Interest Fees and Expenses. 1. (a) Interest on the Revolving Loans (other than Libor Loans) shall be payable monthly as of the end of each month and shall be an amount equal to the sum of the applicable Revolver Non-Libor Margin plus the Chase Manhattan Bank Rate per annum, on the average of the net balances (other than Libor Loans) owing by the Company to the Lenders in the Company's account at the close of each day during such month. Any change in said Chase Manhattan Bank Rate shall be effective as of the first of the month following any change. The rates hereunder shall be calculated on a per annum basis and will be based on a 360-day year. The Agent shall be entitled to charge the Company's account at the rate provided for herein when due until all Obligations have been paid in full. Interest on the Revolving Loans which are Libor Loans shall be payable monthly as of the end of each month and shall be an amount equal to the sum of the applicable Revolver Libor Margin and the applicable Libor on each then outstanding Revolving Loan which is a Libor Loan, on a per annum basis, on the average of the net balance owing by the Company on such Libor Loan at the close of each day during such month. The Company may elect to use Libor as to any new or then outstanding Revolving Loans provided x) there is then no unwaived Default or Event of Default, and y) the Company has so advised the Agent of its election to use Libor and the Libor Period selected no later than three (3) Business Days prior to the proposed borrowing or, in the case of a Libor election with respect to a then outstanding Revolving Loan, three (3) Business Days prior to the conversion of any then outstanding Revolving Loans to Libor Loans and z) the election and Libor shall be effective, provided, there is then no unwaived Default or Event of Default, on the fourth Business Day following said notice. The Libor elections must be for $100,000.00 or whole multiples thereof. No more than three (3) Libor elections in the aggregate may be in effect at any one time (including elections relating to Revolving Loans and elections relating to CAPEX Term Loans) unless the Agent agrees otherwise. If no such election is timely made or can be made, then the Agent shall use the Chase Manhattan Bank Rate to compute interest. In the event of any change in said Chase Manhattan Bank Rate, the rate hereunder shall change correspondingly, as of the first of the month following any change. The rates hereunder shall be calculated based on a 360-day year. The Agent shall be entitled to charge the Company's account at the rate provided for herein when due until all Obligations have been paid in full.
Appears in 1 contract
Samples: Financing Agreement (JTS Corp)
Interest Fees and Expenses. 1. (a) Interest on the Revolving Loans (other than Libor Loans) Loan shall be payable monthly as of the end of each month and shall be an amount equal to a variable per annum rate equal to the sum of the applicable Revolver Non-Libor Margin Chase Bank Rate plus the Chase Manhattan Bank Rate Applicable Increment, or, at ROA’s election, at a fixed per annum, annum rate equal to Libor plus the Applicable Increment. Interest shall be computed on a per annum basis on the average of the net balances (other than Libor Loans) owing by the Company to the Lenders in the Company's account Companies at the close of each day during such month. Any In the event of any change in said Chase Manhattan Bank Rate Rate, the rate hereunder shall be effective change as of the first of the month following any change. The rates hereunder shall be calculated on a per annum basis and will be based on a 360-day year. The Agent shall be entitled to charge the Company's account at the rate provided for herein when due until all Obligations have been paid in full. Interest on the Revolving Loans which are Libor Loans shall be payable monthly as of the end of each month and shall be an amount equal to the sum of the applicable Revolver Libor Margin and the applicable Libor on each then outstanding Revolving Loan which is a Libor Loan, on a per annum basis, on the average of the net balance owing by the Company on such Libor Loan at the close of each day during such month. The Company ROA may elect to use Libor as to any new or then outstanding Revolving Loans provided (x) there is then no unwaived Default or unwaived Event of Default, Default and (y) the Company ROA has so advised the Agent of its election to use Libor and the Libor Period selected no later than three (3) Business Days prior to the proposed borrowing or, in the case of a Libor election with respect to a then outstanding Revolving Loan, three (3) Business Days prior to the conversion of any then outstanding Revolving Loans to Libor Loans and (z) the election and Libor shall be effective, provided, provided there is then no unwaived Default or unwaived Event of Default, on the fourth (4th) Business Day following said notice. The Libor elections must be for $100,000.00 1,000,000.00 or whole multiples thereof. No more than three four (34) Libor elections in the aggregate may be in effect at any one time (including elections relating to Revolving Loans and elections relating to CAPEX Term Loans) unless the Agent agrees otherwise. If no such election is timely made or can be made, then the Agent shall use the Chase Manhattan Bank Rate to compute interest. In the event of any change in said Chase Manhattan Bank Rate, the rate hereunder shall change correspondingly, as of the first of the month following any change. The rates hereunder shall be calculated based on a 360-day yeartime. The Agent shall be entitled to charge the Company's account Collective Loan Account (i) at the rate provided for herein when due until all Obligations have been paid in full; (ii) the Libor Processing Fee on the effective date of the Libor Election. All rates hereunder shall be calculated based on a 360 day year.
2. Interest on the Term Loans shall be payable monthly as of the end of each month and shall be an amount equal to the Chase Bank Rate plus the Applicable Increment, or, at ROA’s election, at a fixed per annum rate equal to Libor plus the Applicable Increment. Interest shall be computed on a per annum basis on the average of the net balances owing by the Companies at the close of each day during such month. In the event of any change in the Chase Bank Rate, the rate hereunder shall change as of the first of the month following any such change. ROA may elect to use Libor as to any portion of any of the Term Loans, provided (x) there is then no Default or unwaived Event of Default and (y) ROA has advised the Agent of its election to use Libor and the Libor Period selected no later than three (3) Business Days prior to the proposed borrowing or, in the case of a Libor election with respect to a then outstanding Term Loan, three (3) Business Days prior to the conversion of the applicable portion of any then outstanding Term Loans to a Libor Loan and (z) the election and Libor shall be effective, provided there is then no Default or unwaived Event of Default, on the fourth (4th) Business Day following such notice. The Libor elections must be for $1,000,000.00 or whole multiples thereof. No more than an aggregate of four (4) Libor elections (whether under this Paragraph 2 or Paragraph 1 above) may be in effect under this Financing Agreement at any one time. The Agent shall be entitled to charge the Collective Loan Account (i) at the rate provided for herein when due until all Obligations have been paid in full; (ii) the Libor Processing Fee on the effective date of the Libor Election. All rates hereunder shall be calculated based on a 360 day year.
3. At the end of each fiscal quarter ROA, and if ROA shall fail to do so, than a Company shall deliver to the Agent and each Lender a copy of the Companies’ (i) Consolidated Balance Sheet for the fiscal quarter then ended or (ii) if the fiscal year is then over, Consolidated Balance Sheet for the fiscal year then ended. If the Companies had, on a consolidated basis, for the preceding fiscal quarter, a Funded Debt to Net Worth Ratio that pursuant to Paragraph 1 above entitles the Companies (but subject to the provisions of Paragraph 2 of Section 10 of this Financing Agreement), with respect to interest charged on Revolving Loans and the Term Loans, to the lower spread over the Chase Bank Rate and Libor, the reduction shall be effective provided there is no Default or Event of Default then in existence on both (i) the date of delivery to the Agent of such Consolidated Balance Sheet and (ii) the date of effectiveness of such lower spreads. The lower spread over (x) the Chase Bank Rate shall be effective on the first day of the month following the Agent’s receipt of the aforesaid Consolidated Balance Sheet; (y) Libor as to all loans which are not Libor Loans shall be effective on the first day of the month following the Agent’s receipt of the aforesaid Consolidated Balance Sheet; and (z) Libor as to all then Libor Loans shall be effective on the day after the expiration of a Libor Period, and such lower spread over the Chase Bank Rate and Libor shall be prospective only and shall not be retroactive. Failure to deliver, within sixty (60) days of the end of a fiscal quarter or within one hundred twenty (120) days of the end of a fiscal year, the aforesaid Consolidated Balance Sheet shall constitute a forfeiture by the Companies of any right to a rate reduction for the next succeeding quarter and the Agent may charge the highest spread permitted over Libor or the Chase Bank Rate, as applicable, in each case, with respect to interest charged on Revolving Loans and the Term Loans.
4. The Companies shall pay to the Agent, for the account of the Lenders, such amount or amounts as shall compensate the Lenders for any loss, costs or expense incurred by the Agent and/or 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 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 Companies, containing the calculations thereof in reasonable detail, shall be conclusive, in the absence of manifest error.
5. The Companies shall pay the Agent, for the account of the Lenders, in consideration of the Letter of Credit Guaranty Fee, payable on date of issuance of each Letter of Credit, in an amount equal to (a) the Applicable Fee Percentage, multiplied by (b) the face amount of such Letter of Credit.
Appears in 1 contract
Interest Fees and Expenses. 1. (a) Interest on the Revolving Loans (other than Libor Loans) shall be payable monthly as of the end of each month and shall be an amount equal to the sum of the applicable Revolver Non-Libor Margin plus the Chase Manhattan Bank Rate per annum, on the average of the net balances (other than Libor Loans) owing by the Company to the Lenders in the Company's account at the close of each day during such month. Any change in said Chase Manhattan Bank Rate shall be effective as of the first of the month following any change. The rates hereunder shall be calculated on a per annum basis and will be based on a 360-day year. The Agent shall be entitled to charge the Company's account at the rate provided for herein when due until all Obligations have been paid in full. Interest on the Revolving Loans which are Libor Loans shall be payable monthly as of the end of each month and shall be an amount equal to (a) the sum Applicable Base Rate Margin plus The Chase Manhattan Bank Rate per annum on the average of the applicable Revolver net balances owing by each of the Companies to the Agent in such Company's Revolving Loan Account at the close of each day during such month on balances other than Libor Loans and (b) the Applicable Eurodollar Rate Margin and plus the applicable Libor on each then outstanding Revolving Loan which is a any Libor Loan, on a per annum basis, on the Libor Loans owing by such Company to the Agent and/or the Lenders in such Company's Revolving Loan Account at the end of each Libor Period. In the event of any change in The Chase Manhattan Bank Rate, the rate under clause (a) above, as of the first of the month following any change, shall be equal to the Applicable Base Rate Margin plus The Chase Manhattan Bank Rate then in effect. The rates hereunder shall be calculated based on a 360-day year. The Agent and the Lenders shall be entitled to charge any of the Companies' Revolving Loan Accounts for the interest provided for herein when due.
2. Interest on the Term Loans shall be payable monthly as of the end of each month on the unpaid balance or on payment in full in an amount equal to the Applicable Term Loan Margin plus The Chase Manhattan Bank Rate per annum, on the average of the net balance of the Term Loans owing by each Company to the Company on such Libor Loan Agent and/or the Lenders at the close of each day during such month. In the event of any change in The Company Chase Manhattan Bank Rate, the rate as of the first of the month following any change, shall be equal to the Applicable Term Loan Margin plus The Chase Manhattan Bank Rate then in effect. The rate hereunder shall be calculated based on a 360 day year. The Agent and the Lenders shall be entitled to charge any of the Companies' Revolving Loan Accounts for the interest provided for herein when due.
3. The Companies may elect to use Libor as to any new or then other outstanding Revolving Loans provided x(a) there is then no unwaived Default or Event of Default, and y(b) the Company has Companies have so advised the Agent of its election their election, to use Libor and the Libor Period selected no later than three (3) Business Days prior to preceding the proposed borrowing orfirst day of the selected Libor Period, in the case of a Libor election with respect to a then outstanding Revolving Loan, three which event (3) Business Days prior to the conversion of any then outstanding Revolving Loans to Libor Loans and zc) the election and Libor shall be effective, provided, effective provided there is then no unwaived Default or Event of Default, on the fourth Business Day following said noticenotice and (d) no more than $40,000,000 principal amount of Libor Loans may be outstanding at any time. The Libor elections must be for $100,000.00 1,000,000 or whole multiples thereof. No thereof and there shall be no more than three (3) Libor elections in the aggregate may be in effect Loans outstanding at any one time (including elections relating to Revolving Loans and elections relating to CAPEX Term Loans) unless the Agent agrees otherwisetime. If no such election is timely made or can be made, or if the Libor rate cannot be determined, then the Agent shall use compute interest by reference to The Chase Manhattan Bank Rate. In addition, the Companies 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 Companies 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 Companies, containing the Agent's and/or the Lenders' calculations thereof in reasonable detail, shall be conclusive on the Companies, in the absence of manifest error. Calculation of all amounts payable to the Agent and/or the Lenders under this Paragraph 3 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 3. In addition, notwithstanding anything to the contrary contained herein, to the extent that the Agent and the Lenders apply proceeds of Collateral, including the Accounts, or other amounts received by it from or on behalf of the Companies to the Revolving Loans such application shall be (i) initially to the Revolving Loans bearing interest based on The Chase Manhattan Bank Rate and (ii) subsequently to compute interestLibor Loans; provided, however, that (x) upon the occurrence of an Event of Default or (y) in the event the aggregate amount of outstanding Libor Rate Loans exceeds Availability or the applicable maximum levels set forth therefor herein, the Agent and the Lenders may apply all such amounts received to the payment of Obligations in such manner and in such order as the Agent may elect in its reasonable business judgment. In the event of that any change in said Chase Manhattan Bank Ratesuch amounts are applied to Revolving Loans which are Libor Loans, the rate hereunder shall change correspondingly, as of the first of the month following any change. The rates hereunder such application shall be calculated based on treated as a 360-day year. The prepayment of such loans and the Agent and the Lenders shall be entitled to charge the Company's compensation described in this Paragraph.
4. In consideration of the Letter of Credit Guaranty of the Agent, the Company obtaining the Letter of Credit shall pay the Agent for the benefit of the Lenders the Letter of Credit Guaranty Fee which shall be an amount equal to two percent (2%) per annum, payable monthly, on the face amount of each Letter of Credit less the amount of any and all amounts previously drawn under the Letter of Credit. The Lenders shall share in such Letter of Credit Guaranty Fee in accordance with their respective agreements with the Agent.
5. Any charges, fees, commissions, costs and expenses charged to the Agent and/or the Lenders for the Companies' account at by any Issuing Bank in connection with or arising out of Letters of Credit issued pursuant to this Financing Agreement or out of transactions relating thereto will be charged to the rate provided Revolving Loan Account of the Company obtaining the Letter of Credit in full when charged to or paid by the Agent and when made by any such Issuing Bank shall be conclusive on the Agent.
6. The Companies shall jointly and severally reimburse or pay the Agent, as the case may be, for herein when due until all Obligations Out-of-Pocket Expenses.
7. Upon the last Business Day of each month, commencing with the last day of the month in which this Financing Agreement is executed, the Companies shall jointly and severally pay the Agent for the benefit of the Lenders the Revolving Line of Credit Fee.
8. To induce the Agent and the Lenders to enter into this Financing Agreement and to extend to the Companies the Revolving Loans, Letters of Credit Guaranty and the Term Loans, the Companies shall jointly and severally pay to the Agent for the benefit of the Lenders a Loan Facility Fee in the amount set forth in the Fee Letter upon execution of this Financing Agreement, less any amounts which may have been paid by way of advance towards such Loan Facility Fee prior to the date hereof.
9. Upon the date hereof and on such annual anniversary hereof the Companies shall pay to the Agent the Agent Fee, which shall be fully earned and not refundable or rebateable when due and payment for which the Companies shall jointly and severally be liable.
10. The Companies shall jointly and severally pay the Agent's standard charges for, and the fees and expenses of, the Agent personnel used by the Agent for reviewing the books and records of the Companies and for verifying, testing, protecting, safeguarding, preserving or disposing of all or any part of the Collateral; provided, however, that the foregoing shall not be payable except during the continuance of an Event of Default if the Companies are paying an Agent Fee.
11. Each of the Companies hereby authorizes the Agent to charge its Revolving Loan Account with the Agent with the amount of all payments due hereunder as such payments become due. Each of the Companies confirms that any charges which the Agent may so make to the account of any of the Companies as herein provided will be made as an accommodation to the Companies and solely at the Agent's discretion. The Agent may in fullits sole and absolute discretion allocate any of the above fees and/or any other payments due under this Financing Agreement to the Companies' respective Revolving Loan Accounts in any proportion that the Agent may decide.
Appears in 1 contract
Interest Fees and Expenses. 1. (a) Interest on the Revolving Loans (other than Libor Loans) shall be payable monthly as of the end of each month and shall be an amount equal to the sum of the applicable Revolver Non-Libor Margin plus the Chase Manhattan Bank Rate per annum, on the average of the net balances (other than Libor Loans) owing by the Company to the Lenders in the Company's account at the close of each day during such month. Any change in said Chase Manhattan Bank Rate shall be effective as of the first of the month following any change. The rates hereunder shall be calculated on a per annum basis and will be based on a 360-day year. The Agent shall be entitled to charge the Company's account at the rate provided for herein when due until all Obligations have been paid in full. Interest on the Revolving Loans which are Libor Loans shall be payable monthly as of the end of each month and shall be an amount equal to the sum of the applicable Revolver Libor Margin and the applicable Libor on each then outstanding Revolving Loan which is a Libor Loan, on a per annum basis, on the average of the net balance balances owing by the Company on such Libor Loan at the close of each day during such month. The Company may elect to use Libor as to any new or then outstanding Revolving Loans provided x) there is then no unwaived Default or Event of DefaultDefault (after giving effect to any cure period expressly provided for herein), and y) the Company has so advised the Agent of its election to use Libor and the Libor Period selected no later than three (3) Business Days prior to the proposed borrowing or, in the case of a Libor election with respect to a then outstanding Revolving Loan, three (3) Business Days prior to the conversion of any then outstanding Revolving Loans to Libor Loans and z) the election and Libor shall be effective, provided, there is then no unwaived Default or Event of Default, on the fourth Business Day following said notice. The Libor elections must be for $100,000.00 100,000 or whole multiples thereof. No more than three (3) Libor elections in the aggregate may be in effect at any one time (including elections relating to Revolving Loans and elections relating to CAPEX Term Loans) unless the Agent agrees otherwise. If no such election is timely made or can be made, then the Agent shall use the Chase Manhattan Bank Rate to compute interest. In the event of any change in said Chase Manhattan Bank Rate, the rate hereunder shall change correspondingly, as of the first of the month following any change. The rates hereunder shall be calculated based on a 360-day year. The Agent shall be entitled to charge the Company's account at the rate provided for herein when due until all Obligations have been paid in full.
2. In consideration of the Letter of Credit Guaranty, the Company shall pay to the Agent the Letter of Credit Guaranty Fee which shall be an amount equal to one and one quarter percent (1.25%) per annum, payable monthly, on the face amount of each outstanding Letter of Credit less the amount of any and all amounts previously drawn under such Letters of Credit.
3. Any charges, fees, commissions, costs and expenses charged to the Agent for the Company's account by any Issuing Bank in connection with or arising out of Letters of Credit issued pursuant to this Financing Agreement or out of transactions relating thereto will be charged to the loan account in full when charged to or paid by the Agent and when made by any such Issuing Bank shall be conclusive on the Agent.
Appears in 1 contract
Samples: Financing Agreement (Gart Sports Co)
Interest Fees and Expenses. 1. (aA) Interest on the Revolving Loans (other than Libor Loans) shall be payable monthly as of the end of each month and shall be an amount equal to the sum of the applicable Revolver Non-Libor Margin plus the Chase Manhattan Bank Rate per annum, on the average of the net balances (other than Libor Loans) owing by the Company to the Lenders in the Company's account at the close of each day during such month. Any change in said Chase Manhattan Bank Rate shall be effective as of the first of the month following any change. The rates hereunder shall be calculated on a per annum basis and will be based on a 360-day year. The Agent shall be entitled to charge the Company's account at the rate provided for herein when due until all Obligations have been paid in full. Interest on the Revolving Loans which are Libor Loans shall be payable monthly as of the end of each month and shall be an amount equal to (a) the sum of the applicable Revolver Libor Margin and the applicable Libor on each then outstanding Revolving Loan which is a Libor Loanthree-eighths of one percent (.375%) plus The Chase Manhattan Bank Rate, on a per annum basis, on the average of the net balance balances owing by all of the Company on such Libor Loan Companies to CITBC in the Collective Account at the close of each day during such monthmonth on balances other than Libor Loans and (b) two and seven-eighths percent (2.875%) plus Libor on any Libor Loan as to any then outstanding Revolving Loans which are Libor Loans, on a per annum basis, on the average of the net balances of such Libor Loans owing by the Companies to CITBC in the Collective Account at the close of each day during such month for the Libor period; but, in no event shall the interest charged hereunder exceed the Maximum Legal Rate. The Company Companies may elect to use Libor as to any new or then outstanding Revolving Loans provided x(i) there is then no unwaived Default or Event of Default, and y(ii) the Company has Companies have so advised the Agent CITBC of its their election to use Libor and the Libor Period is selected no later than three two (32) Business Days prior to business days preceding the proposed borrowing or, in the case first day of a Libor election with respect to a then outstanding Revolving Loan, three period and (3) Business Days prior to the conversion of any then outstanding Revolving Loans to Libor Loans and ziii) the election and Libor shall be effective, provided, there is then no unwaived Default or Event of Default, on the fourth Business Day third business day following said notice. The Libor elections must be for integral multiples of $100,000.00 or whole multiples thereof. No more than 1,000,000.00 and the Companies shall pay CITBC a non-refundable Libor Processing Fee upon the effective date of each Libor Loan, provided, however, that there shall be no Libor Processing Fee for the first four (4) Libor Loans in any calendar year which have a three (3) month Libor elections in the aggregate may be in effect at any one time (including elections relating to Revolving Loans and elections relating to CAPEX Term Loans) unless the Agent agrees otherwisePeriod. If no such election is timely made or can be mademade or Libor cannot be determined, then the Agent CITBC shall use the The Chase Manhattan Bank Rate to compute interest. In the event of any change in said The Chase Manhattan Bank Rate, the rate hereunder under clause (a) above shall change correspondinglychange, as of the first of the month following any change, so as to remain equal to the sum of three-eighths of one percent (.375%) plus The Chase Manhattan Bank Rate. The rates hereunder shall be calculated based on a three hundred sixty (360-) day yearyear for actual days elapsed. The Agent CITBC shall be entitled to charge the Company's account Collective Account at the rate provided for herein when due until all Obligations have been paid in full.
(B) Subject to compliance with the conditions set forth in this subparagraph (B), the Companies shall be entitled to interest rate reductions (each an "Interest Rate Reduction") as outlined below: If the ratio of all of the Companies' Average Loan Balances to EBITDA meets or exceeds the Companies' financial projections dated March 27, 1997, for the fiscal year ending January 31, 1998 and for future years as indicated in such projections delivered to CITBC as required under subsection (d) of Paragraph 7 of Section 6 (the "Financial Projections") then the spread over the (a) The Chase Manhattan Bank Rate shall be reduced by three-eighths of one percent (.375%) and (b) Libor rate shall be reduced by three-eighths of one percent (.375%). If the ratio of all of the Companies' Average Loan Balances to EBITDA fails to meet the Financial Projections for a fiscal year then the spread over the (a) The Chase Manhattan Bank Rate shall be increased by three-eighths of one percent (.375%) and (b) Libor rate shall be increased by three-eighths of one
Appears in 1 contract
