Interest Rate and Payments of Interest. (A) Interest on Base Rate Loans shall be calculated on the basis of a year of 365 or 366 days, as appropriate. Interest on LIBOR Loans shall be calculated on the basis of a 360-day year, counting the actual number of days elapsed. Interest on the outstanding principal balance of the Loans shall accrue for each day at either the Floating Rate for such day or the LIBOR Rate for the Interest Period which includes such day, all as elected and specified (including specification as to length of Interest Period, as permitted by the definition of that term, with respect to any election of the LIBOR Rate) by Borrower in accordance with Section 2.04(B); provided that:
Appears in 2 contracts
Samples: Security Agreement (San Juan Partners LLC), Credit Agreement (Eagle Geophysical Inc)
Interest Rate and Payments of Interest. (A) Interest on Base Rate Loans shall be calculated on the basis of a year of 365 or 366 days, as appropriate. Interest on LIBOR Loans shall be calculated on the basis of a 360-day year, counting the actual number of days elapsed. Interest on the outstanding principal balance of the Loans shall accrue for each day at either the Floating Rate for such day or the LIBOR Rate for the Interest Period which includes such day, all as elected and specified (including specification as to length of Interest Period, as permitted by the definition of that term, with respect to any election of the LIBOR Rate) by the Borrower in accordance with Section 2.04(B); provided that:
Appears in 2 contracts
Samples: Revolving Credit Agreement (Eagle Geophysical Inc), Revolving Credit Agreement (Eagle Geophysical Inc)
Interest Rate and Payments of Interest. (A) Interest on Base Index Rate Loans shall be calculated on the basis of a year of 365 or 366 days, as appropriate. Interest on LIBOR Loans shall be calculated on the basis of a 360-day year, counting the actual number of days elapsed. Interest on the outstanding principal balance of the Loans shall accrue for each day at either the Floating Rate for such day or the LIBOR Rate for the Interest Period which includes such day, all as elected and specified (including specification as to length of Interest Period, as permitted by the definition of that term, with respect to any election of the LIBOR Rate) by the Borrower in accordance with Section 2.04(B); provided that:
Appears in 1 contract
Samples: Revolving Credit Agreement (Midland Resources Inc /Tx/)
