Interest Fees and Expenses. (a) Interest on the Revolving Loans, whether bearing interest based on the Chase Bank Rate or LIBOR, shall be payable monthly as of the end of each month. Chase Bank Rate Loans shall be an amount equal to the Chase Bank Rate plus one quarter of one percent (.25%) per annum on the average of the net balances owing by the Company to CIT in the Revolving Loan Account at the close of each day during such month. In the event of any change in said Chase Bank Rate, the rate hereunder for Chase Bank Rate Loans shall change, as of the date of such change, so as to remain one quarter of one percent (.25%) above the Chase Bank Rate. The rate hereunder for Chase Bank Rate Loans shall be calculated based on a 360-day year. CIT shall be entitled to charge the Company's Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full. (b) Notwithstanding any provision to the contrary contained in this section 8, in the event that the sum of the outstanding Revolving Loans exceed the lesser of either (x) the maximum aggregate amount available under Sections 3 and 5 of this Financing Agreement or (y) the Revolving Line of Credit: (A) as a result of Revolving Loans advanced by CIT at the request of the Company (herein "Requested Overadvances"), for any one (1) or more days in any month, or (B) for any other reason whatsoever (herein "Other Overadvances") and such Other Overadvances continue for five (5) or more days in any month , the average net balance of all Revolving Loans for such month shall bear interest at the Overadvance Rate. (c) Upon and after the occurrence of an Event of Default and the giving of any required notice by CIT in accordance with the provisions of Section 10, Paragraph 10.2 hereof, all Obligations shall bear interest at the Default Rate of Interest. 8.2 Interest on the Term Loan shall be payable monthly as of the end of each month on the unpaid balance or on payment in full prior to maturity. Chase Bank Rate Loans shall be in an amount equal to the Chase Bank Rate plus one half of one percent (.50%) per annum. In the event of any change in said Chase Bank Rate the rate hereunder for any such Chase Bank Rate Loans shall change, as of the date of such change, so as to remain one half of one percent (.50%) above the Chase Bank Rate. The rate hereunder shall be calculated based on a 360 day year. CIT shall be entitled to charge the Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full. Notwithstanding the foregoing, if the Term Loan is not repaid in full by April 1, 2001, the rate of interest set forth in this Section 8.2 shall increase by one-half of
Appears in 1 contract
Interest Fees and Expenses. amp;nbsp;       8.1
(a) Interest on the Revolving Loans, whether bearing interest based on the Chase Bank Rate or LIBOR, Loans shall be payable monthly as of the end of each month. Chase Bank Rate Loans shall be month in an amount equal to the Chase XX Xxxxxx Xxxxx Bank Rate plus one quarter of one percent (.251.0%) per annum on the average of the net balances owing by the Company Companies to CIT in the Revolving Loan Account at the close of each day during such month. In the event of any change in said XX Xxxxxx Chase Bank Rate, the rate hereunder for Chase XX Xxxxxx Xxxxx Bank Rate Loans shall change, as of the date of such change, so as to remain one quarter of at the XX Xxxxxx Chase Bank Rate plus one percent (.251.0%) above the Chase Bank Rateper annum. The rate hereunder for Chase Bank Rate Loans shall be calculated based on a 360-day year. CIT shall be entitled to charge the Company's Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full.
(b) .     (b)        Notwithstanding any provision to the contrary contained in this section Section 8, in the event that (i) the sum of the outstanding Revolving Loans and the outstanding Letters of Credit exceed (ii) the lesser of either (x) the maximum aggregate amount available under Sections 3 and 5 of this Financing Agreement or (y) the Revolving Line of CreditCredit or the Borrowing Base: (Ax) as a result of Revolving Loans advanced by CIT at the request of the Company Companies (herein "Requested Overadvances")“Requested Overadvances”), for any one (1) or more days in any month, or (By) for any other reason whatsoever (herein "Other Overadvances") “Other Overadvances”) and such Other Overadvances continue for five (5) or more days in any month , the average net balance of all Revolving Loans for such month shall bear interest at the Overadvance Rate.
(c) .     (c)        Upon and after the occurrence of an Event of Default and the giving of any required notice by CIT in accordance with the provisions of Section 10, Paragraph 10.2 hereof, all Obligations shall bear interest at the Default Rate of Interest.
8.2 Interest on the Term Loan shall be payable monthly as of the end of each month on the unpaid balance or on payment in full prior to maturity. Chase Bank Rate Loans shall be in an amount equal to the Chase Bank Rate plus one half of one percent (.50%) per annum. In the event of any change in said Chase Bank Rate the rate hereunder for any such Chase Bank Rate Loans shall change, as of the date of such change, so as to remain one half of one percent (.50%) above the Chase Bank Rate. The rate hereunder shall be calculated based on a 360 day year. CIT shall be entitled to charge the Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full. Notwithstanding the foregoing, if the Term Loan is not repaid in full by April 1, 2001, the rate of interest set forth in this Section 8.2 shall increase by one-half of
Appears in 1 contract
Samples: Financing Agreement (Fairchild Corp)
Interest Fees and Expenses. (a) Interest on the Revolving Loans (other than LIBOR Loans, whether bearing interest based on the Chase Bank Rate or LIBOR, ) shall be payable monthly as of the end of each month. Chase Bank Rate Loans month and shall be an amount equal to the Chase Bank Rate plus one quarter of one percent (.25%) per annum plus the Applicable Margin attributable to Chase Bank Rate Loans on the average of the net balances (other than LIBOR Loans) owing by the Company Borrowers to CIT the Lenders in the Borrowers' Revolving Loan Account at the close of each day during such month. Interest on the Revolving Loans which are LIBOR Loans shall be payable monthly as of the end of each month and shall be an amount equal to the sum of the Applicable Margin attributable to LIBOR Loans and the applicable LIBOR on each then outstanding Revolving Loan which is a LIBOR Loan, on a per annum basis, on the average of the net balances owing by the Borrowers on such LIBOR Loan at the close of each day during such month. The Borrowers may elect to use LIBOR as to any new or then outstanding Revolving Loans subject to the provisions of Sections 8.13 through 8.20 hereof. If no such election is timely made or can be made, then the Agent shall use the Chase Bank Rate to compute interest. In the event of any change in said Chase Bank Rate, the rate hereunder for Chase Bank Rate Loans shall changechange correspondingly, as of the date first of such the month following any change, so as to remain one quarter of one percent (.25%) above the Chase Bank Rate. The rate All rates hereunder for Chase Bank Rate Loans shall be calculated based on a 360-day year. CIT The Agent shall be entitled to charge the Company's Borrowers' Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full.
(b) Notwithstanding any provision to the contrary contained in this section Section 8, in the event that the sum of (i) the outstanding Revolving Loans Loans, and (ii) the Availability Reserve(s) exceed the lesser of either (x) the maximum aggregate amount available under Sections 3 and 5 of this Financing Agreement or (y) the Revolving Line of CreditBorrowing Base: (A) as a result of Revolving Loans advanced by CIT the Agent at the request of the Company Borrowers or any one of them (herein "Requested Overadvances"), for any one (1) or more days Business Days in any month, or (B) for any other reason whatsoever (herein "Other Overadvances") and such Other Overadvances continue for five (5) or more days Business Days in any month month, the average net balance of all Revolving Loans for such month period during which an Overadvance is in effect shall bear interest at the Overadvance Rate.
8.2 Interest on the Term Loan (cother than LIBOR Loans) shall be payable monthly as of the end of each month and shall be an amount equal to the Chase Bank Rate per annum plus the Applicable Margin attributable to Chase Bank Rate Loans on the outstanding principal amount of the Term Loan from time to time outstanding during such month. Interest on the Term Loan which are LIBOR Loans shall be payable monthly as of the end of each month and shall be an amount equal to the sum of the Applicable Margin attributable to LIBOR Loans and the applicable LIBOR on the then outstanding principal amount of the Term Loan which is a LIBOR Loan. The Borrowers may elect to use LIBOR as to any portion of the then outstanding principal balance of the Term Loan subject to the provisions of Sections 8.13 through 8.20 hereof. If no such election is timely made or can be made, then the Agent shall use the Chase Bank Rate to compute interest. In the event of any change in said Chase Bank Rate, the rate hereunder shall change correspondingly, as of the first of the month following any change. All rates hereunder shall be calculated based on a 360-day year. The Agent shall be entitled to charge the Borrowers' Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full.
8.3 In consideration of the Letter of Credit Guaranty of the Agent, the Borrowers shall pay the Agent, for the benefit of Lenders, the Letter of Credit Guaranty Fee which shall be an amount equal to one and one quarter percent (1.25%) per annum on the face amount of each outstanding Letter of Credit issued by an Issuing Bank pursuant hereto less the amount of any and all amounts previously drawn under such Letter of Credit, payable monthly.
8.4 Any and all charges, fees, commissions, costs and expenses charged to the Agent for the Borrowers' account by any Issuing Bank in connection with, or arising out of, Letters of Credit or out of transactions relating thereto will be charged to the Revolving Loan Account in full when charged to, or paid by the Agent, or as may be due upon any termination of this Financing Agreement hereof, and when made by any such Issuing Bank shall be conclusive on the Agent.
8.5 Each of the Borrowers shall reimburse or pay the Agent, as the case may be, for: (a) all Out-of-Pocket Expenses and (b) any applicable Documentation Fee.
8.6 Upon the last Business Day of each month, the Borrowers shall pay to the Agent, for the benefit of Revolving Lenders, the Unused Line Fee.
8.7 Upon and after the occurrence of an Event of Default and the giving of any required notice by CIT the Agent in accordance with the provisions of Section 10, Paragraph 10.2 hereof, all Obligations shall bear interest at the Default Rate of Interest.
8.2 Interest on the Term Loan shall be payable monthly as of the end of each month on the unpaid balance or on payment in full prior to maturity. Chase Bank Rate Loans shall be in an amount equal to the Chase Bank Rate plus one half of one percent (.50%) per annum. In the event of any change in said Chase Bank Rate the rate hereunder for any such Chase Bank Rate Loans shall change, as of the date of such change, so as to remain one half of one percent (.50%) above the Chase Bank Rate. The rate hereunder shall be calculated based on a 360 day year. CIT shall be entitled to charge the Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full. Notwithstanding the foregoing, if the Term Loan is not repaid in full by April 1, 2001, the rate of interest set forth in this Section 8.2 shall increase by one-half of
Appears in 1 contract
Interest Fees and Expenses. (a) 1. Interest on the Revolving Loans, whether bearing interest based on the Chase Bank Rate or LIBOR, Loan shall be payable monthly as of the end of each month. Chase Bank Rate Loans month and shall be an amount equal to (a) the Chase Bank Rate plus one quarter of one percent (.25%) per annum on the average of the net balances owing by the Company Companies to CIT the Agent in the Companies' Revolving Loan Account Account(s) at the close of each day during such month on balances other than Libor Loans and (b) two percent (2%) plus the applicable Libor on any Libor Loan, on a per annum basis, on the average of the net balances owing by the Companies to the Agent and/or the Lenders in the Companies' Revolving Loan Account(s) at the close of each day during such month. In the event of any change in said Chase Bank Rate, the rate hereunder for Chase Bank Rate Loans under clause (a) above shall change, as of the date first of such the month following any change, so as to remain one quarter of one percent (.25%) above equal to the Chase Bank Rate. The rate hereunder for Chase Bank Rate Loans shall be calculated based on a 360-day year. CIT The Agent and the Lenders shall be entitled to charge the Company's Companies' Revolving Loan Account Account(s) at the rate provided for herein when due until all Obligations have been paid in full.
(b) Notwithstanding 2. The Companies may elect to use Libor as to any provision to the contrary contained in this section 8, in the event that the sum of the outstanding Revolving Loans exceed the lesser provided A) there is then no Default or Event of either (xDefault, B) the maximum aggregate amount available under Sections 3 Companies have so advised the Agent of their election to use Libor and 5 the Libor Period selected no later than three (3) Business Days preceding the first day of this Financing Agreement or (ya Libor Period and C) the Revolving Line election and Libor shall be effective, provided, there is then no Default or Event of Credit: Default, on the fourth Business Day following said notice. The Libor elections must be for $500,000 or whole multiples thereof and there shall be no more than three (A3) Libor Loans outstanding at one time. If no such election is timely made or can be made, or if the Libor rate can not be determined, then the Agent shall use the Chase Bank Rate to compute interest. In addition, the Companies shall pay to the Agent for the benefit of the Lenders, upon the request of the Agent such amount or amounts as shall compensate the Agent and/or the Lenders for any loss, costs or expenses incurred by the Agent and/or the Lenders (as reasonably determined by the Agent and the Lenders) as a result of: (i) any payment or prepayment on a date other than the last day of Revolving Loans advanced by CIT at the request of the Company (herein "Requested Overadvances"), a Libor Period for any one (1) or more days in any monthsuch Libor Loan, or (Bii) for any other reason whatsoever (herein "Other Overadvances") and such Other Overadvances continue for five (5) or more days in any month , failure of the average net balance of all Revolving Loans Companies to borrow a Libor Loan on the date for such month shall bear interest at borrowing specified in the Overadvance Rate.
(c) Upon and after the occurrence of an Event of Default and the giving of any required notice by CIT in accordance with the provisions of Section 10relevant notice; such compensation to include, Paragraph 10.2 hereofwithout limitation, all Obligations shall bear interest at the Default Rate of Interest.
8.2 Interest on the Term Loan shall be payable monthly as of the end of each month on the unpaid balance or on payment in full prior to maturity. Chase Bank Rate Loans shall be in an amount equal to any loss or expense suffered by the Chase Bank Rate plus one half Agent and/or the Lenders during the period from the date of one percent (.50%) per annum. In the event receipt of any change in said Chase Bank Rate the rate hereunder for any such Chase Bank Rate Loans shall change, as of payment or prepayment or the date of such change, so as failure to remain one half borrow to the last day of one percent (.50%) above the Chase Bank Rate. The rate hereunder shall be calculated based on a 360 day year. CIT shall be entitled to charge the Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full. Notwithstanding the foregoing, such Libor Period if the Term Loan is not repaid in full by April 1, 2001, the rate of interest obtained by the Agent and/or the Lenders upon the reemployment of an amount of funds equal to the amount of such payment, prepayment or failure to borrow is less than the rate of interest applicable to such Libor Loan for such Libor Period. The determination by the Agent and/or the Lenders of the amount of any such loss or expense, when set forth in a written notice to the Companies, containing the Agent's and/or the Lenders' calculations thereof in reasonable detail, shall be conclusive on the Company, in the absence of manifest error. Calculation of all amounts payable to the Agent and/or the Lenders under this Section 8.2 paragraph with regard to Libor Loans shall increase by one-half ofbe made as though the Agent and/or the Lenders had actually funded the Libor
Appears in 1 contract
Interest Fees and Expenses. (a) Interest on the Revolving Loans, whether bearing interest based on the Chase Bank Rate or LIBOR, shall be payable monthly as of the end of each month. Chase Bank Rate Loans shall be month in an amount equal to the Chase Bank Rate plus one and one-quarter of one percent (.251.25%) per annum on the greater of (i) $5,000,000.00 or (ii) on the average of the net balances owing by the Company to CIT in the Revolving Loan Account at the close of each day during such month. In the event of any change in said Chase Bank Rate, the rate hereunder for Chase Bank Rate Loans shall change, as of the date of such change, so as to remain one and one-quarter of one percent (.251.25%) above the Chase Bank Rate. The rate hereunder for Chase Bank Rate Loans shall be calculated based on a 360-360 day year. CIT shall be entitled to charge the Company's Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full.
(b) Notwithstanding any provision to the contrary contained in this section Section 8, in the event that the sum of the outstanding Revolving Loans exceed the lesser of either (x) the maximum aggregate amount available under Sections 3 and 5 of this Financing Agreement or (y) the Revolving Line of Credit: (Ai) as a result of Revolving Loans advanced by CIT at the request of the Company (herein "Requested Overadvances"), for any one (1) or more days in any month, or (Bii) for any other reason whatsoever (herein "Other Overadvances") and such Other Overadvances continue for five (5) or more days in any month , the average net balance of all Revolving Loans for such month shall bear interest at the Overadvance Rate.
(c) Upon and after the occurrence of an Event of Default and the giving of any required notice by CIT in accordance with the provisions of Section 10, Paragraph 10.2 hereof, all Obligations shall bear interest at the Default Rate of Interest.
8.2 Interest 8.2. The Company shall reimburse or pay CIT, as the case may be, for: (a) all Out of Pocket Expenses; (b) any applicable Documentation Fee; and (c) without the payment of such constituting a waiver by CIT of a Default or Event of Default hereunder, a non-refundable fee of $250.00 for each document or report requested by, but not promptly delivered, to CIT.
8.3. Upon the last Business Day of each month, commencing on December 31, 2003, the Company shall pay to CIT (i) the Revolving Line of Credit Fee, and (ii) interest on the Term Collection Days. Interest will be computed at the rate, and in the manner, set forth in Paragraph 8.1 of this Financing Agreement.
8.4. To induce CIT to enter into this Financing Agreement and to extend to the Company the Revolving Loan, the Company shall pay to CIT a Loan Facility Fee in the amount of $150,000.00,(a) fifty percent (50%) of such fee having been earned and paid by the Company to CIT upon execution of the CIT Commitment Letter and (b) the remaining fifty percent (50%) of such fee to be earned and payable upon execution of this Financing Agreement, provided that there shall be payable monthly credited against such amount the Expense Deposit (as defined in the CIT Commitment Letter) minus all out-of-pocket expenses and field examination fees incurred by CIT in connection with the CIT Commitment Letter and this Financing Agreement;
(a) On each anniversary of the end Closing Date the Company shall pay to CIT the Administrative Management Fee in the amount of $37,500.00, which shall be deemed fully earned on the Closing Date.
(b) On the Closing Date and on the first Business Day of each month on thereafter, the unpaid balance or on payment in full prior Company shall pay to maturity. Chase Bank Rate Loans shall be CIT a Collateral Management Fee in an amount equal to $3,000.00.
8.6. The Company shall pay CIT's standard charges and fees for CIT's personnel used by CIT for reviewing the Chase Bank Rate plus one half books and records of one percent the Company and for verifying, testing, protecting, safeguarding, preserving or disposing of all or any part of the Collateral (.50%) per annum. In which fees shall be in addition to the event of Administrative Management Fee and any change in said Chase Bank Rate Out-of-Pocket Expenses, and are currently billed at the rate hereunder for any such Chase Bank Rate Loans shall change, as of the date of such change, so as to remain one half of one percent (.50%) above the Chase Bank Rate$850.00 per examiner per day).
8.7. The rate hereunder shall be calculated based on a 360 day year. Company hereby authorizes CIT shall be entitled to charge the Revolving Loan Account with the amount of all payments due hereunder as such payments become due. The Company confirms that any charges which CIT may so make to the Revolving Loan Account as herein provided will be made as an accommodation to the Company and solely at CIT's discretion.
8.8. In the rate provided for herein when due until all Obligations event that CIT or any participant hereunder (or any financial institution which may from time to time become a participant or lender hereunder) shall have been paid determined in full. Notwithstanding the foregoingexercise of its reasonable business judgment that, if subsequent to the Term Loan is Closing Date, any change in applicable law, rule, regulation or guideline regarding capital adequacy, or any change in the interpretation or administration thereof, or compliance by CIT or such participant with any new request or directive regarding capital adequacy (whether or not repaid in full by April 1having the force of law) of any such authority, 2001central bank or comparable agency, has or would have the effect of reducing the rate of interest set return on CIT's or such participant's capital as a consequence of its obligations hereunder to a level below that which CIT or such participant could have achieved but for such adoption, change or compliance (taking into consideration CIT or such participant's policies with respect to capital adequacy) by an amount reasonably deemed by CIT or such participant to be material, then, from time to time, the Company shall pay no later than five (5) days following demand to CIT or such participant such additional amount or amounts as will compensate CIT's or such participant's for such reduction. In determining such amount or amounts, CIT or such participant may use any reasonable averaging or attribution methods. The protection of this Paragraph 8.8 shall be available to CIT or such participant regardless of any possible contention of invalidity or inapplicability with respect to the applicable law, regulation or condition. A certificate of CIT or such participant setting forth such amount or amounts as shall be necessary to compensate CIT or such participant with respect to this Section 8 and the calculation thereof when delivered to the Company shall be conclusive on the Company absent manifest error. Notwithstanding anything in this paragraph to the contrary, in the event CIT or such participant has exercised its rights pursuant to this paragraph, and subsequent thereto determines that the additional amounts paid by the Company in whole or in part exceed the amount which CIT or such participant actually required to be made whole, the excess, if any, shall be returned to the Company by CIT or such participant.
8.9. In the event that any applicable law, treaty or governmental regulation, or any change therein or in the interpretation or application thereof, or compliance by CIT or such participant with any request or directive (whether or not having the force of law) from any central bank or other financial, monetary or other authority, shall:
(a) subject CIT or such participant to any tax of any kind whatsoever with respect to this Financing Agreement or change the basis of taxation of payments to CIT or such participant of principal, fees, interest or any other amount payable hereunder or under any other documents (except for changes in the rate of tax on the overall net income of CIT or such participant by the federal government or the jurisdiction in which it maintains its principal office);
(b) impose, modify or hold applicable any reserve, special deposit, assessment or similar requirement against assets held by, or deposits in or for the account of, advances or loans by, or other credit extended by CIT or such participant by reason of or in respect to this Financing Agreement and the Loan Documents, including (without limitation) pursuant to Regulation D of the Board of Governors of the Federal Reserve System; or
(c) impose on CIT or such participant any other condition with respect to this Financing Agreement or any other document, and the result of any of the foregoing is to increase the cost to CIT or such participant of making, renewing or maintaining its loans hereunder by an amount that CIT or such participant deems to be material in the exercise of its reasonable business judgment or to reduce the amount of any payment (whether of principal, interest or otherwise) in respect of any of the loans by an amount that CIT or such participant deems to be material in the exercise of its reasonable business judgment, then, in any case the Company shall pay CIT or such participant, within five (5) days following its demand, such additional cost or such reduction, as the case may be. CIT or such participant shall certify the amount of such additional cost or reduced amount to the Company and the calculation thereof and such certification shall be conclusive upon the Company absent manifest error.
8.10. For purposes of this Financing Agreement and Section 8.2 8 thereof, any reference to CIT shall increase by oneinclude any financial institution which may become a participant or co-half oflender subsequent to the Closing Date.
Appears in 1 contract
Interest Fees and Expenses. (a) Interest on the Revolving Loans, whether bearing interest based on the Chase Bank Rate or LIBOR, shall be payable monthly as of the end of each month. Interest shall in no month be less than the sum of (i) the amount of interest payable with respect to LIBOR Loans for such month plus (ii) the product of the rate applicable hereunder for Chase Bank Rate Loans multiplied by the result of the Minimum Borrowing Amount minus the average amount of outstanding LIBOR Loans for such month. Chase Bank Rate Loans shall be in an amount equal to the Chase Bank Rate plus one quarter of one percent (.251.0%) per annum on the average of the net balances owing by the Company to CIT in the Revolving Loan Account at the close of each day during such month. In the event of any change in said Chase Bank Rate, the rate hereunder for Chase Bank Rate Loans shall change, as of the date of such change, so as to remain one quarter of one percent (.251.0%) above the Chase Bank Rate. The rate hereunder for Chase Bank Rate Loans shall be calculated based on a 360-day year. CIT shall be entitled to charge the Company's Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full.
(b) Notwithstanding any provision to the contrary contained in this section 8, in the event that the sum of the outstanding Revolving Loans exceed the lesser of either (x) the maximum aggregate amount available under Sections Section 3 and 5 of this Financing Agreement or (y) the Revolving Line of Credit: (A) as a result of Revolving Loans advanced by CIT at the request of the Company (herein "Requested Overadvances"), for any one (1) or more days in any month, or (B) for any other reason whatsoever (herein "Other Overadvances") and such Other Overadvances continue for five (5) or more days in any month month, the average net balance of all Revolving Loans Requested Overadvances and Other Overadvances for such month shall bear interest at the Overadvance Rate.
(c) Upon and after during the occurrence continuance of an Event of Default and the giving of any required notice by CIT in accordance with the provisions of Section 10, Paragraph 10.2 hereof, all Obligations shall bear interest at the Default Rate of Interest.
8.2 Interest on the Term Loan shall be payable monthly as of the end of each month on the unpaid balance or on payment in full prior to maturity. Chase Bank Rate Loans shall be in an amount equal to the Chase Bank Rate plus one half of one percent (.50%) per annum. In the event of any change in said Chase Bank Rate the rate hereunder for any such Chase Bank Rate Loans shall change, as of the date of such change, so as to remain one half of one percent (.50%) above the Chase Bank Rate. The rate hereunder shall be calculated based on a 360 day year. CIT shall be entitled to charge the Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full. Notwithstanding the foregoing, if the Term Loan is not repaid in full by April 1, 2001, the rate of interest set forth in this Section 8.2 shall increase by one-half of
Appears in 1 contract
Interest Fees and Expenses. 9.1 The Bank may also charge interest to your Card Account as follows:
(a) Interest an interest charge calculated on the Revolving Loans, whether bearing interest based a daily basis on the Chase Bank Rate or LIBOR, shall be payable monthly as of the end of each month. Chase Bank Rate Loans shall be an amount equal to the Chase Bank Rate plus one quarter of one percent (.25%) per annum on the average of the net balances owing by the Company to CIT in the Revolving Loan Account at the close of each day during such month. In the event of any change in said Chase Bank Rate, the rate hereunder for Chase Bank Rate Loans shall change, as of cash advance and accruing from the date of such change, so as to remain one quarter of one percent (.25%) above advance until the Chase Bank Rate. The rate hereunder for Chase Bank Rate Loans shall be calculated based on a 360-day year. CIT shall be entitled to charge the Company's Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid date upon which it is finally repaid in full.; and
(b) Notwithstanding any provision an interest charge calculated on a daily basis on the outstanding Charges (other than cash advances, where sub‐paragraph (a)above applies), and the interest charge specified in this sub‐paragraph from the Transaction date to the contrary contained current Statement date unless the Bank (to which the applicable Card Account relates) receives in this section 8, full the total amount due as specified in the event last Statement on or before the Payment Due Date stipulated in that Statement; if the sum total amount due as specified in the last Statement (to which the applicable Card Account relates) is not received by the Bank by the latest due date stipulated in that Statement, the interest charge payable under this sub‐paragraph (b) will only apply to Charges (other than cash advances as aforesaid) incurred before the date of the outstanding Revolving Loans exceed last Statement as from the lesser of either respective dates such Charges are incurred, notwithstanding that such Charges will not be payable until the Payment Due Date specified in the current Statement; new Transactions (xother than cash advances as aforesaid) incurred between the maximum aggregate amount available under Sections 3 and 5 of this Financing Agreement or (y) the Revolving Line of Credit: (A) as a result of Revolving Loans advanced by CIT at the request dates of the Company last and current Statements are entitled to the repayment grace period subject to the Bank’s sole discretion.
9.2 The interest rates applicable (herein which may change from time to time in our sole discretion) are prescribed in the "Requested OveradvancesPersonal and home loan banking fees and limits" brochure (the "Fees and Charges Brochure"), and a copy of the Fees and Charges Brochure currently in force is supplied with this Agreement.
9.3 The Bank may also debit the following fees, charges and expenses to a Card Account:
(a) an initial and/or annual fee for any one the use of the applicable Card Account and each Card (1which may vary depending on the type of Card);
(b) a handling charge for the supply of reissued or more days in any month, or (B) for any other reason whatsoever (herein "Other Overadvances") and such Other Overadvances continue for five (5) or more days in any month , the average net balance of all Revolving Loans for such month shall bear interest at the Overadvance Rate.replacement Cards;
(c) Upon a handling charge for each cash advance;
(d) a late payment charge, if at any time the Minimum Payment has not been paid by the latest Payment Due Date as specified in a Statement;
(e) an "over limit" charge if any credit limit or cash advance limit or limit on Balance Transfer amounts applicable to a Card is exceeded;
(f) an ATM balance enquiry fee if you use your Card to check your Card Account balance at an ATM outside of New Zealand;
(g) an ATM cash withdrawal fee if you use your Card to withdraw cash at an ATM outside of New Zealand;
(h) an international transaction fee if you use your Card to make purchases outside of New Zealand;
(i) other fees, charges and after expenses, at such rates and in such amounts as the occurrence of an Event of Default and Bank may from time to time determine. Whenever possible, the giving Bank will inform you of any required notice by CIT in accordance with the provisions of Section 10, Paragraph 10.2 hereof, all Obligations shall bear interest at the Default Rate of Interestnon‐standard charges before payment is due.
8.2 Interest on the Term Loan shall be payable monthly as 9.4 The fees, charges and expenses of the end of each month on Bank (which may change from time to time) are prescribed in the unpaid balance or on payment in full prior to maturity. Chase Bank Rate Loans shall be in an amount equal to the Chase Bank Rate plus one half of one percent (.50%) per annum. In the event of any change in said Chase Bank Rate the rate hereunder for any such Chase Bank Rate Loans shall changeFees and Charges Brochure, as and a copy of the date of such change, so as to remain one half of one percent (.50%) above the Chase Bank Rate. The rate hereunder shall be calculated based on a 360 day year. CIT shall be entitled to charge the Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid Fees and Charges Brochure currently in full. Notwithstanding the foregoing, if the Term Loan force is not repaid in full by April 1, 2001, the rate of interest set forth in supplied with this Section 8.2 shall increase by one-half ofAgreement.
Appears in 1 contract
Samples: Cardmember Agreement
Interest Fees and Expenses. (a) Interest on the Revolving Loans, whether bearing interest based on the Chase Bank Rate or LIBOR, shall be payable monthly as of the end of each month. Chase Bank Rate Loans shall be month in an amount equal to the JPMorgan Chase Bank Rate plus one quarter of one and one-half percent (.251.5%) per annum on the greater of (i) $2,000,000 or (ii) the average of the net balances owing by each of the Company Companies to CIT in the their respective Revolving Loan Account Accounts at the close of each day during such month. In the event of any change in said J. P. Morgan Chase Bank Rate, the rate hereunder for Chase Bank Rate Loans J. P. Morgan Chaxx Xxxx Xxxx Xxxxx shall change, as of the date of such changesuxx xxxxxx, so xo as to remain one quarter of one and one-half percent (.251.5%) above the JPMorgan Chase Bank Rate. The rate hereunder for Chase Bank Rate Loans shall be calculated based on a 360-day year. CIT shall be entitled to charge the each of such Company's Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full.
(b) Notwithstanding any provision to the contrary contained in this section Section 8, in the event that the sum of the outstanding Revolving Loans exceed exceeds the lesser of either (x) the maximum aggregate amount available under Sections Section 3 and 5 of this Financing Agreement or (y) the Revolving Line of Credit: (A) as a result of Revolving Loans advanced by CIT at the request of the Company Companies, or any one of them (herein "Requested Overadvances"), for any one (1) or more days in any month, or (B) for any other reason whatsoever (herein "Other Overadvances") and such Other Overadvances continue for five (5) or more days in any month , the average net balance of all Revolving Loans for such month shall bear interest at the Overadvance Rate.
(c) Upon and after the occurrence of an Event of Default and the giving of any required notice by CIT in accordance with the provisions of Section 10, Paragraph 10.2 hereof, all Obligations shall bear interest at the Default Rate of Interest.
8.2 Interest on the Term Loan shall be payable monthly as of the end of each month on the unpaid balance or on payment in full prior to maturity. Chase Bank Rate Loans shall be in an amount equal to the Chase Bank Rate plus one half of one percent (.50%) per annum. In the event of any change in said Chase Bank Rate the rate hereunder for any such Chase Bank Rate Loans shall change, as of the date of such change, so as to remain one half of one percent (.50%) above the Chase Bank Rate. The rate hereunder shall be calculated based on a 360 day year. CIT shall be entitled to charge the Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full. Notwithstanding the foregoing, if the Term Loan is not repaid in full by April 1, 2001, the rate of interest set forth in this Section 8.2 shall increase by one-half of
Appears in 1 contract
Samples: Financing Agreement (Boundless Corp)
Interest Fees and Expenses. (a) Interest on the Revolving Loans, whether bearing interest based on the Chase Bank Rate or LIBOR, Loans shall be payable monthly as of the end of each month. Chase Bank Rate Loans month and shall be an amount equal to the lesser of (a) the sum of (i) the Applicable Margin plus the Chase Bank Rate plus one quarter of one percent (.25%) per annum on the average of the net balances owing by each Company to the Agent and/or the Lenders in the Company's Revolving Loan Account at the close of each day during such month on balances other than LIBOR Loans, and (ii) the Applicable Margin, plus the applicable LIBOR on any LIBOR Loan, on a per annum basis, on the average of the net balances owing by the Company to CIT the Agent and/or the Lenders as set forth in the Company's Revolving Loan Account at the close of each day during such month. In month or (b) interest computed in accordance with the event provisions of any change in said Chase Bank Rate, this clause (a) but at the rate hereunder for Chase Bank Rate Loans shall change, as of the date of such change, so as to remain one quarter of one percent (.25%) above the Chase Bank Maximum Legal Rate. The rate rates hereunder for Chase Bank Rate Loans shall be calculated based on a 360-day year. CIT The Agent and the Lenders shall be entitled to charge the Company's Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full.
(b) Notwithstanding any provision to the contrary contained in this section 8, in the event that the sum of the outstanding balance of (i) Revolving Loans exceed and Letters of Credit (but subject to Section 3, Paragraph 8 above) exceeds the lesser of either (x) the maximum aggregate amount available of Availability under Sections 3 and 5 4 of this Financing Agreement or (y) the Revolving Line of Credit: (A) as a result of the sum of the Revolving Loans advanced or Letters of Credit arranged by CIT the Agent at the request of the any Company (herein "Requested OveradvancesREQUESTED OVERADVANCES"), for any one (1) or more days in any month, month or months hereafter or (Bb) for any other reason whatsoever (herein "Other OveradvancesOTHER OVERADVANCES") and such Other Overadvances continue for five (5) or more consecutive days in any month hereafter, the average net balance of all Revolving Loans owing by each Company to the Agent and the Lenders for such month (or, if the fifth day occurs in a succeeding month, then the net balances shall apply to the month in which the Overadvance first occurred) shall bear interest at the Overadvance Rate.
(c) . Upon and after the occurrence and during the continuance of an Event of Default and the giving of any required notice by CIT the Agent in accordance with the provisions of Section 10, Paragraph 10.2 hereof2 of this Agreement, but only for so long as such Event of Default shall be continuing, all Obligations shall bear interest at the Default Rate of Interest.
8.2 Interest on the Term Loan shall be payable monthly as of the end of each month on the unpaid balance or on payment in full prior to maturity. Chase Bank Rate Loans shall be in an amount equal to the Chase Bank Rate plus one half of one percent (.50%) per annum. In the event of any change in said Chase Bank Rate the rate hereunder for any such Chase Bank Rate Loans shall change, as of the date of such change, so as to remain one half of one percent (.50%) above the Chase Bank Rate. The rate hereunder shall be calculated based on a 360 day year. CIT shall be entitled to charge the Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full. Notwithstanding the foregoing, if the Term Loan is not repaid in full by April 1, 2001, the rate of interest set forth in this Section 8.2 shall increase by one-half of
Appears in 1 contract
Samples: Loan and Security Agreement (Patterson Uti Energy Inc)
Interest Fees and Expenses. (a) Interest on the Revolving Loans, whether bearing interest based on the Chase Bank Rate or LIBOR, Loans shall be payable monthly as of the end of each month. Chase Bank Rate Loans shall be an amount at a rate equal to the Chase Bank Rate (listed as "Prime" in the table below) plus one quarter of one percent any applicable margin (.25%) as set forth in the table below), per annum on the average of the net balances owing by the Company to CIT the Agent in the Revolving Loan Account at the close of each day during such month. In the event of any change in said Chase Bank Rate, the rate hereunder for Chase Bank Rate Loans shall change, change as of the date of such change, so as to remain one quarter of one percent (.25%) above the Chase Bank Rate. The rate hereunder for Chase Bank Rate Loans shall be calculated based on a 360-day year. CIT The Agent shall be entitled to charge the Company's Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full. Notwithstanding anything to the contrary herein, for purposes of calculation hereof, during the first ninety (90) days from the Closing Date all Revolving Loans shall bear interest at the Chase Bank Rate plus 0.50%.
(b) Notwithstanding any provision to the contrary contained in this section 8, in the event that the sum of (i) the outstanding Revolving Loans and (ii) the outstanding Letters of Credit exceed the lesser of either (x) the maximum aggregate amount available under Sections 3 and 5 of this Financing Agreement or (y) the Revolving Line of Credit: (A) as a result of Revolving Loans advanced by CIT the Agent at the request of the Company (herein "Requested Overadvances"), for any one (1) or more days in any month, or (B) for any other reason whatsoever (herein "Other Overadvances") and such Other Overadvances continue for five (5) or more days in any month month, the average net balance of all Revolving Loans for such month shall bear interest at the Overadvance Rate.
(c) Upon and after the occurrence of an Event of Default and the giving of any required notice by CIT the Agent in accordance with the provisions of Section 10, Paragraph 10.2 hereof, all Obligations shall bear interest at the Default Rate of Interest.
8.2 Interest on the Term Loan shall be payable monthly as of the end of each month on the unpaid balance or on payment in full prior to maturity. Chase Bank Rate Loans shall be in an amount equal to the Chase Bank Rate plus one half of one percent (.50%) per annum. In the event of any change in said Chase Bank Rate the rate hereunder for any such Chase Bank Rate Loans shall change, as of the date of such change, so as to remain one half of one percent (.50%) above the Chase Bank Rate. The rate hereunder shall be calculated based on a 360 day year. CIT shall be entitled to charge the Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full. Notwithstanding the foregoing, if the Term Loan is not repaid in full by April 1, 2001, the rate of interest set forth in this Section 8.2 shall increase by one-half of
Appears in 1 contract
Interest Fees and Expenses. (a) 7.1 Interest on the Revolving Loans, whether bearing interest based on Loans and the Chase Bank Rate or LIBOR, Term Loan shall be payable monthly as of the end of each month. Chase Bank Rate Loans month and shall be an amount equal to the Chase Bank Rate Margin plus one quarter of one percent (.25%) the Chase Bank Rate, per annum annum, on the average of the net balances owing by the Company Companies to CIT Agent in the Revolving Loan Account Companies' account at the close of each day during such month. In the event of any change in said Chase Bank Rate, the rate hereunder for Chase Bank Rate Loans above shall change, as of the date first of such the month following any change, so as to remain one quarter of one percent (.25%) above equal to the new Chase Bank Rate plus the Chase Bank RateRate Margin. The rate hereunder for Chase Bank Rate Loans shall be calculated based on a 360-day year. CIT Agent shall be entitled to charge the Company's Revolving Loan Account Companies' account at the rate provided for herein when due until all Obligations then due have been paid in full.
7.2 During the continuance of an Event of Default, after the giving of any required notice by Agent, and the satisfaction of any other applicable conditions, in accordance with the provisions of Section 9, Paragraph 9.2, clause (b) Notwithstanding any provision to hereof, all Obligations shall bear interest at the contrary contained in this section 8, in Default Rate of Interest.
7.3 In the event that the sum of (i) the outstanding Revolving Loans and (ii) the outstanding Letters of Credit exceed the lesser of either (x) the maximum aggregate amount available under Sections Section 3 and 5 of this Financing Agreement or (y) the Revolving Line of Credit: (A) as a result of Revolving Loans advanced by CIT the Agent at the request of the Company Companies or any one of them (herein "Requested Overadvances"), for any one (1) or more days in any month, or (B) for any other reason whatsoever (herein "Other Overadvances") and such Other Overadvances continue for five (5) or more days in any month , the average net balance of all Revolving Loans for such month shall bear interest at the Overadvance Rate.
7.4 Each of the Companies shall reimburse or pay the Agent, as the case may be, for: (ca) Upon all Out-of-Pocket Expenses and after the occurrence of an Event of Default and the giving of (b) any required notice by CIT in accordance with the provisions of Section 10, Paragraph 10.2 hereof, all Obligations shall bear interest at the Default Rate of Interestapplicable Documentation Fee.
8.2 Interest on 7.5 Upon the Term Loan shall be payable monthly as of the end last Business Day of each month on commencing with the unpaid balance or on payment in full prior month during which the Closing Date occurs, the Companies shall pay to maturity. Chase Bank Rate Loans the Agent, for the benefit of the Lenders, the Line of Credit Fee.
7.6 In consideration of the Letter of Credit Guaranty of the Agent, the Companies shall pay the Agent the Letter of Credit Guaranty Fee which shall be in an amount equal to (a) 2.0% of the Chase Bank Rate plus one half face amount of one percent each documentary Letter of Credit payable upon issuance thereof and (.50%b) 2.0% per annum. In , payable monthly, on the event face amount of each standby Letter of Credit less the amount of any change and all amounts previously drawn under such standby Letter of Credit.
7.7 Any and all charges, fees, commissions, costs and expenses charged to the Agent for the Companies' account by any Issuing Bank in said Chase Bank Rate the rate hereunder for any such Chase Bank Rate Loans shall changeconnection with, as or arising out of, Letters of the date Credit or out of such change, so as transactions relating thereto will be charged to remain one half of one percent (.50%) above the Chase Bank Rate. The rate hereunder shall be calculated based on a 360 day year. CIT shall be entitled to charge the Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full. Notwithstanding the foregoing, if the Term Loan is not repaid in full when charged to, or paid by April 1the Agent, 2001or as may be due upon any termination of this Financing Agreement hereof, and when made by any such Issuing Bank shall be conclusive on the rate Agent.
7.8 The Companies shall pay the Agent's standard charges and fees for the Agent's personnel used by the Agent for reviewing the books and records of interest set forth in this Section 8.2 shall increase by one-half ofthe Companies and for verifying, testing,
Appears in 1 contract
Samples: Financing Agreement (Twinlab Corp)
Interest Fees and Expenses. (a) 1. Interest on the Revolving Loans, whether bearing interest based on the Chase Bank Rate or LIBOR, Loan and all Acquisition Term Loans shall be payable monthly as of the end of each month. Chase Bank Rate Loans month and shall be an amount equal to to: a) the then Chase Bank Rate plus one less a quarter of one percent, or, at ROA's election, the sum of two and one-quarter percent (.252 1/4%) and the Libor, or b) subject to paragraph 3 below, if the Companies' Funded Debt to Net Worth Ratio for the preceding fiscal quarter was less than one to one (1 to 1), the then Chase Bank Rate less one half of one percent, or, at ROA' s election, the sum of one and three-quarters percent ( 1 3/4 /O) and the Libor. Interest shall be computed on a per annum basis on the average of the net balances owing by the Company to CIT in the Revolving Loan Account Companies at the close of each day during such month. In the event of any change in said Chase Bank Rate, the rate hereunder for Chase Bank Rate Loans shall change, change as of the date first of such the month following any change, so ; ROA may elect to use Libor as to remain one quarter any new or then outstanding Revolving Loans or Acquisition Term Loans provided x) there is then no Default or unwaived Event of one percent Default and y)ROA has advised the Agent of its election to use Libor and the Libor Period selected no later than three (.25%3) above Business Days prior to the Chase Bank Rateproposed borrowing or, in the case of a Libor election with respect to a then outstanding Revolving Loan or Acquisition Term Loan, three (3) Business Days prior to the conversion of any then outstanding Revolving Loans or Acquisition Term Loan to Libor Loans and z) the election and Libor shall be effective, provided there is then no Default or unwaived Event of Default, on the fourth Business Day following said notice. The rate hereunder Libor elections must be for Chase Bank Rate Loans shall $1,000,000.00 or whole multiples thereof. No more than four (4) Libor elections may be calculated based on a 360-day yearin effect at any one time. CIT The Agent shall be entitled to charge the Company's Revolving Collective Loan Account i) at the rate provided for herein when due until all Obligations have been paid in full.
(b; ii) Notwithstanding any provision to the contrary contained in this section 8, in Libor Processing Fee on the event that the sum effective date of the outstanding Revolving Loans exceed the lesser of either (x) the maximum aggregate amount available under Sections 3 and 5 of this Financing Agreement or (y) the Revolving Line of Credit: (A) as a result of Revolving Loans advanced by CIT at the request of the Company (herein "Requested Overadvances"), for any one (1) or more days in any month, or (B) for any other reason whatsoever (herein "Other Overadvances") and such Other Overadvances continue for five (5) or more days in any month , the average net balance of all Revolving Loans for such month shall bear interest at the Overadvance Rate.
(c) Upon and after the occurrence of an Event of Default and the giving of any required notice by CIT in accordance with the provisions of Section 10, Paragraph 10.2 hereof, all Obligations shall bear interest at the Default Rate of Interest.
8.2 Interest on the Term Loan shall be payable monthly as of the end of each month on the unpaid balance or on payment in full prior to maturityLibor Election. Chase Bank Rate Loans shall be in an amount equal to the Chase Bank Rate plus one half of one percent (.50%) per annum. In the event of any change in said Chase Bank Rate the rate hereunder for any such Chase Bank Rate Loans shall change, as of the date of such change, so as to remain one half of one percent (.50%) above the Chase Bank Rate. The rate All rates hereunder shall be calculated based on a 360 day year. CIT shall be entitled to charge the Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full. Notwithstanding the foregoing, if the Term Loan is not repaid in full by April 1, 2001, the rate of interest set forth in this Section 8.2 shall increase by one-half of.
Appears in 1 contract
Interest Fees and Expenses. 9.1 The Bank may also charge interest to your Card Account as follows:
(a) Interest an interest charge calculated on the Revolving Loans, whether bearing interest based a daily basis on the Chase Bank Rate or LIBOR, shall be payable monthly as of the end of each month. Chase Bank Rate Loans shall be an amount equal to the Chase Bank Rate plus one quarter of one percent (.25%) per annum on the average of the net balances owing by the Company to CIT in the Revolving Loan Account at the close of each day during such month. In the event of any change in said Chase Bank Rate, the rate hereunder for Chase Bank Rate Loans shall change, as of cash advance and accruing from the date of such change, so as to remain one quarter of one percent (.25%) above advance until the Chase Bank Rate. The rate hereunder for Chase Bank Rate Loans shall be calculated based on a 360-day year. CIT shall be entitled to charge the Company's Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid date upon which it is finally repaid in full.; and
(b) Notwithstanding any provision an interest charge calculated on a daily basis on the outstanding Charges (other than cash advances, where sub‐paragraph (a) above applies), and the interest charge specified in this sub‐paragraph from the Transaction date to the contrary contained current Statement date unless the Bank (to which the applicable Card Account relates) receives in this section 8, full the total amount due as specified in the event last Statement on or before the Payment Due Date stipulated in that Statement; if the sum total amount due as specified in the last Statement (to which the applicable Card Account relates) is not received by the Bank by the latest due date stipulated in that Statement, the interest charge payable under this sub‐paragraph (b) will only apply to Charges (other than cash advances as aforesaid) incurred before the date of the outstanding Revolving Loans exceed last Statement as from the lesser of either respective dates such Charges are incurred, notwithstanding that such Charges will not be payable until the Payment Due Date specified in the current Statement; new Transactions (xother than cash advances as aforesaid) incurred between the maximum aggregate amount available under Sections 3 and 5 of this Financing Agreement or (y) the Revolving Line of Credit: (A) as a result of Revolving Loans advanced by CIT at the request dates of the Company last and current Statements are entitled to the repayment grace period subject to the Bank’s sole discretion.
9.2 The interest rates applicable (herein which may change from time to time in our sole discretion) are prescribed in the "Requested OveradvancesPersonal and home loan banking fees and limits" brochure (the "Fees and Charges Brochure"), and a copy of the Fees and Charges Brochure currently in force is supplied with this Agreement.
9.3 The Bank may also debit the following fees, charges and expenses to a Card Account:
(a) an initial and/or annual fee for any one the use of the applicable Card Account and each Card (1which may vary depending on the type of Card);
(b) a handling charge for the supply of reissued or more days in any month, or (B) for any other reason whatsoever (herein "Other Overadvances") and such Other Overadvances continue for five (5) or more days in any month , the average net balance of all Revolving Loans for such month shall bear interest at the Overadvance Rate.replacement Cards;
(c) Upon a handling charge for each cash advance;
(d) a late payment charge, if at any time the Minimum Payment has not been paid by the latest Payment Due Date as specified in a Statement;
(e) an "over limit" charge if any credit limit or cash advance limit or limit on Balance Transfer amounts applicable to a Card is exceeded;
(f) an ATM balance enquiry fee if you use your Card to check your Card Account balance at an ATM outside of New Zealand;
(g) an ATM cash withdrawal fee if you use your Card to withdraw cash at an ATM outside of New Zealand;
(h) an international transaction fee if you use your Card to make purchases outside of New Zealand;
(i) other fees, charges and after expenses, at such rates and in such amounts as the occurrence of an Event of Default and Bank may from time to time determine. Whenever possible, the giving Bank will inform you of any required notice by CIT in accordance with the provisions of Section 10, Paragraph 10.2 hereof, all Obligations shall bear interest at the Default Rate of Interestnon‐standard charges before payment is due.
8.2 Interest on the Term Loan shall be payable monthly as 9.4 The fees, charges and expenses of the end of each month on Bank (which may change from time to time) are prescribed in the unpaid balance or on payment in full prior to maturity. Chase Bank Rate Loans shall be in an amount equal to the Chase Bank Rate plus one half of one percent (.50%) per annum. In the event of any change in said Chase Bank Rate the rate hereunder for any such Chase Bank Rate Loans shall changeFees and Charges Brochure, as and a copy of the date of such change, so as to remain one half of one percent (.50%) above the Chase Bank Rate. The rate hereunder shall be calculated based on a 360 day year. CIT shall be entitled to charge the Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid Fees and Charges Brochure currently in full. Notwithstanding the foregoing, if the Term Loan force is not repaid in full by April 1, 2001, the rate of interest set forth in supplied with this Section 8.2 shall increase by one-half ofAgreement.
Appears in 1 contract
Samples: Cardmember Agreement
Interest Fees and Expenses. (a) 1. Interest on the Revolving Loans, whether bearing interest based on the Chase Bank Rate or LIBOR, Loan shall be payable monthly as of the end of each month. Chase Bank Rate Loans month and shall be an amount equal to the Chase Bank Rate plus lesser of (a) the sum of (i) one quarter of one percent (.251/4%) plus the Chase Manhattan Bank Rate per annum on the average of the net balances owing by the Company to CIT the Agent and/or the Lenders in the Company's Revolving Loan Account at the close of each day during such monthmonth on balances other than Libor Loans and (ii) two and one quarter percent (2 1/4%) plus the applicable Libor on any Libor Loan, on a per annum basis, on the average of the net balances owing by the Company to the Agent and/or the Lenders in the Company's Revolving Loan Account at the close of each day during such month or (b) interest computed in accordance with the provisions of clause (a) but at the Maximum Legal Rate. In the event of any change in said Chase Manhattan Bank Rate, the rate hereunder for Chase Bank Rate Loans under clause (i) above shall change, as of the date first of such the month following any change, so as to remain one quarter of one percent (.251/4%) above the Chase Manhattan Bank Rate. The rate hereunder for Chase Bank Rate Loans shall be calculated based on a 360-day year, unless such calculations would result in a usurious rate, in which case interest shall be calculated on the basis of a year of 365 or 366 days (as the case may be) and for actual days elapsed. CIT The Agent and the Lenders shall be entitled to charge the Company's Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full.
2. The Company may elect to use Libor as to any other outstanding Revolving Loans provided A) there is then no Default or Event of Default, B) the Company has so advised the Agent of its election to use Libor and the Libor Period selected no later than three (b3) Notwithstanding Business Days preceding the first day of a Libor Period and C) the election and Libor shall be effective, provided, there is then no Default or Event of Default, on the fourth Business Day following said notice. The Libor elections must be for $1,000,000 or whole multiples thereof and there shall be no more than five (5) Libor Loans outstanding at one time. If no such election is timely made or can be made, or if the Libor rate can not be determined, then the Agent shall use the Chase Manhattan Bank Rate to compute interest. In the event the Company requests any provision Libor election the Company shall pay to the Agent a $500 processing fee upon the effective date of each such Libor election hereunder. In addition, the Company shall pay to the Agent for the benefit of the Lenders, upon the request of the Agent such amount or amounts as shall compensate the Agent and/or the Lenders for any loss, costs or expenses incurred by the Agent and/or the Lenders (as reasonably determined by the Agent and the Lenders) as a result of: (i) any payment or prepayment on a date other than the last day of a Libor Period for such Libor Loan, or (ii) any failure of the Company to borrow a Libor Loan on the date for such borrowing specified in the relevant notice; such compensation to include, without limitation, an amount equal to any loss or expense suffered by the Agent and/or the Lenders during the period from the date of receipt of such payment or prepayment or the date of such failure to borrow to the last day of such Libor Period if the rate of interest obtained by the Agent and/or the Lenders upon the reemployment of an amount of funds equal to the amount of such payment, prepayment or failure to borrow is less than the rate of interest applicable to such Libor Loan for such Libor Period. The determination by the Agent and/or the Lenders of the amount of any such loss or expense, when set forth in a written notice to the Company, containing the Agent's and/or the Lenders' calculations thereof in reasonable detail, shall be conclusive on the Company, in the absence of manifest error. Calculation of all amounts payable to the Agent and/or the Lenders under this paragraph with regard to Libor Loans shall be made as though the Agent and the Lenders had actually funded the Libor Loans through the purchase of deposits in the relevant market and currency, as the case may be, bearing interest at the rate applicable to such Libor Loans in an amount equal to the amount of the Libor Loans and having a maturity comparable to the relevant interest period PROVIDED, HOWEVER, that the Agent and the Lenders may fund each of the Libor Loans in any manner the Agent and the Lenders see fit and the foregoing assumption shall be used only for calculation of amounts payable under this paragraph. In addition, notwithstanding anything to the contrary contained in this section 8herein, in the event that Agent and the sum Lenders shall apply all proceeds of Collateral, including the Accounts, and all other amounts received by it from or on behalf of the outstanding Revolving Loans exceed Companies (i) initially to the lesser of either Chase Manhattan Bank Rate loans and (ii) subsequently to Libor Loans; PROVIDED, HOWEVER, x) the maximum aggregate amount available under Sections 3 and 5 of this Financing Agreement or (y) the Revolving Line of Credit: (A) as a result of Revolving Loans advanced by CIT at the request of the Company (herein "Requested Overadvances"), for any one (1) or more days in any month, or (B) for any other reason whatsoever (herein "Other Overadvances") and such Other Overadvances continue for five (5) or more days in any month , the average net balance of all Revolving Loans for such month shall bear interest at the Overadvance Rate.
(c) Upon and after upon the occurrence of an Event of Default or y) in the event the aggregate amount of outstanding Libor Rate Loans exceeds Availability or the applicable maximum levels set forth therefor, the Agent and the giving Lenders may apply all such amounts received by them to the payment of Obligations in such manner and in such order as the Agent may elect in its reasonable business judgment. In the event that any required notice by CIT in accordance with such amounts are applied to Revolving Loans which are Libor Loans, such application shall be treated as a prepayment of such loans and the provisions of Section 10, Paragraph 10.2 hereof, all Obligations Agent and the Lenders shall bear interest at the Default Rate of Interestbe entitled to indemnification hereunder.
8.2 Interest on 3. In consideration of the Term Loan Letter of Credit Guaranty of the Agent, the Company shall pay the Agent for the benefit of the Lenders the Letter of Credit Guaranty Fee which shall be payable monthly as of the end of each month on the unpaid balance or on payment in full prior to maturity. Chase Bank Rate Loans shall be in an amount equal to the Chase Bank Rate plus (a) one and one half of one percent (.501.5%) per annum, payable monthly, on the face amount of each outstanding standby Letter of Credit less the amount of any and all amounts previously drawn under such Letters of Credit, and (b) one percent (1%) payable on the date of issuance on the face amount of each outstanding documentary Letter of Credit.
4. Any charges, fees, commissions, costs and expenses charged to the Agent and/or the Lenders for the Company's account by any Issuing Bank in connection with or arising out of Letters of Credit issued pursuant to this Financing Agreement or out of transactions relating thereto will be charged to the Company's account in full when charged to or paid by the Agent and when made by any such Issuing Bank shall be conclusive on the Agent.
5. The Company shall reimburse or pay the Agent, as the case may be, for: i) all Out-of-Pocket Expenses and ii) any applicable Documentation Fee.
6. Upon the last Business Day of each month , commencing with the last day of the month in which this Financing Agreement is executed the Company shall pay the Agent for the benefit of the Lenders the Line of Credit Fee.
7. To induce the Agent and the Lenders to enter into this Financing Agreement and to extend to the Company the Revolving Loan and Letters of Credit, the Company shall pay to the Agent (a) for the benefit of the Lenders a Loan Facility Fee in the amount of $150,000.00 (b) solely for the benefit of the Agent, an Agent's Fee in the amount of $75,000.00, each of the foregoing fees payable upon execution of this Financing Agreement.
8. Upon the date hereof and on such annual anniversary hereof the Company shall pay to the Agent the Collateral Management Fee, which shall be fully earned and not refundable or rebateable when due.
9. The Company shall pay the Agent's standard charges for, and the reasonable fees and expenses of, the Agent's personnel used by the Agent for reviewing the books and records of the Company and for verifying, testing protecting, safeguarding, preserving or disposing of all or any part of the Collateral provided, however, that the foregoing shall not be payable until the occurrence of an Event of Default if the Company is paying a Collateral Management Fee.
10. In no event shall the rates of interest hereunder exceed the Maximum Legal Rate. In the event that the Contract Rate computed under this Section 8 would exceed the Maximum Legal Rate, the rates of any change in said Chase Bank Rate the rate hereunder interest under this Financing Agreement for any such Chase Bank period shall be limited to the Maximum Legal Rate, but any subsequent reductions in the Contract Rate Loans shall change, as not reduce the rates of interest under the date Financing Agreement below the Maximum Legal Rate until the total amount of such change, so as to remain one half interest charged hereunder equals the amount of one percent (.50%) above interest that would have been charged had the Chase Bank RateContract Rate been charged at all times.
11. The rate hereunder shall be calculated based on a 360 day year. CIT shall be entitled Company hereby authorizes the Agent to charge the Company's Revolving Loan Account with the Agent with the amount of all payments due hereunder as such payments become due. The Company confirms that any charges which the Agent may so make to the Company's account as herein provided will be made as an accommodation to the Company and solely at the rate provided for herein when due until all Obligations have been paid in full. Notwithstanding the foregoing, if the Term Loan is not repaid in full by April 1, 2001, the rate of interest set forth in this Section 8.2 shall increase by one-half ofAgent's discretion.
Appears in 1 contract
Interest Fees and Expenses. (a1(a) Interest on the Revolving Loans, whether bearing interest based on the Chase Bank Rate or LIBOR, Loan shall be payable monthly as of the end of each month. Chase Bank Rate Loans month and shall be an amount equal to the lesser of: (a)
(i) for Chase Bank Rate plus one quarter Loans, the sum of one-half of one percent (.25.50%) plus the Chase Bank Rate per annum on the daily average of the net balances owing by the Company to CIT CITBC in the Company's Revolving Loan Account at during such month on balances other than Libor Loans, or (as applicable); (ii) for Libor Loans, the close sum of each day three percent (3.0%) plus the applicable Libor on any Libor Loan, on a per annum basis, on the daily average of the net balances owing by the Company to CITBC in the Company's Revolving Loan Account during such month; and (b) interest computed in accordance with the provisions of CLAUSE (a) but at the Maximum Legal Rate. In the event of any change in said Chase Bank Rate, the rate hereunder for Chase Bank Rate Loans under CLAUSE (i) above shall change, as of the date first of such the month following any change, so as to remain one quarter one-half of one percent (.25.50 %) above the Chase Bank Rate. The rate hereunder for Chase Bank Rate Loans shall be calculated based on a 360-day yearyear (unless such calculations would result in the interest on the Chase Bank Rate Loan exceeding the Maximum Legal Rate, in which event such interest shall be calculated on the basis of a year of 365 or 366 days as the case may be). CIT CITBC shall be entitled to charge the Company's Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full.
(b) Notwithstanding any provision to the contrary contained in this section SECTION 8, in the event that the sum of the outstanding balance of (i) Revolving Loans exceed Loans; and (ii) Letters of Credit exceeds the lesser of either (x) the maximum aggregate amount thereof available under Sections SECTIONS 3 and AND 5 of this Financing Agreement Agreement; or (y) the Revolving Line of Credit: (A) as a result of Revolving Loans and/or Letters of Credit advanced by CIT CITBC at the request of the Company (herein "Requested OveradvancesREQUESTED OVERADVANCES"), for any one (1) or more days in any month, or (B) for any other reason whatsoever (herein "Other Overadvances") and such Other Overadvances continue for five (5) or more days in any month , the average net balance of all Revolving Loans for such month shall bear interest at the Overadvance Rate.
(c) Upon and after the occurrence of an Event of Default and the giving of any required notice by CIT in accordance with the provisions of Section 10, Paragraph 10.2 hereof, all Obligations shall bear interest at the Default Rate of Interest.
8.2 Interest on the Term Loan shall be payable monthly as of the end of each month on the unpaid balance or on payment in full prior to maturity. Chase Bank Rate Loans shall be in an amount equal to the Chase Bank Rate plus one half of one percent (.50%) per annum. In the event of any change in said Chase Bank Rate the rate hereunder for any such Chase Bank Rate Loans shall change, as of the date of such change, so as to remain one half of one percent (.50%) above the Chase Bank Rate. The rate hereunder shall be calculated based on a 360 day year. CIT shall be entitled to charge the Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full. Notwithstanding the foregoing, if the Term Loan is not repaid in full by April 1, 2001, the rate of interest set forth in this Section 8.2 shall increase by one-half ofhereafter;
Appears in 1 contract
Interest Fees and Expenses. (a) 1. Interest on the Revolving Loans (other than Libor Loans) shall be payable monthly as of the and of each month and shall be an amount equal to the sum of three-quarters of one percent (.75%) and the Chemical Bank Rate, whether bearing interest based on a per annum basis, on the Chase Bank Rate or LIBOR, average of the net balances (other than Libor Loan) owing by the Company in the Company's account at the close of each day during such month. Interest on the Revolving Loans which are Libor Loans shall be payable monthly as of the end of each month. Chase Bank Rate Loans month and shall be an amount equal to the Chase Bank Rate plus one quarter sum of one two and one-half percent (.252 1/2%) and the applicable Libor on each then outstanding Revolving Loan which is a Libor Loan, on a per annum basis, on the average of the net balances balance owing by the Company to CIT in the Revolving on such Libor Loan Account at the close of each day during such month. The Company may elect to use Libor as to any new or then outstanding Revolving Loans provided x) there is then no unwaived Default or Event of Default, and y) the Company has so advised the Agent of its election to use Libor and the Libor Period selected no later than three (3) Business Days prior to the proposed borrowing or, in the case of a Libor election with respect to a then outstanding Revolving Loan, three (3) Business Days prior to the conversion of any then outstanding Revolving Loans to Libor Loans and z) the election and Libor shall be effective, provided, there is then no unwaived Default or Event of Default, on the fourth Business Day following said notice. The Libor elections must be for $100,000.00 or whole multiples thereof. If no such election is timely made or can be made, then the Agent shall use the Chemical Bank Rate to compute interest. In the event of any change in said Chase Chemical Bank Rate, the rate hereunder for Chase Bank Rate Loans shall change, as of the date first of such the month following any change, so as to remain one quarter three quarters of one percent (.25.75%) above the Chase Chemical Bank Rate. The rate rates hereunder for Chase Bank Rate Loans shall be calculated based on a 360365-day year. CIT The Agent shall be entitled to charge the Company's Revolving Loan Account account at the rate provided for herein when due until all Obligations have been paid in full.
2. In consideration of the Letter of Credit Guaranty, the Company shall pay to the Agent the Letter of Credit Guaranty Fee which shall be an amount equal to one and one quarter percent (1 1/4%) per annum, payable a) monthly, on the face amount of each outstanding stand-by Letter of Credit less the amount of any and all amounts previously drawn under such Letters of Credit and b) Notwithstanding any provision on the date of issuance on the face amount of each outstanding documentary Letter of Credit.
3. Any charges, fees, commissions, costs and expenses charged to the contrary contained Agent for the Company's account by any Issuing Bank in connection with or arising out of Letters of Credit issued pursuant to this section 8Financing Agreement or out of transactions relating thereto will be charged to the loan account in full when charged to or paid by the Agent and when made by any such Issuing Bank shall be conclusive on the Agent.
4. The Company shall reimburse or pay the Agent, as the case may be, for: a) all Out-of-Pocket Expenses and b) any applicable Documentation Fees.
5. Upon the last Business Day of each month, commencing with March 29, 1996, the Company shall pay the Agent for the account of the Lenders the Line of Credit Fee.
6. To induce CITBC, both as Lender and as Agent, to enter into this Financing Agreement and to extend to the Company the Revolving Loans, the Company hereby agrees to pay to CITBC a Loan Syndication Fee, in the event that amount set forth in the sum Commitment Letter, less the Documentation Fee, payable upon execution of this Financing Agreement.
7. Upon the outstanding Revolving Loans exceed the lesser date of either (x) the maximum aggregate amount available under Sections 3 and 5 execution of this Financing Agreement and on each Anniversary Date thereafter so long as this Financing Agreement is in effect, the Company shall pay to the Agent for the Agent's account only the Collateral Management Fee which shall be non-refundable. Such fee shall be fully earned when paid and shall not be refundable or rebateable by reason of prepayment, acceleration upon an Event of Default or any other circumstances and shall be retained notwithstanding any termination of this Agreement.
8. To induce the Lenders (yincluding CITBC) to enter into this Financing Agreement and to extent to the Company the Revolving Line Loans, the Company hereby agrees to pay to the Agent for the account of Credit: the Lenders a Loan Facility Fee in the amount of $500,000.00 payable upon execution of this Financing Agreement. Such fee shall be fully earned when paid and shall not be refundable or rebateable by reason of prepayment, acceleration upon an Event of Default or any other circumstances and shall be retained notwithstanding any termination of this Agreement.
9. Immediately upon the advise to the Agent by the Company of the Company's election of a Libor Loan, the Company shall pay to the Agent for the Agent's account only the Libor Processing Fee which shall be non-refundable.
10. The Company shall pay to the Agent for the account of the Lenders such amount or amounts as shall compensate the Agent, the Lenders or their Participants (Aas defined below), if any, for any loss, costs or expenses incurred by the Agent, the Lenders or their Participants if any, (as reasonably determined by the Agent, the Lenders or their Participants if any) as a result of: (i) any payment or prepayment on a date other than the last day of Revolving Loans advanced by CIT at the request a Libor Period for such Libor Loan, or (ii) any failure of the Company (herein "Requested Overadvances"), for any one (1) or more days in any month, or (B) for any other reason whatsoever (herein "Other Overadvances") and such Other Overadvances continue for five (5) or more days in any month , to borrow a Libor Loan on the average net balance of all Revolving Loans date for such month shall bear interest at borrowing specified in the Overadvance Rate.
(c) Upon and after the occurrence of an Event of Default and the giving of any required notice by CIT in accordance with the provisions of Section 10relevant notice; such compensation to include, Paragraph 10.2 hereofwithout limitation, all Obligations shall bear interest at the Default Rate of Interest.
8.2 Interest on the Term Loan shall be payable monthly as of the end of each month on the unpaid balance or on payment in full prior to maturity. Chase Bank Rate Loans shall be in an amount equal to any loss or expense suffered by the Chase Bank Rate plus one half Agent, the Lenders or their Participants if any, during the period from the date of one percent (.50%) per annum. In the event receipt of any change in said Chase Bank Rate the rate hereunder for any such Chase Bank Rate Loans shall change, as of payment or prepayment or the date of such change, so as failure to remain one half borrow to the last day of one percent (.50%) above the Chase Bank Rate. The rate hereunder shall be calculated based on a 360 day year. CIT shall be entitled to charge the Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full. Notwithstanding the foregoing, such Libor Period if the Term Loan is not repaid in full by April 1, 2001, the rate of interest obtained by the Agent, the Lenders or their Participants if any, upon the reemployment of an amount of funds equal to the amount of such payment, prepayment or failure to borrow is less than the rate of interest applicable to such Libor Loan for such Libor Period. The determination by the Agent, the Lenders or their Participants, if any, of the amount of any such loss or expense, when set forth in this Section 8.2 a written notice to the Company, containing the calculations thereof in reasonable detail, shall increase constitute prima facie evidence thereof.
11. The Company may at any time, on ten (10) Business Days prior written notice to the Agent, reduce the Line of Credit provided that: i) any reduction shall be permanent and irrevocable; ii) a reduction must be for at least $5,000,000.00 or whole multiples thereof; and iii) the Company shall immediately repay the Agent the amount by one-half ofwhich the Obligations exceed Availability.
12. The Company hereby confirms and authorizes the Agent, and the Agent hereby agrees, to charge the loan account with the amount of all Obligations due hereunder as such payment becomes due. In the unlikely event the Agent is unable or unwilling to charge any such Obligation to the loan account, then the Agent shall so notify the Company in writing and the amount so requested shall be due and payable thirty (30) days after such demand.
Appears in 1 contract
Interest Fees and Expenses. (a) Interest on the Revolving Loans (other than LIBOR Loans, whether bearing interest based on the Chase Bank Rate or LIBOR, ) shall be payable monthly as of the end of each month. Chase Bank Rate Loans month and shall be an amount equal to the Chase Bank Rate plus one quarter of one percent (.25%) per annum plus the Applicable Margin attributable to Chase Bank Rate Loans on the average of the net balances (other than LIBOR Loans) owing by the Company Borrowers to CIT the Lenders in the Borrowers' Revolving Loan Account at the close of each day during such month. Interest on the Revolving Loans which are LIBOR Loans shall be payable monthly as of the end of each month and shall be an amount equal to the sum of the Applicable Margin attributable to LIBOR Loans and the applicable LIBOR on each then outstanding Revolving Loan which is a LIBOR Loan, on a per annum basis, on the average of the net balances owing by the Borrowers on such LIBOR Loan at the close of each day during such month. The Borrowers may elect to use LIBOR as to any new or then outstanding Revolving Loans subject to the provisions of Section 8.13 hereof. If no such election is timely made or can be made, then the Agent shall use the Chase Bank Rate to compute interest. In the event of any change in said Chase Bank Rate, the rate hereunder for Chase Bank Rate Loans shall changechange correspondingly, as of the date first of such the month following any change, so as to remain one quarter of one percent (.25%) above the Chase Bank Rate. The rate All rates hereunder for Chase Bank Rate Loans shall be calculated based on a 360-day year. CIT The Agent shall be entitled to charge the Company's Borrowers' Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full.
(b) Notwithstanding any provision to the contrary contained in this section Section 8, in the event that the sum of (i) the outstanding Revolving Loans Loans, and (ii) the Availability Reserve(s) exceed the lesser of either (x) the maximum aggregate amount available under Sections 3 and 5 of this Financing Agreement or (y) the Revolving Line of CreditBorrowing Base: (A) as a result of Revolving Loans advanced by CIT the Agent at the request of the Company Borrowers or any one of them (herein "Requested Overadvances"), for any one (1) or more days Business Days in any month, or (B) for any other reason whatsoever (herein "Other Overadvances") and such Other Overadvances continue for five (5) or more days Business Days in any month month, the average net balance of all Revolving Loans for such month period during which an Overadvance is in effect shall bear interest at the Overadvance Rate.
(c) Upon and after the occurrence of an Event of Default and the giving of any required notice by CIT the Agent in accordance with the provisions of Section 10, Paragraph 10.2 hereof, all Obligations shall bear interest at the Default Rate of Interest.
8.2 Interest on the Term Loan shall be payable monthly as of the end of each month on the unpaid balance or on payment in full prior to maturity. Chase Bank Rate Loans shall be in an amount equal to the Chase Bank Rate plus one half of one percent (.50%) per annum. In the event of any change in said Chase Bank Rate the rate hereunder for any such Chase Bank Rate Loans shall change, as of the date of such change, so as to remain one half of one percent (.50%) above the Chase Bank Rate. The rate hereunder shall be calculated based on a 360 day year. CIT shall be entitled to charge the Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full. Notwithstanding the foregoing, if the Term Loan is not repaid in full by April 1, 2001, the rate of interest set forth in this Section 8.2 shall increase by one-half of
Appears in 1 contract
Samples: Financing Agreement (Gart Sports Co)
Interest Fees and Expenses. (a) Interest on the Revolving Loans, whether bearing interest based on the Chase Bank Rate or LIBOR, shall be payable monthly as of the end of each month. Chase Bank Rate Loans shall be month in an amount equal to the Chase Bank Rate plus one quarter of one and one-half percent (.251 1/2%) per annum on the average of the net balances owing by the Company to CIT in the Revolving Loan Account at the close of each day during such month. In the event of any change in said Chase Bank Rate, the rate hereunder for Chase Bank Rate Loans shall change, as of the date of such change, so as to remain one quarter of one and one-half percent (.251 1/2%) above the Chase Bank Rate. The rate hereunder for Chase Bank Rate Loans shall be calculated based on a 360-day year. CIT shall be entitled to charge the Company's Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full.
(b) Notwithstanding any provision to the contrary contained in this section 8, in the event that the sum of the outstanding Revolving Loans exceed the lesser of either (x) the maximum aggregate amount available under Sections Section 3 and 5 of this Financing Agreement or (y) the Revolving Line of Credit: (A) as a result of Revolving Loans advanced by CIT at the request of the Company Borrowers (herein "Requested Overadvances"), for any one (1) or more days in any month, or (B) for any other reason whatsoever (herein "Other Overadvances") and such Other Overadvances continue for five (5) or more days in any month month, the average net balance of all Revolving Loans for such month shall bear interest at the Overadvance Rate.
(c) Upon and after the occurrence of an Event of Default and the giving of any required notice by CIT in accordance with the provisions of Section 10, Paragraph 10.2 hereof, all Obligations shall bear interest at the Default Rate of Interest.
8.2 Interest on the Term Loan shall be payable monthly as of the end of each month on the unpaid balance or on payment in full prior to maturity. Chase Bank Rate Loans shall be in an amount equal to the Chase Bank Rate plus one half of one percent (.50%) per annum. In the event of any change in said Chase Bank Rate the rate hereunder for any such Chase Bank Rate Loans shall change, as of the date of such change, so as to remain one half of one percent (.50%) above the Chase Bank Rate. The rate hereunder shall be calculated based on a 360 day year. CIT shall be entitled to charge the Revolving Loan Account at the rate provided for herein when due until all Obligations have been paid in full. Notwithstanding the foregoing, if the Term Loan is not repaid in full by April 1, 2001, the rate of interest set forth in this Section 8.2 shall increase by one-half of
Appears in 1 contract
Samples: Financing Agreement (Planetcad Inc)
