Common use of Interest on Revolving Loans Clause in Contracts

Interest on Revolving Loans. Interest on the outstanding principal balance of the Revolving Loans that are Chase Bank Rate Loans shall be due and payable monthly on the first day of each month and shall accrue at a rate per annum equal to the Applicable Margin plus the Chase Bank Rate on the average net principal balance of such Revolving Loans at the close of each day during the immediately preceding month, as reflected by CIT’s System. On each Revolving Loan that is a LIBOR Loan, interest shall be due and payable on the LIBOR Interest Payment Date and shall accrue at a rate per annum equal to the Applicable Margin plus the applicable LIBOR on the outstanding principal balance of such LIBOR Loan. In the event of any change in said Chase Bank Rate, the rate set forth in the first sentence of this Section 8.1(a) shall change, effective as of the date of such change, so as to remain equal to the Applicable Margin plus the new Chase Bank Rate. All interest rates for each Revolving Loan that is a LIBOR Loan shall be calculated based on a 360-day year and actual days elapsed, and all interest rates for each Revolving Loan that is a Chase Bank Rate Loan shall be calculated based on a 365/366 day year and actual days elapsed. Notwithstanding anything to the foregoing, prior to the Initial Adjustment Date, the Chase Bank Rate Loans shall not be available except with respect to the Unsupported Revolving Loan Amount.

Interest on Revolving Loans. Interest on the outstanding principal balance of the Revolving Loans that are Chase Bank Rate Loans shall be due and payable monthly on the first day of each month and shall accrue at a rate per annum equal to the Applicable Margin plus the Chase Bank Rate on the average net principal balance of such Revolving Loans at the close of each day during the immediately preceding month, as reflected by CIT’s System. On each Revolving Loan that is a LIBOR Loan, interest shall be due and payable on the LIBOR Interest Payment Date and shall accrue at a rate per annum equal to the Applicable Margin plus the applicable LIBOR for the selected Interest Period on the outstanding principal balance of such LIBOR Loan. In the event of any change in said Chase Bank Rate, the rate set forth in the first sentence of this Section 8.1(a) shall change, effective as of the date of such change, so as to remain equal to the Applicable Margin plus the new Chase Bank Rate. All interest rates for each Revolving Loan that is a LIBOR Loan shall be calculated based on a 360-day year and actual days elapsed, and all interest rates for each Revolving Loan that is a Chase Bank Rate Loan shall be calculated based on a 365/366 day year and actual days elapsed. Notwithstanding anything to the foregoing, prior to the Initial Adjustment Date, the Chase Bank Rate Loans shall not be available except with respect to the Unsupported Revolving Loan Amount.

Interest on Revolving Loans. Interest on the outstanding principal balance of the Revolving Loans that are Chase Bank Rate Loans shall be due and payable monthly on the first day of each month and shall accrue at a rate per annum equal to the Applicable Margin plus the Chase Bank Rate on the average net principal balance of such Revolving Loans at the close of each day during the immediately preceding month, as reflected by CITClT’s System. On each Revolving Loan that is a LIBOR Loan, interest shall be due and payable on the LIBOR Interest Payment Date and shall accrue at a rate per annum equal to the Applicable Margin plus the applicable LIBOR on the outstanding principal balance of such LIBOR Loan. In the event of any change in said Chase Bank Rate, the rate set forth in the first sentence of this Section 8.1(a) 8.1 shall change, effective as of the date of such change, so as to remain equal to the Applicable Margin plus the new Chase Bank Rate. All interest rates for each Revolving Loan that is a LIBOR Loan shall be calculated based on a 360-day year and actual days elapsed, and all interest rates for each Revolving Loan that is a Chase Bank Rate Loan shall be calculated based on a 365/366 day year and actual days elapsed. Notwithstanding anything to the foregoing, prior to the Initial Adjustment Date, the Chase Bank Rate Loans shall not be available except with respect to the Unsupported Revolving Loan Amount.

Interest on Revolving Loans. Interest on the outstanding principal balance of the Revolving Loans that are Chase Bank Rate Loans shall be due and payable monthly on the first day of each month and shall accrue at a rate per annum equal to the Applicable Margin plus the Chase Bank Rate on the average net principal balance of such Revolving Loans at the close of each day during the immediately preceding month, as reflected by CIT’s System. On each Revolving Loan that is a LIBOR Loan, interest shall be due and payable on the LIBOR Interest Payment Date and shall accrue at a rate per annum equal to the Applicable Margin plus the applicable LIBOR on the outstanding principal balance of such LIBOR Loan. In the event of any change in said Chase Bank Rate, the rate set forth in the first sentence of this Section 8.1(a) shall change, effective as of the date of such change, so as to remain equal to the Applicable Margin plus the new Chase Bank Rate. All interest rates for each Revolving Loan that is a LIBOR Loan interest, the Line of Credit Fee and the Letter of Credit Guaranty Fee shall be calculated based on a 360-day year and actual days elapsed, and all elapsed except that interest rates for each on Revolving Loan Loans that is a are Chase Bank Rate Loan Loans shall be calculated based on a 365/366 365/366-day year and actual days elapsed. Notwithstanding anything to the foregoing, prior to the Initial Adjustment Date, the Chase Bank Rate Loans shall not be available except with respect to the Unsupported Revolving Loan Amount.

Interest on Revolving Loans. Interest on the outstanding principal balance of the Revolving Loans that are Chase Bank Rate Loans shall be due and payable monthly on the first day of each month and shall accrue at a rate per annum equal to the Applicable Margin plus the Chase Bank Rate on the average net principal balance of such Revolving Loans at the close of each day during the immediately preceding month, as reflected by CIT’s 's System. On each Revolving Loan that is a LIBOR Loan, interest shall be due and payable on the LIBOR Interest Payment Date and shall accrue at a rate per annum equal to the Applicable Margin plus the applicable LIBOR on the outstanding principal balance of such LIBOR Loan. In the event of any change in said Chase Bank Rate, the rate set forth in the first sentence of this Section 8.1(a) shall change, effective as of the date of such change, so as to remain equal to the Applicable Margin plus the new Chase Bank Rate. All interest rates for each Revolving Loan that is a LIBOR Loan shall be calculated based on a 360-day year and actual days elapsed, and all interest rates for each Revolving Loan that is a Chase Bank Rate Loan shall be calculated based on a 365/366 day year and actual days elapsed. Notwithstanding anything to the foregoing, prior to the Initial Adjustment Date, the Chase Bank Rate Loans shall not be available except with respect to the Unsupported Revolving Loan Amount.