Interest on Revolving Credit. Interest shall accrue on the Principal Loan Amount outstanding from time to time at a variable rate per annum (the "Revolving Credit Rate") equal to the greater of (a) the Base Rate minus 3/4 of 1%, or (b) the LIBOR Rate plus 1.50%. Such rate shall fluctuate monthly based on changes in such rates on the first business day of each month. All interest under the Notes shall accrue based on a year of 360 days, and for actual days elapsed. Interest shall be due no later than the tenth day of each month. Notwithstanding anything to the contrary elsewhere herein, after an Event of Default has occurred and is continuing, interest shall 10 accrue on the entire outstanding balance of principal and interest on all indebtedness hereunder at a fluctuating rate per annum equal to the Default Rate.
Interest on Revolving Credit. Advances (a)
Interest on Revolving Credit. Interest shall accrue on the Principal Loan Amount outstanding from time to time at a variable rate per annum (the "Revolving Credit Rate") equal to the lesser of (a) the National Prime Rate minus the Applicable Margin, or (b) the LIBOR Rate plus the Applicable Margin. Such rate shall fluctuate monthly based on changes in such rates on the first day of each month. All interest under the Notes shall accrue based on a year of 360 days, and for actual days elapsed. Interest for any month shall be due no later than the tenth day of the following month. Notwithstanding anything to the contrary elsewhere herein, after an Event of Default has occurred and is continuing, interest shall accrue on the entire outstanding balance of principal and interest on all indebtedness hereunder at a fluctuating rate per annum equal to the Default Rate.
Interest on Revolving Credit quarterly after receipt of the Borrower's Quarterly Compliance Certificate. Adjustments shall be retroactive to the beginning of the current quarter.
(i) If the Quarterly Compliance Certificate shows that, as of the end of the prior quarter, Total Indebtedness was less than 250% of Net Worth, the margin for the current quarter (meaning the quarter in which the certificate is required to be delivered) shall be zero.
(ii) If the Quarterly Compliance Certificate shows that, as of the end of the prior quarter, Total Indebtedness was equal to or greater than 250% of Net Worth but less than 300% of Net Worth, the margin for the current quarter shall be one quarter of one percent (.25%).
(iii) If the Quarterly Compliance Certificate shows that, as of the end of the prior quarter, Total Indebtedness was equal to or greater than 300% of Net Worth but not more than 350% of Net Worth, the margin for the current quarter shall be three quarters of one percent (.75%).
Interest on Revolving Credit. Interest shall accrue on the Principal Loan Amount outstanding from time to time at a variable rate per annum (the "Revolving Credit Rate") equal to the greater of (a) the National Prime Rate, or (b) the LIBOR Rate plus 2.50%, but in no event shall the Revolving Credit Rate be less than five percent (5.0%) per annum. Such rate shall fluctuate monthly based on changes in such rates on the first business day of each month. All interest under the Notes shall accrue based on a year of 360 days, and for actual days elapsed. Interest shall be due no later than the tenth day of each month. Notwithstanding anything to the contrary elsewhere herein, after an Event of Default has occurred and is continuing, interest shall accrue on the entire outstanding balance of principal and interest on all indebtedness hereunder at a fluctuating rate per annum equal to the Default Rate.
Interest on Revolving Credit. Interest shall accrue on the Principal Loan Amount outstanding from time to time at a variable rate per annum equal to the Base Rate minus 3/4 of 1%. Such rate shall fluctuate daily based on changes in the Base Rate on such date. The Base Rate minus 3/4 of 1% per annum is referred to herein as the "Revolving Credit Rate." All interest under the Notes shall accrue based on a year of 360 days, and for actual days elapsed. Interest shall be due no later than the tenth day of each month. Notwithstanding anything to the contrary elsewhere herein, after an Event of Default has occurred and is continuing, interest shall accrue on the entire outstanding balance of principal and interest on all indebtedness hereunder at a fluctuating rate per annum equal to the Default Rate.
Interest on Revolving Credit. Until the earlier of June 30, 2000, or the date on which the revolving credit loan hereunder is converted to a term loan, interest shall accrue on the Principal Loan Amount outstanding from time to time at a variable rate, which shall fluctuate on a monthly basis, equal to the Base Rate minus a margin as determined below. The margin shall be adjusted quarterly after receipt of the Borrower's Quarterly Compliance Certificate. Adjustments shall be retroactive to the beginning of the current quarter. Leverage Ratio Margin Below Base Rate Greater than 42 .25% Greater than 36 but not more than 42 .50% Greater than 30 but not more than 36 .75% Greater than 24 but not more than 30 1.00% Greater than 18 but not more than 24 1.25% 18 or less 1.375% The Base Rate minus the applicable margin as determined above is hereinafter referred to as the "Revolving Credit Rate." Changes in the Base Rate shall be effective on the first day of each month, based on the Base Rate in effect as of such day. Interest shall be due upon the rendering of each monthly invoice therefor by FNB-O. Notwithstanding anything to the contrary elsewhere herein, 14 - 547 - after an Event of Default has occurred interest shall accrue on the entire outstanding balance of principal and interest on all indebtedness hereunder at a fluctuating rate equal to the Default Rate.
Interest on Revolving Credit. Until the earlier of June 30, 1998, or the date on which the revolving credit loan hereunder is converted to a term loan, interest shall accrue on the Principal Loan Amount outstanding from time to time at a variable rate, which shall fluctuate on a monthly basis, equal to the Base Rate minus a margin as determined below. The margin shall be adjusted quarterly after receipt of the Borrower's Quarterly Compliance Certificate, commencing with the Quarterly Compliance Certificate in the form of Exhibit C hereto for the quarter ended 12/31/96. Adjustments shall be retroactive to the beginning of the current quarter. Leverage Ratio Margin Below Base Rate ----------------------------- ---------------------- Greater than 42 .25% Greater than 36 but not more than 42 .50% Greater than 30 but not more than 36 .75% Greater than 24 but not more than 30 1.00% Greater than 18 but not more than 24 1.25% 18 or less 1.375%
Interest on Revolving Credit. Interest shall accrue on the Principal Loan Amount outstanding from time to time at a variable rate per annum (the "Revolving Credit Rate") equal to the Prime Rate PLUS one quarter of one percent (.25%). Each change in the Prime Rate shall be effective as of the opening of business on the day such change in the Prime Rate occurs. The parties hereto acknowledge that the rate announced publicly by FNBO as its Prime Rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks. All interest under the Note shall accrue based on a year of 360 days, and for actual days elapsed. Interest for any month shall be due no later than the tenth day of the following month. Notwithstanding anything to the contrary elsewhere herein, after an Event of Default has occurred and is continuing, interest shall accrue on the entire outstanding balance of principal and interest on all indebtedness hereunder at a fluctuating rate per annum equal to the Default Rate.
Interest on Revolving Credit. Until the earlier of June 30, 1996 or the date on which the loan hereunder is converted to a term loan, interest shall accrue on the Principal Loan Amount outstanding from time to time at a variable rate, which shall fluctuate on a monthly basis, equal to the Base Rate plus a margin as determined below, except that after an Event of Default has occurred, interest shall accrue on the entire outstanding balance of principal and interest at a fluctuating rate equal to the Revolving Credit Rate as defined below plus four percent (4.00%). The margin shall be adjusted quarterly after receipt of the Borrower's Quarterly Compliance Certificate. Adjustments shall be retroactive to the beginning of the current quarter.
(i) If the Quarterly Compliance Certificate shows that, as of the end of the prior quarter, Total Indebtedness was less than 200% of Net Worth, the margin for the current quarter (meaning the quarter in which the certificate is required to be delivered) shall be zero.
(ii) If the Quarterly Compliance Certificate shows that, as of the end of the prior quarter, Total Indebtedness was equal to or greater than 200% of Net Worth but less than 250% of Net Worth, the margin for the current quarter shall be one quarter of one percent (.25%).
(iii) If the Quarterly Compliance Certificate shows that, as of the end of the prior quarter, Total Indebtedness was equal to or greater than 250% of Net Worth but less than 300% of Net Worth, the margin for the current quarter shall be three quarters of one percent (.75%).
(iv) If the Quarterly Compliance Certificate shows that, as of the end of the prior quarter, Total Indebtedness was equal to or greater than 300% of Net Worth, the margin for the current quarter shall be one and one quarter percent (1.25%). The Base Rate plus the applicable margin as determined above is hereinafter referred to as the "Revolving Credit Rate." Interest shall be calculated on the basis of the actual number of days outstanding and a 360-day year. Changes in the Base Rate shall be effective on the first day of each month, based on the Base Rate in effect on such day. Interest shall be due upon the rendering of each monthly invoice therefor by FNB-O.
