13Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate. (b) The Loans comprising each Term Benchmark Borrowing shall bear interest at the Adjusted Term SOFR Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. (c) Each RFR Loan shall bear interest at a rate per annum equal to the Adjusted Daily Simple SOFR plus the Applicable Rate. (d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.13 or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans that are Term Loans as provided in clause (a) of this Section 2.13. (e) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to Section 2.13(d) shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Term Benchmark Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. (f) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate only at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). A determination of the applicable Alternate Base Rate, Adjusted Term SOFR Rate, Term SOFR Rate, Adjusted Daily Simple SOFR or Daily Simple SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Credit Agreement (Harmony Biosciences Holdings, Inc.)
13Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Term Benchmark Eurodollar Borrowing shall bear interest interest, at the Adjusted Term SOFR LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Each RFR Loan shall bear interest at a rate per annum equal to the Adjusted Daily Simple SOFR plus the Applicable Rate.
(d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.13 or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans that are Term Loans as provided in clause paragraph (a) of this Section 2.13Section.
(ed) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and, in the case of Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (d) of this Section 2.13(d) shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Term Benchmark Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(fe) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate only at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). A determination of the The applicable Alternate Base RateXxxxxxxxx Xxxx Xxxx, Adjusted Term SOFR Rate, Term SOFR Rate, Adjusted Daily Simple SOFR Xxxxxxxx XXXX Rate or Daily Simple SOFR LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Credit Agreement (Virtusa Corp)
13Interest. (a) The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Term Benchmark SOFR Borrowing shall bear interest at the Adjusted Term SOFR Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate..
(c) Each RFR Loan shall bear interest at a rate per annum equal to the Adjusted Daily Simple SOFR plus the Applicable Rate.
(d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any LoanLoan or an unreimbursed LC Disbursement, 22.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.13 or in Section 2.05(i) or (ii) in the case of any other amount, 22.00% per annum plus the rate applicable to ABR Loans that are Term Revolving Loans as provided in clause paragraph (a) of this Section; provided that no amount of interest in excess of that provided for under paragraphs (a) and (b) of this Section 2.13shall accrue or be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(ed) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; Loan and, in the case of Revolving Loans of any Class, upon termination of the Revolving Commitments of such Class, provided that (i) interest accrued pursuant to paragraph (c) of this Section 2.13(d) shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving Loan prior to the Maturity Date applicable thereto), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Term Benchmark SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(fe) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate only at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). A determination of the The applicable Alternate Base Rate, Rate or Adjusted Term SOFR Rate, Term SOFR Rate, Adjusted Daily Simple SOFR or Daily Simple SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
13Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Term Benchmark EurocurrencySOFR Borrowing shall bear interest at the Adjusted Term LIBO RateTerm SOFR Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Each RFR Loan shall bear interest at a rate per annum equal to the Adjusted Daily Simple SOFR plus the Applicable Rate.
(d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 22.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.13 or (ii) in the case of any other amountamount (including overdue interest), 22.00% per annum plus the rate applicable to ABR Loans that are Term Revolving Loans as provided in clause paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.132.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender; provided, further, that no amounts shall accrue pursuant to this Section 2.13(c) on any overdue amount, reimbursement obligation in respect of any LC Disbursement or other amount payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender; provided, further, that such amounts shall be payable to any non-Defaulting Lender which assumes the obligations of a Defaulting Lender pursuant to Section 2.22(a)(iv).
(ed) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; Loan and, in the case of Revolving Loans, upon termination of the Revolving Commitments, provided that (i) interest accrued pursuant to paragraph (c) of this Section 2.13(d) shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving Loan prior to the end of the Revolving Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Term Benchmark EurocurrencySOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(fe) All computations of interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed for ABR Loans (including ABR Loans determined by reference to the Alternate Base Rate only at times when the Alternate Base Rate is based on the Prime Rate Adjusted LIBO RateTerm SOFR) shall be computed made on the basis of a year of 365 days (or 366 days in a leap year)days, as the case may be, and in each case actual days elapsed. All other computations of fees and interest shall be payable for made on the basis of a 360-day year and actual number of days elapsed (including which results in more fees or interest, as applicable, being paid than if computed on the first basis of a 365-day but excluding the last dayyear). A Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination of the applicable Alternate Base Rate, Adjusted Term SOFR Rate, Term SOFR Rate, Adjusted Daily Simple SOFR or Daily Simple SOFR shall be determined by the Administrative Agent, and such determination Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.
Appears in 1 contract
Samples: Credit Agreement (Amc Entertainment Holdings, Inc.)
13Interest. (a1) The Loans comprising each ABR Borrowing shall (including each Swingline Loan) will bear interest at the Alternate Base Rate ABR plus the Applicable RateMargin.
(b2) The Loans comprising each Term Benchmark SOFR Borrowing shall will bear interest at the Adjusted Term SOFR Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c3) Each RFR Loan shall bear interest at Following the occurrence and during the continuation of a rate per annum equal to Specified Event of Default, the Adjusted Daily Simple SOFR plus the Applicable Rate.
(d) Notwithstanding the foregoing, if any principal of or applicable Borrowers will pay interest on any Loan or any fee or other amount payable by the Borrower overdue amounts hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (ia) in the case of overdue principal of any Loan, 22.00% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.13 or (iib) in the case of overdue interest or any other overdue amount, 22.00% plus the rate applicable to ABR Loans that are Term Loans as provided in clause (a1) of this Section 2.13.
(e4) Accrued interest on each Loan shall will be payable by the applicable Borrowers, in arrears (a) on each Interest Payment Date for such Loan; (b) on the applicable Maturity Date; and (c) upon termination of the Commitments; provided that that:
(i) interest accrued pursuant to paragraph (3) of this Section 2.13(d) shall 2.13 will be payable on demand, ;
(ii) in the event of any repayment or prepayment of any LoanLoan (other than a repayment of an ABR Revolving Loan or Swingline Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall will be payable on the date of such repayment or prepayment and repayment; and
(iii) in the event of any conversion of any Term Benchmark SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall will be payable on the effective date of such conversion.
(f) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate only at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). A determination of the applicable Alternate Base Rate, Adjusted Term SOFR Rate, Term SOFR Rate, Adjusted Daily Simple SOFR or Daily Simple SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Loan Agreement (Ulta Beauty, Inc.)
13Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate ABR plus the Applicable RateMargin.
(b) The Loans comprising each Term Benchmark Borrowing shall bear interest at the Adjusted Term SOFR Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Each RFR Swingline Loan shall bear interest at a rate per annum equal to the Adjusted Daily Simple SOFR plus the Applicable Rateas determined in accordance with Section 2.04.
(d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal amounts of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs clauses of this Section 2.13 or (ii) in the case of any other overdue amount, 2% plus the rate applicable to ABR Loans that are Term Loans as provided in clause (a) of this Section 2.13; provided, that this clause (d) shall not apply to any Event of Default that has been waived by the Lenders pursuant to Section 9.08.
(e) Accrued interest on each Loan shall be payable in arrears (i) on each Interest Payment Date for such Loan, (ii) in the case of Revolving Facility Loans, upon termination of the applicable Revolving Facility Commitments and (iii) in the case of the Term Loans, on the applicable Term Facility Maturity Date; provided provided, that (iA) interest accrued pursuant to clause (d) of this Section 2.13(d) 2.13 shall be payable on demand, (iiB) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of a Revolving Facility Loan that is an ABR Loan that is not made in conjunction with a permanent commitment reduction), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iiiC) in the event of any conversion of any Term Benchmark Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(f) All computations of interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate only at times for ABR Loans when the Alternate Base Rate ABR is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), ) and in all other computations of fees and interest hereunder (including interest computed by reference to the Term SOFR Rate) shall be computed on the basis of a year of 360 days. In each case interest shall be payable for the actual number of days elapsed (including the first day but excluding the last day). A determination All interest hereunder on any Loan shall be computed on a daily basis based upon the outstanding principal amount of such Loan as of the applicable Alternate Base Rate, Adjusted date of determination. The applicable ABR and Term SOFR Rate, Term SOFR Rate, Adjusted Daily Simple SOFR or Daily Simple SOFR Benchmark shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
13Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Term Benchmark Borrowing shall bear interest in the case of a Term Benchmark Revolving Loan, at the Adjusted Term SOFR Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Each RFR Loan shall bear interest at a rate per annum equal to the Adjusted Daily Simple SOFR plus the Applicable Rate.. ANTERO CREDIT AGREEMENT
(d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.13 or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans that are Term Loans as provided in clause paragraph (a) of this Section 2.13Section.
(e) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and, in the case of Revolving Loans, upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (d) of this Section 2.13(d) shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Term Benchmark Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(f) All interest Interest computed by reference to the Term SOFR Rate or Daily Simple SOFR hereunder shall be computed on the basis of a year of 360 days, except that interest . Interest computed by reference to the Alternate Base Rate only at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in . In each case interest shall be payable for the actual number of days elapsed (including the first day but excluding the last day). A determination All interest hereunder on any Loan shall be computed on a daily basis based upon the outstanding principal amount of such Loan as of the applicable date of determination. The applicable Alternate Base Rate, Adjusted Term SOFR Rate, Term SOFR Rate, Adjusted Daily Simple SOFR or Daily Simple SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
13Interest. (a) The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable RateMargin.
(b) The Loans comprising each Term Benchmark SOFR Borrowing shall bear interest at the Adjusted Term SOFR Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
Xxxxxx; provided that if Term SOFR shall be determined pursuant to clause (ca)(ii) Each RFR of the definition thereof, each such Loan shall be deemed to bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Adjusted Daily Simple SOFR for each day such Loan remains outstanding plus the Applicable RateMargin.
(dc) Notwithstanding the foregoing, if (x) any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when duedue (after the expiration of any applicable grace period), whether at stated maturity, upon acceleration or otherwiseotherwise or (y) an Event of Default under Section 7.01(h) or (i) has occurred and is continuing, such overdue amount (which, in the case of an Event of Default under Section 7.01(h) or (i) shall be deemed to include the entire outstanding amount of the Loans) shall bear interest, after as well as before judgment, to the fullest extent permitted by law, at a rate per annum equal to (i) in the case of overdue principal or interest of any Loan, 22.00% plus the rate otherwise applicable to such Loan as provided then borne by (in the preceding paragraphs case of this Section 2.13 such principal) such Borrowings or (in the case of interest) the Borrowings to which such overdue amount relates or (ii) in the case of any other amountamounts, 22.00% plus the rate applicable to ABR Loans that are Term Loans as provided in clause paragraph (a) of this Section 2.13Section; provided that no default rate shall accrue on the Loans of a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(ed) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; Loan and, in the case of Revolving Loans, upon termination of the applicable Revolving Commitments, provided that (i) interest accrued pursuant to paragraph (c) of this Section 2.13(d) shall be payable on written demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving Loan prior to the end of the Revolving Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Term Benchmark SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(fe) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate only at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). A determination of the The 123 applicable Alternate Base Rate, Rate or Adjusted Term SOFR Rate, Term SOFR Rate, Adjusted Daily Simple SOFR or Daily Simple SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Samples: First Lien Credit Agreement (GoodRx Holdings, Inc.)
13Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Term Benchmark Eurodollar Borrowing shall bear interest interest, at the Adjusted Term SOFR LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Each RFR Loan shall bear interest at a rate per annum equal to the Adjusted Daily Simple SOFR plus the Applicable Rate.
(d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.13 or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans that are Term Loans as provided in clause paragraph (a) of this Section 2.13Section.
(ed) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and, in the case of Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section 2.13(d) shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Term Benchmark Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(fe) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate only at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). A determination of the The applicable Alternate Base Rate, Adjusted Term SOFR Rate, Term SOFR Rate, Adjusted Daily Simple SOFR LIBO Rate or Daily Simple SOFR LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Credit Agreement (Virtusa Corp)
13Interest. (a) The Loans comprising each ABR Borrowing Borrowings (including Swingline Loans) shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Term Benchmark Eurodollar Borrowing shall bear interest at the Adjusted Term SOFR LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Each RFR Loan Protective Advance and each Overadvance shall bear interest at a rate per annum equal to the Adjusted Daily Simple SOFR Alternate Base Rate plus the Applicable RateRate for Revolving Loans plus 2%.
(d) Notwithstanding the foregoing, if any principal during the occurrence and continuance of an Event of Default, the Administrative Agent or interest on any Loan or any fee or other amount payable the Required Lenders may, at their option, by notice to the Borrower hereunder is not paid when due(which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.02 requiring the consent of “each Lender affected thereby” for reductions in interest rates), whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to declare that (i) in the case of overdue principal of any Loan, all Loans shall bear interest at 2% plus the rate otherwise applicable to such Loan Loans as provided in the preceding paragraphs of this Section 2.13 or (ii) in the case of any other amountamount outstanding hereunder, such amount shall accrue at 2% plus the rate applicable to ABR Loans that are Term Loans such fee or other obligation as provided in clause (a) of this Section 2.13hereunder.
(e) Accrued interest on each Loan (for ABR Loans, accrued through the last day of the prior calendar month) shall be payable in arrears on each Interest Payment Date for such LoanLoan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (d) of this Section 2.13(d) shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Term Benchmark Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(f) All interest hereunder shall be computed on the basis of a year of 360 three hundred sixty (360) days, except that interest computed by reference to the Alternate Base Rate only at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 three hundred sixty-five (365) days (or 366 three hundred sixty-six (366) days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). A determination of the The applicable Alternate Base Rate, Adjusted Term SOFR Rate, Term SOFR Rate, Adjusted Daily Simple SOFR LIBO Rate or Daily Simple SOFR LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Credit Agreement (Cactus, Inc.)
13Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate ABR plus the Applicable RateMargin.
(b) The Loans comprising each Term Benchmark Eurocurrency Borrowing shall bear interest at the Adjusted Term SOFR LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Each RFR Loan shall bear interest at a rate per annum equal to the Adjusted Daily Simple SOFR plus the Applicable Rate.
(d) Notwithstanding the foregoing, if (x) upon the occurrence and during the continuation of an Event of Default (other than an Event of Default described in Section 7.01(b), 7.01(c), 7.01(h) or 7.01(i))), at the election of the Required Lenders, and (y) upon the occurrence of any Event of Default described in Section 7.01(b), 7.01(c), 7.01(h) or 7.01(i)), automatically, the principal amount of or all Loans outstanding and, to the extent permitted by applicable law, any interest payments on any Loan the Loans or any fee fees or other amount payable by the Borrower hereunder is not paid when dueamounts owed hereunder, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue the principal amount of any Loanall Loans outstanding, 22.00% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs clauses of this Section 2.13 2.13, or (ii) in the case of any other amountamount owed hereunder, 22.00% plus the rate applicable to ABR Loans that are Term Loans as provided in clause (a) of this Section; provided, that this clause (c) shall not apply to any Event of Default that has been waived by the Lenders pursuant to Section 2.139.08.
(ed) Accrued interest on each Loan shall be payable in arrears (i) on each Interest Payment Date for such Loan, (ii) in the case of Revolving Facility Loans, upon termination of the applicable Revolving Facility Commitments and (iii) in the case of the Term Loans, on the applicable Term Facility Maturity Date; provided provided, that (iA) interest accrued pursuant to clause (c) of this Section 2.13(d) 2.13 shall be payable on demand, (iiB) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of a Revolving Facility Loan that is an ABR Loan that is not made in conjunction with a permanent commitment reduction), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iiiC) in the event of any conversion of any Term Benchmark Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion..
(fe) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate only ABR at times when the Alternate Base Rate ABR is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). A determination of the The applicable Alternate Base RateABR, Adjusted Term SOFR Rate, Term SOFR Rate, Adjusted Daily Simple SOFR LIBO Rate or Daily Simple SOFR LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(f) In each case, subject to the Subordination Terms and Section 7.02:
(i) With respect to each Interest Payment Date occurring on or prior to July 29, 2021, the Borrower may, at its option, elect to pay interest on the Loans on such Interest Payment Date (A) entirely in cash (“Cash Interest”), (B) entirely by increasing the outstanding principal amount of the Loans (“PIK Interest”) or (C) a portion as Cash Interest and a portion as PIK Interest. The Borrower must elect the form of interest payment with respect to each Interest Payment Date occurring on or prior to July 29, 2021 by delivering a notice to the Administrative Agent at least one Business Day prior to the applicable Interest Payment Date; provided that in the absence of such election, interest on the Loans shall be payable as PIK Interest.
(ii) With respect to each Interest Payment Date occurring during the period commencing after July 29, 2021 and ending on or prior to December 31, 2022 (the “PIK End Date”), interest on the Loans shall be payable on such Interest Payment Date solely as Cash Interest; provided that if Liquidity determined on a pro forma basis after giving effect to the payment of any Cash Interest on the Loans on such Interest Payment Date would be less than $45,000,000, then interest on the Loans payable on such Interest Payment Date shall be payable as follows: (x) interest on the Loans shall be payable as Cash Interest to the extent (if any) that Liquidity determined on a pro forma basis after giving effect to the payment of such Cash Interest on the Loans would not be less than $45,000,000 and (y) with respect to any remaining interest on the Loans after giving effect to clause (x), the Borrower may, at its option, elect to pay such remaining interest on the Loans (A) entirely as Cash Interest, (B) entirely as PIK Interest or (C) a portion as Cash Interest and a portion as PIK Interest; provided, further, that the Borrower shall deliver to the Administrative Agent at least one Business Day prior to the applicable Interest Payment Date a certificate signed by a Financial Officer of the Borrower setting forth the pro forma calculation of Liquidity in reasonable detail and, in the case of clause (y) of the immediately preceding proviso, electing the form of interest payment with respect to such Interest Period (provided that in the absence of such election, interest on the Loans shall be payable as PIK Interest to the extent permitted under this Section 2.13(f)(ii)).
(iii) With respect to each Interest Payment Date occurring after the PIK End Date, interest on the Loans shall be payable on such Interest Payment Date solely as Cash Interest.
(iv) Any Cash Interest paid pursuant to this Section 2.13(f) on any Interest Payment Date shall be applied so that the aggregate amount of such Cash Interest payment is allocated among the Term B Loans, the Term B-1 Loans and the Term B-2 Loans (and the Revolving Facility Loans to the extent interest thereon is payable on such Interest Payment Date), pro rata based on the aggregate principal amount of outstanding Term B Loans, Term B-1 Loans and the Term B-2 Loans (and the Revolving Facility Loans to the extent interest thereon is payable on such Interest Payment Date).
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13Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Term Benchmark Eurocurrency Borrowing shall bear interest at the Adjusted Term SOFR LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Each RFR Loan shall bear interest at a rate per annum equal to the Adjusted Daily Simple SOFR plus the Applicable Rate.
(d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.13 or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans that are Term Loans as provided in clause (a) of this Section 2.13.
(ed) Accrued interest on each Loan (for ABR Loans, accrued through the last day of the prior calendar quarter) shall be payable in arrears on each Interest Payment Date for such LoanLoan and upon termination of the Commitments; provided provided, that (i) interest accrued pursuant to clause (c) of this Section 2.13(d) 2.13 shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Term Benchmark Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(fe) All interest hereunder shall be computed on the basis of a year of 360 days, except that (x) interest computed by reference to the Alternate Base Rate only at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), or (y) or, in the case of interest in respect of Loans denominated in Alternative Currencies as to which market practice differs from the foregoing, in accordance with such market practice, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). A determination of the The applicable Alternate Base Rate, Adjusted Term SOFR Rate, Term SOFR Rate, Adjusted Daily Simple SOFR LIBO Rate or Daily Simple SOFR LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(f) For the purposes of the Interest Act (Canada), (i) whenever a rate of interest or fee rate hereunder is calculated on the basis of a year (the “deemed year”) that contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest or fee rate shall be expressed as a yearly rate by multiplying such rate of interest or fee rate by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year, (ii) the principle of deemed reinvestment of interest shall not apply to any interest calculation hereunder and (iii) the rates of interest stipulated herein are intended to be nominal rates and not effective rates or yields.
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