OFFSHORE RATE. The Borrower may elect to have all or portions of the principal balance of the line of credit bear interest at the Offshore Rate plus 1.0 percentage point. Designation of an Offshore Rate portion is subject to the following requirements:
(a) The interest period during which the Offshore Rate will be in effect will be 7 - 180 days. The last day of the interest period will be determined by the Bank using the practices of the offshore dollar inter-bank market.
(b) Each Offshore Rate portion will be for an amount not less than Five Hundred Thousand Dollars ($500,000).
OFFSHORE RATE. The Borrower may elect to have all or portions of the principal balance of the line of credit bear interest at the Offshore Rate, subject to the following requirements:
OFFSHORE RATE. The Borrower may elect to have all or portions of the principal balance of the line of credit bear interest at the Offshore Rate plus one and one-half (1.50) percentage points. Designation of an Offshore Rate portion is subject to the following requirements:
(a) The interest period during which the Offshore Rate will be no shorter than 30 days and no longer than one year. The last day of the interest period will be determined by the Bank using the practices of the offshore dollar inter-bank market.
(b) Each Offshore Rate portion will be for an amount not less than Five Hundred Thousand Dollars ($500,000).
OFFSHORE RATE. The election of Offshore Rates shall be subject to the following terms and requirements:
OFFSHORE RATE. The Borrower may elect to have all or portions of the principal balance of the line of credit bear interest at the Offshore Rate plus 1.50 percentage points. Designation of an Offshore Rate portion is subject to the following requirements:
(a) The interest period during which the Offshore Rate will be in effect will be one year or less. The last day of the interest period will be determined by the Bank using the practices of the offshore dollar inter-bank market.
(b) Each Offshore Rate portion will be for an amount not less than Five Hundred Thousand Dollars ($500,000) for interest periods of 30 days or longer. For shorter maturities, each Offshore Rate portion will be for an amount which, when multiplied by the number of days in the applicable interest period, is not less than fifteen million (15,000,000) dollar-days.
OFFSHORE RATE. The election of the Offshore Rate shall be subject to the following terms and requirements:
(a) Borrower may select interest periods for Offshore Rate loans which have durations of 1, 2, 3, 6, 9 or 12 months, provided that no such interest period may be selected which would extend beyond the maturity of the related facility or which would result in Borrower being unable to make a scheduled payment of principal required hereunder without prepayment of the related Portion (as defined below). Borrower may select either the Cayman Islands eurodollar market or the London Inter-bank eurodollar market as the market in which quotations of Offshore Rates are obtained, provided that Borrower shall give the Bank (i) not less than two business days' notice, by 11:00 a.m. on such date, of its request for any loan to be made on the basis of an interest rate quotation based upon the London Interbank eurodollar market, and (ii) notice for loans based upon the Cayman Islands eurodollar market not later than 11:00 a.m. on the relevant date. The last day of the interest period will be determined by Bank using the practices of the relevant offshore dollar inter-bank market.
(b) Any principal amount bearing interest at an optional rate under this Agreement is referred to as a "PORTION". Each Offshore Rate Portion will be for an amount not less than $500,000.
OFFSHORE RATE. The Borrower may elect to have all or portions of the principal balance of the line of credit bear interest at the Offshore Rate plus the number of percentage points indicated for each period specified below: Period Percentage Points ------ ----------------- During the availability period one (1.00) During the term one and three- repayment period quarters (1.75) Designation of an Offshore Rate portion is subject to the following requirements:
(a) The interest period during which the Offshore Rate will be in effect will be no shorter than 30 days and no longer than 180 days. The last day of the interest period will be determined by the Bank using the practices of the offshore dollar inter-bank market.
(b) Each Offshore Rate portion will be for an amount not less than Five Hundred Thousand Dollars ($500,000).
OFFSHORE RATE. The Borrower may elect to have all or portions of the principal balance of the loan bear interest at the Offshore Rate, subject to the same requirements set forth in subparagraphs (a) through (g) of Paragraph 1.7 (except for purposes of this Facility No. 3, the term "loan" is substituted for the term "line of credit" in subparagraphs (d) and (e) of Paragraph 1.7).
OFFSHORE RATE. The Borrower may elect to have all or portions of the principal amount of the indebtedness outstanding hereunder bear interest at a per annum rate equal to the lesser of (a) the IBOR Rate (as hereinafter defined) plus an amount equal to the percentage amount (the "Offshore Rate") set forth in the table below opposite the applicable ratio, at the time of Borrower's election, of (i) the consolidated Funded Debt to (ii) the consolidated EBITDA (for definition and calculation of the Funded Debt to EBITDA Ratio, refer to paragraph 6.5 of this Agreement), or (b) the Maximum Rate. Borrower shall give Bank notice of its election of an Offshore Rate by such time, and in such manner, as shall be acceptable to Bank. Each such election shall be for an interest period of not less than one month or more than three months. At the end of any interest period, the interest rate will revert to the Basic Rate unless the Borrower has elected another Offshore Rate interest period. Funded Debt to EBITDA Percentage Amount --------------------- ----------------- Less than 1.00:1.00 0.75% Greater than or equal to 1.00% 1.00:1.00 but less than 1.50:100 Greater than or equal to 1.50:1.00 1.25% Election of an Offshore Rate is subject to the following requirements:
2 3 (a) Each interest period during which the Offshore Rate will be in effect will be 30 to 90 days. The last day of each interest period will be the last day of a calendar quarter.
(b) Each Offshore Rate portion will be for an amount not less than $100,000.00. (c) The "IBOR Rate" means the interest rate determined by the following formula, rounded upward to the nearest 1/100 of one percent (All amounts in the calculation will be determined by Bank as of the first day of the interest period.) IBOR Rate = Grand Cayman Rate ----------------- (1.00 - Reserve Percentage) Where:
OFFSHORE RATE. The election of the Offshore Rate shall be subject to the following terms and requirements:
(a) Borrower may select interest periods for Offshore Rate loans which have durations of 1, 2, 3, 6, 9 or 12 months, provided that no such interest period may be selected which would extend beyond the maturity of the related facility or which would result in Borrower being unable to make a scheduled payment of principal required hereunder without prepayment of the related Portion (as defined below). The last day of the interest period will be determined by Bank using the practices of the offshore dollar inter-bank market.
(b) Any principal amount bearing interest at an optional rate under this Agreement is referred to as a "PORTION". Each Offshore Rate Portion will be for an amount not less than $500,000.
