Bank One Base Rate definition
Bank One Base Rate means, at any time the lesser of (i) the rate of interest per annum then most recently established by Payee as its Bank One Base Rate in effect from day to day, with each change in the rate of interest charged as the Bank One Base Rate to become effective, without notice to Maker, on the effective date of each change in the Bank One Base Rate, such Bank One Base Rate to be computed on the basis of a year composed of 365 days for the actual number of days elapsed (including the first day but excluding the last day) or (ii) the Maximum Rate (as herein defined). This note is the Term Note provided for and as defined in that certain Amended and Restated Credit Agreement dated March 30, 1994 as amended by that certain First Amendment to Credit Agreement dated December 20, 1994 and that certain Second Amendment to Credit Agreement dated December 13, 1995 by and between Maker and Payee (such instrument as the same may be amended or modified from time to time, is hereinafter referred to as the "Agreement"). Maker may prepay the principal of this note upon the terms and conditions specified in the Agreement. Notwithstanding anything to the contrary contained herein, no provisions of this note shall require the payment or permit the collection of interest in excess of the Maximum Rate. If any excess of interest in such respect is herein provided for, or shall be adjudicated to be so provided, in this note or otherwise in connection with this loan transaction the provisions of this paragraph shall govern and prevail and neither Maker nor the sureties, guarantors, successors or assigns of Maker shall be obligated to pay the excess amount of such interest, or any other excess sum paid for the use, forbearance or detention of sums loaned pursuant hereto. If for any reason interest in excess of the Maximum Rate shall be deemed charged, required or permitted by any court of competent jurisdiction, any such excess shall be applied as a payment and reduction of the principal of indebtedness evidenced by this note; and, if the principal amount hereof has been paid in full, any remaining excess shall forthwith be paid to Maker. If default be made in the payment of principal or interest under this note and such default shall continue for three (3) Business Days after notice thereof to Maker pursuant to the Agreement, as defined in the Agreement, or upon the occurrence of any other Event of Default as such term is defined in the Agreement, the holder hereof may, at its option, ...
Bank One Base Rate means, at any time the lesser of (i) the rate of interest per annum then most recently established by Payee as its Bank One Base Rate in effect from day to day, with each change in the rate of interest charged as the Bank One Base Rate to become effective, without notice to Maker, on the effective date of each change in the Bank One Base Rate, such Bank One Base Rate to be computed on the basis of a year composed of 365 days for the actual number of days elapsed (including the first day but excluding the last day) or (ii) the Maximum Rate (as herein defined).
Bank One Base Rate means, at any time, the rate of interest per annum then most recently established by the Bank as its BANK ONE Base Rate, which is eight and three-quarters percent (8.75%) as of the date of the Third Amendment.