Common use of Calculation of Default Interest Clause in Contracts

Calculation of Default Interest. The rate of interest to be ------------------------------- charged under Section 2.6.1 or Section 2.6.2 hereof (in either case, a "Default Rate") shall be computed on the basis of a 360-day year for the actual number of days elapsed. If the Default Rate is to be based on the Prime Rate, the Prime Rate to be charged shall change when and as the Prime Rate is changed, and any such change in the Prime Rate shall become effective at the opening of business on the day on which such change is adopted. At the end of the applicable Interest Period for a LIBOR Rate Loan on which the Default Rate is being charged, such LIBOR Rate Loan shall be automatically converted to a Prime Rate Loan, and the Default Rate to be charged in respect of such Bank Loan shall be computed based on the Prime Rate.

Calculation of Default Interest. The rate of interest to be ------------------------------- charged under Section 2.6.1 or Section 2.6.2 hereof (in either case, a "Default Rate") shall be computed on the basis of a 360-day year for the actual number of days elapsed. If the Default Rate is to be based on the Prime Rate, the Prime Rate to be charged shall change when and as the Prime Rate is changed, and any such change in the Prime Rate shall become effective at the opening of business on the day on which such change is adopted. At the end of the applicable Interest Period for a LIBOR LIBO Rate Loan on which the Default Rate is being charged, such LIBOR LIBO Rate Loan shall be automatically converted to a Prime Rate Loan, and the Default Rate to be charged in respect of such Bank Loan shall be computed based on the Prime Rate.