Floating Interest Rate. The interest rate of the Loan shall float by ×% (up/down) the base rate and the annual interest rate shall be %. The base rate of a loan for a term of five years or less shall be the base rate of RMB loans in the same period as publicized by the People’s Bank of China, and that of a loan for a term of more than five years shall be said base rate of RMB loans plus × (in capital letters) percent. Interest rate adjustment shall take place at an interval of × (in capital letters) month. In the event of an adjustment to the base interest rate of RMB loans by the People’s Bank of China, the Lender shall determine the new applicable interest rate of the Loan based on the adjusted base rate of loans for appropriate term without further notifying the Borrower. When the date of a base rate adjustment coincides with the release date of the Loan or the date of the initial month of said adjustment interval that corresponds to the release date of the Loan, the new applicable rate shall be determined from the date of the adjustment. When no such corresponding date is available, the last day of the month shall be deemed as the corresponding date.
Appears in 3 contracts
Sources: Loan Contract (Asian Financial Inc), Loan Contract (Asian Financial Inc), Loan Contract (Asian Financial Inc)