Interest on the Note. The Loan shall be evidenced by the ------------- -------------------- Notes attached hereto as Exhibit "A" and shall be due and payable in accordance with and as required by the terms and conditions contained therein and as hereinafter provided in Section 2.07. The Company shall not be liable under the Notes except with respect to funds actually advanced to the Company by the Bank pursuant to the terms hereof. The Note interest on the Notes evidencing each of the credit facilities shall be paid as follows: (a) The note for Loan "A" in the amount of $1,000,000 shall bear interest from the date thereof on the unpaid principal balance thereof from time to time outstanding at a fluctuating interest rate per annum equal to the lesser of (i) the interest: rate announced by Sun Bank, Inc., from time to time as the Prime Rate (as herein defined) plus .75%, or (ii) the maximum rate of interest permitted by law. Each change in the fluctuating interest rate on the Note due to a change in the Prime Rate shall be effective as of the opening of business for the Bank on the date of such change in the Prime Rate. (b) The note for Loan "B" in the amount of $500,000.00 shall bear interest from the date thereof on the unpaid principal balance thereof from time to time outstanding at a fluctuating interest rate per annum equal to the lesser of (i) the interest rate announced by Sun Bank, Inc., from time to time as the Prime Rate (as herein defined) plus .75% or (ii) the maximum rate of interest permitted by law. Each change in the fluctuating interest rate on the Note due to a change in the Prime Rate shall be effective as of the opening of business for the Bank on the date of such change in the Prime Rate.
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Interest on the Note. The Loan shall be evidenced by the ------------- -------------------- Notes attached hereto as Exhibit "A" and shall be due and payable in accordance with and as required by the terms and conditions contained therein and as hereinafter provided in Section 2.07. The Company shall not be liable under the Notes except with respect to funds actually advanced to the Company by the Bank pursuant to the terms hereof. The Note interest on the Notes evidencing each of the credit facilities shall be paid as follows:
(a) The note for Loan "A" in the amount of $1,000,000 shall bear interest from the date thereof on the unpaid principal balance thereof from time to time outstanding at a fluctuating interest rate per annum equal to the lesser of (i) the interest: rate announced by Sun Bank, Inc., from time to time as the Prime Rate (as herein defined) plus .75%, or (ii) the maximum rate of interest permitted by law. Each change in the fluctuating interest rate on the Note due to a change in the Prime Rate shall be effective as of the opening of business for the Bank on the date of such change in the Prime Rate.
(b) The note for Loan "B" in the amount of $500,000.00 shall bear interest from the date thereof on the unpaid principal balance thereof from time to time outstanding at a fluctuating interest rate per annum equal to the lesser of (i) the interest rate announced by Sun Bank, Inc., from time to time as the Prime Rate (as herein defined) plus .75% or (ii) the maximum rate of interest permitted by law. Each change in the fluctuating interest rate on the Note due to a change in the Prime Rate shall be effective as of the opening of business for the Bank on the date of such change in the Prime Rate.
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