Interest Options. Except that the LIBOR Rate may not be selected when a Default or Potential Default exists and except as otherwise provided in this agreement, Tranches bear interest at an annual rate equal to the lesser of either (a) the Base Rate plus the Applicable Margin or the LIBOR Rate plus the Applicable Margin (in each case as designated or deemed designated by Borrower), as the case may be or (b) the Maximum Rate. Each change in the Base Rate and Maximum Rate is effective, without notice to Borrower or any other Person, upon the effective date of change.
Appears in 2 contracts
Sources: Second Lien Term Loan Agreement (Goodrich Petroleum Corp), Second Lien Term Loan Agreement (Goodrich Petroleum Corp)
Interest Options. Except that the LIBOR LIBOR-Rate may not be selected when a an Event of Default or Potential Default exists and except as otherwise provided in this agreement, Tranches agreement Borrowings bear interest at an annual rate equal to the lesser of either (a) the Base Rate plus the Applicable Margin or the LIBOR Rate plus the Applicable Margin (Margin, in each case as designated or deemed designated by Borrower), as the case may be Borrower or (b) the Maximum Rate. Each change in the Base Rate and Maximum Rate is effective, without notice to Borrower or any other Person, upon the effective date of change.
Appears in 2 contracts
Sources: Credit Agreement (Teppco Partners Lp), Credit Agreement (Teppco Partners Lp)
Interest Options. Except that the LIBOR Rate may not be selected when a Default or Potential Default exists and except as otherwise provided in this agreement, Tranches Borrowings bear interest at an annual rate equal to the lesser of either (a) the Base Rate plus the Applicable Margin or the LIBOR Rate plus the Applicable Margin (in each case as designated or deemed designated by Borrower), as the case may be or (b) the Maximum Rate. Each change in the Base Rate and Maximum Rate is effective, without notice to Borrower or any other Person, upon the effective date of change.
Appears in 2 contracts
Sources: Credit Agreement (Goodrich Petroleum Corp), Credit Agreement (Goodrich Petroleum Corp)
Interest Options. Except that the LIBOR Rate may not be selected when a an Event of Default or Potential Default exists exists, and except as otherwise provided in this agreement, Tranches Borrowings bear interest at an annual rate equal to the lesser of either (a) the Base Rate plus the Applicable Margin or the LIBOR Rate plus the Applicable Margin (in each case as designated or deemed designated by Borrower), as the case may be or (b) the Maximum Rate. Each change in the Base Rate and Maximum Rate is effective, without notice to Borrower or any other Person, upon the effective date of change.the
Appears in 1 contract
Sources: Credit Agreement (PMC Capital Inc)
Interest Options. Except that the LIBOR Rate may not be selected when a Default or Potential Default exists and except as otherwise provided in this agreement, Tranches Borrowings bear interest at an annual rate equal to the lesser of either (a) the Base Rate plus the Applicable Margin or the LIBOR Rate plus the Applicable Margin (in each case as designated or deemed designated by Borrower), as the case may be be, or (b) the Maximum Rate. Each change in the Base Rate and Maximum Rate is effective, without notice to Borrower or any other Person, upon the effective date of change.
Appears in 1 contract