Examples of Average Excess Availability in a sentence
Upon the occurrence of an Event of Default and for so long as such Event of Default continues in existence, the Applicable Margin may, at the option of the Administrative Agent, be immediately increased to the percentages set forth in Level II (even if the Average Excess Availability requirements for another Level have been met) and interest shall be determined in the manner set forth in Section 2.12(f).
Less than 50% of the Borrowing Base 2.25% 1.25%The Applicable Margin shall be set on the Closing Date based upon the Average Excess Availability for the three (3) months immediately preceding the Closing Date.
Such percentages shall be increased or decreased, as the case may be, to the applicable percentage (on a per annum basis) set forth below based on the Quarterly Average Excess Availability for the immediately preceding three (3) month period commencing on the first day of the month of such period.
The Loans comprising each Base Rate Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Base Rate plus (or, at any time when Adjusted Average Excess Availability is equal to or greater than 25%, minus) the Applicable Margin from time to time in effect.
The Base Rate loans bear interest at a Base Rate plus an applicable margin of (x) 1.00% if the Quarterly Average Excess Availability exceeds$100,000,000 or (y) 1.25% if the Quarterly Average Excess Availability is $100,000,000 or less.