Rate Options. Except as provided below, all Loans shall bear interest at the LIBOR Based Rate. If for any reason the LIBOR Based Rate is unavailable, the Floating Rate shall apply. The rate of interest on Floating Rate Loans shall increase or decrease by an amount equal to any increase or decrease in the Prime Rate effective as of the opening of business on the day that any such change in the Prime Rate occurs.
Appears in 3 contracts
Sources: Loan Agreement (One Liberty Properties Inc), Loan Agreement (One Liberty Properties Inc), Loan Agreement (One Liberty Properties Inc)