Basic Interest. The principal balance of this Note from time to time outstanding shall bear interest at the LIBOR-Based Rate in effect two (2) Business Days prior to the end of each month with each change to become effective on the first day of the following month. Basic Interest shall be calculated daily on the basis of a 360-day year applied to the actual number of days in each interest-payment period.
Appears in 2 contracts
Sources: Revolving Subordinated Loan Agreement (Merchants Bancorp), Revolving Subordinated Loan Agreement (Merchants Bancorp)