Common use of Adjustments to Interest Rate Clause in Contracts

Adjustments to Interest Rate. Subject to the limitations on the minimum rate of interest set forth in Sections 2.03, 2.04 and 2.05, after the Conversion Date, the rate of interest under any Loan which bears interest at a variable rate, shall be adjusted according to the following schedule, should the Tangible Owner’s Equity of the Borrower, achieve the levels set forth below: Tangible Owner’s Equity Interest Rate Equal to or less than 55.00% Applicable LIBOR Rate plus 345 basis points Greater than 55.00% and Applicable LIBOR Rate plus 320 basis points Less than or equal to 65.00% Greater than 65.00% Applicable LIBOR Rate plus 295 and less than or equal to 75.00% basis points Greater than 75.00% Applicable LIBOR Rate plus 275 basis points Upon delivery of the audited financial statements pursuant to Section 5.01(c)(i) for each fiscal year end beginning with the first fiscal year end after the Conversion Date, the rate of interest for any Loan which bears interest at a variable rate shall automatically be adjusted in accordance with the Tangible Owner’s Equity set forth therein and the rates set forth above. Such automatic adjustment to the rate of interest shall take effect as of the first Business Day of the month following the month in which the Agent received the related audited financial statements pursuant to Section 5.01(c)(i). If the Borrower fails to deliver such audited financial statements which so sets forth the Tangible Owner’s Equity within the period of time required by Section 5.01(c)(i) hereof or if any Event of Default occurs, the rate of interest shall automatically be adjusted to a rate equal to the greater of the applicable LIBOR Rate plus 345 basis points or five percent (5.0%), such automatic adjustments: (a) to take effect as of the first Business Day after the last day on which the Borrower was required to deliver the applicable audited financial statements in accordance with Section 5.01(c)(i) hereof or in the case of an Event of Default, on the date the written notice is given to the Borrower; and (b) to remain in effect until subsequently adjusted in accordance herewith upon the delivery of such audited financial statements or, in the case of an Event of Default, when such Event of Default has been cured to the satisfaction of the Agent.

Adjustments to Interest Rate. Subject to Notwithstanding any contrary provision of this Agreement or the limitations on the minimum rate of interest set forth in Sections 2.03, 2.04 and 2.05, after the Conversion Dateother Loan Documents, the rate of interest under any on the Term Revolving Loan and on that portion of the Term Loan which bears interest at a variable rate, shall be adjusted according to the following schedule, schedule should the Tangible Owneraggregate outstanding principal balance of Borrower’s Equity of the BorrowerFunded Debt, achieve the levels set forth below: Tangible Owner’s Equity Interest Funded Debt Applicable Rate Equal to or less than 55.00% Applicable LIBOR Rate plus 345 basis points Greater than 55.00% and Applicable LIBOR Rate plus 320 basis points Less than or equal to 65.00% Greater than 65.00% Applicable $27,500,000 LIBOR Rate plus 295 and 350 basis points, but not less than or equal to 75.004.25% basis points Greater Less than 75.00% Applicable $27,500,000 LIBOR Rate plus 275 300 basis points points, but not less than 3.75% Upon delivery of the audited financial statements pursuant to Section 5.01(c)(i5.01(c)(ii) for at each fiscal year end quarter end, beginning with the first fiscal year end quarter ending after the Conversion Closing Date, the rate of interest for any on the Term Revolving Loan and on that portion of the Term Loan which bears interest at a variable rate shall automatically be adjusted in accordance with the Tangible Owner’s Equity set forth therein and the rates set forth above. Such automatic adjustment to the rate of interest shall take effect as of the first Business Day of the month following the month in which the Agent received the related audited financial statements and Compliance Certificate pursuant to Section 5.01(c)(i5.01(c)(ii). If the Borrower fails to deliver such audited financial statements which so sets forth the Tangible Owner’s Equity or Compliance Certificate within the period of time required by Section 5.01(c)(i5.01(c)(ii) hereof hereof, or if the outstanding principal balance on Borrower’s Funded Debt be no longer within the parameters set forth above, or if any Event of Default occurshas occurred or is continuing, the rate of interest shall automatically be adjusted to a rate equal to the greater of the applicable LIBOR Applicable Rate plus 345 basis points or five percent (5.0%)without reduction under this Section, such automatic adjustmentsadjustment: (a) to take effect as of the first Business Day after the last day on which the Borrower was required to deliver the applicable audited financial statements and Compliance Certificate in accordance with Section 5.01(c)(i5.01(c)(ii) hereof or in the case of an Event of Default, on the date the written notice thereof is given to the Borrower; and (b) to remain in effect until subsequently adjusted in accordance herewith upon the delivery of such audited financial statements or, in the case of an Event of Default, when such Event of Default has been cured to the satisfaction of the Agentherewith.

Adjustments to Interest Rate. Subject to Notwithstanding any other provision of this Agreement or the limitations on the minimum rate of interest set forth in Sections 2.03, 2.04 and 2.05, after the Conversion Dateother Loan Documents, the rate of interest under any Loan which bears interest at on a variable rate, shall be adjusted according to the following schedule, schedule should the Tangible Owner’s Equity Equity/Tangible Net Worth of the Borrower, achieve the levels set forth below: Tangible Owner’s Equity (“TOE”) and/or Tangible Net Worth (“TNW”) Interest Rate Equal to or TOE Less than 49.99% AND TNW less than 55.00$78,800,000.00 Applicable Rate plus 400 basis points TOE Less than 49.99% AND TNW greater than $78,800,000.00 Applicable Rate plus 325 basis points TOE from 50% through 60% Applicable LIBOR Rate plus 345 300 basis points Greater than 55.00TOE from 61% and Applicable LIBOR Rate plus 320 basis points Less than or equal to 65.00% Greater than 65.00through 70% Applicable LIBOR Rate plus 295 and less than or equal to 75.00% basis points Greater than 75.00% Applicable LIBOR Rate plus 275 basis points TOE greater than 70% Applicable Rate plus 250 basis points Upon delivery of the audited financial statements pursuant to Section 5.01(c)(i) for each fiscal year end beginning with of the first fiscal year end after the Conversion DateBorrower, the rate of interest for any Loan which bears interest at a variable rate month shall automatically be adjusted in accordance with the Tangible Owner’s Equity Equity/Tangible Net Worth set forth therein and the rates set forth above. Such automatic adjustment to the rate of interest shall take effect as of the first Business Day of the month following the month in which the Agent Lender received the related audited financial statements pursuant to Section 5.01(c)(i5.01 (c)(i). If the Borrower fails to deliver such audited financial statements statement which so sets forth the Tangible Owner’s Equity Equity/Tangible Net Worth within the period of time required by Section 5.01(c)(i) hereof hereof; fails to meet any financial covenants in this Agreement or any other Loan Document; or if any Event of Default occurs, the rate of interest shall automatically be adjusted to a rate equal to the greater of the applicable LIBOR Applicable Rate plus 345 400 basis points or five percent (5.0%)points, such automatic adjustments: (a) to take effect as of the first Business Day after the last day on which the Borrower was required to deliver the applicable audited financial statements statement in accordance with Section 5.01(c)(i) hereof or in the case of an Event of Default, on the date the written notice is given to the Borrower; and (b) to remain in effect until subsequently adjusted in accordance herewith upon the delivery of such audited financial statements or, in the case of an Event of Default, when such Event of Default has been cured to the satisfaction of the AgentLender.

Adjustments to Interest Rate. Subject to Notwithstanding any other provision of this Agreement, the limitations on Supplements, the minimum rate of interest set forth in Sections 2.03Notes, 2.04 and 2.05or the Related Documents, after the Conversion Date, the rate of interest under any Loan which bears interest at on a variable rate, shall be adjusted according to the following schedule, schedule should the Tangible Owner’s Equity of the Borrower, achieve the levels set forth below: Tangible Owner’s Equity Interest Rate Equal to or less than 55.00% Applicable LIBOR Rate plus 345 basis points Greater than 55.00% and Applicable LIBOR Rate plus 320 basis points Less than or equal to 65.00% Greater than 65.0060.00% Applicable LIBOR Rate plus 295 and less than or equal to 75.00% basis points Greater than 75.0060.00% Applicable LIBOR Rate plus 275 265 basis points Upon delivery of the fiscal year end audited financial statements pursuant to Section 5.01(c)(i) for each fiscal year end beginning with the first fiscal year end after the Conversion Date, the rate of interest for any Loan which bears interest at a variable rate shall automatically be adjusted in accordance with the Tangible Owner’s Equity set forth therein and the rates set forth above. Such automatic adjustment to the rate of interest shall take effect as of the first Business Day of the month following the month in which the Agent Lender received the related fiscal year end audited financial statements pursuant to Section 5.01(c)(i)and related Compliance Certificate. If the Borrower fails to deliver such audited financial statements Compliance Certificate which so sets forth the Tangible Owner’s Equity within the period of time required by Section 5.01(c)(i5.01(c)(iii) hereof or if any Event of Default occurs, the rate of interest shall automatically be adjusted to a rate equal to the greater of the applicable LIBOR Rate plus 345 295 basis points or five percent (5.0%)points, such automatic adjustments: (a) to take effect as of the first Business Day after the last day on which the Borrower was required to deliver the applicable audited financial statements Compliance Certificate in accordance with Section 5.01(c)(i5.01(c)(iii) hereof or in the case of an Event of Default, on the date the written notice is given to the Borrower; and (b) to remain in effect until subsequently adjusted in accordance herewith upon the delivery of such audited financial statements Compliance Certificate or, in the case of an Event of Default, when such Event of Default has been cured to the satisfaction of the AgentLender.

Adjustments to Interest Rate. Subject to the limitations on the minimum rate of interest set forth in Sections 2.03, 2.04 and 2.05, after the Conversion Date, the rate of interest under any Loan which bears interest at a variable rate, shall be adjusted according to the following schedule, should the Tangible Owner’s Equity of the Borrower, achieve the levels set forth below: Tangible Owner’s Equity Interest Rate Equal to or less than 55.00% Applicable LIBOR Rate plus 345 445 basis points Greater than 55.00% and Applicable LIBOR Rate plus 320 basis points Less than or equal to 65.00% Applicable LIBOR Rate plus 420 basis points Greater than 65.00% Applicable LIBOR Rate plus 295 and less than or equal to 75.00% Applicable LIBOR Rate plus 395 basis points Greater than 75.00% Applicable LIBOR Rate plus 275 375 basis points Upon delivery of the audited financial statements pursuant to Section 5.01(c)(i) for each fiscal year end beginning with the first fiscal year end after the Conversion Dateend, the rate of interest for any Loan which bears interest at a variable rate shall automatically be adjusted in accordance with the Tangible Owner’s Equity set forth therein and the rates set forth above. Such automatic adjustment to the rate of interest shall take effect as of the first Business Day of the month following the month in which the Agent received the related audited financial statements pursuant to Section 5.01(c)(i). If the Borrower fails to deliver such audited financial statements which so sets forth the Tangible Owner’s Equity within the period of time required by Section 5.01(c)(i) hereof or if any Event of Default occurs, the rate of interest shall automatically be adjusted to a rate equal to the greater of the applicable LIBOR Rate plus 345 445 basis points or five six percent (5.06.0%), such automatic adjustments: (a) to take effect as of the first Business Day after the last day on which the Borrower was required to deliver the applicable audited financial statements in accordance with Section 5.01(c)(i) hereof or in the case of an Event of Default, on the date the written notice is given to the Borrower; and (b) to remain in effect until subsequently adjusted in accordance herewith upon the delivery of such audited financial statements or, in the case of an Event of Default, when such Event of Default has been cured to the satisfaction of the Agent.