Advances Under the Revolving Facility. (a) Subject to the other provisions of this Section, Dollar Advances under the Revolving Facility shall bear interest at a rate per annum equal to the Reference Rate. The Borrower shall pay or cause the applicable Acceptable Subsidiary to pay interest monthly, on the last day of each month until the Final Maturity Date, on which date all accrued and unpaid interest shall be due and payable. The Borrower shall repay or cause the applicable Acceptable Subsidiary to repay the principal amount of each Reference Rate Advance on the date such advance is converted into an Offshore Rate Advance under subsection (b) below, and on the Final Maturity Date. (b) In lieu of the interest rate described above, the Borrower or the applicable Acceptable Subsidiary may elect during the Availability Period to have all or portions of Advances under the Revolving Facility be in dollars or an Offshore Currency and bear interest at the Offshore Rate plus 1.00% per annum during an Offshore Rate Interest Period, subject to the following requirements: (i) Each Offshore Rate Advance shall be, if in Dollars, for an amount not less than $500,000, or, if in an Offshore Currency, in a minimum amount acceptable to the Bank. (ii) The Borrower shall pay or cause the applicable Acceptable Subsidiary to pay interest on each Offshore Rate Advance on the last day of the Offshore Rate Interest Period for such Advance; provided, however, that if any Interest Period for a Offshore Rate Advance exceeds one month, interest shall also be payable on the date which falls one month after the beginning of such Interest Period and on each date which falls one month after any such interest payment date. The Borrower shall repay or cause the applicable Acceptable Subsidiary to repay the principal balance of each Offshore Rate Advance on the last day of the Offshore Rate Interest Period for such Advance, and (if sooner occurring) on the Final Maturity Date. (iii) Any payment of an Offshore Rate Advance prior to the last day of the Offshore Rate Interest Period for such Advance, whether voluntary, by reason of acceleration or otherwise, including any mandatory payments required under this Agreement and applied by the Bank to an Offshore Rate Advance, shall be accompanied by the amount of accrued interest on the amount repaid and by the amount (if any) required by Section 3.11.
Appears in 1 contract
Samples: Credit Agreement (Filenet Corp)
Advances Under the Revolving Facility. (a) Subject to the other provisions of this Section, Dollar Advances under the Revolving Facility shall bear interest at a rate per annum equal to the Reference Rate. The Borrower shall pay or cause the applicable Acceptable Subsidiary to pay interest monthly, on the last day of each month until the Final Maturity Date, on which date all accrued and unpaid interest shall be due and payable. The Borrower shall repay or cause the applicable Acceptable Subsidiary to repay the principal amount of each Reference Rate Advance on the date such advance is converted into an Offshore Rate Advance or a CD Rate Advance under subsection subsections (b) or (c) below, and on the Final Maturity Date.
(b) In lieu of the interest rate described above, the Borrower or the applicable Acceptable Subsidiary may elect during the Availability Period to have all or portions of Advances under the Revolving Facility be in dollars or an Offshore Currency and bear interest at the Offshore Rate plus 1.000.75% per annum during an Offshore Rate Interest Period, subject to the following requirements:
(i) Each Offshore Rate Advance shall be, if in Dollars, for an amount not less than $500,000, or, if in an Offshore Currency, in a minimum amount acceptable to the Bank.
(ii) The Borrower shall pay or cause the applicable Acceptable Subsidiary to pay interest on each Offshore Rate Advance on the last day of the Offshore Rate Interest Period for such Advance; provided, however, that if any Interest Period for a Offshore Rate Advance exceeds one month, interest shall also be payable on the date which falls one month after the beginning of such Interest Period and on each date which falls one month after any such interest payment date. The Borrower shall repay or cause the applicable Acceptable Subsidiary to repay the principal balance of each Offshore Rate Advance on the last day of the Offshore Rate Interest Period for such Advance, and (if sooner occurring) on the Final Maturity Date.
(iii) Any payment of an Offshore Rate Advance prior to the last day of the Offshore Rate Interest Period for such Advance, whether voluntary, by reason of acceleration or otherwise, including any mandatory payments required under this Agreement and applied by the Bank to an Offshore Rate Advance, shall be accompanied by the amount of accrued interest on the amount repaid and by the amount (if any) required by Section 3.11.
(c) In lieu of the interest rates described above in this Section, the Borrower or the applicable Acceptable Subsidiary may elect during the Availability Period to have all or portions of Advances under the Revolving Facility be in dollars and bear interest at the CD Rate plus 0.75% per annum during a CD Rate Interest Period, subject to the following requirements:
(i) Each CD Rate Advance shall be for an amount not less than $500,000.
(ii) The Borrower shall pay or cause the applicable Acceptable Subsidiary to pay interest on each CD Rate Advance on the last day of the CD Rate Interest Period for such Advance; provided, however, that if any Interest Period for a CD Rate Advance exceeds 30 days, interest shall also be payable on the date which falls 30 days after the beginning of such Interest Period and on each date which falls 30 days after any such interest payment date. The Borrower shall repay or cause the applicable Acceptable Subsidiary to repay the principal balance of each CD Rate Advance on the last day of the CD Rate Interest Period for such Advance, and (if sooner occurring) on the Final Maturity Date.
(iii) Any payment of a CD Rate Advance prior to the last day of the CD Rate Interest Period for such Advance, whether voluntary, by reason of acceleration or otherwise, including mandatory payments required under this Agreement and applied by the Bank to a CD Rate Advance, shall be accompanied by the amount of accrued interest on the amount repaid and by the amount (if any) required by Section 3.11.
(d) For purposes of determining the Borrower's and any applicable Acceptable Subsidiary's compliance with subsection 2.01(d), the Equivalent Amount of Offshore Currency Advances shall be determined, and redetermined by the Bank as of the applicable borrowing date in respect of such Advance (including the date such Advance was converted into an Offshore Currency Advance under subsection 2.02(b)), and on the last Business Day of each month.
Appears in 1 contract
Samples: Credit Agreement (Filenet Corp)
Advances Under the Revolving Facility. (a) Subject to the other ------------------------------------- provisions of this Section, Dollar Advances under the Revolving Facility shall bear interest at a rate per annum equal to the Reference Rate plus zero percentage points per annum (the Reference Rate plus zero percentage points per annum is referred to herein as the "Floating Rate"). The Borrower shall pay or cause the applicable Acceptable Subsidiary to pay interest monthly------------- quarterly, on the last day of each month calendar quarter until the Final Maturity Datelast day of the Availability Period, on which date all accrued and unpaid interest shall be due and payable. The Borrower shall repay or cause the applicable Acceptable Subsidiary to repay the principal amount of each Reference Rate Advance on the date such advance is converted into an Offshore Rate Advance under subsection (b) below, and on last day of the Final Maturity DateAvailability Period.
(b) In lieu of the interest rate described above, the Borrower or the applicable Acceptable Subsidiary may elect in its borrowing, conversion or continuation notice with respect to an Advance during the Availability Period to have all or portions of Advances such Advance under the Revolving Facility be in dollars or an Offshore Currency and bear interest at the Offshore Rate plus 1.001.25% per annum during an Offshore Rate Interest Period, subject to the following requirements:
(i) Each Offshore Rate Advance shall be, if in Dollars, be for an amount not less than $500,000, or, if in an Offshore Currency, in a minimum amount acceptable to the Bank1,000,000.
(ii) The Borrower shall pay or cause the applicable Acceptable Subsidiary to pay interest on each Offshore Rate Advance on the last day of the Offshore Rate Interest Period for such Advance; provided, however, that if any Offshore Rate Interest Period for a Offshore -------- ------- Rate Advance exceeds one monththree months, interest shall also be payable on the date which falls one month three months after the beginning of such Offshore Rate Interest Period and on each date which falls one month three months after any such interest payment date. The Borrower shall repay or cause the applicable Acceptable Subsidiary to repay the principal balance of each Offshore Rate Advance on the last day of the Offshore Rate Interest Period for such Advance, and (if sooner occurring) on the Final Maturity DateAvailability Period.
(iii) Any payment of an Offshore Rate Advance prior to the last day of the Offshore Rate Interest Period for such Advance, whether voluntary, by reason of acceleration or otherwise, including any mandatory payments required under this Agreement and applied by the Bank to an Offshore Rate Advance, shall be accompanied by the amount of accrued interest on the amount repaid and by the amount (if any) required by Section 3.11.
(i) The Borrower may, upon irrevocable written notice to the Bank, (x) elect, as of any Business Day, in the case of a Reference Rate Advance, or as of the last day of the applicable Offshore Rate Interest Period, in the case of or an Offshore Rate Advance, to convert any such Advance (or any part thereof in an amount not less than $1,000,000) into a Reference Rate Advance; or (y) elect, as of the last day of the applicable Offshore Rate Interest Period, to continue an Offshore Rate Advance having an Offshore Rate Interest Period expiring on such day (or any part thereof in an amount not less than $1,000,000); provided, that if at any time the -------- amount of any Offshore Rate Advance is reduced, by payment, prepayment, or conversion of part thereof to be less than $1,000,000, such Offshore Rate Advance shall automatically convert into a Reference Rate Advance, and on and after such date the right of the Borrower to continue such Advance as, and convert such Advance into, an Offshore Rate Advance, as the case may be, shall terminate.
(ii) If upon the expiration of any Offshore Rate Interest Period applicable to an Offshore Rate Advance, the Borrower has failed to select timely a new Offshore Rate Interest Period to be applicable to such Advance, or if any Default or Event of Default then exists, the Borrower shall be deemed to have elected to convert such Advance into a Reference Rate Advance effective as of the expiration date of such Offshore Rate Interest Period.
(iii) Unless the Bank otherwise consents, during the existence of a Default or Event of Default, the Borrower may not elect to have an Advance converted into or continued as an Offshore Rate Advance.
Appears in 1 contract
Advances Under the Revolving Facility. (a) Subject to the other provisions of this Section, Dollar Advances under the Revolving Facility shall bear interest at a rate per annum equal to the Reference Rate plus 0.00% percentage points per annum (the Reference Rate plus 0.00% percentage points per annum is referred to herein as the "Floating Rate"). The Borrower shall pay or cause the applicable Acceptable Subsidiary to pay interest monthly, on the last day of each month until the Final Maturity Datelast day of the Availability Period, on which date all accrued and unpaid interest shall be due and payable. The Borrower shall repay or cause the applicable Acceptable Subsidiary to repay the principal amount of each Reference Rate Advance on the date such advance is converted into an Offshore Rate Advance under subsection (b) below, and on the Final Maturity Datelast day of the Availability Period.
(b) In lieu of the interest rate described above, the Borrower or the applicable Acceptable Subsidiary may elect during the Availability Period to have all or portions of Advances under the Revolving Facility be in dollars or an Offshore Currency and bear interest at the Offshore Rate plus 1.001.50% per annum during an Offshore Rate Interest Period, subject to the following requirements:
(i) Each Offshore Rate Advance shall be, if in Dollars, be for an amount not less than $500,000, or, if in an Offshore Currency, in a minimum amount acceptable to the Bank.
(ii) The Borrower shall pay or cause the applicable Acceptable Subsidiary to pay interest on each Offshore Rate Advance on the last day of the Offshore Rate Interest Period for such Advance; provided, however, that if any Interest Period for a Offshore Rate Advance exceeds one monththree months, interest shall also be payable on the date which falls one month three months after the beginning of such Interest Period and on each date which falls one month three months after any such interest payment date. The Borrower shall repay or cause the applicable Acceptable Subsidiary to repay the principal balance of each Offshore Rate Advance on the last day of the Offshore Rate Interest Period for such 6 Advance, and (if sooner occurring) on the Final Maturity Datelast day of the Availability Period.
(iii) Any payment of an Offshore Rate Advance prior to the last day of the Offshore Rate Interest Period for such Advance, whether voluntary, by reason of acceleration or otherwise, including any mandatory payments required under this Agreement and applied by the Bank to an Offshore Rate Advance, shall be accompanied by the amount of accrued interest on the amount repaid and by the amount (if any) required by Section 3.11.
Appears in 1 contract
Samples: Credit Agreement (Microtest Inc)
