Common use of Adjustments to Interest Rate Clause in Contracts

Adjustments to Interest Rate. Notwithstanding any contrary provision of this Agreement or the other Loan Documents, the rate of interest 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 should the aggregate outstanding principal balance of Borrower’s Funded Debt, achieve the levels set forth below: Greater than or equal to $27,500,000 LIBOR Rate plus 350 basis points, but not less than 4.25% Less than $27,500,000 LIBOR Rate plus 300 basis points, but not less than 3.75% Upon delivery of the financial statements pursuant to Section 5.01(c)(ii) at each fiscal quarter end, beginning with the first fiscal quarter ending after the Closing Date, the rate of interest 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 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 financial statements and Compliance Certificate pursuant to Section 5.01(c)(ii). If the Borrower fails to deliver such financial statements or Compliance Certificate within the period of time required by Section 5.01(c)(ii) 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 has occurred or is continuing, the rate of interest shall automatically be adjusted to a rate equal to the Applicable Rate without reduction under this Section, such automatic adjustment: (a) to take effect as of the first Business Day after the last day on which the Borrower was required to deliver the applicable financial statements and Compliance Certificate in accordance with Section 5.01(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.

Adjustments to Interest Rate. Notwithstanding any contrary other provision of this Agreement or the other Loan Documents, the rate of interest on the Term Revolving Loan and on that portion of the Term under any Loan which bears interest at on a variable rate, shall be adjusted according to the following schedule should the aggregate outstanding principal balance Tangible Owner’s Equity/Tangible Net Worth of the Borrower’s Funded Debt, achieve the levels set forth below: Greater TOE Less than or equal to 49.99% AND TNW less than $27,500,000 LIBOR 78,800,000.00 Applicable Rate plus 350 400 basis points, but not less than 4.25% points TOE Less than 49.99% AND TNW greater than $27,500,000 LIBOR 78,800,000.00 Applicable Rate plus 325 basis points TOE from 50% through 60% Applicable Rate plus 300 basis points, but not less points TOE from 61% through 70% Applicable Rate plus 275 basis points TOE greater than 3.7570% Applicable Rate plus 250 basis points Upon delivery of the audited financial statements pursuant to Section 5.01(c)(ii5.01(c)(i) at for each fiscal quarter end, beginning with year end of the first fiscal quarter ending after the Closing DateBorrower, the rate of interest on the Term Revolving Loan and on that portion of the Term Loan which bears interest at a variable rate for any month shall automatically be adjusted in accordance with the Tangible Owner’s 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 and Compliance Certificate pursuant to Section 5.01(c)(ii5.01 (c)(i). If the Borrower fails to deliver such audited financial statements or Compliance Certificate statement which so sets forth the Tangible Owner’s Equity/Tangible Net Worth within the period of time required by Section 5.01(c)(ii5.01(c)(i) hereof, ; fails to meet any financial covenants in this Agreement or if the outstanding principal balance on Borrower’s Funded Debt be no longer within the parameters set forth above, any other Loan Document; or if any Event of Default has occurred or is continuingoccurs, the rate of interest shall automatically be adjusted to a rate equal to the Applicable Rate without reduction under this Sectionplus 400 basis points, such automatic adjustmentadjustments: (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 statement in accordance with Section 5.01(c)(ii5.01(c)(i) 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 herewithherewith 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 Lender.

Adjustments to Interest Rate. Notwithstanding any contrary provision Subject to the limitations on the minimum rate of this Agreement or the other Loan Documentsinterest set forth in Sections 2.03, 2.04 and 2.05, the rate of interest on the Term Revolving Loan and on that portion of the Term under any Loan which bears interest at a variable rate, shall be adjusted according to the following schedule schedule, should the aggregate outstanding principal balance Tangible Owner’s Equity of the Borrower’s Funded Debt, achieve the levels set forth below: Equal to or less than 55.00% Applicable LIBOR Rate plus 445 basis points Greater than 55.00% and Less than or equal to $27,500,000 65.00% Applicable LIBOR Rate plus 350 420 basis points, but not points Greater than 65.00% and less than 4.25or equal to 75.00% Less than $27,500,000 Applicable LIBOR Rate plus 300 395 basis points, but not less points Greater than 3.7575.00% Applicable LIBOR Rate plus 375 basis points Upon delivery of the audited financial statements pursuant to Section 5.01(c)(ii5.01(c)(i) at for each fiscal quarter year end, beginning with the first fiscal quarter ending after the Closing Date, the rate of interest on the Term Revolving Loan and on that portion of the Term 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 and Compliance Certificate pursuant to Section 5.01(c)(ii5.01(c)(i). If the Borrower fails to deliver such audited financial statements or Compliance Certificate which so sets forth the Tangible Owner’s Equity within the period of time required by Section 5.01(c)(ii5.01(c)(i) hereof, or if the outstanding principal balance on Borrower’s Funded Debt be no longer within the parameters set forth above, hereof or if any Event of Default has occurred or is continuingoccurs, the rate of interest shall automatically be adjusted to a rate equal to the Applicable greater of the applicable LIBOR Rate without reduction under this Sectionplus 445 basis points or six percent (6.0%), such automatic adjustmentadjustments: (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)(ii5.01(c)(i) 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 herewithherewith 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. Notwithstanding any contrary other provision of this Agreement Agreement, the Notes, or the other Loan Related Documents, after the Conversion Date, the rate of interest on the Term Revolving Loan and on that portion of the Term under any Loan which bears interest at a variable rate, shall be adjusted according to the following schedule schedule, should the aggregate outstanding principal balance Tangible Owner's Equity of the Borrower’s Funded Debt, 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 Less than or equal to $27,500,000 65.00% basis points Greater than 65.00% Applicable LIBOR Rate plus 350 basis points, but not 295 and less than 4.25or equal to 75.00% Less basis points Greater than $27,500,000 75.00% Applicable LIBOR Rate plus 300 275 basis points, but not less than 3.75% Upon delivery of the financial statements pursuant to Section 5.01(c)(ii (i) at for each fiscal quarter end, year end beginning with the first fiscal quarter ending year end after the Closing Conversion Date, the rate of interest on the Term Revolving Loan and on that portion of the Term 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 and Compliance Certificate pursuant to Section 5.01(c)(ii5.01(c)(i). If the Borrower fails to deliver such audited financial statements or Compliance Certificate which so sets forth the Tangible Owner's Equity within the period of time required by Section 5.01(c)(ii5.01(c)(i) hereof, or if the outstanding principal balance on Borrower’s Funded Debt be no longer within the parameters set forth above, hereof or if any Event of Default has occurred or is continuingoccurs, the rate of interest shall automatically be adjusted to a rate equal to the Applicable applicable LIBOR Rate without reduction under this Sectionplus 345 basis points, such automatic adjustmentadjustments: (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)(ii5.01(c)(i) 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 herewithherewith 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. Notwithstanding any contrary other provision of this Agreement Agreement, the Supplements, the Notes, or the other Loan Related Documents, after the Conversion Date, the rate of interest on the Term Revolving Loan and on that portion of the Term under any Loan which bears interest at on a variable rate, shall be adjusted according to the following schedule should the aggregate outstanding principal balance Tangible Owner’s Equity of the Borrower’s Funded Debt, achieve the levels set forth below: Greater Less than or equal to $27,500,000 60.00% Applicable LIBOR Rate plus 350 basis points, but not less 295 Greater than 4.2560.00% Less than $27,500,000 Applicable LIBOR Rate plus 300 265 basis points, but not less than 3.75% points Upon delivery of the fiscal year end audited financial statements pursuant to Section 5.01(c)(ii5.01(c)(i) at each fiscal quarter end, beginning with the first fiscal quarter ending year end after the Closing Conversion Date, the rate of interest 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 Lender received the related fiscal year end audited financial statements and related Compliance Certificate pursuant to Section 5.01(c)(ii)Certificate. If the Borrower fails to deliver such financial statements or Compliance Certificate which so sets forth the Tangible Owner’s Equity within the period of time required by Section 5.01(c)(ii5.01(c)(iii) hereof, or if the outstanding principal balance on Borrower’s Funded Debt be no longer within the parameters set forth above, hereof or if any Event of Default has occurred or is continuingoccurs, the rate of interest shall automatically be adjusted to a rate equal to the Applicable applicable LIBOR Rate without reduction under this Sectionplus 295 basis points, such automatic adjustmentadjustments: (a) to take effect as of the first Business Day after the last day on which the Borrower was required to deliver the applicable financial statements and Compliance Certificate in accordance with Section 5.01(c)(ii5.01(c)(iii) 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 herewithherewith upon the delivery of such Compliance Certificate or, in the case of an Event of Default, when such Event of Default has been cured to the satisfaction of the Lender.

Adjustments to Interest Rate. Notwithstanding any contrary provision Subject to the limitations on the minimum rate of this Agreement or interest set forth in Sections 2.03, 2.04 and 2.05, after the other Loan DocumentsConversion Date, the rate of interest on the Term Revolving Loan and on that portion of the Term under any Loan which bears interest at a variable rate, shall be adjusted according to the following schedule schedule, should the aggregate outstanding principal balance Tangible Owner’s Equity of the Borrower’s Funded Debt, achieve the levels set forth below: 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 $27,500,000 65.00% Greater than 65.00% Applicable LIBOR Rate plus 350 basis points, but not 295 and less than 4.25or equal to 75.00% Less basis points Greater than $27,500,000 75.00% Applicable LIBOR Rate plus 300 275 basis points, but not less than 3.75% points Upon delivery of the audited financial statements pursuant to Section 5.01(c)(ii5.01(c)(i) at for each fiscal quarter end, year end beginning with the first fiscal quarter ending year end after the Closing Conversion Date, the rate of interest on the Term Revolving Loan and on that portion of the Term 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 and Compliance Certificate pursuant to Section 5.01(c)(ii5.01(c)(i). If the Borrower fails to deliver such audited financial statements or Compliance Certificate which so sets forth the Tangible Owner’s Equity within the period of time required by Section 5.01(c)(ii5.01(c)(i) hereof, or if the outstanding principal balance on Borrower’s Funded Debt be no longer within the parameters set forth above, hereof or if any Event of Default has occurred or is continuingoccurs, the rate of interest shall automatically be adjusted to a rate equal to the Applicable greater of the applicable LIBOR Rate without reduction under this Sectionplus 345 basis points or five percent (5.0%), such automatic adjustmentadjustments: (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)(ii5.01(c)(i) 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 herewithherewith 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.