INTEREST ON THE REVOLVING NOTE. Interest on the REVOLVING NOTE shall accrue at the LIBOR RATE prior to acceleration or maturity, and six hundred basis points in excess of the LIBOR RATE in effect from time to time after maturity, whether by acceleration or otherwise. Interest on the REVOLVING LOAN shall be payable every three months. The NOTE may also provide for reductions in such interest rates based upon ‘BORROWER’s performance.
INTEREST ON THE REVOLVING NOTE. Interest on the principal balance of the REVOLVING LOAN from time to time outstanding will be payable at a rate (the “RATE”) equal to fifty (50) basis points higher than the BASE RATE in effect from time to time until maturity, and six per cent (6%) above the BASE RATE in effect from time to time after maturity, whether by acceleration or otherwise. For purposes hereof, BASE RATE shall mean the rate announced by BANK from time to time as its “National Base Rate”. Each time the BASE RATE shall change, the RATE shall change contemporaneously with such change in the BASE RATE. Interest shall be calculated on the basis of a 360-day year, counting the actual number of days elapsed. Interest on the REVOLVING LOAN shall be payable monthly.
INTEREST ON THE REVOLVING NOTE. Prior to maturity and subject to the incentive pricing provisions contained in Section 2.15 of this AGREEMENT, interest on the principal balance outstanding on the REVOLVING NOTE shall accrue at a rate equal to the one month LIBOR RATE plus 300 hundred basis points, as more particularly set forth in the REVOLVING NOTE. The interest rate on the REVOLVING NOTE shall initially be set two (2) EURODOLLAR BUSINESS DAYS prior to the date of the REVOLVING NOTE, and shall adjust on the 8th day of each month thereafter. After maturity, whether by acceleration or otherwise, interest shall accrue on the REVOLVING NOTE at a rate equal to the one month LIBOR RATE plus nine hundred (900) basis points.
INTEREST ON THE REVOLVING NOTE. The interest rate on the REVOLVING NOTE is subject to change from time to time based on changes in the Index. Prior to the LOAN TERMINATION DATE of the REVOLVING NOTE, the interest rate to be applied to the unpaid principal balance of the REVOLVING NOTE will be calculated using a rate of three and one half percent (3'/2%) over the Index, adjusted if necessary for any minimum and maximum rate limitations described in this AGREEMENT, based on a year of 360 days. Interest on the REVOLVING NOTE is computed on a 365/360 basis; that is, by applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. All interest payable under the REVOLVING NOTE is computed using this method. NOTICE: Under no circumstances will the interest rate on the REVOLVING NOTE be more than the maximum rate allowed by applicable law. The interest rate on the REVOLVING NOTE shall initially be set and will be adjusted on each INTEREST RATE CHANGE DATE applicable to the REVOLVING NOTE. Interest on the REVOLVING NOTE shall be paid monthly, in arrears, on the first (1st) day of each month. The unpaid principal balance together with all accrued and unpaid interest on the REVOLVING NOTE will be due and payable in full on the LOAN TERMINATION DATE applicable to the REVOLVING NOTE. The principal balance of the REVOLVING NOTE will bear interest after maturity and after the occurrence and during the continuance of an EVENT OF DEFAULT at a variable per annum rate equal to the Index plus nine percent (9%), but not to exceed the maximum rate allowed by law.
INTEREST ON THE REVOLVING NOTE. Subject to Section 2.15, interest on the principal balance of the REVOLVING LOAN shall accrue and be payable as set forth in the NOTE evidencing the REVOLVING LOAN.
INTEREST ON THE REVOLVING NOTE. Interest on outstanding Advances under the Revolving Notes, other than an L/C Replacement Advance, shall be payable monthly in arrears on the first day of each calendar month at an annual rate of Prime Rate plus 1%, provided, however, that, notwithstanding any provision of any Loan Document, the interest on outstanding Advances under the Revolving Notes shall not be less than 5.75%, calculated on the basis of a 360-day year and for the actual number of calendar days elapsed in each interest calculation period. Interest accrued on each Advance under the Revolving Notes shall be payable in accordance with the procedures provided for in Section 2.5 and Section 2.9, commencing December 1, 2002 and continuing until the later of the expiration of the Term and the full performance and irrevocable payment in full in cash of the Obligations and termination of this Agreement. Interest on outstanding Advances under the Revolving Notes shall accrue from the respective funding dates of the Advances.
