Term Floating Rate means an annual rate equal to the sum of the Prime Rate plus the Spread, which annual rate shall change when and as the Prime Rate changes.
Term Floating Rate means an annual rate equal to the sum of the Base Rate plus three-quarters of one percent (.75%), which annual rate shall change when and as the Base Rate changes.
Term Floating Rate means an annual rate equal to the sum of the Prime Rate plus one and three-quarters of one percent (1.75%). The Term Floating Rate shall automatically be reduced to an annual rate equal to the sum of the Prime Rate plus three-quarters of one percent (0.75%) on the first day of the first full month following Lender's receipt of Borrower's 2001 fiscal year audited financial statements complying with Section 6.1(a) below, if but only if (i) said financial statements indicate that the Borrower and the Covenant Entities have achieved a Net Income for the Borrower's 2001 fiscal year of not less than $250,000.00, (ii) said financial statements indicate that the Borrower and the Covenant Entities increased their aggregate Net Worth during Borrower's 2001 fiscal year by not less than $250,000.00, and (iii) there is not a then existing Event of Default or Default Period. If but only if said reduction is not achieved as provided above, the Term Floating Rate shall automatically be adjusted on the first day of the first full month following Lender's receipt of Borrower's audited financial statements complying with Section 6.1(a) below in any year subsequent to Borrower's 2001 fiscal year, to an annual rate equal to the sum of the Prime Rate plus three-quarters of one percent (0.75%) in the event that (i) said financial statements indicate that the Borrower and the Covenant Entities have achieved a Net Income for any such fiscal year of not less than $600,000.00, (ii) said financial statements indicate that the Borrower and the Covenant Entities increased their aggregate Net Worth during any such fiscal year by not less than $600,000.00, and (iii) there is not a then existing Event of Default or Default Period. The Term Floating Rate shall change when and as the Prime Rate changes.
Examples of Term Floating Rate in a sentence
Except as set forth in Sections 2.8(d), 2.8(f) and 2.8(g), the outstanding principal balance of the Term Note shall bear interest at the Term Floating Rate.
This Long Term Working Capital Series Note is one of the series of Securities of the Issuer issued pursuant to the Indenture and designated as the Long Term Floating Rate Working Capital Series Notes Due [__], 2007, limited in aggregate principal amount to [US______________].
This Short Term Working Capital Series Note is one of the series of Securities of the Issuer issued pursuant to the Indenture and designated as the Short Term Floating Rate Working Capital Series Notes Due [__], 2003, limited in aggregate principal amount to [US______________].
This Short Term Trade Series Note is one of the series of Securities of the Issuer issued pursuant to the Indenture and designated as the Short Term Floating Rate Trade Series Notes Due [__], 2003, limited in aggregate principal amount to [US______________].
Except as set forth in Sections 2.8(e), 2.8(f) and 2.8(g), the outstanding principal balance of the Term Loan B Note shall bear interest at the Term Floating Rate.
More Definitions of Term Floating Rate
Term Floating Rate contained in Section 1.1 of the Credit Agreement is hereby deleted in its entirety and replaced as follows:
Term Floating Rate through and until January 1, 1999, means an annual rate equal to the sum of the Base Rate plus three-quarters of one percent (.75%). From and after January 1, 1999, the "Term Floating Rate" means an annual rate of interest equal to two and three-quarters percent (2.75%). The Term Floating Rate shall change when and as the Base Rate changes.
Term Floating Rate means an annual rate equal to the sum of the Prime Rate plus three and three-quarters of one percent (3.75%). The Term Floating Rate shall automatically be reduced to an annual rate equal to the sum of the Prime Rate plus two and three-quarters of one percent (2.75%) on the first day of the first full month following Lender's receipt of Borrower's 2002 fiscal year audited financial statements complying with Section 6.1(a) below, if but only if (i) said financial statements indicate that the Borrower and the Covenant Entities have achieved a Net Loss (exclusive of the Fiscal Year 2002 Non-Cash Expenses) for the Borrower's 2002 fiscal year of not more than $600,000.00, (ii) said financial statements indicate that the Borrower and the Covenant Entities decreased their aggregate Net Worth (exclusive of the Fiscal Year 2002 Non-Cash Expenses) during Borrower's 2002 fiscal year by not more than $600,000.00, and (iii) there is not a then existing Event of Default or Default Period, provided however, notwithstanding the above, the Term Floating Rate shall automatically be reduced to an annual rate equal to the sum of the Prime Rate plus three-quarters of one percent (0.75%) on the first day of the first full month following Lender's receipt of Borrower's 2002 fiscal year audited financial statements complying with Section 6.1(a) below, if but only if (i) said financial statements indicate that the Borrower and the Covenant Entities have achieved a Net Income for the Borrower's 2002 fiscal year of not less than $600,000.00, (ii) said financial statements indicate that the Borrower and the Covenant Entities increased their aggregate Net Worth during Borrower's 2002 fiscal year by not less than $600,000.00, and (iii) there is not a then existing Event of Default or Default Period. If but only if said reduction is not achieved as provided above, the Term Floating Rate shall automatically be adjusted on the first day of the first full month following Lender's receipt of Borrower's audited financial statements complying with Section 6.1(a) below in any year subsequent to Borrower's 2002 fiscal year, to an annual rate equal to the sum of the Prime Rate plus three-quarters of one percent (0.75%) in the event that (i) said financial statements indicate that the Borrower and the Covenant Entities have achieved a Net Income (exclusive of the Non-Cash Warrant Expenses) for any such fiscal year of not less than $600,000.00, (ii) said financial statements indicate that the Borr...
Term Floating Rate means an annual rate equal to the Prime Rate plus the Margin, which rate shall change when and as the Prime Rate changes."
Term Floating Rate means an annual rate equal to (i) from the Funding Date through the date the Bridge Notes are paid in full, the sum of the Base Rate plus one percent (1%), and (ii) after the Bridge Notes are paid in full, the Base Rate, which rate shall change when and as the Base Rate changes.
Term Floating Rate means an annual rate equal to the sum of the Prime Rate plus one and one-half percent (1.5%), which annual rate shall change when and as the Prime Rate changes, provided however, if but only if, (i) there is not a then existing Event of Default or Default Period and (ii) LPC closes the Transaction for a sales price which is not less than $4,000,000.00 which includes a cash payment at closing of not less than $2,000,000.00, then the Term Floating Rate shall be reduced to an annual rate equal to the sum of the Prime Rate plus one percent (1%) which annual rate shall change when and as the Prime Rate changes, said reduction to be effective, if at all, on the later of (x) the closing of the Transaction, or (y) March 31, 2000.
Term Floating Rate means an annual interest rate equal to the sum of the Prime Rate plus two and one-half percent (2.50%) which annual rate shall change when and as the Prime Rate Changes; provided, however, effective as of the first day of the month following the month in which the Borrowers deliver to the Lender their audited financial statements for the fiscal year ending December 31, 2009 "Term Floating Rate" shall mean Daily Three Month LIBOR plus the Spread which annual rate shall change when and as Daily Three Month LIBOR changes.