Revolving Interest Rate. Borrower shall pay Lender interest on the daily outstanding balance of Borrower's Revolving Credit Loans at the per annum rate equal to the highest prime rate in effect during each month as generally reported by Citibank, N.A. (the "Prime Rate") plus 6% (the “Revolving Interest Rate”), but the Revolving Interest Rate shall never be more than 24% per annum or the maximum permitted by law. The interest rate chargeable hereunder in respect of the Revolving Credit Loans shall be increased or decreased, as the case may be, without notice or demand of any kind, upon the announcement of any change in the Prime Rate. Interest charges and all other fees and charges herein shall be calculated based on a three hundred sixty (360) day year and actual number of days elapsed and shall be charged to Borrower on all Obligations, in arrears, on the first day of each calendar month. All interest and fees charged or chargeable to Borrower shall be deemed as an additional advance and shall become part of the Obligations.
Appears in 2 contracts
Sources: Loan Agreement (WES Consulting, Inc.), Loan and Security Agreement (WES Consulting, Inc.)