Revolving Interest Rate Clause Samples
The Revolving Interest Rate clause defines the rate of interest applied to outstanding balances under a revolving credit facility. Typically, this rate is variable and may be tied to a benchmark such as the prime rate or LIBOR, plus a specified margin, and it is recalculated periodically based on the lender’s terms. This clause ensures that borrowers are aware of how interest charges will accrue on borrowed amounts, providing transparency and predictability in the cost of borrowing under the revolving credit arrangement.
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Revolving Interest Rate. Borrower shall pay Lender interest on the daily outstanding balance of Borrower's Revolving Credit Loans at the per annum rate equal to the highest prime rate in effect during each month as generally reported by Citibank, N.A. (the "Prime Rate") plus 6% (the “Revolving Interest Rate”), but the Revolving Interest Rate shall never be more than 24% per annum or the maximum permitted by law. The interest rate chargeable hereunder in respect of the Revolving Credit Loans shall be increased or decreased, as the case may be, without notice or demand of any kind, upon the announcement of any change in the Prime Rate. Interest charges and all other fees and charges herein shall be calculated based on a three hundred sixty (360) day year and actual number of days elapsed and shall be charged to Borrower on all Obligations, in arrears, on the first day of each calendar month. All interest and fees charged or chargeable to Borrower shall be deemed as an additional advance and shall become part of the Obligations.
Revolving Interest Rate. Borrower shall pay DLL interest on the daily outstanding balance of Borrower's Revolving Credit Loans at a per annum rate of the Base Rate plus three and one-quarter percent (3.25%) (subject to the provisions of Section 2.7 of the Agreement regarding default rates).
Revolving Interest Rate. Borrower shall pay FINOVA interest on the daily outstanding balance of Borrower's Revolving Credit Loans at a per annum rate of one percent (1)% in excess of the rate of interest announced publicly by Citibank, N.A., (or any successor thereto), from time to time as its "prime rate" (the " Prime Rate") which may not be such institution's lowest rate. The interest rate chargeable hereunder in respect of the Revolving Credit Loans (herein, the "Revolving Interest Rate") shall be increased or decreased, as the case may be, without notice or demand of any kind, upon the announcement of any change in the Prime Rate. Each change in the Prime Rate shall be effective hereunder on the first day following the announcement of such change. Interest charges and all other fees and charges herein shall be computed on the basis of a year of 360 days and actual days elapsed and shall be payable to FINOVA in arrears on the first day of each month. Notwithstanding the foregoing, in the event Borrower has made no requests for any Revolving Credit Advances during the first year this Agreement is in effect and provided there has not and does not exist an Event of Default, the Revolving Interest Rate shall be reduced to one half of one percent (.5%) above the Prime Rate during the second year of this Agreement.
Revolving Interest Rate. Borrower shall pay FINOVA interest on the daily outstanding balance of Borrower's Revolving Credit Loans at a fluctuating per annum rate of 1.75% in excess of the rate of interest announced publicly by Citibank, N.A., (or any successor thereto), from time to time as its "prime rate" (the "PRIME RATE") which may not be such institution's lowest rate. The interest rate chargeable hereunder in respect of the Revolving Credit Loans (herein, the "REVOLVING INTEREST RATE") shall be increased or decreased, as the case may be, without notice or demand of any kind, upon the announcement of any change in the Prime Rate. Each change in the Prime Rate shall be effective hereunder on the first day following the announcement of such change. Interest charges and all other fees and charges herein shall be computed on the basis of a year of 360 days and actual days elapsed and shall be payable to FINOVA in arrears on the first day of each month.
Revolving Interest Rate. The definition of “Revolving Interest Rate” is added to read as follows:
Revolving Interest Rate. Borrower shall pay Lender interest on the daily outstanding balance of the Revolving Loans Facility at a per annum rate of three-quarters of one percent (0.75%) in excess of the Base Rate. The interest rate chargeable hereunder shall be increased or decreased, as the case may be, without notice or demand of any kind, upon the announcement of any change in the Base Rate. Each change in the Base Rate shall be effective hereunder on the first day following the announcement of such change. Interest charges and all other fees and charges herein shall be computed on the basis of a year of 360 days and actual days elapsed and will be payable to Lender in arrears on the first day of each month.
Revolving Interest Rate. The definition of “Revolving Interest Rate” in Section 1.2 of the Credit Agreement is hereby amended by deleting such definition in its entirety and replacing it with the following:
Revolving Interest Rate. Borrower shall pay TEXTRON interest on the daily outstanding balance of Borrower’s Revolving Credit Loans at a per annum rate one-half of one percentage point (0.50%) in excess of the Base Rate (“Revolving Interest Rate”).
Revolving Interest Rate. Borrower shall pay to Agent, for the ratable benefit of the Lenders, interest on the daily outstanding balance of Borrower's Revolving Credit Loans at a per annum rate that is THREE- QUARTERS (.75%) of a percentage point in excess of the Prime Rate (the "REVOLVING INTEREST RATE"). The Revolving Interest Rate will be reduced, as set forth below, if Borrower achieves the following Senior Debt Service Coverage Ratios for any twelve (12) month fiscal year ending on or after December 31, 1999; provided that: (a) no Event of Default, or event which, with the giving of notice or the passage of time, or both, would constitute an Event of Default, shall have occurred and be continuing, and (b) Borrower is in compliance with the financial covenants set forth in Section 6.1.13 of this Agreement: SENIOR DEBT SERVICE REVOLVING INTEREST COVERAGE RATIO RATE 2.00 TO 1.00 PRIME RATE + .50% PER ANNUM