Adjustment of Interest Rate. The rate of interest on any LIR Loan shall be adjusted as provided in the definition of “LIBOR Index Rate,” subject to Section 2.3(g). If any Loan is converted into a Base Rate Loan because of Section 2.3(g), the rate of interest on such Base Rate Loan shall be adjusted automatically and without notice on and as of the date of any change in the Base Rate.
Adjustment of Interest Rate. Section 2.2.5 of the Loan Agreement is amended and restated as follows:
Adjustment of Interest Rate. 3.3.1 Once the interest rate is recorded in the Application for Use of Line of Credit as fixed, such interest rate should apply to the loan within the period of loan.
Adjustment of Interest Rate. If the agreed upon interest rate margin (which, for such purposes only, shall be deemed to include 25% of all upfront or similar fees or original issue discount payable to all Term Facility Lenders participating in such increase in the Term Facility, as reasonably determined by the Administrative Agent after consultation with the Borrower) applicable to any increase in the Term Facility exceeds the Applicable Rate (which, for such purposes only, shall be deemed to include 25% of all upfront or similar fees or original issue discount payable to all Term Facility Lenders on the Closing Date, which shall be allocated to the Term Facility on a pro-rata basis) relating to the Term Facility by more than 0.50%, the Applicable Rate (which, for such purposes only, shall be deemed to include 25% of all upfront or similar fees or original issue discount payable to all Term Facility Lenders on the Closing Date, which shall be allocated to the Term Facility on a pro-rata basis) relating to the Term Facility shall be increased to the applicable interest rate margin (which, for such purposes only, shall be deemed to include 25% of all upfront or similar fees or original issue discount payable to all Term Facility Lenders participating in such increase in the Term Facility, as reasonably determined by the Administrative Agent after consultation with the Borrower) for such increase in the Term Facility minus 0.50%.
Adjustment of Interest Rate. No provision of this Note shall require the payment of interest to the extent that receipt of any such payment by the Company would be contrary to the provisions of law applicable to the Company limiting the maximum amount of interest that may be charged to or collected from the Company, and if any sum in excess of such maximum rate of interest is paid or charged, the excess will be deemed to have been a prepayment of principal of this Note when paid, without premium or penalty, and all payments made thereafter will be appropriately applied to interest and principal to give effect to such maximum rate, and after such application any excess shall be immediately refunded to the Company. If the maximum rate of interest, if any, now permitted by law to be charged for this transaction is increased, then for so long as the increase is in effect, the applicable maximum rate permitted to be charged as referred to in the paragraph immediately preceding will be deemed to be such increased rate. If the maximum rate of interest, if any, now permitted by law to be charged for this transaction should be eliminated so that there would be no maximum rate, then interest on this Note shall thereafter be paid at the rate provided in this Note.
Adjustment of Interest Rate. Commencing on January 1, 2009, and thereafter on the first day of each succeeding Interest Adjustment Period, the interest rate for all Loans for each applicable Interest Adjustment Period shall be determined based upon the prior calendar quarter’s average Excess Availability (as determined by Bank, in its reasonable discretion), in accordance with the following matrix: Excess Availability Applicable Margin for Prime Rate Loans Applicable Margin for LIBOR Loans Equal to or less than $2,500,000 0.25% 2.50% Greater than $2,500,000 but equal to or less than $5,000,000 0% 2.25% Greater than $5,000,000 -0.25% 2.00% For purposes of the foregoing (i) no downward rate adjustment shall occur if an Event of Default has occurred and is continuing on the applicable Interest Adjustment Date, such adjustment to take effect only upon the cure or waiver in writing of such Event of Default and (ii) if Borrower fails to timely deliver the applicable compliance certificate and monthly financial statements to Bank in accordance with this Agreement on the date when due, then at Bank’s option, the interest rates above shall be increased on such date to the highest rate of interest pursuant to the above matrix, which rate of interest shall continue in effect until such compliance certificate and financial statements shall have been delivered.
Adjustment of Interest Rate. On the date of disbursement of the Final Disbursement, Borrower acknowledges and agrees that, in accordance with the Note, the interest rate thereunder as adjusted shall remain at three and 50/100 percent (3.50%) per annum.
Adjustment of Interest Rate. The Sellers hereby acknowledge and agree that in the event the Sellers fail to pay Indebtedness of the Acquired Entities and Transaction Expenses in excess of an aggregate amount of $10,000 prior to or on the Closing Date, the interest rate under the Promissory Note shall be adjusted from 8.5% to 6.5% effective as of the Closing Date; provided that the Sellers shall have sixty (60) days after receipt of written notification from Parent to pay any such amounts before the interest rate is adjusted.
Adjustment of Interest Rate. (a) Star Gas agrees to maintain a continuing rating relationship with an Approved Rating Agency lasting as long as the Notes are outstanding, pursuant to which the Notes shall be re-rated at least annually.
Adjustment of Interest Rate. Commencing on the Applicable Margin Adjustment Date (based upon prior calendar quarter’s average Excess Availability (as determined by Bank whose determination shall be final and binding absent manifest error)) and thereafter on the first day of each succeeding Interest Adjustment Period, the interest rate for all Loans for each applicable Interest Adjustment Period shall be determined based upon the prior calendar quarter’s average Excess Availability (as determined by Bank whose determination shall be final and binding absent manifest error), in accordance with the following matrix: Applicable Margin Applicable Margin Excess Availability for Prime Rate Loans for LIBOR Loans Less than $5,000,000 1.50 % 3.00 % Greater than or equal to $5,000,000 but less than $15,00,000 1.25 % 2.75 % Greater than or equal $15,000,000 1.00 % 2.50 % For purposes of the foregoing no downward rate adjustment shall occur if an Event of Default has occurred and is continuing on the applicable Interest Adjustment Date, such adjustment to take effect only upon the cure or waiver in writing (if any) of such Event of Default. In addition to the foregoing and in addition to Bank’s other rights and remedies hereunder, if during an Interest Adjustment Period it is determined that an Event of Default exists upon Bank’s receipt of Borrowers’ quarterly financial statements and compliance certificate for such fiscal quarter, then the interest rate for all Loans shall be retroactively reset as of the first day of such Interest Adjustment Period to the interest rate as of the last day of the immediately preceding Interest Adjustment Period (if such interest rate was higher).
