Reduction in Interest Rate Sample Clauses

Reduction in Interest Rate. Subject to the fulfillment of the conditions precedent set forth in Section 5 hereof, Lender agrees to reduce the interest rate on the Loan, effective as of January 1, 1997, from the Prime Rate (as defined in Section 8(b) of the First Loan Modification) plus six percent (6%) to the lesser of (a) the Prime Rate plus two percent (2%) or (b) Libor Rate (as defined below) plus two and one-half percent (2.5%). The "Libor Rate" means the one-month London Interbank Offered Rate as published in the Wall Street Journal by Dow Jonex & Xompany, Inc.
Sample 1
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Reduction in Interest Rate. The portion of Section 2 of the Schedule to the Loan Agreement, which presently reads as follows: “A rate equal to the Prime Rate in effect from time to time, plus 2% per annum, provided that the interest rate in effect on any day shall not be less than 6% per annum, and provided that interest in each month shall not be less than $20,000.” is hereby amended to read as follows: “A rate equal to the Prime Rate in effect from time to time, plus 1% per annum.”
Sample 1
Reduction in Interest Rate. Notwithstanding any of the provisions contained in Section 2.A.(2) above, provided that no Event of Default has occurred and is continuing, if on March 31, 1999 Identix is in compliance with all of the financial covenants set forth in Section 10 hereof, then beginning on April 1, 1999, Bank agrees to reduce the rate of interest accruing on the unpaid balance of the Revolving Loan Account to a rate of interest per annum equal to the Prime Rate.
Sample 1
Reduction in Interest Rate. To the extent that at the close of business on August 20, 2016, the balance of the Deposit Account is equal to or greater than $12,190,054.62 (or such lesser amount required to be on deposit in the Deposit Account under the February Convertible Note) and the balance of the Blocked Account is equal to or greater than $4,000,000 (or such lesser amount required to be on deposit in the Blocked Account under the December Debenture), in each case, as a result of deposits of funds to each such account by a Borrower, at such Borrower’s option, then the rate of interest in effect on each JGB Note shall be 1.17%; provided, there shall be no reduction in any default rate of interest specified in a JGB Note (regardless of whether or not such default rate is in effect at such time). For the avoidance of doubt, to the extent of any release of funds subsequent to August 20, 2016, pursuant to Section 3.3, the rate of interest for each JGB Note shall be increased as provided in Sections 4.1 through 4.4. For the avoidance of doubt, the Borrowers are under no obligation to return any funds released pursuant to Section 3 to the Blocked Account or Deposit Account.
Sample 1
Reduction in Interest Rate. Notwithstanding anything to the contrary contained herein above in this Section 2.5(a), if (i) Borrowers achieve EBITDA in the amount set forth in the chart below for any fiscal year of Borrowers, commencing with the fiscal year ending June 30, 2000, as evidenced by financial statements for Borrowers that have been prepared and audited by independent certified public accountants acceptable to Foothill and delivered to Foothill in accordance with Section 6.3, (ii) if Foothill has determined that the Inventory of the West Coast Companies constitutes Eligible Inventory (in accordance with clauses (f) and (g) of the definition of Eligible Inventory set forth in Section 1), and (iii) if Foothill has determined that none of the Loan Parties identified in the chart set forth below have failed to complete the implementation of the X.X. Xxxxxxx System by the "Required Completion Date" respectively set forth below opposite such Loan Party, then, provided, that, no Default or Event of Default shall have occurred and be then continuing, the Applicable Margin shall be reduced to, and the definition of Applicable Margin set forth in Section 1 shall be thereupon amended by replacing the percentages set forth therein with, the respective percentages set forth below: MINIMUM RESULTING RESULTING APPLICABLE EBITDA FOR APPLICABLE MARGIN MARGIN FOR FISCAL YEAR FOR ADVANCES TERM LOANS ------------ ----------------------- ----------------- $7,000,000- .50% 1.00% $9,000,000 Greater than .25% .50% $9,000,000 REQUIRED COMPLETION LOAN PARTIES DATE ------------ ---- Parent's Focus Rugs and Accessories Division and Petals' Flora Division 8/31/00 Parent's APF Division 12/31/00 Xxxx and Petals' Catalog Division 4/30/01 CSL 8/31/01 Windsor and Vanguard 1/31/02 Stylecraft 6/30/02 MHI 10/31/02 Concepts 2/28/03
Sample 1
Reduction in Interest Rate. The interest rate required hereby or by any of the Purchase Documents shall not exceed the maximum rate permissible under applicable law, and any amounts paid in excess of such rate shall be applied to reduce the unpaid balance of the Indebtedness or shall be refunded to the Company at the sole option of the Purchaser.
Sample 1
Reduction in Interest Rate. Paragraph 2.3 of the Agreement is hereby amended be deleting "Reference Rate plus one percent (1%)" and inserting "Reference Rate plus zero percent (0%)" in lieu thereof.
Sample 1
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Related to Reduction in Interest Rate

  • Maximum Interest Rate In no event shall any interest rate provided for hereunder exceed the maximum rate legally chargeable under applicable law with respect to loans of the Type provided for hereunder (the “Maximum Rate”). If, in any month, any interest rate, absent such limitation, would have exceeded the Maximum Rate, then the interest rate for that month shall be the Maximum Rate, and, if in future months, that interest rate would otherwise be less than the Maximum Rate, then that interest rate shall remain at the Maximum Rate until such time as the amount of interest paid hereunder equals the amount of interest which would have been paid if the same had not been limited by the Maximum Rate. In the event that, upon payment in full of the Obligations, the total amount of interest paid or accrued under the terms of this Agreement is less than the total amount of interest which would, but for this Section 3.3, have been paid or accrued if the interest rate otherwise set forth in this Agreement had at all times been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Agent, for the account of the applicable Lenders, an amount equal to the excess of (a) the lesser of (i) the amount of interest which would have been charged if the Maximum Rate had, at all times, been in effect or (ii) the amount of interest which would have accrued had the interest rate otherwise set forth in this Agreement, at all times, been in effect over (b) the amount of interest actually paid or accrued under this Agreement. If a court of competent jurisdiction determines that the Agent and/or any Lender has received interest and other charges hereunder in excess of the Maximum Rate, such excess shall be deemed received on account of, and shall automatically be applied to reduce, the Obligations other than interest, and if there are no Obligations outstanding, the Agent and/or such Lender shall refund to the Borrower such excess.

  • Interest Rate The LHIN may charge the HSP interest on any amount owing by the HSP at the then current interest rate charged by the Province of Ontario on accounts receivable.

  • Applicable Interest Rate 5.10.1 In respect of Pre-Delivery Interest Periods or Interest Periods pursuant to Clause 5.3.1 and subject to Clause 5.3.1, Clause 5.12 and Clause 6, the rate of interest applicable to the Loan (or relevant part in the case of the division of the Loan under Clause 5.8) during a Pre-Delivery Interest Period or an Interest Period shall be the Floating Interest Rate.

  • Maximum or Minimum Interest Rate If specified on the face hereof, this Note may have either or both of a Maximum Interest Rate or a Minimum Interest Rate. If a Maximum Interest Rate is so designated, the interest rate for a Floating Rate Note cannot ever exceed such Maximum Interest Rate and in the event that the interest rate on any Interest Reset Date would exceed such Maximum Interest Rate (as if no Maximum Interest Rate were in effect) then the interest rate on such Interest Reset Date shall be the Maximum Interest Rate. If a Minimum Interest Rate is so designated, the interest rate for a Floating Rate Note cannot ever be less than such Minimum Interest Rate and in the event that the interest rate on any Interest Reset Date would be less than such Minimum Interest Rate (as if no Minimum Interest Rate were in effect) then the interest rate on such Interest Reset Date shall be the Minimum Interest Rate. Notwithstanding anything to the contrary contained herein, the interest rate on a Floating Rate Note shall not exceed the maximum interest rate permitted by applicable law.

  • Applicable Interest Rates (a) U.S.

  • Changes in Interest Rate, etc Each Floating Rate Advance shall bear interest on the outstanding principal amount thereof, for each day from the date such Advance is made or is converted from a Eurodollar Advance into a Floating Rate Advance pursuant to Section 2.9 to the date it is paid or is converted into a Eurodollar Advance pursuant to Section 2.9, at a rate per annum equal to the Alternate Base Rate for such day. Changes in the rate of interest on that portion of any Advance maintained as a Floating Rate Advance will take effect simultaneously with each change in the Alternate Base Rate. Each Eurodollar Advance shall bear interest on the outstanding principal amount thereof from the first day of each Interest Period applicable thereto to the last day of such Interest Period at the Eurodollar Rate applicable to such Eurodollar Advance based upon the applicable Borrower's selections under Sections 2.8 and 2.9 and otherwise in accordance with the terms hereof.

  • Fixed Interest Rates Each Mortgage Loan bears interest at a rate that remains fixed throughout the remaining term of such Mortgage Loan, except in the case of ARD loans and situations where default interest is imposed.

  • Interest Rates Except as provided in Section 2.6(c), all Obligations (except for undrawn Letters of Credit) that have been charged to the Loan Account pursuant to the terms hereof shall bear interest as follows:

  • VARIABLE INTEREST RATE The interest rate on this Note is subject to change from time to time based on changes in an index which is the BOKF National Prime Rate, described as the rate of interest set by BOK Financial Corporation, in its sole discretion, on a daily basis as published by BOK Financial Corporation ("BOKF") from time to time (the "Index"). The Index is not necessarily the lowest rate charged by Lender on its loans and is set by Lender in its sole discretion. If the Index becomes unavailable during the term of this loan, Lender may designate a substitute index after notifying Borrower. Lender will tell Borrower the current Index rate upon Borrower's request. The interest rate change will not occur more often than each day. Borrower understands that Lender may make loans based on other rates as well. The Index currently is 4.000% per annum. Interest on the unpaid principal balance of this Note will be calculated as described in the "INTEREST CALCULATION METHOD" paragraph using a rate of 0.500 percentage points under the Index, adjusted if necessary for any minimum and maximum rate limitations described below, resulting in an initial rate of 3.500% per annum based on a year of 360 days. NOTICE: Under no circumstances will the interest rate on this Note be less than 3.500% per annum or more than the maximum rate allowed by applicable law. INTEREST CALCULATION METHOD. Interest on this 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 this Note is computed using this method.

  • Interest Rate Adjustment The interest rate payable on the Notes shall be subject to adjustments from time to time if either Xxxxx’x Investors Service, Inc., or any successor thereto (“Moody’s”) or Standard & Poor’s Ratings Services, a division of XxXxxx-Xxxx, Inc., or any successor thereto (“S&P”) downgrades (or subsequently upgrades) the debt rating assigned to the Notes, as set forth below. If the rating from Moody’s of the Notes is decreased to a rating set forth in the immediately following table, the interest rate on the Notes shall increase from the interest rate payable on the Notes on the date of their issuance (the “Original Interest Rate”) by the percentage set forth opposite that rating: Rating Percentage Ba1 0.25 % Ba2 0.50 % Ba3 0.75 % B1 or below 1.00 % If the rating from S&P of the Notes is decreased to a rating set forth in the immediately following table, the interest rate on the Notes shall increase from the Original Interest Rate by the percentage set forth opposite that rating: Rating Percentage BB+ 0.25 % BB 0.50 % BB- 0.75 % B+ or below 1.00 % Notwithstanding the foregoing, if at any time the interest rate on the Notes has been adjusted upward and either Moody’s or S&P, as the case may be, subsequently increases its rating of the Notes to any of the threshold ratings set forth in the tables above, the interest rate on the Notes shall be decreased such that the interest rate for the Notes equals the Original Interest Rate plus the percentages set forth opposite the ratings from the tables above in effect immediately following the increase. If Moody’s subsequently increases its rating of the Notes to Baa3 or higher and S&P increases its rating to BBB- or higher the interest rate on the Notes shall be decreased to the Original Interest Rate. Each adjustment required by any decrease or increase in a rating set forth above, whether occasioned by the action of Moody’s or S&P, shall be made independent of any and all other adjustments. In no event shall (1) the interest rate for the Notes be reduced to below the Original Interest Rate or (2) the total increase in the interest rate on the Notes exceed 2.00% above the Original Interest Rate. If either Moody’s or S&P ceases to provide a rating of the Notes, any subsequent increase or decrease in the interest rate of the Notes necessitated by a reduction or increase in the rating by the agency continuing to provide the rating shall be twice the percentage set forth in the applicable table above. No adjustments in the interest rate of the Notes shall be made solely as a result of either Moody’s or S&P ceasing to provide a rating. If both Moody’s and S&P cease to provide a rating of the Notes, the interest rate on the Notes shall increase to, or remain at, as the case may be, 2.00% above the Original Interest Rate. Any interest rate increase or decrease described above shall take effect from the first day of the interest period during which a rating change requires an adjustment in the interest rate. The interest rate on the Notes shall permanently cease to be subject to any adjustment described above (notwithstanding any subsequent decrease in the ratings by either or both rating agencies) and, if applicable, shall be decreased to the Original Interest Rate, if the Notes become rated Baa2 and BBB or higher by Moody’s and S&P, respectively (or one of these ratings if only rated by one rating agency), with a stable or positive outlook by each of the rating agencies.

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