Interest on the Credit Loan. (a) Interest will be paid on each Note on each Payment Date in an amount equal to the Note Interest Payment for the Interest Period ended on the day prior to such Payment Date.
Interest on the Credit Loan. (a) The Credit Loan shall bear interest from the date of each Advance until paid at either (i) the Prime Rate plus the Applicable Margin, per annum, adjusted daily, or (ii) the Floating Rate plus the Applicable Margin, per annum, adjusted on the first day of each Interest Period (i.e., in accordance with the definition of LIBO Rate, determined two (2) Business Days prior to each Interest Period). Interest on the Credit Loan shall be payable in arrears (x) if accruing based on the Prime Rate interest option, on the last day of each month beginning February 29, 2004 and, with respect to any of the Credit Loan being converted to accrue interest based on the Floating Rate interest option, on the date of such conversion with respect to such portion being converted, (y) if accruing based on the Floating Rate interest option, on the last day of each applicable Interest Period (unless an Interest Period is for 180 days, in which case interest on such applicable Advances shall be payable on the 90th day of such Interest Period and on the last day of such Interest Period), and (z) on the maturity of the Credit Loan on the Maturity Date. All payments of interest shall be computed on the per annum basis of a year of 360 days for the actual number of days (including the first day but excluding the last day) elapsed.
Interest on the Credit Loan. (a) Interest will be payable on each Class A Note and each Class B Note on each Payment Date in an amount equal to the Class A Note Interest Payment and the Class B Note Interest Payment, respectively. To the extent that the amount of the Class A Note Interest Payment and/or the Class B Note Interest Payment that is due on any Payment Date is not paid when due, such shortfall, together with interest thereon at the applicable Default Rate, shall be due and payable on the next succeeding Payment Date.
Interest on the Credit Loan. (a) Provided that there does not exist an Event of Default or a Default under this Agreement, the Credit Loan shall bear interest, prior to the Maturity Date, at interest rates based upon either the Prime Rate (as hereinafter defined) or interest rates based upon the LIBOR Rate (as hereinafter defined), as from time to time selected by the Company. The principal amount of the Credit Loan outstanding as of the date hereof shall bear interest based upon the Prime Rate for a period of two (2) Business Days after the date hereof. Thereafter, the Company may request that new Credit Loans made under the Revolving Note bear interest at the LIBOR Rate and that portions of outstanding Credit Loans be converted to bear interest at the LIBOR Rate. Any such request shall be made by the Company by giving irrevocable notice to the Bank (whether verbally or in writing, each such request shall be referred to herein as a "LIBOR Rate Loan Request"), at least two (2) Business Days prior to the commencement of the requested Interest Period (as defined in Section 1.3(c)) and shall pertain to Credit Loans in an aggregate minimum amount of $1,000,000 in integral multiples of $100,000 in excess thereof. Each LIBOR Rate Loan Request shall be irrevocable and the Company shall be bound thereby. Upon the expiration of an Interest Period, in the absence of a new LIBOR Rate Loan Request submitted to the Bank not less than two (2) Business Days prior to the end of such Interest Period, the LIBOR Rate Loan then maturing shall be automatically converted to a Prime Rate Loan (as defined Section 1.3(e)). There may be no more than three (3) LIBOR Rate Loans outstanding at any one time. The Company shall not have the option to select an interest rate based upon the LIBOR Rate at any time that a Default or an Event of Default exists. In the event that a Default or an Event of Default exists at the time of the expiration of an Interest Period, all LIBOR Rate Loans then outstanding shall bear interest based upon the Prime Rate commencing on the expiration of the Interest Period applicable thereto and continuing thereafter until such time as no Default or Event of Default exists and the Company shall have timely provided the Bank with a LIBOR Rate Request selecting an interest rate based on the LIBOR Rate and specifying the amount of the LIBOR Rate Loans and Interest Period applicable thereto.
