INTEREST ON FLORIDA TERM NOTE Sample Clauses

INTEREST ON FLORIDA TERM NOTE. The Florida Term Loan shall continue to bear interest on the unpaid principal balance outstanding thereunder from time to time at a per annum rate equal to the Prime Rate, such rate to change simultaneously with any change in the Prime Rate; PROVIDED, HOWEVER, that after maturity, whether by acceleration or otherwise, the overdue principal and, to the extent permitted by law, overdue interest at maturity in respect of the Florida Term Note shall bear interest, payable on demand, at the rate per annum otherwise in effect hereunder plus two percent (2%), such rate to change simultaneously with any change in the Prime Rate. Interest shall be payable monthly, in arrears, commencing on September 1, 2000, and on the first day of each month thereafter, as long as there is any unpaid balance under the Florida Term Note.