Senior Applicable Margin Sample Clauses

Senior Applicable Margin. The Owner (acting at the direction of the Lessee) shall, subject to the terms and conditions of this Section 3(b), have the right to elect on or prior to the date that is five Business Days following the Effective Date to fix the Senior Applicable Margin in respect of each Designated Aircraft (on an aircraft by aircraft basis). If the Owner shall not have notified the Senior Purchasers of such election, the Senior Applicable Margin shall be the Floating Benchmark Index Rate and the Floating Senior Swap Rate shall be applicable.