Common use of Rates of Interest Clause in Contracts

Rates of Interest. Interest shall accrue on the principal amount of the Base Rate Revolving Portion outstanding at the end of each day at a fluctuating rate per annum equal to the Applicable Margin then in effect plus the Base Rate. Interest shall accrue on the principal amount of the Base Rate Term Portion outstanding at the end of each day at a fluctuating rate per annum equal to the Applicable Margin then in effect plus the Base Rate. Interest shall accrue in the principal amount of the Base Rate Equipment Portion outstanding at the end of each day at a fluctuating rate per annum equal to the Applicable Margin then in effect plus the Base Rate. Said rate of interest shall increase or decrease by an amount equal to any increase or decrease in the Base Rate, effective as of the opening of business on the day that any such change in the Base Rate occurs. If MFRI, on its own behalf and on behalf of all other Borrowers, exercises its LIBOR Option as provided in Section 3.1, (i) interest shall accrue on the principal amount of the LIBOR Revolving Portions outstanding at the end of each day at a rate per annum equal to the Applicable Margin then in effect plus the LIBOR applicable to each LIBOR Portion for the corresponding Interest Period, (ii) interest shall accrue on the principal amount of the LIBOR Term Portions outstanding at the end of each day at a per annum rate equal to the Applicable Margin then in effect plus the LIBOR applicable to each LIBOR Portion for the corresponding Interest Period and (iii) interest shall accrue on the principal amount of the LIBOR Equipment Portions outstanding at the end of each day at a per annum rate equal to the Applicable Margin then in effect plus the LIBOR applicable to each LIBOR Portion for the corresponding Interest Period.”

Rates of Interest. Interest Subject to the provisions of Sections 2.2G and 2.6 hereof, each Revolving Loan and each Line of Credit Advance made to the Borrower shall accrue bear interest on the unpaid principal amount of thereof from the date made through maturity (whether by acceleration or otherwise) at either the Base Rate or the LIBOR Rate as provided below, as the case may be. The applicable basis for determining the rate of interest with respect to Revolving Portion outstanding Loans and/or Line of Credit Advances made to the Borrower shall be selected by the Borrower initially at the end time a Request for Revolving Loan or a Request for Line of each day at a fluctuating rate per annum equal Credit Advance is delivered to the Applicable Margin then Agent pursuant to Section 2.1A hereof. The basis for determining the interest rate with respect to any Revolving Loan or any Line of Credit Advance made to the Borrower may be changed from time to time pursuant to Section 2.2D hereof. If on any day a Revolving Loan or a Line of Credit Advance is outstanding to the Borrower with respect to which notice has not been delivered to the Banks in effect plus accordance with the terms of this Loan Agreement specifying the applicable basis for determining the rate of interest to apply to such Revolving Loan or such Line of Credit Advance then, for that day, that Revolving Loan or that Line of Credit Advance shall be deemed a Base Rate Loan and shall bear interest at the Base Rate. Interest shall accrue on the principal amount of the Base Rate Term Portion outstanding at the end of each day at a fluctuating rate per annum equal Subject to the Applicable Margin then in effect plus the Base Rate. Interest provisions of Sections 2.6B and 2.6C hereof, Revolving Loans and/or Line of Credit Advances shall accrue in the principal amount of the Base Rate Equipment Portion outstanding at the end of each day at a fluctuating rate per annum equal to the Applicable Margin then in effect plus the Base Rate. Said rate of bear interest shall increase or decrease by an amount equal to any increase or decrease in the Base Rate, effective through maturity as of the opening of business on the day that any such change in the Base Rate occurs. If MFRI, on its own behalf and on behalf of all other Borrowers, exercises its LIBOR Option as provided in Section 3.1, follows: (i) interest shall accrue on the principal amount of the LIBOR Revolving Portions outstanding at the end of each day If a Base Rate Loan, then at a rate per annum equal to the Applicable Margin then in effect plus the LIBOR applicable to each LIBOR Portion for the corresponding Interest Period, Base Rate; (ii) interest shall accrue on the principal amount of the If a LIBOR Term Portions outstanding at the end of each day Rate Loan, then at a rate per annum rate equal to the LIBOR Rate; provided that, on each Date of Determination, commencing with the first such date to occur after October 11, 1996, the Applicable LIBOR Rate Margin then in effect plus the LIBOR applicable to each LIBOR Portion for the Pricing Period commencing on such Date of Determination and continuing for the term of the Pricing Period that begins on such Date of Determination shall be the Applicable LIBOR Rate Margin corresponding Interest Period to the Pricing Level in effect for such Pricing Period, as applicable: Applicable Pricing Level LIBOR Rate Margin Pricing Level I .500% Pricing Level II .575% Pricing Level III .625% Notwithstanding anything in the foregoing to the contrary, if any Compliance Certificate delivered by the Borrower demonstrating the appropriate Pricing Level shall prove to be incorrect (as determined by reference to the Borrower's financial statements or otherwise), such Compliance Certificate shall no longer be in effect, and (iii) the Banks shall notify the Borrower of such incorrectness and shall calculate the difference between the amount of interest shall accrue actually paid by the Borrower on the principal basis of such incorrect Compliance Certificate and the amount of interest which would have been due had such incorrect Compliance Certificate not been delivered. The Agent shall notify the LIBOR Equipment Portions outstanding at Borrower of the end amount of each day at such difference, if any, in a per annum rate equal statement setting forth the method of calculation of such amount (which calculation, in the absence of demonstrable error, shall be deemed correct) and the Borrower shall pay such amount to the Applicable Margin then in effect plus the LIBOR applicable to each LIBOR Portion Agent, for the corresponding Interest Periodbenefit of the Banks, within three (3) Business Days of such notice.”

Rates of Interest. Interest shall accrue on the Borrower agrees to pay interest in respect of all unpaid principal amount amounts of the Base Rate Revolving Portion outstanding Revolver Loans from the respective dates such principal amounts are advanced until paid (whether at the end of each day stated maturity, on acceleration or otherwise) at a fluctuating variable rate per annum equal to the Applicable Margin then applicable rate indicated below: (i) for Revolver Loans made or outstanding as Prime Rate Loans, the Prime Rate in effect from time to time plus the Base RateApplicable Margin; or (ii) for Revolver Loans made or outstanding as LIBOR Rate Loans, the relevant Adjusted LIBOR Rate for the applicable Interest Period selected by Borrower in conformity with this Agreement plus the Applicable Margin. Interest shall accrue Borrower agrees to pay interest in respect of all unpaid principal amounts outstanding with respect to Term Loan Advances from the respective dates such principal amounts are advanced until paid (whether it is stated maturity, on the principal amount of the Base Rate Term Portion outstanding at the end of each day acceleration, or otherwise) at a fluctuating rate per annum equal to the Applicable Margin then applicable rate indicated below: (i) for Term Loan Advances made or outstanding in whole or in part as Prime Rate Loans, the Prime Rate in effect from time to time plus the Base Rate. Applicable Margin; or (ii) for Term Loan Advances made or outstanding in whole or in part as LIBOR Rate Loans, the relevant Adjusted LIBOR Rate for the applicable Interest shall accrue Period selected by Borrower in the principal amount of the Base Rate Equipment Portion outstanding at the end of each day at a fluctuating rate per annum equal to conformity with this Agreement plus the Applicable Margin then Margin. Upon determining the Adjusted LIBOR Rate for any Interest Period requested by Borrower, Agent shall promptly notify Borrower thereof by telephone and, if so requested by Borrower, confirmed in effect plus the Base Ratewriting. Said Such determination shall, absent manifest error, be final, conclusive and binding on all parties and for all purposes. The applicable rate of interest for all Loans bearing interest based upon the Prime Rate shall increase be increased or decrease decreased, as the case may be, by an amount equal to any increase or decrease in the Base Prime Rate, with such adjustments to be effective as of the opening of business on the day that any such change in the Base Prime Rate occursbecomes effective. If MFRIInterest on each Loan shall accrue from and including the date of such Loan to but excluding the date of any repayment thereof; provided, however, that, if a Loan is repaid on its own behalf and on behalf of all other Borrowersthe same day made, exercises its LIBOR Option as provided in Section 3.1, (i) one day's interest shall accrue be paid on such Loan. The Prime Rate on the principal amount date hereof is 8.50% per annum and, therefore, the rate of interest in effect hereunder on the date hereof, expressed in simple interest terms, is 8.50% per annum with respect to any portion of the LIBOR Revolving Portions outstanding at the end of each day at Revolver Loans bearing interest as a rate Prime Rate Loan and is 8.50% per annum equal with respect to the Applicable Margin then in effect plus the LIBOR applicable to each LIBOR Portion for the corresponding Interest Period, (ii) interest shall accrue on the principal amount any portion of the LIBOR Term Portions outstanding at the end of each day at Loan Advances bearing interest as a per annum rate equal to the Applicable Margin then in effect plus the LIBOR applicable to each LIBOR Portion for the corresponding Interest Period and (iii) interest shall accrue on the principal amount of the LIBOR Equipment Portions outstanding at the end of each day at a per annum rate equal to the Applicable Margin then in effect plus the LIBOR applicable to each LIBOR Portion for the corresponding Interest PeriodPrime Rate Loan.”

Rates of Interest. Interest Subject to the provisions of Sections 2.2(g) and 2.6 hereof, each Revolving Loan and each Line of Credit Advance made to the Borrower shall accrue bear interest on the unpaid principal amount of thereof from the date made through maturity (whether by acceleration or otherwise) at either the Base Rate or the LIBOR Rate as provided below, as the case may be. The applicable basis for determining the rate of interest with respect to Revolving Portion outstanding Loans and/or Line of Credit Advances made to the Borrower shall be selected by the Borrower initially at the end time a Request for Revolving Loan or a Request for Line of each day at a fluctuating rate per annum equal Credit Advance is delivered to the Applicable Margin then Agent pursuant to Section 2.1(a) hereof. The basis for determining the interest rate with respect to any Revolving Loan or any Line of Credit Advance made to the Borrower may be changed from time to time pursuant to Section 2.2(d) hereof. If on any day a Revolving Loan or a Line of Credit Advance is outstanding to the Borrower with respect to which notice has not been delivered to the Banks in effect plus accordance with the terms of this Loan Agreement specifying the applicable basis for determining the rate of interest to apply to such Revolving Loan or such Line of Credit Advance then, for that day, that Re- volving Loan or that Line of Credit Advance shall be deemed a Base Rate Loan and shall bear interest at the Base Rate. Interest shall accrue on the principal amount of the Base Rate Term Portion outstanding at the end of each day at a fluctuating rate per annum equal Subject to the Applicable Margin then in effect plus the Base Rate. Interest provisions of Sections 2.6(b) and 2.6(c) hereof, Revolving Loans and/or Line of Credit Advances shall accrue in the principal amount of the Base Rate Equipment Portion outstanding at the end of each day at a fluctuating rate per annum equal to the Applicable Margin then in effect plus the Base Rate. Said rate of bear interest shall increase or decrease by an amount equal to any increase or decrease in the Base Rate, effective through maturity as of the opening of business on the day that any such change in the Base Rate occurs. If MFRI, on its own behalf and on behalf of all other Borrowers, exercises its LIBOR Option as provided in Section 3.1, follows: (i) interest shall accrue on the principal amount of the LIBOR Revolving Portions outstanding at the end of each day If a Base Rate Loan, then at a rate per annum equal to the Applicable Margin then in effect plus the LIBOR applicable to each LIBOR Portion for the corresponding Interest Period, Base Rate; (ii) interest shall accrue on the principal amount of the If a LIBOR Term Portions outstanding at the end of each day Rate Loan, then at a rate per annum rate equal to the Adjusted LIBOR Rate plus the Applicable LIBOR Rate Margin; provided that, on each Date of Deter- mination, commencing with the first such date to occur after October 11, 1996, the Applica- ble LIBOR Rate Margin then in effect plus the LIBOR applicable to each LIBOR Portion for the Pric- ing Period commencing on such Date of Determi- nation and continuing for the term of the Pricing Period that begins on such Date of Determination shall be the Applicable LIBOR Rate Margin corresponding Interest Period to the Pricing Level in effect for such Pricing Period, as applica- ble: Applicable Pricing Level LIBOR Rate Margin Pricing Level I .500% Pricing Level II .575% Pricing Level III .625% Notwithstanding anything in the foregoing to the contrary, if any Compliance Certificate delivered by the Borrower demonstrating the appropriate Pricing Level shall prove to be incorrect (as determined by reference to the Borrower's financial statements or otherwise), such Compliance Certificate shall no longer be in effect, and (iii) the Banks shall notify the Borrower of such incorrectness and shall calculate the difference between the amount of interest shall accrue actually paid by the Borrower on the principal basis of such incorrect Compliance Certificate and the amount of interest which would have been due had such incorrect Compliance Certif- icate not been delivered. The Agent shall notify the LIBOR Equipment Portions outstanding at Borrower of the end amount of each day at such difference, if any, in a per annum rate equal statement setting forth the method of calculation of such amount (which calculation, in the absence of demon- stxxxxx xrror, shall be deemed correct) and the Borrower shall pay such amount to the Applicable Margin then in effect plus the LIBOR applicable to each LIBOR Portion Agent, for the corresponding Interest Periodbenefit of the Banks, within three (3) Business Days of such notice.”

Rates of Interest. Interest shall accrue on the principal amount of the Base Rate Revolving Portion Loans outstanding at the end of each day at a fluctuating rate per annum equal to the Applicable Margin then in effect plus the Base Rate. Interest ; provided that in no event shall accrue on the principal amount of the Base Rate Term Portion outstanding at the end of each day at a fluctuating rate per annum equal to the Applicable Margin then in effect plus the Base Rate. Interest shall accrue in the principal amount of the Base Rate Equipment Portion outstanding at the end of each day at a fluctuating rate per annum equal to any time be less than the Applicable Margin then in effect plus the Base Ratetwo percent (2%) per annum. Said Such rate of interest shall increase or decrease by an amount equal to any increase or decrease in the Base Rate, effective as of the opening of business on the day that any such change in the Base Rate occurs. If MFRIBorrower Representative, on its own behalf and on behalf of all other Borrowers, exercises its the LIBOR Option or Term SOFR Option as provided in Section 3.14.1, (i) interest shall accrue on the principal amount of the LIBOR Revolving Portions Loans and Term SOFR Loans outstanding at the end of each day at a rate per annum equal to the Applicable Margin then in effect plus LIBOReither (x) for LIBOR Loans, LIBOR, or (y) for TERM SOFR Loans, the LIBOR Term SOFR Rate applicable to each LIBOR Portion LIBORTerm SOFR Loan for the corresponding Interest Period, (ii) interest plus for Term SOFR Loans, the SOFR Adjustment for the applicable Interest Period; provided that in no event shall accrue on the principal amount of the LIBOR Term Portions outstanding at the end of each day at a per annum rate equal to the Applicable Margin then in effect plus the LIBOReither (x) for a LIBOR Loan, LIBOR applicable to each any such LIBOR Portion Loan, or (y) for a Term SOFR Loan, the corresponding Interest Period and (iii) interest shall accrue on Term SOFR Rate applicable to such LIBORTerm SOFR Loan, plus for a Term SOFR Loan, the principal amount of the LIBOR Equipment Portions outstanding SOFR Adjustment, at the end of each day at a per annum rate equal to any time be less than the Applicable Margin then in effect effect, plus the LIBOR applicable to each LIBOR Portion for the corresponding Interest PeriodSOFR Adjustment, plus one percent (1%) per annum.”