Modified Interest Rate. Section 2.3(a) of the Loan Agreement is hereby amended in its entirety to read as follows:
Modified Interest Rate. Section 2 of the Schedule to Loan and Security Agreement is hereby amended to read as follows:
Modified Interest Rate. The Interest Rate set forth in Section 2 of the Schedule to the Loan Agreement is hereby amended in its entirety to read as follows: INTEREST RATE (Section 1.2):
Modified Interest Rate. Section 2.3(a) is amended in its entirety and replaced with the following:
Modified Interest Rate. Section 2 of the Schedule to Loan and Security Agreement is hereby amended by modifying the words which presently read "A rate equal to the `Prime Rate' in effect from time to time, plus 2.0% per annum, provided that the interest rate in effect each month shall not be less than 7.0% per annum." to read as follows: A rate equal to the `Prime Rate' in effect from time to time, plus 2.75% per annum, provided that the interest rate in effect each month shall not be less than 7.0% per annum.
Modified Interest Rate. That portion of Section 2 of the Schedule to Loan and Security Agreement entitled “Interest Rate (Section 1.2)” is hereby amended to read as follows: Interest Rate (Section 1.2): A rate equal to the “Prime Rate” in effect from time to time, plus 0.50% per annum. The foregoing interest rate shall be reduced by 0.25% per annum at such time as, and for so long as, Borrower has a Funded Debt to EBITDA ratio (as defined below) between 1.0 and 1.75. The foregoing interest rate shall be reduced by an additional 0.25% per annum at such time as, and for so long as, Borrower has a Funded Debt to EBITDA ratio equal to or less than 1.0. The foregoing rate reduction(s) shall be effective on the first day of the month immediately following Silicon’s receipt of the financial statements showing, to Silicon’s satisfaction in its good faith business judgment, that Borrower is entitled to such rate reduction(s) (See Example below). If the interest rate is so reduced, based on financial statements as of a certain date and thereafter Borrower’s Funded Debt to EBITDA ratio is no longer less than 1.0, then the interest rate shall be increased by 0.25% per annum, and the interest rate shall be increased by an additional 0.25% per annum if Borrower’s Funded Debt to EBITDA ratio is no longer less than 1.75, which rate increase(s) shall go into effect on the first day of the month immediately following Silicon’s receipt of the financial statements showing that Borrower is no longer entitled to the rate reduction(s). Such reduction(s) and increase(s) may be made throughout the term of this Agreement. Notwithstanding the foregoing, in no event shall an interest rate reduction go into effect if, at the date it is to go into effect, a Default or Event of Default has occurred and is continuing.
Modified Interest Rate. The Interest Rate set forth in Section 2 of the Schedule to Loan and Security Agreement is hereby amended to read as follows: INTEREST RATE (Section 1.2): With respect to the Revolving Loans: A rate equal to the "Prime Rate" in effect from time to time, plus 1.5% per annum, provided that the interest rate in effect on any day shall not be less than 6% per annum. With respect to the Term Loan: A rate equal to the "Prime Rate" in effect from time to time, plus 2.0% per annum, provided that the interest rate in effect on any day shall not be less than 6% per annum. With respect to all Loans:
Modified Interest Rate. The Interest Rate set forth in Section 2 of the Schedule to the Loan Agreement is hereby amended in its entirety to read as follows: INTEREST RATE (Section 1.2): SILICON VALLEY BANK AMENDMENT TO LOAN DOCUMENTS A rate equal to the "Prime Rate" in effect from time to time, plus 2.25% per annum; provided, however, that the foregoing interest rate shall be reduced to a rate equal to the "Prime Rate" in effect from time to time, plus 1.75% per annum as set forth below if Borrower achieves EBITDA (as defined below) in excess of $0.00 for two consecutive fiscal quarters ending after the date of this Agreement and for so long as Borrower maintains EBITDA in excess of $0.00 for each fiscal quarter ending thereafter. If Borrower does not maintain EBITDA in excess of $0.00, the interest rate will be increased to a rate equal to the "Prime Rate" in effect from time to time plus 2.25% per annum.
Modified Interest Rate. Interest Rate set forth in Section 2 of the Amended and Restated Schedule 2 to Loan and Security Agreement is hereby amended to read as follows: Interest Rate (Section 2.3(a)): A per annum rate equal to the “Prime Rate” in effect from time to time; provided that if the Quick Ratio Test is not met, the interest rate applicable to the Obligations shall be a per annum rate equal to the “Prime Rate” in effect from time to time, plus 1.50% per annum; provided, however, with respect to Obligations pertaining to the Bridge Loan Sublimit, the interest rate applicable to such Obligations shall be a per annum rate equal to the “Prime Rate” in effect from time to time, plus 4.0% per annum. Changes in the interest rate based on whether or not the Quick Ratio Test is met shall go into effect as of the first day of the month closest to the date Borrower’s financial statements, which show whether or not the Quick Ratio Test is met, are due, even if the delivery of the financial statements is delayed.
Modified Interest Rate. Section 2 of the Schedule to Loan and Security Agreement is hereby amended in its entirety to read as follows: INTEREST RATE (Section 1.2): The interest rate shall be based on Borrower's Adjusted Quick Ratio (as defined below), as follows: -------------------------------------- ------------------------ Adjusted Quick Ratio as of the end Interest Rate of a month -------------------------------------- ------------------------ 1.5 to 1.0 or greater Prime Rate (as defined below) plus 0.50% -------------------------------------- ------------------------ Less than 1.5 to 1.0 Prime Rate plus 1.50% (the "Standard Rate") -------------------------------------- ------------------------ The initial interest rate in effect on the date hereof shall be the Standard Rate. Changes in the interest rate based on the Borrower's Adjusted Quick Ratio as provided above shall go into effect as of the first day of the month following the month in which Borrower's financial statements are received, reviewed and approved by Silicon. If, based on the Adjusted Quick Ratio as shown in Borrower's financial statements there is to be an increase in the interest rate, the interest rate increase may be put into effect by Silicon as of the first day of the month closest to the date on which the financial statements are due, even if the delivery of the financial statements is delayed. SILICON VALLEY BANK AMENDMENT TO LOAN DOCUMENTS -------------------------------------------------------------------------------- Thus, for example, if Borrower's Adjusted Quick Ratio as of September 30, 2005 is 2.0 to 1.0 and Borrower's financial statements as of September 30, 2005 are received, reviewed and approved by Silicon on October 31, 2005, then the interest rate in effect on November 1, 2005 will be a rate equal to the Prime Rate plus 1.50%. If Borrower's Quick Ratio as of September 30, 2005 is 2.0 to 1 and Borrower's financial statements as of September 30, 2005 are received, reviewed and approved by Silicon on November 5, 2005, then the interest rate shall still be adjusted to a rate equal to the Prime Rate plus 1.50% effective on November 1, 2005.
