Interest Rate. Subject to [Section 2.4(b)], the principal amount outstanding under the Revolving Line shall accrue interest at a floating per annum rate equal to the greater of # one and one-quarter of one percent (1.25%) above the Prime Rate and # six percent (6.0%), which interest, in each case, shall be payable monthly in accordance with [Section 2.5(d)] below.
Advances. Subject to [Section 2.7(b)], the principal amount outstanding under the Revolving Line shall accrue interest at a floating per annum rate equal to the greater of # the Prime Rate and # five percent (5.00%), which interest shall be payable monthly in accordance with [Section 2.7(d)] below.
“(a) Advances. Subject to [Section 2.4(b)], the principal amount outstanding under the Revolving Line shall accrue interest at a floating per annum rate equal to the greater of # the Prime Rate, or # one and one half percentage points (1.50%). Interest shall be payable quarterly in accordance with [Section 2.4(d)] below.” 2.2 [Section 6.7] (Operating Accounts). [Section 6.7] of the Loan Agreement hereby is amended and restated in its entirety to read as follows:
Advances. Subject to [Section 2.5(b)], the principal amount outstanding under the Revolving Line shall accrue interest at a floating per annum rate equal to # one percentage point (1.0%) above the Prime Rate at all times when a Streamline Period is in effect, and # two percentage points (2.0%) above the Prime Rate at all times when a Streamline Period is not in effect, which interest shall be payable monthly in accordance with [Section 2.5(e)] below.
“(a) Advances. Subject to [Section 2.4(b)], the principal amount outstanding under the Revolving Line shall accrue interest at a floating per annum rate equal to the Prime Rate. Interest shall be payable quarterly in accordance with [Section 2.4(d)] below.”
AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.
And AllDrafts generates clean Word and PDF files from any draft.