Changes in Interest Rate Sample Clauses
The "Changes in Interest Rate" clause defines how and when the interest rate applicable to a loan or financial agreement may be adjusted during the term of the contract. Typically, this clause outlines the circumstances under which the lender can increase or decrease the rate, such as changes in benchmark rates or market conditions, and may specify notice requirements or limits on the frequency or magnitude of adjustments. Its core practical function is to provide a clear mechanism for adapting the cost of borrowing to changing economic conditions, thereby allocating the risk of interest rate fluctuations between the parties.
Changes in Interest Rate. (a) If at any time a Below Investment Grade Event occurs, then:
(i) as of the date of the occurrence of the Below Investment Grade Event to and until the date on which such Below Investment Grade Event is no longer continuing (as evidenced by the receipt and delivery to the holders of the Notes of any Rating necessary to cure such Below Investment Grade Event), the Notes shall bear interest at the Adjusted Interest Rate; and
(ii) the Company shall promptly, and in any event within twenty (20) Business Days after a Below Investment Grade Event has occurred, notify the holders of the Notes in writing, sent in the manner provided in Section 18, that a Below Investment Grade Event has occurred, which written notice shall be accompanied by evidence satisfactory to the Required Holders to such effect and confirming the effective date of the Below Investment Grade Event and that the Adjusted Interest Rate will be payable in respect of the Notes in consequence thereof.
(b) Each holder of a Note shall, at the Company’s expense, use reasonable efforts to cooperate with any reasonable request made by the Company in connection with any rating appeal or application.
(c) The fees and expenses of any NRSRO and all other costs incurred in connection with obtaining, affirming or appealing a Rating pursuant to this Section 1.3 shall be borne solely by the Company.
(d) As used herein, “Adjusted Interest Rate” means the interest rate on the Notes shall be the rate per annum which is 1.00% above the stated rate of the Notes.
Changes in Interest Rate. (a) If at any time a Below Investment Grade Event occurs, then:
(i) as of the date of the occurrence of a Below Investment Grade Event to and until the date on which such Below Investment Grade Event is no longer continuing (as evidenced by the receipt and delivery to the holders of the Notes of any Debt Rating necessary to cure such Below Investment Grade Event), the directly affected Notes shall bear interest at the Below Investment Grade Adjusted Interest Rate; and AG Twin Brook Capital Income Fund Master Note Purchase Agreement
(ii) the Company shall promptly, and in any event within twenty (20) Business Days after a Below Investment Grade Event has occurred, notify the holders of the Notes in writing, sent in the manner provided in Section 18, that a Below Investment Grade Event has occurred and confirming the effective date of the Below Investment Grade Event and that the Below Investment Grade Adjusted Interest Rate will accrue from the date on which such Below Investment Grade Event shall have occurred and will be payable on each subsequent interest payment date until such Below Investment Grade Event is no longer continuing in consequence thereof.
(b) The reasonable, documented fees and expenses of any Acceptable Rating Agency and all other costs incurred in connection with obtaining, affirming or appealing a Debt Rating pursuant to this Section 1.2 shall be borne solely by the Company.
(c) If at any time a Secured Debt Ratio Event occurs, then:
(i) as of the earlier of (x) the date of the occurrence of a Secured Debt Ratio Event and (y) the last day of the applicable fiscal quarter or fiscal year for which financial statements delivered pursuant to Section 7.1 or Section 7.2 evidence the occurrence of a Secured Debt Ratio Event to and until the date on which such Secured Debt Ratio Event is no longer continuing (as evidenced by the receipt and delivery to the holders of the Notes of a certificate from a Senior Financial Officer of the Company certifying that such Secured Debt Ratio Event has been cured), the Notes shall bear interest at the Secured Debt Ratio Adjusted Interest Rate; and
(ii) to the extent the Company has knowledge thereof, the Company shall promptly, and in any event within ten (10) Business Days after the Company has knowledge that a Secured Debt Ratio Event has occurred, notify the holders of the Notes in writing, sent in the manner provided in Section 18, that a Secured Debt Ratio Event has occurred and confirming the effectiv...
Changes in Interest Rate. (a) If at any time a Below Investment Grade Event occurs, then:
(i) as of the date of the occurrence of the Below Investment Grade Event to and until the date on which such Below Investment Grade Event is no longer continuing (as evidenced by the receipt and delivery to the holders of the Notes of any Rating necessary to cure such Below Investment Grade Event), the Notes shall bear interest at the Adjusted Interest Rate; and
(ii) the Company shall promptly, and in any event within twenty (20) Business Days after a Below Investment Grade Event has occurred, notify the holders of the Notes in writing, sent in the manner provided in Section 18, that a Below Investment Grade Event has occurred, which written notice shall be accompanied by evidence satisfactory to the Required Holders to such effect and confirming the effective date of the Below Investment Grade Event and that the Adjusted Interest Rate will be payable in respect of the Notes in consequence thereof. WhiteHorse Finance, Inc. Note Purchase Agreement
Changes in Interest Rate. (a) If at any time a Below Investment Grade Event occurs, then as of such date to and until the date such Below Investment Grade Event no longer exists, the Notes shall bear interest at the Adjusted Interest Rate; provided that during the continuance of an Event of Default, Notes shall bear interest at the Default Rate as stated in the Note.
Changes in Interest Rate. Each Alternate Base Rate Loan shall bear interest, at the Alternate Base Rate, on the outstanding principal amount thereof, for each day from and including the date such Loan is made or is automatically converted from a Eurodollar Loan pursuant to Section 2.6 to but excluding the date it is paid or is converted into a Eurodollar Loan pursuant to Section 2.6. Changes in the Alternate Base Rate will take effect simultaneously with each change in the Alternate Base Rate. Each Eurodollar Loan shall bear interest on the outstanding principal amount thereof for each day during the Interest Period applicable thereto from and including the first day of such Interest Period to (but not including) the last day of such Interest Period at the Eurodollar Rate applicable thereto. No Interest Period may end after the Termination Date.
Changes in Interest Rate. The interest rate set forth above is based upon the Bank’s review of your financial condition (and that of any guarantors) and the deposit relationship with the Bank. The Bank may hereafter change your interest rate on thirty days written notice to you. Any change will be effective immediately and will apply to all amounts then outstanding and any amounts incurred thereafter.
Changes in Interest Rate. Each Floating Rate Advance will bear interest on the outstanding principal amount thereof, for each day from and including the date such Advance is made or is automatically converted from a Eurodollar Advance into a Floating Rate Advance pursuant to Section 2.10, to but excluding the date it is paid or is converted into a Eurodollar Advance pursuant to Section 2.10 hereof, at a rate per annum equal to the Floating Rate for such day. Changes in the rate of interest on that portion of any Advance maintained as a Floating Rate Advance will take effect simultaneously with each change in the Alternate Base Rate. Each Eurodollar Advance will bear interest on the outstanding principal amount thereof from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest Period at the interest rate determined by the Administrative Agent as applicable to such Eurodollar Advance based upon Unit's selections under Sections 2.9 and 2.10 and otherwise in accordance with the terms hereof. No Interest Period may end after the Facility Termination Date.
Changes in Interest Rate. (a) If at any time a Below Investment Grade Event occurs, then as of such date to and until the date such Below Investment Grade Event no longer exists, the Notes shall bear interest at the Adjusted Interest Rate; provided that, the failure of the Company to receive and deliver to the holders of the Notes a rating pursuant to Section 9.9 shall be deemed a Below Investment Grade Event; provided, further, that, following the receipt and delivery to the holders of the Notes of each rating pursuant to Section 9.9 the Adjusted Interest Rate applicable thereafter shall be determined in accordance with such then current rating; provided further that during the continuance of an Event of Default, Notes shall bear interest at the Default Rate as stated in the Note. Essex Portfolio, L.P. Note Purchase Agreement
Changes in Interest Rate. The Company may change the interest rates on the Notes at any time, provided that for any Notes already outstanding (i) the Company shall notify the Holders of such Notes, and (ii) the change in the interest rate shall not become effective before the date ninety (90) days following the date of such notice.
Changes in Interest Rate. Each Alternate Base Rate Loan shall bear interest, at the Alternate Base Rate, on the outstanding principal amount thereof, for each day from and including the date such Loan is made to but excluding the date it is paid. Changes in the Alternate Base Rate will take effect simultaneously with each change in the Alternate Base Rate. Each Negotiated Rate Loan shall bear interest on the outstanding principal amount thereof for each day from and including the date such Loan is made to but excluding the date it is paid at the Negotiated Rate applicable thereto. Changes in the Negotiated Rate applicable to such Loan will take effect as agreed to by the Lender and the Borrower at the time the Negotiated Rate Loan was made.