Common use of COST CONDITIONS OF THE CREDIT FACILITY Clause in Contracts

COST CONDITIONS OF THE CREDIT FACILITY. 6.7.1. Starting from the date following the date of the first Credit Tranche issue and till the final repayment date for the Credit Facility debt (inclusive), the Borrower shall unconditionally and irrevocably pay to the Lender the interests under the Credit Facility accrued on the amount of actual debt under the Principal Debt for the Credit Facility for each calendar day at the rate equal to: 6.7.1.1. before the Effective Date - 7.5 (Seven point five) interest p.a.; 6.7.1.2. from the Effective Date - key rate of the Bank of Russia plus 3.5 (Three point five) percent per annum. The key rate is established by the Board of Directors of the Bank of Russia and is published on the web-site of the Bank of Russia and in open sources. Interest rate for the Credit Facility changes from the date of key rate change by the Bank of Russia. 6.7.2. Interest on Credit use shall be paid within the terms taking into account the Interest periods: 6.7.2.1. From the date of the first Credit Tranche provision and till July 25, 2014 (inclusive): 6.7.2.1.1. The first interest period - from the date of the first Credit Tranche provision (excluding this date) till the last calendar day of the Credit use first month (inclusive). Interest payment date - last Business day of the first month of the Credit use. 6.7.2.1.2. The second Interest Period - from the first till the 25th (Twenty fifth) day of the second month of the Credit use (inclusive). Interest payment date - 25 (Twenty fifth) day of the second month of the Credit use. 6.7.2.1.3. Subsequent Interest periods - period from the 26th (Twenty sixth) day of the month preceding the current one till the 25th (Twenty fifth) day of the current month (inclusive). Interest payment date - monthly, the 25th (Twenty fifth) day of each calendar month. 6.7.2.2. From July 26, 2014 and till the Effective Date (not including such Date): 6.7.2.2.1. Interest accrued from July 26, 2014 and before the Effective Date (not including such date) is paid by the Borrower in equal shares of the amount of such accrued interests every month on the 4th day of each month of each Credit use month, starting from the month on which the Effective Date falls and if the Effective Date falls on the days after the 4th day, from the 4th day of the next month and until December 31, 2015 (inclusive). Interest accrued from July 26, 2014 and before the Effective Date (not including such date) is paid separately from payment of interest accrued after the Effective Date and without taking into account the procedure and mechanism for their payment specified below. If the Effective Date falls after December 31, 2015, payment of these accrued interests shall be effected in a lump sum on the Effective Date. 6.7.2.3. From the Effective Date and till April 4, 2017 (inclusive): 6.7.2.3.1. The first interest period - from the Effective Date till the 4th date of the month on which the Effective Date falls (inclusive). If the Effective Date falls on the days after the 4th day, the first interest period shall expire on the 4th day of the next calendar month (inclusive) and if this day of the month is not a Business day, the first Business day following this one. Interest payment date - Fourth day of the month after the Effective Date and if this day of the month is not a Business day, the first Business day following this one. 6.7.2.3.2. The second and subsequent Interest Periods - the period starting from the day following the day of the previous Interest Period expiration till the 4th day of each calendar month (inclusive), and if this day of the month is not the Business Day, the first Business Day following this day. Interest payment date - monthly, the 4th day of each calendar month, and if this day is not a Business Day, the first Business Day following this day. 6.7.2.3.3. The Last Interest Period - period beginning on the day following the day of expiry of the previous interest period till April 4, 2017 (inclusive). Interest payment date - April 4, 2017. In addition, within the period from the Effective Date and till April 4, 2017 (inclusive), interest shall be paid as follows: • Greater of the following amounts shall be paid to the Lender: • 50 (Fifty) percent of the amount of each monthly interest payment calculated in accordance with the terms and conditions hereof; or • amount of interests p.a. calculated at the rate specified in the Table below and determined depending on Ratio of the Total debt to EBITDA in accordance with the latest consolidated financial statements of the Company on the amount of actual debt under the Principal Debt for the Credit Facility 6.01 and above 8.75 (Eight point seventy five) from 5.01 to 6.0 9.5 (Two point five) from 4.01 to 5.0 10.5 (Ten point five) 4.0 and less current interest rate for the Credit Facility Interest rate specified in the table above shall be applicable to the calculation of interest payments, starting with the Interest period immediately following the provision date in accordance with clause 8.7.6 hereof, of the certificate with calculation of financial liabilities that specifies that the ratio of Total debt to EBITDA exceeds the indicator specified in the above subclause, • the remainder of each monthly interest payment shall not be paid to the Lender, but capitalized by adding it to the Principal debt amount. Capitalized interest shall be added to the Principal debt amount (capitalized) at the end dates of Interest periods. Starting with the first day following the interest capitalization date to the Principal debt amount, interest shall be accrued on the Principal debt amount taking into account capitalized interest” 6.7.2.4. From April 5, 2017 and till the Final debt repayment date under the Credit Facility: 6.7.2.4.1. The First Interest period - from April 5, 2017 till May 4, 2017 (inclusive) and if this day of the month is not a Business day, the first Business day following this one. Interest payment date - May 4, 2017 and if this day of the month is not the Business Day, the first Business Day following this day. 6.7.2.4.2. The second and subsequent Interest Periods - the period starting from the day following the day of the previous Interest Period expiration till the 4th day of each calendar month (inclusive), and if this day of the month is not the Business Day, the first Business Day following this day. Interest payment date - monthly, the 4th day of each calendar month, and if this day is not a Business Day, the first Business Day following this day. 6.7.2.4.3. The Last Interest Period - period beginning on the day following the day of expiry of the previous interest period till the Final maturity date of the Principal debt under the Credit Facility (inclusive). Interest payment date - Final maturity date of the Principal debt under the Credit Facility. 6.7.3. Interests are calculated in accordance with the requirements of Regulation of the Bank of Russia No. 39-П “On the procedure for interest accrual under the transactions related to monetary funds raising and placement by the banks”, dated 26.06.1998. 6.7.4. In case of early repayment (return) of the Credit taking into account subclause 6.8.1of the Agreement. (except for cases of early repayment related to change of credit conditions by the Bank in accordance with clause 6.7.5 hereof) (in full or in part) The Borrower shall: 6.7.4.1. in case of full repayment including in case of early Credit reclamation by the Bank—pay at the same time and in full the whole amount of accrued interests (i.e. pay the interests calculated for the remaining debt under the Principal Debt as of the beginning of the Credit repayment operational day); 6.7.4.2. in case of partial repayment - pay interests on the term set for the interest payment. 6.7.5. The Lender shall be entitled to unilaterally revise the interest rate amount in case of occurrence of the following events at the same time: 6.7.5.1. key rate of the Bank of Russia is not, in a reasoned opinion of the Lender, a market benchmark for setting interest rate under credit/loan agreements; and 6.7.5.2. in case of substantial changes in the economic environment at banking services markets and/or general economic conditions in the country, and either set other rate as a base rate that, in the Lender’s opinion, is currently a market benchmark for setting interest rate under credit/loan agreements; or in case the Lender believes that there is no basic rate that can serve as such market benchmark, set a fixed amount of the interest rate at its discretion provided that that the amount of the interest rate increased unilaterally does not exceed 20 (Twenty) percent per annum in any case. 6.7.6. In case of the interest rate change the Lender shall not later than 30 (Thirty) calendar days before the date when the interest rate changes send to the Borrower with a courier or by registered mail (registered mail return receipt requested) or by telegraph the notification of the interest rate change that the Borrower shall consider immediately. In addition, copy of the notification shall be sent to the e-mail address xxxxxxx@xxxxxx.xxx. If the Borrower disagrees with changes in the interest rate under the actual debt, the Borrower shall notify the Bank accordingly and pay the debt under the Credit Facility within 30 (thirty) calendar days upon the notice sending by the Bank. Failure to repay (return) the Credit within the specified term shall be the basis for interest rate change from the date of expiry of the above term. 6.7.7. The Borrower’s failure to receive the notification of the interest rate change sent by the Lender in compliance with the procedure set by clause 6.7.6 hereof shall not be the basis for filing claims against the Bank.

Appears in 1 contract

Samples: Credit Facility Agreement (Mechel OAO)

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COST CONDITIONS OF THE CREDIT FACILITY. 6.7.1. Starting from the date following the date of the first Credit Tranche issue and till the final repayment date for the Credit Facility debt (inclusiveinclusive ), the Borrower shall unconditionally and irrevocably pay to the Lender the interests under the Credit Facility accrued on the amount of actual debt under the Principal Debt for the Credit Facility for each calendar day at the rate equal to: 6.7.1.1. before the Effective Date - 7.5 7,5 (Seven point five) interest p.a.; 6.7.1.2. from the Effective Date - key rate of the Bank of Russia plus 3.5 (Three point five) percent per annum. The key rate is established by the Board of Directors of the Bank of Russia and is published on the web-site of the Bank of Russia and in open sources. Interest rate for the Credit Facility changes from the date of key rate change by the Bank of Russia. 6.7.2. Interest on Credit use shall be paid within the terms taking into account the Interest periods: 6.7.2.1. From the date of the first Credit Tranche provision and till July 25, 2014 (inclusive): 6.7.2.1.1. The first interest period - from the date of the first Credit Tranche provision (excluding this date) till the last calendar day of the Credit use first month (inclusive). Interest payment date - last Business day of the first month of the Credit use. 6.7.2.1.2. The second Interest Period - from the first till the 25th (Twenty fifth) day of the second month of the Credit use (inclusive). Interest payment date - 25 (Twenty fifth) day of the second month of the Credit use. 6.7.2.1.3. Subsequent Interest periods - period from the 26th (Twenty sixth) day of the month preceding the current one till the 25th (Twenty fifth) day of the current month (inclusive). Interest payment date - monthly, the 25th (Twenty fifth) day of each calendar month. 6.7.2.2. From July 26, 2014 and till the Effective Date (not including such Date): 6.7.2.2.1. Interest accrued from July 26, 2014 and before the Effective Date (not including such date) is paid by the Borrower in equal shares of the amount of such accrued interests every month on the 4th day of each month of each Credit use month, starting from the month on which the Effective Date falls and if the Effective Date falls on the days after the 4th day, from the 4th day of the next month and until December 31, 2015 (inclusive). Interest accrued from July 26, 2014 and before the Effective Date (not including such date) is paid separately from payment of interest accrued after the Effective Date and without taking into account the procedure and mechanism for their payment specified below. If the Effective Date falls after December 31, 2015, payment of these accrued interests shall be effected in a lump sum on the Effective Date. 6.7.2.3. From the Effective Date and till April 4, 2017 (inclusive): 6.7.2.3.1. The first interest period - from the Effective Date till the 4th date of the month on which the Effective Date falls (inclusive). If the Effective Date falls on the days after the 4th day, the first interest period shall expire on the 4th day of the next calendar month (inclusive) and if this day of the month is not a Business day, the first Business day following this one. Interest payment date - Fourth day of the month after the Effective Date and if this day of the month is not a Business day, the first Business day following this one. 6.7.2.3.2. The second and subsequent Interest Periods - the period starting from the day following the day of the previous Interest Period expiration till the 4th day of each calendar month (inclusive), and if this day of the month is not the Business Day, the first Business Day following this day. Interest payment date - monthly, the 4th day of each calendar month, and if this day is not a Business Day, the first Business Day following this day. 6.7.2.3.3. The Last Interest Period - period beginning on the day following the day of expiry of the previous interest period till April 4, 2017 (inclusive). Interest payment date - April 4, 2017. In addition, within the period from the Effective Date and till April 4, 2017 (inclusive), interest shall be paid as follows: • Greater of the following amounts shall be paid to the Lender: • 50 (Fifty) percent of the amount of each monthly interest payment calculated in accordance with the terms and conditions hereof; or • amount of interests p.a. calculated at the rate specified in the Table below and determined depending on Ratio of the Total debt to EBITDA in accordance with the latest consolidated financial statements of the Company on the amount of actual debt under the Principal Debt for the Credit Facility 6.01 and above 8.75 (Eight point seventy five) from 5.01 to 6.0 9.5 (Two point five) from 4.01 to 5.0 10.5 (Ten point five) 4.0 and less current interest rate for the Credit Facility Interest rate specified in the table above shall be applicable to the calculation of interest payments, starting with the Interest period immediately following the provision date in accordance with clause 8.7.6 hereof, of the certificate with calculation of financial liabilities that specifies that the ratio of Total debt to EBITDA exceeds the indicator specified in the above subclause, • the remainder of each monthly interest payment shall not be paid to the Lender, but capitalized by adding it to the Principal debt amount. Capitalized interest shall be added to the Principal debt amount (capitalized) at the end dates of Interest periods. Starting with the first day following the interest capitalization date to the Principal debt amount, interest shall be accrued on the Principal debt amount taking into account capitalized interest” 6.7.2.4. From April 5, 2017 and till the Final debt repayment date under the Credit Facility: 6.7.2.4.1. The First Interest period - from April 5, 2017 till May 4, 2017 (inclusive) and if this day of the month is not a Business day, the first Business day following this one. Interest payment date - May 4, 2017 and if this day of the month is not the Business Day, the first Business Day following this day. 6.7.2.4.2. The second and subsequent Interest Periods - the period starting from the day following the day of the previous Interest Period expiration till the 4th day of each calendar month (inclusive), and if this day of the month is not the Business Day, the first Business Day following this day. Interest payment date - monthly, the 4th day of each calendar month, and if this day is not a Business Day, the first Business Day following this day. 6.7.2.4.3. The Last Interest Period - period beginning on the day following the day of expiry of the previous interest period till the Final maturity date of the Principal debt under the Credit Facility (inclusive). Interest payment date - Final maturity date of the Principal debt under the Credit Facility. 6.7.3. Interests are calculated in accordance with the requirements of Regulation of the Bank of Russia No. 39-П “On the procedure for interest accrual under the transactions related to monetary funds raising and placement by the banks”, dated 26.06.1998. 6.7.4. In case of early repayment (return) of the Credit taking into account subclause 6.8.1of the Agreement. (except for cases of early repayment related to change of credit conditions by the Bank in accordance with clause 6.7.5 hereof) (in full or in part) The Borrower shall: 6.7.4.1. in case of full repayment including in case of early Credit reclamation by the Bank—pay at the same time and in full the whole amount of accrued interests (i.e. pay the interests calculated for the remaining debt under the Principal Debt as of the beginning of the Credit repayment operational day); 6.7.4.2. in case of partial repayment - pay interests on the term set for the interest payment. 6.7.5. The Lender shall be entitled to unilaterally revise the interest rate amount in case of occurrence of the following events at the same time: 6.7.5.1. key rate of the Bank of Russia is not, in a reasoned opinion of the Lender, a market benchmark for setting interest rate under credit/loan agreements; and 6.7.5.2. in case of substantial changes in the economic environment at banking services markets and/or general economic conditions in the country, and either set other rate as a base rate that, in the Lender’s opinion, is currently a market benchmark for setting interest rate under credit/loan agreements; or in case the Lender believes that there is no basic rate that can serve as such market benchmark, set a fixed amount of the interest rate at its discretion provided that that the amount of the interest rate increased unilaterally does not exceed 20 (Twenty) percent per annum in any case. 6.7.6. In case of the interest rate change the Lender shall not later than 30 (Thirty) calendar days before the date when the interest rate changes send to the Borrower with a courier or by registered mail (registered mail return receipt requested) or by telegraph the notification of the interest rate change that the Borrower shall consider immediately. In addition, copy of the notification shall be sent to the e-mail address xxxxxxx@xxxxxx.xxx. If the Borrower disagrees with changes in the interest rate under the actual debt, the Borrower shall notify the Bank accordingly and pay the debt under the Credit Facility within 30 (thirty) calendar days upon the notice sending by the Bank. Failure to repay (return) the Credit within the specified term shall be the basis for interest rate change from the date of expiry of the above term. 6.7.7. The Borrower’s failure to receive the notification of the interest rate change sent by the Lender in compliance with the procedure set by clause 6.7.6 hereof shall not be the basis for filing claims against the Bank.

Appears in 1 contract

Samples: Credit Facility Agreement (Mechel OAO)

COST CONDITIONS OF THE CREDIT FACILITY. 6.7.1. Starting from the date following the date of the first Credit Tranche issue and till the final repayment date for the Credit Facility debt (inclusive), the Borrower shall unconditionally and irrevocably pay to the Lender the interests under the Credit Facility accrued on the amount of actual debt under the Principal Debt for the Credit Facility for each calendar day at the rate equal to: 6.7.1.1. before the Effective Date - 7.5 7,5 (Seven point five) interest p.a.; 6.7.1.2. from the Effective Date - key rate of the Bank of Russia plus 3.5 (Three point five) percent per annum. The key rate is established by the Board of Directors of the Bank of Russia and is published on the web-site of the Bank of Russia and in open sources. Interest rate for the Credit Facility changes from the date of key rate change by the Bank of Russia. 6.7.2. Interest on Credit use shall be paid within the terms taking into account the Interest periods: 6.7.2.1. From the date of the first Credit Tranche provision and till July 25, 2014 (inclusive): 6.7.2.1.1. The first interest period - from the date of the first Credit Tranche provision (excluding this date) till the last calendar day of the Credit use first month (inclusive). Interest payment date - last Business day of the first month of the Credit use. 6.7.2.1.2. The second Interest Period - from the first till the 25th (Twenty fifth) day of the second month of the Credit use (inclusive). Interest payment date - 25 (Twenty fifth) day of the second month of the Credit use., 6.7.2.1.3. Subsequent Interest periods - period from the 26th (Twenty sixth) day of the month preceding the current one till the 25th (Twenty fifth) day of the current month (inclusive). Interest payment date - monthly, the 25th (Twenty fifth) day of each calendar month. 6.7.2.2. From July 26, 2014 and till the Effective Date (not including such Date): 6.7.2.2.1. Interest accrued from July 26, 2014 and before the Effective Date (not including such date) is paid by the Borrower in equal shares of the amount of such accrued interests every month on the 4th day of each month of each Credit use month, starting from the month on which the Effective Date falls and if the Effective Date falls on the days after the 4th day, from the 4th day of the next month and until December 31, 2015 (inclusive). Interest accrued from July 26, 2014 and before the Effective Date (not including such date) is paid separately from payment of interest accrued after the Effective Date and without taking into account the procedure and mechanism for their payment specified below. If the Effective Date falls after December 31, 2015, payment of these accrued interests shall be effected in a lump sum on the Effective Date. 6.7.2.3. From the Effective Date and till April 4, 2017 (inclusiveinclusive-): 6.7.2.3.1. The first interest period - from the Effective Date till the 4th date of the month on which the Effective Date falls (inclusive). If the Effective Date falls on the days after the 4th day, the first interest period shall expire on the 4th day of the next calendar month (inclusive) and if this day of the month is not a Business day, the first Business day following this one. Interest payment date - Fourth day of the month after the Effective Date and if this day of the month is not a Business day, the first Business day following this one. 6.7.2.3.2. The second and subsequent Interest Periods - the period starting from the day following the day of the previous Interest Period expiration till the 4th day of each calendar month (inclusive), and if this day of the month is not the Business Day, the first Business Day following this day. Interest payment date - monthly, the 4th day of each calendar month, and if this day is not a Business Day, the first Business Day following this day. 6.7.2.3.3. The Last Interest Period - period beginning on the day following the day of expiry of the previous interest period till April 4, 2017 (inclusive). Interest payment date - April 4, 2017. In addition, within the period from the Effective Date and till April 4, 2017 (inclusive), interest shall be paid as follows: • Greater of the following amounts shall be paid to the Lender: • 50 (Fifty) percent of the amount of each monthly interest payment calculated in accordance with the terms and conditions hereof; or • amount of interests p.a. calculated at the rate specified in the Table below and determined depending on Ratio of the Total debt to EBITDA in accordance with the latest consolidated financial statements of the Company on the amount of actual debt under the Principal Debt for the Credit Facility 6.01 and above 8.75 (Eight point seventy five) from 5.01 to 6.0 9.5 (Two point five) from 4.01 to 5.0 10.5 (Ten point five) 4.0 and less current interest rate for the Credit Facility Interest rate specified in the table above shall be applicable to the calculation of interest payments, starting with the Interest period immediately following the provision date in accordance with clause 8.7.6 hereof, of the certificate with calculation of financial liabilities that specifies that the ratio of Total debt to EBITDA exceeds the indicator specified in the above subclause, • the remainder of each monthly interest payment shall not be paid to the Lender, but capitalized by adding it to the Principal debt amount. Capitalized interest shall be added to the Principal debt amount (capitalized) at the end dates of Interest periods. Starting with the first day following the interest capitalization date to the Principal debt amount, interest shall be accrued on the Principal debt amount taking into account capitalized interest” 6.7.2.4. From April 5, 2017 and till the Final debt repayment date under the Credit Facility: 6.7.2.4.1. The First Interest period - from April 5, 2017 till May 4, 2017 (inclusive) and if this day of the month is not a Business day, the first Business day following this one. Interest payment date - May 4, 2017 and if this day of the month is not the Business Day, the first Business Day following this day. 6.7.2.4.2. The second and subsequent Interest Periods - the period starting from the day following the day of the previous Interest Period expiration till the 4th day of each calendar month (inclusive), and if this day of the month is not the Business Day, the first Business Day following this day. Interest payment date - monthly, the 4th day of each calendar month, and if this day is not a Business Day, the first Business Day following this day. 6.7.2.4.3. The Last Interest Period - period beginning on the day following the day of expiry of the previous interest period till the Final maturity date of the Principal debt under the Credit Facility (inclusive). Interest payment date - Final maturity date of the Principal debt under the Credit Facility. 6.7.3. Interests are calculated in accordance with the requirements of Regulation of the Bank of Russia No. 39-П “On the procedure for interest accrual under the transactions related to monetary funds raising and placement by the banks”, dated 26.06.1998. 6.7.4. In case of early repayment (return) of the Credit taking into account subclause 6.8.1of the Agreement. (except for cases of early repayment related to change of credit conditions by the Bank in accordance with clause 6.7.5 hereof) (in full or in part) The Borrower shall: 6.7.4.1. in case of full repayment including in case of early Credit reclamation by the Bank—pay at the same time and in full the whole amount of accrued interests (i.e. pay the interests calculated for the remaining debt under the Principal Debt as of the beginning of the Credit repayment operational day); 6.7.4.2. in case of partial repayment - pay interests on the term set for the interest payment. 6.7.5. The Lender shall be entitled to unilaterally revise the interest rate amount in case of occurrence of the following events at the same time: 6.7.5.1. key rate of the Bank of Russia is not, in a reasoned opinion of the Lender, a market benchmark for setting interest rate under credit/loan agreements; and 6.7.5.2. in case of substantial changes in the economic environment at banking services markets and/or general economic conditions in the country, and either set other rate as a base rate that, in the Lender’s opinion, is currently a market benchmark for setting interest rate under credit/loan agreements; or in case the Lender believes that there is no basic rate that can serve as such market benchmark, set a fixed amount of the interest rate at its discretion provided that that the amount of the interest rate increased unilaterally does not exceed 20 (Twenty) percent per annum in any case. 6.7.6. In case of the interest rate change the Lender shall not later than 30 (Thirty) calendar days before the date when the interest rate changes send to the Borrower with a courier or by registered mail (registered mail return receipt requested) or by telegraph the notification of the interest rate change that the Borrower shall consider immediately. In addition, copy of the notification shall be sent to the e-mail address xxxxxxx@xxxxxx.xxx. If the Borrower disagrees with changes in the interest rate under the actual debt, the Borrower shall notify the Bank accordingly and pay the debt under the Credit Facility within 30 (thirty) calendar days upon the notice sending by the Bank. Failure to repay (return) the Credit within the specified term shall be the basis for interest rate change from the date of expiry of the above term. 6.7.7. The Borrower’s failure to receive the notification of the interest rate change sent by the Lender in compliance with the procedure set by clause 6.7.6 hereof shall not be the basis for filing claims against the Bank.

Appears in 1 contract

Samples: Additional Agreement to Credit Facility Agreement (Mechel OAO)

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COST CONDITIONS OF THE CREDIT FACILITY. 6.7.1. Starting from the date following the date of the first Credit Tranche issue and till the final repayment date for the Credit Facility debt (inclusive), the Borrower shall unconditionally and irrevocably pay to the Lender the interests under the Credit Facility accrued on the amount of actual debt under the Principal Debt for the Credit Facility for each calendar day at the rate equal to: 6.7.1.1. before the Effective Date - 7.5 (Seven point five) interest p.a.; 6.7.1.2. from the Effective Date - key rate of the Bank of Russia plus 3.5 (Three point five) percent per annum. The key rate is established by the Board of Directors of the Bank of Russia and is published on the web-site of the Bank of Russia and in open sources. Interest rate for the Credit Facility changes from the date of key rate change by the Bank of Russia. 6.7.2. Interest on Credit use shall be paid within the terms taking into account the Interest periods: 6.7.2.1. From the date of the first Credit Tranche provision and till July 25, 2014 (inclusive): 6.7.2.1.1. The first interest period - from the date of the first Credit Tranche provision (excluding this date) till the last calendar day of the Credit use first month (inclusive). Interest payment date - last Business day of the first month of the Credit use. 6.7.2.1.2. The second Interest Period - from the first till the 25th (Twenty fifth) day of the second month of the Credit use (inclusive). Interest payment date - 25 (Twenty fifth) day of the second month of the Credit use. 6.7.2.1.3. Subsequent Interest periods - period from the 26th (Twenty sixth) day of the month preceding the current one till the 25th (Twenty fifth) day of the current month (inclusive). Interest payment date - monthly, the 25th (Twenty fifth) day of each calendar month. 6.7.2.2. From July 26, 2014 and till the Effective Date (not including such Date): 6.7.2.2.1. Interest accrued from July 26, 2014 and before the Effective Date (not including such date) is paid by the Borrower in equal shares of the amount of such accrued interests every month on the 4th day of each month of each Credit use month, starting from the month on which the Effective Date falls and if the Effective Date falls on the days after the 4th day, from the 4th day of the next month and until December 31, 2015 (inclusive). Interest accrued from July 26, 2014 and before the Effective Date (not including such date) is paid separately from payment of interest accrued after the Effective Date and without taking into account the procedure and mechanism for their payment specified below. If the Effective Date falls after December 31, 2015, payment of these accrued interests shall be effected in a lump sum on the Effective Date. 6.7.2.3. From the Effective Date and till April 4, 2017 (inclusive): 6.7.2.3.1. The first interest period - from the Effective Date till the 4th date of the month on which the Effective Date falls (inclusive). If the Effective Date falls on the days after the 4th day, the first interest period shall expire on the 4th day of the next calendar month (inclusive) and if this day of the month is not a Business day, the first Business day following this one. Interest payment date - Fourth day of the month after the Effective Date and if this day of the month is not a Business day, the first Business day following this one. 6.7.2.3.2. The second and subsequent Interest Periods - the period starting from the day following the day of the previous Interest Period expiration till the 4th day of each calendar month (inclusive), and if this day of the month is not the Business Day, the first Business Day following this day. Interest payment date - monthly, the 4th day of each calendar month, and if this day is not a Business Day, the first Business Day following this day. 6.7.2.3.3. The Last Interest Period - period beginning on the day following the day of expiry of the previous interest period till April 4, 2017 (inclusive). Interest payment date - April 4, 2017. In addition, within the period from the Effective Date and till April 4, 2017 (inclusive), interest shall be paid as follows: • Greater of the following amounts shall be paid to the Lender: • 50 (Fifty) percent of the amount of each monthly interest payment calculated in accordance with the terms and conditions hereof; or • amount of interests p.a. calculated at the rate specified in the Table below and determined depending on Ratio of the Total debt to EBITDA in accordance with the latest consolidated financial statements of the Company on the amount of actual debt under the Principal Debt for the Credit Facility 6.01 and above 8.75 (Eight point seventy five) from 5.01 to 6.0 9.5 (Two point five) from 4.01 to 5.0 10.5 (Ten point five) 4.0 and less current interest rate for the Credit Facility Interest rate specified in the table above shall be applicable to the calculation of interest payments, starting with the Interest period immediately following the provision date in accordance with clause 8.7.6 hereof, of the certificate with calculation of financial liabilities that specifies that the ratio of Total debt to EBITDA exceeds the indicator specified in the above subclause, • the remainder of each monthly interest payment shall not be paid to the Lender, but capitalized by adding it to the Principal debt amount. Capitalized interest shall be added to the Principal debt amount (capitalized) at the end dates of Interest periods. Starting with the first day following the interest capitalization date to the Principal debt amount, interest shall be accrued on the Principal debt amount taking into account capitalized interest” 6.7.2.4. From April 5, 2017 and till the Final debt repayment date under the Credit Facility: 6.7.2.4.1. The First Interest period - from April 5, 2017 till May 4, 2017 (inclusive) and if this day of the month is not a Business day, the first Business day following this one. Interest payment date - May 4, 2017 and if this day of the month is not the Business Day, the first Business Day following this day. 6.7.2.4.2. The second and subsequent Interest Periods - the period starting from the day following the day of the previous Interest Period expiration till the 4th day of each calendar month (inclusive), and if this day of the month is not the Business Day, the first Business Day following this day. Interest payment date - monthly, the 4th day of each calendar month, and if this day is not a Business Day, the first Business Day following this day. 6.7.2.4.3. The Last Interest Period - period beginning on the day following the day of expiry of the previous interest period till the Final maturity date of the Principal debt under the Credit Facility (inclusive). Interest payment date - Final maturity date of the Principal debt under the Credit Facility. 6.7.3. Interests are calculated in accordance with the requirements of Regulation of the Bank of Russia No. 39-П “On the procedure for interest accrual under the transactions related to monetary funds raising and placement by the banks”, dated 26.06.1998. 6.7.4. In case of early repayment (return) of the Credit taking into account subclause 6.8.1of the Agreement. (except for cases of early repayment related to change of credit conditions by the Bank in accordance with clause 6.7.5 hereof) (in full or in part) The Borrower shall: 6.7.4.1. in case of full repayment including in case of early Credit reclamation by the Bank—pay at the same time and in full the whole amount of accrued interests (i.e. pay the interests calculated for the remaining debt under the Principal Debt as of the beginning of the Credit repayment operational day); 6.7.4.2. in case of partial repayment - pay interests on the term set for the interest payment. 6.7.5. The Lender shall be entitled to unilaterally revise the interest rate amount in case of occurrence of the following events at the same time: 6.7.5.1. key rate of the Bank of Russia is not, in a reasoned opinion of the Lender, a market benchmark for setting interest rate under credit/loan agreements; and 6.7.5.2. in case of substantial changes in the economic environment at banking services markets and/or general economic conditions in the country, and either set other rate as a base rate that, in the Lender’s opinion, is currently a market benchmark for setting interest rate under credit/loan agreements; or in case the Lender believes that there is no basic rate that can serve as such market benchmark, set a fixed amount of the interest rate at its discretion provided that that the amount of the interest rate increased unilaterally does not exceed 20 (Twenty) percent per annum in any case. 6.7.6. In case of the interest rate change the Lender shall not later than 30 (Thirty) calendar days before the date when the interest rate changes send to the Borrower with a courier or by registered mail (registered mail return receipt requested) or by telegraph the notification of the interest rate change that the Borrower shall consider immediately. In addition, copy of the notification shall be sent to the e-mail address xxxxxxx@xxxxxx.xxx. If the Borrower disagrees with changes in the interest rate under the actual debt, the Borrower shall notify the Bank accordingly and pay the debt under the Credit Facility within 30 (thirty) calendar days upon the notice sending by the Bank. Failure to repay (return) the Credit within the specified term shall be the basis for interest rate change from the date of expiry of the above term. 6.7.7. The Borrower’s failure to receive the notification of the interest rate change sent by the Lender in compliance with the procedure set by clause 6.7.6 hereof shall not be the basis for filing claims against the Bank.

Appears in 1 contract

Samples: Credit Facility Agreement (Mechel OAO)

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