Common use of General Interest Provisions Clause in Contracts

General Interest Provisions. (i) Borrowers shall pay interest to Agent on the aggregate outstanding Revolving Credit Loans in each case from time to time outstanding, for the ratable benefit of Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rate: with respect to the Revolving Credit Loans either (i) a floating rate equal to the Chase Manhattan Bank Rate plus one quarter of one percent (0.25%) (the "Prime Option") or (b) a fixed rate for interest periods of one-, two-, three- or six whole months (each, a "LIBOR Period") equal to the reserve adjusted LIBOR for the specified period plus two and one quarter percent (2.25%) (the "LIBOR Option"). The LIBOR Option may be exercised by the Borrowers for all, or any portion, of the outstanding amounts under the Revolving Credit Facility at any time upon three (3) Business Day's prior written notice pursuant to Section 2.2 hereof. Upon such exercise, the LIBOR Option shall remain in effect until the expiration of the LIBOR Option Period selected, at which time, unless an additional LIBOR Option shall have been timely exercised, the rate hereunder upon expiration shall be the Prime Option. The Borrowers shall not be entitled to select a LIBOR Option under the Revolving Credit Facility if a Default or Event of Default exists hereunder. In the event of any change in the Chase Manhattan Bank Rate, the rate of the Prime Option shall change as of the first day of the first month following such change. (ii) The LIBOR elections must be for $500,000 or whole multiples thereof and in no event may the Borrowers have in the aggregate more than four (4) LIBOR Loans outstanding at one time. If a LIBOR election is not timely made or cannot be made, or if LIBOR cannot be determined, then the Agent shall use the Prime Option to compute interest. In the event that the Borrowers request a LIBOR Loan, the Borrower shall pay to the Agent a $500 LIBOR processing fee, due and payable upon the effective date of each such LIBOR Loan. In addition, the Borrowers shall pay to the Agent for the benefit of the Lenders, upon the request of the Agent such amount or amounts as shall compensate the Agent and/or the Lenders for any loss, costs or expenses incurred by the Agent and/or the Lenders (as reasonably determined by the Agent and the Lenders) as a result of: (i) any payment or prepayment on a date other than the last day of a LIBOR Period for such LIBOR Loan, or (ii) any failure of the Borrowers to borrow a LIBOR Loan on the date for such borrowing specified in the relevant notice; such compensation to include, without limitation, an amount equal to any loss or expense suffered by the Agent and/or the Lenders during the period from the date of receipt of such payment or prepayment or the date of such failure to borrow to the last day of such LIBOR Period if the rate of interest obtained by the Agent and/or the Lenders upon the reemployment of an amount of funds equal to the amount of such payment, prepayment or failure to borrow is less than the rate of interest applicable to such LIBOR Loan for such LIBOR Period. The determination by the Agent and/or the Lenders of the amount of any such loss or expense, when set forth in a written notice to the Borrowers, containing the Agent's and/or the Lenders' calculations thereof in reasonable detail, shall be conclusive on the Borrowers, in the absence of manifest error. Calculation of all amounts payable to the Agent and/or the Lenders under this paragraph with regard to LIBOR Loans shall be made as though the Agent and/or the Lenders had actually funded the LIBOR Loans through the purchase of deposits in the relevant market and currency, as the case may be, bearing interest at the rate applicable to such LIBOR Loans in an amount equal to the amount of the LIBOR Loans and having a maturity comparable to the relevant interest period; provided, however, that the Agent and the Lenders may fund each of the LIBOR Loans in any manner the Agent and the Lenders see fit and the foregoing assumption shall be used only for calculation of amounts payable under this paragraph. In addition, notwithstanding anything to the contrary contained herein, the Agent and the Lenders shall apply all proceeds of Collateral, including the Receivables, and all other amounts received by it from or on behalf of the Borrowers (i) initially to the Prime Option Revolving Loans and (ii) subsequently to LIBOR Loans; provided, however, (x) upon the occurrence of an Event of Default or (y) in the event the aggregate amount of outstanding LIBOR Loans exceeds Borrowing Base Availability or the applicable maximum levels set forth therefor, the Agent and the Lenders may apply all such amounts received by it to the payment of Secured Obligations in such manner and in such order as the Agent may elect in its reasonable credit judgment. In the event that any such amounts are applied to Revolving Loans which are LIBOR Loans, such application shall be treated as a prepayment of such loans and the Agent and the Lenders shall be entitled to indemnification hereunder.

General Interest Provisions. (i) Borrowers shall pay interest to the Agent on the aggregate outstanding Revolving Credit Loans in each case from time to time outstanding, for the ratable benefit of Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rate: with respect to the Revolving Credit Loans either (i) a floating rate equal to either (A) the Chase Manhattan Bank Rate plus one quarter of one percent (0.25%) (the "Prime Option") ), or (bB) a fixed rate for interest periods of one-, two-two- , three- or six whole months (each, a "LIBOR Period") equal to ), the reserve adjusted LIBOR for the specified period plus two and one quarter percent (2.25%) (the "LIBOR Option"). The LIBOR Option may be exercised by the Borrowers for all, or any portion, of the outstanding amounts under the Revolving Credit Facility at any time upon three (3) Business Day's Days' prior written notice pursuant to Section 2.2 hereof. Upon such exercise, the LIBOR Option shall remain in effect until the expiration of the LIBOR Option Period selected, at which time, unless an additional LIBOR Option shall have been timely exercised, the rate hereunder upon expiration shall be the Prime Option. The Borrowers shall not be entitled to select a LIBOR Option under the Revolving Credit Facility if a Default or Event of Default exists hereunder. In the event of any change in the Chase Manhattan Bank Rate, the rate of the Prime Option shall change as of the first (1st) day of the first (1st) month following such change. (ii) The LIBOR elections must be for $500,000 or whole multiples thereof and in no event may the Borrowers have in the aggregate more than four (4) LIBOR Loans outstanding at one time. If a LIBOR election is not timely made or cannot be made, or if LIBOR cannot be determined, then the Agent shall use the Prime Option to compute interest. In the event that the Borrowers request a LIBOR Loan, the a Borrower shall pay to the Agent a $500 LIBOR processing fee, due and payable upon the effective date of each such LIBOR Loan. In addition, the Borrowers shall pay to the Agent for the benefit of the Lenders, upon the request of the Agent such amount or amounts as shall compensate the Agent and/or the Lenders for any actual loss, costs or expenses incurred by the Agent and/or the Lenders (as reasonably determined by the Agent and the Lenders) as a result of: (iA) any payment or prepayment on a date other than the last day of a LIBOR Period for such LIBOR Loan, or (iiB) any failure of the Borrowers to borrow a LIBOR Loan on the date for such borrowing Advance specified in the relevant notice; such compensation to include, without limitation, an amount equal to any actual loss or expense suffered by the Agent and/or the Lenders during the period from the date of receipt of such payment or prepayment or the date of such failure to borrow to the last day of such LIBOR Period if the rate of interest obtained by the Agent and/or the Lenders upon the reemployment of an amount of funds equal to the amount of such payment, prepayment or failure to borrow is less than the rate of interest applicable to such LIBOR Loan for such LIBOR Period. The determination by the Agent and/or the Lenders of the amount of any such loss or expense, when set forth in a written notice to the Borrowers, containing the Agent's and/or the Lenders' calculations thereof in reasonable detail, shall be conclusive on the Borrowers, in the absence of manifest error. Calculation of all amounts payable to the Agent and/or the Lenders under this paragraph with regard to LIBOR Loans shall be made as though the Agent and/or the Lenders had actually funded the LIBOR Loans through the purchase of deposits in the relevant market and currency, as the case may be, bearing interest at the rate applicable to such LIBOR Loans in an amount equal to the amount of the LIBOR Loans and having a maturity comparable to the relevant interest period; provided, however, that the Agent and the Lenders may fund each of the LIBOR Loans in any manner the Agent and the Lenders see fit and the foregoing assumption shall be used only for calculation of amounts payable under this paragraph. In addition, notwithstanding anything to the contrary contained herein, the Agent and the Lenders shall apply all proceeds of Collateral, including the Receivables, and all other amounts received by it from or on behalf of the Borrowers (ix) initially to the Prime Option Revolving Credit Loans and (iiy) subsequently to LIBOR Loans; provided, however, (x1) upon the occurrence of an Event of Default or (y2) in the event the aggregate amount of outstanding LIBOR Loans exceeds Borrowing Base Availability or the applicable maximum levels set forth therefor, the Agent and the Lenders may apply all such amounts received by it them to the payment of Secured Obligations in such manner and in such order as the Agent and the Lenders may elect in its their respective reasonable credit judgment. In the event that any such amounts are applied to Revolving Credit Loans which are LIBOR Loans, such application shall be treated as a prepayment of such loans Revolving Credit Loans and the Agent and the Lenders shall be entitled to indemnification hereunder.

General Interest Provisions. (i) Borrowers The Borrower shall pay interest to Agent on the aggregate outstanding unpaid principal amount of each Revolving Credit Loans in Loan for each case day from time the day such Loan is made until such Loan is due (whether at maturity, by reason of acceleration or otherwise), at a rate per annum equal to time outstanding(A) the Eurodollar Rate plus the Applicable Margin or (B) or the Alternative Revolver Rate, for as elected by the ratable benefit of Lenders Borrowers in accordance with the various Loans being made by each Lender, provisions set forth herein. Interest on Prime Rate Advances shall be payable monthly in arrears on each applicable Interest Payment Date. Interest on Eurodollar Rate Advances shall be payable on the last day of such Interest Period. Interest accrued on Eurodollar Rate Advances with Interest Periods of two, at the following rate: with respect to the Revolving Credit Loans either (i) a floating rate equal to the Chase Manhattan Bank Rate plus one quarter of one percent (0.25%) (the "Prime Option") or (b) a fixed rate for interest periods of one-, two-, three- three or six whole months (each, a "LIBOR Period") equal to the reserve adjusted LIBOR for the specified period plus two and one quarter percent (2.25%) (the "LIBOR Option"). The LIBOR Option may be exercised by the Borrowers for all, or any portion, of the outstanding amounts under the Revolving Credit Facility at any time upon three (3) Business Day's prior written notice pursuant to Section 2.2 hereof. Upon such exercise, the LIBOR Option shall remain in effect until the expiration of the LIBOR Option Period selected, at which time, unless an additional LIBOR Option shall have been timely exercised, the rate hereunder upon expiration shall be payable on each Interest Payment Date during the Prime Option. The Borrowers shall not be entitled to select a LIBOR Option under Interest Period therefor and on the Revolving Credit Facility if a Default or Event of Default exists hereunder. In the event of any change in the Chase Manhattan Bank Rate, the rate of the Prime Option shall change as of the first last day of the first month following such changeInterest Period. (ii) The LIBOR elections must Interest on the Term Loan for each Interest Period applicable thereto (or to any portion thereof) shall accrue at the Eurodollar Rate plus the Applicable Margin and shall be payable as provided for $500,000 Eurodollar Rate Advances in CLAUSE (I) above, provided that (A) prior to Project Completion Date, any Interim Construction Loan that is requested in an amount smaller than the minimum Eurodollar Advance amount or whole multiples thereof and in no event may the Borrowers have in the aggregate more at a time less than four (4) LIBOR Loans outstanding at one time. If a LIBOR election is not timely made or cannot be made, or if LIBOR cannot be determined, then the Agent shall use the Prime Option to compute interest. In the event that the Borrowers request a LIBOR Loan, the Borrower shall pay full month prior to the Agent a $500 LIBOR processing fee, due and payable upon the effective date of each such LIBOR Loan. In addition, the Borrowers Project Completion Date shall pay to the Agent for the benefit of the Lenders, upon the request of the Agent such amount or amounts as shall compensate the Agent and/or the Lenders for any loss, costs or expenses incurred by the Agent and/or the Lenders (as reasonably determined by the Agent and the Lenders) as a result of: (i) any payment or prepayment on a date other than the last day of a LIBOR Period for such LIBOR Loan, or (ii) any failure of the Borrowers to borrow a LIBOR Loan on the date for such borrowing specified in the relevant notice; such compensation to include, without limitation, an amount equal to any loss or expense suffered by the Agent and/or the Lenders during the period from the date of receipt of such payment or prepayment or the date of such failure to borrow to the last day of such LIBOR Period if the rate of interest obtained by the Agent and/or the Lenders upon the reemployment of an amount of funds equal to the amount of such payment, prepayment or failure to borrow is less than the rate of interest applicable to such LIBOR Loan for such LIBOR Period. The determination by the Agent and/or the Lenders of the amount of any such loss or expense, when set forth in a written notice to the Borrowers, containing the Agent's and/or the Lenders' calculations thereof in reasonable detail, shall be conclusive on the Borrowers, in the absence of manifest error. Calculation of all amounts payable to the Agent and/or the Lenders under this paragraph with regard to LIBOR Loans shall be made as though the Agent and/or the Lenders had actually funded the LIBOR Loans through the purchase of deposits in the relevant market and currency, as the case may be, bearing bear interest at the rate applicable to such LIBOR Loans in an amount equal Alternative Revolver Rate payable as provided above for Prime Rate Advances and (B) at any time after the Effective Date if Eurodollar Rate Advances are not available pursuant to the amount foregoing provisions of the LIBOR Loans and having a maturity comparable to the relevant interest period; provided, however, that the Agent and the Lenders may fund each of the LIBOR Loans in any manner the Agent and the Lenders see fit and the foregoing assumption shall be used only for calculation of amounts payable under this paragraph. In addition, notwithstanding anything to the contrary contained hereinSECTION 5.1, the Agent Term Loan shall bear interest at the Alternative Revolver Rate, payable as provided above for Prime Rate Advances. (iii) From and the Lenders shall apply all proceeds of Collateral, including the Receivables, and all other amounts received by it from or on behalf of the Borrowers (i) initially to the Prime Option Revolving Loans and (ii) subsequently to LIBOR Loans; provided, however, (x) upon after the occurrence of an Event of Default or (y) Default, except to the extent otherwise provided in the event Term Notes, the aggregate unpaid principal amount of outstanding LIBOR Loans exceeds Borrowing Base Availability each Secured Obligation shall bear interest until paid in full (or, if earlier, until such Event of Default is cured or waived in writing by the Agent) at a rate per annum equal to the Default Margin plus the Prime Rate, payable on demand. The interest rate provided for in this SECTION 5.1(D)(III) shall to the extent permitted by Applicable Law apply to and accrue on the amount of any judgment entered with respect to any Secured Obligation. (iv) The interest rates provided for in this SECTION 5.1 shall be computed on the basis of a year of 360 days and the actual number of days elapsed. (v) It is not intended by the Lenders, and nothing contained in this Agreement or the applicable maximum levels set forth thereforNotes shall be deemed, the Agent and the Lenders may apply all such amounts received by it to establish or require the payment of Secured Obligations a rate of interest in excess of the maximum rate permitted by Applicable Law (the "Maximum Rate"). If, in any month, the Effective Interest Rate, absent such manner and limitation, would have exceeded the Maximum Rate, then the Effective Interest Rate for that month shall be the Maximum Rate, and, if in future months, the Effective Interest Rate would otherwise be less than the Maximum Rate, then the Effective Interest Rate shall remain at the Maximum Rate until such order time as the Agent may elect 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, upon payment in its reasonable credit judgmentfull of the Secured 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 have been paid or accrued if the Effective Interest Rate had at all times been in effect, then the Borrower shall, to the extent permitted by Applicable Law, pay to the Lenders an amount equal to the excess, if any, of (i) the lesser of (A) the amount of interest which would have been charged if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued had the Effective Interest Rate, at all times, been in effect and (ii) the amount of interest actually paid or accrued under this Agreement. In the event that the Lenders receive, collect or apply as interest any sum in excess of the Maximum Rate, such amounts are excess amount shall be applied to Revolving Loans which are LIBOR Loansthe reduction of the principal balance of the Secured Obligations, and if no such principal is then outstanding, such application excess or part thereof remaining, shall be treated as a prepayment of such loans and paid to the Agent and the Lenders shall be entitled to indemnification hereunderBorrower.

General Interest Provisions. (i) Borrowers shall pay interest to Agent on the aggregate outstanding Revolving Credit Loans in each case from time to time outstanding, for the ratable benefit of Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rate: (A) with respect to the Revolving Credit Loans either (i) a floating rate equal to the Chase Manhattan Bank Rate plus one quarter of one percent (0.25%) (the "Revolver Prime Option") or (b) a fixed rate for interest periods of one-one, two-two, three- or six three whole calender months (each, a "LIBOR Period", provided, however, that Borrowers may not elect a LIBOR Period if the last day of such period is later than the Initial Anniversary Date) equal to the reserve adjusted LIBOR for the specified period plus two and one quarter percent (2.25%) ("Revolver LIBOR Option"); or (B) with respect to Term Loan A or Term Loan B (i) a floating rate equal to the Chase Manhattan Bank Rate plus one-half of one percent (0.50%) (the "Term Loan Prime Option") or (b) a fixed rate for a LIBOR Period equal to the reserve adjusted LIBOR for the specified period plus two and one-half percent (2.50%) (a "Term Loan LIBOR Option" and together with a Revolver LIBOR Option, sometimes referred to herein as a "LIBOR Option"). The A LIBOR Option may be exercised by the Borrowers for all, or any portion, of the outstanding amounts under the of Revolving Credit Facility Loans, Term Loan A or Term Loan B, as the case may be, at any time upon three (3) Business Day's prior written notice pursuant to Section 2.2 hereof. Upon such exercise, the a LIBOR Option shall remain in effect until the expiration of the LIBOR Option Period selected, at which time, unless an additional LIBOR Option shall have been timely exercised, the rate hereunder upon expiration shall be the applicable Prime Option. The Borrowers shall not be entitled to select a LIBOR Option under the Revolving Credit Facility if a Default or Event of Default exists hereunder. In the event of any change in the Chase Manhattan Bank Rate, the rate of the applicable Prime Option shall change as of the first day of the first month following such change. (ii) The LIBOR Option elections must be for $500,000 or whole multiples thereof and in no event may the Borrowers have in the aggregate more than four three (43) LIBOR Loans outstanding at one time. If a LIBOR election is not timely made or cannot be made, or if LIBOR cannot be determined, then the Agent shall use the Prime Option to compute interest. In the event that the Borrowers request a LIBOR Loan, the Borrower shall pay to the Agent a $500 LIBOR processing fee, due and payable upon the effective date of each such LIBOR Loan. In addition, the Borrowers shall pay to the Agent for the benefit of the Lenders, upon the request of the Agent such amount or amounts as shall compensate the Agent and/or the Lenders for any loss, costs or expenses incurred by the Agent and/or the Lenders (as reasonably determined by the Agent and the Lenders) as a result of: (iA) any payment or prepayment on a date other than the last day of a LIBOR Period for such LIBOR Loan, or (iiB) any failure of the Borrowers to borrow a LIBOR Loan on the date for such borrowing specified in the relevant notice; such compensation to include, without limitation, an amount equal to any loss or expense suffered by the Agent and/or the Lenders during the period from the date of receipt of such payment or prepayment or the date of such failure to borrow to the last day of such LIBOR Period if the rate of interest obtained by the Agent and/or the Lenders upon the reemployment of an amount of funds equal to the amount of such payment, prepayment or failure to borrow is less than the rate of interest applicable to such LIBOR Loan for such LIBOR Period. The determination by the Agent and/or the Lenders of the amount of any such loss or expense, when set forth in a written notice to the Borrowers, containing the Agent's and/or the Lenders' calculations thereof in reasonable detail, shall be conclusive on the Borrowers, in the absence of manifest error. Calculation of all amounts payable to the Agent and/or the Lenders under this paragraph with regard to LIBOR Loans shall be made as though the Agent and/or the Lenders had actually funded the LIBOR Loans through the purchase of deposits in the relevant market and currency, as the case may be, bearing interest at the rate applicable to such LIBOR Loans in an amount equal to the amount of the LIBOR Loans and having a maturity comparable to the relevant interest period; provided, however, that the Agent and the Lenders may fund each of the LIBOR Loans in any manner the Agent and the Lenders see fit and the foregoing assumption shall be used only for calculation of amounts payable under this paragraph. In addition, notwithstanding anything to the contrary contained herein, the Agent and the Lenders shall apply all proceeds of Collateral, including the Receivables, and all other amounts received by it from or on behalf of the Borrowers (i1) initially to the Prime Option Revolving Loans and (ii2) subsequently to LIBOR Loans; provided, however, (x) upon the occurrence of an Event of Default or (y) in the event the aggregate amount of outstanding LIBOR Loans exceeds Borrowing Base Availability or the applicable maximum levels set forth therefor, the Agent and the Lenders may apply all such amounts received by it them to the payment of Secured Obligations in such manner and in such order as the Agent may elect in its reasonable credit judgment. In the event that any such amounts are applied to Revolving Loans which are LIBOR Loans, such application shall be treated as a prepayment of such loans Loans and the Agent and the Lenders shall be entitled to indemnification hereunder. 1) If any payment on any Loan becomes due and payable on a day other than a Business Day, the maturity thereof will be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during any such extension. 1) From and after the occurrence of an Event of Default, the unpaid principal amount of each Secured Obligation shall bear interest while such Event of Default is continuing at a rate per annum equal to the Default Margin plus the applicable Prime Option, payable on demand. The interest rate provided for in this Section 4.1(c) shall to the extent permitted by applicable law also apply to and accrue on the amount of any judgment entered with respect to any Secured Obligation and shall continue to accrue at such rate during any proceeding described in Section 12.1(g) or (h).