Credit Facility Interest Clause Samples
Credit Facility Interest. (a) Base Rate Option - The unpaid principal balance of any type of Loan outstanding under the Credit Facility, unless subject to the LIBOR Rate Option, shall bear interest, subject to the terms hereof, at the per annum rate equal to the Base Rate ("Base Rate Option"). Changes in the Base Rate shall become effective on the same day as a change in the Base Rate occurs. Interest on Base Rate Loans shall be due and payable in arrears on the last Business Day of each calendar month commencing the first full month following the Closing Date.
Credit Facility Interest. (a) BASE RATE OPTION - The unpaid principal balance of any Term Loan, unless subject to the Term LIBOR Option or the Fixed Rate Option, shall bear interest, subject to the terms hereof at the per annum rate equal to the Base Rate ("Term Base Rate Option"). The unpaid principal balance of Revolving Credit Loans, unless subject to the LIBOR Rate Option, shall bear interest, subject to the terms hereof, at the per annum rate equal to the Base Rate less the corresponding per annum percentage adjustment based on the applicable Funded Debt to Tangible Net Worth Ratio ("Base Rate Option"): FUNDED DEBT TO TANGIBLE NET WORTH RATIO PER ANNUM PERCENTAGE ADJUSTMENT Less than 1.75:1 1.30% Greater than 1.75:1 to 2.65:1 1.30% Greater than 2.65:1 to 3.00:1 1.15% Greater than 3.00:1 to 3.50:1 1.00% Greater than 3.50:1 .80% Changes in the Base Rate shall become effective on the same day a change in the Base Rate occurs. Interest on Base Rate Loans shall be due and payable in arrears on the second day of each calendar month commencing the first full month following the Closing Date. The applicable per annum percentage adjustment (above) shall change quarterly, based on the results of the most current quarterly Financial Statements, on the first day of the next fiscal quarter following delivery to Agent of such Financial Statements.
Credit Facility Interest