Common use of INTEREST, INTEREST PERIODS, CONVERSIONS, PREPAYMENTS Clause in Contracts

INTEREST, INTEREST PERIODS, CONVERSIONS, PREPAYMENTS. 3.1 The Revolving Credit Note and the Advances thereunder shall bear interest from the date thereof on the unpaid principal balance thereof from time to time outstanding, at a rate per annum equal to the Prime-based Rate or the Eurodollar-based Rate, as the Companies may elect subject to the provisions of this Agreement. Interest shall be payable monthly on the first Business Day of each month, commencing on the first Business Day following the month during which such Advance is made, and at maturity. Notwithstanding the foregoing, from and after the occurrence of any Event of Default and solely during the continuation thereof, the Advances shall bear interest, payable on demand, at a rate per annum equal to: (i) in the case of Prime-based Advances, two percent (2%) above the Prime-based Rate; and (ii) in the case of a Eurodollar-based Advance, two percent (2%) above the rate which would otherwise be applicable under this Section 3.1 until the earlier of (A) the waiver by Bank of the Event of Default and (B) the end of the then current Interest Period, at which time such Advance shall bear interest at the rate provided for in clause (i) of this Section 3.1. Interest on all Advances shall be calculated on the basis of a 360 day year for the actual number of days elapsed. The interest rate with respect to any Prime-based Advance shall change on the effective date of any change in the Prime-based Rate.

Appears in 2 contracts

Samples: Credit Agreement (Us Concrete Inc), Credit Agreement (Us Concrete Inc)

AutoNDA by SimpleDocs

INTEREST, INTEREST PERIODS, CONVERSIONS, PREPAYMENTS. 3.1 The Revolving Credit Note and the Advances thereunder shall bear interest from the date thereof on the unpaid principal balance thereof from time to time outstanding, at a rate per annum equal to the Prime-based Rate or the Eurodollar-based Rate, as the Companies may elect subject to the provisions of this Agreement. Interest shall be payable monthly on the first Business Day of each month, commencing on the first Business Day following the month during which such Advance is made, and at maturity. Notwithstanding the foregoing, from and after the occurrence of any Event of Default and solely during the continuation thereof, the Advances shall bear interest, payable on demand, at a rate per annum equal to: (i) in the case of Prime-based Advances, two percent (2%) above the Prime-based Rate; and (ii) in the case of a Eurodollar-based Advance, two percent (2%) above the rate which would otherwise be applicable under this Section 3.1 until the earlier of (A) the waiver by Bank Bank, or the cure by the Borrowers, of the Event of Default and (B) the end of the then current Interest Period, at which time such Advance shall bear interest at the rate provided for in clause (i) of this Section 3.1. Interest on all Advances shall be calculated on the basis of a 360 day year for the actual number of days elapsed. The interest rate with respect to any Prime-based Advance shall change on the effective date of any change in the Prime-based Rate.

Appears in 1 contract

Samples: Credit Agreement (Us Concrete Inc)

INTEREST, INTEREST PERIODS, CONVERSIONS, PREPAYMENTS. 3.1 The Revolving Credit Note and the Advances thereunder shall bear interest from the date thereof on the unpaid principal balance thereof from time to time outstanding, at a rate per annum equal to the Prime-based Rate or the Eurodollar-based Rate, as the Companies Company may elect subject to the provisions of this Agreement. Interest shall be payable monthly on the first Business Day of each month, commencing on the first Business Day following the month during which such Advance is made, and at maturity. Notwithstanding the foregoing, from and after the occurrence of any Event of Default and solely during the continuation thereof, at the option of Bank, the Advances shall bear interest, payable on demand, at a rate per annum equal to: (i) in the case of Prime-based Advances, two three percent (23%) above the Prime-based Rate; and (ii) in the case of a Eurodollar-based Advance, two three percent (23%) above the rate which would otherwise be applicable under this Section 3.1 until the earlier of (A) the waiver by Bank of the Event of Default and (B) the end of the then current Interest Period, at which time such Advance shall bear interest at the rate provided for in clause (i) of this Section 3.1. Interest on all Advances shall be calculated on the basis of a 360 day year for the actual number of days elapsed. The interest rate with respect to any Prime-based Advance shall change on the effective date of any change in the Prime-based Rate.

Appears in 1 contract

Samples: Credit Agreement (Perceptron Inc/Mi)

INTEREST, INTEREST PERIODS, CONVERSIONS, PREPAYMENTS. 3.1 The Revolving Credit Note and the Advances thereunder shall bear interest from the date thereof on the unpaid principal balance thereof from time to time outstanding, at a rate per annum equal to the Prime-based Rate or the Eurodollar-based Rate, as the Companies Company may elect subject to the provisions of this Agreement. Interest with respect to Prime-based Advances shall be payable monthly quarterly on the first Business Day of each monthcalendar quarter, commencing on the first Business Day following the month during which such Advance is madeJanuary 1, 2006, and at maturity. Interest on each Eurodollar-based Advance shall be payable on the last day of the Interest Period applicable thereto (and if any Interest Period shall exceed three months, then on the last Business Day of the third month of such Interest Period and at three month intervals thereafter). Notwithstanding the foregoing, from and after the occurrence of any Event of Default and solely during the continuation thereof, the Advances shall bear interest, payable on demand, at a rate per annum equal to: (i) in the case of Prime-based Advances, two three percent (23%) above the Prime-based Rate; and (ii) in the case of a Eurodollar-based Advance, two three percent (23%) above the rate which would otherwise be applicable under this Section 3.1 until the earlier of (A) the waiver by Bank of the Event of Default and (B) the end of the then current Interest Period, at which time such Advance shall bear interest at the rate provided for in clause (i) of this Section 3.1. Interest on all Advances shall be calculated on the basis of a 360 day year for the actual number of days elapsed. The interest rate with respect to any Prime-based Advance shall change on the effective date of any change in the Prime-based Rate.

Appears in 1 contract

Samples: Credit Agreement (Amerigon Inc)

AutoNDA by SimpleDocs

INTEREST, INTEREST PERIODS, CONVERSIONS, PREPAYMENTS. 3.1 The 4.1 Advances under the Revolving Credit Note and the Advances thereunder shall bear interest from the date thereof on the unpaid principal balance thereof from time to time outstanding, at a rate per annum equal to the Prime-based Rate or the Eurodollar-based Rate, as the Companies may elect subject to the provisions of this Agreement. Interest With respect to Prime-based Advances, interest shall be payable monthly on the first Business Day of each month, commencing on the first Business Day following the month during which such Advance is made, and at maturity. With respect to Eurodollar-based Advances, interest shall be payable on the last day of each Interest Period applicable thereto, provided, however, if such Interest Period is longer than three months, interest shall be payable three months following the first day of such Interest Period and on the last day of such Interest Period. Notwithstanding the foregoing, from and after the occurrence of any Event of Default and solely during the continuation thereof, the Advances shall bear interest, payable on demand, at a rate per annum equal to: (i) in the case of Prime-based Advances, two three percent (23%) above the Prime-based Rate; and (ii) in the case of a Eurodollar-based AdvanceAdvances, two three percent (23%) above the rate which would otherwise be applicable under this Section 3.1 4.1 until the earlier of (A) the waiver by Bank of the Event of Default and (B) the end of the then current Interest Period, at which time such Advance shall bear interest at the rate provided for in clause (i) of this Section 3.14.1. Interest on all Advances shall be calculated on the basis of a 360 day year for the actual number of days elapsed. The interest rate with respect to any Prime-based Advance shall change on the effective date of any change in the Prime-based Rate.

Appears in 1 contract

Samples: Credit Agreement (Jpe Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.