Common use of LIBOR Rate Revolving Loans Clause in Contracts

LIBOR Rate Revolving Loans. Revolving Loans bearing interest at the LIBOR Rate shall bear interest at two and three-quarters of one percent (2.75%) per annum in excess of the LIBOR Rate for the applicable Interest Period, such rate to remain fixed for such Interest Period. Interest shall be payable on the last Business Day of such Interest Period and, with respect to two (2) and three (3) month Interest Periods, on the same date of each month as the initial date of the Interest Period during such Interest Period. All such interest shall be calculated on the basis of a 360 day year.

LIBOR Rate Revolving Loans. Revolving Loans bearing interest at the LIBOR Rate shall bear interest at two and threeone-quarters quarter of one percent (2.752.25%) per annum in excess of the LIBOR Rate for the applicable Interest Period, such rate to remain fixed for such Interest Period. Interest shall be payable on the last first Business Day of such Interest Period and, with respect to two (2) and three (3) month Interest Periods, on the same date of each month as in arrears for interest through the initial date last day of the Interest Period during such Interest Period. All such interest shall be calculated on the basis of a 360 day yearprior month.