Prime Commercial Rate. ‘Prime Commercial Rate’ shall mean the rate established by Lender from time to time based on its consideration of economic, money market, business and competitive factors as of an effective date determined by Lender, and it is not necessarily Lender’s most favored rate. Subject to any maximum or minimum interest rate limitation specified herein or by applicable law, any variable rate of interest on the obligation evidenced hereby shall change automatically without notice to the undersigned immediately with each change in the Prime Commercial Rate. The interest rate change will not occur more often than each Business Day (as defined hereafter). If the Prime Commercial Rate becomes unavailable, Lender may designate a substitute index after notifying Borrower. As used herein, the term ‘Business Day’ shall mean any day other than a Saturday, a Sunday, or a federal holiday, on which Lender is open for business.”
6. The Loan Agreement, the Note and, to the extent necessary, the Loan Documents are hereby further amended and modified so as to delete the definition of the term “Default Rate” and replace the same with the following:
Prime Commercial Rate. Subject to the provisions of this Agreement, the Companies, jointly and severally, agree to pay to the Bank interest (a) on all Prime Rate Advances under the Revolving Loan from the date such advances are made until paid in full, and (b) on the unpaid balance of Prime Rate Advances under the Term Loan, at a variable rate of interest per annum equal to the Prime Commercial Rate, from time to time in effect, plus the applicable Prime Margin. Interest shall be calculated on a 360 day year basis and shall be based on the actual number of days which elapse during the interest calculation period.
Prime Commercial Rate. The rate established by Agent and announced from time to time as Agent’s “prime rate” or “prime commercial rate” based on its consideration of economic, money market, business and competitive factors as of the date of determination, and it is not necessarily Agent’s most favored rate. Subject to any maximum or minimum interest rate limitation specified herein or by applicable law, any variable rate of interest on the obligation evidenced hereby shall change automatically without notice to the undersigned immediately with each change in the Prime Commercial Rate. The interest rate change will not occur more often than each Business Day. If the Prime Commercial Rate becomes unavailable, Agent may designate a substitute index after notifying Borrower. Property Management Agreements. Written agreements providing for the management of the Real Estate or any of them. Property Manager. Xxxxxxx & Xxxxxxxxx, RMK Management Corp and Boutique Apartments, as applicable.
Prime Commercial Rate. The Companies, jointly and severally, agree to pay to the Bank monthly interest on the unpaid balance of the Revolving Loan at a variable rate of interest per annum equal to one-half percentage point per annum (1/2%) in excess of the Prime Commercial Rate of the Bank, from time to time in effect, with each change in the Prime Commercial Rate automatically and immediately changing the interest rate on the Revolving Loan without notice to the Companies; Accrued interest on the unpaid principal balance of the Revolving Loan shall be payable monthly on the first day of each month, and at maturity, whether by acceleration or otherwise (the "Revolving Loan Interest Payment Dates"). The Companies, jointly and severally, agree to pay to the Bank quarterly interest on the unpaid balance of the Term Loan at a variable rate of interest per annum equal to one-half percentage point (1/2%) in excess of the Prime Commercial Rate of the Bank, from time to time in effect, with each change in the Prime Commercial Rate automatically and immediately changing the interest rate on the Term Loan without notice to the Companies. Accrued interest on the unpaid principal balance of the Term Loan shall be payable quarterly on each January 1, April 1, July 1 and October 1, and at maturity, whether by acceleration or otherwise (the "Term Loan Interest Payment Dates"). Interest shall be calculated on a 360 day year basis and shall be based on the actual number of days which elapse during the interest calculation period. "
Prime Commercial Rate. Prime Commercial Rate" as used herein shall mean the rate established by Huntington from time to time based on its consideration of economic, money market, business and competitive factors, and it is not necessarily Huntington's most favored rate.
