Common use of INTEREST AND OTHER CHARGES Clause in Contracts

INTEREST AND OTHER CHARGES. The Loans shall bear interest on the average daily net balance thereof, calculated monthly, at a fluctuating rate of interest equal to the Prime Rate. Changes in the rate of interest shall be effected monthly to reflect changes in the Prime Rate, as follows: The rate shall be adjusted on the first day of each month based on the Prime Rate in effect at the close of business on the last Banking Day of the preceding calendar month. Interest shall be due and payable monthly, on the first day of each month, for the preceding month. The final payment of all accrued and unpaid interest shall be due and payable on the date that the outstanding principal amount of the Loans is paid or due and payable in full. After an Event of Default, interest shall also be due and payable upon the Lender's demand from time to time. The Lender shall inform the Borrower of the amount of interest due and payable as of each payment date set forth in the preceding paragraph, and the Borrower shall pay the interest when due or the Lender may, in its discretion, charge such amount to the Borrower's account under this Agreement. As additional consideration for the credit facility established in Section 2.1, the Borrower agrees to pay to the Lender (a) a facility fee, payable on the first day of each month for the preceding month, equal to the average unused principal portion of the maximum loan facility hereunder (i.e., $10,000,000 minus the average daily principal amount of Loans outstanding) times 0.125% per annum; and (b) a closing fee of $50,000 (the "CLOSING FEE"), payable in three installments, with the first such installment of $16,700 being payable on the date on which the initial Advance is made hereunder, the second such installment of $16,700 being payable on June 1, 1999, and the third such installment of $16,600 being payable on June 1, 2000. For interest computation purposes, Borrower's account will be credited for each remittance received on the day that the underlying funds are collected; the day of receipt of funds shall be deemed to be the following Banking Day if the receipt is after the Lender's cutoff time (which is 1:30 p.m. Eastern Standard Time) for receipt of funds or if such day is not a Banking Day. If the outstanding principal amount of the Loans becomes due and payable or if any payment of principal or interest is not timely made, or (unless the Lender notifies the Borrower to the contrary in writing) following the occurrence and during the continuance of any Event of Default, interest shall accrue on the unpaid principal balance of the Loans or on such defaulted principal payment, from the date that the Loans became so due and payable or that the defaulted payment was not timely made, as applicable, at a rate of 4% per annum above the Prime Rate. Changes in the rate shall be effected monthly to reflect changes in the Prime Rate as follows: The rate shall be adjusted on the first day of each month based on the Prime Rate in effect at the close of business on the last Banking Day of the preceding calendar month. Such interest shall continue to accrue until the date of payment of all principal and accrued but unpaid interest or such defaulted payment, as applicable, and shall be due and payable upon demand from time to time by the Lender.

INTEREST AND OTHER CHARGES. The Loans shall bear interest on the average daily net balance thereof, calculated monthly, at a fluctuating rate of interest equal to the Prime RateRate for Warehouse Loans, and to 1.5% per annum above the Prime Rate for Stub Loans. Changes in the rate of interest shall be effected monthly to reflect changes in the Prime Rate, as follows: The rate shall be adjusted on the first day of each month based on the Prime Rate in effect at the close of business on the last Banking Day of the preceding calendar month. Interest shall be due and payable monthly, on the first day of each month, for the preceding month. The final payment of all accrued and unpaid interest shall be due and payable on the date that the outstanding principal amount of the Loans is paid or due and payable in full. After an Event of Default, interest shall also be due and payable upon the Lender's demand from time to time. The Lender shall inform the Borrower of the amount of interest due and payable as of each payment date set forth in the preceding paragraph, and the Borrower shall pay the interest when due or the Lender may, in its discretion, charge such amount to the Borrower's account under this Agreement. As additional consideration for the credit facility established in Section 2.1, the Borrower agrees to pay to the Lender (a) a facility fee, payable on the first day of each month for the preceding month, equal to the average unused principal portion of the maximum loan stub loans facility hereunder (i.e., $10,000,000 13,000,000 through the first anniversary of this Agreement, and $24,000,000 thereafter, minus the average daily principal amount of Stub Loans outstanding) times 0.125% per annum; and (b) a closing fee of $50,000 (the "CLOSING FEE"), payable in three installments, with the first such installment of $16,700 being payable on the date on which the initial Advance is made hereunder, the second such installment of $16,700 being payable on June 1, 1999, and the third such installment of $16,600 being payable on June 1, 2000. For interest computation purposes, Borrower's account will be credited for each remittance received on the day that the underlying funds are collected; the day of receipt of funds shall be deemed to be the following Banking Day if the receipt is after the Lender's cutoff time (which is 1:30 p.m. Eastern Standard Time) for receipt of funds or if such day is not a Banking Day. If the outstanding principal amount of the Loans becomes due and payable or if any payment of principal or interest is not timely made, or (unless at the Lender notifies the Borrower to the contrary in writingLender's option) following the occurrence and during the continuance of if any Event of DefaultDefault exists, interest shall accrue on the unpaid principal balance of the Loans or on such defaulted principal payment, from the date that the Loans became so due and payable or that the defaulted payment was not timely made, as applicable, at a rate of 4% per annum above the Prime Rate. Changes in the rate shall be effected monthly to reflect changes in the Prime Rate as follows: The rate shall be adjusted on the first day of each month based on the Prime Rate in effect at the close of business on the last Banking Day of the preceding calendar month. Such interest shall continue to accrue until the date of payment of all principal and accrued but unpaid interest or such defaulted payment, as applicable, and shall be due and payable upon demand from time to time by the Lender.

INTEREST AND OTHER CHARGES. The Loans shall bear interest on the average daily net balance thereof, calculated monthly, at a fluctuating rate of interest equal to the Prime Rate. Changes in the rate of interest shall be effected monthly to reflect changes in the Prime Rate, as follows: The rate shall be adjusted on the first day of each month based on the Prime Rate in effect at the close of business on the last Banking Day of the preceding calendar month. Interest shall be due and payable monthly, on the first day of each month, for the preceding month. The final payment of all accrued and unpaid interest shall be due and payable on the date that the outstanding principal amount of the Loans is paid or due and payable in full. After an Event of Default, interest shall also be due and payable upon the Lender's demand from time to time. The Lender shall inform the Borrower of the amount of interest due and payable as of each payment date set forth in the preceding paragraph, and the Borrower shall pay the interest when due or the Lender may, in its discretion, charge such amount to the Borrower's account under this Agreement. As additional consideration for the credit facility established in Section 2.1, the Borrower agrees to pay to the Lender (a) a facility fee, payable on the first day of each month for the preceding month, equal to the average unused principal portion of the maximum loan facility hereunder (i.e., $10,000,000 8,000,000 minus the average daily principal amount of Loans outstanding) times 0.125% per annum; and (b) a closing fee of $50,000 (the "CLOSING FEE"), payable in three installments, with the first such installment of $16,700 being payable on the date on which the initial Advance is made hereunder, the second such installment of $16,700 being payable on June 1, 1999, and the third such installment of $16,600 being payable on June 1, 2000. For interest computation purposes, Borrower's account will be credited for each remittance received on the day that the underlying funds are collected; the day of receipt of funds shall be deemed to be the following Banking Day if the receipt is after the Lender's cutoff time (which is 1:30 p.m. Eastern Standard Time) for receipt of funds or if such day is not a Banking Day. If the outstanding principal amount of the Loans becomes due and payable or if any payment of principal or interest is not timely made, or (unless at the Lender notifies the Borrower to the contrary in writingLender's option) following the occurrence and during the continuance of if any Event of DefaultDefault exists, interest shall accrue on the unpaid principal balance of the Loans or on such defaulted principal payment, from the date that the Loans became so due and payable or that the defaulted payment was not timely made, as applicable, at a rate of 4% per annum above the Prime Rate. Changes in the rate shall be effected monthly to reflect changes in the Prime Rate as follows: The rate shall be adjusted on the first day of each month based on the Prime Rate in effect at the close of business on the last Banking Day of the preceding calendar month. Such interest shall continue to accrue until the date of payment of all principal and accrued but unpaid interest or such defaulted payment, as applicable, and shall be due and payable upon demand from time to time by the Lender.

INTEREST AND OTHER CHARGES. The Loans shall bear interest on the average daily net balance thereof, calculated monthly, at a fluctuating rate of interest equal to the Prime Rate. Changes in the rate of interest shall be effected monthly to reflect changes in the Prime Rate, as follows: The rate shall be adjusted on the first day of each month based on the Prime Rate in effect at the close of business on the last Banking Day of the preceding calendar month. Interest shall be due and payable monthly, on the first day of each month, for the preceding month. The final payment of all accrued and unpaid interest shall be due and payable on the date that the outstanding principal amount of the Loans is paid or due and payable in full. After an Event of Default, interest shall also be due and payable upon the Lender's demand from time to time. The Lender Agent shall inform the Borrower of the amount of interest due and payable as of each payment date set forth in the preceding paragraph, and the Borrower shall pay the interest when due or the Lender Agent may, in its discretion, charge such amount to the Borrower's account under this Agreement. As additional consideration for the credit facility established in Section 2.1, the Borrower agrees to pay to the Lender (a) Agent, for the ratable benefit of the Lenders, a facility fee, payable on the first day of each month for the preceding month, equal to the average unused principal portion of the maximum loan revolving credit facility hereunder (i.e., $10,000,000 25,000,000 minus the average daily principal amount of Loans outstanding) times 0.125% per annum; and (b) a closing fee of $50,000 (the "CLOSING FEE"), payable in three installments, with the first such installment of $16,700 being payable on the date on which the initial Advance is made hereunder, the second such installment of $16,700 being payable on June 1, 1999, and the third such installment of $16,600 being payable on June 1, 2000. For interest computation purposes, the Borrower's account will be credited for each remittance received on the day that the underlying funds are collected; the day of receipt of funds shall be deemed to be the following Banking Day if the receipt is after the LenderAgent's cutoff time (which is 1:30 p.m. Eastern Standard Time) for receipt of funds or if such day is not a Banking Day. If the outstanding principal amount of the Loans becomes due and payable or if any payment of principal or interest is not timely made, or (unless at the Lender notifies the Borrower to the contrary in writingAgent's option) following the occurrence and during the continuance of if any Event of DefaultDefault exists, interest shall accrue on the unpaid principal balance of the Loans or on such defaulted principal payment, from the date that the Loans became so due and payable or that the defaulted payment was not timely made, as applicable, at a rate of 4% per annum above the Prime Rate. Changes in the rate shall be effected monthly to reflect changes in the Prime Rate as follows: The rate shall be adjusted on the first day of each month based on the Prime Rate in effect at the close of business on the last Banking Day of the preceding calendar month. Such interest shall continue to accrue until the date of payment of all principal and accrued but unpaid interest or such defaulted payment, as applicable, and shall be due and payable upon demand from time to time by the LenderAgent.

INTEREST AND OTHER CHARGES. The Loans shall bear interest on the average daily net balance thereof, calculated monthly, at a fluctuating rate of interest equal to the Prime Rate. Changes in the rate of interest shall be effected monthly to reflect changes in the Prime Rate, as follows: The rate shall be adjusted on the first day of each month based on the Prime Rate in effect at the close of business on the last Banking Day of the preceding calendar month. Interest shall be due and payable monthly, on the first day of each month, for the preceding month. The final payment of all accrued and unpaid interest shall be due and payable on the date that the outstanding principal amount of the Loans is paid or due and payable in full. After an Event of Default, interest shall also be due and payable upon the Lender's demand from time to time. The Lender shall inform the Borrower of the amount of interest due and payable as of each payment date set forth in the preceding paragraph, and the Borrower shall pay the interest when due or the Lender may, in its discretion, charge such amount to the Borrower's account under this Agreement. As additional consideration for the credit facility established in Section 2.1, the Borrower agrees to pay to the Lender (a) a facility fee, payable on the first day of each month for the preceding month, equal to the average unused principal portion of the maximum loan facility hereunder (i.e.I.E., $10,000,000 5,000,000 minus the average daily principal amount of Loans outstanding) times 0.125% per annum; and (b) a closing fee of $50,000 (the "CLOSING FEE"), payable in three installments, with the first such installment of $16,700 being payable on the date on which the initial Advance is made hereunder, the second such installment of $16,700 being payable on June 1, 1999, and the third such installment of $16,600 being payable on June 1, 2000. For interest computation purposes, Borrower's account will be credited for each remittance received on the day that the underlying funds are collected; the day of receipt of funds shall be deemed to be the following Banking Day if the receipt is after the Lender's cutoff time (which is 1:30 p.m. Eastern Standard Time) for receipt of funds or if such day is not a Banking Day. If the outstanding principal amount of the Loans becomes due and payable or if any payment of principal or interest is not timely made, or (unless at the Lender notifies the Borrower to the contrary in writingLender's option) following the occurrence and during the continuance of if any Event of DefaultDefault exists, interest shall accrue on the unpaid principal balance of the Loans or on such defaulted principal payment, from the date that the Loans became so due and payable or that the defaulted payment was not timely made, as applicable, at a rate of 4% per annum above the Prime Rate. Changes in the rate shall be effected monthly to reflect changes in the Prime Rate as follows: The rate shall be adjusted on the first day of each month based on the Prime Rate in effect at the close of business on the last Banking Day of the preceding calendar month. Such interest shall continue to accrue until the date of payment of all principal and accrued but unpaid interest or such defaulted payment, as applicable, and shall be due and payable upon demand from time to time by the Lender.

INTEREST AND OTHER CHARGES. The Loans shall bear interest on the average daily net balance thereof, calculated monthly, at a fluctuating rate of interest equal to the Prime Rate. Changes in the rate of interest shall be effected monthly to reflect changes in the Prime Rate, as follows: The rate shall be adjusted on the first day of each month based on the Prime Rate in effect at the close of business on the last Banking Day of the preceding calendar month. Interest shall be due and payable monthly, on the first day of each month, for the preceding month. The final payment of all accrued and unpaid interest shall be due and payable on the date that the outstanding principal amount of the Loans is paid or due and payable in full. After an Event of Default, interest shall also be due and payable upon the Lender's demand from time to time. The Lender shall inform the Borrower of the amount of interest due and payable as of each payment date set forth in the preceding paragraph, and the Borrower shall pay the interest when due or the Lender may, in its discretion, charge such amount to the Borrower's account under this Agreement. As additional consideration for the credit facility established in Section 2.1, the Borrower agrees to pay to the Lender (a) a facility fee, payable on the first day of each month for the preceding month, equal to the average unused principal portion of the maximum loan facility hereunder (i.e.I.E., $10,000,000 8,000,000 minus the average daily principal amount of Loans outstanding) times 0.125% per annum; and (b) a closing fee of $50,000 (the "CLOSING FEE"), payable in three installments, with the first such installment of $16,700 being payable on the date on which the initial Advance is made hereunder, the second such installment of $16,700 being payable on June 1, 1999, and the third such installment of $16,600 being payable on June 1, 2000. For interest computation purposes, Borrower's account will be credited for each remittance received on the day that the underlying funds are collected; the day of receipt of funds shall be deemed to be the following Banking Day if the receipt is after the Lender's cutoff time (which is 1:30 p.m. Eastern Standard Time) for receipt of funds or if such day is not a Banking Day. If the outstanding principal amount of the Loans becomes due and payable or if any payment of principal or interest is not timely made, or (unless at the Lender notifies the Borrower to the contrary in writingLender's option) following the occurrence and during the continuance of if any Event of DefaultDefault exists, interest shall accrue on the unpaid principal balance of the Loans or on such defaulted principal payment, from the date that the Loans became so due and payable or that the defaulted payment was not timely made, as applicable, at a rate of 4% per annum above the Prime Rate. Changes in the rate shall be effected monthly to reflect changes in the Prime Rate as follows: The rate shall be adjusted on the first day of each month based on the Prime Rate in effect at the close of business on the last Banking Day of the preceding calendar month. Such interest shall continue to accrue until the date of payment of all principal and accrued but unpaid interest or such defaulted payment, as applicable, and shall be due and payable upon demand from time to time by the Lender.

INTEREST AND OTHER CHARGES. The Loans shall bear interest on the average daily net balance thereof, calculated monthly, at a fluctuating rate of interest equal to the Prime Rate. Changes in the rate of interest shall be effected monthly to reflect changes in the Prime Rate, as follows: The rate shall be adjusted on the first day of each month based on the Prime Rate in effect at the close of business on the last Banking Day of the preceding calendar month. Interest shall be due and payable monthly, on the first day of each month, for the preceding month. The final payment of all accrued and unpaid interest shall be due and payable on the date that the outstanding principal amount of the Loans is paid or due and payable in full. After an Event of Default, interest shall also be due and payable upon the Lender's demand from time to time. The Lender Agent shall inform the Borrower of the amount of interest due and payable as of each payment date set forth in the preceding paragraph, and the Borrower shall pay the interest when due or the Lender Agent may, in its discretion, charge such amount to the Borrower's account under this Agreement. As additional consideration for the credit facility established in Section 2.1, the Borrower agrees to pay to the Lender (a) Agent, for the ratable benefit of the Lenders, a facility fee, payable on the first day of each month for the preceding month, equal to the average unused principal portion of the maximum loan facility hereunder (i.e., $10,000,000 20,000,000 minus the average daily principal amount of Loans outstanding) times 0.125% per annum; and (b) a closing fee of $50,000 (the "CLOSING FEE"), payable in three installments, with the first such installment of $16,700 being payable on the date on which the initial Advance is made hereunder, the second such installment of $16,700 being payable on June 1, 1999, and the third such installment of $16,600 being payable on June 1, 2000. For interest computation purposes, Borrower's account will be credited for each remittance received on the day that the underlying funds are collected; the day of receipt of funds shall be deemed to be the following Banking Day if the receipt is after the LenderAgent's cutoff time (which is 1:30 p.m. Eastern Standard Time) for receipt of funds or if such day is not a Banking Day. If the outstanding principal amount of the Loans becomes due and payable or if any payment of principal or interest is not timely made, or (unless at the Lender notifies the Borrower to the contrary in writingAgent's option) following the occurrence and during the continuance of if any Event of DefaultDefault exists, interest shall accrue on the unpaid principal balance of the Loans or on such defaulted principal payment, from the date that the Loans became so due and payable or that the defaulted payment was not timely made, as applicable, at a rate of 4% per annum above the Prime Rate. Changes in the rate shall be effected monthly to reflect changes in the Prime Rate as follows: The rate shall be adjusted on the first day of each month based on the Prime Rate in effect at the close of business on the last Banking Day of the preceding calendar month. Such interest shall continue to accrue until the date of payment of all principal and accrued but unpaid interest or such defaulted payment, as applicable, and shall be due and payable upon demand from time to time by the LenderAgent.