Adjustments to Interest Rate. Subject to the limitations on the minimum rate of interest set forth in Sections 2.03, 2.04 and 2.05, after the Conversion Date, the rate of interest under any Loan which bears interest at a variable rate, shall be adjusted according to the following schedule, should the Tangible Owner’s Equity of the Borrower, achieve the levels set forth below: Tangible Owner’s Equity Interest Rate Equal to or less than 55.00% Applicable LIBOR Rate plus 345 basis points Greater than 55.00% and Applicable LIBOR Rate plus 320 basis points Less than or equal to 65.00% Greater than 65.00% Applicable LIBOR Rate plus 295 and less than or equal to 75.00% basis points Greater than 75.00% Applicable LIBOR Rate plus 275 basis points Upon delivery of the audited financial statements pursuant to Section 5.01(c)(i) for each fiscal year end beginning with the first fiscal year end after the Conversion Date, the rate of interest for any Loan which bears interest at a variable rate shall automatically be adjusted in accordance with the Tangible Owner’s Equity set forth therein and the rates set forth above. Such automatic adjustment to the rate of interest shall take effect as of the first Business Day of the month following the month in which the Agent received the related audited financial statements pursuant to Section 5.01(c)(i). If the Borrower fails to deliver such audited financial statements which so sets forth the Tangible Owner’s Equity within the period of time required by Section 5.01(c)(i) hereof or if any Event of Default occurs, the rate of interest shall automatically be adjusted to a rate equal to the greater of the applicable LIBOR Rate plus 345 basis points or five percent (5.0%), such automatic adjustments: (a) to take effect as of the first Business Day after the last day on which the Borrower was required to deliver the applicable audited financial statements in accordance with Section 5.01(c)(i) hereof or in the case of an Event of Default, on the date the written notice is given to the Borrower; and (b) to remain in effect until subsequently adjusted in accordance herewith upon the delivery of such audited financial statements or, in the case of an Event of Default, when such Event of Default has been cured to the satisfaction of the Agent.
Adjustments to Interest Rate. Notwithstanding any other provision of this Agreement, the Supplements, the Notes, or the Related Documents, after the Construction Loan Maturity Date, the rate of interest under any Loan which bears interest on a variable rate, shall be adjusted according to the following schedule should the Tangible Owner’s Equity of the Borrower, achieve the levels set forth below: Tangible Owner’s Equity Interest Rate Less than 49.99% Applicable LIBOR Rate plus 325 basis points 50.00%—59.99% Applicable LIBOR Rate plus 300 basis points Greater Than 60.00% Applicable LIBOR Rate plus 275 basis points
Adjustments to Interest Rate. Notwithstanding any other provision of this Agreement, the Supplements, the Notes, or the Related Documents, after the Conversion Date, the rate of interest under any Loan which bears interest on a variable rate, shall be adjusted according to the following schedule should the Tangible Owner’s Equity of the Borrower, achieve the levels set forth below: Tangible Owner’s Equity Interest Rate Less than or equal to 60.00% Applicable LIBOR Rate plus 295 basis points Greater than 60.00% Applicable LIBOR Rate plus 265 basis points
Adjustments to Interest Rate. Notwithstanding any other provision of this Agreement, the Notes, or the other Loan Documents, after the Closing Date, the rate of interest under any Loan which bears interest at a variable rate, shall be adjusted according to the following schedule should the Tangible Owner’s Equity of GPO, achieve the levels set forth below: Tangible Owner’s Equity Interest Rate Greater than or equal to 50.00% Applicable Rate less 50 basis points Upon delivery of the financial statements pursuant to Section 5.01(c)(i) for each fiscal year end beginning with the first fiscal year end after the Closing Date, the rate of interest for any Loan which bears interest at a variable rate shall automatically be adjusted in accordance with the Tangible Owner’s Equity set forth therein and the rates set forth above. Such automatic adjustment to the rate of interest shall take effect as of the first Business Day of the month following the month in which the Agent received the related financial statements pursuant to Section 5.01(c)(i).
Adjustments to Interest Rate. Changes to the interest rate of any Credit Extension based on changes to the Basic Rate shall be effective on the effective date of any change to the Basic Rate and to the extent of any such change.
Adjustments to Interest Rate. Changes to the interest rate of any Credit Extension based on changes to the Prime Rate shall be effective on the effective date of any change to the Prime Rate and to the extent of any such change. Bank shall use its best efforts to give Borrower prompt notice of any such change in the Prime Rate; provided, however, that any failure by Bank to provide Borrower with notice hereunder shall not affect Bank’s right to make changes in the interest rate based on changes in the Prime Rate.
Adjustments to Interest Rate. Interest payable on the New Notes shall be adjusted in accordance with the terms and provisions of the Financing Agreement, including but not limited to Clause 15 (Interest and Fees) and Clause 25 (Covenant Reset Date) of the Financing Agreement and as provided in the definition of “Margin” in Clause 1 (Interpretation) of the Financing Agreement. Notwithstanding the foregoing, in no event shall the interest rate on the Series A Notes be less than 8.91% and the Series B Notes be less than 6.625%.
Adjustments to Interest Rate. Notwithstanding any other provision of this Agreement or the Related Documents, the rate of interest under the Term Loan, the Construction Loan or the Revolving Loan shall vary according to the following schedule should the Owner’s Equity in the Borrower achieve the levels set forth below: Owner’s Equity Interest Rate Less than 39.99% Applicable LIBOR Rate plus 325 basis points 40.00%—59.99% Applicable LIBOR Rate plus 300 basis points Greater Than 60.00% Applicable LIBOR Rate plus 275 basis points
Adjustments to Interest Rate. Notwithstanding any other provision of this Agreement, the Notes, or the Related Documents, after the Conversion Date, the rate of interest under any Loan which bears interest at a variable rate, shall be adjusted according to the following schedule, should the Tangible Owner's Equity of the Borrower, achieve the levels set forth below: Tangible Owner's Equity Interest Rate ----------------------- ------------- Equal to or less than 55.00% Applicable LIBOR Rate plus 345 basis points Greater than 55.00% and Applicable LIBOR Rate plus 320 Less than or equal to 65.00% basis points Greater than 65.00% Applicable LIBOR Rate plus 295 and less than or equal to 75.00% basis points Greater than 75.00% Applicable LIBOR Rate plus 275 basis points
Adjustments to Interest Rate. Interest payable on the New Notes shall be adjusted in accordance with the terms and provisions of the Facilities Agreement, including but not limited to Clause 9 (Interest) of the Facilities Agreement. Notwithstanding the foregoing, in no event shall the interest rate be less than 8.91% on the New Notes.
