Interest Rates and Payments. (a) Interest shall be charged and paid on the Loan from the date of the initial advance until the Loan is paid at a rate equal to the LIBO Rate plus two hundred fifty basis points (2.5%), to be adjusted at the beginning of each Interest Period.
(b) Interest shall be computed on the basis of a 360-day year counting the actual number of days elapsed, and shall be due and payable without notice on each Interest Payment Date.
(c) Notwithstanding the foregoing, upon the occurrence of an Event of Default interest may be charged at the Default Rate as defined and set forth in the Note if the Bank so elects, regardless of whether the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration of the maturity of the outstanding principal of the Note. All such interest shall be paid at the time of and as a condition precedent to the curing of any such default to the extent any right to cure is given.
(d) The Borrower shall pay to Bank, if and so long as Bank shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid principal amount of the Loan, from such time as Bank is so required to maintain reserves until said principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) the LIBO Rate for the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereof.
(e) From time to time, the Bank shall send the Borrower statements of all amounts due hereunder which statements, absent manifest error, shall be considered correct and conclusively binding on the Borrower unless the Borrower notifies the Bank to the contrary within one hundred eighty (180) days of its receipt of any statement to which it objects. All sums payable to the Bank hereunder shall be paid in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day shall be deemed to have been received on the next Business Day.
(f) The entire pr...
Interest Rates and Payments. The Issuer covenants and agrees that the Principal Amount shall bear interest at a rate equal to 8.19% per annum (the “PIK Interest”), which shall accrue beginning on the date of this Note (the “Date of Issuance”), and shall accrue quarterly in arrears on the last day of each quarter (the “PIK Interest Accrual Date”) during the term hereof and on the Date of Maturity, and without any action on the part of the Issuer and the Holder shall be payable on and added to the Principal Amount, with the first such PIK Interest Accrual Date where the PIK Interest accruing from the Date of Issuance shall be added to the Principal Amount being June 30, 2011.
Interest Rates and Payments. (a) Interest shall accrue on the outstanding principal amount of the Advance, during each Interest Period, at a per annum rate equal to the sum of (a) the Margin plus (b) the LIBOR Rate for that Interest Period. Borrower shall pay accrued interest on the Advance on the last day of each Interest Period, and at Maturity (and, in the case of interest accruing after Maturity, on demand). Notwithstanding the foregoing, after Maturity and, if Bank elects, while an Event of Default exists prior to Maturity, interest shall accrue on the outstanding principal amount of the Advance at a per annum rate equal to the Default Rate.
(b) If any present or future law, governmental rule, regulation, policy, guideline, directive or similar requirement (whether or not having the force of law) imposes, modifies, or deems applicable any capital adequacy, capital maintenance or similar requirement which affects the manner in which Bank allocates capital resources to its commitments (including any commitments hereunder), and as a result thereof, in the reasonable opinion of Bank, the rate of return on Bank’s capital with regard to the Advance is reduced to a level below that which Bank could have achieved but for such circumstances, then in such case and upon notice from Bank to Borrower, from time to time, Borrower shall pay to Bank such additional amount or amounts as shall compensate Bank for such reduction in Bank’s rate of return. Such notice shall contain the statement of Bank with regard to any such amount or amounts, which shall, in the absence of manifest error, be binding upon Borrower. In determining such amount, Bank may use any reasonable method of averaging and attribution that it deems applicable. For the avoidance of doubt, the foregoing provisions shall apply to all requests, rules, guidelines or directives concerning capital adequacy issued in connection with the Xxxx−Xxxxx Xxxx Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines or directives concerning capital adequacy promulgated by the Bank for International Settlements, the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority) or the United States financial regulatory authorities, regardless of the date adopted, issued, promulgated or implemented.
(c) If at any time Bank, in the reasonable exercise of its discretion, determines that for any period (i) Dollar deposits for the applicable Interest Period are not available...
Interest Rates and Payments. 4 SECTION 2.2
Interest Rates and Payments. The unpaid principal amount of Term Loans from time to time outstanding hereunder shall bear interest in accordance with this Section 2.1.
Interest Rates and Payments. (a) Loans shall bear interest on --------------------------- the outstanding principal amount thereof at a rate per annum equal to the Prime Rate as in effect from time to time. Interest on Loans shall accrue monthly and be payable on the earlier to occur of (i) the Business Day following demand by the Lender or (ii) the Termination Date. The Lender will notify the Borrowers in writing, upon request of a Borrower, of the amount of interest payable hereunder with respect to Loans which notice will set forth in reasonable detail the calculation of such amount.
(b) Overdue principal of and, to the extent permitted by law, overdue interest on the Loans shall bear interest, payable on demand of the Lender, for each day until paid at a rate per annum equal to the Prime Rate plus 2% (two percent).
Interest Rates and Payments. The parties agree that the Loans shall accrue interest and be repaid in accordance with the following terms:
Interest Rates and Payments. Interest shall accrue on the Obligations and shall be payable as set forth in the Daily Adjusting LIBOR Addendum to Loan and Security Agreement attached hereto and made a part hereof.
Interest Rates and Payments. (a) Interest on each Revolving Loan shall accrue at one of the following annual rates selected by Borrower: (i) upon notice to Lender, One and 5/10 Percent (1.5%) below the prime rate announced by Lender from time to time, as and when such rate changes (each, a “Prime Rate Loan”); or (ii) upon a minimum of two (2) New York Banking Days prior notice, One and 3/10 Percent (1.3%) above the one (1), two (2), three (3), or six (6) month LIBOR rate quoted by Lender from Telerate Page 3750, Reuters Screen LIBOR1 Page, or any successor thereto (which shall be the LIBOR rate in effect two (2) New York Banking Days prior to commencement of the Revolving Loan), adjusted for any reserve requirement and any subsequent costs arising from a change in government regulation (each, a “LIBOR Loan”). Interest on each Prime Rate Loan shall be paid in consecutive quarterly installments due and payable on each February 10, May 10, August 10, and November 10, and on the last day of the Revolving Credit Period. Interest on each LIBOR Loan shall be payable for each Loan Period on the last day thereof, unless the duration of such Loan Period exceeds three (3) months, in which case such interest shall be payable on the last day of each three (3) month period during such Loan Period and on the last day of such Loan Period.
(b) In the event Borrower does not timely select another interest rate option at least two (2) New York Banking Days before the end of the Loan Period for a LIBOR Loan, Lender may at any time after the end of the Loan Period convert the LIBOR Loan to a Prime Rate Loan, but until such conversion, the funds advanced under the LIBOR Loan shall continue to accrue interest at the same rate as the interest rate in effect for such LIBOR Loan prior to the end of the Loan Period.
(c) No LIBOR Loan may extend beyond the last day of the Revolving Credit Period. In any event, if the Loan Period for a LIBOR Loan should happen to extend beyond the last day of the Revolving Credit Period, such LIBOR Loan must be prepaid at the time the LIBOR Loan matures, subject to the prepayment requirements of Section 2.04(f) below. Each LIBOR Loan shall be in a minimum principal amount of $100,000. The aggregate number of LIBOR Loans in effect at any one time may not exceed six (6).
(d) Effective March 5, 2007 and thereafter, interest on the Term Loan shall accrue at a fixed annual rate of Six and 9/100 Percent (6.09%). Interest on the Term Loan shall be paid in consecutive quarterly installme...
Interest Rates and Payments. (a) Base Rate Loans shall --------------------------- bear interest on the outstanding principal amount thereof at a rate per annum equal to the Base Rate as in effect from time to time. Interest on Base Rate Loans shall be payable monthly in arrears and on the Termination Date. The Lender will notify the Borrowers in writing, not later than ten days after the end of each month, of the amount of interest payable hereunder with respect to Base Rate Loans which notice will set forth in reasonable detail the calculation of such amount. The Borrowers agrees that they shall pay each monthly installment of interest within five Business Days of the date on which they receive such notice.
(b) LIBOR Loans shall bear interest on the outstanding principal amount thereof, for the applicable duration thereof as selected by a Borrower in the notice of borrowing given pursuant to Section 2.2(a), at a rate per annum equal to LIBOR for such period as in effect one Business Day before the beginning of the period plus 2% (two percent). Interest on LIBOR Loans shall be payable, and the Borrowers agree that they shall pay such interest without any requirement of notice from the Lender, with respect to the period of duration of each LIBOR Loan on the last day thereof.
(c) Overdue principal of and, to the extent permitted by law, overdue interest on the Loans shall bear interest, payable on demand of the Lender, for each day until paid at a rate per annum equal to the Base Rate plus 2% (two percent).
