Primary Interest definition
Examples of Primary Interest in a sentence
Each Lessor is only liable for any breaches under this Lease occurring while registered as the Primary Interest Holder of the Leased Premises.
The interest to be so paid shall be all accrued and unpaid interest at the Primary Interest Rate through and including the date of such principal payment with respect to the principal so paid, except that in the case of an optional prepayment under Section 2(e) all accrued and unpaid interest at the Primary Interest Rate shall be paid on the entire principal amount of this Note regardless of the amount of the optional principal prepayment.
Except as otherwise expressly provided in Section 3(b) hereof, interest shall initially accrue at the rate of fifteen percent (15.0%) per annum (such rate, subject to increase as provided below, the "Primary Interest Rate") (computed on the basis of a 360-day year and the actual number of days elapsed during the period in which it accrues) on the unpaid principal amount of this Note outstanding from time to time, or (if less) at the highest rate then permitted under applicable law.
On August 6, 2002, the Primary Interest Rate shall increase to a rate of twelve percent (12.0%) per annum.
On November 4, 2002, the Primary Interest Rate shall increase to a rate of twelve and one-half percent (12.5%) per annum.
On February 2, 2003, the Primary Interest Rate shall increase to a rate of twelve and three-quarters percent (12.75%) per annum.