Common use of Rates of Interest Clause in Contracts

Rates of Interest. The unpaid principal of the Prime Rate Balance shall bear interest at a rate per annum which shall from day to day be equal to the lesser of (i) the Prime Rate in effect from day to day, or (ii) the Maximum Rate. The unpaid principal of each LIBOR Balance shall bear interest at a rate per annum which shall from day to day be equal to the lesser of (i) the Adjusted LIBOR Rate for the Interest Period in effect with respect to such LIBOR Balance, or (ii) the Maximum Rate. Each change in the interest rate applicable to a Prime Rate Balance shall become effective without prior notice to Borrower automatically as of the opening of business on the date of such change in the Prime Rate. Interest on this Amended Note shall be calculated on the basis of the actual days elapsed in a year consisting of 365 days.

Appears in 2 contracts

Samples: Term Note (Amx Corp /Tx/), Amx Corp /Tx/

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Rates of Interest. The unpaid principal of the Prime Base Rate Balance shall bear interest at a rate per annum which shall from day to day be equal to the lesser of (ia) the Prime Adjusted Base Rate in effect from day to day, or (iib) the Maximum Rate. The unpaid principal of each LIBOR Balance shall bear interest at a rate per annum which shall from day to day be equal to the lesser lessor of (i) the Adjusted LIBOR Rate for the Interest Period in effect with respect to such LIBOR Balance, or (ii) the Maximum Rate. Each change in the interest rate applicable to a Prime Base Rate Balance shall become effective without prior notice to Borrower automatically as of the opening of business on the date of such change in the Prime Adjusted Base Rate. Interest on this Amended Note shall be calculated on the basis of the actual days elapsed in a year consisting of 365 365/366 days.

Appears in 2 contracts

Samples: Credit Agreement (PMC Commercial Trust /Tx), Loan Agreement (PMC Capital Inc)

Rates of Interest. The unpaid principal of the Prime Rate Balance shall ----------------- bear interest at a rate per annum which shall from day to day be equal to the lesser of (i) the Prime Rate in effect from day to day, or (ii) the Maximum Rate. The unpaid principal of each LIBOR Balance shall bear interest at a rate per annum which shall from day to day be equal to the lesser of (i) the Adjusted LIBOR Rate for the Interest Period in effect with respect to such LIBOR Balance, or (ii) the Maximum Rate. Each change in the interest rate applicable to a Prime Rate Balance shall become effective without prior notice to Borrower automatically as of the opening of business on the date of such change in the Prime Rate. Interest on this Amended Note shall be calculated on the basis of the actual days elapsed in a year consisting of 365 days.

Appears in 1 contract

Samples: Term Note (Amx Corp /Tx/)

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Rates of Interest. The unpaid principal of the Prime Base Rate Balance shall bear interest at a rate per annum which shall from day to day be equal to the lesser of (i) the Prime Adjusted Base Rate in effect from day to day, or (ii) the Maximum Rate. The unpaid principal of each LIBOR Balance shall bear interest at a rate per annum which shall from day to day be equal to the lesser of (i) the Adjusted LIBOR Rate for the Interest Period in effect with respect to such LIBOR Balance, or (ii) the Maximum Rate. Each change in the interest rate applicable to a Prime Base Rate Balance shall become effective without prior notice to Borrower automatically as of the opening of business on the date of such change in the Prime Adjusted Base Rate. Interest on this Amended Note shall be calculated on the basis of the actual days elapsed in a year consisting of 365 360 days.

Appears in 1 contract

Samples: Loan Agreement (Vertex Communications Corp /Tx/)

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