INCENTIVE PRICING. The interest rate applicable to this Note is subject to reduction as provided for in Section 2.15 of the Agreement.
INCENTIVE PRICING. The interest rate applicable to this VARIABLE RATE NOTE is subject to reduction after a date six months subsequent to the CONSTRUCTION LOAN TERMINATION DATE, as provided for in Section 2.15 of the AGREEMENT.
INCENTIVE PRICING. The interest rate applicable to the TERM LOAN are subject to reduction after a date six months subsequent to CONSTRUCTION COMPLETION DATE, based on the business results of BORROWER. In the event that BORROWER maintains the following ratios, measured monthly, the interest rates will be reduced accordingly:
INCENTIVE PRICING. Provided that (i) no Default or Event of Default shall have occurred and is continuing, (ii) Agent determines upon review of Covenant Obligors' audited year-end financial statements for Fiscal Years ending 2002, 2003 or 2004 that Covenant Obligors have achieved a Fixed Charge Coverage Ratio for such Fiscal Year of at least 2.0 to 1.0, and (iii) Covenant Obligors shall have had Excess Availability of not less than Two Million Dollars ($2,000,000.00) on the date of delivery of such financial statements and average Excess Availability of not less than Two Million Dollars ($2,000,000.00) for the entire ninety (90) day period immediately preceding delivery of such financial statements, each of the Revolving Loans Prime Rate Margin, the Revolving Loans LIBOR Rate Margin, the Term Loans Prime Rate Margin and the Term Loans LIBOR Rate Margin shall be reduced by one-quarter of one percent (.25%) for a one (1) year period commencing on the first day of the first month following Agent's timely receipt of such financial statements. Notwithstanding the foregoing, if Covenant Obligors do not deliver such financial statements in the time frame provided in SECTION 9(b)(iii) hereof, (i) Agent shall have no obligation to reduce any interest rate and (ii) any reduced interest rate then in effect (based on Agent's receipt of the preceding year's financial statements) shall immediately terminate and each interest rate shall automatically increase to the applicable rate specified in SECTION 4(a) AND 4(b) hereof.
INCENTIVE PRICING. The interest rates applicable to TERM NOTE 5 and the REVOLVING LOAN are subject to adjustment as set forth in the NOTES.
INCENTIVE PRICING. The interest rate applicable to the REVOLVING LOAN, VARIABLE RATE NOTES and the LONG TERM REVOLVING LOAN is subject to reduction commencing six months subsequent to CONSTRUCTION LOAN TERMINATION DATE, based on the most recent interim financial statements delivered by or on behalf of BORROWER to ADMINISTRATIVE AGENT. In the event that BORROWER maintains the following ratios, measured quarterly, the interest rate will be reduced accordingly: If INDEBTEDNESS to NET WORTH is: Interest rate will be: Greater than or equal to 1.25 : 1.00 LIBOR RATE plus 295 basis points Less than 1.25 : 1.00, but greater than or equal to 1.00 : 1.00 LIBOR RATE plus 280 basis points Less than 1.00 : 1.00, but greater than 0.75 : 1.00 LIBOR RATE plus 275 basis points Less than 0.75 : 1.00 LIBOR RATE plus 265 basis points
INCENTIVE PRICING. The interest rate applicable to this promissory note is subject to reduction In the event that BORROWER maintains, as measured quarterly, the following ratios, the interest rates will be reduced accordingly, for the subsequent quarter: Equal to or greater than 1.01 : 1.00 BASE RATE plus 50 basis points Greater than .75 : 1.00, but less than 1.01 : 1.00 BASE RATE plus 25 basis points Less than or equal to .75 : 1.00 BASE RATE plus 0 basis points REPAYMENT TERMS. BORROWER will pay equal quarterly payments of $329,777.14, as described in the CONSTRUCTION LOAN AGREEMENT, which will be applied to this Note and an additional Note, in the manner described in the CONSTRUCTION LOAN AGREEMENT. Such quarterly payments shall remain in said amount without regard to any reduction or variance in interest rate accrual during the term hereof. Any remaining principal balance, plus any accrued but unpaid interest, shall be fully due and payable on September 1, 2011, if not sooner paid. FIX RATE OPTION. At any time prior to July 29, 2005, BORROWER may, at its option, fix the interest rate accrual on this promissory note at a rate equal to 250 basis points over a matched source of funds. Unless BANK and BORROWER agree otherwise, the stated matched source of funds is Federal Home Loan Bank of Topeka, Kansas, which publishes its rates daily. In the event BORROWER elects this option, the first prepayment penalty described below shall not apply to this promissory note.
INCENTIVE PRICING. The interest rate applicable to this promissory note is subject to reduction. In the event that BORROWER maintains, as measured quarterly, the following ratios, the interest rates will be reduced accordingly, for the subsequent quarter: Equal to or greater than 1.01:1.00 BASE RATE plus 50 basis points Greater than .75:1.00, but less than 1.01:1.00 BASE RATE plus 25 basis points Less than or equal to .75:1.00 BASE RATE plus 0 basis points
INCENTIVE PRICING. The interest rate applicable to this promissory note is subject to reduction after a date six months subsequent to CONSTRUCTION COMPLETION DATE, based on the business results of BORROWER. In the event that BORROWER maintains the following ratios, measured monthly, the interest rates will adjust accordingly: Greater than 1.30 : 1.00 One month LIBOR plus 380 basis points Greater than 1.10 : 1.00, but less than or equal to 1.30 : 1.00 One month LIBOR plus 355 basis points Greater than .90 : 1.00, but less than or equal to 1.10 : 1.00 One month LIBOR plus 330 basis points Greater than .70: 1.00, but less than or equal to .90 : 1.00 One month LIBOR plus 305 basis points Less than or equal to .70 : 1:00 One month LIBOR plus 280 basis points Following repayment of TERM NOTE 3, when regular quarterly principal payments are applied to this note, the amount available to be borrowed under the revolving loan feature will be correspondingly reduced, so that the maximum amount outstanding under this promissory note will decrease accordingly.
INCENTIVE PRICING. The interest rate applicable to this promissory note is subject to reduction In the event that BORROWER maintains, as measured quarterly, the following ratios, the interest rates will be reduced accordingly, for the subsequent quarter:
