Default Funding Rate definition

Default Funding Rate as defined in Section 2.5.

Default Funding Rate means a floating interest rate per annum equal to 4.00% plus LIBOR; provided that if any Lender shall have notified the Agent that a Eurodollar Disruption Event has occurred, the Default Funding Rate with respect to Advances of such Lender shall be equal to the Base Rate plus 3.00% until such Lender shall have notified the Agent that such Eurodollar Disruption Event has ceased, at which time the Default Funding Rate with respect to Advances of such Lender shall again be equal to LIBOR for such date plus 4.00%.

Default Funding Rate means an interest rate per annum equal to 1.50% plus the Base Rate.

Examples of Default Funding Rate in a sentence

• Interest shall continue to accrue on any principal as to which a non-conforming payment is made until such funds become available funds (but in no event less than the period from the date of such payment to the next succeeding applicable Business Day) at the Interest Rate or the Default Funding Rate, as applicable, from the date such amount was due and payable until the date such amount is paid in full.

• If any GWG Party fails to make any payment or deposit required to be made by it hereunder when due, such GWG Party shall, to the extent permitted by law, pay to the Agent interest on such amount at the Default Funding Rate, payable on demand; provided, however, that such interest rate shall not at any time exceed the maximum rate permitted by applicable law.

• If any Event of Default shall have occurred, the Yield Rate shall be increased to the Default Funding Rate, effective as of the date of the occurrence of such Event of Default, and shall apply after the occurrence of such Event of Default.

• Any amounts so funded by the Agent or a Lender hereunder will constitute an Advance hereunder, which Advance shall bear interest at the Default Funding Rate and shall be repayable by the Borrower on demand.

• If any Event of Default shall have occurred, the Interest Rate shall be increased to the Default Funding Rate, effective as of the date of the occurrence of such Event of Default, and shall remain at the Default Funding Rate.

More Definitions of Default Funding Rate

Default Funding Rate means the Base Rate plus 2.50%.

Default Funding Rate means, for any day in any Yield Period for any Investment (or any Portion of Capital thereof), an interest rate per annum equal to the sum of 2.50% per annum plus the greater of (i) the interest rate per annum determined for such Investment and such day pursuant to clause (a) or (b) of the definition of “Yield Rate”, as applicable, and (ii) the Base Rate in effect on such day.

Default Funding Rate means the Base Rate plus 5.00%.

Default Funding Rate means as of any date of determination, a rate equal to the sum of (a) the Base Rate as of such date, and (b) 1.50%, per annum.

Default Funding Rate means an interest rate per annum equal to three percent (3%) plus the Base Rate.

Default Funding Rate means an interest rate per annum equal to twenty four percent (24.00%).

Default Funding Rate means (i) during the period commencing on the date of the occurrence of an Event of Default and ending on the first anniversary of such occurrence, an interest rate per annum equal to one and eighty-five one hundredths of one percent (1.85%), plus the Eurodollar Rate, (ii) during the period commencing on the day after the first anniversary of such occurrence and ending on the date which is the second anniversary of such occurrence, an interest rate per annum equal to two and thirty-five one hundredths of one percent (2.35%), plus the Eurodollar Rate, (iii) during the period commencing on the day after the second anniversary of the date of such occurrence and ending on the third anniversary of such occurrence, an interest rate per annum equal to two and eighty-five one hundredths of one percent (2.85%), plus the Eurodollar Rate and (iv) during the period commencing on the day after the third anniversary of the date of such occurrence and ending on the Collection Date, an interest rate per annum equal to three and thirty-five one hundredths of one percent (3.35%), plus the Eurodollar Rate.