Examples of Applicable LIBO Rate Margin in a sentence
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 Absent the occurrence of an Event of Default (and any accompanying implementation of the Default Rate Margin), interest will accrue on the unpaid balance of the Principal Sum until paid at a per annum rate, adjusted quarterly, equal to the LIBO Rate plus the Applicable LIBO Rate Margin.
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Upon and after the occurrence of a Default or Event of Default, at the election of Lender, the interest rate on this Note shall be increased by adding an additional three (3.000) percentage point margin (the “Default Rate Margin”) to the then Applicable LIBO Rate Margin.
From the closing date until the first Determination Date (as defined hereinafter), the Applicable LIBO Rate Margin shall be set at 225 basis points (2.250%).