Revolving Rate means a variable per annum rate of interest determined as follows: (i) if the Consolidated Tangible Net Worth of the Borrowers is greater than $77,000,000, then the Revolving Rate shall be equal to the Prime Rate minus fifty basis points (0.50%); (ii) if the Consolidated Tangible Net Worth of the Borrowers is greater than $65,000,000 but less than or equal to $77,000,000, then the Revolving Rate shall be equal to the Prime Rate; (iii) if the Consolidated Tangible Net Worth of the Borrowers is greater $58,000,000 but less than or equal to $65,000,000, then the Revolving Rate shall be equal to the Prime Rate plus twenty-five basis points (0.25%); (iv) if the Consolidated Tangible Net Worth of the Borrowers is greater than $38,000,000 but less than or equal to $58,000,000, then the Revolving Rate shall be equal to the Prime Rate plus one hundred basis points (1.00%); and (v) if the Consolidated Tangible Net Worth of the Borrowers is equal to or less than $38,000,000, then the Revolving Rate shall be equal to the Prime Rate plus two hundred basis points (2.00%). The Revolving Rate will change to reflect any change in the Prime Rate, as and when the Prime Rate changes.
Revolving Rate has the meaning set forth in Section 2.5.
Revolving Rate means the per annum rate of interest equal to one-half of one percent (0.50%) below the Prime Rate in effect from time to time until maturity of the Revolving Note, and two percent (2.00%) above the Prime Rate in effect from time to time after maturity of the Revolving Note, whether by demand, acceleration or otherwise. Each time the Prime Rate shall change, the Revolving Rate shall change concurrently with such change in the Prime Rate.
Examples of Revolving Rate in a sentence
The loan agreement expires in April 2002 and automatically renews for successive one-year terms thereafter unless terminated by the lenders or the Company.Under this agreement, the Company converted $30,000 from the Revolving Rate Loan to a 7.23% Fixed Rate Loan on April 15, 1998 which expired April 15, 2001.
The interest rate on outstanding borrowings at January 30, 2000 was 8.5% on the Revolving Rate Loan payable monthly.
Under this agreement, the Company converted $30,000 from the Revolving Rate Loan to a 7.23% Fixed Rate Loan on April 15, 1998 which is due in April 2001.
The interest rate on out- standing borrowings at February 3, 2002 was 4.75% on the Revolving Rate Loan and 3.25% on the LI- BOR Rate Loan payable monthly.
Requests for Revolving Rate LIBOR Loans, and for Interest Periods subsequent to the initial Interest Period applicable thereto, shall be made not less than two (2) Business Days prior to the first day of each Interest Period for each such Loan.
More Definitions of Revolving Rate
Revolving Rate shall be amended to mean the per annum rate of interest equal to the Prime Rate in effect from time to time, as adjusted as follows: (i) until maturity of the Revolving Note the Prime Rate shall be reduced by one-half of one percent (0.50%), and (ii) after maturity of the Revolving Note, whether by demand, acceleration or otherwise, the Prime Rate shall be increased by two percent (2.00%).
Revolving Rate means, until maturity of the Revolving Note: (a) so long as the sum of (A) and (B) below exceeds $77,000,000, the per annum rate of interest equal to one-half of one percent (0.50%) below the Prime Rate in effect from time to time; (b) at any time when the sum of (A) and (B) below is equal to or less than $77,000,000 but greater than $65,000,000, the per annum rate of interest equal to the Prime Rate in effect from time to time; and (c) at any time when the sum of (A) and (B) below is equal to or less than $65,000,000, the per annum rate of interest equal to one-quarter of one percent (0.25%) above the Prime Rate in effect from time to time, and, after maturity of the Revolving Note, two percent (2.00%) above the Prime Rate in effect from time to time after maturity of the Revolving Note, whether by demand, acceleration or otherwise:
Revolving Rate means a rate per annum which shall from day to day be equal to the lesser of (a) the Prime Rate plus one percent (1.00%) and (b) the Maximum Rate, if any Maximum Rate exists and is applicable; PROVIDED that, during any period in which the Revolving Credit Obligations exceed Thirty Six Million Five Hundred Thousand Dollars ($36,500,000), that portion of the Revolving Credit Obligations in excess of Thirty Six Million Five Hundred Thousand Dollars ($36,500,000) shall be deemed to be Revolving Loans, and the "Revolving Rate" therefor shall mean a rate per annum which shall from day to day be equal to the lesser of (a) the Prime Rate plus four percent (4.00%) and (b) the Maximum Rate, if any Maximum Rate exists and is applicable.
Revolving Rate is defined in Section 2.4(A) of this Agreement.
Revolving Rate means the Base Rate (in effect from day-to-day) minus 0.75%, from the date hereof through November 30, 2000 and, after November 30, 2000, means the per annum rate of interest (expressed as a percentage) redetermined in accordance with Section 2.6.
Revolving Rate means the sum of: