Common use of Pre-Default Rate Clause in Contracts

Pre-Default Rate. Subject to the provisions of Section 1.2.2. below, interest payable on this Note per annum will accrue at the rate of 2.50% plus the RBC Centura LIBOR Base Rate. The “RBC Centura LIBOR Base Rate” is the rate for deposits in United States Dollars for a period equal to thirty (30) days which appears on Telerate Page 3750 (or any generally recognized successor method or means of publication) as of 11:00 a.m., London time, two (2) London business days prior to the first calendar day of each month, rounded upward, if necessary, to the nearest 1/16th of one percent. If for any reason, such rate is not available, then “RBC Centura LIBOR Base Rate” shall mean the rate per annum which, in the opinion of Lender, United States Dollars in an amount substantially equivalent to the principal amount due under this Note are being offered to Lender for settlement in the London interbank market at 11:00 a.m., London time, two (2) London business days prior to the first calendar day of each month, as such rate is adjusted in accordance with Lender’s standard practices for reserves and other requirements. ▇▇▇▇▇▇’s determination of such interest rate shall be conclusive, absent manifest error.