Common use of Term Note B Clause in Contracts

Term Note B. Subject to the provisions of SECTION 2.5 below, Term Note B shall bear interest on the outstanding principal balance from time to time outstanding under Term Note B at a rate equal to the lesser of (a) the Prime Rate plus one-half of one percent (1/2%) per annum until the Term Note B Maturity Date, and after the Term Note B Maturity Date, at the Past Due Rate, and (b) the Maximum Legal Rate. Term Note B shall continue to be payable in monthly principal installments of $8,977.78 each, one each due and payable on the first day of each succeeding calendar month after its date until Term Note B (including all accrued interest thereon) has been fully paid and satisfied; PROVIDED, that on the Term Note B Maturity Date, all principal of Term Note B and all accrued and unpaid interest thereon shall be finally due and payable. Accrued interest on Term Note B shall be due and payable concurrently with and in addition to the principal installments provided for hereinabove. Without notice to any Borrower or any other person, the rate of interest applicable to Term Note B shall change as and when the Bank's Prime Rate changes.

Term Note B. Subject to the provisions of SECTION 2.5 below, Term Note B shall bear interest on the outstanding principal balance from and after May 1, 2000 and from time to time outstanding outstanding, under Term Note B at a rate equal to the lesser of (a) the Maximum Legal Rate, or (b) the Prime Rate plus one and one-half of one percent (1 1/2%) per annum until the Term Note B Maturity Date, and after the Term Note B Maturity Date, at the Past Due Rate, and (b) the Maximum Legal Raterate. Term Note B shall continue to be payable in monthly principal installments of $8,977.78 7,000.00 each, one each due beginning March 1, 2000 and payable on the first day of each succeeding calendar month after its date beginning March 1, 2000 until Term Note B (including all accrued interest thereon) has been fully paid and satisfied; PROVIDEDprovided, that on the Term Note B Maturity Date, all principal of Term Note B and all accrued and unpaid interest thereon shall be finally due and payable. Accrued interest on Term Note B shall be due and payable concurrently with and in addition to the principal installments provided for hereinaboveherein above. Without notice to any Borrower the Borrower, or any other personPerson, the rate of interest applicable to Term Note B shall change as and when the Bank's Prime Rate changes.