Interest on the Term Note. (a) Interest on the Term Note shall be calculated, at the Borrower's option, in one or more of the following manners: (i) a variable Interest Rate equal to the Adjusted Prime Rate or (ii) a fixed Interest Rate to be determined as provided in Section 2.8(b).
(b) At any time, commencing 30 days prior to the Conversion Date for the Term Loan and continuing during the term of the Term Loan, the Borrower may, by written notice to the Bank, request no later than 10:00 a.m. New York time on a Business Day (the "Rate Determination Day") that the Bank provide a quotation for a fixed interest rate to apply to the Term Loan for the remainder of its term. The Bank shall, by 12:00 p.m. New York time on the Rate Determination Day, advise the Borrower by telephone notice of the proposed Term Loan fixed rate, which shall be the Cost of Funds for the remaining term of the Term Loan plus three and one quarter percent (3.25%) per annum. The Borrower shall accept or reject the proposed rate by telephone notice to the Bank no later than 3:00 p.m. New York time on the Rate Determination Day. If the Borrower accepts such rate, then commencing on the first Business Day following the Rate Determination Day, the Term Loan shall bear interest at such agreed rate, provided, that in no event shall such rate take effect during a LIBOR Interest Period. If the Borrower rejects the quoted rate or fails to accept such rate within such time period, then, unless the Borrower and the Bank otherwise agree or the Borrower makes an additional request for a quotation for a fixed interest rate pursuant to this Section 2.8(b), the Term Loan shall continue to bear interest at a variable rate determined in accordance with clause 2.8(a)(i) above. The Borrower may request a fixed rate quotation with respect to the Term Loan no more frequently than once every six (6) months; provided, that once a fixed rate has been accepted, such rate shall apply to the remainder of the term of the Term Loan.
Interest on the Term Note. Interest on the principal amount outstanding on the TERM LOAN shall accrue, for the period through and including its maturity, at a rate (the "RATE") one hundred (100) basis points above the BASE RATE in effect from time to time until maturity, and six per cent (6%) above the BASE RATE in effect from time to time after maturity, whether by acceleration or otherwise. Not later than ninety (90) days following CONSTRUCTION COMPLETION DATE, BORROWER shall accept a fixed rate interest option on no less than fifty (50%) per cent of the outstanding balance of the TERM NOTE. and enter into a matched funding contract acceptable to BANK (that is, an interest rate swap agreement) with a term of no less than five years. In the event any of the TERM NOTE amount bears interest at such a fixed rate, any prepayment shall be applied first to the principal accruing interest at a variable rate, and thereafter applied to principal accruing interest at the fixed rate. For purposes hereof, BASE RATE shall mean the rate announced by BANK from time to time as its "National Base Rate". Each time the BASE RATE shall change, the RATE shall change contemporaneously with such change in the BASE RATE. Interest shall be calculated on the basis of a 360-day year, counting the actual number of days elapsed.
Interest on the Term Note. The Term Notes shall each bear interest at the Conforming LIBOR Rate or Prime Rate, as set forth below, for the entire terms of such Notes. Accrued interest on the Term Note shall be payable on each Interest Payment Date, commencing with the first Interest Payment Date following the date of execution of the Term Notes, at the rate per annum set forth in Section 2.06.
Interest on the Term Note. Interest on the outstanding balance of the Term Loan under the Term Note shall be payable monthly in arrears on the first day of each calendar month at an annual rate of Prime Rate plus 4.75%, provided, however, that, notwithstanding, any other provision of any Loan Document, the interest on the outstanding principal balance of the Term Loan under the Term Note shall be not less than 10.50%, in each case calculated on the basis of a 360-day year and for the actual number of calendar days elapsed in each interest calculation period. Interest accrued on the Term Loan shall be due and payable on the first day of each calendar month commencing on the first day of the month following the Draw, and continuing until the later of the Term Loan Maturity Date and the full performance and irrevocable payment in full in cash of the Obligations and termination of this Agreement. Advances under the Revolving Facility for the payment of interest on the Term Loan and other Obligations may be made by the Lender if such payments are not made by Borrower prior to 2:00 p.m., New York City time, on the date when due to the extent available and as provided for herein.
Interest on the Term Note shall be payable on the dates specified in Section 3.1(e).
Interest on the Term Note. Prior to the maturity date described in Section 2.1.5, the unpaid principal amount from time to time outstanding under the Term Note shall bear interest from the date hereof at a fixed rate of ten percent (10.0%). Interest shall be computed on the actual number of days elapsed on the basis of a 360 day year.
Interest on the Term Note. Interest on the outstanding balance of the Term Loan shall be payable monthly in arrears on the first day of each calendar month at an annual rate of the Prime Rate plus 4.5%, calculated on the basis of a 360-day year and for the actual number of calendar days elapsed in each interest calculation period. Interest accrued on the Term Loan shall be due and payable on the first day of each calendar month commencing July 1, 2001, and continuing until the later of the expiration of the Term and the full performance and irrevocable payment in full in cash of the Obligations.
Interest on the Term Note. Interest on the outstanding balance of the Term Loan under the Term Note shall be payable monthly in arrears on the first day of each calendar month at an annual rate of Prime Rate plus 3.5%, provided, however, that, notwithstanding, any other provision of any Loan Document, the interest on the Term Loan shall be not less than 8.5%, in each case calculated on the basis of a 360-day year and for the actual number of calendar days elapsed in each interest calculation period. Interest accrued on the Term Loan shall be due and payable on the first day of each calendar month commencing December 1, 2002, and continuing until the later of the expiration of the Term and the full performance and irrevocable payment in full in cash of the Obligations and termination of this Agreement. Advances under the Revolving Facility shall be made automatically for the payment of interest on the Term Loan and other Obligations on the date when due to the extent available and as provided for herein.
Interest on the Term Note. Interest on the principal amount outstanding on the TERM LOAN shall accrue, for the period through and including its maturity, at a rate (the “RATE”) one hundred (100) basis points above the BASE RATE in effect from time to time until maturity, and six per cent (6%) above the BASE RATE in effect from time to time after maturity, whether by acceleration or otherwise. Not later than ninety (90) days following COMPLETION DATE, BORROWER shall accept a fixed interest rate option on no less than fifty (50%) per cent of the outstanding balance of the TERM NOTE, and enter into a matched funding contract acceptable to BANK (for example, an interest rate swap agreement) with a term of no less than three years, and an interest spread of 250 basis points. One source of such matched funding contract that is mutually acceptable to BANK and BORROWER is that used by the Federal Home Loan Bank Board, Topeka, Kansas. In the event any of the TERM NOTE amount bears interest at such a fixed rate, any prepayment shall be applied first to the principal accruing interest at a variable rate, and thereafter applied to principal accruing interest at the fixed rate. For purposes hereof, BASE RATE shall mean the rate announced by BANK from time to time as its “National Base Rate”. Prepayment penalties, as provided in the matched funding contract, will apply as necessary to compensate BANK for breakage of contracted interest rates on the fixed portion of the TERM NOTE balance. In addition, a prepayment fee of 1.00% of the principal prepaid will apply if the TERM LOAN is prepaid in its entirety during the first three years, based on the outstanding amount at such date. However, notwithstanding the foregoing, BANK agrees that BORROWER may obtain additional SUBORDINATED DEBT, to reduce the OBLIGATIONS, which reduction will not result in prepayment penalties as long as such reduction occurs prior to the time at which BORROWER contracts for its matched funding contract. Each time the BASE RATE shall change, the RATE shall change contemporaneously with such change in the BASE RATE. Interest shall be calculated on the basis of a 360-day year, counting the actual number of days elapsed.
Interest on the Term Note. The Borrower agrees to pay interest on the unpaid principal balance of the Term Note outstanding from time to time at a variable annual rate equal to the Index Rate plus One and Three-Quarters percent (1.75%). Payments of principal and interest on amounts outstanding under the Term Note shall be payable according to the terms of the Term Note. No provision of this Credit Agreement or the Term 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 Term 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 Term 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 Term 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.
