Term Balance definition
Examples of Term Balance in a sentence
If the Borrower does not select another available Interest Period or if no other Interest Period is available, then the Term Balance shall be deemed to be a Variable Rate Balance and shall accrue interest on the basis of the Variable Rate.
If the Bank shall not have received notice as prescribed herein of the Borrower's election that interest on the Term Balance shall commence to accrue at the Fixed Rate or continue to accrue at a newly quoted Fixed Rate, then the Borrower shall be deemed to have elected that interest shall accrue thereon at the Variable Rate.
A Term Balance on which interest is accruing on the basis of the Fixed Rate is hereinafter referred to as a "Fixed Rate Balance" and a Term Balance on which the interest is accruing on the basis of the Variable Rate is hereinafter referred to as a "Variable Rate Balance".
If the Bank shall not have received notice as prescribed herein of the Borrower's election that interest on any Fixed Rate Balance shall continue to accrue at the Fixed Rate, the Borrower shall be deemed to have elected that interest thereon shall be adjusted to accrue at the Variable Rate upon the expiration of the Interest Period pertaining to such Term Balance.
At the Borrower's election, at a fixed rate for such period of time that the Bank may quote and offer, provided that any such period of time shall be for at least 30 days and shall not extend beyond the maturity date (the "Cost of Funds Interest Period") for the Term Balance.
Interest on any Term Balance shall be computed on the basis of 360 days per year, but charged on the actual number of days elapsed.
If the Bank shall not have received notice as prescribed herein of Borrower's election that interest on any Fixed Rate Balance or Eurodollar Rate Balance shall continue to accrue at the Fixed Rate or Eurodollar Rate, Borrower shall be deemed to have elected that interest thereon shall be adjusted to accrue at the Variable Rate upon the expiration of the relevant Interest Period or Eurodollar Interest Period pertaining to such Term Balance.
The Term Balance bearing interest at the Fixed Rate is hereinafter referred to as "Fixed Rate Balance".
If the Executive is terminated and the Change of Control is consummated within twelve months after the expiration of the Term Balance, then the Executive shall not be entitled to a Change of Control payment.
Notwithstanding the foregoing, the Term Balance and the Interest Period for the Term Balance shall not be in an amount or for a period of time such that, as a result of scheduled payments on the Term Loan, the amount of the Term Balance would be reduced to an amount less than $100,000.00 at any time prior to the last day of such Interest Period.