Variable Rate Notes. If the Interest Basis is specified as Variable Rate, the Calculation Agent will determine the Interest Rate or Interest Amount by reference to the specified formula or method.
Variable Rate Notes. Subject to the incentive pricing provisions contained in Section 2.15 of this AGREEMENT, interest on the principal balance outstanding on the VARIABLE RATE NOTES shall accrue at a rate equal to the three month LIBOR RATE plus 310 basis points, as more particularly set forth in the VARIABLE RATE NOTES. The interest rate on the VARIABLE RATE NOTES shall initially be set two (2) EURODOLLAR BUSINESS DAYS prior to the date of the VARIABLE RATE NOTES, and shall adjust on the 8th day of every third month thereafter. After the applicable LOAN TERMINATION DATE, whether by acceleration or otherwise, interest shall accrue on the VARIABLE RATE NOTES at a rate equal to the three month LIBOR RATE plus nine hundred ten (910) basis points.
Variable Rate Notes. Subject to the incentive pricing provisions contained in Section 2.15 of this AGREEMENT and the minimum interest rate of 4%, interest on the principal balance outstanding on the VARIABLE RATE NOTES shall accrue at a rate equal to the greater of (i) the one month LIBOR RATE plus 350 basis points or (ii) 4%. The interest rate on the VARIABLE RATE NOTES shall initially be set on the date of the VARIABLE RATE NOTES, and shall adjust on the 1st day of every month thereafter to a rate equal to the greater of (i) the one month LIBOR RATE plus 350 basis points or (ii) 4%. If the date of the VARIABLE RATE NOTES is a day other than the first day of the month, then the initial one month LIBOR RATE shall be that one month LIBOR RATE in effect on the date of the VARIABLE RATE NOTES. After the applicable LOAN TERMINATION DATE, whether by acceleration or otherwise, interest shall accrue on the VARIABLE RATE NOTES at a rate equal to the one month LIBOR RATE plus nine hundred fifty (950) basis points.
