Interest on Revolving Advances. The Borrower shall pay interest on the unpaid principal amount of each Revolving Advance from the date of such Revolving Advance until such principal is paid in full at the applicable rate set forth below.
Interest on Revolving Advances. Section 2.3 of the Loan Agreement is hereby amended to read in full as follows:
Interest on Revolving Advances. (a) Scheduled ------------------------------ --------- Interest. The Borrower shall pay interest on the unpaid principal amount of -------- each Revolving Advance owing to each Lender from the date of such Revolving Advance until such principal amount shall be paid in full, at the following rates per annum:
Interest on Revolving Advances. (a) Variable Rate. Revolving Advances hereunder shall bear interest ------------- at the Variable Rate, unless Borrower elects to convert the interest rate to a Fixed Rate for the period selected by Borrower in accordance with the provisions of Section 2.5(c).
Interest on Revolving Advances. Borrower shall pay interest monthly, in arrears, on the first day of each month, commencing September 1, 2001 on the average daily unpaid principal amount of the Revolving Advances made to Borrower at a fluctuating rate which is equal to the Prime Rate plus one and three quarter of one percent (1.75) per annum; provided that, the interest rate will be reduced: (a) by one quarter of one percent (.25%), effective on the date Borrower actually delivers to Lender the consolidated financial statements for Borrower's fiscal quarter ended December 31, 2001 in accordance with Section 8.4 below; and (b) by an additional one quarter of one percent (.25%), effective on the date that Borrower actually delivers to Lender the consolidated financial statements for Borrower's fiscal quarter ended March 31, 2001 in accordance with Section 8.4 below, in each case so long as (i) no Event of Default has occurred hereunder at any time during the immediately preceding quarter, which means in the case of (a) above, from September 1, 2001 through December 31, 2001; and in the case of (b) above, January 1, 2002 through March 31, 2002; (ii) such financial statements evidence that Borrower has Operating Income of $0.00 or greater for each such quarter, as determined in accordance with GAAP; and (iii) Borrower has average excess availability against the Maximum Facility during the last month of each such quarter in an amount of $500,000.00 or more as determined by Lender in its sole good faith discretion. The foregoing to the contrary notwithstanding, however, if for any fiscal quarter Borrower has a negative Operating Income, as evidenced by Borrower's consolidated financial statements delivered to Lender in accordance with Sections 8.3 and 8.4 hereof, the rate of interest shall automatically revert to the Prime Rate plus one and three quarter of one percent (1.75%) per annum. Effective October 1, 2004 and notwithstanding the foregoing, Borrower shall pay interest monthly, in arrears, on the average daily unpaid principal amount of the Revolving Advances made to Borrower at a fluctuating rate which is equal to the Prime Rate plus 1.375% per annum; provided that, Borrower's consolidated financial statements evidence that Borrower has net income of $200,000.00 or greater for each quarter, as determined in accordance with GAAP. If Borrower's quarterly consolidated net income is not at least $200,000.00, the interest rate payable on the average daily unpaid principal amount of the Revol...
Interest on Revolving Advances. Interest shall accrue from the date of each Revolving Advance under the Revolving Line of Credit at one of the following rates, as quoted by the Bank and as elected by any Borrower below:
Interest on Revolving Advances. Each Revolving Advance shall bear interest at a rate per annum that is either the Revolver Adjusted LIBO Rate or the Revolver Adjusted CBR, as designated by Borrower as provided herein. Each Revolving LIBOR Advance shall bear interest at the Revolver Adjusted LIBO Rate throughout the Interest Period for such Revolving LIBOR Advance.
Interest on Revolving Advances. Costs and Expenses. Borrower shall pay interest monthly, in arrears, on the first day of each month, commencing July 1, 2001 on the average daily unpaid principal amount of the Revolving Advances made to Borrower at a fluctuating rate which is equal to the Prime Rate plus two percent (2.0%) per annum; provided, however, that so long as there is no Event of Default hereunder and, (i) Borrower shall maintain Core EBITDA of not less than $350,000.00 for each fiscal quarter, tested quarterly at the end of each fiscal quarter, for a period of six (6) consecutive fiscal quarters, and (ii) Dilution with respect to Receivables is less than four percent (4%), and (iii) Receivables remaining unpaid in excess of 90 days from invoice date comprise less than fifteen percent (15%) of all Receivables, then the average daily unpaid principal amount of the Revolving Advances made to Borrower at a fluctuating rate which is equal to the Prime Rate plus one and one half of one percent (1.50%). Notwithstanding the foregoing, on and after the occurrence of an Event of Default hereunder, Borrower shall pay interest on all Revolving Advances at a rate which is three percent (3%) per annum above the interest rate which would otherwise be in effect under this Agreement with respect to the Revolving Advances; provided, however, in no event shall any interest to be paid hereunder or under any Loan Document exceed the maximum rate permitted by law.
Interest on Revolving Advances. Section 2.4(a)(ii) is hereby amended by deleting the figure “0.90%” therefrom and inserting the figure “0.80%” in lieu thereof.
Interest on Revolving Advances
