Base Rate Account definition
Examples of Base Rate Account in a sentence
Any such election may be made by telephonic request to Agent no later than 10:00 a.m. on the third Business Day before the conversion date or the last day of the Interest Period, as the case may be (for conversion to a Libor Account or election of a new Interest Period), and no later than 10:00 a.m. on the last day of the Interest Period (for conversion to a Base Rate Account).
The term "Applicable Rate" means (i) during the period that such Loans or portions thereof are subject to a Base Rate Account, the Base Rate plus the Base Margin and (ii) during the period that such Loans or portions thereof are subject to a Eurodollar Account, the Adjusted Eurodollar Rate plus the Eurodollar Rate Margin.
The Borrower shall give the Agent, and the Agent will give the Revolving Banks, notice of each borrowing under the Revolving Commitments in accordance with Section 5.3 specifying the proposed borrowing date (consistent with the requirements for prior notice as set forth in Section 5.3), the amount thereof, whether such proposed Loan will be a Libor Account or a Base Rate Account, and if a Libor Account, the Interest Period therefor.
Absent Borrower's telephonic request for conversion or election of a new Interest Period or if a Default exists, then, a Libor Account shall be deemed converted to a Base Rate Account effective when the applicable Interest Period expires.
Except for prepayments pursuant to Article 5 hereof and Loans made pursuant to subsections 2.7 (e) and 4.1(b), each Base Rate Account and each prepayment of principal of a Loan shall be in an amount at least equal to One Dollar ($1.00).
Except for prepayments and Conversions --------------- pursuant to Section 5.4(a) and Article 6 hereof, each Base Rate Account -------------- --------- applicable to a Loan and each prepayment of principal of a Loan shall be in a minimum principal amount of One Hundred Thousand Dollars ($100,000) or increments Fifty Thousand Dollars ($50,000) in excess thereof.
Any payment made by a Bank pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the funding of Loans subject to a Base Rate Account as contemplated above) shall not constitute a Loan and shall not relieve Borrower of its obligation to reimburse such LC Disbursement.
The term "Applicable Rate" means (i) during the period that such Revolving Loans or portions thereof are subject to a Base Rate Account, the Base Rate plus the Base Margin and (ii) during the period that such Revolving Loans or portions thereof are subject to a Eurodollar Account, the Adjusted Eurodollar Rate plus the Eurodollar Rate Margin.
The term "Applicable Rate" means (i) during the period that Loans or portions thereof are subject to a Base Rate Account, the Base Rate plus the Base Margin and (ii) during the period that Loans or portions thereof are subject to a Libor Account, the Adjusted Libor Rate plus the Libor Rate Margin.
No Base Rate Account may be Converted into a Libor Account nor may the Borrower continue any Libor Account.