Examples of PNC Term Loan in a sentence
Interest on borrowings under the PNC Line and the PNC Term Loan is based on short-term market rates, which may be further adjusted based upon the Company maintaining certain financial ratios.
The PNC Term Loan bore interest at Prime plus 9% or LIBOR plus 10% per annum at the Company’s election.
As a condition of the PNC Line and the PNC Term Loan, the Company is required to maintain certain levels of net worth, working capital and other financial ratios; to limit the amount of capital expenditures it may incur without PNC Bank’s approval; and to restrict the payment of dividends.
In connection with the execution of the PNC Term Loan Agreement, GPM will execute a guaranty with respect to the PNC Term Debt.
Interest expense and other financing costs increased from $361,000 in 1998 to $736,000 in 1999 primarily due to a reduction in capitalized interest and higher interest rates on the PNC Term Loan.
The consent provided herein will expire without any further action by any Person on the sooner of the maturity date of the obligations under the PNC Term Loan Agreement (after giving effect to any extensions permitted thereunder as in effect on the date hereof) and the repayment in full of the obligations under the PNC Term Loan Agreement.
The proceeds of the Loan shall be used by the --------------- Borrower to refinance the PNC Term Loan and the Existing Chase Term Loan and to pay related fees and expenses.
The PNC Revolving Credit Facility contained an unused commitment fee of 0.375% per annum.A 1% fee of $58 was charged for the termination of the PNC Term Loan prior to the third anniversary of the PNC Closing Date.The PNC Borrowing Group was able to use up to $10,000 of its available borrowing under the PNC Credit Facility for letters of credit which were charged a fronting fee of 0.25% and bore interest at Prime plus 1.5%.
In connection with the assignment and assumption of the PNC Term Debt, the Partnership will execute the PNC Term Loan Agreement in substantially the form attached hereto as Exhibit A.
Interest expense and other financing costs decreased from $905,000 in 2000 to $576,000 in 2001 primarily due to the continued reduction of long-term debt outstanding and a reduction in interest rates on the PNC Term Loan.