LINE OF CREDIT INTEREST. Effective on the Effective Date, the principal sum of up to Four Million Dollars US Dollars (US$4,000,000) (“Line of Credit”), with interest accruing on the unpaid balance at the prime rate plus one percent (1%) per annum and calculated monthly, will be provided to Borrower by Lender under this Note.
LINE OF CREDIT INTEREST. Section 2.2.1 of the Agreement is hereby amended by substituting the following new Section 2.2.1 in lieu of the existing Section 2.2.1:
LINE OF CREDIT INTEREST. Prior to maturity or Default, the outstanding principal balance of Advances under the Line of Credit shall bear interest at a per annum rate equal to LIBOR plus Five Percent (5%). In the event that LIBOR shall become unavailable, the outstanding principal balance of Advances under the Line of Credit shall bear interest at a per annum rate equal to the Prime Rate plus Two Percent (2%).
LINE OF CREDIT INTEREST. Prior to maturity or Default, the outstanding principal balance of Advances under the Line of Credit shall bear interest at a per annum rate equal to the Prime Rate plus the Applicable Margin, except that, at the option of Borrower as exercised as provided in Section 2.2.4 hereof, the outstanding principal balance of Advances under the Line of Credit in Permissible Increments may accrue interest at the Eurodollar Rate. At the expiration of each Interest Period, unless Borrower selects the Eurodollar Rate option as provided in Section 2.2.4 hereof, interest shall again accrue at a per annum rate equal to the Prime Rate plus the Applicable Margin. 2.2.2.
LINE OF CREDIT INTEREST. 12 3.4 Repayment of Line of Credit................................................................13 3.5
LINE OF CREDIT INTEREST. (a) Borrower and Co-Borrower shall pay accrued and unpaid interest on the outstanding principal amount of Advances under the Line of Credit at a per annum rate equal to either (i) the LIBOR Rate PLUS .75% (75 basis points) or (ii) the LIBOR Market Index Rate PLUS .75% (75 basis points), as the LIBOR Market Index Rate may change from day to day, as selected by Borrower and Co-Borrower on the date of the initial closing of this Agreement and from time to time in accordance herewith. Interest on the outstanding principal balance of the Line of Credit Note shall be payable monthly on the last day of each month, commencing January 31, 1999 and continuing thereafter until maturity;
LINE OF CREDIT INTEREST. Prior to maturity or Default, the outstanding principal balance of Advances under the Line of Credit shall bear interest at a per annum rate equal to the Prime Rate plus One Percent (1%). After, and so long as, the Funded Debt Ratio is less than 3.75 to 1.00, and prior to maturity or Default, the outstanding principal balance of Advances under the Line of Credit shall bear interest at a per annum rate equal to the Prime Rate plus the Applicable Margin, except that at the option of Borrower as exercised as provided in Section 2.2.4 hereof, the outstanding principal balance of Advances under the Line of Credit in Permissible Increments may accrue interest at the Eurodollar Rate. At the expiration of each Interest Period, unless Borrower selects the Eurodollar Rate option as provided in Section 2.2.4 hereof and except as otherwise provided herein, interest shall again accrue at a per annum rate equal to the Prime Rate plus the Applicable Margin.
LINE OF CREDIT INTEREST. Interest on the outstanding principal balance on ----------------------- the Note shall be payable monthly beginning on the last day of the month in which the loan funds. Interest on the Note shall be payable at 1st Business Bank's Reference Rate of Interest plus 1/2%, which is the rate announced by Bank from time to time at its Corporate Headquarters as its Reference Rate, and which shall vary concurrently with any change in such rate as announced by bank. Interest hereunder shall be calculated on the basis of a 360 day year on the actual number of days elapsed.
LINE OF CREDIT INTEREST. From the date hereof until the Maturity Date, Borrower shall pay accrued and unpaid interest on the outstanding principal amount of Advances under the Line of Credit at a per annum rate equal to the LIBOR Market Index Rate PLUS 1.50% (150 basis points), such per annum rate to change as and when the LIBOR Market Index Rate shall change. Interest on the outstanding principal balance of the Line of Credit Note shall be payable monthly on the last Business Day of each month, commencing October 29, 1999 and continuing thereafter until maturity.
