Interest Rate and Payments of Interest. Each Base Rate Loan shall bear interest on the outstanding principal amount thereof at a rate per annum equal to the Base Rate, which rate shall change contemporaneously with any change in the Base Rate. If the Adjusted LIBOR Rate is selected, the Loan shall bear interest on the outstanding principal amount thereof for each Interest Period applicable thereto at a rate per annum equal to the Adjusted LIBOR Rate plus an amount to be determined based upon management-generated operating results for the preceding quarter and payable using the following calculations (which will be submitted to the Bank within fifteen (15) days from the end of each quarter):
a) In the event that Consolidated Net Income before taxes results in a sales margin equal to or greater than three percent (3%), than the Interest Rate payable in connection with the Loan will be equivalent to Adjusted LIBOR Rate plus two percent (2%);
b) In the event that Consolidated Net Income before taxes results in a sales margin equal to or greater than five percent (5%), than the Interest Rate payable in connection with the Loan will be equivalent to Adjusted LIBOR Rate plus one and one-half percent (1.5%);
c) In the event that Consolidated Net Income before taxes results in a sales margin equal to or greater than ten percent (10%), than the Interest Rate payable in connection with the Loan will be equivalent to Adjusted LIBOR Rate plus one and one-quarter percent (1.25%);
d) In the event that Consolidated Net Income before taxes results in a sales margin of less than three percent (3%), than the Interest Rate payable in connection with this Loan will be equivalent to Base Rate;
e) In the event that the BORROWER's audited operating results differ from the unaudited results reported to the BANK, and the effect of such difference would cause the Interest Rate as calculated pursuant to this Section 2.7 to be increased or decreased, then the amount payable or to be credited as interest in connection with the Loan will be adjusted retroactively and be payable by or credited to the BORROWER at the time of the next payment due in connection with the Note. Such interest shall be payable for each Interest Period on the last day thereof, whether at maturity, by reason of acceleration or otherwise, provided that, if such Interest Period is ninety (90) days or longer, interest shall be payable at intervals not to exceed ninety (90) days after the first day thereof.
Interest Rate and Payments of Interest. (A) Interest shall be calculated and paid as follows:
(1) Interest on the principal balance of the Loan from time to time outstanding will be payable at a per annum rate (the “Interest Rate”) equal to the greater of (i) the Prime {BH489438.3} Rate in effect from time to time; or (ii) a floor rate of three and twenty-five hundredths percent (3.25%).
(2) Each time a change to the Prime Rate occurs, the Interest Rate shall change concurrently with such change in the Prime Rate.
(3) Interest shall be calculated on the basis of a 360-day year, by multiplying the product of the principal amount outstanding and the applicable rate by the actual number of days elapsed, and dividing by 360, and shall be payable quarterly in arrears, on the 1st day of each and every calendar quarter (that is, on January 1, April 1, July 1, and October 1) commencing with the first calendar quarter following the first Advance and continuing on the 1st day of each calendar quarter thereafter until the outstanding principal balance of all Advances have been repaid in full, with the final payment of accrued and unpaid interest due and payable on the Maturity Date.
(B) If, at any time, the Interest Rate shall be deemed by any competent Governmental Authority to exceed the maximum rate of interest permitted by any applicable Laws, then, for such time as the Interest Rate would be deemed excessive, its application shall be suspended and there shall be charged instead the maximum rate of interest permissible under such Laws.
Interest Rate and Payments of Interest. Principal and interest on the Loan will be payable at the interest rate and upon the terms provided in the Note. Notwithstanding the foregoing, any payment not received within ten (10) days of its due date will be subject to an additional charge of five percent (5.00%) of the amount due.
Interest Rate and Payments of Interest. Interest on the principal balance of the Loan from time to time outstanding shall accrue at the rates and be payable as set forth in the Revolving Note.
Interest Rate and Payments of Interest. (A) Interest on the principal balance of the Loan, from time to time outstanding, will be payable at the rate of the Nazareth National Bank and Trust Company's (or its successor, the "Bank") Prime Rate and shall be paid as provided herein.
(B) Changes in the Prime Rate shall be effective at the beginning of business on the same day on which the Bank effects a change in its Prime Rate. Interest shall be calculated by the Lender on the basis of a 365 day year and the actual number of days elapsed.
(C) For purposes of this Agreement, "Prime Rate" and "Bank's Prime Rate" shall mean the commercial lending rate of interest per annum as fixed from time to time by the management of the Bank at its main office and designated as "Prime Rate". The determination and publication of "Prime
Interest Rate and Payments of Interest. (A) Interest shall be calculated and paid as follows:
(1) Interest on the principal balance of the Loan from time to time outstanding will be payable at a per annum rate (the “Interest Rate”) equal to the Prime Rate in effect from time to time.
(2) Each time a change to the Prime Rate occurs, the Interest Rate shall change contemporaneously with such change in the Prime Rate.
(3) Interest shall be calculated on the basis of a 360-day year, by multiplying the product of the principal amount outstanding and the applicable rate by the actual number of days elapsed, and dividing by 360, and shall be payable quarterly in arrears, on the last day of each and every quarter (that is, on March 31, June 30, September 30 and December 31) commencing on March 31, 2016, and continuing on the last day of each quarter thereafter until the outstanding principal balance of the Loan has been repaid in full, with the final payment of accrued and unpaid interest due and payable on the Maturity Date.
(B) If, at any time, the Interest Rate shall be deemed by any competent Governmental Authority to exceed the maximum rate of interest permitted by any applicable Laws, then, for such time as the Interest Rate would be deemed excessive, its application shall be suspended and there shall be charged instead the maximum rate of interest permissible under such Laws.
Interest Rate and Payments of Interest. (A) The Warehouse Loan. Interest on the Warehouse Loan shall be calculated and paid as follows:
(1) Interest on the principal balance of the Warehouse Loan, from time to time outstanding, will be payable at the rate (the "Warehouse Rate") of one percent (1%) above the Prime Rate in effect from time to time until maturity, and three percent (3%) above the Prime Rate in effect from time to time after maturity, whether by demand, acceleration or otherwise.
(2) Each time the Prime Rate shall change, the Warehouse Rate shall change concurrently with such change in the Prime Rate.
(3) Interest shall be calculated on the basis of a 360-day year, by multiplying the product of the principal amount outstanding and the applicable rate by the actual number of days elapsed, and dividing by 360. Accrued interest through the last day of each calendar month shall be payable on the 15th day of each month commencing March 15, 1994, and at maturity, whether by demand, acceleration or otherwise.
(4) Cavalier Acceptance agrees to pay a late charge equal to five percent (5%) of the amount of the payment which is late, but not more than the maximum amount allowed by applicable Law (the "Late Charge"), as follows:
(a) if any scheduled payment is late twenty (20) days or more or (b) if any scheduled payment is late ten (10) days or more, and two (2)or more scheduled payments have been late twenty (20) days or more since February 1 of the year in which such scheduled payment is late ten (10) days or more. This subparagraph does not extend any payment due date expressly stated in the Agreement or any Security Document and does not in any way prevent or estop Lender from requiring that payments be made by Cavalier Acceptance strictly when due. Unless accepted by Lender, and unless accompanied by all other amounts then due to Lender, the tender of such payment by Cavalier Acceptance does not cure the Event of Default arising from the payment default upon which such Late Charge was assessed.
(B) The Term Loan(s). Interest on each Term Loan shall be calculated and paid as follows:
(1) Interest on the principal balance of each Term Loan, from time to time outstanding, will be payable at a rate (the "Term Rate") that will be fixed for five years at the per annum rate of interest equal to 240 basis points (2.40%) above the Five Year Treasury. For any Term Loan, the Five Year Treasury shall be measured by adding, on the date of calculation, the Five Year Treasury rates as have been made ava...
Interest Rate and Payments of Interest. 2.7.1 Interest on the Loan shall be paid as follows:
(1) Interest on the principal balance of the Loan, from time to time outstanding, and on all other Obligations arising under this Agreement, will be payable at a rate (the "Rate") equal to eight percent (8%) per annum, shall be payable monthly on the last day of the month for which such interest was earned with the final payment of interest being due on September 30, 1999 or such later date to which the Loan is extended pursuant to the terms hereof;
(2) If the Loan is extended as provided in Section 2.5.2, interest accruing after September 30, 1999 shall be payable monthly and be payable on the last day of the month for which such interest was earned with the final payment of interest being due on September 30, 1999 or such later date to which the Loan is extended pursuant to the terms hereof;
(3) If the Loan is prepaid either in whole or in part, interest on any principal balance being prepaid to the prepayment date shall be due on such date;
(4) If the Loan is converted into common stock of the Borrower as provided in Section 3.6 and in the Note, all unpaid interest accrued on the Loan to the conversion date shall be due on such date; and
(5) At any time an Event of Default shall occur under this Agreement all unpaid interest accrued on the Loan to the date such Event of Default occurred shall be immediately due and payable.
2.7.2 If, at any time, the Rate shall be deemed by any competent court of law, governmental agency or tribunal to exceed the maximum rate of interest permitted by any applicable Laws, then, for such time as the Rate would be deemed excessive, its application shall be suspended and there shall be charged instead the maximum rate of interest permissible under such Laws.
Interest Rate and Payments of Interest. The carryover paragraph appearing after subparagraph 2.6(a)(2) which begins "provided, however," is hereby deleted and replaced with the following: provided, however, that in the event that the ratio of the Borrower's Total Funded Debt to EBITDA exceeds 2 to 1 at the end of a fiscal quarter of the Borrower, as reported by the Borrower pursuant to Section 7.4, then in such event, for the next fiscal quarter of the Borrower, the interest rate payable on Floating Rate Loans shall increase to a rate per annum equal to the Base Rate plus one-half of one percent (.50%), and the interest rate payable on Eurodollar Loans shall increase to a rate per annum equal to the LIBOR Rate plus one percent (1.0%).
Interest Rate and Payments of Interest. (A) Interest on the Term Loan shall be calculated and paid as provided in the Term Note (the rate of interest as may from time to time be accruing under the Term Note being herein referred to as the "Term Rate").
(B) If, at any time, the Term Rate shall be deemed by any competent court of law, governmental agency or tribunal to exceed the maximum rate of interest permitted by any applicable Laws, then, for such time as the Term Rate would be deemed excessive, its application shall be suspended and there shall be charged instead the maximum rate of interest permissible under such Laws, and any excess interest actually collected by the Bank shall be credited as a partial prepayment of principal.
