Adjustments to Interest Rate. Notwithstanding any contrary provision of this Agreement or the other Loan Documents, the rate of interest on the Term Revolving Loan and on that portion of the Term Loan which bears interest at a variable rate, shall be adjusted according to the following schedule should the aggregate outstanding principal balance of Borrower’s Funded Debt, achieve the levels set forth below: Greater than or equal to $27,500,000 LIBOR Rate plus 350 basis points, but not less than 4.25% Less than $27,500,000 LIBOR Rate plus 300 basis points, but not less than 3.75% Upon delivery of the financial statements pursuant to Section 5.01(c)(ii) at each fiscal quarter end, beginning with the first fiscal quarter ending after the Closing Date, the rate of interest on the Term Revolving Loan and on that portion of the Term Loan which bears interest at a variable rate shall automatically be adjusted in accordance with 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 and Compliance Certificate pursuant to Section 5.01(c)(ii). If the Borrower fails to deliver such financial statements or Compliance Certificate within the period of time required by Section 5.01(c)(ii) hereof, or if the outstanding principal balance on Borrower’s Funded Debt be no longer within the parameters set forth above, or if any Event of Default has occurred or is continuing, the rate of interest shall automatically be adjusted to a rate equal to the Applicable Rate without reduction under this Section, such automatic adjustment: (a) to take effect as of the first Business Day after the last day on which the Borrower was required to deliver the applicable financial statements and Compliance Certificate in accordance with Section 5.01(c)(ii) hereof or in the case of an Event of Default, on the date the written notice thereof is given to the Borrower; and (b) to remain in effect until subsequently adjusted in accordance herewith.
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: 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. 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, 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: 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 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 GPCC, achieve the levels set forth below: 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. Notwithstanding any other provision of this Agreement, the Notes, or the other Loan Documents, after the end of Borrowers’ 2013 fiscal year end, 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 GPCC, 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 Borrowers’ 2013 fiscal year end, 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. 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 Borrower, achieve the levels set forth below: Tangible Owner’s Equity Interest Rate Less than or equal to 54.99% Applicable LIBOR Rate plus 325 basis points Greater than or equal to 55.00% but less than or equal to 64.99% Applicable LIBOR Rate plus 300 basis points Greater than or equal to 65.00% Applicable LIBOR Rate plus 275 basis points
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: 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
