Common use of Reduction in Interest Rate Clause in Contracts

Reduction in Interest Rate. Subject to the fulfillment of the conditions precedent set forth in Section 6 hereof, Lender agrees to reduce the interest rate on the Loan, effective as of January 1, 1997, from the Prime Rate (as defined in Section 7(i) of the First Loan Modification) plus two percent (2%) to the lesser of (a) the Prime Rate plus two percent (2%) or (b) Libor Rate (as defined below) plus two and one-half percent (2.5%). The "Libor Rate" means the one-month London Interbank Offered Rate as published in the Wall Street Journal by Dow Jone▇ & ▇ompany, Inc.

Reduction in Interest Rate. Subject to the fulfillment of the conditions precedent set forth in Section 6 5 hereof, Lender agrees to reduce the interest rate on the Loan, effective as of January 1, 1997, from the Prime Rate (as defined in Section 7(i8(b) of the First Loan Modification) plus two six percent (26%) to the lesser of (a) the Prime Rate plus two percent (2%) or (b) Libor Rate (as defined below) plus two and one-half percent (2.5%). The "Libor Rate" means the one-month London Interbank Offered Rate as published in the Wall Street Journal by Dow Jone▇ & ▇ompany, Inc.