Common use of Reduction in Interest Rate Clause in Contracts

Reduction in Interest Rate. The portion of Section 2 of the Schedule to the Loan Agreement, which presently reads as follows: “A rate equal to the Prime Rate in effect from time to time, plus 2% per annum, provided that the interest rate in effect on any day shall not be less than 6% per annum, and provided that interest in each month shall not be less than $20,000.” is hereby amended to read as follows: “A rate equal to the Prime Rate in effect from time to time, plus 1% per annum.”

Reduction in Interest Rate. The portion of Section 2 of the Schedule to the Loan Agreement, which presently reads as follows: “A rate equal to the Prime Rate in effect from time to time, plus 21% per annum, provided that the interest rate in effect on any day shall not be less than 6% per annum, and provided that interest in each month shall not be less than $20,000.” is hereby amended to read as follows: “A rate equal to the Prime Rate in effect from time to time, plus 1% per annum.”