Interest Rate; Advances. Subject to Section 2.3(b), the principal amount outstanding under the Revolving Line shall accrue interest at a per annum rate equal to the Prime Rate plus one percent (1.00%).
Interest Rate; Advances. Subject to Section 2.3(b), the principal amount outstanding under the Revolving Line shall accrue interest at a floating per annum rate equal to Prime Rate plus one percent (1.00%); provided, however, when Borrower is at or above the Liquidity Threshold, the principal amount outstanding under the Revolving Line shall accrue interest at a floating per annum rate equal to the Prime Rate plus one-half percent (0.50%). Such interest shall in any event be payable monthly, in arrears, in accordance with Section 2.3(f) below.
Interest Rate; Advances. Subject to Section 2.3(b), the amounts outstanding under the Revolving Line shall accrue interest at a per annum rate based on Borrower’s Liquidity Ratio (as defined below), as follows: Equal to or greater than 1.75 to 1 Prime Rate plus 0.50% (the “Reduced Rate”) Less than 1.75 to 1 Prime Rate plus 2.0% (the “Regular Rate”) Interest shall be payable monthly.
Interest Rate; Advances. Subject to Section 2.5(b), the principal amount outstanding under the Revolving Line shall accrue interest at a per annum rate equal to the number of percentage points above the Prime Rate (the “Applicable Margin”) set forth opposite the applicable Quick Ratio in the chart below, which interest shall be payable monthly. Quick Ratio Applicable Margin Greater than or equal to 1.00:1.00 1.50 % Less than 1.00:1.00 2.25 %
Interest Rate; Advances. Subject to Section 2.3(b), (a) the principal amount of the Revolving Line outstanding due to Advances made in respect of Eligible Accounts shall accrue interest at a floating per annum rate equal to the aggregate of the Prime Rate plus two and one-quarter of one percentage point (2.25%), provided, however, during a Streamline Period, the principal amount of the Revolving Line outstanding due to Advances made in respect of Eligible Accounts shall accrue interest at a floating per annum rate equal to the aggregate of the Prime Rate plus one and one-quarter percentage points (1.25%); and (b) the principal amount of the Revolving Line outstanding due to Advances made in respect of Eligible Retail Backlog Accounts shall accrue interest at a floating per annum rate equal to the aggregate of the Prime Rate plus two and three-quarters of one percentage point (2.75%), provided, however, during a Streamline Period, the principal amount of the Revolving Line outstanding due to Advances made in respect of Eligible Retail Backlog Accounts shall accrue interest at a floating per annum rate equal to the aggregate of the Prime Rate plus two percentage points (2.00%). Interest on any Credit Extension shall be payable monthly.” and inserting in lieu thereof the following:
Interest Rate; Advances. Subject to Section 2.3(b), the principal amount outstanding under the Revolving Line shall accrue interest at a floating per annum rate equal to the Prime Rate plus two and one-quarter (2.25) percentage points, which interest shall be payable monthly, in arrears, in accordance with Section 2.3(f) below; provided, however, that during a Streamline Period, subject to Section 2.3(b), the principal amount outstanding under the Revolving Line shall accrue interest at a floating per annum rate equal to the Prime Rate plus one and three-quarters (1.75) percentage points, which interest shall be payable monthly, in arrears, in accordance with Section 2.3(f) below.
Interest Rate; Advances. Subject to Section 2.3(b), the amounts outstanding under the Revolving Line shall accrue interest at a per annum rate equal to one (1) percentage point above the Prime Rate, floating, which interest shall be payable monthly. If, at any time, Net Cash is less than $3,500,000, the interest rate on the Revolving Line will increase to the Prime Rate plus 2.0%, floating, as of the first day of the month following the reporting date for the financial statements that show the Borrower’s Net Cash has dropped below $3,500,000. The interest rate on the Revolving Line will decrease to the Prime Rate plus 1.0% floating, as of the first day of the month following the receipt of financial statements showing the Borrower’s Net Cash is once again above $3,500,000.
Interest Rate; Advances. (i) If, and only for so long as, Borrower’s Quick Ratio is greater than or equal to 2.0 to 1.0, then, subject to Section 2.3(b), the principal amount outstanding under the Revolving Line shall accrue interest at a per annum rate equal to one and one-half percentage points (1.50%) above the Prime Rate, provided that the interest rate in effect on any day shall not be less than 5.5% per annum, which interest shall be payable monthly;
(ii) If Borrower’s Quick Ratio is less than 2.0 to 1.0, then, subject to Section 2.3(b), the principal amount outstanding under the Revolving Line shall accrue interest at a per annum rate equal to two and one-half percentage points (2.50%) above the Prime Rate, provided that the interest rate in effect on any day shall not be less than 5.5% per annum, which interest shall be payable monthly. Once Borrower’s Quick Ratio drops below 2.0 to 1.0 and the interest rate set forth in subclause (ii) goes into effect, such interest rate shall remain in effect until such time as Borrower has achieved and maintained a Quick Ratio of greater than or equal to 2.0 to 1.0 for three consecutive months and provided Bank with written evidence thereof.
Interest Rate; Advances. Subject to Section 2.3(b), the amounts outstanding under the Revolving Line (which, for purposes of clarification, do not include the FX Reserve or any undrawn Letters of Credit or Letter of Credit Reserves) shall accrue interest at a per annum rate equal to the Prime Rate plus the following percentages: (i) one quarter of one percentage point (0.25%) at all times that Borrower is a Net Depositor and either (A) Borrower’s Quick Ratio is equal to or greater than 1.50:1.00 or (B) Borrower’s EBITDA, net of unfunded capital expenditures, was greater than Seven Hundred Fifty Thousand Dollars ($750,000) for the most recently ended fiscal quarter and was greater than Seven Hundred Fifty Thousand Dollars ($750,000) for the two immediately preceding fiscal quarters; (ii) three quarters of one percentage point (0.75%) at all other times that Borrower is a Net Depositor; and (iii) one and one half of one percentage point (1.50%) at all times that Borrower is a Net Borrower. Changes in the applicable interest rate as a result of changes in Borrower’s status as a Net Borrower or Net Depositor or as a result of changes in Borrower’s Quick Ratio shall not become effective until the first (1st) day of the month following such change. Any change in the applicable interest rate as a result of Borrower achieving the minimum EBITDA for two (2) consecutive calendar quarters in accordance with Section 2.3(a)(i) shall become effective on the first (1st) day of the month following such second (2nd) calendar quarter. Any change in the applicable interest rate as a result of Borrower’s failure to maintain the minimum EBITDA set forth in Section 2.3(a)(i) shall become effective on the first (1st) day of the month following the month in which such failure occurred.
Interest Rate; Advances. Subject to Section 2.4(b), the principal amount outstanding under the Revolving Line shall accrue interest at a floating per annum rate equal to the greater of (X) one and one-half of one percent (1.50%) above the Prime Rate; and (Y) five and three-quarters of one percent (5.75%), which interest shall in any event be payable monthly in accordance with Section 2.4(d) below.
