Base Rate Tranches Sample Clauses
The 'Base Rate Tranches' clause defines how certain portions of a loan or debt facility accrue interest based on a base rate, such as the prime rate or LIBOR, rather than a fixed or alternative rate. In practice, this clause specifies which tranches of the overall loan are subject to the base rate, how the rate is determined, and the frequency of its adjustment. For example, a lender may offer multiple tranches within a credit facility, with some accruing interest at a floating base rate and others at a fixed rate. The core function of this clause is to provide flexibility in interest rate calculations, allowing borrowers and lenders to manage interest rate risk and adapt to changing market conditions.
Base Rate Tranches. Each Base Rate Tranche shall bear interest at a per annum interest rate equal to the Adjusted Base Rate in effect from time to time plus the Applicable Margin for Base Rate Tranches in effect from time to time. Any change in the interest rate accruing on a Base Rate Tranche resulting from a change in the Prime Rate shall become effective as of the opening of business on the day on which such change in the Prime Rate shall occur. Interest for Base Rate Tranches shall be calculated on the basis of a 365/366 day year for the actual number of days elapsed. The Borrower shall pay to the Agent for the ratable benefit of the Banks all accrued but unpaid interest on outstanding Base Rate Tranches on the last day of each calendar quarter, on any date all Base Rate Tranches under this revolving facility are prepaid or repaid in full, and on the Revolving Loan Maturity Date.
Base Rate Tranches. Each Base Rate Tranche shall bear interest at a per annum interest rate equal to the Adjusted Base Rate in effect from time to time plus the Applicable Margin for Base Rate Tranches in effect from time to time. The Borrower shall pay to the Agent for the ratable benefit of the Banks all accrued but unpaid interest on outstanding Base Rate Tranches on the last day of each calendar quarter, when required upon prepayment as specified elsewhere in this Agreement, on any date all Base Rate Tranches are prepaid in full, and on the Revolving Loan Maturity Date.
Base Rate Tranches. Borrowers shall pay interest in arrears on the unpaid principal amount of each Base Rate Tranche at an annual rate equal to the Adjusted Base Rate, from the date on which such Base Rate Tranche is disbursed until such principal amount has been repaid in full, or converted to a LIBOR Tranche, (1) monthly on the last day of each month commencing with the last day of the first month following the Closing Date and (2) on the Termination Date.
Base Rate Tranches. All outstanding principal under the Loans shall bear interest at the Adjusted Base Rate except to the extent Borrowers elect to have all or a portion thereof (other than SAMLOC Advances for which such election shall not be available) converted to or advanced as LIBOR Tranches subject to the terms hereof, including the terms and conditions set forth in this Section 2.10. Borrowers shall pay to Agent (and with respect to the SAMLOC, to Summit) for the benefit of Lenders (and with respect to the SAMLOC, for the sole benefit of Summit) interest at the Adjusted Base Rate in arrears on the unpaid principal amount of each Base Rate Tranche, from the date on which such Base Rate Tranche is advanced or converted from a LIBOR Tranche until such principal amount has been repaid in full, or converted to a LIBOR Tranche, (1) monthly on the last day of each month commencing July 31, 1999, (2) with respect to the Revolving Credit Base Rate Tranches, if any, on the Termination Date, (3) with respect to the Term Loan Base Rate Tranches, if any, on the Term Loan Maturity Date, (4) with respect to the Acquisition Loan Base Rate Tranches, if any, on the Converted Loan Maturity Date and (5) with respect to the SAMLOC Base Rate Tranches, if any, on the SAMLOC Termination Date. The Adjusted Base Rate shall change (a) simultaneously with each change in the Base Rate and (b) with each change in the Applicable Margin in accordance with the definition thereof.