Common use of Interest Rate and Payment Dates Clause in Contracts

Interest Rate and Payment Dates. (a) The Borrower shall pay to the Bank interest on the unpaid principal amount of the Term Loan commencing on June 1, 2017 and continuing through and including the Maturity Date, at a rate per annum equal to the greater of (x) the Prime Rate plus 2.50%, and (y) 6.00%. Any change in the interest rate resulting from a change in the Prime Rate shall be effective as of the opening of business on the day on which such change in the Prime Rate becomes effective. (b) Notwithstanding the foregoing, if an Event of Default has occurred and is continuing, then, so long as such Event of Default is continuing, the interest rate of the obligation which shall be in effect at the time of the Event of Default, shall be increased by five (5%) percentage points above the interest rate per annum in effect at this time of the Event of Default without the Bank being obligated to give any notice of said increase (the “Default Rate”) to Borrower. The Default Rate shall increase at the rate of one (1%) percentage point per month beginning on the first day of the month following the month in which the Default Rate became effective and on the first day of each month thereafter up to the maximum rate permitted by law, until the Term Loan is paid in full. (c) Accrued interest on the Term Loan shall be payable in arrears on the first day of each month, provided that accrued and unpaid interest on past due amounts shall be due and payable upon demand. (d) All interest hereunder shall be computed on the basis of a year of 360 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

Interest Rate and Payment Dates. (a) The Borrower shall pay Except as otherwise provided in Section 2.7(b), prior to maturity, the Bank interest on the unpaid outstanding principal amount balance of the Term Loan commencing on June 1, 2017 and continuing through and including the Maturity Date, shall bear interest at a rate per annum equal to the greater of (x) the Prime Rate plus 2.505.00%, and (y) 6.00%. Any change in the interest rate resulting from a change in the Prime Rate shall be effective as of the opening of business on the day on which such change in the Prime Rate becomes effective. (b) Notwithstanding the foregoing, if after the occurrence and during the continuance of an Event of Default has occurred and is continuing, thenDefault, so long as such Event of Default is continuing, the interest rate all principal of the obligation which shall be in effect Loan and each fee and other amount then due and payable by the Borrower hereunder (whether at the time of the Event of Defaultstated maturity thereof, by acceleration or otherwise) shall be increased by five (5%) percentage points above the bear interest at a rate per annum in effect at this time equal to 5.00% above the otherwise applicable rate, from the date of the such Event of Default without until such Event of Default is cured or waived in writing by the Bank being obligated Bank. In addition, if any payment of interest or principal hereunder is not paid or funds are not available to give any notice of said increase (the “Default Rate”) to Borrower. The Default Rate shall increase at the rate of one (1%) percentage point per month beginning be automatically debited on the first day of date on which it is due, the month following the month in which the Default Rate became effective and on the first day of each month thereafter up Borrowers shall pay to the maximum rate permitted by lawBank, until the Term Loan is paid in fullupon demand, an amount equal to 5.00% of such unpaid payment. (c) Accrued interest on the Term Loan shall be payable in arrears on the first day of each month, provided that accrued and unpaid interest on past due amounts shall be due and payable upon demand. (d) All interest hereunder shall be computed on the basis of a year of 360 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). (d) Except as provided in the next sentence, interest on the Loan shall be paid monthly in arrears on the first day of each month, commencing on the first such day after the Loan, and at maturity for the Loan. Interest that is payable at the post-default rate as provided in provided in Section 2.7(b) shall be payable from time to time on demand of the Bank. (e) No interest payable hereunder, whether by reason of maturity, the acceleration thereof, or otherwise, shall be in excess of the maximum rate permitted by any applicable law. As used herein, the term "applicable law" means the law in effect as of the Effective Date; provided that in the event there is a change in the law which results in a higher permissible rate of interest, then this Agreement shall be governed by such new law as of its effective date. In this regard, it is expressly agreed that it is the intent of the Borrowers and the Bank in the execution, delivery and acceptance of this Agreement to contract in strict compliance with the laws of the State of New York from time to time in effect. If, under or from any circumstances whatsoever, fulfillment of any provision hereof or of any of the Loan Documents at the time of performance of such provision shall be due, shall involve transcending the limit of such validity prescribed by applicable law, then the obligation to be fulfilled shall automatically be reduced to the limits of such validity, and if under or from circumstances whatsoever the Bank should ever receive as interest an amount which would exceed the highest lawful rate, such amount which would be excessive interest shall be applied to the reduction of the principal balance evidenced by the Term Note and not to the payment of interest.

Interest Rate and Payment Dates. (a) The Borrower shall pay Except as otherwise provided in Section 2.7(b), prior to maturity, the Bank interest on the unpaid outstanding principal amount balance of the Term Loan commencing on June 1, 2017 and continuing through and including the Maturity Date, Loans shall bear interest at a rate per annum equal to the greater of (x) the Prime Rate plus 2.505.00%, and (y) 6.00%. Any change in the interest rate resulting from a change in the Prime Rate shall be effective as of the opening of business on the day on which such change in the Prime Rate becomes effective. (b) Notwithstanding the foregoing, if after the occurrence and during the continuance of an Event of Default has occurred and is continuing, thenDefault, so long as such Event of Default is continuing, the interest rate all principal of the obligation which shall be in effect Loans and each fee and other amount then due and payable by the Borrower hereunder (whether at the time of the Event of Defaultstated maturity thereof, by acceleration or otherwise) shall be increased by five (5%) percentage points above the bear interest at a rate per annum in effect at this time equal to 5.00% above the otherwise applicable rate, from the date of the such Event of Default without until such Event of Default is cured or waived in writing by the Bank being obligated Bank. In addition, if any payment of interest or principal hereunder is not paid or funds are not available to give any notice of said increase (the “Default Rate”) to Borrower. The Default Rate shall increase at the rate of one (1%) percentage point per month beginning be automatically debited on the first day of date on which it is due, the month following the month in which the Default Rate became effective and on the first day of each month thereafter up Borrowers shall pay to the maximum rate permitted by lawBank, until the Term Loan is paid in fullupon demand, an amount equal to 5.00% of such unpaid payment. (c) Accrued interest on the Term Loan shall be payable in arrears on the first day of each month, provided that accrued and unpaid interest on past due amounts shall be due and payable upon demand. (d) All interest hereunder shall be computed on the basis of a year of 360 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). (d) Except as provided in the next sentence, interest on the Loans shall be paid monthly in arrears on the first day of each month, commencing on the first such day after each Loan, and at maturity for the Loans. Interest that is payable at the post-default rate as provided in provided in Section 2.7(b) shall be payable from time to time on demand of the Bank. (e) No interest payable hereunder, whether by reason of maturity, the acceleration thereof, or otherwise, shall be in excess of the maximum rate permitted by any applicable law. As used herein, the term "applicable law" means the law in effect as of the Effective Date; provided that in the event there is a change in the law which results in a higher permissible rate of interest, then this Agreement shall be governed by such new law as of its effective date. In this regard, it is expressly agreed that it is the intent of the Borrowers and the Bank in the execution, delivery and acceptance of this Agreement to contract in strict compliance with the laws of the State of New York from time to time in effect. If, under or from any circumstances whatsoever, fulfillment of any provision hereof or of any of the Loan Documents at the time of performance of such provision shall be due, shall involve transcending the limit of such validity prescribed by applicable law, then the obligation to be fulfilled shall automatically be reduced to the limits of such validity, and if under or from circumstances whatsoever the Bank should ever receive as interest an amount which would exceed the highest lawful rate, such amount which would be excessive interest shall be applied to the reduction of the principal balance evidenced by the Second Term Note and not to the payment of interest.