Interest Rates and Payments of Interest. (a) BASE RATE LOANS. Each Base Rate Loan shall bear interest on the outstanding principal amount thereof at a rate per annum equal to the Base Rate plus one and one-half (1 1/2%) per annum, which rate shall change contemporaneously with any change in the Base Rate. Such interest shall be payable monthly in arrears on the first Business Day of each month, commencing October 1, 2004, and when such Loan is due (whether at maturity, by reason of acceleration or otherwise).
Appears in 1 contract
Interest Rates and Payments of Interest. (a) BASE RATE LOANS. Each Base Rate Loan shall bear interest on the outstanding principal amount thereof at a rate per annum equal to the Base Rate plus one and one-half (1 1/2%) per annumRate, which rate shall change contemporaneously with any change in the Base Rate. Such interest shall be payable monthly in arrears on the first Business Day last day of each monthcalendar quarter of each year, commencing October 1September 30, 20041998, and when such Loan is due (whether at maturity, by reason of acceleration or otherwise).
Appears in 1 contract
Samples: Secured Revolving Credit Agreement (Picturetel Corp)
Interest Rates and Payments of Interest. (a) BASE RATE LOANS. Each Base Rate Loan shall bear interest on the outstanding principal amount thereof at a rate per annum equal to the Base Rate plus one and one-half (1 1/2%) per annumRate, which rate shall change contemporaneously with any change in the Base Rate. Such interest shall be payable monthly in arrears on the first Business Day last day of each month, commencing October 1, 2004, and when such Loan is due (whether at maturity, by reason of acceleration or otherwise).
Appears in 1 contract
Interest Rates and Payments of Interest. (a) BASE RATE LOANS. Each Loan which is a Base Rate Loan shall bear interest on the outstanding principal amount thereof at a rate per annum equal to the Alternate Base Rate plus one and one-half (1 1/2%) per annumthe Applicable Margin, which rate shall change contemporaneously with any change in the Alternate Base RateRate or the Applicable Margin, as provided below. Such interest shall be payable monthly in arrears on the first Business Day of each month, commencing October 1, 2004, and when such Loan is due (whether at maturity, by reason of acceleration or otherwise).
Appears in 1 contract
Interest Rates and Payments of Interest. (a) BASE RATE LOANS. Each Base Rate Loan shall bear interest on the outstanding principal amount thereof at a rate per annum equal to the Base Rate plus one and one-half (1 1/2%) per annumin effect from time to time, which rate shall change contemporaneously with any change in the Base Rate. Such interest Interest accruing on each Base Rate Loan shall be payable monthly quarter-annually in arrears arrears, on the first Business Day last day of March, June, September and December of each monthyear, commencing October 1beginning March 31, 20041999, and when such Loan is due (whether at maturity, by reason of acceleration or otherwise).
Appears in 1 contract