Interest Prior to Default. Interest shall accrue on the outstanding principal balance of this Note from the date hereof through November 20, 2009 (the “Maturity Date”) at an annual interest rate equal to the LIBOR Rate (as hereinafter defined) plus two percent (2%) (the “Loan Rate”).
Interest Prior to Default. Interest shall accrue on the outstanding principal balance of this Note from the date hereof through November 1, 2010 ("Maturity Date") at an annual rate equal to the greater of (i) twelve percent (12.00%), or (ii) three percent (3.00%) plus the Prime Rate ("Loan Rate"); provided, however, that in no event shall the Loan Rate be greater than fifteen percent (15.0%). Changes in the rate of interest to be charged hereunder based on the Prime Rate shall take effect immediately upon the occurrence of any change in the Prime Rate.
Interest Prior to Default. Except as otherwise expressly provided in this Note, interest shall accrue on the principal balance of this Note through the Maturity Date at a rate of interest equal to the greater of (i) a floating per annum rate of interest equal to the “Prime Rate” (as defined below), plus 1.0%, or (ii) 5.0% per annum. Changes in the rate of interest to be charged hereunder based on the Prime Rate shall take effect immediately upon the occurrence of any change in the Prime Rate. For purposes of this Note, the term “Prime Rate” means the floating per annum rate of interest most recently announced by the Lender at Chicago, Illinois as its prime or base rate. A certificate made by an officer of the Lender stating the Prime Rate in effect on any given day, for the purposes hereof, shall be conclusive evidence of the Prime Rate in effect on such day. The Prime Rate is a base reference rate of interest adopted by the Lender as a general benchmark from which the Lender determines the floating interest rates chargeable on various loans to borrowers with varying degrees of creditworthiness and the Borrowers acknowledge and agree that the Lender has made no representations whatsoever that the Prime Rate is the interest rate actually offered by the Lender to borrowers of any particular creditworthiness.
Interest Prior to Default. The principal sum outstanding hereunder shall bear interest at a floating rate per annum equal to three and fifty one hundredths percent (3.50%) in excess of the "One Month LIBOR Rate", being the rate of interest relating to quotations for the one month London InterBank Offered Rates on U.S. Dollar deposits as published on Bloomberg LP, or, if no longer provided by Bloomberg LP, such rate as shall be determined in good faith by Lender from such sources as it shall determine to be comparable to Bloomberg LP (or any successor) on each relevant date of determination (the "Interest Rate"). The Interest Rate shall be adjusted automatically on the first (1st) day of each month during the term of this Note. Lender shall not be required to notify Borrower of any adjustment in the Interest Rate. Borrower may, however, request a quote of prevailing One Month LIBOR Rate on any Banking Day. The term "Banking Day" means any day other than a Saturday, Sunday, public holiday or other day on which banking institutions are generally closed and do not conduct banking business.
Interest Prior to Default. (a) Interest shall accrue on the principal balance of this Note outstanding from the date hereof through the Maturity Date at the Borrower’s option from time to time of (i) a floating per annum rate of interest (the “Interest Rate”) equal to the Prime Rate (as hereinafter defined), or (ii) a per annum rate of interest (the “LIBOR Rate”) equal to LIBOR (as hereinafter defined) for the relevant Interest Period (as hereinafter defined), plus ninety-five and one-hundredths percent (0.95%) (the “Applicable Margin”), such LIBOR Rate to remain fixed for such Interest Period. Changes in the Interest Rate to be charged hereunder based on the Prime Rate shall take effect immediately upon the occurrence of any change in the Prime Rate. Any portion of the principal amount of this Note bearing interest at the Prime Rate is referred to herein as a “Prime Loan”. Any portion of the principal amount of this Note bearing interest at the LIBOR Rate is referred to herein as a “LIBOR Loan”.
Interest Prior to Default. Interest shall accrue on the outstanding principal balance of this Note at a fixed annual rate equal to eight and one-half percent (8.5%) (the “Interest Rate”). Interest shall accrue and shall be calculated on the basis of a year consisting of 360 days and charged for the actual number of days elapsed. For purposes of this Second Amended and Restated Promissory Note (this “Note”), the date of first disbursement shall be deemed to be July 1, 2019.
Interest Prior to Default. The principal sum outstanding hereunder shall bear interest at a floating rate per annum equal to three and fifty one hundredths percent (3.50%) in excess of the "One Month LIBOR", being the rate of interest relating to quotations for the one month London InterBank Offered Rates on U.S. Dollar deposits two London Business Days preceding each Adjustment Date as published on Bloomberg LP, or, if no longer provided by Bloomberg LP, such rate as shall be determined in good faith by Lender from such sources as it shall determine to be comparable to Bloomberg LP (or any successor) on each relevant date of determination (the "Interest Rate"). London Business Day shall mean any day in which commercial banks are open for general business in London, England. The Interest Rate shall be adjusted automatically on the first (1st) day of each month during the term of this Note. Lender shall not be required to notify Borrower of any adjustment in the Interest Rate. Borrower may, however, request a quote of prevailing One Month LIBOR Rate on any Banking Day. The term "Banking Day" means any day other than a Saturday, Sunday, public holiday or other day on which banking institutions are generally closed and do not conduct banking business.
Interest Prior to Default. Interest shall accrue on the principal balance of this Note outstanding from the date hereof through the Maturity Date (as hereinafter defined) at a floating per annum rate of interest (the “Loan Rate”) equal to the daily rate equivalent of one and fifty-one hundredths percent (1.50%) in excess of the LIBOR Market Index Rate (the “LIBOR Rate”) as published in the money rates section of the Wall Street Journal on the last day published on each month. Changes in the Loan Rate to be charged hereunder based on the LIBOR Rate shall take effect upon the occurrence of any change in the LIBOR Market Index Rate as of the last business day of each month. In the event such Loan Rate is not available then such offered Loan Rate shall be otherwise independently determined by Bank from an alternate, substantially similar independent authoritative source available to Lender or shall be calculated by Lender by a substantially similar methodology as that theretofore used to determine such offered rate.
Interest Prior to Default. Interest shall be charged on the outstanding principal balance from the date advanced until the full amount of principal due hereunder has been paid at a fixed rate of 4.25% (the “Interest Rate”), calculated on the actual number of days elapsed on the daily outstanding balance of the Loan on a 360-day basis.
Interest Prior to Default. The interest rate the on this Note (the “Interest Rate”) is subject to change from time to time based on changes in an independent index which is the one (1) month London Interbank Offered Rate as shown in the Money Rates section of The Wall Street Journal published on the last day of each month (the “Index”). The Index is not necessarily the lowest rate charged by Lender on its loans. If the Index becomes unavailable during the term of the Loan, Lender may designate a substitute index after notice to Borrower. Lender will tell Borrower the current Index rate upon Xxxxxxxx’s request. The Interest Rate change will not occur more often than each month, on the first (1st) day of each month based on the Index described above published on the last day of the prior month. Borrower understands that Lender may make loans based on other rates as well. The Interest Rate to be applied to the unpaid principal balance of this Note will be at a rate equal to the greater of (i) five and fifty one-hundredths percent (5.50%), or (ii) three and zero one-hundredths percentage points (3.00%) over the Index. NOTICE: Under no circumstances will the Interest Rate on this Note be more than the maximum rate allowed by applicable law.
