Applicable Debt Rate definition

Applicable Debt Rate. (a) for the purpose of calculating Equipment Payment means the rate calculated in accordance with Section 7.6 of the Equipment Agreement, (b) for the purpose of calculating interest due on any A Loan means the LIBOR Rate then in effect as determined by Agent pursuant to Schedule 2 to the Participation Agreement and (c) for the purpose of calculating interest due on any B Loan means the LIBOR Rate then in effect as determined by the Agent pursuant to Schedule 2 to the Participation Agreement.

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Applicable Debt Rate for any Lease Payment Period with respect to a Loan, means, subject to Section 10.4(b) of the Participation Agreement, an interest rate per annum equal to (a) the one (1), two (2) or three (3) month LIBOR Rate, as elected for such Lease Payment Period by Lessee pursuant to Section 5 of the Participation Agreement, plus (b) the Applicable Debt Margin.

Applicable Debt Rate. (a) for the purpose of calculating Equipment Payment means the rate calculated in accordance with Section 7.6 of the Equipment Agreement and (b) for the purpose of calculating interest due on a Loan means the Commercial Paper Rate if and for so long as the Loan is funded by the issuance of Commercial Paper Notes and no participation interest or ownership interest in the Loan has been sold under the Liquidity Facility otherwise, subject to Section 5.5.9 of the Participation Agreement, the LIBOR Rate then in effect as determined by Lender. "Applicable Law" means, with respect to any Person or Item of Equipment, all provisions of statutes, rules, regulations, orders and requests (whether or not having the force of law) of any Governmental Entity applicable to such Person or Item of Equipment, and all orders and decrees of all courts and arbitrators in proceedings or actions in which such Person is a party. "Assignee" has the meaning set forth in Section 14.2 of the Equipment Agreement. "Basic Term" for each Item of Equipment means the period consisting of twelve (12) months commencing on the "Basic Term Commencement Date" set forth on the Related Exhibit A for such Item and terminating on the Payment Date that occurs in the last month of such twelve (12) month period. "Basic Term Commencement Date" for each Item of Equipment means the date specified as such on the Related Exhibit A. "Business Day" means any day other than a day on which banking institutions in the State of Connecticut or the State of New York are authorized by law to close.

Examples of Applicable Debt Rate in a sentence

• All of the provisions of this Equipment Agreement, including the Applicable Debt Rate, shall be applicable during each Renewal Term for each such Item of Equipment.

• Obligee agrees to pay to Lender interest in respect of the unpaid principal amount of each Loan from the date the proceeds thereof are made available to Obligee until the date on which such Loan (together with accrued and unpaid interest thereon) is repaid in full (whether on the Maturity Date, by acceleration or otherwise) at the Applicable Debt Rate (calculated on the basis of a 360-day year and actual days elapsed).

• If Lessee fails to provide such notice of election, Lessee shall be deemed to have elected a one-month LIBOR based Applicable Equity Rate and Applicable Debt Rate.

• The Applicable Debt Rate for each Item of Equipment shall be the LIBOR Rate then in effect for the Notes issued by Obligees under the Participation Agreement; provided however, upon the occurrence of any Illegality Event, the Applicable Debt Rate will be the Alternate Rate as of the date interest on such Notes commences to accrue at the Applicable Debt Rate in accordance with Section 5.5.9 of the Participation Agreement.

• So long as no Equipment Agreement Event of Default has occurred and is continuing and Commercial Paper Rates are available to Obligee and acceptable to Obligor for the financing or refinancing of the entire Unamortized Debt Balance of an Item of Equipment, the Applicable Debt Rate for such Unamortized Debt Balance shall be the Commercial Paper Rate then in effect for the Related Note.

• Trust Obligee agrees to pay to the A Lenders interest in respect of the unpaid principal amount of each A Loan assumed by Trust Obligee from Corporate Obligee pursuant to the Receivables Purchase Agreement and this Agreement from the date hereof until the date on which such A Loan (together with accrued and unpaid interest thereon) is repaid in full (whether on the Maturity Date, by acceleration or otherwise) at the Applicable Debt Rate (calculated on the basis of a 360-day year and actual days elapsed).

• At any time while a Lease Event of Default exists, the Applicable Equity Rate and Applicable Debt Rate after each Payment Date shall be based on one-month LIBOR.

• All of the provisions of this Equipment Agreement, including the Applicable Debt Rate and Equity Rate, shall be applicable during each Renewal Term for each such Item of Equipment.

• The Applicable Debt Rate for each Item of Equipment shall be the LIBOR Rate then in effect for the Notes issued by Obligees under the Participation Agreement; provided however, upon the occurrence of any Illegality Event, the Applicable Debt Rate will be the Alternate Rate as of the date interest on such Notes commences to accrue at the Applicable Debt Rate in accordance with Section 8.6 of the Participation Agreement.