Interest Rates; Payments. (a) The principal amount of the Loans outstanding from day to day which is the subject of an Adjusted Base Rate Tranche shall bear interest (computed on the basis of actual days elapsed in a 365 or 366 day year, as applicable) at a rate per annum equal to the sum of (i) the Adjusted Base Rate, plus (ii) the Applicable Margin; provided that in no event shall the rate charged hereunder or under the Notes exceed the Maximum Lawful Rate. Interest on any portion of the principal of the Loans subject to an Adjusted Base Rate Tranche shall be payable as it accrues on the last day of each Fiscal Quarter.
(b) The principal amount of the Loans outstanding from day to day which is the subject of a Eurodollar Tranche shall bear interest (computed on the basis of actual days elapsed and as if each calendar year consisted of 360 days, unless such computation would exceed the Maximum Lawful Rate in which case interest shall be computed on the basis of actual days elapsed in a 365 or 366 day year, as applicable) for the Interest Period applicable thereto at a rate per annum equal to the sum of (i) the Adjusted LIBOR Rate, plus (ii) the Applicable Margin; provided, that in no event shall the rate charged hereunder or under the Notes exceed the Maximum Lawful Rate. Interest on any portion of the Loans subject to a Eurodollar Tranche having an Interest Period of six (6) or twelve (12) months shall be payable on the last day of such Interest Period and on the last day of the initial three-month period and, as applicable, each subsequent, three-month period during such Interest Period.
(c) So long as no Default or Event of Default shall be continuing, subject to the provisions of this Section 2.5, Borrower shall have the option of having all or any portion of the principal outstanding under the Loans borrowed by it be the subject of an Adjusted Base Rate Tranche or one or more Eurodollar Tranches, which shall bear interest at rates based upon the Adjusted Base Rate and the Adjusted LIBOR Rate, respectively (each such option is referred to herein as an “Interest Option”); provided that each Tranche shall be in a minimum amount of $1,000,000 and shall be in an amount which is an integral multiple of $100,000. Each change in an Interest Option made pursuant to this Section 2.5(c) shall, for purposes of determining how much of the Loans are the subject of an Adjusted Base Rate Tranche and how much of the Loans are the subject of Eurodollar Tranches only, be deemed both a payment i...
Interest Rates; Payments. AND CALCULATIONS
Interest Rates; Payments. Interest will accrue from time to time on the unpaid principal amount of each Note at the Applicable Rate, based on a 365- or 366-day year (as the case may be) and the actual number of days elapsed. All unpaid accrued interest on the Notes will be due and payable in full on the Maturity Date and, to the extent not paid (whether or not due), will be compounded on each Quarterly Payment Date. In addition, all accrued and unpaid interest on the Notes will be paid upon the payment in full of the entire outstanding principal amount of Notes and, if payment in full is not made when due, thereafter on demand.
Interest Rates; Payments. The principal amount of the Base Rate Loan outstanding from day to day shall bear interest at a rate per annum equal to the Base Rate in effect from day to day; provided that in no event shall the rate charged hereunder or under the Notes exceed the Maximum Lawful Rate. Interest on the Base Rate Loan shall be payable as it accrues on each Quarterly Date, and on the Termination Date.
Interest Rates; Payments and Calculations. -----------------------------------------
Interest Rates; Payments. (i) Each Advance outstanding on the First Amendment Date shall continue as a LIBOR-Based Advance with one (1)-month Interest Periods unless and until a Conversion occurs with respect to it. Each LIBOR-Based Advance with Interest Periods of a particular duration shall continue as such unless and until a Conversion occurs with respect to such Advance, and each Prime-Based Advance shall continue as such unless and until a Conversion occurs with respect to such Advance. Each Borrowing Notice for an Advance made after the First Amendment Date shall indicate whether the Advance is initially to be a LIBOR-Based Advance (and, if so, with what initial Interest Periods) or a Prime-Based Advance (if it fails to do so, such Advance shall be initially a LIBOR-Based Advance with one (1) month Interest Periods). For the avoidance of doubt, at any point in time, each then outstanding Advance shall be either a LIBOR-Based Advance (bearing interest at a LIBOR-Based Rate) or a Prime-Based Advance (bearing interest at a Prime-Based Rate).
(ii) Borrower may make a Conversion with respect to an Advance as follows (each notice described below in this paragraph is referred to as a “Conversion Notice”): To make a conversion of a Prime-Based Advance into a LIBOR-Based Advance, Borrower shall give to Bank a Conversion Notice at least two (2) Business Days before a date on which the Conversion is requested to become effective, which Conversion Notice must specify the Advance to which the Conversion will apply, the date on which the Conversion is requested to become effective (if such date is not specified, Bank may select the date) and whether the Interest Period durations for the Advance will initially be one (1) month, two (2) months or three (3) months (if it fails to indicate one of such Interest Periods, such Interest Periods for such converted Advance shall initially be one (1) month in duration). To make a Conversion of a LIBOR-Based Advance into a Prime-Based Advance, Borrower shall give to Bank a Conversion Notice at least two (2) Business Days before the last day of the then current Interest Period for such Advance, which Conversion Notice must specify the Advance to which the Conversion is to apply, and such Conversion shall become effective immediately after the last day of such then current Interest Period for such Advance. To make a Conversion of a LIBOR-Based Advance with Interest Periods of one duration in a LIBOR-Based Advance with Interest Periods of a different dur...
Interest Rates; Payments. (a The principal amount of ------------------------ the Loan outstanding from day to day which is the subject of an Adjusted Base Rate Tranche shall bear interest at a rate per annum equal to the sum of the Applicable Margin plus the Adjusted Base Rate in effect from day to day; provided that in no event shall the rate charged hereunder or under the Notes -------- ---- exceed the Maximum Lawful Rate. Interest on any portion of the principal of the Loan subject to an Adjusted Base Rate Tranche shall be payable as it accrues on the last day of each calendar month.
Interest Rates; Payments. (a) Revolving Advances shall accrue interest on the aggregate principal balance thereof from time to time outstanding at a per annum rate equal to the Prime Rate plus one percent (1.00%). After an Event of Default, Obligations shall accrue interest at a rate equal to five percent (5.00%) above the rate effective for such Obligations immediately before the Event of Default. The interest rate shall increase or decrease when the Prime Rate changes. Interest is computed on a 360-day year for the actual number of days elapsed.
(b) Interest on outstanding Revolving Advances shall be due and payable on the first day of each month. Bank will debit any of Borrower's deposit accounts, including Account Number 3300229151, for principal and interest payments as well as any other amounts Borrower owes Bank when due. These debits are not a set-off. Payments received after 12:00 noon, Pacific Time, are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment is due on the next Business Day and additional fees and interest shall accrue from the initial due date.
Interest Rates; Payments. (a) Revolving Advances shall accrue interest on the aggregate principal balance thereof from time to time outstanding at a per annum rate equal to the Prime Rate, and the Deferred Amount (if any) shall accrue interest on the aggregate principal balance thereof from time to time outstanding at a per annum rate equal to the Prime Rate plus one-half percent (0.50%); provided, however, that if Borrower fails to maintain the following minimum revenues (on a rolling six-month basis) for the corresponding six-month periods, Revolving Advances shall accrue interest at the per annum rate of the Prime Rate plus three-quarters percent (.075%) and the Deferred Amount, if any, shall accrue interest at the per annum rate of the Prime Rate plus one and one-quarter percent (1.25%): (i) $54,000,000 for the six months ending March 31, 2003; (ii) $51,000,000 for the six months ending June 30, 2003; (iii) $55,000,000 for the six months ending September 30, 2003; (iv) $60,000,000 for the six months ending December 31, 2003; and (v) $63,000,000 for every six-month period thereafter. Term Loan #1 shall accrue interest on the aggregate principal balance thereof from time to time outstanding at a per annum rate equal to the Prime Rate. Term Loan #2 shall accrue interest on the aggregate principal balance thereof from time to time outstanding at a per annum rate equal to the Prime Rate plus one and one-quarter percent (1.25%). After an Event of Default, Obligations shall accrue interest at a rate equal to three percent (3.00%) above the respective rates effective for such Obligations immediately before the Event of Default. The interest rate shall increase or decrease when the Prime Rate changes. Interest is computed on a 360-day year for the actual number of days elapsed.
(b) Interest on outstanding Revolving Advances and outstanding Additional Revolving Advances shall be due and payable on the 1st Business Day of each month. Interest on amounts outstanding under Term Loan #1 and Term Loan #2 shall be due and payable on the 1st Business Day of each month. Payments received after 12:00 noon, Pacific Time, are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment is due on the next Business Day and additional fees and interest shall accrue from the initial due date.
Interest Rates; Payments. (a) The principal amount of each Loan outstanding from day to day shall bear interest at a rate per annum equal to the Interest Rate in effect from day to day. Interest on each Loan shall be payable as it accrues (i) (A) from the Closing Date to (and including) the Amortization Date, on the last day of each March, June, September and December to occur during such period (commencing June 30, 2011) and (B) after the Amortization Date, on each date specified in Section 2.9(b), (ii) upon any prepayment of that Loan (to the extent accrued on the amount being prepaid) and (iii) at final maturity (whether by scheduled maturity, by acceleration or otherwise).
(b) Notwithstanding anything to the contrary set forth in Section 2.4(a) above or any other provision of this Agreement or any other Loan Document, while any Event of Default exists, the outstanding principal balance of the Loans, and to the extent permitted by Law, the past due but unpaid interest on the Loans and all other past due Obligations, shall bear interest (including post-petition interest in any proceeding under any applicable bankruptcy, insolvency or other similar Law), payable upon demand, at a rate per annum equal to the Default Rate.
(c) Notwithstanding the foregoing, if at any time the rate of interest calculated with reference to the Interest Rate hereunder (the “Contract Rate”) is limited to the Maximum Lawful Rate, any subsequent reductions in the Contract Rate shall not reduce the rate of interest on any Loan (or, if applicable, any of the other Obligations) below the Maximum Lawful Rate until the total amount of interest accrued equals the amount of interest that would have accrued if the Contract Rate had at all times been in effect. In the event that at maturity (stated or by acceleration), or at final payment of any Loan (or, if applicable, any of the other Obligations), the total amount of interest paid or accrued on such Loan (or, if applicable, other Obligations) is less than the amount of interest that would have accrued if the Contract Rate had at all times been in effect with respect thereto, then at such time, to the extent permitted by law, Borrower shall pay to the holder of such Loan (or, if applicable, other Obligations) an amount equal to the difference between (i) the lesser of the amount of interest that would have accrued if the Contract Rate had at all times been in effect and the amount of interest that would have accrued if the Maximum Lawful Rate had at all times be...
