Common use of LIBOR-Based Rate Clause in Contracts

LIBOR-Based Rate. Each LIBOR-Based Rate Segment shall bear interest from the date the LIBOR-Based Rate becomes applicable thereto until the end of the applicable LIBOR-Based Rate Period on the unpaid principal balance of such LIBOR-Based Rate Segment at the LIBOR-Based Rate on an Actual/360 Basis. If an Event of Default exists, each LIBOR-Based Rate Segment shall bear interest from the date of such Event of Default until payment in full at a per annum rate (computed on an Actual/360 Basis) equal to two percent (2%) in excess of the LIBOR-Based Rate that would otherwise have been applicable.

LIBOR-Based Rate. Each LIBOR-Based Rate Segment shall bear interest from the date the LIBOR-Based Rate becomes applicable thereto until the end of the applicable LIBOR-Based Rate Period on the unpaid principal balance of such LIBOR-Based Rate Segment at the LIBOR-Based Rate on an Actual/360 Basis. If Upon and after the occurrence of an Event of Default existsDefault, each LIBOR-Based Rate Segment shall bear interest from the date of such Event of Default until payment in full at a per annum rate (computed on an Actual/360 Basis) equal to two percent (2%) in excess of the LIBOR-Based Rate that would otherwise have been applicable.