Calculations; Computations. (a) The financial statements to be furnished to the Banks pursuant hereto shall be made and prepared in accordance with GAAP or SAP, as the case may be, consistently applied throughout the periods involved (except as set forth in the notes thereto or as otherwise disclosed in writing by the Borrower to the Banks). In addition, except as otherwise specifically provided herein, all computations determining compliance with Section 7, including definitions used therein, shall utilize accounting principles and policies in effect from time to time; provided that (i) if any such accounting principle or policy (whether GAAP or SAP or both) shall change after the Effective Date, the Borrower shall give reasonable notice thereof to the Administrative Agent and each of the Banks and if within 30 days following such notice the Borrower, the Administrative Agent or the Required Banks shall elect by giving written notice of such election to the other parties hereto, such computations shall not give effect to such change unless and until this Agreement shall be amended pursuant to Section 11.13 to give effect to such change, and (ii) if at any time the computations determining compliance with Section 7 utilize accounting principles different from those utilized in the financial statements then being furnished to the Banks pursuant to Section 6.01, such financial statements shall be accompanied by reconciliation work-sheets. (b) All computations of interest on Eurodollar Loans and Fees hereunder shall be made on the actual number of days elapsed over a year of 360 days. (c) All computations of interest on Base Rate Loans hereunder shall be made on the actual number of days elapsed over a year of 365/366 days.
Appears in 2 contracts
Samples: Credit Agreement (Universal American Financial Corp), Credit Agreement (Universal American Financial Corp)
Calculations; Computations. (a) The financial statements to be furnished to the Banks Lenders pursuant hereto shall be made and prepared in accordance with GAAP or SAP, as the case may be, consistently applied throughout the periods involved (except as set forth in the notes thereto or as otherwise disclosed in writing by the Borrower Borrowers to the BanksLenders). In addition, except as otherwise specifically provided herein, all computations determining compliance with Section 78, including definitions used therein, shall utilize accounting principles and policies in effect from time to time; provided that (i) if any such accounting principle or policy (whether GAAP or SAP or both) shall change after the Effective Date, the Borrower Borrowers shall give reasonable notice thereof to the Administrative Agent and each of the Banks Lenders and if within 30 days following such notice the any Borrower, the Administrative Agent or the Required Banks Lenders shall elect by giving written notice of such election to the other parties hereto, such computations shall not give effect to such change unless and until this Agreement shall be amended pursuant to Section 11.13 12.11 to give effect to such change, and (ii) if at any time the computations determining compliance with Section 7 8 utilize accounting principles different from those utilized in the financial statements then being furnished to the Banks Lenders pursuant to Section 6.017.01, such financial statements shall be accompanied by reconciliation work-sheets.
(b) All computations of interest on Eurodollar Loans and Fees hereunder shall be made on the actual number of days elapsed over (i) a year of 365/366 days for interest on Loans maintained as Base Rate Loans when the Base Rate is based on the Prime Lending Rate and (ii) a year of 360 daysdays in all cases other than that set forth in the preceding clause (i).
(c) All computations of interest on Base Rate Loans hereunder shall be made on the actual number of days elapsed over a year of 365/366 days.
Appears in 2 contracts
Samples: Credit Agreement (Endurance Specialty Holdings LTD), Credit Agreement (Endurance Specialty Holdings LTD)
Calculations; Computations. (a) The financial statements to be furnished to the Banks pursuant hereto shall be made and prepared in accordance with GAAP or SAP, as the case may be, consistently applied throughout the periods involved (except as set forth in the notes thereto or as otherwise disclosed in writing by the Borrower to the Banks). In addition, except as otherwise specifically provided herein, all computations determining compliance with Section 7, including definitions used therein, shall utilize accounting principles and policies in effect from time to time; provided that (i) if any such accounting principle or policy (whether GAAP or SAP or both) shall change after the Effective Date, the Borrower shall give reasonable notice thereof to the Administrative Agent and each of the Banks and if within 30 days following such notice the Borrower, the Administrative Agent or the Required Banks shall elect by giving written notice of such election to the other parties hereto, such computations shall not give effect to such change unless and until this Agreement shall be amended pursuant to Section 11.13 11.12 to give effect to such change, and (ii) if at any time the computations determining compliance with Section 7 utilize accounting principles different from those utilized in the financial statements then being furnished to the Banks pursuant to Section 6.01, such financial statements shall be accompanied by reconciliation work-sheets.
(b) All computations of interest on Eurodollar Loans and Fees hereunder shall be made on the actual number of days elapsed over a year of 360 days.
(c) All computations of interest on Base Rate Loans hereunder shall be made on the actual number of days elapsed over a year of 365/366 days.
Appears in 2 contracts
Samples: Credit Agreement (Amerus Group Co/Ia), Credit Agreement (Amerus Group Co/Ia)
Calculations; Computations. (a) The financial statements to be furnished to the Banks pursuant hereto shall be made and prepared in accordance with GAAP or SAP, as the case may be, consistently applied throughout the periods involved (except as set forth in the notes thereto or as otherwise disclosed in writing by the Borrower to the Banks). In addition, except as otherwise specifically provided herein, all computations determining compliance with Section 7, including definitions used therein, shall utilize accounting principles and policies in effect from time to time; provided PROVIDED that (i) if any such accounting principle or policy (whether GAAP or SAP or both) shall change after the Effective Date, the Borrower shall give reasonable notice thereof to the Administrative Agent and each of the Banks and if within 30 days following such notice the Borrower, the Administrative Agent or the Required Banks shall elect by giving written notice of such election to the other parties hereto, such computations shall not give effect to such change unless and until this Agreement shall be amended pursuant to Section 11.13 11.12 to give effect to such change, and (ii) if at any time the computations determining compliance with Section 7 utilize accounting principles different from those utilized in the financial statements then being furnished to the Banks pursuant to Section 6.01, such financial statements shall be accompanied by reconciliation work-sheets.
(b) All computations of interest on Eurodollar Loans and Fees hereunder shall be made on the actual number of days elapsed over a year of 360 days.
(c) All computations of interest on Base Rate Loans hereunder shall be made on the actual number of days elapsed over a year of 365/366 days.
Appears in 1 contract
Samples: Credit Agreement (Superior National Insurance Group Inc)
Calculations; Computations. (a) The financial statements to be furnished to the Banks pursuant hereto shall be made and prepared in accordance with GAAP or SAP, as the case may be, consistently applied throughout the periods involved (except as set forth in the notes thereto or as otherwise disclosed in writing by the Borrower to the Banks). In addition, except as otherwise specifically provided herein, all computations determining compliance with Section 7, including definitions used therein, shall utilize accounting principles and policies in effect from time to time; provided that (i) if any such accounting principle or policy (whether GAAP or SAP or both) shall change after the Restatement Effective Date, the Borrower shall give reasonable notice thereof to the Administrative Agent and each of the Banks and if within 30 days following such notice the Borrower, the Administrative Agent or the Required Banks shall elect by giving written notice of such election to the other parties hereto, such computations shall not give effect to such change unless and until this Agreement shall be amended pursuant to Section 11.13 11.12 to give effect to such change, and (ii) if at any time the computations determining compliance with Section 7 utilize accounting principles different from those utilized in the financial statements then being furnished to the Banks pursuant to Section 6.01, such financial statements shall be accompanied by reconciliation work-sheets.
(b) All computations of interest on Eurodollar Loans and Fees hereunder shall be made on the actual number of days elapsed over a year of 360 days.
(c) All computations of interest on Base Rate Loans hereunder shall be made on the actual number of days elapsed over a year of 365/366 days.
Appears in 1 contract
Calculations; Computations. (a) The financial statements to be furnished to the Banks pursuant hereto shall be made and prepared in accordance with GAAP or SAP, as the case may be, consistently applied throughout the periods involved (except as set forth in the notes thereto or as otherwise disclosed in writing by the Borrower to the Banks). In addition, except as otherwise specifically provided herein, all computations determining compliance with Section 7, including definitions used therein, shall utilize accounting principles and policies in effect from time to time; provided PROVIDED that (i) if any such accounting principle or policy (whether GAAP or SAP or both) shall change after the Restatement Effective Date, the Borrower shall give reasonable prompt notice thereof to the Administrative Agent and each of the Banks and if within 30 days following such notice the Borrower, the Administrative Agent or the Required Banks shall elect by giving written notice of such election to the other parties hereto, such computations shall not give effect to such change unless and until this Agreement shall be amended pursuant to Section 11.13 11.11 to give effect to such change, and (ii) if at any time the computations determining compliance with Section 7 utilize accounting principles different from those utilized in the financial statements then being furnished to the Banks pursuant to Section 6.01, such financial statements shall be accompanied by reconciliation work-sheets.
(b) All computations of interest on Eurodollar Loans interest, Facility Fees and Utilization Fees hereunder shall be made on the actual number of days elapsed over a year of 360 days.
(c) All computations of interest on Base Rate Loans hereunder shall be made on the actual number of days elapsed over a year of 365/366 days.
Appears in 1 contract
Calculations; Computations. (a) The financial statements to be furnished to the Banks pursuant hereto shall be made and prepared in accordance with GAAP or SAP, as the case may be, consistently applied throughout the periods involved (except as set forth in the notes thereto or as otherwise disclosed in writing by the Borrower to the Banks). In addition, except as otherwise specifically provided herein, all computations determining compliance with Section 7, including definitions used therein, shall utilize accounting principles and policies in effect from time to time; provided that (i) if any such accounting principle or policy (whether GAAP or SAP or both) shall change after the Amendment Effective Date, the Borrower shall give reasonable prompt notice thereof to the Administrative Agent and each of the Banks and if within 30 days following such notice the Borrower, the Administrative Agent or the Required Banks shall elect by giving written notice of such election to the other parties hereto, such computations shall not give effect to such change unless and until this Agreement shall be amended pursuant to Section 11.13 11.11 to give effect to such change, and (ii) if at any time the computations determining compliance with Section 7 utilize accounting principles different from those utilized in the financial statements then being furnished to the Banks pursuant to Section 6.01, such financial statements shall be accompanied by reconciliation work-sheets.
(b) All computations of interest on Eurodollar Loans and Facility Fees hereunder shall be made on the actual number of days elapsed over a year of 360 days.
(c) All computations of interest on Base Rate Loans hereunder shall be made on the actual number of days elapsed over a year of 365/366 days.
Appears in 1 contract
Calculations; Computations. (a) The financial statements to be furnished to the Banks Lenders pursuant hereto shall be made and prepared in accordance with GAAP or SAP, as generally accepted accounting principles in the case may be, United States consistently applied throughout the periods involved (except as set forth in the notes thereto or as otherwise disclosed in writing by the Parent, Holdings or the Borrower to the BanksLenders; it being understood and agreed that notes may be absent in the interim financial statements). In addition, except as otherwise specifically provided herein, all computations determining compliance with Section 7Sections 4.02 and 9, including definitions used therein, shall utilize accounting principles and policies in effect from time to time; provided that (i) if any such accounting principle or policy (whether GAAP or SAP or both) shall change after the Effective Date, the Borrower shall give reasonable prompt notice thereof to the Administrative Agent and each of the Banks Lenders and if within 30 90 days following such notice the Borrower, the Administrative Agent or the Required Banks Lenders shall elect by giving written notice of such election to the other parties hereto, such computations shall not give effect to such change unless and until this Agreement shall be amended pursuant to Section 11.13 14.12 to give effect to such change. Notwithstanding the foregoing, and (ii) if at any time the computations determining compliance with Section 7 utilize accounting principles different from those utilized in the financial statements then being furnished to the Banks extent expressly required pursuant to Section 6.01the provisions of this Agreement, such financial statements certain calculations shall be accompanied by reconciliation work-sheetsmade on a Pro Forma Basis.
(b) All computations of interest on Eurodollar Loans and Fees hereunder shall be made on the actual number basis of days elapsed over a year of 360 days.
days (c) All computations 365-366 days in the case of interest on Base Rate Loans hereunder shall be made on maintained at the Prime Lending Rate) for the actual number of days elapsed over a year of 365/366 days(including the first day but excluding the last day) occurring in the period for which such interest or Fees are payable.
Appears in 1 contract
Samples: Credit Agreement (Aearo CO I)
Calculations; Computations. (a) The financial statements to be furnished to the Banks pursuant hereto shall be made and prepared in accordance with GAAP or SAP, as the case may be, consistently applied throughout the periods involved (except as set forth in the notes thereto or as otherwise disclosed in writing by the Borrower to the Banks). In addition, except as otherwise specifically provided herein, all computations determining compliance with Section 7, including definitions used therein, shall utilize accounting principles and policies in effect from time to time; provided PROVIDED that (i) if any such accounting principle or policy (whether GAAP or SAP or both) shall change after the Effective Date, the Borrower shall give reasonable notice thereof to the Administrative Agent and each of the Banks and if within 30 days following such notice the Borrower, the Administrative Agent or the Required Banks shall elect by giving written notice of such election to the other parties hereto, such computations shall not give effect to such change unless and until this Agreement shall be amended pursuant to Section 11.13 11.12 to give effect to such change, and (ii) if at any time the computations determining compliance with Section 7 utilize accounting principles different from those utilized in the financial statements then being furnished to the Banks pursuant to Section 6.01, such financial statements shall be accompanied by reconciliation work-sheets.
(b) All computations of interest on Eurodollar Loans and Fees hereunder shall be made on the actual number of days elapsed over a year of 360 days.
(c) All computations of interest on Base Rate Loans hereunder shall be made on the actual number of days elapsed over a year of 365/366 days.
Appears in 1 contract
Calculations; Computations. (a) The financial statements to be furnished to the Banks pursuant hereto shall be made and prepared in accordance with GAAP or SAP, as the case may be, consistently applied throughout the periods involved (except as set forth in the notes thereto or as otherwise disclosed in writing by the Borrower to the Banks). ) In addition, except as otherwise specifically provided herein, all computations determining compliance with Section 7, including definitions used therein, shall utilize accounting principles and policies in effect from time to time; provided PROVIDED that (i) if any such accounting principle or policy (whether GAAP or SAP or both) shall change after the Effective Date, the Borrower shall give reasonable notice thereof to the Administrative Agent and each of the Banks and if within 30 days following such notice the Borrower, the Administrative Agent or the Required Banks shall elect by giving written notice of such election to the other parties hereto, such computations shall not give effect to such change unless and until this Agreement shall be amended pursuant to Section 11.13 11.12 to give effect to such change, and (ii) if at any time the computations determining compliance with Section 7 utilize accounting principles different from those utilized in the financial statements then being furnished to the Banks pursuant to Section 6.01, such financial statements shall be accompanied by reconciliation work-sheets.
(b) All computations of interest on Eurodollar Loans and Fees hereunder shall be made on the actual number of days elapsed over a year of 360 days.
(c) All computations of interest on Base Rate Loans hereunder shall be made on the actual number of days elapsed over a year of 365/366 days.
Appears in 1 contract
Samples: Credit Agreement (Ceres Group Inc)
Calculations; Computations. (a) The financial statements to be furnished to the Banks pursuant hereto shall be made and prepared in accordance with GAAP or SAP, as generally accepted accounting principles in the case may be, United States consistently applied throughout the periods involved (except as set forth in the notes thereto or as otherwise disclosed in writing by Holdings or the Borrower to the Banks; it being understood and agreed that notes may be absent in the interim financial statements). In addition, except as otherwise specifically provided herein, all computations determining compliance with Section 7Sections 4.02 and 8, including definitions used therein, shall utilize accounting principles and policies in effect from time to time; provided PROVIDED that (i) if any such accounting principle or policy (whether GAAP or SAP or both) shall change after the Effective Date, the Borrower shall give reasonable prompt notice thereof to the Administrative Agent and each of the Banks and if within 30 90 days following such notice the Borrower, the Administrative Agent or the Required Banks shall elect by giving written notice of such election to the other parties hereto, such computations shall not give effect to such change unless and until this Agreement shall be amended pursuant to Section 11.13 13.12 to give effect to such change. Notwithstanding the foregoing, and (ii) if at any time the computations determining compliance with Section 7 utilize accounting principles different from those utilized in the financial statements then being furnished to the Banks extent expressly required pursuant to Section 6.01the provisions of this Agreement, such financial statements certain calculations shall be accompanied by reconciliation work-sheetsmade on a PRO FORMA Basis.
(b) All computations of interest on Eurodollar Loans and Fees hereunder shall be made on the actual number basis of days elapsed over a year of 360 days.
days (c) All computations 365-366 days in the case of interest on Base Rate Loans hereunder shall be made on maintained at the Prime Lending Rate) for the actual number of days elapsed over a year of 365/366 days(including the first day but excluding the last day) occurring in the period for which such interest or Fees are payable.
Appears in 1 contract
Calculations; Computations. (a) The financial statements to be furnished to the Banks Lenders pursuant hereto shall be made and prepared in accordance with GAAP or SAP, as the case may be, consistently applied throughout the periods involved (except as set forth in the notes thereto or as otherwise disclosed in writing by the Parent Borrower to the BanksLenders). In addition, except as otherwise specifically provided herein, all computations determining compliance with Section 7, including definitions used therein, shall utilize accounting principles and policies in effect from time to time; provided that (i) if any such accounting principle or policy (whether GAAP or SAP or both) shall change after the Effective Date, the Parent Borrower shall give reasonable notice thereof to the Administrative Agent and each of the Banks Lenders and if within 30 days following such notice the Parent Borrower, the Administrative Agent or the Required Banks Lenders shall elect by giving written notice of such election to the other parties hereto, such computations shall not give effect to such change unless and until this Agreement shall be amended pursuant to Section 11.13 11.11 to give effect to such change, and (ii) if at any time the computations determining compliance with Section 7 utilize accounting principles different from those utilized in the financial statements then being furnished to the Banks Lenders pursuant to Section 6.01, such financial statements shall be accompanied by reconciliation work-sheets.
(b) All computations of interest on Eurodollar Term Loans and Fees hereunder shall be made on the actual number of days elapsed over (i) a year of 365/366 days for interest on Term Loans maintained as Base Rate Loans when the Base Rate is based on the Prime Lending Rate and (ii) a year of 360 daysdays in all cases other than that set forth in the preceding clause (i).
(c) All computations of interest on Base Rate Loans hereunder shall be made on the actual number of days elapsed over a year of 365/366 days.
Appears in 1 contract
Samples: Term Loan Agreement (Endurance Specialty Holdings LTD)
Calculations; Computations. (a) The financial statements to be furnished to the Banks Lenders pursuant hereto shall be made and prepared in accordance with GAAP or SAP, as the case may be, consistently applied throughout the periods involved (except as set forth in the notes thereto or as otherwise disclosed in writing by the Borrower Borrowers to the BanksLenders). In addition, except as otherwise specifically provided herein, all computations determining compliance with Section 78, including definitions used therein, shall utilize accounting principles and policies in effect from time to time; provided that (i) if any such accounting principle or policy (whether GAAP or SAP or both) shall change after the Effective Date, the Borrower Borrowers shall give reasonable notice thereof to the Administrative Agent and each of the Banks Lenders and if within 30 days following such notice the any Borrower, the Administrative Agent or the Required Banks Lenders shall elect by giving written notice of such election to the other parties hereto, such computations shall not give effect to such change unless and until this Agreement shall be amended pursuant to Section 11.13 12.11 to give effect to such change, and (ii) if at any time the computations determining compliance with Section 7 8 utilize accounting principles different from those utilized in the financial statements then being furnished to the Banks Lenders pursuant to Section 6.017.01, such financial statements shall be accompanied by reconciliation work-sheets.
(b) All computations of interest on Eurodollar Revolving Loans and Fees hereunder shall be made on the actual number of days elapsed over (i) a year of 365/366 days for interest on Revolving Loans maintained as Base Rate Loans when the Base Rate is based on the Prime Lending Rate and (ii) a year of 360 daysdays in all cases other than that set forth in the preceding clause (i).
(c) All computations of interest on Base Rate Loans hereunder shall be made on the actual number of days elapsed over a year of 365/366 days.
Appears in 1 contract
Samples: Credit Agreement (Endurance Specialty Holdings LTD)
Calculations; Computations. (a) The financial statements to be furnished to the Banks pursuant hereto shall be made and prepared in accordance with GAAP or SAP, as the case may be, consistently applied throughout the periods involved (except as set forth in the notes thereto or as otherwise disclosed in writing by the Borrower to the Banks). In addition, except as otherwise specifically provided herein, all computations determining compliance with Section 7, including definitions used therein, shall utilize accounting principles and policies in effect from time to time; provided that (i) if any such accounting principle or policy (whether GAAP or SAP or both) shall change after the Effective Date, the Borrower shall give reasonable notice thereof to the Administrative Agent and each of the Banks and if within 30 days following such notice the Borrower, the Administrative Agent or the Required Banks shall elect by giving written notice of such election to the other parties hereto, such computations shall not give effect to such change unless and until this Agreement shall be amended pursuant to Section 11.13 11.12 to give effect to such change, and (ii) if at any time the computations determining compliance with Section 7 utilize accounting principles different from those utilized in the financial statements then being furnished to the Banks pursuant to Section 6.01, such financial statements shall be accompanied by reconciliation work-sheets.
(b) All computations of interest on Eurodollar Loans and Fees hereunder shall be made on the actual number of days elapsed over a year of 360 days.
(c) All computations of interest on Base Rate Loans hereunder shall be made on the actual number of days elapsed over a year of 365/366 days.
Appears in 1 contract
Samples: Credit Agreement (Universal American Financial Corp)
Calculations; Computations. (a) The financial statements to be furnished to the Banks pursuant hereto shall be made and prepared in accordance with GAAP or SAP, as generally accepted accounting principles in the case may be, United States consistently applied throughout the periods involved (except as set forth in the notes thereto or as otherwise disclosed in writing by the Borrower to the Banks; it being understood and agreed that notes may be absent in the interim financial statements). In addition, except as otherwise specifically provided herein, all computations determining compliance with Section 7, including definitions used therein, shall utilize accounting principles and policies in effect from time to time; provided PROVIDED that (i) if any such accounting principle or policy (whether GAAP or SAP or both) shall change after the Effective Date, the Borrower shall give reasonable prompt notice thereof to the Administrative Agent and each of the Banks and if within 30 90 days following such notice the Borrower, the Administrative Agent or the Required Banks shall elect by giving written notice of such election to the other parties hereto, such computations shall not give effect to such change unless and until this Agreement shall be amended pursuant to Section 11.13 12.12 to give effect to such change, and (ii) if at any time the computations determining compliance with Section 7 utilize accounting principles different from those utilized in the financial statements then being furnished to the Banks pursuant to Section 6.01, such financial statements shall be accompanied by reconciliation work-sheets.
(b) All computations of interest on Eurodollar Loans and Fees hereunder shall be made on the actual number basis of days elapsed over a year of 360 days.
days (c) All computations 365-366 days in the case of interest on Base Rate Loans hereunder shall be made on maintained at the Prime Lending Rate) for the actual number of days elapsed over a year of 365/366 days(including the first day but excluding the last day) occurring in the period for which such interest are payable.
Appears in 1 contract
Samples: Senior Subordinated Loan Agreement (Vestar Capital Partners Iv Lp)
Calculations; Computations. (a) The financial statements to be furnished to the Banks Lenders pursuant hereto shall be made and prepared in accordance with GAAP or SAP, as the case may be, consistently applied throughout the periods involved (except as set forth in the notes thereto or as otherwise disclosed in writing by the Borrower Borrowers to the BanksLenders). In addition, except as otherwise specifically provided herein, all computations determining compliance with Section 78, including definitions used therein, shall utilize accounting principles and policies in effect from time to time; provided that (i) if any such accounting principle or policy (whether GAAP or SAP or both) shall change after the Effective Date, the Borrower Borrowers shall give reasonable notice thereof to the Administrative Agent and each of the Banks Lenders and if within 30 days following such notice the any Borrower, the Administrative Agent or the Required Banks Lenders shall elect by giving written notice of such election to the other parties hereto, such computations shall not give effect to such change unless and until this Agreement shall be amended pursuant to Section 11.13 12.11 to give effect to such change, and (ii) if at any time the computations determining compliance with Section 7 8 utilize accounting principles different from those utilized in the financial statements then being furnished to the Banks Lenders pursuant to Section 6.017.01, such financial statements shall be accompanied by reconciliation work-sheets.
(b) All computations of interest on Eurodollar Revolving Loans and Fees hereunder shall be made on the actual number of days elapsed over (i) a year of 365/366 days for interest on Revolving Loans maintained as Base Rate Loans when the Base Rate is based on the Prime Lending Rate and (ii) a year of 360 daysdays in all cases other than that set forth in the preceding clause (i).
(c) All computations of interest on Base Rate Loans hereunder references in this Agreement to amounts in Dollars shall be made on include, unless the actual number of days elapsed over a year of 365/366 dayscontext otherwise requires, amounts in Optional Currencies using the then U.S. Dollar Equivalent thereof.
Appears in 1 contract
Samples: Credit Agreement (Endurance Specialty Holdings LTD)
Calculations; Computations. (a) The financial statements to be furnished to the Banks pursuant hereto shall be made and prepared in accordance with GAAP or SAP, as the case may be, consistently applied throughout the periods involved (except as set forth in the notes thereto or as otherwise disclosed in writing by the Borrower to the Banks). In addition, except as otherwise specifically provided herein, all computations determining compliance with Section 7, including definitions used therein, shall utilize accounting principles and policies in effect from time to time; provided PROVIDED that (i) if any such accounting principle or policy (whether GAAP or SAP or both) shall change after the Effective Date, the Borrower shall give reasonable prompt notice thereof to the Administrative Agent and each of the Banks and if within 30 days following such notice the Borrower, the Administrative Agent or the Required Banks shall elect by giving written notice of such election to the other parties hereto, such computations shall not give effect to such change unless and until this Agreement shall be amended pursuant to Section 11.13 11.11 to give effect to such change, and (ii) if at any time the computations determining compliance with Section 7 utilize accounting principles different from those utilized in the financial statements then being furnished to the Banks pursuant to Section 6.01, such financial statements shall be accompanied by reconciliation work-sheets.
(b) All computations of interest on Eurodollar Loans and Facility Fees hereunder shall be made on the actual number of days elapsed over a year of 360 days.
(c) All computations of interest on Base Rate Loans hereunder shall be made on the actual number of days elapsed over a year of 365/366 days.
Appears in 1 contract
Calculations; Computations. (a) The financial statements to be furnished to the Banks pursuant hereto shall be made and prepared in accordance with GAAP or SAP, as the case may be, consistently applied throughout the periods involved (except as set forth in the notes thereto or as otherwise disclosed in writing by SNIG or the Borrower to the Banks). In addition, except as otherwise specifically provided herein, all computations determining compliance with Section 7, including definitions used therein, shall utilize accounting principles and policies in effect from time to time; provided that (i) if any such accounting principle or policy (whether GAAP or SAP or both) shall change after the Effective Date, the Borrower shall give reasonable notice thereof to the Administrative Agent and each of the Banks and if within 30 days following such notice the Borrower, the Administrative Agent or the Required Banks shall elect by giving written notice of such election to the other parties hereto, such computations shall not give effect to such change unless and until this Agreement shall be amended pursuant to Section 11.13 11.12 to give effect to such change, and (ii) if at any time the computations determining compliance with Section 7 utilize accounting principles different from those utilized in the financial statements then being furnished to the Banks pursuant to Section 6.01, such financial statements shall be accompanied by reconciliation work-sheets.
(b) All computations of interest on Eurodollar Loans and Fees hereunder shall be made on the actual number of days elapsed over a year of 360 days.
(c) All computations of interest on Base Rate Loans hereunder shall be made on the actual number of days elapsed over a year of 365/366 days.
Appears in 1 contract
Samples: Credit Agreement (Superior National Insurance Group Inc)
Calculations; Computations. (a) The financial statements to be furnished to the Banks Lenders pursuant hereto shall be made and prepared in accordance with GAAP or SAP, as the case may be, consistently applied throughout the periods involved (except as set forth in the notes thereto or as otherwise disclosed in writing by the Borrower Borrowers to the BanksLenders). In addition, except as otherwise specifically provided herein, all computations determining compliance with Section 78, including definitions used therein, shall utilize accounting principles and policies in effect from time to time; provided that (i) if any such accounting principle or policy (whether GAAP or SAP or both) shall change after the Effective Date, the Borrower Borrowers shall give reasonable notice thereof to the Administrative Agent and each of the Banks Lenders and if within 30 thirty (30) days following such notice the any Borrower, the Administrative Agent or the Required Banks Lenders shall elect by giving written notice of such election to the other parties hereto, such computations shall not give effect to such change unless and until this Agreement shall be amended pursuant to Section 11.13 12.11 to give effect to such change, and (ii) if at any time the computations determining compliance with Section 7 8 utilize accounting principles different from those utilized in the financial statements then being furnished to the Banks Lenders pursuant to Section 6.017.01, such financial statements shall be accompanied by reconciliation work-sheets.
(b) All computations of interest on Eurodollar Revolving Loans and Fees hereunder shall be made on the actual number of days elapsed over (i) a year of 365/366 days for interest on Revolving Loans maintained as Base Rate Loans when the Base Rate is based on the Prime Lending Rate and (ii) a year of 360 daysdays in all cases other than that set forth in the preceding clause (i).
(c) All computations of interest on Base Rate Loans hereunder references in this Agreement to amounts in Dollars shall be made on include, unless the actual number of days elapsed over a year of 365/366 dayscontext otherwise requires, amounts in Optional Currencies using the then U.S. Dollar Equivalent thereof.
Appears in 1 contract
Samples: Credit Agreement (Endurance Specialty Holdings LTD)
Calculations; Computations. (a) The financial statements to be furnished to the Banks Lenders pursuant hereto shall be made and prepared in accordance with GAAP or SAP, as generally accepted accounting principles in the case may be, United States consistently applied throughout the periods involved (except as set forth in the notes thereto or as otherwise other wise disclosed in writing by the Borrower Company to the BanksLenders; it being understood and agreed that notes may be absent in the interim financial statements). In addition, except as otherwise specifically provided herein, all computations determining compliance with Section 7Sections 4.02 and 8, including definitions used therein, shall utilize accounting principles and policies in effect from time to time; provided that (i) if any such accounting principle or policy (whether GAAP or SAP or both) shall change in any material respect after the Effective Date, the Borrower Company shall give reasonable prompt notice thereof to the Administrative Agent and each of the Banks Lenders and if within 30 90 days following such notice the BorrowerCompany, the Administrative Agent or the Required Banks Lenders shall elect by giving written notice of such election to the other parties hereto, such computations shall not give effect to such change unless and until this Agreement shall be amended pursuant to Section 11.13 11.12 to give effect to such change. Notwithstanding the foregoing, and (ii) if at any time the computations determining compliance with Section 7 utilize accounting principles different from those utilized in the financial statements then being furnished to the Banks extent expressly required pursuant to Section 6.01the provisions of this Agreement, such financial statements certain calculations shall be accompanied by reconciliation work-sheetsmade on a pro forma Basis.
(b) All computations of interest on Eurodollar Loans and Fees hereunder shall be made on the actual number basis of days elapsed over a year of 360 days.
days (c) All computations of except for interest on Base Rate Loans hereunder calculated by reference to the Prime Lending Rate, which shall be made based on a year of 365 or 366 days, as applicable) for the actual number of days elapsed over a year of 365/366 days(including the first day but excluding the last day) occurring in the period for which such interest or Fees are payable.
Appears in 1 contract