INTEREST ON THE REVOLVING CREDIT NOTE a) The Revolving Credit Note shall bear interest on the unpaid principal balance thereof at a rate per annum equal to (i) with respect to Prime Rate Advances, the Prime Rate and (ii) with respect to LIBOR Rate Advances, the Adjusted LIBOR Rate, each such Advance as elected by the Company in accordance with Section 2.3 hereof.
INTEREST ON THE REVOLVING CREDIT NOTE. (a) The Borrower agrees to pay interest on the outstanding principal amount of the Revolving Credit Note from the date hereof until paid in full at the following rates as designated by the Borrower: (i) the Reference Rate, as to all Reference Rate Advances and (ii) the Eurodollar Rate (Reserve Adjusted) plus (x) 200 basis points as to all Eurodollar Advances supported by Eligible Securities, or (y) 275 basis points as to all Eurodollar Advances supported by Eligible Accounts, all in accordance with the terms of this Credit Agreement. All advances outstanding under the Revolving Credit Note shall be deemed Eurodollar Advances, unless the Borrower elects to designate, continue or convert such Advances to Reference Rate Advances pursuant to procedures outlined in SECTION 2.6 below.
INTEREST ON THE REVOLVING CREDIT NOTE. The Borrower agrees to pay interest on the unpaid balance of the Revolving Credit Note outstanding from time to time at the following rates: (i) the Reference Rate as to all Reference Rate Advances; (ii) the Resetting Eurodollar Rate, as to all Daily Eurodollar Advances; and (iii) the Eurodollar Rate (Reserve Adjusted) plus 250 basis points as to all Eurodollar Advances, all in accordance with the terms of this Credit Agreement. All Advances outstanding under the Revolving Credit Note shall be deemed Daily Eurodollar Advances, unless the Borrower elects to designate, continue or convert such Advances to Reference Rate Advances or Eurodollar Advances pursuant to procedures outlined in Section 2.6 below. Upon the occurrence and continuation of an Event of Default interest shall accrue on all amounts outstanding under the Revolving Credit Note at an annual rate equal to the greater of (i) the rate applicable prior to such Event of Default plus two hundred (200) basis points, or (ii) the Reference Rate plus two hundred (200) basis points.
INTEREST ON THE REVOLVING CREDIT NOTE. The aggregate principal amount of Advances outstanding under the Revolving Credit Notes shall bear interest, commencing on the Borrowing Date for such Advances and continuing until payment in full thereof, at either (i) the Applicable Revolving Funded Debt Rate with calculation of the appropriate Funded Debt to Shareholders Equity Base ratio on a quarterly basis or (ii) the applicable Eurodollar Rate for the applicable Interest Period. The Applicable Revolving Funded Debt Rate shall also change upon changes in the Prime Rate and such changes shall become effective on the effective date of such change in the Prime Rate. The Borrower's rights to election of a Eurodollar Rate are more specifically set forth in Section 3.01 hereof, but are subject to the provisions of Section 3.02 hereof. Interest shall be payable monthly in arrears on the first day of each month, commencing June 1, 1997 and continuing on the first day of each month thereafter until payment in full, and on the Revolving Credit Maturity Date; provided, however that in addition to any such monthly payment of interest, all accrued and unpaid interest outstanding under any Eurodollar Loan shall be paid in full on the Interest Adjustment Date for such Eurodollar Loan. Interest shall be calculated on the basis of a year of 360 days, counting the actual number of days elapsed.
INTEREST ON THE REVOLVING CREDIT NOTE a) The Revolving Credit Note shall bear interest on the unpaid principal balance thereof at a rate per annum equal to (i) with respect to Prime Rate Advances, the Prime Rate and (ii) with respect to LIBOR Rate Advances, the Adjusted LIBOR Rate. For Prime Rate Advances the interest rate shall change when and as the Prime Rate is changed, and any such change in such Prime Rate shall become effective on the day on which such change is adopted.
INTEREST ON THE REVOLVING CREDIT NOTE. The Borrower agrees to pay interest on the outstanding principal amount of the Revolving Credit Note at a variable rate from the date thereof until paid in full at the Index Rate plus One and Three-Quarters percent (1.75%). Interest accrued on the Revolving Credit Note through Maturity shall be payable on the first day of each calendar month, commencing June 1, 1996 and at Maturity. Interest accrued after Maturity shall be payable upon demand. No provision of this Credit Agreement or the Revolving Credit Note shall require the payment or permit the collection of interest in excess of the rate permitted by applicable law. All computation of interest on the outstanding principal amount of the Revolving Credit Note shall be computed on the basis of a year comprised of 360 days, but charged for the actual number of days elapsed. Each change in the interest rate payable on the Revolving Credit Note due to a change in the Index Rate shall take place simultaneously with the corresponding change in the Index Rate. Whenever any payment to be made by or to the Lender or other holder(s) of the Revolving Credit Note shall otherwise be due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall be included in computing the fees or interest payable on such next succeeding Business Day.
