Examples of Average Daily Excess Availability in a sentence
The LIBOR loans bear interest at LIBOR plus an applicable margin of (a) 2.25% if the Average Daily Excess Availability Percentage (as defined in the ABL Facility Credit Agreement) exceeds 25% or (b) 2.50% if the Average Daily Excess Availability Percentage is equal to 25% or less.
The Prime Rate loans bear interest at a Prime Rate (equal to the higher of (a) the applicable prime lending rate, (b) 0.50% above the overnight federal funds rate, or (c) 1.00% above LIBOR, subject to a 0.25% floor), plus an applicable margin of (x) 1.25% if the Average Daily Excess Availability Percentage exceeds 25% or (y) 1.50 % if the Average Daily Excess Availability Percentage is 25% or less.
The LIBO Loans under the ABL bear interest at the LIBO Rate plus 1.50%, with one step-down to the LIBO Rate plus 1.25% if the Average Daily Excess Availability (as defined in the Prepetition Credit Agreement) is equal to or greater than 40% of the Revolving Loan Cap (as defined in the Prepetition Credit Agreement).
The Prime Rate Loans bear interest at the Prime Rate plus 0.50% with a step-down to the Prime Rate plus 0.25% if the Average Daily Excess Availability is equal to or greater than 40% of the Revolving Loan Cap.The LIBO Loans under the Term Loan bear interest at the LIBO Rate plus 6.125%, and the Prime Rate Loans bear interest at the Prime Rate plus 5.125%.
The Prepetition ABL Facility provides for LIBOR Loans and Prime Rate Loans.LIBOR Loans bear interest at LIBOR plus an applicable margin of 2.25% if the Average Daily Excess Availability Percentage exceeds 25% and 2.50% if the Average Daily Excess Availability Percentage is 25% or less.