Revolving Loan A definition
Examples of Revolving Loan A in a sentence
Borrower shall pay accrued interest on the unpaid principal amount of each Revolving Loan (A) in the case of a Revolving Prime Rate Loan, on the last Business Day in each month, (B) in the case of a Revolving LIBOR Loan, on the last day of each Interest Period therefor (and, if any such Interest Period is longer than three (3) months, every three (3) months); and (C) in the case of all Revolving Loans, upon prepayment (to the extent thereof) and at maturity.
A Revolving Credit Loan tied to the LIBOR Interest Rate is called a "LIBOR Revolving Loan," and a Revolving Credit Loan tied to the Prime Rate is called a "Prime Revolving Loan." A Revolving Credit Loan will be a Prime Revolving Loan any time it is not a LIBOR Revolving Loan.
Borrower shall pay accrued interest in arrears on the unpaid principal amount of each Revolving Loan (A) no later than the fifteenth day in each calendar month for the preceding calendar month, and (B) at Maturity.
The Borrower shall pay the Un-Used Fee A on the unused portion of the Revolving Loan A Commitment as per the Applicable Margin in accordance with Section 2.4 hereof.
The Revolving Loans shall be evidenced at all times by Revolving Notes executed and delivered by the Borrower, payable to the order of the Bank in a principal amount equal to the dollar amount of the Revolving Loan A Commitment and the Revolving Loan B Commitment as in effect at the execution and delivery of the Notes and being in the form prepared by and acceptable to the Bank (as amended, restated, supplemented or otherwise modified from time to time, the “Revolving Notes”).
The Revolving Loan A Commitment shall terminate on the Revolving Loan A Maturity Date and the Revolving Loan B Commitment shall terminate on the Revolving Loan B Maturity Date.
The Revolving Loan A Commitment is Twenty Million and 00/100 Dollars ($20,000,000.00) and the Revolving Loan B Commitment is Fifteen Million and 00/100 Dollars ($15,000,000.00).
Each Revolving Loan A Lender, Revolving Loan A-1 Lender and Term Loan B Lender hereby represents and warrants that, as to Obligations owing to it as a Revolving Loan A Lender, Revolving Loan A-1 Lender or Term Loan B Lender, as applicable, as of the date hereof, no approval of any court or other regulatory or governmental authority is required for such sale.
The Revolving Loan A and Revolving Loan B may be prepaid in full or in part only in accordance with the terms of the Revolving Note A and Revolving Note B and any such prepayment shall be subject to the prepayment fee provided for therein.
Each Borrowing shall be made by a request by an Authorized Person delivered to Lender (which notice must be received by Lender no later than 10:00 a.m. (California time) on the Business Day that is the requested Funding Date specifying (i) the amount of such Borrowing, (ii) whether the Borrowing is to be a Revolving Loan A Advance or a Revolving Loan B Advance, and (iii) the requested Funding Date, which shall be a Business Day.