Interest Rates Applicable to Line of Credit. Except as otherwise provided in this Agreement, the unpaid principal amount of each Line of Credit Advance evidenced by the Revolving Note shall accrue interest at an annual interest rate calculated as follows: Floating Rate: Line of Credit Advances = Prime Rate minus the applicable Margin, which interest rate shall change whenever the Prime Rate changes (the “Floating Rate”); or LIBOR Advance Rate for One, Three, or Six Month Interest Periods: Line of Credit Advances = LIBOR plus the applicable Margin (the “LIBOR Advance Rate”) Multiple Advances under the Line of Credit may simultaneously accrue interest at both the Floating Rate and at the LIBOR Advance Rate, subject to the limitations of Section 1.3(a)(i). The Margins through and including the adjustment occurring as specified below shall be 0.25% per annum for Floating Rate Advances, and 2.40% per annum for LIBOR Advances. The Margins shall be reduced by 0.25% per annum on a one-time basis if the following conditions precedent have been satisfied (as verified by Xxxxx Fargo): (i) the Companies’ Net Income for the fiscal year ending December 31, 2008 (as presented in Companies’ financial statements audited by independent public accountants acceptable to Xxxxx Fargo), is greater than $1,500,000, and (ii) no Default Period is existing at the time Xxxxx Fargo receives such year-end audited financial statements. The Margin reduction provided for in the immediately preceding paragraph shall become effective on the first calendar day of the first calendar month following the month of receipt by Xxxxx Fargo of fiscal year end financial statements that have been audited by an independent public accounting firm, acceptable to Xxxxx Fargo. If amended or restated financial statements would change previously calculated Margins, or if Xxxxx Fargo determines that any financial statements have materially misstated Companies’ financial condition, then Xxxxx Fargo may, using the most accurate information available to it, recalculate the financial test or tests governing the Margins and retroactively increase the Margins from the date of receipt of such amended or restated financial statements and charge Companies additional interest, which may be imposed on them from the beginning of the appropriate month to which the restated statements or recalculated financial tests relate, as Xxxxx Fargo in its sole discretion deems appropriate.
Interest Rates Applicable to Line of Credit. Except as otherwise provided in this Agreement, the unpaid principal amount of each Line of Credit Advance evidenced by the Revolving Note shall accrue interest at an annual interest rate calculated as follows: Floating Rate Pricing The “Floating Rate” for Line of Credit Advances = the Daily Three Month LIBOR rate plus five and one-half percent (5.50%), which rate shall change whenever the Daily Three Month LIBOR rate changes.”
Interest Rates Applicable to Line of Credit. Except as otherwise provided in this Agreement, the unpaid principal amount of each Advance shall accrue interest at an annual interest rate calculated as follows: (i) for Floating Rate Advances, an interest rate equal to Daily Three Month LIBOR plus three and three-quarters of one percent (3.75%) (the “Floating Rate”), which interest rate shall change whenever Daily Three Month LIBOR changes and (ii) for Fixed Rate Advances, an interest rate equal to the Floating Rate in effect on the first Business Day of the applicable Fixed Rate Interest Period (inclusive of the margin applicable to the Floating Rate, and subject to the minimum interest rate, if applicable, unless a Rate Hedge applies to the Fixed Rate Advance) (such fixed rate, the “Fixed Rate” for an Advance).
Interest Rates Applicable to Line of Credit. Except as otherwise provided in this Agreement, the unpaid principal amount of each Advance evidenced by the Revolving Note shall accrue interest at an annual interest rate calculated as follows:
Interest Rates Applicable to Line of Credit. Except as otherwise provided in this Agreement, the unpaid principal amount of each Line of Credit Advance
Interest Rates Applicable to Line of Credit. Except as otherwise provided in this Agreement, the unpaid principal amount of each Line of Credit Advance evidenced by the Revolving Note shall accrue interest at an annual interest rate calculated as follows: Floating Rate Line of Credit Advances = Prime Rate plus the applicable Margin, which interest rate shall change whenever the Prime Rate changes (the “Floating Rate”); or LIBOR Advance Rate for One, Three, or Six Month Interest Periods Line of Credit Advances = LIBOR plus the applicable Margin (the “LIBOR Advance Rate”). Multiple Advances under the Line of Credit may simultaneously accrue interest at both the Floating Rate and at the LIBOR Advance Rate, subject to the limitations of Section 1.3(a)(i). The Margins through and including the first adjustment occurring as specified below shall be <0.25%> for Floating Rate Advances, and 2.00% for LIBOR Advances. (Numbers appearing between “< >“ are negative.) The Margins shall be adjusted each fiscal quarter of Company beginning with the quarter ending November 29, 2008, on the basis of the Liquidity of Company as of the end of the previous fiscal quarter, in accordance with the following table: Margins
Interest Rates Applicable to Line of Credit. Except as otherwise provided in this Agreement, the unpaid principal amount of each Line of Credit Advance evidenced by the Revolving Note and the Real Estate Term Note, as applicable, shall accrue interest at an annual interest rate calculated as follows: Floating Rate Pricing The "Floating Rate" for Line of Credit Advances = Through and until July 1, 2014, an interest rate equal to the sum of (i) the Daily Three Month LIBOR, which interest rate shall change whenever the Daily Three Month LIBOR changes, plus (ii) three percent (3.0%). From and after July 1, 2014, an interest rate equal to the sum of (i) Daily Three Month LIBOR, which interest rate shall change whenever Daily Three Month LIBOR changes, plus (ii) (a) three percent (3.0%) if the average excess availability under the Borrowing Base for the immediately preceding fiscal quarter was at least $7,500,000.00, or (b) three and one-half percent (3.5%) if the average excess availability under the Borrowing Base for the immediately preceding fiscal quarter was less than $7,500,000.00. The Floating Rate will be adjusted on the first day of each fiscal quarter. The "Floating Rate" for the Real Estate Term Advance = Through and until July 1, 2014, an interest rate equal to the sum of (i) the Daily Three Month LIBOR, which interest rate shall change whenever the Daily Three Month LIBOR changes, plus (ii) four percent (4.0%). From and after July 1, 2014, an interest rate equal to the sum of (i) Daily Three Month LIBOR, which interest rate shall change whenever Daily Three Month LIBOR changes, plus (ii) (a) four percent (4.0%) if the average excess availability under the Borrowing Base for the immediately preceding fiscal quarter was at least $7,500,000.00, or (b) four and one-half percent (4.5%) if the average excess availability under the Borrowing Base for the immediately preceding fiscal quarter was less than $7,500,000.00. The Floating Rate will be adjusted on the first day of each fiscal quarter.
Interest Rates Applicable to Line of Credit. Except as otherwise provided in this Agreement, the unpaid principal amount of each Line of Credit Advance evidenced by the Revolving Note shall accrue interest at an annual interest rate calculated as follows: As selected by Company pursuant to Section 1.3(b), the “Floating Rate” for Line of Credit Advances is equal to (i) an interest rate equal to Daily Three Month LIBOR plus the applicable Margin, which interest rate shall change whenever Daily Three Month LIBOR changes or (ii) an interest rate equal to the WFBC Base Rate plus the applicable Margin, which interest rate shall change whenever WFBC Base Rate changes.
Interest Rates Applicable to Line of Credit. Except as otherwise provided in this Agreement, the unpaid principal amount of each Line of Credit Advance evidenced by the Revolving Note shall accrue interest at an annual interest rate calculated as follows: Floating Rate Pricing The “Floating Rate” for Line of Credit Advances = an interest rate equal to the sum of (i) Daily Three Month LIBOR, which interest rate shall change whenever Daily Three Month LIBOR changes, plus (ii) (a) three percent (3.0%) if the average excess availability under the Borrowing Base for the immediately preceding fiscal quarter was at least $7,500,000.00, or (b) three and one-half percent (3.5%) if the average excess availability under the Borrowing Base for the immediately preceding fiscal quarter was less than $7,500,000.00. The Floating Rate will be adjusted on the first day of each fiscal quarter.
Interest Rates Applicable to Line of Credit. Except as otherwise provided in this Agreement, the unpaid principal amount of each Line of Credit Advance evidenced by the Revolving Note shall accrue interest at an annual interest rate calculated as follows: Floating Rate Pricing The "Floating Rate" for Line of Credit Advances = An interest rate equal to the sum of (i) Daily Three Month LIBOR, which interest rate shall change whenever Daily Three Month LIBOR changes, plus (ii) three percent (3.0%), provided however, if but only if (i) there is not a then existing Event of Default or Default Period, and (ii) the Company either (x) achieves a Net Income of not less than $2,500,000.00 in any fiscal year, or (y) achieves an EBITDA of not less that $10,000,000.00 in any fiscal year, then effective on the first day of the first month following Wxxxx Fargo’s receipt of the Company’s audited financial statements complying with Section 5.1(a) below which indicate such achievement, the Floating Rate shall be reduced to an interest rate equal to the sum of (i) Daily Three Month LIBOR, which interest rate shall change whenever the Daily Three Month LIBOR changes, plus (ii) two and one-half percent (2.5%).
