Whenever in this Agreement the term Late Payment Rate is used it will mean the greater of (a) 10% per annum, or (b) the rate of interest which is 3% over the prime rate (as published in the Wall Street Journal under **WSJ Prime Rate** from time to time) charged at the time interest is accruing at the Late Payment Rate, whichever is higher, unless prohibited by law, in which case Late Payment Rate will mean the maximum contract rate permitted by law.

Changes to the interest rate of any Credit Extension based on changes to the **WSJ Prime Rate** shall be effective on the effective date of any change to the **WSJ Prime Rate** and to the extent of any such change.

The **WSJ Prime Rate** will be adjusted, without notice, on an annual basis to the **WSJ Prime Rate** then in effect as of each anniversary date of this Note, or the first business day following such date if the anniversary date occurs on a weekend or holiday that there is no such rate determined or published.

After Default, all amounts due under the Acquisition Note will bear interest at the per annum rate equal to the greater of: (a) fifteen percent (15%); or (b) the **WSJ Prime Rate** plus five percent (5%).

The **WSJ Prime Rate** will be adjusted, without notice, on an annual basis to the **WSJ Prime Rate** then in effect as of each anniversary date of each Tranche of the Acquisition Note, or the first business day following such date if the anniversary date occurs on a weekend or holiday that there is no such rate determined or published.

All contents of the lawinsider.com excluding SEC contracts are Copyright © 2013-2019 Law Insider Inc.

All rights reserved. View our Terms of Service and Privacy Policy