General Interest Rate. The Term Loan shall bear interest on the daily outstanding balance of principal at the rate specified in the Term Promissory Note.
General Interest Rate. The Revolving Credit Loan shall bear interest on the average daily outstanding balance of principal at the rate specified in the Revolving Credit Note.
General Interest Rate. A rate per annum equal to the lesser of (a) the prime rate of Citibank, N.A. (or its successor) from time to time publicly announced and in effect, or (b) the maximum interest rate allowed for this purpose pursuant to the laws of the State of North Carolina.
General Interest Rate. A variable per annum interest rate equal to 100 basis points less than the Prime Rate; provided, however, that if the Prime Rate cannot be identified for an applicable Business Day in a publication reasonably available to IPA, then the General Interest Rate shall be equal to 100 points above the yield on thirty-day (30-day) notes issued by a corporation specified by IPA, which corporation must (x) be incorporated and headquartered in the United States and (y) have outstanding senior, unsecured debt rated by Standard & Poor’s in its highest credit rating category. If Standard & Poor’s is no longer issuing credit ratings or, in IPA’s reasonable determination, has ceased to be a reliable source of credit information, then IPA shall specify a comparable corporation with outstanding senior, unsecured debt rated in a similar credit rating category by a nationally recognized credit rating agency other than Standard & Poor’s.
General Interest Rate. Except as modified by Sections 2.4 and 15.1, the Loan shall bear interest, calculated daily on the basis of a 365-day year, at a per annum rate equal to 350 basis points (3.50%) plus the LIBOR Rate as it may change upon the first day of each calendar month. The interest rate shall increase to the LIBOR Rate plus 3.75% in the event any of the following occurs: (i) Borrower fails to achieve an unqualified (as defined in Exhibit 2.2) fiscal 1998 audit by April 30, 1999;
General Interest Rate. Interest on any sums due shall accrue at the rate of ten (10%) per annum. Payment of interest shall be payable annually (i) on the First Anniversary Date as to the First Installment (ii) the Second Anniversary Date as to the First Installment (to the extent then unpaid) and the Second Installment, and (iii) if applicable, thereafter on each anniversary date on each installment to the extent such First Installment and/or Second Installment remains unpaid.
General Interest Rate. Interest on any sums due shall accrue at the rate of ten and forty-one one-hundredths percent (10.41%) per annum. Any payment of principal or interest not paid when due will accrue at a rate (the "Default Interest Rate") equal to the rate of interest otherwise applicable to such amounts plus four percent (4%) per annum.
General Interest Rate. (A) Except as modified by Sections 2.4 and 15.1, the Loan shall bear interest, calculated daily on the basis of a 365-day year, at a per annum rate equal to 400 basis points (4.00%) plus the LIBOR Rate as it may change upon the first day of each calendar month. The interest rate will adjust for the succeeding fiscal quarter based on the level of Interest Coverage achieved in the preceding fiscal quarter, provided that the utilization level is at least fifty million dollars ($50,000,000.00) average daily balance for each quarter. If Borrower achieves an Interest Coverage of 1.4:1 as of the end of a fiscal quarter, then provided that Borrower is in compliance with all terms of this Agreement and maintains an Interest Coverage of at least 1.4:1, then the interest rate for the succeeding fiscal quarter shall be three hundred and seventy-five basis points (3.75%) plus the LIBOR Rate. If Borrower achieves an Interest Coverage of 1.7:1, as of the end of a fiscal quarter, then provided that Borrower is in compliance with all terms of this Agreement and maintains an Interest Coverage of at least 1.7:1 then the interest rate for the succeeding fiscal quarter shall be three hundred and fifty basis points (3.50%) plus the LIBOR Rate.
General Interest Rate. Except as modified by Section 2.6 and 15.2, the Loan shall bear interest, calculated daily on the basis of a 365-day year, at a per annum rate equal to three and three quarters percent (3.75%) plus the LIBOR Rate." The change in the interest rate shall be effective upon acceptance of this letter.
2. The loan from X. X. Xxxxxx ("Xxxxxx") to Borrower in the amount of $1,000,000, as evidenced by the Promissory Note between Xx. Xxxxxx and Borrower dated October 15, 1996, will be subordinated in all material respects to Borrower's loan payable to Lender. The subordination will remain in effect until the earlier occurrence of either of the following events:
i. Borrower reduces its loan obligation to Lender below the amount of $55,000,000; or
ii. Borrower and Lender negotiate and execute a new Loan and Security Agreement. Upon acceptance of this letter, Lender will prepare a subordination agreement for execution by Xxxxxx. The subject subordination agreement must be executed no later than November 8, 1996.
3. Should Borrower reduce the loan balance to Lender below $55,000,000, then Lender will have the right to review and approve any bulk acquisitions of accounts in excess of $1,000,000. All other terms and conditions of the Agreement shall remain unchanged and in full force and effect. Very truly yours, GENERAL ELECTRIC CAPITAL CORPORATION By: /s/ W. Xxxxxx XxXxxxxxx Its: Account Executive----- Attachment WJM:jll-10-23JM1.doc ACKNOWLEDGED AND AGREED GENERAL ACCEPTANCE CORPORATION By: /s/ Xxxxxx X. Xxxxxx Its: CEO
General Interest Rate. Except as modified by Sections 2.4 and 13.1, the average daily balance of the Indebtedness shall bear interest, calculated on the basis of a 360-day year, at a per annum rate equal to the most recent prime rate published in The Wall Street Journal plus six percent (6%), compounded daily. The interest rate shall automatically adjust each time the prime rate as so published changes.
