Payment of Principal and Accrued Interest. a. Interest shall accrue on the outstanding principal amount of this Note at the “LIBOR RATE” (as defined below) plus five percent (5%) per annum (the “Interest Rate”). Interest shall be computed hereunder based on a 360-day year. Interest shall be payable monthly on the 15th day of each month. The “LIBOR Rate” shall mean the rate of interest (rounded upwards, if necessary, to the next 1/8th of 1%) fixed by the British Bankers Association at 11:00 AM London, England time relating to quotations for the one month London Interbank Offered Rate on US Dollar deposits as published by Bloomberg LP.
Appears in 2 contracts
Sources: Put Agreement Related to Exercise of Warrant 2015 17, Put Agreement (Twinlab Consolidated Holdings, Inc.)