Effective Prime definition
Effective Prime means the Prime Rate plus the Applicable Margin for Prime --------------- Rate Loans.
Effective Prime means the Prime Rate plus the Applicable Margin.
Effective Prime means the Prime Rate plus three-quarters of one percent (.75%) per annum; provided, however, that if, at any time on or after the receipt by the Agent of the quarterly financial statements for the Borrower's March 31, 1998 fiscal quarter and each subsequent Borrower fiscal quarter provided to the Agent by the Borrower pursuant to SECTION 5.3.3 hereof, the ratio of (a) total Indebtedness for Borrowed Money of the Borrower and its Subsidiaries on a consolidated basis as of the last day of the most recently ended fiscal quarter of the Borrower to (b) Adjusted EBITDA for such fiscal quarter and for the three immediately preceding Borrower fiscal quarters, (i) is less than 2.0:1.0, but greater than or equal to 1.50:1.0 and if and so long as no Event of Default or Default exists and is continuing, Effective Prime shall, subject to the next-to-last sentence of this definition, be the Prime Rate plus one-half of one percent (.50%) per annum, or (ii) is less than 1.50:1.0, but greater than or equal to 1.0:1.0 and if and so long as no Event of Default or Default exists and is continuing, Effective Prime shall, subject to the next-to-last sentence of this definition, be the Prime Rate plus one-quarter of one percent (.25%) per annum, or (iii) is less than 1.0:1.0, and if and so long as no Event of Default or Default exists and is continuing, Effective Prime shall, subject to the next-to-last sentence of this definition, be the Prime Rate per annum; provided, further, however, that if on any date the Borrower would be entitled to an Effective Prime other than the Prime Rate plus .75% except for the fact that a Default exists, the Effective Prime shall not change until the first to occur of (a) such Default becoming an Event of Default and (b) waiver or cure of such Default, at which time the Effective Prime shall be adjusted or remain the same in accordance with the provisions of this definition preceding this further proviso. Any change in Effective Prime required pursuant to the foregoing shall become effective on the fifth Business Day after the Agent receives the Borrower's financial statement for the
Examples of Effective Prime in a sentence
In the event no Interest Rate Election has been made by the Borrower with respect to any Loan or Advance (or an Interest Rate Election shall have expired without an effective substitute Interest Rate Election), Effective Prime shall be the rate applicable to such Loan or Advance.
Any advance bearing interest at the Effective Prime Rate shall be referred to herein as a “Prime Rate Loan”.
Until paid, all amounts due and payable by the Company hereunder shall be a debt secured by the Collateral and shall bear, whether before or after judgment, interest at a rate of two percent (2%) above Effective Prime.
Upon the occurrence and during the continuance of any Event of Default each Prime Rate Loan evidenced by this Note shall bear interest, payable on demand, at a floating interest rate per annum equal to two percent (2.0%) above Effective Prime and each Libor Loan evidenced by this Note shall bear interest at the Libor Rate plus two percent (2.0%).
If at any time Agent makes a determination under Section 3.3(a) and the Company has previously notified Agent of its selection of, conversion to or renewal of a LIBOR Option or LIBOR Index Option and such Interest Rate Option has not yet gone into effect, such notification shall be deemed to provide for selection of, conversion to or renewal of the Effective Prime Rate with respect to such Loans.
Upon the occurrence and during the continuance of any Event of Default, each Prime Rate Loan shall bear interest, payable on demand, at a floating interest rate per annum equal to two percent (2.0%) above Effective Prime and each Libor Loan shall bear interest at the Libor Rate plus two percent (2.0%).
The undersigned hereby elects, pursuant to the Loan Agreement, that the [Libor Rate or Effective Prime] shall be the interest rate applicable to that certain [outstanding] Loan [requested pursuant to the Request attached hereto in the principal amount of _____________ and no/100 Dollars ($__________ ).
In the event no Interest Rate Election has been made by Borrower with respect to any Loan or Advance (or an Interest Rate Election shall have expired without an effective substitute Interest Rate Election), Effective Prime shall be the rate applicable to such Loan or Advance.
Effective Prime — on any day, a simple rate per annum equal to the lesser of (i) the sum of the Prime Rate plus 2.75% or (ii) the Maximum Legal Rate.
Interest shall accrue on the Loan at Effective Prime or the Fixed Rate, all in accordance with each Interest Rate Election applicable to the Loan and subject to and in accordance with the terms and conditions of this Agreement and the Note.
More Definitions of Effective Prime
Effective Prime means for any Interest Period, the Prime Rate in effect on the first day of such Interest Period, plus the Applicable Margin for Prime Rate Loans from time to time in effect.
Effective Prime means the Prime Rate plus three quarters of one --------------- percent (.75%) per annum; provided, however, that if, at any time on or after the receipt by the Agent of the quarterly financial statements for the Borrower's December 31, 1996 fiscal quarter and each subsequent Borrower fiscal quarter provided to the Agent by the Borrower pursuant to Section 5.3.3 hereof, ------------- the ratio of (a) total Indebtedness for Borrowed Money of the Borrower and its Subsidiaries on a consolidated basis as of the last day of the most recently ended fiscal quarter of the Borrower to (b) EBITDA for such fiscal quarter and for the three immediately preceding Borrower fiscal quarters, (i) is less than 2.00:1.0, but greater than or equal to 1.50:1.0 and if and so long as no Event of Default or Default exists and is continuing, Effective Prime shall, subject to the next-to-last sentence of this definition, be the Prime Rate plus one-half of one percent (.50%), or (ii) is less than 1.50:1.0 and if and so long as no Event of Default or Default exists and is continuing, Effective Prime shall, subject to the next-to-last sentence of this definition, be the Prime Rate. Any change in Effective Prime required pursuant to the foregoing shall become effective on the first day of the Borrower fiscal quarter immediately succeeding the Borrower fiscal quarter for which the Agent receives a Borrower financial statement establishing that a change in the Applicable Margin is so required together with, in the case of a decrease in Effective Prime, a written request for such rate decrease from the Borrower; provided, however, that each of the above-referenced interest rates shall remain in effect only so long as Borrower qualifies therefor and provided further, however, that interest rate reductions shall become final only on the basis of Borrower's annual audited financial statements and in the event that such annual audited financial statements establish that the Borrower was not entitled to a rate reduction which was previously granted, the Borrower shall, upon written demand by the Agent repay to the Agent for the account of each Lender an amount equal to the excess of interest at the rate which should have been charged based on such annual audited financial statements and the rate actually charged on the basis of Borrower's quarterly financial statement(s) (provided that in the event of a dispute as to the appropriate fiscal quarter as to which any adjustment should be allocated,...
Effective Prime means the Prime Rate plus three quarters percent (.75%) per annum; provided, however, that if, at any time on or after the receipt by the Agent of the Borrower's annual audited financial statements for the Borrower's December 31, 1999 fiscal year and of the Borrower's quarterly financial statements for each subsequent Borrower fiscal quarter provided to the Agent by the Borrower pursuant to Sections 5.3.2 or 5.3.3 hereof, the ratio of (a) total Indebtedness for Borrowed Money of the Borrower and its Subsidiaries on a consolidated basis as of the last day of the most recently ended fiscal quarter of the Borrower to (b) EBITDA for such fiscal quarter and for the three immediately preceding Borrower fiscal quarters, (i) is less than 2.5:1.0, but greater than or equal to 2.0:1.0 and if and so long as no Event of Default or Default exists and is continuing, Effective Prime shall, subject to the last sentence of this definition, be the Prime Rate plus one-half percent (.50%), or (ii) is less than 2.0:1.0, but greater than or equal to 1.0:1.0 and if and so long as no Event of Default or Default exists and is continuing, Effective
Effective Prime means the Prime Rate plus two percent (2.0%) per annum until the close of business on June 30, 2000 and thereafter means the Prime Rate plus four percent (4.0%) per annum."
Effective Prime means the Prime Rate plus one percent (1.0%) per --------------- annum; provided, however, that if, at any time on or after the receipt by the Agent of the quarterly financial statements for the Borrower's March 31, 1996 fiscal quarter and each subsequent Borrower fiscal quarter provided to the Agent by the Borrower pursuant to Section 5.3.3 hereof, the ratio of (a) total ------------- Indebtedness for Borrowed Money of the Borrower and its Subsidiaries on a consolidated basis as of the last day of the most recently ended fiscal quarter of the Borrower to (b) EBITDA for such fiscal quarter and for the three immediately preceding Borrower fiscal quarters, (i) is less than 2.75:1.0, but greater than or equal to 2.25:1.0 and if and so long as no Event of Default or Default exists and is continuing, Effective Prime shall, subject to the last sentence of this definition, be the Prime Rate plus three quarters of one percent (.75%), or (ii) is less than 2.25:1.0, but greater than or equal to 1.75:1.0 and if and so long as no Event of Default or Default exists and is continuing, Effective Prime shall, subject to the last sentence of this definition, be the Prime Rate plus one half of one percent (.50%), or (iii) is less than 1.75:1.0, but greater than or equal to 1.25:1.0 and if and so long as no Event of Default or Default exists and is continuing, Effective Prime shall, subject to the last sentence of this definition, be the Prime Rate plus one quarter of one percent (.25%), or (iv) is less than 1.25:1.0 and if and so long as no Event of Default or Default exists and is continuing, Effective Prime shall, subject to the next-to-last sentence of this definition, be the Prime Rate; provided, further, however, that if on any date the Borrower would be entitled to an Effective Prime other than the Prime Rate plus 1.0% except for the fact that a Default exists, the Effective Prime shall not change until the first to occur of (a) such Default becoming an Event of Default and (b) waiver or cure of such Default, at which time the Effective Prime shall be adjusted or remain the same in accordance with the provisions of this definition preceding this further proviso. Borrower shall pay any amount due as a result thereof upon written demand from the Agent. The Agent shall send the Borrower written acknowledgement of each change in the Effective Prime in accordance with the Agent's customary procedures as in effect from time to time.
Effective Prime means the Prime Rate plus one-half percent (.50%); provided, however, that if, at the end of any calendar quarter commencing September 30, 1997, the average of the actual daily outstanding principal balances of the Revolving Credit Loans for the quarterly period just ended is (i) greater than or equal to $7,500,000 but less than $11,250,000, and if and so long as no Event of Default or Default exists and is continuing, Effective Prime shall be the Prime Rate plus one-quarter percent (.25%), or (ii) less than $7,500,000, and if and so long as no Event of Default or Default exists and is continuing, Effective Prime shall be the Prime Rate, provided further, however, that if on any date the Borrower would be entitled to an Effective Prime of the Prime Rate plus a percent lower than .50% except for the fact that a Default exists, Effective Prime shall not change until the first to occur of (a) such Default becoming an Event of Default and (b) waiver or cure of such Default, at which time Effective Prime shall be adjusted or remain the same in accordance with the provisions of this definition preceding this further proviso. The Agent shall send the Borrower written acknowledgment of each change in Effective Prime in accordance with the Agent's customary procedures as in effect from time to time, but the failure to send such acknowledgment shall have no effect on the effectiveness or applicability of the foregoing provisions of this definition or Borrower's obligations with respect to payment and calculation of interest on Prime Rate Loans.