Common use of Interest Rate on Swing Line Note Clause in Contracts

Interest Rate on Swing Line Note. The Swing Line Note shall -------------------------------- bear interest, subject to the provisions of Section 10.14 hereof, until its Maturity on the principal amount thereof from time to time outstanding at an annual rate equal to the Negotiated Rate for the applicable Swing Line Interest Period. The rate of interest of the Swing Line Note shall be computed on the basis of a 360-day year for the actual number of days elapsed.

Appears in 2 contracts

Sources: Loan Agreement (Medallion Financial Corp), Loan Agreement (Medallion Financial Corp)