(1) The rate in the note if it is a fixed rate loan; or
(2) The rate in effect on the date of the earliest uncured payment default, or of SBA's purchase (if there has been no default).
(b)Payment to Lender -
(1)For loans approved on or after May 14, 2007.SBA will pay up to a maximum of 120 days interest to a Lender at the time of guarantee purchase.
(2)For loans approved before May 14, 2007. The regulations applicable to the amount of interest that SBA will pay to a Lender upon loan default that were in effect immediately prior to this date will govern such loans.
(c)Payment to Registered Holder.SBA will pay a Registered Holder all accrued interest up to the date of payment.