Common use of Interest Default Rate Clause in Contracts

Interest Default Rate. (a) Subject to this Agreement, the Borrowers may elect an interest rate for each Revolving Loan A and Revolving Loan B based on either (i) the Alternative Prime Rate or (ii) the applicable Adjusted Libor Rate (as defined on Schedule B hereto) plus .25%. Subject to the terms and conditions of this Agreement, the Borrowers may elect an interest rate for the Term Loan based on either (i) the Alternative Prime Rate or (ii) the applicable Adjusted Libor Rate plus .50%. Each Prime Rate Loan shall bear interest on the outstanding principal amount thereof at a rate per annum equal to the Prime Rate (which rate shall change contemporaneously with any change in the Prime Rate), payable on the last day of each fiscal quarter, commencing on March 31, 1997, and when such Prime Rate Loan is due (whether at maturity, by reason of acceleration or otherwise). Libor Loans shall bear interest, and otherwise be governed, in accordance with Schedule B (the "Libor Terms"). (b) Overdue principal (whether at maturity, by reason of acceleration or otherwise) and, to the extent permitted by applicable law, overdue interest and fees or any other amounts payable hereunder or under the Notes, shall bear interest from and including the due date until paid, payable on demand, at a rate per annum equal to 3% above the rate then applicable to Prime Rate Loans. In addition, if the entire amount of any required principal and/or interest is not paid in full within ten days after the same is due, the Borrowers shall pay to the Bank a late fee equal to 5% of the required payment.

Interest Default Rate. (a) Subject to this Agreement, the Borrowers may elect an interest rate for each Revolving Loan A and Revolving Loan B based on either (i) the Alternative Prime Rate or (ii) the applicable Adjusted Libor Rate (as defined on Schedule B hereto) plus .25%. Subject to the terms and conditions of this Agreement, the Borrowers may elect an interest rate for the Term Loan based on either (i) the Alternative Prime Rate or (ii) the applicable Adjusted Libor LIBOR Rate (as defined on SCHEDULE B hereto) plus .50.45%. Each Prime Rate Loan shall bear interest on the outstanding principal amount thereof at a rate per annum equal to the Prime Rate (which rate shall change contemporaneously with any change in the Alternative Prime Rate), payable on the last day of each fiscal quartermonth, commencing on March 31April 30, 19972002, and when such Prime Rate Loan is due (whether at maturity, by reason of acceleration or otherwise). Libor LIBOR Loans shall bear interest, and otherwise be governed, in accordance with Schedule SCHEDULE B (the "Libor LIBOR Terms"). (b) Overdue principal (whether at maturity, by reason of acceleration or otherwise) and, to the extent permitted by applicable law, overdue interest and fees or any other amounts payable hereunder or under the Notes, shall bear interest (whether or not the Bank has accelerated payment of the Notes) from and including the due date until paid, payable on demand, at a rate per annum equal to 34% above the rate then applicable to Prime Rate Loans. In addition, if the entire amount of any required principal and/or interest is not paid in full within ten days after the same is due, the Borrowers shall pay to the Bank a late fee equal to 5% of the required payment.