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.
Appears in 4 contracts
Samples: Note Agreement (Rancher Energy Corp.), Note Agreement (Rancher Energy Corp.), Note Agreement (Rancher Energy Corp.)
