Rate. The paragraph describing the interest rate in the Revolving Note is hereby amended and restated in its entirety to read as follows: “The unpaid principal balance will bear interest at an annual rate equal to 1.5% plus the prime rate announced by the Bank from time to time; provided that the interest rate will not be less than 5.00% per annum at any time. The interest rate hereunder will be adjusted each time that the prime rate changes.”

Appears in 1 contract

Samples: Second Loan Modification Agreement (Arts Way Manufacturing Co Inc)

AutoNDA by SimpleDocs

Change in Interest Rate. The paragraph describing Section 2 of the interest rate in the Revolving 2012 Term Note is hereby amended and restated in its entirety to read as follows: “The unpaid principal balance will bear interest at an annual rate equal to 1.5% plus the prime rate announced by the Bank from time to time; provided that the interest rate will not be less than 5.00% per annum at any time. The interest rate hereunder will be adjusted each time that the prime rate changes.”

Appears in 1 contract

Samples: Third Loan Modification Agreement (Arts Way Manufacturing Co Inc)

Change in Interest Rate. The paragraph describing the interest rate in the Revolving Section 2 of each 2013 Term Note is hereby amended and restated in its entirety to read as follows: “The unpaid principal balance will bear interest at an annual rate equal to 1.5% plus the prime rate announced by the Bank from time to time; provided that the interest rate will not be less than 5.00% per annum at any time. The interest rate hereunder will be adjusted each time that the prime rate changes.”

Appears in 1 contract

Samples: Third Loan Modification Agreement (Arts Way Manufacturing Co Inc)

AutoNDA by SimpleDocs

Change in Interest Rate. The paragraph describing the interest rate in the Revolving Note is hereby amended and restated in its entirety to read as follows: “The unpaid principal balance will bear interest at an annual rate equal to 1.51.0% plus the prime rate announced by the Bank from time to time; provided that the interest rate will not be less than 5.004.50% per annum at any time. The interest rate hereunder will be adjusted each time that the prime rate changes.”

Appears in 1 contract

Samples: Loan Modification Agreement (Arts Way Manufacturing Co Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.