Floating Rate of Interest. The Lender shall be entitled to revise the rate of Interest at any time and from time to time as per its policy, market conditions and/or applicable laws and regulations, if any, during the tenor of the Loan at its sole discretion. The Lender shall inform the Borrower about the variation in the rate of Interest in due course.
Floating Rate of Interest. (a) Subject to the provisions of this section and Section 2.03, the unpaid principal balance of the Xxxxxxxx Loan will bear interest from the Funding Date at the rate of 2.38% per annum (the “Initial Floating Rate”) fixed to June 29, 2016.
(b) On September 29, 2016 and on the 29th day of each December, March, June and September thereafter (each such date, a “Floating Rate Adjustment Date”), the rate of interest on the Xxxxxxxx Loan will be Adjusted to that rate per annum equal to the greater of (a) the three month LIBOR plus the Floating Rate Spread (defined in Section 2.02(c)), or (b) 2.000% per annum (a “Floating Rate Adjustment” and the Initial Floating Rate, as Adjusted, the “Adjusted Floating Rate”). Beginning on each Floating Rate Adjustment Date and continuing until the next Floating Rate Adjustment Date or the Maturity Date, whichever is earlier, the unpaid principal balance of the Xxxxxxxx Loan will bear interest at the then applicable Adjusted Floating Rate.
(c) Subject to the provisions of this Section 2.02(c), the term “Floating Rate Spread” shall mean 1.750% per annum. On March 29, 2019, March 29, 2022, and March 29, 2025, each, Lender may change the Floating Rate Spread to that rate per annum determined by Lender, consistent with rates quoted by Lender for substantially similar loans secured by real estate substantially similar to the Collateral, in each instance as determined by Lender.
Floating Rate of Interest. Each floating rate of interest provided for under this Agreement will change automatically, without notice, whenever the Bank’s Prime Rate or the U.S. Base Rate, as the case may be, changes.
Floating Rate of Interest. The Debentures will bear interest from and including May 9, 2023 to but excluding May 9, 2028, at a floating rate of interest equal to the 3-month CDOR plus 0.78% payable quarterly in arrears on the 9th day of each of February, May, August and November in each year, commencing August 9, 2023. The Corporation shall provide to the Trustee its interest calculation in respect of any floating rate interest period.
