Applicable Rate Clause Samples
The Applicable Rate clause defines the specific interest rate or percentage that will be used to calculate payments, charges, or adjustments under an agreement. This rate may be fixed, variable, or determined by reference to an external benchmark such as LIBOR or the prime rate, and it typically applies to obligations like loan interest, late fees, or other financial calculations. By clearly specifying how the rate is set and when it applies, the clause ensures transparency and predictability in financial transactions, reducing the risk of disputes over payment amounts.
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Applicable Rate. The Applicable Rate shall be the following amounts per annum, based upon the Financial Test, as set forth in the most recent compliance certificate (or, if no compliance certificate is required, the Borrower’s most recent financial statements) received by the Bank as required in the Covenants section; provided, however, from the date hereof until the date on which Bank has received the first compliance certificate or financial statement from the Borrower, the Applicable Rate shall be equal to the LIBOR Daily Floating Rate plus two percent (2.0%). 1 Greater than 3.0 to 1.0 2.6 % 2 Greater than or equal to 2.5 to 1.0 but less than or equal to 3.0 to 1.0 2.3 % 3 Less than 2.5 to 1.0 2.0 % The Applicable Rate shall be in effect from the date the most recent compliance certificate or financial statement is received by the Bank until the date the next compliance certificate or financial statement is received; provided, however, that if the Borrower fails to timely deliver the next compliance certificate or financial statement, the Applicable Rate from the date such compliance certificate or financial statement was due until the date such compliance certificate or financial statement is received by the Bank shall be the highest pricing level set forth above. If, as a result of any restatement of or other adjustment to the financial statements of the Borrower or for any other reason, the Borrower or the Bank determines that (i) the Financial Test as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Financial Test would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Bank an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. The Bank’s acceptance of payment of such amounts will not constitute a waiver of any default under this Agreement. The Borrower’s obligations under this paragraph shall survive the termination of this Agreement and the repayment of all other obligations.
Applicable Rate. The definition of “Applicable Rate” set forth in Section 14 is hereby amended by adding to the end of Subsection (b) of the definition after the word “Rate” the following provision: “; provided, however, that if the payee is a Defaulting Party for purposes of Section 6(e), then the rate shall be the Non-default Rate.”
Applicable Rate. The Applicable Rate (using a 365-day year) shall be determined in accordance with the following chart for each Settlement Currency: U.S. Dollars ***** ***** Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission.
Applicable Rate. Interest shall accrue on the outstanding principal balance at the end of day of each Loan at the Applicable Rate in effect for such Loan on such day.
Applicable Rate. The “Applicable Rate” means, in the case of any Type of Series E Incremental Loans, the respective rates indicated below for Series E Incremental Loans of such Type based upon the Total Debt Ratio as at the last day of the fiscal quarter most recently ended as to which the Company has delivered financial statements pursuant to Section 6.01 of the Credit Agreement: Greater than or equal to 5.00 to 1 0.250 % 1.250 % Less than 5.00 to 1 and greater than or equal to 3.00 to 1 0.000 % 1.000 % Less than 3.00 to 1 and greater than or equal to 2.50 to 1 0.000 % 0.875 % Less than 2.50 to 1 0.000 % 0.750 % Each change in the “Applicable Rate” based upon any change in the Total Debt Ratio shall become effective for purposes of the accrual of interest (including in respect of all then-outstanding Series E Incremental Loans) hereunder on the date three Business Days after the delivery to the Administrative Agent of the financial statements of the Company for the most recently ended fiscal quarter pursuant to Section 6.01 of the Credit Agreement, and shall remain effective for such purpose until three Business Days after the next delivery of such financial statements to the Administrative Agent hereunder. Notwithstanding the foregoing, in the event the Company consummates any Acquisition or Disposition for aggregate consideration of $75,000,000 or more, the Company shall forthwith deliver to the Administrative Agent a certificate of a Financial Officer, in form and detail satisfactory to the Administrative Agent, setting forth a redetermination of the Total Debt Ratio reflecting such Acquisition or Disposition, and on the date three Business Days after the delivery of such certificate, the Applicable Rate shall be adjusted to give effect to such redetermination of the Total Debt Ratio. Anything in this Agreement to the contrary notwithstanding, the Applicable Rate shall be the highest rates provided for above if the certificate of a Financial Officer shall not be delivered by the times provided in Section 6.01 of the Credit Agreement or within three Business Days after the occurrence of any Acquisition or Disposition described above (but only, in the case of this paragraph, with respect to periods prior to the delivery of such certificate).
Applicable Rate. The definition of “Applicable Rate” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
Applicable Rate. The Applicable Rate (using a 365-day year) shall be determined in accordance with the following chart for each Settlement Currency: U.S. Dollars ***** Association Obligor – Any Person (other than Carrier) (i) directly liable (a “Direct Obligor”) for obligations owed to any Card Association on account of Sales Records ***** Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. submitted to a Card Association hereunder (for example, Chargebacks and Card Association fines and assessments), or (ii) indirectly liable to any Card Association on account of Sales Records submitted to a Card Association hereunder through an indemnity given to a Direct Obligor or a guarantee of payment of any such indemnity obligation to a Direct Obligor (an “Indirect Obligation”).
Applicable Rate. The Applicable Rate for each Series [__] Incremental Term Loan shall mean, as of any date of determination, [___]% per annum.
Applicable Rate. 10 Assets................................................................2
Applicable Rate. For the avoidance of doubt, the Applicable Rate for ABR Loans or for Eurodollar Loans, as applicable, for the Incremental Term Increase shall mean, as of any date of determination, the applicable percentage per annum with respect to any Initial Dollar Term Loan as set forth in the definition of “Applicable Rate” in the Credit Agreement. All Interest Periods applicable to Initial Dollar Term Loans shall continue in effect after the 2017-2 Incremental Amendment Effective Date. The Incremental Term Increase shall be initially incurred pursuant to a single Borrowing of Eurodollar Loans, with such Borrowing to be subject to (x) Interest Periods which commence on the 2017-2 Incremental Amendment Effective Date and end on the last day of the Interest Period applicable to the Initial Dollar Term Loans and (y) the LIBO Rate applicable to the Initial Dollar Term Loans. From and after the 2017-2 Incremental Amendment Effective Date to the first Interest Payment Date to occur after the 2017-2 Incremental Amendment Effective Date, the Borrower shall make to the Administrative Agent on such first Interest Payment Date (and the Administrative Agent shall distribute to the applicable Lenders in accordance with the Credit Agreement) all payments in respect of interest on the Incremental Term Increase to the Term Lenders for amounts which have accrued on the Incremental Term Increase from the 2017-2 Incremental Amendment Effective Date to but excluding such Interest Payment Date.