Priority Return Rate definition
Priority Return Rate means six percent (6%) per annum for the first one-year period to which the Priority Return Relates; nine percent (9%) for the second one-year period; twelve percent (12%) for the third one-year period; fifteen percent (15%) for the fourth one-year period; and eighteen percent (18%) for the fifth one-year period.
Priority Return Rate means, for any Distribution Period or portion thereof during which the Priority Return is stated herein to accrue, a rate per annum equal to the sum of (i) the Eurodollar Rate for such Distribution Period plus (ii) the Priority Return Margin.
Priority Return Rate means 16.50% per annum; provided, however, that in the event of a material breach of any protective provision set forth in Section 8(a) or 8(b) of this Securityholders Agreement, the Priority Return Rate shall be cumulatively increased by 50 basis points per quarter, to be capped at a total cumulative increase of 300 basis points, for the duration of the period during which the breach remains uncured; provided that upon cure of the breach, the Priority Return Rate will revert back to 16.50% per annum.
Examples of Priority Return Rate in a sentence
The Company shall have consummated the Refinancing; provided, however, if the Senior Debt Securities issued in connection with such Refinancing bear a yield to maturity greater than 11.00% at issuance (inclusive of any original issue discount and excluding any market rate fees paid to the underwriters of such senior debt securities), then the Priority Return Rate (as defined in the Second Closing LLC Agreement) shall be 16.5% per annum in lieu of the 15.00% per annum.
More Definitions of Priority Return Rate
Priority Return Rate means the lesser of (i) the maximum rate permitted by applicable law and (ii) the rate equal to the sum of the then-applicable Preferred Return plus four percent (4%) per annum, compounded monthly and calculated on the basis of a 360-day year and the actual number of days elapsed; provided, that return on any outstanding Preferred Equity Investment while the Priority Return Rate is in effect shall be payable in cash as Current Preferred Return.