Default Spread definition
Examples of Default Spread in a sentence
The Agent and the Lenders hereby agree to defer payment by the Borrowers of the Deferred Default Spread during the Waiver Period; provided, that the Deferred Default Spread shall be paid in full in cash immediately upon the earlier of the Termination Date or the Expiration Date; it being understood that during the Waiver Period the Borrowers shall continue to pay the contractual rate of interest due on the Loans pursuant to Sections 2.3, 2.5 and 2.19 of the Credit Agreement.
Interest shall accrue on the amount of any principal and interest not paid when due, from the date on which such amount became due and payable (whether at stated maturity, by acceleration, or otherwise), at a rate per annum equal to the sum of the Note Rate plus the Default Spread, and shall be payable on the last day of each month succeeding such due date and on the date when such defaulted amount is paid in full.
After (A) the occurrence and during the continuance of an Event of Default and (B)(i) any acceleration of the Debt, including, without limitation, any acceleration pursuant to Section 10.2(a) hereof due to an Event of Default under Section 10.1(g) hereof or (ii) any prepayment of the Debt, the Default Spread Maintenance Premium shall, in all cases, be deemed a portion of the Debt due and owing hereunder and under the other Loan Documents.
The Eligible CDFI may charge a default rate on the Secondary Loan so long as such rate does not exceed the Maximum Secondary Rate, plus the Maximum Secondary Loan Default Spread.
INCOMING COSTS - (Default Spread Salary%) Department Incoming - excl.
INCOMING COSTS - (Default Spread Expense%) Department First Incoming C.
The Administrative Agent and the Lenders hereby agree to defer payment by the Borrower of the Deferred Default Spread during the Waiver Period; provided, that the Deferred Default Spread shall be paid in full in cash immediately upon the earlier of the Termination Date or the Expiration Date; it being understood that during the Waiver Period the Borrower shall continue to pay the contractual rate of interest due on the Advances pursuant to Section 2.07(a) of the Credit Agreement.
Pursuant to Section 2.6(e) of the Credit Agreement, due to the occurrence of the Specified Defaults the Loans currently bear interest at a rate per annum equal to two percent (2.0%) (the "Default Spread") above the rate of interest otherwise applicable to such Loans (the "Default Rate").
Interest on the Loans shall continue to accrue at the Default Rate through the Forbearance Termination Date; provided that, notwithstanding the provisions of the Credit Agreement, the Default Spread shall be paid in full on the Forbearance Termination Date.