Examples of Variable Rate Advances in a sentence
All reimbursement obligations relating to letters of credit that are not paid immediately shall be automatically treated as Variable Rate Advances.
The Loan or any portion thereof may be prepaid in full or in part at any time upon two (2) Business Days prior written notice to the Administrative Agent without premium or penalty with respect to Variable Rate Advances and, with respect to Effective LIBO Rate Advances subject to the Breakage Fee.
The Borrower hereby promises and agrees to pay interest quarterly in arrears on all Variable Rate Advances and LIBOR Advances on March 31, June 30, September 30, and December 31 of each year.
Interest on all Variable Rate Advances shall be payable monthly beginning on the first Banking Day of the month following the date of this Note, and continuing thereafter on the first Banking Day of each succeeding month until the principal balance shall be paid in full.
If Borrower fails to notify Bank of the Interest Period for a subsequent LIBOR Advance at least Three (3) Banking Days prior to the last day of the then current Interest Period, then, at Bank’s discretion, such outstanding LIBOR Advance shall become a Variable Rate Advance at the end of the current Interest Period for such outstanding LIBOR Advance and shall accrue interest in accordance with the provisions regarding Variable Rate Advances described herein.
If any Warehousing Advances shall constitute Variable Rate Advances, then each change in the Prime Rate shall simultaneously change the Variable Rate payable under this Agreement.
In addition to Advances based upon the Variable Rate ("Variable Rate Advances"), at the Borrower's election, the Bank hereby agrees to make Advances to the Borrower under this Crop Line of Credit at a fixed rate ("Fixed Rate") to be quoted and offered by the Bank from time to time upon the request of the Borrower.
The Borrower hereby promises and agrees to pay interest in arrears on Variable Rate Advances and LIBOR Advances on the first calendar day of each month.
Borrower may, on any Interest Adjustment Date (other than the Termination Date), convert amounts of any LIBOR Rate Advances into Variable Rate Advances with interest accruing thereon with reference to the Variable Rate, as provided in Section 3.3.
The Borrower hereby promises and agrees to pay interest quarterly in arrears on all Variable Rate Advances and all LIBOR Advances on March 31, June 30, September 30, and December 31 of each year.