Interest Options. Except that the LIBOR-Rate may not be selected when an Event of Default or Potential Default exists and except as otherwise provided in this agreement Borrowings bear interest at an annual rate equal to the lesser of either (a) the Base Rate or the LIBOR Rate plus the Applicable Margin, in each case as designated or deemed designated by Borrower or (b) the Maximum Rate.
Appears in 2 contracts
Samples: Credit Agreement (Teppco Partners Lp), Credit Agreement (Teppco Partners Lp)
Interest Options. Except that the LIBOR-LIBOR Rate may not be selected when an Event of a Default or Potential Default exists and except as otherwise provided in this agreement agreement, Borrowings bear interest at an annual rate equal to the lesser of either (a) the Base Rate plus the Applicable Margin or the LIBOR Rate plus the Applicable Margin, Margin (in each case as designated or deemed designated by Borrower Borrower), as the case may be or (b) the Maximum Rate. Each change in the Base Rate and Maximum Rate is effective, without notice to Borrower or any other Person, upon the effective date of change.
Appears in 2 contracts
Samples: Credit Agreement (Goodrich Petroleum Corp), Credit Agreement (Goodrich Petroleum Corp)
Interest Options. Except that the LIBOR-LIBOR Rate may not be selected when an Event of a Default or Potential Default exists and except as otherwise provided in this agreement Borrowings agreement, Tranches bear interest at an annual rate equal to the lesser of either (a) the Base Rate plus the Applicable Margin or the LIBOR Rate plus the Applicable Margin, Margin (in each case as designated or deemed designated by Borrower Borrower), as the case may be or (b) the Maximum Rate. Each change in the Base Rate and Maximum Rate is effective, without notice to Borrower or any other Person, upon the effective date of change.
Appears in 2 contracts
Samples: Second Lien Term Loan Agreement (Goodrich Petroleum Corp), Second Lien Term Loan Agreement (Goodrich Petroleum Corp)
Interest Options. Except that the LIBOR-LIBOR Rate may not be selected when an Event of a Default or Potential Default exists and except as otherwise provided in this agreement agreement, Borrowings bear interest at an annual rate equal to the lesser of either (a) the Base Rate plus the Applicable Margin or the LIBOR Rate plus the Applicable Margin, Margin (in each case as designated or deemed designated by Borrower Borrower), as the case may be, or (b) the Maximum Rate. Each change in the Base Rate and Maximum Rate is effective, without notice to Borrower or any other Person, upon the effective date of change.
Appears in 1 contract
