Common use of Stated Interest Rate Clause in Contracts

Stated Interest Rate. Except as provided in Section 4 below, the principal balance outstanding hereunder from time to time shall bear interest at the Stated Interest Rate. (a) During the Revolving Loan Period, the Stated Interest Rate shall be equal to the greater of: (a) a per annum rate equal to 3.125% plus the LIBOR Rate from time to time in effect; and (b) 4.75% per annum. The “LIBOR Rate” means the 1 month London Interbank Offered Rate (“LIBOR”) which is identified and published by ICE Benchmark Administration for loans in United States dollars as obtained by Lender from Bloomberg Financial Service System (or, if no longer available, any similar or successor publication selected by Lender). The LIBOR Rate shall initially be determined on the date of this Agreement and shall thereafter be adjusted monthly on the first day of each calendar month to be the LIBOR determined by Lender to be in effect on such date. If Lender determines (which determination shall be conclusive absent manifest error) that LIBOR ceases to exist or is no longer available, then commencing on the next reset date following the cessation of LIBOR, the interest rate hereunder shall be replaced with such alternate base rate and spread as Lender determines in its sole and absolute discretion to be most comparable to the then-current interest rate, provided, if there is an industry-accepted successor base rate and spread, Lender may substitute such successor base rate and spread for the interest rate hereunder in Lender’s sole and absolute discretion.

Stated Interest Rate. Except as provided in Section 4 below, the principal balance outstanding hereunder from time to time shall bear interest at the Stated Interest Rate. (a) During the Revolving Loan Period, the Stated Interest Rate shall be equal to the greater of: (a) a per annum rate equal to 3.1253.50% plus the LIBOR Rate from time to time in effect; and (b) 4.75% per annum. The “LIBOR Rate” means the 1 month London Interbank Offered Rate (“LIBOR”) which is identified and published by ICE Benchmark Administration for loans in United States dollars as obtained by Lender from Bloomberg Financial Service System (or, if no longer available, any similar or successor publication selected by Lender). The LIBOR Rate shall initially be determined on the date of this Agreement and shall thereafter be adjusted monthly on the first day of each calendar month to be the LIBOR determined by Lender to be in effect on such date. If Lender determines (which determination shall be conclusive absent manifest error) that LIBOR ceases to exist or is no longer available, then commencing on the next reset date following the cessation of LIBOR, the interest rate hereunder shall be replaced with such alternate base rate and spread as Lender determines in its sole and absolute discretion to be most comparable to the then-current interest rate, provided, if there is an industry-accepted successor base rate and spread, Lender may substitute such successor base rate and spread for the interest rate hereunder in Lender’s sole and absolute discretion.