Examples of Loan Rate in a sentence
All payments received by Lender when no Event of Default exists shall be applied as follows: (i) first, to Lxxxxx’s Expenses then due and owing; and (ii) second, ratably, to all Scheduled Payments then due and owing (provided, however, if such payments are not sufficient to pay the whole amount then due, such payments shall be applied first to unpaid interest at the Loan Rate, then to the remaining amounts then due).
Unless the Funding Date for a Loan is the first day of a calendar month, Borrower shall pay the per diem interest (accruing at the Loan Rate from the Funding Date through the last day of that month) payable with respect to such Loan on the first Business Day of the next calendar month.
Changes to the Loan Rate based on changes to the “prime rate” (or such substitute benchmark rate selected in accordance with the definition of “Loan Rate” set forth in Section 1.1 above) shall be effective on the effective date of any change to the “prime rate” (or such substitute benchmark rate selected in accordance with the definition of “Loan Rate” set forth in Section 1.1 above) and to the extent of any such change.
Borrower shall pay interest on each Loan at a per annum rate of interest equal to the Loan Rate.
Prior to each Funding Date for any Loan, the Lender making available such Loan shall establish the Loan Rate with respect to such Loan, which shall be conclusive in the absence of a manifest error.