Applicable Contract Rate definition
Applicable Contract Rate means the per annum rate of interest (based on a year of 360 days) equal to Adjusted Term SOFR plus 9.5%, payable in cash.
Applicable Contract Rate means either the Base Rate or the LIBOR Fixed Rate, whichever is in effect during the particular time period in question pursuant to the provisions of this Agreement.
Applicable Contract Rate means, as determined by the Agent in accordance with the terms hereof, the per annum rate of interest (based on a year of 360 days) equal to LIBOR plus 7.625%.
Examples of Applicable Contract Rate in a sentence
Unless otherwise agreed in writing by the Required Lenders in their reasonable discretion, if an Event of Default has occurred and is continuing, Protective Advances shall bear interest at a rate payable in cash per annum equal to the Applicable Contract Rate plus the Default Rate.
More Definitions of Applicable Contract Rate
Applicable Contract Rate means the per annum rate of interest (based on a year of 360 days) equal to 13.5%.
Applicable Contract Rate means, as determined by the Agent, the per annum rate of interest (based on a year of three hundred and sixty (360) days) equal to LIBOR plus nine and one-half percent (9.50%) with a one percent (1.00%) LIBOR floor; provided that so long as no Event of Default shall have occurred and be continuing, in the event that (a) Borrower achieves sales of not less than sixty-one million seven hundred thousand dollars ($61,700,000) for the 2018 calendar year, as reflected on the Borrower’s certified annual financial statements delivered to the Agent in accordance with Section 6.1.1 (the “2018 Financial Statements”) and (b) the Tranche Two Loan has been funded, then on the first day of the first month following the Agent’s receipt of the 2018 Financial Statements together with a certificate signed by the Borrower’s chief financial officer setting forth in reasonable detail the basis for an adjustment in the Applicable Contract Rate, the Applicable Contract Rate will be reduced to LIBOR plus seven and three-quarters percent (7.75%) with a one percent (1.00%) LIBOR floor.