Adjustment 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.
Adjustment to Interest Rate. Each change in the interest rate applicable to any amounts payable under the Loan Documents 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 such change.
Adjustment to Interest Rate. Changes to the interest rate of any Advance 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.
Adjustment to Interest Rate. The applicable interest rate hereunder shall increase or decrease when the Prime Rate changes.
Adjustment 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. Changes to the interest rate of any Credit Extension based on changes to Borrower’s Quick Ratio shall be effective on the date of delivery of Borrower’s compliance certificate pursuant to Section 6.2(iv), but not more than thirty days after the month in which any such change occurs.
Adjustment to Interest Rate. Each change in the interest rate applicable to any amounts payable under the Loan Documents based on changes to the Adjusted Term SOFR, Term SOFR or the Prime Rate, as applicable, shall be effective on the effective date of any change to the Adjusted Term SOFR, Term SOFR or the Prime Rate, as applicable and to the extent of such change.
Adjustment to Interest Rate. Changes to the interest rate of any Credit Extension based on changes to the Adjusted LIBO Rate shall be effective on the effective date of any change to the Adjusted LIBO Rate and to the extent of any such change.
Adjustment to Interest Rate. Changes to the interest rate of any Credit Extension based on changes to the Prime Rate shall be effective on the first (1st) calendar day of each month immediately following the effective date of any change to the Prime Rate and to the extent of any such change.
Adjustment to Interest Rate. (a) If an Adverse Rating Condition (as defined in Section 1.2(d)) occurs, the rate of interest on the Notes shall increase by 175 basis points (1.75%) over the rate of interest (including the Default Rate, if applicable) that the Notes would otherwise bear (a “Rate Increase”). Any Rate Increase shall take effect for interest accruing on the Notes from and after the Interest Payment Date that falls on or immediately precedes the date on which the Adverse Rating Condition occurs and shall continue to be in effect until it is terminated pursuant to Section 1.2(b). For the sake of clarity, this Agreement contemplates that: (i) notwithstanding that more than one Adverse Rating Condition may exist at the same time, no more than one Rate Increase shall be in effect at any time; and (ii) the same Adverse Rating Condition may exist multiple times while the Notes are outstanding, and each time such Adverse Rating Condition exists, a Rate Increase shall take effect, subject to Section 1.2(a)(i).
(b) If the Adverse Rating Condition that gives rise to a Rate Increase shall cease to exist, and if no other Adverse Rating Condition shall exist or occur before the Interest Payment Date immediately following the date on which such Adverse Rating Condition shall have ceased to exist, the Rate Increase shall be terminated. The termination shall be effective for interest accruing on the Notes from and after the Interest Payment Date that falls on or immediately follows the date on which such Adverse Rating Condition shall cease to exist.
(c) Notwithstanding Section 1.2(b), no Rate Increase shall be terminated at a time when the Default Rate is in effect.
(d) As used in this Section, “Adverse Rating Condition” means any one of the following:
(i) If the Notes are rated by a Rating Agency, the Notes are rated lower than BBB- by S&P, lower than Baa3 by Xxxxx’x, or lower than BBB- by Fitch.
(ii) SALP is not assigned a long-term, unsecured debt rating by at least one Rating Agency, or is assigned such a rating lower than BBB- by S&P, lower than Baa3 by Xxxxx’x, or lower than BBB- by Fitch.
(iii) Sovran is not assigned a long-term, unsecured debt rating by at least one Rating Agency, or is assigned such a rating lower than BBB- by S&P, lower than Baa3 by Xxxxx’x, or lower than BBB- by Fitch.
(e) The Obligors shall notify each holder of Notes in writing promptly after becoming aware of any change in any of SALP’s debt ratings or any change in any rating of the Notes.
(f) The provision...
Adjustment to Interest Rate. Changes to the interest rate of the Term Loan Advance 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.
