OF SUCH EVENT OF DEFAULT OR AFTER
ACCELERATION, BEAR INTEREST AT A RATE PER ANNUM EQUAL TO THE PRIME RATE PLUS
FOUR PERCENT (4.0%).
PURSUANT TO THE TERMS HEREOF, INTEREST ON EACH CREDIT
EXTENSION SHALL BE PAID IN ARREARS ON EACH INTEREST PAYMENT DATE.
INTEREST
SHALL ALSO BE PAID ON THE DATE OF ANY PREPAYMENT OF ANY CREDIT EXTENSION
PURSUANT TO THIS AGREEMENT FOR THE PORTION OF ANY CREDIT EXTENSION SO PREPAID
AND UPON PAYMENT (INCLUDING PREPAYMENT) IN FULL THEREOF.
ALL ACCRUED BUT UNPAID
INTEREST ON THE CREDIT EXTENSIONS SHALL BE DUE AND PAYABLE ON THE MATURITY DATE.
(C)
DEFAULT INTEREST.
EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.4(B),
AFTER AN EVENT OF DEFAULT, OBLIGATIONS SHALL BEAR INTEREST FOUR PERCENT (4.0%)
ABOVE THE RATE EFFECTIVE IMMEDIATELY BEFORE THE EVENT OF DEFAULT (THE "DEFAULT
RATE").
PAYMENT OR ACCEPTANCE OF THE INCREASED INTEREST PROVIDED IN THIS
SECTION 2.4(C) IS NOT A PERMITTED ALTERNATIVE TO TIMELY PAYMENT AND SHALL NOT
CONSTITUTE A WAIVER OF ANY EVENT OF DEFAULT OR OTHERWISE PREJUDICE OR LIMIT ANY
RIGHTS OR REMEDIES OF BANK.
(D)
PRIME RATE CREDIT EXTENSIONS.
EACH CHANGE IN THE INTEREST RATE OF
THE PRIME RATE CREDIT EXTENSIONS BASED ON CHANGES IN THE PRIME RATE SHALL BE
EFFECTIVE ON THE EFFECTIVE DATE OF SUCH CHANGE AND TO THE EXTENT OF SUCH
CHANGE.
BANK SHALL USE ITS BEST EFFORTS TO GIVE BORROWER PROMPT NOTICE OF ANY
SUCH CHANGE IN THE PRIME RATE; PROVIDED, HOWEVER, THAT ANY FAILURE BY BANK TO
PROVIDE BORROWER WITH NOTICE HEREUNDER SHALL NOT AFFECT BANK'S RIGHT TO MAKE
CHANGES IN THE INTEREST RATE OF THE PRIME RATE CREDIT EXTENSIONS BASED ON
CHANGES IN THE PRIME RATE.
(E)
LIBOR CREDIT EXTENSIONS.
THE INTEREST RATE APPLICABLE TO EACH
LIBOR CREDIT EXTENSION SHALL BE DETERMINED IN ACCORDANCE WITH
SECTION 3.6(A) HEREUNDER.
SUBJECT TO SECTIONS 3.6 AND 3.7, SUCH RATE SHALL
APPLY DURING THE ENTIRE INTEREST PERIOD APPLICABLE TO SUCH LIBOR CREDIT
EXTENSION, AND INTEREST CALCULATED THEREON SHALL BE PAYABLE ON THE INTEREST
PAYMENT DATE APPLICABLE TO SUCH LIBOR CREDIT EXTENSION.
(F)
DEBIT OF ACCOUNTS.
BANK MAY DEBIT THE DESIGNATED DEPOSIT ACCOUNT
FOR PRINCIPAL AND INTEREST PAYMENTS OR ANY OTHER AMOUNTS BORROWER OWES BANK
HEREUNDER WHEN DUE.
THESE DEBITS SHALL NOT CONSTITUTE A SET-OFF.
4
(G)
PAYMENTS.
UNLESS OTHERWISE PROVIDED, INTEREST IS PAYABLE MONTHLY
IN ARREARS ON THE FIRST CALENDAR DAY OF EACH MONTH.
PAYMENTS OF PRINCIPAL
AND/OR INTEREST RECEIVED AFTER 1:00 P.M. EASTERN 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 THE NEXT BUSINESS DAY AND
ADDITIONAL FEES OR INTEREST, AS APPLICABLE, SHALL CONTINUE TO ACCRUE.
2.5
FEES.
BORROWER SHALL PAY TO BANK:
(A)
COMMITMENT FEE.
A FULLY EARNED, NON-REFUNDABLE COMMITMENT FEE OF
EIGHTY-TWO THOUSAND FIVE HUNDRED DOLLARS ($82,500.00) ON THE EFFECTIVE DATE
(BANK ACKNOWLEDGES RECEIPT FROM BORROWER OF A GOOD FAITH DEPOSIT IN THE AMOUNT
OF TWENTY-FIVE THOUSAND DOLLARS ($25,000.00));
(B)
ANNIVERSARY FEE.
A FULLY EARNED, NON-REFUNDABLE ANNIVERSARY FEE
OF