Applicable Floor Rate definition
Applicable Floor Rate means three percent (3.0%); provided, however, for any given calendar month, (a) to the extent that Bank has received satisfactory evidence that Borrower’s and its Subsidiaries’ Liquidity at all times during the immediately preceding month was equal to or greater than $47,500,000.00 but less than $87,500,000.00, the foregoing percentage shall be two and one-half of one percent (2.50%) and (b) to the extent that Bank has received satisfactory evidence that ▇▇▇▇▇▇▇▇’s and its Subsidiaries’ Liquidity at all times during the immediately preceding month was at least $87,500,000.00, the foregoing percentage shall be two and one-quarter of one percent (2.25%).
Applicable Floor Rate means a fixed annual rate equal to 3.00%.
Applicable Floor Rate means three percent (3.0%); provided, however, for any given calendar month, (a) to the extent that Bank has received satisfactory evidence that:
Examples of Applicable Floor Rate in a sentence
Except as otherwise provided in this Agreement, Loans under the Revolving Credit Facility shall accrue interest at a rate per annum equal to the higher of (a) the sum of the LIBOR Rate plus the Applicable Margin, and (b) the Applicable Floor Rate; provided that, such interest rate shall not exceed the Maximum Rate.
More Definitions of Applicable Floor Rate
Applicable Floor Rate means, with respect to any type of Advance other than Term Loan Advances made prior to April 30, 2020, the applicable floor rate set forth in the column below: Level ConsolidatedLeverageRatio ApplicableFloor Rate II > 1.25 to 1.00 but < 1.60 to 1.00 2.40% III > 1.60 to 1.00 but < 2.00 to 1.00 2.50% IV > 2.00 to 1.00 2.70% Until June 30, 2020, the Applicable Floor Rate shall be determined as if Level I were applicable. The Applicable Floor Rate shall be subject to increase or decrease upon receipt by Agent pursuant to Section 5.01(b) of the financial statements and corresponding Compliance Certificate for the Fiscal Quarter ending immediately prior to the period covered by such financial statements, which change shall be effective on the first day of the calendar month following receipt of such financial statements and corresponding Compliance Certificate. If, by the first day of a month, any financial statement or Compliance Certificate due in the preceding month has not been received, then, at the option of Agent or Required Lenders, the Applicable Floor Rate shall be determined as if Level IV were applicable, from such day until the first day of the calendar month following actual receipt. Agent shall have the right to re-calculate the Applicable Floor Rate at any time or from time to time if it determines that data received by it from Borrowers concerning any component of the Consolidated Leverage Ratio was incorrect when made, and Agent shall be entitled in connection therewith to charge and collect upon making such determination any additional interest that would have been earned by Lenders.