Interest on the Credit. Subject to the terms of Section 2.05 relating to LIBOR Pricing Options, the Term Credit and the Revolving Credit Advances shall bear interest prior to the occurrence of an Event of Default or maturity (computed on the basis of the actual days elapsed over a 360-day year) at a fluctuating rate per annum equal to the Applicable Prime Rate or with respect to Term Loans the Applicable LIBOR Rate, if such an election is made. From and after the occurrence of an Event of Default or maturity (whether by demand, acceleration or otherwise) the unpaid principal balance of the Term Credit and the Revolving Credit shall bear interest at a fluctuating rate per annum equal to five percent (5%) above the rate of interest then payable with respect thereto. Interest on the Term Credit and the Revolving Credit shall be payable monthly in arrears on the first day of each month commencing July 1, 1999. The effective rate of interest shall change on each date on which the Prime Rate shall change.
Interest on the Credit. The Term Credit and the Revolving Credit Advances shall bear interest prior to the occurrence of an Event of Default or maturity (computed on the basis of the actual days elapsed over a 360-day year) at a fluctuating rate per annum equal to the Applicable Prime Rate. From and after the occurrence and continuance of an Event of Default or maturity (whether by demand, acceleration or otherwise) the unpaid principal balance of the Term Credit and the Revolving Credit shall bear interest at a fixed rate per annum equal to eighteen percent (18%) or, if such rate exceeds the maximum rate permitted by applicable law, such maximum rate. Interest on the Term Credit and the Revolving Credit shall be payable monthly in arrears on the first day of each month commencing July 1, 1999. The effective rate of interest shall change on each date on which the Prime Rate shall change.
Interest on the Credit. Card Account shall be calculated, and shall be paid by the Company, pursuant to the terms of the Card Agreement.
Interest on the Credit. Unless otherwise elected by the Borrower in its sole discretion pursuant to the terms of Section 2.04 relating to LIBOR pricing options, all Credit Advances shall bear interest prior to the occurrence of an Event of Default or the Maturity Date (computed on the basis of the actual days elapsed over a 360-day year) at a fluctuating rate per annum equal to the Prime Rate (the "Prime Rate Loans") in effect from time to time, with interest thereon being payable monthly in arrears on the last Business Day of each month. Any change in the Prime Rate shall result in a change on the same day in the rate of interest to accrue from and after such day on the unpaid balance of principal of the Prime Rate Loans bearing interest with reference to the Prime Rate. In the manner and subject to the provisions set forth in Section 2.04, so long as no Event of Default, and no event which, with the giving of notice or the passage of time, or both, would constitute an Event of Default has occurred and is then continuing, the Borrower may elect from time to time prior to the Maturity Date to have all or a portion of the unpaid principal amount of any Credit Advance bear interest during any particular Interest Period applicable to LIBOR Rate Loans at the LIBOR Rate and be treated as a LIBOR Rate Loan, with interest, in all cases, being due and payable on the last day of the applicable Interest Period relating to such LIBOR Rate Loan, provided, that any such portion of such loan, shall be in an amount not less than $1,000,000 or increments of $500,000 thereof. From and after the occurrence of an Event of Default or upon maturity (whether by demand, acceleration, at the Maturity Date or otherwise) the unpaid principal balance of the Credit Advances shall bear interest at a fluctuating rate per annum equal to two percent (2%) above the rate of interest then payable with respect thereto (the "Default Rate of Interest").
