Common use of Note Rate Adjustments Clause in Contracts

Note Rate Adjustments. This Note shall bear interest at the rate set forth above and, after adjustment in accordance with the terms hereof, or at the applicable Note Rate until a new Note Rate is determined on each Rate Adjustment Date in accordance with the provisions hereof; provided, however, that, if Holder at any time determines, in the sole but reasonable exercise of its discretion that it has miscalculated the amount of the monthly payment of principal and/or interest (whether because of a miscalculation of the Note Rate or otherwise), Holder shall give notice to Borrower of the corrected amount of such monthly payment (and the corrected amount of the Note Rate, if applicable) and (a) if the corrected amount of such monthly payment represents an increase thereof, Borrower shall, within ten (10) calendar days following receipt of such notice, pay to Holder any sums that Borrower would have otherwise been obligated under this Note to pay to Holder had the amount of such monthly payment not been miscalculated or (b) if the corrected amount of such monthly payment represents a decrease thereof and an Event of Default (as defined in Section 8.1) under any of the terms and provisions of the Note or the Loan Agreement of even date herewith by and between Borrower and Lender (the "Loan Agreement") has not occurred and is not continuing, Borrower shall, within ten (10) calendar days following receipt of such notice, be paid the sums that Borrower would not have otherwise been obligated to pay to Holder had the amount of such monthly payment not been miscalculated.

Note Rate Adjustments. This Note shall bear interest at the rate set forth above and, after adjustment in accordance with the terms hereof, or at the applicable Note Rate until a new Note Rate is determined on each Rate Adjustment Date in accordance with the provisions hereof; provided, however, that, if Holder at any time determines, in the sole but reasonable exercise of its discretion discretion, that it has miscalculated the amount of the monthly payment of principal and/or interest (whether because of a miscalculation of the Note Rate or otherwise), then Holder shall give notice to Borrower of the corrected amount of such monthly payment (and the corrected amount of the Note Rate, if applicable) and (a) if the corrected amount of such monthly payment represents an increase thereof, then Borrower shall, within ten (10) calendar days following receipt of such noticethereafter, pay to Holder any sums that Borrower would have otherwise been obligated under this Note to pay to Holder had the amount of such monthly payment not been miscalculated miscalculated, or (b) if the corrected amount of such monthly payment represents a decrease thereof and an Event of Default (as defined Borrower is not otherwise in Section 8.1) breach or default under any of the terms and provisions of the Note or the Loan Agreement of even date herewith by and between Borrower and Lender (the "Loan Agreement") has not occurred and is not continuing, then Borrower shall, within ten (10) calendar days following receipt of such notice, thereafter be paid the sums that Borrower would not have otherwise been obligated to pay to Holder had the amount of such monthly payment not been miscalculated.

Note Rate Adjustments. This Note shall bear interest at the rate set forth above and, after adjustment in accordance with the terms hereof, or at the applicable Note Rate until a new Note Rate is determined on each Rate Adjustment Date in accordance with the provisions hereof; provided, however, that, if Holder at any time determines, in the sole but reasonable exercise of its discretion that it has miscalculated the amount of the monthly payment of principal and/or interest (whether because of a miscalculation of the Note Rate or otherwise), Holder shall give notice to Borrower of the corrected amount of such monthly payment (and the corrected amount of the Note Rate, if applicable) and (a) if the corrected amount of such monthly payment represents an increase thereof, Borrower shall, within ten (10) calendar days following receipt after the date of such notice, pay to Holder any sums that Borrower would have otherwise been obligated under this Note to pay to Holder had the amount of such monthly payment not been miscalculated or (b) if the corrected amount of such monthly payment represents a decrease thereof thereof, and an Event of Default (as defined Borrower is not otherwise in Section 8.1) breach or default under any of the terms and provisions of the Note or the Loan Agreement of even date herewith by and between Borrower and Lender (the "Loan Agreement") has not occurred and is not continuing), Borrower shall, within ten (10) calendar days following receipt of such notice, thereafter be paid the sums that Borrower would not have otherwise been obligated to pay to Holder had the amount of such monthly payment not been miscalculated.