Adjustments to Interest Rate. Notwithstanding any other provision of this Agreement or the other Loan Documents, the rate of interest under any Loan which bears interest on a variable rate, shall be adjusted according to the following schedule should the Tangible Owner’s Equity/Tangible Net Worth of the Borrower, achieve the levels set forth below: Tangible Owner’s Equity (“TOE”) and/or Tangible Net Worth (“TNW”) Interest Rate TOE Less than 49.99% AND TNW less than $78,800,000.00 Applicable Rate plus 400 basis points TOE Less than 49.99% AND TNW greater than $78,800,000.00 Applicable Rate plus 325 basis points TOE from 50% through 60% Applicable Rate plus 300 basis points TOE from 61% through 70% Applicable Rate plus 275 basis points TOE greater than 70% Applicable Rate plus 250 basis points Upon delivery of the audited financial statements pursuant to Section 5.01(c)(i) for each fiscal year end of the Borrower, the rate of interest for any month shall automatically be adjusted in accordance with the Tangible Owner’s Equity/Tangible Net Worth set forth therein and the rates set forth above. Such automatic adjustment to the rate of interest shall take effect as of the first Business Day of the month following the month in which the Lender received the related audited financial statements pursuant to Section 5.01 (c)(i). If the Borrower fails to deliver such audited financial statement which so sets forth the Tangible Owner’s Equity/Tangible Net Worth within the period of time required by Section 5.01(c)(i) hereof; fails to meet any financial covenants in this Agreement or any other Loan Document; or if any Event of Default occurs, the rate of interest shall automatically be adjusted to the Applicable Rate plus 400 basis points, such automatic adjustments: (a) to take effect as of the first Business Day after the last day on which the Borrower was required to deliver the applicable audited financial statement in accordance with Section 5.01(c)(i) hereof or in the case of an Event of Default, on the date the written notice is given to the Borrower; and (b) to remain in effect until subsequently adjusted in accordance herewith upon the delivery of such audited financial statements or, in the case of an Event of Default, when such Event of Default has been cured to the satisfaction of the Lender.
Adjustments to Interest Rate. Notwithstanding any other provision of this Agreement, the Supplements, the Notes, or the Related Documents, after the Construction Loan Maturity Date, the rate of interest under any Loan which bears interest on a variable rate, shall be adjusted according to the following schedule should the Tangible Owner’s Equity of the Borrower, achieve the levels set forth below: Tangible Owner’s Equity Interest Rate Less than 49.99% Applicable LIBOR Rate plus 325 basis points 50.00%—59.99% Applicable LIBOR Rate plus 300 basis points Greater Than 60.00% Applicable LIBOR Rate plus 275 basis points
Adjustments to Interest Rate. Notwithstanding any other provision of this Agreement, the Notes, or the other Loan Documents, after the end of Borrowers’ 2013 fiscal year end, the rate of interest under any Loan which bears interest at a variable rate, shall be adjusted according to the following schedule should the Tangible Owner’s Equity of GPO, achieve the levels set forth below: Exhibit 10.2 Tangible Owner’s Equity Interest Rate Greater than or equal to 50.00% Applicable Rate less 50 basis points Upon delivery of the financial statements pursuant to Section 5.01(c)(i) for each fiscal year end, beginning with the Borrowers’ 2013 fiscal year end, the rate of interest for any Loan which bears interest at a variable rate shall automatically be adjusted in accordance with the Tangible Owner’s Equity set forth therein and the rates set forth above. Such automatic adjustment to the rate of interest shall take effect as of the first Business Day of the month following the month in which the Agent received the related financial statements pursuant to Section 5.01(c)(i).
Adjustments to Interest Rate. Notwithstanding any other provision of this Agreement, the Supplements, the Notes, or the Related Documents, the rate of interest under any Loan which bears interest on a variable rate, shall be adjusted according to the following schedule should the Owner’s Equity of the Borrower, measured on a consolidated basis, achieve the levels set forth below: Owner’s Equity Interest Rate Less than 49.99% Applicable LIBOR Rate plus 325 basis points 50.00%—59.99% Applicable LIBOR Rate plus 300 basis points Greater Than 60.00% Applicable LIBOR Rate plus 275 basis points
Adjustments to Interest Rate. Changes to the interest rate of any Credit Extension based on changes to the Basic Rate shall be effective on the effective date of any change to the Basic Rate and to the extent of any such change.
Adjustments to Interest Rate. Changes to the interest rate of any Credit Extension based on changes to the Prime Rate shall be effective on the effective date of any change to the Prime Rate and to the extent of any such change. Bank shall use its best efforts to give Borrower prompt notice of any such change in the Prime Rate; provided, however, that any failure by Bank to provide Borrower with notice hereunder shall not affect Bank’s right to make changes in the interest rate based on changes in the Prime Rate.
Adjustments to Interest Rate. Notwithstanding any other provision of this Agreement or the Related Documents, the rate of interest under the Term Loan or the Revolving Loan shall vary according to the following schedule should the Owner’s Equity in the Borrower achieve the levels set forth below: Owner’s Equity Interest Rate 40.00%—49.99% Applicable LIBOR Rate plus 375 basis points 50.00%—54.99% Applicable LIBOR Rate plus 325 basis points Greater Than 55.00% Applicable LIBOR Rate plus 275 basis points
Adjustments to Interest Rate. The “Interest Rate” shall initially be the 7% per annum. The Interest Rate shall be subject to adjustment as follows:
Adjustments to Interest Rate. At the request of Borrower at any time after October 18, 2002, and so long as (a) Borrower's average Excess Availability for the most recently ended fiscal quarter exceeds Two Million Dollars ($2,000,000), (b) no Event of Default has occurred and is continuing or event which, with the passage of time or giving of notice, or both, constitutes an Event of Default has occurred and is continuing, and (c) Borrower's Fixed Charge Coverage Ratio is greater than 1.20 to 1, effective on the first day of calendar month following the determination the Applicable Margin shall equal one half of one percent (0.50%) and the Applicable Eurodollar Margin shall equal three percent (3.0%) (except with respect to any Eurodollar Rate Loans then outstanding).
Adjustments to Interest Rate. Subject to the limitations regarding minimum rates of interest and compliance with the Working Capital covenant as set forth in Section 2.03(d), the rate of interest under any Loan which bears interest on a variable rate, may be adjusted according to the following schedule should the Owner’s Equity Ratio of the Borrower, measured quarterly on a consolidated basis, achieve the levels set forth below: Owner’s Equity Interest Rate Less than 49.99% the greater of the Applicable LIBOR Rate plus 350 basis and five percent (5.00%) per annum 50.00%—59.99% the greater of the Applicable LIBOR Rate plus 325 basis and five percent (5.00%) per annum Greater Than 60.00% the greater of the Applicable LIBOR Rate plus 300 basis and five percent (5.00%) per annum
