PRESCRIBED RATE

PRESCRIBED RATE. Shall mean, for each full or partial calendar year during which interest shall accrue hereunder, the rate per annum equal to the rate of interest announced by Fleet Bank as its base rate (the "Base Rate") as in effect on January 1 of such calendar year (in the case of the 1990 calendar year, as in effect on August 14, 1990). Notwithstanding the previous sentence, if Fleet Bank shall announce, at any time during a calendar year, a Base Rate that is more than 2% higher or lower than the Base Rate... in effect on January 1 of such year (or August 14 for 1990), the Prescribed Rate shall be, for the remainder of such calendar year, the Base Rate as announced from time to time during the remainder of such calendar year. View More