Common use of Interest Prior to Default Clause in Contracts

Interest Prior to Default. The principal sum outstanding hereunder shall bear interest at a floating rate per annum equal to three and fifty one hundredths percent (3.50%) in excess of the "One Month LIBOR", being the rate of interest relating to quotations for the one month London InterBank Offered Rates on U.S. Dollar deposits two London Business Days preceding each Adjustment Date as published on Bloomberg LP, or, if no longer provided by Bloomberg LP, such rate as shall be determined in good faith by Lender from such sources as it shall determine to be comparable to Bloomberg LP (or any successor) on each relevant date of determination (the "Interest Rate"). London Business Day shall mean any day in which commercial banks are open for general business in London, England. The Interest Rate shall be adjusted automatically on the first (1st) day of each month during the term of this Note. Lender shall not be required to notify Borrower of any adjustment in the Interest Rate. Borrower may, however, request a quote of prevailing One Month LIBOR Rate on any Banking Day. The term "Banking Day" means any day other than a Saturday, Sunday, public holiday or other day on which banking institutions are generally closed and do not conduct banking business.