Revolving Credit Interest Sample Clauses

Revolving Credit Interest. (a) Subject to Sections 2.6(b) and (d) below, the unpaid principal balance of cash Advances under the Revolving Credit shall bear interest, subject to the terms hereof, at the per annum rate equal to the Base Rate plus one-half of one percent (0.5%) ("Initial Revolving Credit Applicable Margin"). (b) So long as Borrowers on a consolidated basis satisfy the financial test set forth below, tested quarterly on a rolling four (4) quarter basis beginning with the fiscal quarter ending March 31, 1997, the interest rate applicable to the unpaid principal balance of cash Advances under the Revolving Credit may be adjusted quarterly and interest shall accrue (subject to Borrowers' right to elect a LIBOR Based Rate Loan pursuant to Section 2.6(d)) at the per annum rate equal to the Base Rate plus the Adjusted Revolving Credit Applicable Margin. In no event, however, may a downward adjustment occur if a Default or Event of Default has occurred and is continuing. Any such adjustment shall be effective on the later of (i) five (5) days after, or (ii) the first day of the calendar month after, Agent's receipt of the Quarterly Compliance Certificate demonstrating the financial test is satisfied. The Adjusted Revolving Credit Applicable Margin shall be determined in accordance with the chart set forth below: Funded Debt to Operating Adjusted Revolving Credit Cash Flow Ratio Applicable Margin ------------------------ ------------------------- 1. Greater than 3.00 to 1.0 0.5% 2. Greater than 2.50 to 1.0 but less 0.25% than or equal to 3.00 to 1.0 3. Less than or equal to 0% 2.50 to 1.0 (c) Changes in the interest rate applicable to Base Rate Loans under the Revolving Credit shall become effective on the same day as Agent announces a change in its Prime Rate. Interest on the Revolving Credit shall be payable monthly, in arrears, on the first day of each calendar month, beginning on the first day of the first full calendar month after the Closing Date.
Sample 1
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Revolving Credit Interest. (a) Revolving Credit Base Rate - Subject to Section 2.7(b), the ------------------------- unpaid principal balance of cash Advances under the Revolving Credit shall bear interest, subject to the terms hereof, at the per annum rate equal to the Revolving Credit Base Rate. Interest on Base Rate Loans under the Revolving Credit shall be payable monthly, in arrears, on the first day of each calendar month, beginning on the first day of the first full calendar month after the Closing Date and on the Revolving Credit Maturity Date.
Sample 1
Revolving Credit Interest. At the option of Sealright, each borrowing under the Revolving Credit shall bear interest at (a) a rate equal to 65 basis points over the applicable LIBOR (the "LIBOR RATE") during LIBOR Interest Periods elected by Sealright in its discretion, as adjusted from time to time or (b) a rate equal to the Prime Rate less 35 basis points, adjusted daily. At the expiration of each applicable LIBOR Interest Period, the LIBOR Rate will be adjusted to the applicable LIBOR Rate for the next elected LIBOR Interest Period. An election of the desired interest rate must be made for each borrowing by Sealright. Once elected, the rate of interest applicable to any borrowing may not be changed. If no election is made for any borrowing, the applicable interest rate for such borrowing shall be the Prime Rate less 35 basis points, adjusted daily.@ 4. Amendment of Section 4.1. Section 4.1 of the Credit Agreement is hereby amended in its entirety to read as follows: A4.1
Sample 1
Revolving Credit Interest. (a) The unpaid principal balance of cash Advances under the Revolving Credit shall bear interest, subject to the terms of this Agreement, at the per annum rate equal to either (i) the Base Rate or (ii) the Adjusted LIBOR Rate for a specified LIBOR Interest Period plus, in the case of both (i) and (ii), the Applicable Margin. (b) Changes in the interest rate applicable to Base Rate Loans shall become effective on the same day that a change in the Base Rate occurs. (c) Unless otherwise designated by Borrowers as a LIBOR Rate Loan, in accordance with this paragraph (c), each Loan shall be deemed to be a Base Rate Loan. (i) Base Rate Loans shall continue as Base Rate Loans unless and until such Loans are converted into Loans of another Type. LIBOR Rate Loans for any Interest Period shall continue as Loans of such Type until the end of the then current LIBOR Interest Period therefor, at which time they shall be automatically converted into Base Rate Loans unless Phoenix (on behalf of Borrowers) shall have given Agent notice in accordance with clause (ii) below requesting that such Loans continue as LIBOR Rate Loans for another LIBOR Interest Period of a specified duration. (ii) To elect a LIBOR Rate Loan, Phoenix (on behalf of Borrowers) shall give Agent notice (which shall be irrevocable) as required under Section 2.3(c)(ii) and such notice shall also specify (A) the requested date (which shall be a Business Day) of such funding, conversion or continuation, (B) whether the subject Loan is a new Advance or an existing Loan that is to be converted or continued, (C) in the case of any LIBOR Rate Loan being continued, the last day of the current LIBOR Interest Period, and (D) the amount of, and the desired LIBOR Interest Period for, the Loan subject to such LIBOR Rate election provided that Borrowers shall not be entitled to select a LIBOR Interest Period for any Loan which shall end on a date later than the Revolving Credit Maturity Date. Upon receipt of any such notice, Agent shall promptly notify each Lender of the contents thereof. (iii) Notwithstanding anything to the contrary contained in clauses (i) or (ii) of this paragraph (c), so long as an Event of Default shall have occurred and be continuing, Agent may (and, at the request of Majority Lenders, shall) notify Phoenix (on behalf of Borrowers) that Loans may only be converted into or continued upon the expiration of the applicable current LIBOR Interest Period therefor as Base Rate Loans. Thereafter, unti...
Sample 1
Revolving Credit Interest. Interest on outstanding Revolving Credit Loans shall be calculated at the Prime Based Rate Option or the LIBOR Based Rate Option.
Sample 1
Revolving Credit Interest 
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Related to Revolving Credit Interest

  • Revolving Credit Interest Rate Options The Borrower shall have the right to select from the following Interest Rate Options applicable to the Revolving Credit Loans:

  • Revolving Credit Loan The undersigned Borrower hereby requests a [Revolving Credit Loan under §2.1] [Swing Loan under §2.5] of the Credit Agreement: Principal Amount: $ Type (LIBOR Rate, Base Rate): Drawdown Date: Interest Period for LIBOR Rate Loans: by credit to the general account of the Borrower with the Agent at the Agent’s Head Office.

  • Revolving Credit Loans The Borrower shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders on the applicable Maturity Date for the Revolving Credit Facilities of a given Class the aggregate principal amount of all of its Revolving Credit Loans of such Class outstanding on such date.

  • Revolving Credit Advances The Borrower shall repay to the Administrative Agent for the ratable account of the Lenders on the Termination Date the aggregate outstanding principal amount of the Revolving Credit Advances then outstanding.

  • Revolving Credit Commitment Subject to the terms and conditions hereof, the Lender agrees to extend a Revolving Credit to each Borrower which may be availed of by each Borrower from time to time during the period from and including the date hereof to but not including the Termination Date (the “Commitment Period”), at which time the commitment of the Lender to extend credit under the Revolving Credit shall expire. The maximum amount of the Revolving Credit which the Lender agrees to extend to the Borrowers shall be the Lender’s Commitment as then in effect. The Revolving Credit may be utilized by the Borrowers in the form of Loans, all as more fully hereinafter set forth, provided that, the aggregate principal amount of Loans outstanding at any one time shall not exceed the Commitment and the maximum aggregate amount of all Loans made to any Borrower at any one time outstanding shall not exceed the lesser of (a) the Commitment, and (b) such Borrower’s Borrowing Limit. During the Commitment Period, each Borrower may utilize the Revolving Credit by borrowing, repaying and reborrowing Loans in whole or in part, all in accordance with the terms and conditions of this Agreement. Loans shall be made available to the Borrowers on a first come, first served basis, provided, that, if the amount of Loans which some or all Borrowers would otherwise request on the same Business Day would exceed the Available Commitment, the Available Commitment will be apportioned among the Borrowers in accordance with resolutions adopted by the boards of directors of the Borrowers and the results of such apportionment will be reported in writing to the Lender by the Adviser.

  • Revolving Credit Commitment Fee The Borrowers shall pay to the Administrative Agent for the ratable account of the Lenders in accordance with their Revolver Percentages a commitment fee at the rate per annum equal to the Applicable Margin (computed on the basis of a year of 360 days and the actual number of days elapsed) on the average daily Unused Revolving Credit Commitments. Such commitment fee shall be payable quarter-annually in arrears on the last day of each March, June, September, and December in each year (commencing on the first such date occurring after the date hereof) and on the Revolving Credit Termination Date, unless the Revolving Credit Commitments are terminated in whole on an earlier date, in which event the commitment fee for the period to the date of such termination in whole shall be paid on the date of such termination.

  • Revolving Credit Facility (a) The Revolving Credit Lenders grant to the Borrower a revolving credit facility (the “Revolving Credit Facility”) pursuant to which, and upon the terms and subject to the conditions herein set forth: (i) each Revolving Credit Lender severally agrees to make Revolving Credit Ratable Loans to the Borrower in accordance with Section 2.2; (ii) each Revolving Credit Lender may, in its sole discretion, make bids to make Competitive Bid Loans to the Borrower in accordance with Section 2.3; and (iii) the Swing Line Lender agrees to make Swing Line Advances to the Borrower in accordance with Section 2.19. (b) The Revolving Credit Facility shall be subject to the following limitations: (i) In no event shall the sum of (i) the aggregate principal amount of all outstanding Revolving Credit Advances (including Revolving Credit Ratable Advances, Competitive Bid Advances and Swing Line Advances) plus (ii) the Facility Letter of Credit Obligations exceed the Aggregate Revolving Credit Commitment. (ii) In no event shall the outstanding principal amount of all outstanding Competitive Bid Advances exceed the Competitive Bid Sublimit. (iii) In no event shall the outstanding principal amount of all outstanding Swing Line Advances exceed the Swing Line Commitment. (c) Subject to the terms hereof, the Revolving Credit Facility is available from the date hereof to the Revolving Credit Facility Termination Date and, upon the Revolving Credit Facility Termination Date, the Revolving Credit Commitments to lend hereunder shall expire. The Revolving Credit Commitment of a Revolving Credit Declining Lender shall expire on its Revolving Credit Declining Lender’s Termination Date unless prior thereto such Revolving Credit Declining Lender elects, with the approval of the Borrower and the Administrative Agent, to extend its Revolving Credit Commitment to the Revolving Credit Facility Termination Date, which election and approval shall be evidenced by a written instrument in a form reasonably acceptable to and executed by such Revolving Credit Declining Lender, the Borrower, the Company and the Administrative Agent. Upon the execution and delivery of such written instrument, such Revolving Credit Lender shall cease to be a Revolving Credit Declining Lender. (d) Any outstanding Revolving Credit Advances and all other unpaid Revolving Credit Obligations shall be paid in full by the Borrower on the Revolving Credit Facility Termination Date (except to the extent that, pursuant to Article IV, Facility Letters of Credit are permitted to have an expiration date later than the Revolving Credit Facility Termination Date). All outstanding Revolving Credit Loans held by, and all other unpaid Revolving Credit Obligations payable to, a Revolving Credit Declining Lender shall be paid in full by the Borrower on its Revolving Credit Declining Lender’s Termination Date.

  • Revolving Credit Upon and subject to the terms and conditions of the Credit Agreement and the other provisions of this Note, Maker may borrow, repay and reborrow against this Note at any time unless and until a Default or Event of Default has occurred which the Payee has not declared to have been fully cured or waived, and (except as the Credit Agreement or any of the other Credit Documents may otherwise provide) there is no limit on the number of advances against this Note so long as the total unpaid principal of this Note at any time outstanding does not exceed the Payee's Lender Commitment. Interest on the amount of each advance against this Note shall be computed on the amount of the unpaid balance of that advance from the date it is made until the date it is repaid. If Maker's right (if any) to borrow against this Note shall ever lapse because of the occurrence of any Default or Event of Default, it shall not be reinstated (or construed from any course of conduct or otherwise to have been reinstated) unless and until the Payee shall declare in a signed writing that it has been cured or waived. The unpaid principal balance of this Note at any time shall be the total of all principal lent against this Note to Maker or for Maker's account less the sum of all principal payments and permitted prepayments on this Note received by the Payee. Absent manifest error, the Payee's computer records shall on any day conclusively evidence the unpaid balance of this Note and its advances and payments history posted up to that day. All loans and advances and all payments and permitted prepayments made on this Note may be (but are not required to be) endorsed by the Payee on the schedule attached hereto (which is hereby made a part hereof for all purposes) or otherwise recorded in the Payee's computer or manual records; provided, that the Payee's failure to make notation of (a) any principal advance or accrual of interest shall not cancel, limit or otherwise affect Maker's obligations or the Payee's rights with respect to that advance or accrual, or (b) any payment or permitted prepayment of principal or interest shall not cancel, limit or otherwise affect Maker's entitlement to credit for that payment as of the date of its receipt by the Payee.

  • Revolving Credit Notes The Obligation of the Borrower to repay the aggregate unpaid principal amount of the Revolving Credit Loans made to it by each Bank, together with interest thereon, shall be evidenced by a Revolving Credit Note dated the Closing Date payable to the order of such Bank in a face amount equal to the Revolving Credit Commitment of such Bank.

  • Revolving Credit Note The obligation of the Borrowers to pay the Revolving Loan, with interest, shall be evidenced by a promissory note (as from time to time extended, amended, restated, supplemented or otherwise modified, the “Revolving Credit Note”) substantially in the form of EXHIBIT A-1 attached hereto and made a part hereof, with appropriate insertions. The Revolving Credit Note shall be dated as of the Closing Date, shall be payable to the order of the Lender at the times provided in the Revolving Credit Note, and shall be in the principal amount of the Revolving Credit Committed Amount. Each of the Borrowers acknowledges and agrees that, if the outstanding principal balance of the Revolving Loan outstanding from time to time exceeds the face amount of the Revolving Credit Note, the excess shall bear interest at the rates provided from time to time for advances under the Revolving Loan evidenced by the Revolving Credit Note and shall be payable, with accrued interest, ON DEMAND. The Revolving Credit Note shall not operate as a novation of any of the Obligations or nullify, discharge, or release any such Obligations or the continuing contractual relationship of the parties hereto in accordance with the provisions of this Agreement.

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