Post-Default Interest. During such time as there shall have occurred and be continuing an Event of Default, all Obligations outstanding shall, at the election of the Administrative Agent, bear interest at a per annum rate equal to three percent (3.0%) above the Applicable LIBO Rate during the applicable calculation period.
Appears in 2 contracts
Samples: Credit Agreement (CNL Hotels & Resorts, Inc.), Loan and Security Agreement (CNL Hotels & Resorts, Inc.)
Post-Default Interest. During such time as there shall have occurred and be continuing an Event of Default, all Obligations outstanding shall, at the election of the Administrative Agent, bear interest at a per annum rate equal to three one and one-half percent (3.01.5%) above the Applicable LIBO Base Rate in effect during the applicable calculation periodperiod (whether or not such Applicable Base Rate shall otherwise have been elected by Borrowers in accordance with this Agreement).
Appears in 2 contracts
Samples: Credit Agreement (Macerich Co), Credit Agreement (Macerich Co)
Post-Default Interest. During such time as there shall have occurred and be continuing an Event of Default, all Obligations outstanding shall, at the election of the Administrative Agent, bear interest at a per annum rate equal to three (a) for any LIBO Rate Loan, two percent (3.02.0%) above the applicable rate of interest in effect during the applicable calculation period and (b) for any other obligation, two percent (2%) above the Applicable LIBO Base Rate in effect during the applicable calculation periodperiod (whether or not such Applicable Base Rate shall otherwise have been elected by the Borrower in accordance with this Agreement).
Appears in 1 contract
Samples: Credit Agreement (Macerich Co)
