Applicable LIBO Rate Margin definition
Examples of Applicable LIBO Rate Margin in a sentence
Interest shall accrue on each LIBOR Loan at a rate equal to the LIBO Rate for the selected Interest Period plus the Applicable LIBO Rate Margin.
Changes in the Applicable LIBO Rate Margin resulting from changes in the Senior Funded Debt to EBITDA Ratio shall be determined as of the end of each fiscal quarter occurring during the term of the Loan Agreement (the end of each fiscal quarter being a “Determination Date”), the first change occurring with the fiscal quarter ending June 30, 2018, and based upon the Senior Funded Debt to EBITDA Ratio for the immediately preceding four fiscal quarters.
Upon Lender’s receipt of Borrower’s quarterly financial statements required to be delivered to Lender pursuant to Section 4.2(b)(i) of the Loan Agreement, the Applicable LIBO Rate Margin will be subject to adjustment in accordance with the table set forth above based on the then applicable Senior Funded Debt to EBITDA Ratio, so long as no Default or Event of Default is existing as of applicable Determination Date or as of the effective date of adjustment.
Interest shall accrue on each LIBOR Loan at a rate equal to the LIBO Rate for the selected Interest Period plus the Applicable LIBO Rate Margin, said rate to change contemporaneously with any change in the LIBO Rate Margin.
From the closing date until the first Determination Date (as defined hereinafter), the Applicable LIBO Rate Margin shall be set at 250 basis points (2.500%).