Interest Rate and Payments of Interest. (A) Interest shall be calculated and paid as follows:
Interest Rate and Payments of Interest. (A) Interest on Base Rate Loans shall be calculated on the basis of a year of 365 or 366 days, as appropriate. Interest on LIBOR Loans shall be calculated on the basis of a 360-day year, counting the actual number of days elapsed. Interest on the outstanding principal balance of the Loans shall accrue for each day at either the Floating Rate for such day or the LIBOR Rate for the Interest Period which includes such day, all as elected and specified (including specification as to length of Interest Period, as permitted by the definition of that term, with respect to any election of the LIBOR Rate) by Borrower in accordance with Section 2.04(B); provided that:
Interest Rate and Payments of Interest. (A) Interest on the principal balance of the Loan, from time to time outstanding, will be payable at the rate of the Nazareth National Bank and Trust Company's (or its successor, the "Bank") Prime Rate and shall be paid as provided herein.
Interest Rate and Payments of Interest. Principal and interest on the Loan will be payable at the interest rate and upon the terms provided in the Note. Notwithstanding the foregoing, any payment not received within ten (10) days of its due date will be subject to an additional charge of five percent (5.00%) of the amount due.
Interest Rate and Payments of Interest. Interest on the principal balance of the Loan from time to time outstanding shall accrue at the rates and be payable as set forth in the Revolving Note.
Interest Rate and Payments of Interest. 2.7.1 Interest on the Loan shall be paid as follows:
Interest Rate and Payments of Interest. (A) Interest shall be charged and paid on Loans as follows:
Interest Rate and Payments of Interest. (A) Interest on Index Rate Loans shall be calculated on the basis of a year of 365 or 366 days, as appropriate. Interest on LIBOR Loans shall be calculated on the basis of a 360-day year, counting the actual number of days elapsed. Interest on the outstanding principal balance of the Loans shall accrue for each day at either the
Interest Rate and Payments of Interest. (A) Except as otherwise provided under § 1.08(B), interest on the principal balance of the Loan from time to time outstanding will be payable in monthly installments (as set forth in the Note) at an interest rate prior to maturity equal to the greater of (i) a floating rate of one percentage point (1%) above The Wall Street Journal Prime Rate per annum based on a 360 day year and the actual number of days elapsed, or (ii) a floor interest rate of four and one-fourth percent (4.25%) per annum based on a 360 day year and the actual number of days elapsed (the greater interest rate is referred to herein as the “Applicable Interest Rate”). All past due principal and interest shall bear interest at a rate per annum which is equal to the highest lawful rate from maturity until paid. Notwithstanding the foregoing provisions concerning the rate at which interest accrues on the outstanding principal balance of the Note, at no time shall the Applicable Rate exceed the highest lawful rate of interest that may be charged, received or contracted for under any applicable law. Accordingly, if at any time the Applicable Interest Rate exceeds the highest lawful rate, the rate of interest to accrue on the Note shall be limited to the highest lawful rate, but if thereafter the Applicable Interest Rate is less than the highest lawful rate, the rate of interest to accrue on the Note shall be the highest lawful rate until the total amount of interest accrued on the Note equals the amount of interest which would have accrued if the Applicable Interest Rate had at all times been in effect.
Interest Rate and Payments of Interest. (A) Except as otherwise provided under § 1.08(B), interest on the principal balance of the Loan from time to time outstanding will be payable in monthly installments (as set forth in the Note) at the floating rate of one percentage point (1 %) above The Wall Street Journal Prime Rate per annum based on a 360 day year and the actual number of days elapsed, subject to a floor interest rate of five and one-half percent (5.5%) (the “Floating Rate”). All past due principal and interest shall bear interest at a rate per annum which is equal to the highest lawful rate from maturity until paid. Notwithstanding the foregoing provisions concerning such varying rate, if at any time the Floating Rate exceeds the highest lawful rate, the rate of interest to accrue on the Note shall be limited to the highest lawful rate, but if thereafter the Floating Rate is less than the highest lawful rate, the rate of interest to accrue on the Note shall be the highest lawful rate until the total amount of interest accrued on the Note equals the amount of interest which would have accrued if the Floating Rate had at all times been in effect.
