Interest Rate and Payments. (a) The balance of principal outstanding from time to time under this Note shall bear interest at the rate of five and seventy-six hundredths percent (5.76%) per annum (the “Original Interest Rate”), computed on the basis of a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each; however, interest for partial months shall be calculated by multiplying the principal balance of this Note by the applicable interest rate (i.e., the Original Interest Rate or the New Rate (hereinafter defined)), dividing the product by three hundred sixty (360), and multiplying that result by the actual number of days elapsed.
Appears in 5 contracts
Samples: Management Agreement (GTJ REIT, Inc.), Security Agreement and Fixture Filing (GTJ REIT, Inc.), Security Agreement and Fixture Filing (GTJ REIT, Inc.)
