Common use of Variable Rate Notes Clause in Contracts

Variable Rate Notes. Subject to the incentive pricing provisions contained in Section 2.15 of this AGREEMENT, interest on the principal balance outstanding on the VARIABLE RATE NOTES shall accrue at a rate equal to the three month LIBOR RATE plus 310 basis points, as more particularly set forth in the VARIABLE RATE NOTES. The interest rate on the VARIABLE RATE NOTES shall initially be set two (2) EURODOLLAR BUSINESS DAYS prior to the date of the VARIABLE RATE NOTES, and shall adjust on the 8th day of every third month thereafter. After the applicable LOAN TERMINATION DATE, whether by acceleration or otherwise, interest shall accrue on the VARIABLE RATE NOTES at a rate equal to the three month LIBOR RATE plus nine hundred ten (910) basis points.