Common use of Initial Rate and Initial Payment Clause in Contracts

Initial Rate and Initial Payment. Interest shall accrue on the balance of the principal amount outstanding hereunder from time to time from and after the date hereof at the rate of 6.715% per annum until the first Rate Adjustment Date (as defined below). On each successive Rate Adjustment Date, the rate of interest at which interest accrues shall be adjusted to the then applicable LIBOR Rate (as defined below) for the calendar month commencing on such date. Interest for the period beginning on the date of the first advance hereunder (the "Funding Date") and ending on and including the last day of the month in which the Funding Date occurs shall be payable on the Funding Date. Interest shall be calculated on the basis of a 360-day year and shall be charged on the principal balance outstanding from time to time for the actual number of days elapsed.

Initial Rate and Initial Payment. Interest shall accrue on the balance of the principal amount outstanding hereunder from time to time from and after the date hereof at the rate of 6.7157.43750% per annum until the first Rate Adjustment Date (as defined below). On each successive Rate Adjustment Date, the rate of interest at which interest accrues shall be adjusted to the then applicable LIBOR Rate (as defined below) for the calendar month commencing on such date. Interest for the period beginning on the date of the first advance hereunder (the "Funding Date") and ending on and including the last day of the month in which the Funding Date occurs this Note is dated shall be payable on the Funding Datedate hereof. Interest shall be calculated on the basis of a 360-day year and shall be charged on the principal balance outstanding from time to time for the actual number of days elapsed.

Initial Rate and Initial Payment. Interest shall accrue on the balance of the principal amount outstanding hereunder from time to time from and after the date hereof at the rate of 6.7157.40625% per annum until the first Rate Adjustment Date (as defined below). On each successive Rate Adjustment Date, the rate of interest at which interest accrues shall be adjusted to the then applicable LIBOR Rate (as defined below) for the calendar month commencing on such date. Interest for the period beginning on the date of the first advance hereunder (the "Funding Date") and ending on and including the last day of the month in which the Funding Date occurs this Note is dated shall be payable on the Funding Datedate hereof. Interest shall be calculated on the basis of a 360-day year and shall be charged on the principal balance outstanding from time to time for the actual number of days elapsed.

Initial Rate and Initial Payment. Interest shall accrue on the outstanding balance of the principal amount outstanding hereunder from time to time from and after the date hereof at the rate of 6.7158.7075% per annum until the first Rate Adjustment Date (as defined below). On each successive Rate Adjustment Date, the rate of interest at which interest accrues shall be adjusted to the then applicable LIBOR Rate (as defined below) for the calendar month commencing on such date). Interest for the period beginning on the date of the first advance hereunder (the "Funding Date") this Note and ending on and including the last day of the month in which the Funding Date occurs this Note is dated shall be payable on the Funding Datedate hereof. Interest shall be calculated paid in arrears and shall be computed on the basis of a 360-day year and actual number of days elapsed for any whole or partial month in which interest on the Loan is being calculated and shall be charged on the principal balance outstanding from time to time for the actual number of days elapsedtime."