Line of Credit Rate definition

Line of Credit Rate means until November 1, 2002 a rate equal to the lesser of (i) "Citibank base rate" (the interest rate announced publicly from time to time by Citibank, N.A. in New York, New York as the base (or "prime") rate it uses in determining the rate of interest it charges on loans) which was in effect at the close of business on the 15th day of the preceding month less one half percent (0.50%), or (ii) the maximum rate of interest allowed by applicable law. From November 1, 2002 through the Termination Date, the Line of Credit Rate shall mean a rate equal to the lesser of (i) the "Citibank base rate" (the interest rate announced publicly from time to time by Citibank, N.A, in New York as the base (or "prime") rate it uses in determining the rate of interest it charges on loans) which was in effect at the close of business on the 15th day of the preceding month or (ii) the maximum rate allowed by applicable law. Notwithstanding any other provision contained in this Agreement, at no time shall the Line of Credit Rate be less than 5.00% until November 1, 2002 and at no time on or after November 1, 2002 shall the Line of Credit Rate be less than 5.25%. At no time prior to October 31, 2003 shall the Line of Credit Rate exceed 8%. At any time after October 31, 2003, Lender may adjust the Line of Credit Rate either higher or lower, in the exercise of its sole discretion.
Sample 1
Line of Credit Rate means a rate equal to the lesser of (i) "Citibank base rate" (the interest rate announced publicly from time to time by Citibank, N.A. in New York, New York as the base (or "prime") rate it uses in determining the rate of interest it charges on loans) which was in effect at the close of business on the 15th day of the preceding month plus the appropriate additive included in the table immediately following, or (ii) the maximum rate of interest allowed by applicable law: LINE UTILIZATION ADDITIVE ---------------- -------- From 0% up to 50% Minus 0.70% From 50% up to 75% Minus 0.80% From 75% up to 100% Minus 0.87% 100% Minus 0.90%
Sample 1
Line of Credit Rate means a rate equal to the lesser of (i) "Citibank base rate" (the interest announced publicly from time to time by Citibank, N.A. in New York, New York as the base (or "prime") rate it uses in determining the rate of interest it charges on loans) which was in effect at the close of business on the 15th day of the preceding month minus 0.75%, or (ii) the maximum rate of interest allowed by applicable law."
Sample 1

Examples of Line of Credit Rate in a sentence

  • Interest shall be calculated by applying a daily rate, which is the Line of Credit Rate divided by 360, to the actual ending daily balance of Borrower's account for each day of the billing cycle.

  • All Advances shall bear interest payable monthly, at a rate per annum equal to the Line of Credit Rate.

  • In the event that Borrower fails to pay any sums due pursuant to this Rider, Borrower shall be liable to pay a late charge for any payment due to Lender in the sum of five percent of payment due or $5.00, whichever is greater, Additionally, in the event Borrower fails to pay any sum due pursuant to this Rider, the Advance Rate and/or the Uncollected Funds Line of Credit Rate shall be increased by an additional 5%.

  • The interest rate on all Advances will be equal to the CFC Line of Credit Rate in effect from time to time.

  • Fees on Uncollected Funds Advances shall accrue on the date such Advances are made and calculated based on the Uncollected Funds Line of Credit Rate.

  • A usage fee on Uncollected Funds Line of Credit shall accrue on the date such usage is made of the Uncollected Funds and is calculated by using Uncollected Funds Line of Credit Rate.

  • All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CFC Line of Credit Rate or the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

  • The interest rate on all Advances will be equal to the CFC Line of Credit Rate in effect from time to time, which shall not exceed the Prevailing Bank Prime Rate (as defined herein), plus one percent per annum.

  • The amount of all such expenses identified in this Section 9.02 shall be secured by the Mortgage and shall be payable upon demand, and if not paid, shall accrue interest at the then prevailing CFC Line of Credit Rate plus two hundred basis points.

  • The disbursed and unpaid principal balances of the Indebtedness secured hereby shall bear interest prior to repayment at a variable rate per annum (“Operating Line of Credit Rate ”) which shall, from day to day, be equal to the lesser of (a) the maximum effective variable contract rate of interest (“Maximum Rate”) which Credit Union may from time to time lawfully charge, or (b) a rate equal to Prime +.50%.


More Definitions of Line of Credit Rate

Line of Credit Rate means a rate equal to the lesser of (i) "Citibank base rate" (the interest announced publicly from time to time by Citibank, N.A. in New York, New York as the base (or "prime") rate it uses in determining the rate of interest it charges on loans) which was in effect at the close of business on the 15th day of the preceding month minus 0.50%. or (ii) the maximum rate of interest allowed by applicable law. The Line of Credit Rate may be adjusted based upon Borrower's compliance with the terms of the memorandum from Lender to Borrower dated July 23, 2001, a copy of which is attached hereto as Exhibit B."
Sample 1
Line of Credit Rate means a rate equal to the lesser of (i) "Citibank base rate" (the interest announced pubicly from time to time by Citibank, N.A. in New York, New York as it the base rate (or "prime") rate it uses in determining the rate of interest it charges on loans) which was in effect at the close of business on the 15th day of the preceding month minus 0.50%, or (ii) the maximum rate of interest allowed by applicable law. Notwithstanding any other provision contained in this Agreement, at no time shall the Line of Credit Rate be less than 5.00% (five percent) or greater than 8.00% (eight percent)."
Sample 1

Related to Line of Credit Rate

  • Line of Credit mean the credit facility described in the Section titled "LINE OF CREDIT" below.

  • Revolving Line of Credit means the Commitments of the Lenders to make Revolving Loans pursuant to Section 3 of this Financing Agreement and assist the Companies in opening Letters of Credit, Bankers Acceptances, Steamship Guarantees and Airway Releases pursuant to Section 5 of this Financing Agreement, in an aggregate amount equal to $250,000,000.

  • Line of Credit Note shall have the meaning given the term in Section 2.1.a.

  • Base Rate Committed Loan means a Committed Loan that is a Base Rate Loan.

  • Swingline Rate means, for any Interest Period, the rate as offered by the Administrative Agent and accepted by the Borrower. The Borrower is under no obligation to accept this rate and the Administrative Agent is under no obligation to provide it.

  • Revolving Loan Availability means, at any time, the Revolving Loan Limit minus the Revolving Loan Outstandings.

  • Revolver Loan a loan made pursuant to Section 2.1, and any Swingline Loan, Overadvance Loan or Protective Advance.

  • Credit Line as defined in Section 2.1.

  • Revolving Advances means Advances made other than Letters of Credit.

  • Eurodollar Rate Committed Loan means a Committed Loan that bears interest at a rate based on the Eurodollar Rate.

  • Revolving Advance has the meaning given in Section 2.1.

  • Revolving Line is an Advance or Advances in an amount equal to Ten Million Dollars ($10,000,000).

  • Revolving Credit Advance means an advance by a Bank to a Borrower as part of a Revolving Credit Borrowing and refers to a Base Rate Advance or a Eurocurrency Rate Advance, each of which shall be a “Type” of Advance.

  • Revolving Credit Limit has the meaning set forth in the Schedule.

  • Revolving Loan Note means a promissory note in the form of Exhibit B-2, as it may be amended, supplemented or otherwise modified from time to time.

  • Revolving Credit Availability means, at any particular time, the amount by which the Aggregate Revolving Loan Commitment at such time exceeds the Revolving Credit Obligations outstanding at such time.

  • Revolving Credit Loan has the meaning specified in Section 2.01(b).

  • Revolving Loan Limit means, at any time, the lesser of (a) the Revolving Loan Commitment and (b) the Borrowing Base.

  • Term Loan Rate means an interest rate per annum equal to (a) the sum of the Alternate Base Rate plus the Applicable Margin with respect to Domestic Rate Loans and (b) the sum of the Eurodollar Rate plus the Applicable Margin with respect to Eurodollar Rate Loans.

  • Revolving Credit Advances has the meaning assigned to such term in Section 2.1.

  • Revolving Credit Availability Period means the period from and including the Effective Date to but excluding the earlier of the Revolving Credit Commitment Termination Date and the date of termination of the Revolving Credit Commitments.

  • Loan Rate for any Mortgage Loan and on any day means the per annum rate of interest applicable under the related Credit Line Agreement to the calculation of interest for the day on the Asset Balance of the Mortgage Loan.

  • Equity Line of Credit shall have the meaning ascribed to such term in Section 4.13.

  • Letter of Credit Advance means an advance made by any Issuing Bank or any Lender pursuant to Section 2.03(c).

  • Committed Revolving Line means a credit extension of up to Two Million Dollars ($2,000,000).

  • borrowing rate means the interest rate expressed as a fixed or variable percentage applied on an annual basis to the amount of credit drawn down;