Common use of Default Rate Clause in Contracts

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate Loan, the sum of 3.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar Loan, the sum of 3.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 5 contracts

Samples: Credit Agreement (Whitestone REIT Operating Partnership, L.P.), Credit Agreement (Whitestone REIT), Credit Agreement (Whitestone REIT Operating Partnership, L.P.)

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Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate LoanLoan or the Swingline Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanLoan or the Swingline Loan bearing interest at the Administrative Agent’s Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 5 contracts

Samples: Credit Agreement (Whitestone REIT), Credit Agreement (Pillarstone Capital Reit), Credit Agreement (Whitestone REIT)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, (x) the Borrower Borrowers shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement ObligationsObligations at a rate per annum equal to, and letter (y) with respect to any outstanding Letter of credit Credit, the Borrowers shall pay Letter of Credit fees at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.0% two percent (2.0%) plus the Applicable Margin plus the Base Rate from time to time in effectrate otherwise applicable thereto under Section 1 or 2 hereof, respectively; (b) for any Eurodollar LoanSwing Loan bearing interest at the Quoted Rate, the sum of 3.0% two percent (2.0%) plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.0% two percent (2%) plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Eurocurrency Loan, the sum of two percent (2.0%) plus the rate otherwise applicable thereto under Section 1 hereof; and (d) for any Reimbursement Obligation, the sum of 3.0% two percent (2.0%) plus the amounts due rate otherwise applicable thereto under Section 1.3 with respect to such Reimbursement Obligation1.2; and (de) for any Letter of Credit, the sum of 3.0% two percent (2.0%) plus the letter of credit fee due under Section 2.1 4.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall Company (which notice may be paid on demand revoked at the direction of the Administrative Agent at Required Lenders notwithstanding any provision of Section 14.12 requiring the request or with the unanimous consent of the Required LendersLenders to reduce interest rates). Interest accrued pursuant to this Section 3.2 shall be payable on demand.

Appears in 4 contracts

Samples: Multicurrency Credit Agreement (Gallagher Arthur J & Co), Multicurrency Credit Agreement, Multicurrency Credit Agreement (Gallagher Arthur J & Co)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists is continuing (subject to the proviso below) or after accelerationacceleration of the Obligations as a result of an Event of Default, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations, and letter of credit fees and other amounts of outstanding Obligations at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanLoan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 3.02.0% plus plus, in the rate case of interest any Eurodollar Loan, the Applicable Margin applicable thereto plus, in effect thereon the case of any Eurodollar Loan, the Adjusted LIBOR applicable at the time of such default Event of Default, or, in the case of any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the Swing Line Lender’s Quoted Rate applicable to such Swing Loan, in each case, until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 1.3(b) with respect to such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.02.0% plus the L/C Participation Fee (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of accelerationan acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest Interest accruing pursuant to this Section 1.9 shall be paid on the demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 4 contracts

Samples: Credit Agreement (American Finance Trust, Inc), Credit Agreement (American Finance Trust, Inc), Credit Agreement (American Finance Trust, Inc)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists is continuing or after accelerationacceleration of the Obligations as a result of an Event of Default, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees fees, in each case, at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanLoan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 1.3(b)(iii) with respect to interest on such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.02.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of accelerationan acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 4 contracts

Samples: Credit Agreement (Global Medical REIT Inc.), Credit Agreement (Global Medical REIT Inc.), Credit Agreement (Global Medical REIT Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists is continuing or after accelerationacceleration of the Obligations as a result of an Event of Default, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations, and letter of credit fees and other amounts of outstanding Obligations at a rate per annum equal to: (a) for any Base Rate Loan, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 hereof with respect to interest on such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee L/C Participation Fee due under Section 2.1 2(b) hereof with respect to such Letter of Credit; and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of accelerationan acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 4 contracts

Samples: Credit Agreement (Centerspace), Credit Agreement (Investors Real Estate Trust), Credit Agreement (Investors Real Estate Trust)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower Borrowers shall pay interest (after as well as before entry of judgment thereon to the extent permitted by lawLaw) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees and other amounts at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar Canadian Prime Rate Loan, the sum of 3.02.0% plus the Applicable Margin plus the Canadian Prime Rate from time to time in effect; (c) for any Eurodollar Loan or any Swing Loan bearing interest at Administrative Agent’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (cd) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 2.3 with respect to such Reimbursement Obligation; and; (de) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 2.12 with respect to such Letter of Credit; and (f) for any other amount owing hereunder not covered by clauses (a) through (e) above, the sum of 2% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of accelerationacceleration pursuant to Section 8.2 or 8.3, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrowerrelevant Borrower (which election may be retroactively effective to the date of such Event of Default). While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 3 contracts

Samples: Multicurrency Credit Agreement (Fenix Parts, Inc.), Multicurrency Credit Agreement (Fenix Parts, Inc.), Multicurrency Credit Agreement (Fenix Parts, Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists is continuing or after accelerationacceleration of the Obligations as a result of an Event of Default, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees and other amounts at a rate per annum equal to: (a) for any Base Rate Loan, the sum of 3.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar Loan, the sum of 3.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.0% plus the amounts due under Section 1.3 with respect to interest on such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.0% plus the amounts due under this Agreement with respect to interest on such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 3.0% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of accelerationan acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 3 contracts

Samples: Credit Agreement (Umh Properties, Inc.), Credit Agreement (Umh Properties, Inc.), Credit Agreement (Umh Properties, Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after accelerationexists, the Borrower shall pay pay, after written notice from the Administrative Agent sent at the direction of the Required Lenders (provided no such notice or Required Lender direction to send such notice shall be required in the case of an Event of Default under Section 9.1(j) or (k) or a Principal Payment Default (as defined below)), interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligationsowed by it under the Loan Documents, and letter from the date of credit fees such written notice (or, in the case of an Event of Default under Section 9.1(j) or (k) or a Principal Payment Default, the date of such Event of Default) at a rate per annum equal to: (a) for any Base Rate LoanLoan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Base Rate Margin plus the Base Rate from time to time in effect;; and (b) for any Eurodollar Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans Margin plus the Base Rate from time to time in effect; . If any principal amount of any Loan is not paid when due (ca “Principal Payment Default”) for any Reimbursement Obligation, the sum of 3.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section principal amount shall be made bear interest at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrowerrates specified in subsections (a) and (b) above until paid in full. While any Event of Default exists or after accelerationexists, interest as adjusted under this Section 1.10 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 3 contracts

Samples: Credit Agreement (J M SMUCKER Co), Bridge Term Loan Credit Agreement (J M SMUCKER Co), Term Loan Credit Agreement (J M SMUCKER Co)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees and other amounts at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swingline Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanLoan or any Swingline Loan bearing interest at the Swingline Lender’s Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 2.3 with respect to such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.02.0% plus the letter Letter of credit fee Credit Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit; and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of accelerationacceleration pursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 3 contracts

Samples: Credit Agreement (Willdan Group, Inc.), Credit Agreement (Willdan Group, Inc.), Credit Agreement (Willdan Group, Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Adjusted Base Rate Loan, the sum of 3.02.0% plus the Applicable Margin plus the Adjusted Base Rate from time to time in effect; (b) for any Eurodollar Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Adjusted Base Rate Loans plus the Adjusted Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 1.2 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 3 contracts

Samples: Credit Agreement (LTC Properties Inc), Credit Agreement (LTC Properties Inc), Credit Agreement (LTC Properties Inc)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the each Borrower shall pay pay, after written notice from the Administrative Agent, interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement ObligationsObligations owed by it under the Loan Documents, and letter of credit fees from the date of such Event of Default or acceleration at a rate per annum equal to: (a) for any U.S. Base Rate LoanLoan or any Swing Loan bearing interest based on the U.S. Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the U.S. Base Rate from time to time in effect; (b) for any Eurodollar Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for U.S. Base Rate Loans plus the U.S. Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; (e) for any CAD Base Rate Loan or any Swing Loan bearing interest based on the CAD Base Rate, the sum of 2% plus the Applicable Margin plus the CAD Base Rate from time to time in effect; and (f) for any CAD CDOR Loan, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for CAD Base Rate Loans plus the CAD Base Rate from time to time in effect; provided, however, that in the absence of accelerationacceleration or a Principal Payment Default (as defined below), any interest adjustments pursuant to this Section shall only be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrowers. If any principal amount of any Loan or Reimbursement Obligation is not paid when due (a “Principal Payment Default”) such principal amount shall bear interest at the rates specified in subsections (a) through (f) above until paid in full. While any Event of Default exists or after acceleration, interest as adjusted under this Section 1.10 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 3 contracts

Samples: Credit Agreement (Smucker J M Co), Credit Agreement (Smucker J M Co), Credit Agreement (Smucker J M Co)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists is continuing or after accelerationacceleration of the Obligations as a result of an Event of Default, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations, and letter of credit fees and other amounts of outstanding Obligations at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanLoan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect to interest on such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.02.0% plus the amounts due under this Agreement with respect to interest on such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of accelerationan acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 3 contracts

Samples: Credit Agreement (American Finance Trust, Inc), Credit Agreement (American Realty Capital - Retail Centers of America, Inc.), Credit Agreement (American Realty Capital - Retail Centers of America, Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists under Section 9.1(a)(i), 9.1(b) (with respect to an Event of Default arising under Section 8.23), 9.1(j) or 9.1(k) or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate Loan, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 2.3 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee L/C Participation Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit; provided, however, that in the absence of accelerationacceleration pursuant to Section 9.2 or 9.3, the application of this Section to any outstanding obligations and any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 3 contracts

Samples: Credit Agreement (Envestnet, Inc.), Credit Agreement (Envestnet, Inc.), Credit Agreement (Envestnet, Inc.)

Default Rate. Notwithstanding anything to the contrary contained hereinclauses (a) and (b) above, while any if (i) an Event of Default exists specified in Section 9.1(a), Section 9.1(b), Section 9.1(g) or after accelerationSection 9.1(h) has occurred and is continuing, (ii) if an Event of Default specified in Section 9.1(d) (solely with respect to noncompliance with Section 8.4) or Section 9.1(e) (solely with respect to an Event of Default caused by a failure to deliver the financial statements required by Section 6.1) has occurred and has been continuing for thirty (30) days or (iii) otherwise at the request of the Required Lenders if any other Event of Default has occurred and is continuing, then at the request of the Required Lenders, the Borrower Borrowers shall pay interest interest, in each case (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, L/C Participation Fees and letter of credit fees other amounts owing by it at a rate per annum equal to: (ai) for any Base Rate LoanLoan and any Swing Loan bearing interest at the Base Rate, the sum of 3.02.00% per annum plus the Applicable Margin plus the Base Rate from time to time in effect; (bii) for any Eurodollar LoanLIBOR Rate Loan and any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 3.02.00% per annum plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (ciii) for any Reimbursement Obligation, the sum of 3.02.00% plus the amounts due under Section 1.3 3.5 with respect to such Reimbursement Obligation; and; (div) for any Letter of Credit, the sum of 3.02.00% plus the letter of credit fee L/C Participation Fee due under Section 2.1 3.3 with respect to such Letter of Credit; providedand (v) for any other amount owing hereunder not covered by clauses (i) through (iv) above, however, that the sum of 2.00% plus the Applicable Margin plus the Base Rate from time to time in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenderseffect.

Appears in 3 contracts

Samples: Credit Agreement (Fortegra Group, LLC), Credit Agreement (Fortegra Group, LLC), Credit Agreement (Tiptree Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees and other amounts at a rate per annum equal to: (a) for any Base Rate Loan, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 2.3 with respect to such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.02.0% plus the letter Letter of credit fee Credit Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit; and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of accelerationacceleration pursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required LendersBank, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required LendersBank.

Appears in 2 contracts

Samples: Credit Agreement (Willdan Group, Inc.), Credit Agreement (Willdan Group, Inc.)

Default Rate. Notwithstanding anything to If any payment of principal on any Term Loan is not made when due after the contrary contained hereinexpiration of the grace period therefor provided in Section 7.1(a) (whether by acceleration or otherwise), while such Term Loan shall bear interest (computed on the basis of a year of 360, 365 or 366 days, as applicable, and actual days elapsed) after any Event of Default exists or after accelerationsuch grace period expires until such principal then due is paid in full, which the Borrower shall agrees to pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligationsdemand, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate Loan, the lesser of (i) the Highest Lawful Rate, or (ii) the sum of 3.0% plus the Applicable Margin two percent (2%) per annum plus the Base Rate from time to time in effect;effect (but not less than the Base Rate in effect at the time such payment was due); and (b) for any Eurodollar Loan, the lesser of (i) the Highest Lawful Rate, or (ii) the sum of 3.0% two percent (2%) per annum plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto for such Eurodollar Loan and, thereafter, at a rate per annum equal to the sum of 3.0% plus the Applicable Margin for Base Rate Loans two percent (2%) per annum plus the Base Rate, in each case from time to time in effect (but not less than the Base Rate in effect at the time such payment was due). It is the intention of the Administrative Agent and the Lenders to conform strictly to usury laws applicable to them. Accordingly, if the transactions contemplated hereby or any Term Loan or other Obligation would be usurious as to any of the Lenders under laws applicable to it (including the laws of the United States of America and the State of New York or any other jurisdiction whose laws may be mandatorily applicable to such Lender notwithstanding the other provisions of this Agreement, the Notes or any other Credit Document), then, in that event, notwithstanding anything to the contrary in this Agreement, the Notes or any other Credit Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under laws applicable to such Lender that is contracted for, taken, reserved, charged or received by such Lender under this Agreement, the Notes or any other Credit Document or otherwise shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited by such Lender on the principal amount of the Term Loans (or, if the principal amount of the Term Loans shall have been paid in full, refunded by such Lender to the Borrower); and (ii) in the event that the maturity of the Term Loans is accelerated by reason of an election of the holder or holders thereof resulting from any Event of Default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest under laws applicable to such Lender may never include more than the Highest Lawful Rate, and excess interest, if any, provided for in this Agreement, the Notes, any other Credit Document or otherwise shall be automatically canceled by such Lender as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by such Lender on the principal amount of the Term Loans (or if the principal amount of the Term Loans shall have been paid in full, refunded by such Lender to the Borrower). To the extent that the Texas Finance Code, Chapters 302 and 303, are relevant to the Administrative Agent and the Lenders for the purpose of determining the Highest Lawful Rate, the Administrative Agent and the Lenders hereby elect to determine the applicable rate ceiling under such Chapter by the indicated (weekly) rate ceiling from time to time in effect; (c) for any Reimbursement Obligation, subject to their right subsequently to change such method in accordance with applicable law. In the event the Term Loans are paid in full by the Borrower prior to the full stated term of the Term Loans and the interest received from the actual period of the existence of the Term Loans exceeds the Highest Lawful Rate, the sum of 3.0% plus Lenders shall refund to the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, Borrower the sum of 3.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election amount of the Administrative Agent, acting at excess or shall credit the request or with the consent amount of the Required Lenders, with written notice to excess against amounts owing under the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand Term Loans and none of the Administrative Agent at or the request or with the consent Lenders shall be subject to any of the Required Lenderspenalties provided by law for contracting for, taking, reserving, charging or receiving interest in excess of the Highest Lawful Rate.

Appears in 2 contracts

Samples: Term Credit Agreement (Transocean Inc), Term Credit Agreement (Transocean Inc)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees and other amounts at a rate per annum equal to: (a) for any Base Rate LoanLoan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar Term SOFR Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement ObligationObligation not converted into a Revolving Loan, the sum of 3.02.0% plus the amounts due under Section 1.3 2.3 with respect to such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee L/C Participation Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit; and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of accelerationacceleration pursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 2 contracts

Samples: Credit Agreement (Performant Financial Corp), Credit Agreement (Performant Financial Corp)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanLoan or any Swing Loan bearing interest at the Administrative Agent’s Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafterthereto, at a rate per annum equal which time such loans shall automatically convert to the sum of 3.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effectLoans; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 1.2 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with prior written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on written demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 2 contracts

Samples: Credit Agreement (Nobel Learning Communities Inc), Credit Agreement (Nobel Learning Communities Inc)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after accelerationexists, the each Borrower shall pay pay, after written notice from the Administrative Agent sent at the direction of the Required Lenders (provided no such notice or Required Lender direction to send such notice shall be required in the case of an Event of Default under Section 9.1(j) or (k) or a Principal Payment Default (as defined below)), interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans Loans, Reimbursement Obligations and Reimbursement Obligationsother amounts owed by such Borrower under the Loan Documents, and letter from the date of credit fees such written notice (or, in the case of an Event of Default under Section 9.1(j) or (k) or a Principal Payment Default, the date of such Event of Default) at a rate per annum equal to:to (the “Default Rate”): (a) for any U.S. Base Rate LoanLoan or any Swing Loan bearing interest based on the U.S. Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the U.S. Base Rate from time to time in effect; (b) for any Eurodollar LoanLIBOR Loan denominated in U.S. Dollars, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for U.S. Base Rate Loans plus the U.S. Base Rate from time to time in effect; (c) for any LIBOR Loan denominated in Euros, (x) the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and (y) thereafter, the sum of 2.0% plus the Applicable Margin for LIBOR Loans plus Adjusted LIBOR for the applicable Interest Period; (d) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and; (de) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; (f) [reserved]; providedand (g) for any CAD CDOR Loan, however, that the sum of 2.0% plus the rate of interest in the absence of acceleration, any adjustments pursuant to this Section shall be made effect thereon at the election time of such default until the end of the Administrative AgentInterest Period applicable thereto and, acting thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for U.S. Base Rate Loans plus the U.S. Base Rate (with such amount to be converted to and calculated on the U.S. Dollar Equivalent amount of such Loan and paid in U.S. Dollars) from time to time in effect. If any principal amount of any Loan or Reimbursement Obligation is not paid when due (a “Principal Payment Default”) such principal amount shall bear interest at the request or with the consent of the Required Lenders, with written notice to the Borrowerrates specified in subsections (a) through (g) above until paid in full. While any Event of Default exists or after accelerationexists, interest as adjusted under this Section 1.10 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 2 contracts

Samples: Credit Agreement (J M SMUCKER Co), Revolving Credit Agreement (J M SMUCKER Co)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate LoanLoan or the Swingline Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanSOFR Loan or the Swingline Loan bearing interest at the Administrative Agent’s Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 2 contracts

Samples: Credit Agreement (Whitestone REIT), Credit Agreement (Whitestone REIT)

Default Rate. Notwithstanding anything to If any payment of principal on any Loan is not made when due after the contrary contained hereinexpiration of the grace period therefor provided in Section 8.1(a) (whether by acceleration or otherwise), while such past due Loan shall bear interest (computed on the basis of a year of 360, 365 or 366 days, as applicable, and actual days elapsed) after any Event of Default exists or after accelerationsuch grace period expires until such principal then due is paid in full, which the Borrower shall agrees to pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligationsdemand, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate Term Loan, the lesser of (A) the Highest Lawful Rate and (B) the sum of 3.0% plus the Applicable Margin two percent (2%) per annum plus the Base Rate from time to time in effect;effect (but not less than the Base Rate in effect at the time such payment was due) plus the Applicable Margin; and (b) for any Eurodollar Term Loan, the lesser of (i) the Highest Lawful Rate and (ii) the sum of 3.0% two percent (2%) per annum plus the rate of interest (inclusive of the Applicable Margin) in effect thereon at the time of such default until the end of the Interest Period applicable thereto for such Loan and, thereafter, at a rate per annum equal to the sum of 3.0% plus the Applicable Margin for Base Rate Loans two percent (2%) per annum plus the Base Rate from time to time in effect; effect (cbut not less than the Base Rate in effect at the time such payment was due) plus the Applicable Margin for Base Rate Term Loans. It is the intention of the Administrative Agent and the Lenders to conform strictly to usury laws applicable to them. Accordingly, if the transactions contemplated hereby or any Reimbursement ObligationLoan or other Obligation would be usurious as to any of the Lenders under laws applicable to it (including the laws of the United States of America, including to the extent applicable, 46 U.S.C. Section 31322(b)), and the State of New York or any other jurisdiction whose laws may be mandatorily applicable to such Lender notwithstanding the other provisions of this Agreement, the sum Term Loan Notes or any other Credit Document), then, in that event, notwithstanding anything to the contrary in this Agreement, the Term Loan Notes or any other Credit Document, it is agreed as follows: (i) the aggregate of 3.0% plus the amounts due all consideration which constitutes interest under Section 1.3 with respect laws applicable to such Reimbursement Obligation; and (d) for any Letter of CreditLender that is contracted for, taken, reserved, charged or received by such Lender under this Agreement, the sum Term Loan Notes or any other Credit Document or otherwise shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited by such Lender on the principal amount of 3.0% plus the letter Loans (or, if the principal amount of credit fee due under Section 2.1 with respect the Loans shall have been paid in full, refunded by such Lender to such Letter of Creditthe Borrower); provided, however, that and (ii) in the absence event that the maturity of acceleration, any adjustments pursuant to this Section shall be made at the Loans is accelerated by reason of an election of the Administrative Agent, acting at the request holder or with the consent of the Required Lenders, with written notice to the Borrower. While holders thereof resulting from any Event of Default exists hereunder or after accelerationotherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest under laws applicable to such Lender may never include more than the Highest Lawful Rate, and excess interest, if any, provided for in this Agreement, the Term Loan Notes, any other Credit Document or otherwise shall be paid on demand automatically canceled by such Lender as of the Administrative Agent at date of such acceleration or prepayment and, if theretofore paid, shall be credited by such Lender on the request or with the consent principal amount of the Required LendersLoans (or if the principal amount of the Loans shall have been paid in full, refunded by such Lender to the Borrower).

Appears in 2 contracts

Samples: Senior Secured Term Loan Agreement (Paragon Offshore PLC), Senior Secured Term Loan Agreement (Paragon Offshore Ltd.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanLoan or any Swing Loan bearing interest at the Administrative Agent's Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 1.2 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 2 contracts

Samples: Credit Agreement (Fifth Street Finance Corp), Credit Agreement (Plexus Corp)

Default Rate. Notwithstanding anything to the contrary contained herein, while While any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, L/C Participation Fees and letter of credit fees other amounts owing by it at a rate per annum equal to: (ai) for any Base Prime Rate Loan, the sum of 3.02.00% per annum plus the Applicable Margin plus the Base Prime Rate from time to time in effect;; and (bii) for any Eurodollar SOFR Loan, the sum of 3.02.00% per annum plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto andthereto, and thereafter, at a rate per annum equal to the sum of 3.02.00% plus the Applicable Margin for Base Prime Rate Loans plus the Base Prime Rate from time to time in effect; (ciii) for any Reimbursement Obligation, the sum of 3.02.00% plus the amounts due under Section 1.3 2.3 with respect to such Reimbursement Obligation; and; (div) for any Letter of Credit, the sum of 3.02.00% plus the letter of credit fee L/C Participation Fee due under Section 2.1 2.13(b) with respect to such Letter of Credit; and (v) for any other amount owing hereunder not covered by clauses (i) through (iv) above, the sum of 2.00% plus the Applicable Margin plus the Prime Rate from time to time in effect; provided, however, that in the absence of acceleration, any adjustments increase in interest rates pursuant to this Section and any conversion of Loans into Prime Rate Loans shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). While any Event of Default exists or after acceleration, accrued interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 2 contracts

Samples: Credit Agreement (Limbach Holdings, Inc.), Credit Agreement (Limbach Holdings, Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanLoan or any Swing Loan bearing interest at the Administrative Agent’s Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter Applicable Margin for Letter of credit fee Credit Fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 2 contracts

Samples: Credit Agreement (Smart Balance, Inc.), Credit Agreement (Smart Balance, Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists is continuing or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees and other amounts due under the Loan Documents at a rate per annum equal to: (a) for any Base Rate LoanLoan bearing interest based on the Base Rate, the sum of 3.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar Loan, the sum of 3.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 3.0% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of accelerationacceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 2 contracts

Samples: Credit Agreement (Monmouth Real Estate Investment Corp), Credit Agreement (Monmouth Real Estate Investment Corp)

Default Rate. Notwithstanding anything to the contrary contained hereinin Section 1.4 hereof, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanEurocurrency Loan denominated in U.S. Dollars or any Swing Loan bearing interest at the Administrative Agent’s Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;; and (c) for any Reimbursement ObligationEurocurrency Loan denominated in an Alternative Currency, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 with respect Applicable Margin for Base Rate Loans plus the Overnight Foreign Currency Rate from time to such Letter of Credittime in effect; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 2 contracts

Samples: Credit Agreement (Penford Corp), Credit Agreement (Penford Corp)

Default Rate. Notwithstanding anything to Upon the contrary contained herein, while occurrence and during the continuation of any Event of Default, until the time when such Event of Default exists shall have been cured or after accelerationwaived in writing by the Requisite Lenders or all the Lenders (as may be required by this Agreement), the Borrower shall pay interest (after including post-petition interest in any proceeding under the Bankruptcy Code or other applicable bankruptcy laws, whether or not allowed as well as before entry of judgment thereon to the extent permitted by lawa claim in bankruptcy) on the aggregate, outstanding principal amount of all Loans and Reimbursement Obligations hereunder at a per annum rate equal to two percent (2.00%) plus the otherwise applicable interest rate or, if no such per annum rate is applicable to any such Obligations, and letter of credit fees at a rate per annum rate equal to: to two percent (a2.00%) for any Base Rate Loan, the sum of 3.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanRate, the sum of 3.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.0% plus the Applicable Margin for Base Rate Loans plus (the Base Rate from time to time in effect; (c“Default Rate”) for any Reimbursement Obligation, the sum of 3.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Creditpayable on demand; provided, however, that in the absence of acceleration, any adjustments pursuant Borrower shall have no obligation to this Section shall be made pay interest at the election of Default Rate until such time as the Administrative Agent, acting at the request or with the consent of the Required Lenders, with Requisite Lenders have delivered written notice to the Borrower. While thereof with respect any Event of Default exists or after accelerationother than the Events of Default set forth in Sections 8.1 (solely with respect to the payment of principal and interest), 8.6 and 8.7 (in which case the Borrower’s obligation to pay interest at the Default Rate shall be automatic); provided, further, if the Borrower is required to pay interest at the Default Rate pursuant to this subsection 2.2E, the Requisite Lenders may require that interest shall be paid on demand begin to accrue at the Default Rate upon the occurrence of the Administrative Agent underlying Event of Default. Overdue interest shall itself bear interest at the request or Default Rate, and shall be compounded with the consent of principal Obligations daily, to the Required Lendersfullest extent permitted by applicable laws.

Appears in 2 contracts

Samples: Credit Agreement (Isle of Capri Casinos Inc), Credit Agreement (Isle of Capri Casinos Inc)

Default Rate. Notwithstanding anything to the contrary contained hereinclauses (a) and (b) above, while any if (i) an Event of Default exists specified in Section 8.1(a), Section 8.1(b), Section 8.1(g) or after accelerationSection 8.1(h) has occurred and is continuing, (ii) if an Event of Default specified in Section 8.1(d) (solely with respect to noncompliance with Section 7.4) or Section 8.1(e) (solely with respect to an Event of Default caused by a failure to deliver the financial statements required by Section 6.1) has occurred and has been continuing for thirty (30) days or (iii) otherwise at the request of the Required Lenders if any other Event of Default has occurred and is continuing, then at the request of the Required Lenders, the Borrower Borrowers shall pay interest interest, in each case (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, L/C Participation Fees and letter of credit fees other amounts owing by it at a rate per annum equal to: (ai) for any Base Rate LoanLoan and any Swing Loan bearing interest at the Base Rate, the sum of 3.02.00% per annum plus the Applicable Margin plus the Base Rate from time to time in effect; (bii) for any Eurodollar Tranche Rate Loan, Alternative Currency Loan and any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 3.02.00% per annum plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (ciii) for any Reimbursement Obligation, the sum of 3.02.00% plus the amounts due under Section 1.3 3.5 with respect to such Reimbursement Obligation; and; (div) for any Letter of Credit, the sum of 3.02.00% plus the letter of credit fee L/C Participation Fee due under Section 2.1 3.3 with respect to such Letter of Credit; providedand (v) for any other amount owing hereunder not covered by clauses (i) through (iv) above, however, that the sum of 2.00% plus the Applicable Margin plus the Base Rate from time to time in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenderseffect.

Appears in 2 contracts

Samples: Credit Agreement (Fortegra Group, Inc), Credit Agreement (Tiptree Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Revolving Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate Loan, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 2.2 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 3.1 with respect to such Letter of Credit; and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 2 contracts

Samples: Credit Agreement (LTC Properties Inc), Credit Agreement (LTC Properties Inc)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower Borrowers shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanLoan or any Swing Loan bearing interest at the Administrative Agent’s Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent or Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower Representative. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent or Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 2 contracts

Samples: Credit and Guaranty Agreement (Sparton Corp), Credit and Guaranty Agreement (Sparton Corp)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after accelerationacceleration of the Obligations pursuant to Sections 9.2 or 9.3, the Borrower Borrowers shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanEurocurrency Loan denominated in U.S. Dollars or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Eurocurrency Loan denominated in an Alternative Currency, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of (i) the Applicable Margin for Eurocurrency Loans plus (ii) two percent (2%) plus (iii) the Overnight Rate with respect to such unpaid amount; and (d) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and; (e) for any fees due and owing and hereunder not covered by clauses (a) through (d) for any Letter of Creditabove, the sum of 3.02% plus the letter of credit fee due under Section 2.1 with respect Applicable Margin plus the Base Rate from time to such Letter of Credittime in effect; provided, however, that in the absence of accelerationacceleration of the Obligations pursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section 1.10 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower Representative. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders. For the avoidance of doubt, to the extent and for so long as the Borrowers are required to pay interest on the principal amount of all Loans and Reimbursement Obligations pursuant to this Section 1.10, no interest shall be due and payable pursuant to Section 1.4.

Appears in 2 contracts

Samples: Amendment Agreement (Boulder Brands, Inc.), Credit Agreement (Boulder Brands, Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the each Borrower shall pay pay, after written notice from the Administrative Agent, interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement ObligationsObligations owed by it under the Loan Documents, and letter of credit fees from the date of such Event of Default or acceleration at a rate per annum equal to: (a) for any U.S. Base Rate LoanLoan or any Swing Loan bearing interest based on the U.S. Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the U.S. Base Rate from time to time in effect; (b) for any Eurodollar Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for U.S. Base Rate Loans plus the U.S. Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; (e) for any CAD Base Rate Loan or any Swing Loan bearing interest based on the CAD Base Rate, the sum of 2.0% plus the Applicable Margin plus the CAD Base Rate from time to time in effect; and (f) for any CAD CDOR Loan, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for CAD Base Rate Loans plus the CAD Base Rate from time to time in effect; provided, however, that in the absence of accelerationacceleration or a Principal Payment Default (as defined below), any interest adjustments pursuant to this Section shall only be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrowers. If any principal amount of any Loan or Reimbursement Obligation is not paid when due (a “Principal Payment Default”) such principal amount shall bear interest at the rates specified in subsections (a) through (f) above until paid in full. While any Event of Default exists or after acceleration, interest as adjusted under this Section 1.10 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 2 contracts

Samples: Credit Agreement, Credit Agreement (Smucker J M Co)

Default Rate. Notwithstanding anything to the contrary contained hereinin Section 1.2 hereof, at the direction of the Required Banks while any Event of Default exists or (unless and until rescinded by the Required Banks) after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Loans, Reimbursement Obligations, Obligations and letter of credit fees (computed on the basis of a year of 360 days and actual days elapsed or, if based on the Base Rate or with respect to Reimbursement Obligations, on the basis of a year of 365 or 366 days, as applicable, and the actual number of days elapsed), at a rate per annum equal to: (a) for any Base Rate LoanLoan bearing interest based on the Base Rate, the sum of 3.0% three percent (3%) plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar Loan, the sum of 3.0% three percent (3%) plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.0% three percent (3%) plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of three percent (3.0% %) plus the amounts due under Section 1.3 with respect Base Rate from time to such Reimbursement Obligationtime in effect; and (d) for any Letter of Credit, the sum of three percent (3.0% %) plus the letter of credit fee due under Section 2.1 3.4 with respect to such Letter of Credit; provided, however, that in the absence of accelerationacceleration or any other Event of Default pursuant to Section 9.1(a) hereof, any adjustments pursuant to this Section 1.5 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, Banks with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required LendersBanks.

Appears in 1 contract

Samples: Credit Agreement (Federal Signal Corp /De/)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after accelerationacceleration of the Obligations, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees and other amounts at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swingline Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanEurodollarSOFR Loan or any Swingline Loan bearing interest at the Swingline Lender’s Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 2.3 with respect to such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee L/C Participation Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit; and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of accelerationacceleration of the Obligations pursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). While any Event of Default exists or after accelerationacceleration of the Obligations, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Postal Realty Trust, Inc.)

Default Rate. Notwithstanding anything to If any payment of principal on any Loan is ------------ not made when due after the contrary contained hereinexpiration of the grace period therefor provided in Section 7.1(a) (whether by acceleration or otherwise), while such Loan shall bear interest (computed on the basis of a year of 360, 365 or 366 days, as applicable, and actual days elapsed) after any Event of Default exists or after accelerationsuch grace period expires until such principal then due is paid in full, which the Borrower shall agrees to pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligationsdemand, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate Loan, the lesser of (i) the Highest Lawful Rate, or (ii) the sum of 3.0% plus the Applicable Margin two percent (2%) per annum plus the Base Rate from time to time in effect;effect (but not less than the Base Rate in effect at the time such payment was due); and (b) for any Eurodollar Eurocurrency Loan, the lesser of (i) the Highest Lawful Rate, or (ii) the sum of 3.0% two percent (2%) per annum plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto for such Loan and, thereafter, at a rate per annum equal to the sum of 3.0% plus the Applicable Margin for Base Rate Loans two percent (2%) per annum plus the Base Rate from time to time in effect; effect (c) for but not less than the Base Rate in effect at the time such payment was due). It is the intention of the Syndication Agent and the Lenders to conform strictly to usury laws applicable to them. Accordingly, if the transactions contemplated hereby or any Reimbursement ObligationLoan or other Obligation would be usurious as to any of the Lenders under laws applicable to it (including the laws of the United States of America and the State of New York or any other jurisdiction whose laws may be mandatorily applicable to such Lender notwithstanding the other provisions of this Agreement, the sum Notes or any other Credit Document), then, in that event, notwithstanding anything to the contrary in this Agreement, the Notes or any other Credit Document, it is agreed as follows: (i) the aggregate of 3.0% plus the amounts due all consideration which constitutes interest under Section 1.3 with respect laws applicable to such Reimbursement Obligation; and (d) for any Letter of CreditLender that is contracted for, taken, reserved, charged or received by such Lender under this Agreement, the sum Notes or any other Credit Document or otherwise shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited by such Lender on the principal amount of 3.0% plus the letter Loans (or, if the principal amount of credit fee due under Section 2.1 with respect the Loans shall have been paid in full, refunded by such Lender to such Letter of Creditthe Borrower); provided, however, that and (ii) in the absence event that the maturity of acceleration, any adjustments pursuant to this Section shall be made at the Loans is accelerated by reason of an election of the Administrative Agent, acting at the request holder or with the consent of the Required Lenders, with written notice to the Borrower. While holders thereof resulting from any Event of Default exists hereunder or after accelerationotherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest under laws applicable to such Lender may never include more than the Highest Lawful Rate, and excess interest, if any, provided for in this Agreement, the Notes, any other Credit Document or otherwise shall be paid on demand automatically canceled by such Lender as of the Administrative Agent at date of such acceleration or prepayment and, if theretofore paid, shall be credited by such Lender on the request or with the consent principal amount of the Required LendersLoans (or if the principal amount of the Loans shall have been paid in full, refunded by such Lender to the Borrower). To the extent that the Texas Finance Code, Chapters 302 and 303, are relevant to the Syndication Agent and the Lenders for the purpose of determining the Highest Lawful Rate, the Syndication Agent and the Lenders hereby elect to determine the applicable rate ceiling under such Article by the indicated (weekly) rate ceiling from time to time in effect, subject to their right subsequently to change such method in accordance with applicable law. In the event the Loans are paid in full by the Borrower prior to the full stated term of the Loans and the interest received from the actual period of the existence of the Loans exceeds the Highest Lawful Rate, the Lenders shall refund to the Borrower the amount of the excess or shall credit the amount of the excess against amounts owing under the Loans and none of the Syndication Agent or the Lenders shall be subject to any of the penalties provided by law for contracting for, taking, reserving, charging or receiving interest in excess of the Highest Lawful Rate. The Texas Finance Code, Chapter 346, which regulates certain revolving credit loan accounts and revolving tri- party accounts, shall not apply to this Agreement or the Loans.

Appears in 1 contract

Samples: 364 Day Bridge Credit Agreement (Transocean Sedco Forex Inc)

Default Rate. Notwithstanding anything to the contrary contained hereinin Section 1.3 hereof, while any Event of Default exists or after acceleration, the Borrower shall Borrowers shall, jointly and severally, pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, Obligations and letter of credit fees at a rate per annum equal to: (a) for any Base Rate Loan, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar Loan or any Swing Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for the Fixed Rate Loan, the sum of 2% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, a rate per annum equal to the sum of the Fixed Rate plus an amount such that the rate per annum is equivalent to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (d) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and (de) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that (i) in the event the Fixed Rate Loan, or portion thereof, is not paid when due, the overdue amount thereof shall bear interest at the rate per annum equal to the rate per annum applicable to Base Rate Loans hereunder after default and (ii) in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrowers. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Rc2 Corp)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the relevant Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any U.S. Base Rate Loan, the sum of 3.02.0% plus the Applicable Margin plus the U.S. Base Rate from time to time in effect; (b) for any Eurodollar Canadian Base Rate Loan, the sum of 3.02.0% plus the Applicable Margin plus the Canadian Base Rate from time to time in effect; (c) for any Eurocurrency Loan denominated in U.S, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for U.S. Base Rate Loans plus the U.S. Base Rate from time to time in effect; (cd) for any Eurocurrency Loan denominated in Canadian Dollars, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Canadian Base Rate Loans plus the Canadian Base Rate from time to time in effect; (e) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and (df) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the relevant Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Lojack Corp)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanLoan or any Swing Loan bearing interest at the Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Plexus Corp)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees and other amounts at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swingline Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanSOFR Loan or any Swingline Loan bearing interest at the Swingline Lender’s Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 2.3 with respect to such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee L/C Participation Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit; and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of accelerationacceleration pursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Sonida Senior Living, Inc.)

Default Rate. Notwithstanding anything to During the contrary contained herein, while any existence of an Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement ObligationsObligations shall bear interest, and letter the L/C Fee relating to each outstanding L/C shall be payable, from the date of credit fees such Event of Default until paid in full at a rate per annum (computed on the basis of a year of 360 days and actual days elapsed) equal to: (ai) for any Base Domestic Rate LoanLoan or any Swing Loan bearing interest based on the Domestic Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Domestic Rate from time to time in effect; (bii) for any Eurodollar Loan, any Bid Loan or any Swing Loan bearing interest at a Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Domestic Rate Loans plus the Base Domestic Rate from time to time in effect; (ciii) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect Applicable Margin plus the Domestic Rate from time to such Reimbursement Obligationtime in effect; and (div) for any Letter of CreditL/C, the sum of 3.02.0% plus the letter of credit fee L/C Fee due under Section 2.1 with respect to such Letter of CreditL/C; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required LendersBanks, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required LendersBanks.

Appears in 1 contract

Samples: Secured Credit Agreement (Pilgrims Pride Corp)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanLoan or any Swing Loan bearing interest at the Administrative Agent’s Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Lecg Corp)

Default Rate. Notwithstanding anything to Upon the contrary contained herein, while any occurrence and during the continuation of an Event of Default exists (and at the election of Agent or after acceleration, the Borrower shall pay interest Required Lenders), (after as well as before entry i) all Obligations (except for undrawn Letters of judgment thereon Credit and except for Bank Product Obligations) that have been charged to the extent permitted by law) Loan Account pursuant to the terms hereof shall bear interest on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees Daily Balance thereof at a rate per annum rate equal to: (a) for any Base Rate Loan, to 2 percentage points above the sum of 3.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar Loan, the sum of 3.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligationrate otherwise applicable hereunder, the sum of 3.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and (dii) for any the Letter of Credit, the sum of 3.0% plus the letter of credit Credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section provided for above shall be made increased to 2 percentage points above the per annum rate otherwise applicable hereunder. Notwithstanding the foregoing, upon the occurrence and during the continuation of an Event of Default, at the election of the Administrative Agent, acting at the request or with Required Term Loan B Lenders (and without the consent of any other Person), the principal of the Term Loan B and all other Obligations due and payable attributable to Term Loan B whether or not charged to the Loan Account pursuant to the terms hereof shall bear interest on the Daily Balance thereof at a per annum rate equal to 2 percentage points above the per annum rate otherwise applicable to such Obligations hereunder. Notwithstanding the foregoing, upon the occurrence and during the continuation of an Event of Default, at the election of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with Revolver Lenders (and without the consent of any other Person), the Required Lendersprincipal of the Term Loan A and all other Obligations (except for undrawn Letters of Credit and except for Bank Product Obligations) due and payable (other than those attributable to Term Loan B) whether or not charged to the Loan Account pursuant to the terms hereof shall bear interest on the Daily Balance thereof at a per annum rate equal to 2 percentage points above the per annum rate otherwise applicable to such Obligations hereunder.

Appears in 1 contract

Samples: Credit Agreement (Buca Inc /Mn)

Default Rate. Notwithstanding anything to the contrary contained hereinin Section 1.3 hereof, while any Event of Default exists or after acceleration, the Borrower shall Borrowers shall, jointly and severally, pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees owing by them at a rate per annum equal to: (a) for any Base Rate Loan, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect;; and (b) for any Eurodollar Loan denominated in U.S. Dollars or any Swing Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;; and (c) for any Reimbursement ObligationEurodollar Loan denominated in an Alternative Currency, the sum of 3.02% plus the amounts due under Section 1.3 with respect rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 with respect Applicable Margin for Eurodollar Loans plus the Overnight Foreign Currency Rate from time to such Letter of Credittime in effect; and provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrowers. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Racing Champions Corp)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after accelerationacceleration of the Obligations, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees and other amounts at a rate per annum equal to: (a) for any Daily Simple SOFR Loan, Base Rate LoanLoan or any Swingline Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanSOFR Loan or any Swingline Loan bearing interest at the Swingline Lender’s Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 2.3 with respect to such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee L/C Participation Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit; and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of accelerationacceleration of the Obligations pursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). While any Event of Default exists or after accelerationacceleration of the Obligations, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Postal Realty Trust, Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees and other amounts at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swingline Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanSOFR Loan or any Swingline Loan bearing interest at the Swingline Lender’s Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 2.3 with respect to such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.02.0% plus the letter Letter of credit fee Credit Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit; and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of accelerationacceleration pursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Willdan Group, Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay The interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate Loan, the sum of 3.0% plus the Applicable Margin plus the Base Rate in effect from time to time in effect; under this Note may be herein referred to as the “Note Rate.” Upon the occurrence of any default hereunder or Event of Default under the Loan Documents or Bond Documents (b) for as defined therein, subject to any Eurodollar Loanapplicable notice and cure periods), the sum of 3.0% plus Loan shall bear interest at the rate of interest in effect thereon at which is five percent (5%) above the time of such default until then current Note Rate (the end of the Interest Period applicable thereto and“Default Rate”), thereafter, at a rate per annum equal to the sum of 3.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in no event shall the absence Default Rate exceed the lesser of acceleration(i) the maximum rate permitted by law or (ii) twelve percent (12%) per annum. Additionally, any adjustments from and after (a) the CCRC Takeout Loan Maturity Date, (b) the Mandatory Conversion Date, to the extent that the Conversion Date does not occur prior to the Mandatory Conversion Date (unless extended pursuant to the Loan Agreement), or (c) any other date that all sums owing on this Section Note become due and payable by acceleration or otherwise, this Note shall be made bear interest at the election of the Administrative AgentDefault Rate. Accrued interest, acting at the request Note Rate, if not paid when due, shall accrue at the Default Rate, as hereinabove provided, which may result in compounding of interest. Except as otherwise set forth herein or with in any other Loan Document, payments under this Note or under any other Loan Document that are due on demand, shall bear interest at the consent Default Rate (i) from the date costs or expenses are incurred by the holder of the Required Lenders, with written notice this Note that give rise to the Borrower. While any Event demand or (ii) if there is no such date, then from the date of Default exists or after accelerationdemand, interest shall be paid on demand until Borrower pays the full amount of the Administrative Agent at the request or with the consent of the Required Lenderssuch payment, including interest.

Appears in 1 contract

Samples: Promissory Note

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, (x) the Borrower Borrowers shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement ObligationsObligations at a rate per annum equal to, and letter (y) with respect to any outstanding Letter of credit Credit, the Borrowers shall pay Letter of Credit fees at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.0% two percent (2.0%) plus the Applicable Margin plus the Base Rate from time to time in effectrate otherwise applicable thereto under Section 1 or 2 hereof, respectively; (b) for any Eurodollar LoanSwing Loan bearing interest at the Quoted Rate, the sum of 3.0% two percent (2.0%) plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.0% two percent (2%) plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any SOFR Loan, Eurocurrency Loan, or RFR Loan, the sum of two percent (2.0%) plus the rate otherwise applicable thereto under Section 1 hereof; and (d) for any Reimbursement Obligation, the sum of 3.0% two percent (2.0%) plus the amounts due rate otherwise applicable thereto under Section 1.3 with respect to such Reimbursement Obligation1.2; and (de) for any Letter of Credit, the sum of 3.0% two percent (2.0%) plus the letter of credit fee due under Section 2.1 4.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall Company (which notice may be paid on demand revoked at the direction of the Administrative Agent at Required Lenders notwithstanding any provision of Section 14.12 requiring the request or with the unanimous consent of the Required LendersLenders to reduce interest rates). Interest accrued pursuant to this Section 3.2 shall be payable on demand.

Appears in 1 contract

Samples: Credit Agreement (Arthur J. Gallagher & Co.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists is continuing or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations, and letter of credit fees and other amounts due under the Loan Documents at a rate per annum equal to: (a) for any Base Rate LoanLoan bearing interest based on the Base Rate, the sum of 3.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar Loan, the sum of 3.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.0% plus the amounts due under Section 1.3 with respect to interest on such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 3.0% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of accelerationacceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Monmouth Real Estate Investment Corp)

Default Rate. Notwithstanding anything to the contrary contained hereinin Section 1.3 hereof, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees then owing by it at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanLoan or any Swing Loan bearing interest at the Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 1.2(c) hereof with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under the second sentence of Section 2.1 2.1(b) hereof with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (CTS Corp)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanLoan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 1.2 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Unified Western Grocers Inc)

Default Rate. Notwithstanding anything to the contrary contained hereinin Section 1.2 hereof, while any Event of Default exists or (unless and until rescinded by the Required Banks) after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Loans, Reimbursement Obligations, Obligations and letter of credit fees (computed on the basis of a year of 360 days and actual days elapsed or, if based on the Base Rate or with respect to Reimbursement Obligations, on the basis of a year of 365 or 366 days, as applicable, and the actual number of days elapsed), at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.0% two percent (2%) plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanLoan or any Swing Loan bearing interest at the Agent’s Quoted Rate, the sum of 3.0% two percent (2%) plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.0% two percent (2%) plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect Base Rate from time to such Reimbursement Obligationtime in effect; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 3.4 with respect to such Letter of Credit; provided, however, that in the absence of accelerationacceleration or any other Event of Default pursuant to Section 9.1(a) hereof, any adjustments pursuant to this Section 1.5 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, Banks with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required LendersBanks.

Appears in 1 contract

Samples: Credit Agreement (Federal Signal Corp /De/)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees and interest on any other amounts owing hereunder or under the other Loan Documents at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanLoan or any Swing Loan bearing interest at Adjusted LIBOR or the Swing Line Lender’s Quoted Rate, as applicable, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 2.3 with respect to such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 2.12 with respect to such Letter of Credit; and (e) for any other overdue amounts, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Sterling Construction Co Inc)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate Loan, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 2.2 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 3.1 with respect to such Letter of Credit; and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2% plus the Applicable Margin for Revolving Credit Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (LTC Properties Inc)

Default Rate. Notwithstanding anything to the contrary contained hereinin Section 1.3 hereof, while any Event of Default exists or after acceleration, the Borrower shall Borrowers shall, jointly and severally, pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, Obligations and letter of credit fees at a rate per annum equal to: (a) for any Base Rate LoanLoan or Swing Loans bearing interest at the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanEurocurrency Loan or Swing Loans bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrowers. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Rc2 Corp)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists is continuing (subject to the proviso below) or after accelerationacceleration of the Obligations as a result of an Event of Default, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations, and letter of credit fees and other amounts of outstanding Obligations at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar Daily Simple SOFR Loan, SOFR Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 3.02.0% plus plus, (i) in the rate case of interest any Daily Simple SOFR Loan, the Applicable Margin applicable thereto plus, in effect thereon the case of any Daily Simple SOFR Loan, Adjusted Daily Simple SOFR applicable at the time of such default Event of Default, (ii) in the case of any SOFR Loan, the Applicable Margin applicable thereto plus, in the case of any SOFR Loan, the Adjusted Term SOFR applicable at the time of such Event of Default, or, (iii) in the case of any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the Swing Line Lender’s Quoted Rate applicable to such Swing Loan, in each case, until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 1.3(b) with respect to such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.02.0% plus the L/C Participation Fee (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of accelerationan acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest Interest accruing pursuant to this Section 1.9 shall be paid on the demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Necessity Retail REIT, Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after accelerationacceleration of the Obligations, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees and other amounts at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swingline Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanLoan or any Swingline Loan bearing interest at the Swingline Lender’s Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 2.3 with respect to such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee L/C Participation Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit; and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of accelerationacceleration of the Obligations pursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). While any Event of Default exists or after accelerationacceleration of the Obligations, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Postal Realty Trust, Inc.)

Default Rate. Section 1.9.Default Rate" \l 2 . Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, if so directed by the Required Lenders, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate Loan, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto plus the Applicable Margin and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section 1.9 shall be made at the election of by the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on the demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Alpine Income Property Trust, Inc.)

Default Rate. Notwithstanding anything to the contrary contained hereinin Section 1.3 hereof, while any Event of Default exists or after acceleration, the Borrower shall Borrowers shall, jointly and severally, pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees owing by them at a rate per annum equal to: (a) for any Base Rate Loan, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar Loan or any Swing Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;; and (c) for any Reimbursement Obligationthe Fixed Rate Loan, the sum of 3.02% plus the amounts due under Section 1.3 with respect rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, a rate per annum equal to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.0the Fixed Rate plus an amount such that the rate per annum is equivalent to the sum of 2.0% plus the letter of credit fee due under Section 2.1 with respect Applicable Margin for Base Rate Loans plus the Base Rate from time to such Letter of Credittime in effect; provided, however, that (i) in the event the Fixed Rate Loan, or portion thereof, is not paid when due, the overdue amount thereof shall bear interest at the rate per annum equal to the rate per annum applicable to Base Rate Loans hereunder after default and (ii) in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrowers. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Racing Champions Corp)

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Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees and other amounts at a rate per annum equal to: (a) for any Base Rate Loan, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect;; and (b) for any Eurodollar Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 1.1(bc) with respect to such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee L/C Participation Fee due under Section 2.1 2.1(b) with respect to such Letter of Credit; and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Intl Fcstone Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while While any Specified Event of Default exists or after accelerationacceleration of the Obligations, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by lawLaw) on the principal amount of all Loans and Reimbursement Obligations, L/C Participation Fees and letter of credit fees other amounts owing by it at a rate per annum equal to: (ai) for any Base Rate LoanLoan and any Swing Loan bearing interest at the Base Rate, the sum of 3.02.00% per annum plus the Applicable Margin plus the Base Rate from time to time in effect; (bii) for any Eurodollar Term SOFR Loan, the sum of 3.02.00% per annum plus the rate of interest in effect thereon at the time of such default Specified Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (ciii) for any Reimbursement Obligation, the sum of 3.02.00% plus the amounts due under Section 1.3 2.3 with respect to such Reimbursement Obligation; and; (div) for any Letter of Credit, the sum of 3.02.00% plus the letter of credit fee L/C Participation Fee due under Section 2.1 2.12(b) with respect to such Letter of Credit; and (v) for any other amount owing hereunder not covered by clauses (i) through (iv) above, the sum of 2.00% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of acceleration, any adjustments increase in interest rates pursuant to this Section 2.4 and any conversion of Loans into Base Rate Loans shall be made at the election of the Administrative Agent, acting solely at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, accrued interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (ATN International, Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while While any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, L/C Participation Fees and letter of credit fees other amounts owing by it at a rate per annum equal to: (ai) for any Base Prime Rate Loan, the sum of 3.02.00% per annum plus the Applicable Margin plus the Base Prime Rate from time to time in effect;; and (bii) for any Eurodollar Loan, the sum of 3.02.00% per annum plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.00% plus the Applicable Margin for Base Prime Rate Loans plus the Base Prime Rate from time to time in effect; (ciii) for any Reimbursement Obligation, the sum of 3.02.00% plus the amounts due under Section 1.3 2.3 with respect to such Reimbursement Obligation; and; (div) for any Letter of Credit, the sum of 3.02.00% plus the letter of credit fee L/C Participation Fee due under Section 2.1 2.13(b) with respect to such Letter of Credit; and (v) for any other amount owing hereunder not covered by clauses (i) through (iv) above, the sum of 2.00% plus the Applicable Margin plus the Prime Rate from time to time in effect; provided, however, that in the absence of acceleration, any adjustments increase in interest rates pursuant to this Section and any conversion of Loans into Prime Rate Loans shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). While any Event of Default exists or after acceleration, accrued interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Limbach Holdings, Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees and other amounts at a rate per annum equal to: (a) for any Base Prime Rate LoanLoan or on any other amounts owing in CDollars, including for any Bankers’ Acceptance, the sum of 3.02.0% plus the Applicable Margin plus the Base Prime Rate Loan from time to time in effect; (b) for any Eurodollar US Base Rate Loan or on any other amounts owing in U.S. Dollars, including for any Bankers’ Acceptance, the sum of 2.0% plus the Applicable Margin plus the Prime Rate Loan from time to time in effect; (c) for any LIBOR Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for U.S. Base Rate Loans plus the U.S. Base Rate from time to time in effect; (cd) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 2.5(c) with respect to such Reimbursement Obligation; and (de) for any Letter of CreditCredit issued, the sum of 3.02.0% plus the letter Letter of credit fee Credit Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit; . provided, however, that in the absence of accelerationacceleration pursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required LendersBank, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required LendersBank.

Appears in 1 contract

Samples: Credit Agreement (Pioneer Power Solutions, Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while While any Specified Event of Default exists or after accelerationacceleration of the Obligations, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by lawLaw) on the principal amount of all Loans and Reimbursement Obligations, L/C Participation Fees and letter of credit fees other amounts owing by it at a rate per annum equal to: (ai) for any Base Rate LoanLoan and any Swing Loan bearing interest at the Base Rate, the sum of 3.02.00% per annum plus the Applicable Margin plus the Base Rate from time to time in effect; (bii) for any Eurodollar LoanTranche Rate Loan and any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 3.02.00% per annum plus the rate of interest in effect thereon at the time of such default Specified Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (ciii) for any Reimbursement Obligation, the sum of 3.02.00% plus the amounts due under Section 1.3 2.3 with respect to such Reimbursement Obligation; and; (div) for any Letter of Credit, the sum of 3.02.00% plus the letter of credit fee L/C Participation Fee due under Section 2.1 2.12(b) with respect to such Letter of Credit; and (v) for any other amount owing hereunder not covered by clauses (i) through (iv) above, the sum of 2.00% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of acceleration, any adjustments increase in interest rates pursuant to this Section 2.4 and any conversion of Loans into Base Rate Loans shall be made at the election of the Administrative Agent, acting solely at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, accrued interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (ATN International, Inc.)

Default Rate. Notwithstanding anything to the contrary contained hereinin Section 1.4 hereof, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.02% plus the Applicable Margin plus the Base Rate from time to time in effecteffect (computed on the basis of a year of 365 or 366 days, as the case may be, for the actual number of days elapsed); (b) for any Eurodollar LoanLoan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 3.02% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto (computed on the basis of a year of 360 days for the actual number of days elapsed) and, thereafter, at a rate per annum equal to the sum of 3.02% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effecteffect (computed on the basis of a year of 365 or 366 days, as the case may be, for the actual number of days elapsed); (c) for any Reimbursement Obligation, the sum of 3.02% plus the amounts due under Section 1.3 1.2 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest and fees shall continue to be due and payable as otherwise provided in this Agreement and, in addition, such interest and fees shall also be paid on demand of the Administrative Agent acting at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Lamson & Sessions Co)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists is continuing or after accelerationacceleration of the Obligations as a result of an Event of Default, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees and other amounts at a rate per annum equal to: (a) for any Base Rate Loan, the sum of 3.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar SOFR Loan, the sum of 3.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.0% plus the amounts due under Section 1.3 with respect to interest on such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.0% plus the amounts due under this Agreement with respect to interest on such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 3.0% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of accelerationan acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Umh Properties, Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after accelerationexists, the each Borrower shall pay pay, after written notice from the Administrative Agent sent at the direction of the Required Lenders (provided no such notice or Required Lender direction to send such notice shall be required in the case of an Event of Default under Section 9.1(j) or (k) or a Principal Payment Default (as defined below)), interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans Loans, Reimbursement Obligations and Reimbursement Obligationsother amounts owed by such Borrower under the Loan Documents, and letter from the date of credit fees such written notice (or, in the case of an Event of Default under Section 9.1(j) or (k) or a Principal Payment Default, the date of such Event of Default) at a rate per annum equal to:to (the “Default Rate”): (a) for any U.S. Base Rate LoanLoan or any Swing Loan bearing interest based on the U.S. Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the U.S. Base Rate from time to time in effect; (b) for any Eurodollar LIBOR Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for U.S. Base Rate Loans plus the U.S. Base Rate from time to time in effect; (c) for any EURIBOR Loan, (x) the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and (y) thereafter, the sum of 2.0% plus the Applicable Margin for EURIBOR Loans plus EURIBOR for the applicable Interest Period; (d) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and; (de) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; providedand (f) for any CAD CDOR Loan, however, that the sum of 2.0% plus the rate of interest in the absence of acceleration, any adjustments pursuant to this Section shall be made effect thereon at the election time of such default until the end of the Administrative AgentInterest Period applicable thereto and, acting thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for U.S. Base Rate Loans plus the U.S. Base Rate (with such amount to be converted to and calculated on the U.S. Dollar Equivalent amount of such Loan and paid in U.S. Dollars) from time to time in effect. If any principal amount of any Loan or Reimbursement Obligation is not paid when due (a “Principal Payment Default”) such principal amount shall bear interest at the request or with the consent of the Required Lenders, with written notice to the Borrowerrates specified in subsections (a) through (f) above until paid in full. While any Event of Default exists or after accelerationexists, interest as adjusted under this Section 1.10 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Revolving Credit Agreement (J M SMUCKER Co)

Default Rate. Notwithstanding anything to the contrary contained herein, while While any Event of Default exists or after acceleration, the Borrower Borrowers shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, L/C Participation Fees and letter of credit fees other amounts owing by it at a rate per annum equal to: (ai) for any Base Rate LoanLoan and any Swing Loan bearing interest at the Base Rate, the sum of 3.02.00% per annum plus the Applicable Margin plus the Base Rate from time to time in effect; (bii) for any Eurodollar LoanLoan and any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 3.02.00% per annum plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (ciii) for any Reimbursement Obligation, the sum of 3.02.00% plus the amounts due under Section 1.3 2.3 with respect to such Reimbursement Obligation; and; (div) for any Letter of Credit, the sum of 3.02.00% plus the letter of credit fee L/C Participation Fee due under Section 2.1 2.13(b) with respect to such Letter of Credit; and (v) for any other amount owing hereunder not covered by clauses (i) through (iv) above, the sum of 2.00% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of acceleration, any adjustments increase in interest rates pursuant to this Section and any conversion of Loans into Base Rate Loans shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrowers (which election may be retroactively effective to the date of such Event of Default). While any Event of Default exists or after acceleration, accrued interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: First Lien Credit Agreement (Turning Point Brands, Inc.)

Default Rate. Notwithstanding anything to the contrary contained hereinin Section 1.4 hereof, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.02% plus the Applicable Margin plus the Base Rate from time to time in effecteffect (computed on the basis of a year of 365 or 366 days, as the case may be, for the actual number of days elapsed); (b) for any Eurodollar LoanLoan or any Swing Loan bearing interest at the Administrative Agent's Quoted Rate, the sum of 3.02% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto (computed on the basis of a year of 360 days for the actual number of days elapsed) and, thereafter, at a rate per annum equal to the sum of 3.02% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effecteffect (computed on the basis of a year of 365 or 366 days, as the case may be, for the actual number of days elapsed); (c) for any Reimbursement Obligation, the sum of 3.02% plus the amounts due under Section 1.3 1.2 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest and fees shall continue to be due and payable as otherwise provided in this Agreement and, in addition, such interest and fees shall also be paid on demand of the Administrative Agent acting at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Lamson & Sessions Co)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees and other amounts at a rate per annum equal to: (a) for any Base Rate Loan, upon the written election of the Administrative Agent, the sum of 3.02.0% per annum plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar Loan, upon the written election of the Administrative Agent, the sum of 3.02.0% per annum plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% per annum plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any unpaid Reimbursement Obligation, the sum of 3.02.0% per annum plus the amounts due under Section 1.3 2.3 with respect to such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.02.0% per annum plus the letter Letter of credit fee Credit Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit; and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2% per annum plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of accelerationacceleration pursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Shimmick Corp)

Default Rate. Section 1.9. Default Rate" \l 2 . Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, if so directed by the Required Lenders, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate Loan, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto plus the Applicable Margin and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section 1.9 shall be made at the election of by the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on the demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Alpine Income Property Trust, Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists under Section 9.1(a)(i), 9.1(b) (with respect to an Event of Default arising under Section 8.23), 9.1(j) or 9.1(k) or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate Loan, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 2.2 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee L/C Participation Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit; provided, however, that in the absence of accelerationacceleration pursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Envestnet, Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while While any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees owing by it at a rate per annum equal to: (ai) for any Base Rate LoanLoan and any Swing Loan bearing interest at the Base Rate, the sum of 3.02.0% per annum plus the Applicable Margin plus the Base Rate from time to time in effect;; and (bii) for any Eurodollar LoanLoan and any Swing Loan bearing interest at the Administrative Agent’s Quoted Rate, the sum of 3.02.0% per annum plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments increase in interest rates pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, accrued interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders. 2.11. Clause (i) of Section 2.5(e) of the Credit Agreement is amended and restated in its entirety to read as follows: (i) from the date the related advance was made by the Administrative Agent to the date two (2) Business Days after payment by such Lender is due hereunder, the greater of, for each such day, (x) the Federal Funds Rate and (y) an overnight rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, plus any standard administrative or processing fees charged by the Administrative Agent in connection with such Lender’s non-payment and 2.12. Section 2.8(b) of the Credit Agreement is amended by inserting a new subclause (vii) at the end thereof to read as follows:

Appears in 1 contract

Samples: Credit Agreement (Champion Industries Inc)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists under Section 9.1(a)(i), 9.1(b) (with respect to an Event of Default arising under Section 8.24), 9.1(j) or 9.1(k) or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate Loan, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar SOFR Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 2.3 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee L/C Participation Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit; provided, however, that in the absence of accelerationacceleration pursuant to Section 9.2 or 9.3, the application of this Section to any outstanding obligations and any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Envestnet, Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while While any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, L/C Participation Fees and letter of credit fees other amounts owing by it at a rate per annum equal to: (ai) for any Base Rate LoanLoan and any Swing Loan bearing interest at the Base Rate, the sum of 3.02.00% per annum plus the Applicable Margin plus the Base Rate from time to time in effect; (bii) for any Eurodollar LoanLoan and any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 3.02.00% per annum plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (ciii) for any Reimbursement Obligation, the sum of 3.02.00% plus the amounts due under Section 1.3 2.3 with respect to such Reimbursement Obligation; and; (div) for any Letter of Credit, the sum of 3.02.00% plus the letter of credit fee L/C Participation Fee due under Section 2.1 2.13(b) with respect to such Letter of Credit; and (v) for any other amount owing hereunder not covered by clauses (i) through (iv) above, the sum of 2.00% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of acceleration, any adjustments increase in interest rates pursuant to this Section and any conversion of Loans into Base Rate Loans shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). While any Event of Default exists or after acceleration, accrued interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: First Lien Credit Agreement (Turning Point Brands, Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, if so directed by the Required Lenders, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans of each Class and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate Loan, the sum of 3.0% plus the Applicable Margin for the applicable Class plus the Base Rate from time to time in effect; (b) for any Eurodollar Daily Simple SOFR Loan, the sum of 3.0% plus the Applicable Margin for the applicable Class plus the Adjusted Daily Simple SOFR from time to time in effect; ​ (c) for any Term SOFR Loan, the sum of 3.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto plus the Applicable Margin for the applicable Class and, thereafter, at a rate per annum equal to the sum of 3.0% plus the Applicable Margin for Base Rate Loans of the applicable Class plus the Base Rate from time to time in effect; (cd) for any Reimbursement Obligation, the sum of 3.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and (de) for any Letter of Credit, the sum of 3.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section 1.9 shall be made at the election of by the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on the demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Alpine Income Property Trust, Inc.)

Default Rate. Notwithstanding anything to the contrary contained hereinin Section 1.3 hereof, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees then owing by it at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanLoan or any Swing Loan bearing interest at the Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 1.2(c) with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under the second sentence of Section 2.1 2.1(b) with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (CTS Corp)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate Loan, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar SOFR Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 2.2 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 3.1 with respect to such Letter of Credit; and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2% plus the Applicable Margin for Revolving Credit Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (LTC Properties Inc)

Default Rate. Notwithstanding anything to the contrary contained herein, while While any Event of Default exists or after acceleration, the Borrower Borrowers shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees owing by it at a rate per annum equal to: (ai) for any Base Rate LoanLoan and any Swing Loan bearing interest at the Base Rate, the sum of 3.02.0% per annum plus the Applicable Margin plus the Base Rate from time to time in effect; (bii) for any Canadian Prime Rate Loan and any Canadian Swing Loan bearing interest at the Canadian Prime Rate, the sum of 2.0% plus the Applicable Margin plus the Canadian Prime Rate from time to time in effect; and (iii) for any Eurodollar Loan and Canadian CDOR Loan, and any U.S. Swing Loan and any Canadian Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 3.02.0% per annum plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus either (x) for Loans in U.S. Dollars, the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; , or (cy) for any Reimbursement ObligationLoans in Canadian Dollars, the sum of 3.0% Applicable Margin plus the amounts due under Section 1.3 with respect Canadian Prime Rate from time to such Reimbursement Obligation; and (d) for any Letter of Credittime in effect, the sum of 3.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; as applicable. provided, however, that in the absence of accelerationacceleration (in which case, for the sake of clarity, any adjustments increase in interest rates pursuant to this Section and any conversion of Loans into Base Rate Loans or Canadian Prime Rate Loans shall be automatic), any increase in interest rates pursuant to this Section and any conversion of Loans into Base Rate Loans or Canadian Prime Rate Loans shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrowers. While any Event of Default exists or after acceleration, accrued interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Delek Logistics Partners, LP)

Default Rate. Notwithstanding anything to the contrary contained hereinin Section 1.2 hereof, at the direction of the Required Banks while any Event of Default exists or (unless and until rescinded by the Required Banks) after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Loans, Reimbursement Obligations, Obligations and letter of credit fees (computed on the basis of a year of 360 days and actual days elapsed or, if based on the Base Rate or with respect to Reimbursement Obligations, on the basis of a year of 365 or 366 days, as applicable, and the actual number of days elapsed), at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.0% two percent (2%) plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanLoan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 3.0% two percent (2%) plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.0% two percent (2%) plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect Base Rate from time to such Reimbursement Obligationtime in effect; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 3.4 with respect to such Letter of Credit; provided, however, that in the absence of accelerationacceleration or any other Event of Default pursuant to Section 9.1(a) hereof, any adjustments pursuant to this Section 1.5 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, Banks with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required LendersBanks.

Appears in 1 contract

Samples: Credit Agreement (Federal Signal Corp /De/)

Default Rate. Notwithstanding anything to the contrary contained herein, while While any Specified Event of Default exists or after accelerationacceleration of the Obligations, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by lawLaw) on the principal amount of all Loans and Reimbursement Obligations, L/C Participation Fees and letter of credit fees other amounts owing by it at a rate per annum equal to: (ai) for any Base Rate LoanLoan and any Swing Loan bearing interest at the Base Rate, the sum of 3.02.00% per annum plus the Applicable Margin plus the Base Rate from time to time in effect; (bii) for any Eurodollar LoanLoan and any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 3.02.00% per annum plus the rate of interest in effect thereon at the time of such default Specified Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (ciii) for any Reimbursement Obligation, the sum of 3.02.00% plus the amounts due under Section 1.3 2.3 with respect to such Reimbursement Obligation; and; (div) for any Letter of Credit, the sum of 3.02.00% plus the letter of credit fee L/C Participation Fee due under Section 2.1 2.12(b) with respect to such Letter of Credit; and (v) for any other amount owing hereunder not covered by clauses (i) through (iv) above, the sum of 2.00% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of acceleration, any adjustments increase in interest rates pursuant to this Section 2.4 and any conversion of Loans into Base Rate Loans shall be made at the election of the Administrative Agent, acting solely at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, accrued interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (ATN International, Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Payment Default exists or after acceleration, the Borrower Borrowers shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees and other amounts at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swingline Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanLoan or any Swingline Loan bearing interest at the Swingline Lender’s Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default Payment Default or acceleration until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 2.2 with respect to such Reimbursement Obligation; and; (d) for the undrawn amount of any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee L/C Participation Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit; and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of accelerationacceleration pursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrowers (which election may be retroactively effective to the date of such Payment Default). While any Event of Payment Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Hub Group, Inc.)

Default Rate. Notwithstanding anything to the contrary contained hereinin Section 1.3 hereof, while any Event of Default exists or after acceleration, the Borrower shall Borrowers shall, jointly and severally, pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, Obligations and letter of credit fees at a rate per annum equal to: (a) for any Base Rate LoanLoan or Swing Loans bearing interest at the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanEurocurrency Loan or Swing Loans bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the withthe consent of the Required Lenders, with written notice to the BorrowerBorrowers. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Rc2 Corp)

Default Rate. Notwithstanding anything to the contrary contained hereinin Section 1.5 hereof, while any Event of Default exists or after acceleration, the Borrower and Canadian Borrowers, as applicable, shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Loans, Reimbursement Obligations, and Canadian Reimbursement Obligations, letter of credit fees fees, and other amounts owing by it hereunder at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest at the Base Rate, the sum of 3.02% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanCanadian Prime Rate Loan or Bankers’ Acceptance, the sum of 3.02% plus the Applicable Margin plus the Canadian Base Rate from time to time in effect; (c) for any Eurodollar Loan or Swing Loan bearing interest at the Quoted Rate, the sum of 2% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (cd) for any Reimbursement Obligation or Canadian Reimbursement Obligation, the sum of 3.02% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and1.2 or 1.4 hereof, as applicable; (de) for any Letter of Credit or Canadian Letter of Credit, the sum of 3.02% plus the letter of credit fee due under Section 2.1 hereof with respect to such Letter of Credit or Canadian Letter of Credit; and (f) for any other amount owing hereunder not covered by clauses (a) through (e) above, the sum of 2% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Student Transportation Inc.)

Default Rate. Notwithstanding anything to the contrary contained hereinherein (and in lieu thereof), while any Event of Default exists pursuant to Section 9.1(a) (with respect to any principal, interest or fees) has occurred and is continuing or after accelerationacceleration of the Obligations, the Borrower shall pay interest (after as well as before entry of judgment thereon and in any event to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligationssuch overdue principal, and letter of credit interest or fees at a rate per annum (the “Default Rate”) equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Alternate Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Alternate Base Rate from time to time in effect; (b) for any Eurodollar Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default (x) until the end of the applicable Interest Period applicable thereto andin effect immediately prior to such Event of Default, the Eurodollar Rate in effect thereon plus the Applicable Margin and (y) thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Alternate Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect Applicable Margin for Revolving Loans plus the Alternate Base Rate from time to such Reimbursement Obligationtime in effect; and (d) for any Letter of CreditCredit fee, the sum of 3.02.0% plus the letter Letter of credit Credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any such Event of Default exists has occurred and is continuing or after accelerationacceleration of the Obligations, accrued and unpaid interest having accrued at the Default Rate shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Dave & Buster's Entertainment, Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Payment Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees and other amounts at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swingline Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanSOFR Loan or any Swingline Loan bearing interest at the Swingline Lender’s Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default Payment Default or acceleration until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 2.2 with respect to such Reimbursement Obligation; and; (d) for the undrawn amount of any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee L/C Participation Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit; and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of accelerationacceleration pursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Payment Default). While any Event of Payment Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Hub Group, Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees and other amounts at a rate per annum equal to: (ai) for any Base Rate Loan, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (bj) for any Eurodollar SOFR Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (ck) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 1.1(c) with respect to such Reimbursement Obligation; and; (dl) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee L/C Participation Fee due under Section 2.1 2.1(b) with respect to such Letter of Credit; and (m) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section 1.7 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (StoneX Group Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while While any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, L/C Participation Fees and letter of credit fees other amounts owing by it at a rate per annum equal to: (ai) for any Base Rate LoanLoan and any Swing Loan bearing interest at the Base Rate, the sum of 3.02.00% per annum plus the Applicable Margin plus the Base Rate from time to time in effect;; and (bii) for any Eurodollar LoanLoan and any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 3.02.00% per annum plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (ciii) for any Reimbursement Obligation, the sum of 3.02.00% plus the amounts due under Section 1.3 2.3 with respect to such Reimbursement Obligation; and; (div) for any Letter of Credit, the sum of 3.02.00% plus the letter of credit fee L/C Participation Fee due under Section 2.1 2.13(b) with respect to such Letter of Credit; and (v) for any other amount owing hereunder not covered by clauses (i) through (iv) above, the sum of 2.00% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of acceleration, any adjustments increase in interest rates pursuant to this Section and any conversion of Loans into Base Rate Loans shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). While any Event of Default exists or after acceleration, accrued interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Limbach Holdings, Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees and other amounts at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swingline Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanLoan or any Swingline Loan bearing interest at the Administrative Agent’s Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 2.3 with respect to such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee L/C Participation Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit; and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of accelerationacceleration pursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Cal-Maine Foods Inc)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees and other amounts at a rate per annum equal to: (a) for any Base Rate Loan, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect;; and (b) for any Eurodollar Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 1.1(b) with respect to such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee L/C Participation Fee due under Section 2.1 2.1(b) with respect to such Letter of Credit; and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Intl Fcstone Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists is continuing or after accelerationacceleration of the Obligations as a result of an Event of Default, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations, and letter of credit fees and other amounts of outstanding Obligations at a rate per annum equal to: (a) for any Base Rate Loan or Daily Simple SOFR Loan, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar EurodollarSOFR Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 hereof with respect to interest on such Reimbursement Obligation; and; (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee L/C Participation Fee due under Section 2.1 2(b) hereof with respect to such Letter of Credit; and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect; provided, however, that in the absence of accelerationan acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Centerspace)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Domestic Rate LoanPortion or any Swing Loan bearing interest based on the Domestic Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Domestic Rate from time to time in effect; (b) for any Eurodollar LoanLIBOR Portion or any Swing Loan bearing interest at Harris' Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect efxxxx thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Domestic Rate Loans Portions plus the Base Domestic Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 3.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Morton Industrial Group Inc)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanLoan or any Swing Loan bearing interest at the Administrative Agent’s Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 1.2 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Unified Western Grocers Inc)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanLoan or any Swing Loan bearing interest at the Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 1.2 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Plexus Corp)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate Loan, the sum of 3.02.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar EurodollarSOFR Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 2.2 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 3.1 with respect to such Letter of Credit; and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2% plus the Applicable Margin for Revolving Credit Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (LTC Properties Inc)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after accelerationacceleration of the Obligations pursuant to Sections 9.2 or 9.3, the Borrower Borrowers shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: (a) for any Base Rate LoanLoan or any Swing Loan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (b) for any Eurodollar LoanEurocurrency Loan denominated in U.S. Dollars or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Eurocurrency Loan denominated in an Alternative Currency, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of (i) the Applicable Margin for Eurocurrency Loans plus (ii) two percent (2%) plus (iii) the Overnight Rate with respect to such unpaid amount; and (d) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and; (e) for any fees due owing and hereunder not covered by clauses (a) through (d) for any Letter of Creditabove, the sum of 3.02% plus the letter of credit fee due under Section 2.1 with respect Applicable Margin plus the Base Rate from time to such Letter of Credittime in effect; provided, however, that in the absence of accelerationacceleration of the Obligations pursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section 1.10 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower Representative. While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders. For the avoidance of doubt, to the extent and for so long as the Borrowers are required to pay interest on the principal amount of all Loans and Reimbursement Obligations pursuant to this Section 1.10, no interest shall be due and payable pursuant to Section 1.4.

Appears in 1 contract

Samples: Credit Agreement (Smart Balance, Inc.)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after accelerationexists, the Borrower shall pay pay, after written notice from the Administrative Agent sent at the direction of the Required Lenders (provided no such notice or Required Lender direction to send such notice shall be required in the case of an Event of Default under Section 9.1(j) or (k) or a Principal Payment Default (as defined below)), interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and Reimbursement Obligationsother amounts owed by it under the Loan Documents, and letter from the date of credit fees such written notice (or, in the case of an Event of Default under Section 9.1(j) or (k) or a Principal Payment Default, the date of such Event of Default) at a rate per annum equal to:to (the “Default Rate”): #92469623v14 8 (a) for any Base Rate LoanLoan bearing interest based on the Base Rate, the sum of 3.02.0% plus the Applicable Base Rate Margin plus the Base Rate from time to time in effect;; and (b) for any Eurodollar LIBOR Loan, (x) the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, and (y) thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable LIBOR Margin plus Adjusted LIBOR for Base Rate Loans plus the Base Rate from time to time in effect; applicable Interest Period. If any principal amount of any Loan is not paid when due (ca “Principal Payment Default”) for any Reimbursement Obligation, the sum of 3.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and (d) for any Letter of Credit, the sum of 3.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that in the absence of acceleration, any adjustments pursuant to this Section principal amount shall be made bear interest at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrowerrates specified in subsections (a) and (b) above until paid in full. While any Event of Default exists or after accelerationexists, interest as adjusted under this Section 1.10 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (J M SMUCKER Co)

Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default exists or after accelerationexists, the each Borrower shall pay pay, after written notice from the Administrative Agent sent at the direction of the Required Lenders (provided no such notice or Required Lender direction to send such notice shall be required in the case of an Event of Default under Section 9.1(j) or (k) or a Principal Payment Default (as defined below)), interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans Loans, Reimbursement Obligations and Reimbursement Obligationsother amounts owed by such Borrower under the Loan Documents, and letter from the date of credit fees such written notice (or, in the case of an Event of Default under Section 9.1(j) or (k) or a Principal Payment Default, the date of such Event of Default) at a rate per annum equal to:to (the “Default Rate”): (a) for any U.S. Base Rate LoanLoan or any Swing Loan bearing interest based on the U.S. Base Rate, the sum of 3.02.0% plus the Applicable Margin plus the U.S. Base Rate from time to time in effect; (b) for any Eurodollar LIBORTerm SOFR Loan, the sum of 3.02.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 3.02.0% plus the Applicable Margin for U.S. Base Rate Loans plus the U.S. Base Rate from time to time in effect; (c) for any EURIBOR Loan, (x) the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and (y) thereafter, the sum of 2.0% plus the Applicable Margin for EURIBOR Loans plus EURIBOR for the applicable Interest Period; (d) for any Reimbursement Obligation, the sum of 3.02.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and; (de) for any Letter of Credit, the sum of 3.02.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; providedand (f) for any CAD CDOR Loan, however, that the sum of 2.0% plus the rate of interest in the absence of acceleration, any adjustments pursuant to this Section shall be made effect thereon at the election time of such default until the end of the Administrative AgentInterest Period applicable thereto and, acting thereafter, at a 22 rate per annum equal to the sum of 2.0% plus the Applicable Margin for U.S. Base Rate Loans plus the U.S. Base Rate (with such amount to be converted to and calculated on the U.S. Dollar Equivalent amount of such Loan and paid in U.S. Dollars) from time to time in effect. If any principal amount of any Loan or Reimbursement Obligation is not paid when due (a “Principal Payment Default”) such principal amount shall bear interest at the request or with the consent of the Required Lenders, with written notice to the Borrowerrates specified in subsections (a) through (f) above until paid in full. While any Event of Default exists or after accelerationexists, interest as adjusted under this Section 1.10 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (J M SMUCKER Co)

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