Rate Adjustment Conditions

Example Definitions of "Rate Adjustment Conditions"
Rate Adjustment Conditions. Shall mean (a) the Borrowers' Net Income for the applicable fiscal year, as shown on the applicable annual financial statements, corresponds to a different Applicable Margin in accordance with the chart below, and (b) in the case of an Applicable Margin reduction, no Event of Default exists hereunder and no condition exists that would constitute an Event of Default hereunder with the giving of notice or passage of time or both.
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