Common use of General Interest Rate Clause in Contracts

General Interest Rate. Except as modified by Sections 2.4 and 15.1, the Loan shall bear interest, calculated daily on the basis of a 365-day year, at a per annum rate equal to 350 basis points (3.50%) plus the LIBOR Rate as it may change upon the first day of each calendar month. The interest rate shall increase to the LIBOR Rate plus 3.75% in the event any of the following occurs: (i) Borrower fails to achieve an unqualified (as defined in Exhibit 2.2) fiscal 1998 audit by April 30, 1999;

General Interest Rate. Except as modified by Sections 2.4 and ---------------------- 15.1, the Loan shall bear interest, calculated daily on the basis of a 365-day year, at a per annum rate equal to 350 basis points (3.50%) plus the LIBOR Rate as it may change upon the first day of each calendar month. The interest rate shall increase to the LIBOR Rate month plus 3.75% in the event any of the following occurs: (i) Borrower fails to achieve an unqualified 350 basis points (as defined 3.50%) for the Accounting Periods beginning April 1, 2001 and ending July 31, 2001 and (ii) 400 basis points (4.00%) for the Accounting Periods beginning August 1, 2001 and ending when the Loan is paid in Exhibit 2.2) fiscal 1998 audit by April 30, 1999;full.