Common use of Calculation of Interest Rate Clause in Contracts

Calculation of Interest Rate. Beginning on the first day after the date hereof, Interest shall accrue on the unpaid principal amount from time to time outstanding hereunder at a rate per year equal to the "Prime Rate" plus one hundred seventy five basis points (175 bps). "Prime Rate" means the rate of interest announced from time to time by LaSalle Bank National Association ("LaSalle") as its prime rate. Changes in the rate of interest hereunder resulting from a change in the Prime Rate shall take effect on the date set forth in each announcement of a change in the Prime Rate. Interest shall be computed for the actual number of days elapsed on the basis of a year consisting of 365 days, including the date the loan is made and excluding the date the loan or any portion thereof is paid or prepaid. As of the date hereof, there is outstanding under the Original Note the sum of $3,353,125.49 in principal and accrued but unpaid interest, all of which shall be deemed outstanding under this Note as of the date hereof.