Common use of Prime-based Interest Payments Clause in Contracts

Prime-based Interest Payments. Interest on the unpaid balance of all Prime-based Advances from time to time outstanding shall accrue from the date of such Advances to the Termination Date (and until paid), at a per annum interest rate equal to the Prime-based Rate, and shall be payable in immediately available funds on the first day of each calendar quarter, commencing with the first such date after the initial Advance hereunder. Interest accruing at the Prime-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Rate on the date of such change in the Prime-based Rate.

Appears in 7 contracts

Samples: Credit Agreement (National Beverage Corp), Credit Agreement (National Beverage Corp), Credit Agreement (National Beverage Corp)

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Prime-based Interest Payments. Interest on the unpaid balance of all Prime-based Advances from time to time outstanding shall accrue from the date of such Advances to the Termination Date (and until paid), paid at a per annum interest rate equal to the Prime-based Rate, and shall be payable in immediately available funds quarterly commencing on the first day of the fiscal quarter next succeeding the fiscal quarter during which the initial Advance is made and on the first day of each calendar quarter, commencing with the first such date after the initial Advance hereunderfiscal quarter thereafter. Interest accruing at the Prime-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Rate on the date of such change in the Prime-based Rate.

Appears in 3 contracts

Samples: Revolving Credit Agreement (Meadowbrook Insurance Group Inc), Revolving Credit Agreement (Aqua Chem Inc), Credit Agreement (Meadowbrook Insurance Group Inc)

Prime-based Interest Payments. Interest on the unpaid balance of all Prime-based Advances of the Revolving Credit and all Swing Line Advances carried at a Prime-based Rate from time to time outstanding shall accrue from the date of such Advances Advance to the Termination Revolving Credit Maturity Date (and until paid), at a per annum interest rate equal to the Prime-based Rate, and shall be payable in immediately available funds quarterly commencing on January 15, 2007 and on the first fifteenth day of each calendar quarterJanuary, commencing with April, July and October thereafter in respect of the first such date after the initial Advance hereunderthree month period then ended. Interest accruing at the Prime-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Rate on the date of such change in the Prime-based Rate.

Appears in 2 contracts

Samples: Credit Agreement (Noble International, Ltd.), Credit Agreement (Noble International, Ltd.)

Prime-based Interest Payments. Interest on the unpaid balance of all Prime-based Advances from time to time outstanding shall accrue from the date of such Advances to the Termination Date (and until paid), paid at a per annum interest rate equal to the Prime-based Rate, and shall be payable in immediately available funds quarterly commencing on the first day of the fiscal quarter next succeeding the fiscal quarter during which the initial Advance is made and on the first day of each calendar quarter, commencing with the first such date after the initial Advance hereunderfiscal quarter thereafter. Interest accruing at the Prime-based Primebased Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Rate on the date of such change in the Prime-based Rate.

Appears in 1 contract

Samples: Revolving Credit Agreement (Meadowbrook Insurance Group Inc)

Prime-based Interest Payments. Interest on the unpaid balance of all Prime-based Advances from time to time outstanding under the Swing Line Note shall accrue from the date of such Advances to the Termination Date (and until paid), at a per annum interest rate equal to the Prime-based Rate, and shall be payable in immediately available funds on the first last day of each calendar quarter, commencing with the first such date after the initial Advance hereunderInterest Period applicable thereto. Interest accruing at the Prime-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsedelapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Rate on the date of such change in the Prime-based Rate.

Appears in 1 contract

Samples: Credit Agreement (Mce Companies Inc)

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Prime-based Interest Payments. Interest on the unpaid balance principal of all Prime-based Advances of the Term Loan from time to time outstanding shall accrue from the date of such Advances to the Termination Date (and until paid), paid at a per annum interest rate equal to the Prime-based Rate, and shall be payable in immediately available funds quarterly in arrears commencing on October 1, 2003, and on the first day of each calendar quarter, commencing with the first such date after the initial Advance hereunderquarter thereafter. Interest accruing at the Prime-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Rate on the date of such change in the Prime-based Rate.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Staktek Holdings Inc)

Prime-based Interest Payments. Interest on the unpaid balance of all Prime-based Advances of the Revolving Credit and all Swing Line Advances from time to time outstanding shall accrue from the date of such Advances Advance to the Termination Date (and until paid)date repaid, at a per annum interest rate equal to the Prime-based Rate, and shall be payable quarterly in immediately available funds on the first day of each calendar quarterFebruary, commencing with the first such date after the initial Advance hereunderMay, August and November thereafter. Interest accruing at the Prime-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Rate on the date of such change in the Prime-based Rate.” 4. Section 2.7 of the Credit Agreement is amended to read in its entirety as follows:

Appears in 1 contract

Samples: Credit Agreement (Olympic Steel Inc)

Prime-based Interest Payments. Interest on the unpaid balance of all Prime-based Advances from time to time outstanding shall accrue from the date of such Advances Advance to the Termination Revolving Credit Maturity Date (and until paid), ) at a per annum interest rate equal to the Prime-based Rate, and shall be payable in immediately available funds quarterly commencing on December 30, 1995, and on the first last day of each calendar quarter, commencing with the first such date after the initial Advance hereunderfiscal quarter thereafter. Interest accruing at the Prime-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Rate on the date of such change in the Prime-based Rate.

Appears in 1 contract

Samples: Credit Agreement (Champion Enterprises Inc)

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