Interest and Default Rate. (a) Subject to the provisions of subsection (b) below, (i) each Eurocurrency Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurocurrency Rate for such Interest Period plus the Applicable Rate and (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate.
Interest and Default Rate. Unless and until the occurrence of an Event of Default (as such term is defined below), the principal amount of this Note shall not bear interest. Upon the occurrence of an Event of Default interest shall accrue under this Note on the outstanding principal balance at the interest rate of eighteen percent (18%) per annum compounded monthly (the "Default Rate"). The occurrence of any one or more of the following events, circumstances, or conditions shall constitute a default hereunder ("Event of Default"): (a) failure of Borrower (which term shall mean and include Borrower and/or each borrower, endorser, surety, and guarantor of this Note) to pay to Holder within five (5) days of the due date (whether at scheduled maturity, upon acceleration or otherwise) any installment of principal or of interest due under this Note or any fees owing to Holder; (b) Borrower makes a general assignment for the benefit of creditors; (c) a receiver, custodian, liquidator, trustee or like officer of Borrower is appointed to take custody, possession or control over any property and such appointment is not discharged within sixty (60) days thereafter; (d) proceedings are instituted by or against Borrower under any bankruptcy code or act or insolvency law and such proceedings remain undismissed for a period of sixty (60) days thereafter; or (e) the Partnership receives a notice of acceleration of the HSBC Indebtedness following a default by the Partnership thereunder and delivers such notice promptly upon receipt to Holder. At any time after the occurrence of an Event of Default, the indebtedness evidenced by this Note and/or any note(s) or other obligation(s) which may be taken in renewal, extension, substitution, or modification of all or any part of the indebtedness evidenced hereby or thereby and all other obligations of Borrower to Holder howsoever created shall, at the option of Holder, immediately become due and payable without demand upon or notice to Borrower, and Holder shall be entitled to exercise all remedies available at law. Any failure to exercise this option of acceleration shall not constitute a waiver of the right to exercise the same at any future time or for any other event. Holder's remedies contained in this Note shall be cumulative and concurrent, and may be pursued singly, successively, or together at the sole discretion of Holder, and may be exercised as often as occasion therefor shall occur.
Interest and Default Rate. (a) Interest shall accrue on the Outstanding Amount of Floor Plan Loans and Swing Line Loans at a variable rate (the “Floor Plan Rate”) per year equal to (i) the LIBOR Rate plus 1.25% per annum, in the case of Eurodollar Loans, and (ii) the Base Rate plus 0.25% per annum, in the case of Base Rate Loans. Adjustments to the Floor Plan Rate shall be effective monthly on each Interest Rate Determination Date. The Floor Plan Rate shall remain fixed during each applicable Interest Period based upon the Floor Plan Rate established hereunder on the applicable Interest Rate Determination Date. The Floor Plan Rate shall not exceed any maximum interest rate permitted by applicable law.
Interest and Default Rate. (a) Interest shall accrue on the Outstanding Amount of each Term Loan at a variable rate (the “Term Loan Rate”) per year equal to, (i) for each Term Loan that is a Eurodollar Loan, the LIBOR Rate plus the Applicable Margin in effect from time to time for such Term Loan and (ii) for each Term Loan that is a Base Rate Loan, the Base Rate plus the Applicable Margin in effect from time to time for such Term Loan. Thereafter, the applicable Borrower may elect to convert such Borrowing into a different Type as provided in Section 4.16. Adjustments to the Term Loan Rate shall be effective monthly on each Interest Rate Determination Date. The Term Loan Rate shall remain fixed during each applicable Interest Period based upon the Term Loan Rate established hereunder on the applicable Interest Rate Determination Date (subject to adjustments to the Applicable Margin as provided in the definition thereof). The Term Loan Rate shall not exceed any maximum interest rate permitted by applicable law.
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Interest and Default Rate. (a) Except as otherwise provided in this Agreement, Loans under the Revolving Credit Facility shall accrue interest at an annual rate equal to the lesser of (i) at Borrower’s option (A) for a Base Rate Loan, the sum of the Base Rate plus the Applicable Margin for Base Rate Loans, or (B) for a LIBOR Loan, the sum of LIBOR plus the Applicable Margin for LIBOR Loans, and (ii) the Maximum Rate. Each change in the Base Rate, LIBOR, or the Maximum Rate is effective as of the effective date of such change without notice to Borrower or any other Person.
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Interest and Default Rate. (a) Subject to the provisions of Section 2.06(b), (i) each Eurodollar Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate; (ii) each LIBOR Daily Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the LIBOR Daily Floating Rate plus the Applicable Rate; and (iii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate.
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Interest and Default Rate
