Applicable Annual Rate definition

Applicable Annual Rate means interest at a rate per annum equal to (x) 9.50% payable in cash or (y) 12.00% should the Company elect to pay interest partially in cash and partially in the form of PIK Interest in accordance with the provisions of Section 2.03.

Applicable Annual Rate as defined in SECTION 2.1.1 of the Agreement. APPLICABLE LAW - all laws, rules and regulations applicable to the Person, conduct, transaction, covenant or Loan Documents in question, including all applicable common law and equitable principles; all provisions of all applicable state and federal constitutions, statutes, rules, regulations and orders of governmental bodies; and orders, judgments and decrees of all courts and arbitrators. ASSET PURCHASE AGREEMENT - as defined in SECTION 1.1.2 of the Agreement. AVAILABILITY - the amount of money which Borrower is entitled to borrow from time to time as Revolving Credit Loans, such amount being the difference derived when the sum of the principal amount of Revolving Credit Loans then outstanding (including any amounts which Lender may have paid for the account of Borrower pursuant to any of the Loan Documents and which have not been reimbursed by Borrower) and the LC Amount is subtracted from the Borrowing Base. If the amount outstanding is equal to or greater than the Borrowing Base, Availability is 0. AVERAGE MONTHLY REVOLVING CREDIT BALANCE - the amount obtained by adding the aggregate unpaid balance of Revolving Credit Loans and the LC Amount at the end of each day during the month in question and by dividing such sum by the number of days in such month. BANK - Fleet National Bank, and its successors or assigns. BASE RATE - the rate of interest announced or quoted by Bank from time to time as its prime rate for commercial loans, whether or not such rate is the lowest rate charged by Bank to its most preferred borrowers; and, if such prime rate for commercial loans is discontinued by Bank as a standard, a comparable reference rate designated by Bank as a substitute therefor shall be the Base Rate. BASE RATE LOAN - a Loan which bears interest based upon the Base Rate. BORROWING BASE - as at any date of determination thereof, an amount equal to the lesser of:

Applicable Annual Rate means a per annum rate equal to 6.0%.

Examples of Applicable Annual Rate in a sentence

• The Total Deferred Compensation Amount and the Total Deferred Unit Amount that is to be distributed in cash shall bear interest from, but excluding, the Determination Date to, and including, the date paid at the Applicable Annual Rate as in effect from time to time, compounded monthly, and the payment of each annual installment shall be accompanied by payment of the amount of interest accrued thereon.

• Interest so credited shall similarly bear interest from (but excluding) the date so credited, to (and including) the Determination Date, at a rate per annum equal to the Applicable Annual Rate in effect from time to time, compounded monthly and credited as of the last day of each calendar month during the applicable Deferred Compensation Period and the last day of the calendar month in which such period ends (or, if applicable, the Determination Date).

• Borrower recognizes that, with fluctuations in the Applicable Annual Rate and the Maximum Legal Rate, such a result could inadvertently occur.

• Upon and after the occurrence of an Event of Default, and during the continuation thereof, the principal amount of the Loans and other Obligations shall bear interest, calculated daily (computed on the actual days elapsed over a year of 360 days), at 2.00% above the Applicable Annual Rate or other applicable rate of interest (a "DEFAULT RATE").

• Upon and after the occurrence of an Event of Default, and during the continuation thereof, the principal amount of the Obligations shall bear interest at the lesser of (i) the Maximum Legal Rate or (ii) a fluctuating rate per annum, calculated daily (computed on the actual days elapsed over a year of 360 days), equal to 4.0% above the Applicable Annual Rate or other applicable rate of interest (the "Default Rate").

More Definitions of Applicable Annual Rate

Applicable Annual Rate means a rate per annum equal to ten percent (10%). Such principal and interest shall be due and payable as follows:

Applicable Annual Rate means, with respect to any Quarterly Dividend Period, (i) if such Quarterly Dividend Period ends prior to November 27, 2002, 5.39% per annum and (ii) if such Quarterly Dividend Period ends after November 27, 2002, 5.5% per annum.

Applicable Annual Rate means, prior to January 31, 2020, a per annum rate equal to 8.0% and thereafter a per annum rate equal to 10.0%.

Applicable Annual Rate as defined in Section 3.1(A) of this Agreement. Availability - The amount of money which Borrower is entitled to borrow from time to time as Revolving Credit Loans, such amount being the difference derived when the sum of the principal amount of Revolving Credit Loans then outstanding (including any amounts which Lender may have paid for the account of Borrower pursuant to any of the Loan Documents and which have not been reimbursed by Borrower) and the undrawn amount of all LC Guaranties then outstanding is subtracted from the Borrowing Base. If the amount outstanding is equal to or greater than the Borrowing Base, Availability is 0. Average Daily Availability - the amount obtained by adding the Availability at the end of each day during the period in question and by dividing such sum by the number of days in such period. Bank - Fleet National Bank, and its successors or assigns. Base Rate - the rate of interest announced or quoted by Bank from time to time as its prime rate for commercial loans, whether or not such rate is the lowest rate charged by Bank to its most preferred borrowers; and, if the prime rate for commercial loans is discontinued by Bank as a standard, a comparable reference rate designated by Bank as a substitute therefor shall be the Base Rate. Bayou - Bayou Pumps, Inc., a Texas corporation. Borrower - Pelican State Supply Company, Inc., a Nevada corporation. Borrowing Base - as at any date of determination thereof, an amount equal to the lesser of:

Applicable Annual Rate means (A) from and including October 3, 2022, to but excluding the third Interest Payment Date, interest at a rate per annum equal to 15.00% solely in the form of PIK Interest, and (B) if the Maturity Date is extended by the Requisite Holders, from and including the third Interest Payment Date, to but excluding the Maturity Date, (x) 12.50% payable in cash or (y) 15.00% should the Company elect to pay interest partially in cash and partially in the form of PIK Interest, in each case in accordance with the provisions of Section 2.03; provided, however, that the Requisite Holders may extend the period during which the Company is required to pay the Applicable Annual Rate solely in the form of PIK Interest under clause (A) of this definition.

Applicable Annual Rate as defined in Section 3.1(A) of this Agreement.

Applicable Annual Rate as defined in Section 2.1.1 of the Agreement. Applicable Law - all laws, rules and regulations applicable to the Person, conduct, transaction, covenant or Loan Documents in question, including all applicable common law and equitable principles; all provisions of all applicable state and federal constitutions, statutes, rules, regulations and orders of governmental bodies; and orders, judgments and decrees of all courts and arbitrators. Availability - the amount of money which Borrower is entitled to borrow from time to time as Revolving Credit Loans, such amount being the difference derived when the sum of the principal amount of Revolving Credit Loans then outstanding (including any amounts which Lender may have paid for the account of Borrower pursuant to any of the Loan Documents and which have not been reimbursed by Borrower) is subtracted from the Borrowing Base. If the amount outstanding is equal to or greater than the Borrowing Base, Availability is zero (0). Average Monthly Revolving Credit Loan Balance - the amount obtained by adding the aggregate unpaid principal amount of Revolving Credit Loans at the end of each day during the month in question and by dividing such sum by the number of days in such month. Bank - Fleet National Bank, and its successors or assigns. Base Rate - the rate of interest announced or quoted by Bank from time to time as its prime rate for commercial loans, whether or not such rate is the lowest rate charged by Bank to its most preferred borrowers; and, if such prime rate for commercial loans is discontinued by Bank as a standard, a comparable reference rate designated by Bank as a substitute therefor shall be the Base Rate. Borrowing Base - as at any date of determination thereof, an amount equal to the lesser of: