CONTRIBUTION LOAN. In the event a Contributing Initial Shareholder elects to make a Contribution Loan, then the Contribution Loan shall bear interest at a rate equal to the Prime Rate in effect from time to time, plus three (3) percentage points, from the date the Contribution Loan is made until paid in full (adjusted monthly on the 1st day of each month).
Appears in 3 contracts
Samples: Shareholder Agreement (BGR Corp), Operating Agreement of Kokopelli (BGR Corp), Shareholder Agreement (BGR Corp)
CONTRIBUTION LOAN. In the event a Contributing Initial Shareholder Partner elects to make a Contribution Loan, then the Contribution Loan shall bear interest at a rate equal to the lesser of seventeen percent (17%) per annum, or the Prime Rate in effect from time to time, time plus three (3) percentage pointspoints (adjusted monthly on the 1st day of each month), from the date the Contribution Loan is made until paid in full (adjusted monthly on the 1st day of each month)full.
Appears in 1 contract
Samples: Limited Partnership Agreement (Innsuites Hospitality Trust)
