Common use of Delinquent Lenders; Nonperforming Lenders Clause in Contracts

Delinquent Lenders; Nonperforming Lenders. In the event that any Lender fails to reimburse Agent pursuant to Section 9.8(g) for the Percentage Interest of such Lender (a "Delinquent Lender") in any credit advanced by Agent pursuant hereto at a time when Borrower is not in Default hereunder, overdue amounts (the "Delinquent Payment") due from the Delinquent Lender to Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) plus the Federal Funds Rate for any longer period. Such interest shall be payable to Agent for its own account for the period commencing on the date of the Delinquent Payment and ending on the date the Delinquent Lender reimburses Agent on account of the Delinquent Payment (to the extent not paid by Borrower as provided below) and the accrued interest thereon (the "Delinquency Period"), whether pursuant to the assignments referred to below or otherwise. Upon notice by Agent, Borrower will pay to Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to Agent all interest, commitment fees and other payments made by Borrower hereunder that would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof (a "Nonperforming Lender"), the Nonperforming Lender shall be deemed to have assigned to each Lender that is not a Nonperforming Lender (a "Performing Lender") all principal and other payments made by Borrower that would have thereafter otherwise been payable thereunder to the Nonperforming Lender. Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender divided by one minus the Percentage Interest of the Nonperforming Lender until the respective portions of the Loans owed to all Lenders are the same as the Percentage Interests of Lenders immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereof. The foregoing provisions shall be in addition to any other remedies Agent, the Performing Lenders or Borrower may have under Law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereof.

Appears in 2 contracts

Samples: Revolver Loan Agreement (Energy 11, L.P.), Revolver Loan Agreement (Energy Resources 12, L.P.)

AutoNDA by SimpleDocs

Delinquent Lenders; Nonperforming Lenders. In the event that any Lender fails to reimburse the Agent pursuant to Section 9.8(g) 11.4.1 for the Percentage Interest of such Lender (a "Delinquent Lender") in any credit advanced by the Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent Payment") due from the Delinquent Lender to the Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) % plus the Federal Funds Rate for any longer period. Such interest shall be payable to the Agent for its own account for the period commencing on the date of the Delinquent Payment and ending on the date the Delinquent Lender reimburses the Agent on account of the Delinquent Payment (to the extent not paid by Borrower the Company as provided below) and the accrued interest thereon (the "Delinquency Period"), whether pursuant to the assignments referred to below or otherwise. Upon notice by the Agent, Borrower the Company will pay to the Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Agent all interest, commitment fees and other payments made by Borrower hereunder the Company under Section 3 that would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof Section 2 (a "Nonperforming Lender"), the Nonperforming Lender shall be deemed to have assigned to each Lender that is not a Nonperforming Lender (a "Performing Lender") all principal and other payments made by Borrower the Company under Section 4 that would have thereafter otherwise been payable thereunder under the Credit Documents to the Nonperforming Lender. The Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender in an amount equal to the Percentage Interest of such Performing Lender divided by one minus the Percentage Interest of the Nonperforming Lender until the respective portions of the Loans Loan owed to all the Lenders are the same as the Percentage Interests of the Lenders immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereofSection 2. The foregoing provisions shall be in addition to any other remedies the Agent, the Performing Lenders or Borrower the Company may have under Law law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereofSection 2.

Appears in 2 contracts

Samples: Credit Agreement (Buckeye Technologies Inc), Credit Agreement (Buckeye Cellulose Corp)

Delinquent Lenders; Nonperforming Lenders. In the event that any Lender fails to reimburse the Agent pursuant to Section 9.8(g) 12.4.1 for the Percentage Interest of such Lender lender (a "Delinquent LenderDELINQUENT LENDER") in any credit advanced by the Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent PaymentDELINQUENT PAYMENT") due from the Delinquent Lender to the Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) plus % PLUS the Federal Funds Rate for any longer period. Such interest shall be payable to the Agent for its own account for the period commencing on the date of the Delinquent Payment and ending on the date the Delinquent Lender reimburses the Agent on account of the Delinquent Payment (to the extent not paid by Borrower the Company as provided below) and the accrued interest thereon (the "Delinquency PeriodDELINQUENCY PERIOD"), whether pursuant to the assignments referred to below or otherwise. Upon notice by the Agent, the Borrower will pay to the Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Agent all interest, commitment fees and other payments made by the Borrower hereunder under Section 3 that would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof Section 2 (a "Nonperforming LenderNONPERFORMING LENDER"), the Nonperforming Lender shall be deemed to have assigned to each Lender that is not a Nonperforming Lender (a "Performing LenderPERFORMING LENDER") all principal and other payments made by the Borrower under Section 4 that would have thereafter otherwise been payable thereunder under the Credit Documents to the Nonperforming Lender. The Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender in the portion of the Loan with respect to which there is such nonperformance, in an amount equal to such Percentage Interest of such Performing Lender divided by one minus MINUS the Percentage Interest of the Nonperforming Lender in the portion of the Loan with respect to which there is such nonperformance, until the respective portions of such portion of the Loans Loan owed to all the Lenders are the same as the Percentage Interests of the Lenders in such portion of the Loan immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereofSection 2. The foregoing provisions shall be in addition to any other remedies the Agent, the Performing Lenders or the Borrower may have under Law law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereofSection 2.

Appears in 2 contracts

Samples: Credit Agreement (Ameripath Inc), Credit Agreement (Ameripath Inc)

Delinquent Lenders; Nonperforming Lenders. In the event that ----------------------------------------- any Lender fails to reimburse the Agent pursuant to Section 9.8(g) Sections 10.4.1 or 10.4.2 for the Percentage Interest of such Lender lender (a "Delinquent Lender") in any credit ----------------- advanced by the -91- Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent Payment") due from ------------------ the Delinquent Lender to the Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) % plus the Federal Funds Rate for any longer period. Such interest shall be payable to the Agent for its own account for the period commencing on the date of the Delinquent Payment and ending on the date the Delinquent Lender reimburses the Agent on account of the Delinquent Payment (to the extent not paid by Borrower any Obligor as provided below) and the accrued interest thereon (the "Delinquency Period"), whether pursuant to the assignments referred to ------------------ below or otherwise. Upon notice by the Agent, the U.S. Borrower or the Canadian Borrower, as the case may be, will pay to the Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Agent all interest, commitment fees and other payments made by the U.S. Borrower hereunder or the Canadian Borrower, as the case may be, under Section 3 that would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof Section 2 (a "Nonperforming Lender"), the Nonperforming Lender -------------------- shall be deemed to have assigned to each Lender that is not a Nonperforming Lender (a "Performing Lender") all principal and other payments made by the ------------------ U.S. Borrower or the Canadian Borrower, as the case may be, under Section 4 that would have thereafter otherwise been payable thereunder under the Credit Documents to the Nonperforming Lender. The Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender in an amount equal to the Percentage Interest of such Performing Lender divided by one minus the ----- Percentage Interest of the Nonperforming Lender until the respective portions of the Loans Loan owed to all the Lenders are the same as the Percentage Interests of the Lenders immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereofSection 2. The foregoing provisions shall be in addition to any other remedies the Agent, the Performing Lenders or Borrower the Borrowers may have under Law law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereofSection 2.

Appears in 1 contract

Samples: Credit Agreement (Westower Corp)

Delinquent Lenders; Nonperforming Lenders. In the event that any Lender fails to reimburse the Agent pursuant to Section 9.8(g) 10.4.1 for the Percentage Interest of such Lender lender (a "Delinquent Lender") in any credit advanced by the Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent Payment") due from the Delinquent Lender to the Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) % plus the Federal Funds Rate for any longer period. Such interest shall be payable to the Agent for its own account for the period commencing on the date of the Delinquent Payment and ending on the date the Delinquent Lender reimburses the Agent on account of the Delinquent Payment (to the extent not paid by the Borrower or any Guarantor as provided below) and the accrued interest thereon (the "''Delinquency Period"), whether pursuant to the assignments referred to below or otherwise. Upon one Banking Day's notice by the Agent, the Borrower will pay to the Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Agent all interest, commitment fees and other payments made by the Borrower hereunder under Section 3 that would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof (a "Nonperforming Lender"), the Nonperforming Lender shall be deemed to have assigned to each Lender that is not a Nonperforming Lender (a "Performing Lender") all principal and other payments made by Borrower that would have thereafter otherwise been payable thereunder to the Nonperforming Lender. Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender divided by one minus the Percentage Interest of the Nonperforming Lender until the respective portions of the Loans owed to all Lenders are the same as the Percentage Interests of Lenders immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereof. The foregoing provisions shall be in addition to any other remedies Agent, the Performing Lenders or Borrower may have under Law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereof.under

Appears in 1 contract

Samples: Credit Agreement (Racing Champions Corp)

Delinquent Lenders; Nonperforming Lenders. In the event that any Lender fails to reimburse the Administrative Agent pursuant to Section 9.8(g) 11.4.1 for the Percentage Interest of such Lender (a "Delinquent Lender") in any credit advanced by the Administrative Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent Payment") due from the Delinquent Lender to the Administrative Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) % plus the Federal Funds Rate for any longer period. Such interest shall be payable to the Administrative Agent for its own account for the period commencing commending on the date of the Delinquent Payment was due and ending on the date the Delinquent Lender reimburses the Administrative Agent on account of the Delinquent Payment (to the extent not paid by Borrower a Restricted Company as provided below) and the accrued interest thereon (the "Delinquency Period"), whether pursuant to the assignments referred to below or otherwise. Upon notice Within five Banking Days after the request by the Administrative Agent, the Borrower will pay to the Administrative Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Administrative Agent all interest, commitment fees and other payments made by the Borrower hereunder that under Section 4 which would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof Section 2 (a "Nonperforming Lender"), the Nonperforming Lender shall be deemed to have assigned to each Lender that is not a Nonperforming Lender (a "Performing Lender") all principal and other payments made by the Borrower that under Section 4 which would have thereafter otherwise been payable thereunder under the Credit Documents to the Nonperforming Lender. , and the Administrative Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender divided by one minus the Percentage Interest of the Nonperforming Lender until the respective portions of the Loans Loan owed to all the Lenders are the same as the Percentage Interests of the Lenders immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereofSection 2. The foregoing provisions shall be in addition to any other remedies the Administrative Agent, the Performing Lenders or the Borrower may have under Law law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereofSection 2.

Appears in 1 contract

Samples: Credit Agreement (Charter Communications Inc /Mo/)

Delinquent Lenders; Nonperforming Lenders. In the event that any Lender fails to reimburse the Administrative Agent pursuant to Section 9.8(g) 11.4.1 for the Percentage Interest of such Lender (a "Delinquent LenderDELINQUENT LENDER") in any credit advanced by the Administrative Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent PaymentDELINQUENT PAYMENT") due from the Delinquent Lender to the Administrative Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) plus % PLUS the Federal Funds Rate for any longer period. Such interest shall be payable to the Administrative Agent for its own account for the period commencing on the date of the Delinquent Payment was due and ending on the date the Delinquent Lender reimburses the Administrative Agent on account of the Delinquent Payment (to the extent not paid by Borrower a Restricted Company as provided below) and the accrued interest thereon (the "Delinquency PeriodDELINQUENCY PERIOD"), whether pursuant to the assignments referred to below or otherwise. Upon notice Within five Banking Days after the request by the Administrative Agent, Borrower the Borrowers will pay to the Administrative Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Administrative Agent all interest, commitment fees and other payments made by Borrower hereunder that the Borrowers under Section 4 which would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof Section 2 (a "Nonperforming LenderNONPERFORMING LENDER"), the Nonperforming Lender shall be deemed to have assigned to each Lender that is not a Nonperforming Lender (a "Performing LenderPERFORMING LENDER") all principal and other payments payment made by Borrower that the Borrowers under Section 4 which would have thereafter otherwise been payable thereunder under the Credit Documents to the Nonperforming Lender. , and the Administrative Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender divided by one minus MINUS the Percentage Interest of the Nonperforming Lender until the respective portions of the Loans Loan owed to all the Lenders are the same as the Percentage Interests of the Lenders immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereofSection 2. The foregoing provisions shall be in addition to any other remedies the Administrative Agent, the Performing Lenders or Borrower the Borrowers may have under Law law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereofSection 2.

Appears in 1 contract

Samples: Credit Agreement (Falcon Funding Corp)

Delinquent Lenders; Nonperforming Lenders. In the event that any Lender fails to reimburse the Agent pursuant to Section 9.8(g) Sections 10.4.1 or 10.4.2 for the Percentage Interest of such Lender lender (a "Delinquent Lender") in any credit advanced by the Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent Payment") due from the Delinquent Lender to the Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) % plus the Federal Funds Rate for any longer period. Such interest shall be payable to the Agent for its own account for the period commencing on the date of the Delinquent Payment and ending on the date the Delinquent Lender reimburses the Agent on account of the Delinquent Payment (to the extent not paid by Borrower any Obligor as provided below) and the accrued interest thereon (the "Delinquency Period"), whether pursuant to the assignments referred to below or otherwise. Upon notice by Agentthe Agent during a Delinquency Period, Borrower the Company will pay to the Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Agent all interest, commitment fees and other payments made by Borrower hereunder the Company under Section 3 that would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof Section 2 (a "Nonperforming Lender"), the Nonperforming Lender shall be deemed to have assigned to each Lender that is not a Nonperforming Lender (a "Performing Lender") all principal and other payments made by Borrower the Company under Section 4 that would have thereafter otherwise been payable thereunder under the Credit Documents to the Nonperforming Lender. The Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender in an amount equal to the Percentage Interest of such Performing Lender divided by one minus the Percentage Interest of the Nonperforming Lender until the respective portions of the Loans Loan owed to all the Lenders are the same as the Percentage Interests of the Lenders immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereofhereunder. The foregoing provisions shall be in addition to any other remedies the Agent, the Performing Lenders or Borrower the Company may have under Law law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereofhereunder.

Appears in 1 contract

Samples: Credit Agreement (Marquee Group Inc)

Delinquent Lenders; Nonperforming Lenders. In the event ----------------------------------------- that any Lender fails to reimburse the Agent pursuant to Section 9.8(g) 12.4.1 for the Revolving Loan Percentage Interest or Term Loan Percentage Interest of such Lender lender (a "Delinquent Lender") in any credit advanced by the Agent ----------------- pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent Payment") due from the ------------------ Delinquent Lender to the Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) % plus the ---- Federal Funds Rate for any longer period. Such interest shall be payable to the Agent for its own account for the period commencing on the date of the Delinquent Payment and ending on the date the Delinquent Lender reimburses the Agent on account of the Delinquent Payment (to the extent not paid by Borrower the Company as provided below) and the accrued interest thereon (the "Delinquency Period"), whether pursuant to the assignments referred to ------------------ below or otherwise. Upon notice by the Agent, Borrower the Company will pay to the Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Agent all interest, commitment facility fees and other payments made by Borrower hereunder the Company under Section 3 that would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof Section 2 (a "Nonperforming Lender"), the Nonperforming Lender shall be deemed to have --------------------- assigned to each Lender that is not a Nonperforming Lender (a "Performing ---------- Lender") all principal and other payments made by Borrower the Company under Section ------ 4 that would have thereafter otherwise been payable thereunder under the Credit Documents to the Nonperforming Lender. The Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Revolving Loan Percentage Interest or Term Loan Percentage Interest, as applicable, of such Performing Lender in an amount equal to the Revolving Loan Percentage Interest or Term Loan Percentage Interest of such Performing Lender divided by one minus the Revolving Loan Percentage Interest or Term ----- Loan Percentage Interest of the Nonperforming Lender until the respective portions of the Loans Revolving Loan or the Term Loan, as applicable, owed to all the Lenders are the same as the Revolving Loan Percentage Interests Interest or Term Loan Percentage Interests, respectively, of the Lenders immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereofSection 2. The foregoing provisions shall be in addition to any other remedies the Agent, the Performing Lenders or Borrower the Company may have under Law law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereofSection 2.

Appears in 1 contract

Samples: Credit Agreement (Transmontaigne Inc)

Delinquent Lenders; Nonperforming Lenders. In the event that any Lender fails to reimburse the Managing Agent pursuant to Section 9.8(g) 10.4.1 for the Percentage Interest of such Lender lender (a "Delinquent Lender") in any credit advanced by the Managing Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent Payment") due from the Delinquent Lender to the Managing Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) % plus the Federal Funds Rate for any longer period. Such interest shall be payable to the Managing Agent for its own account for the period commencing on the date of the Delinquent Payment and ending on the date the Delinquent Lender reimburses the Managing Agent on account of the Delinquent Payment (to the extent not paid by Borrower any Obligor as provided below) and the accrued interest thereon (the "Delinquency Period"), whether pursuant to the assignments referred to below or otherwise. Upon notice by the Managing Agent, Borrower the Company will pay to the Managing Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Managing Agent all interest, commitment fees and other payments made by Borrower hereunder that would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof (a "Nonperforming Lender"), the Nonperforming Lender shall be deemed to have assigned to each Lender that is not a Nonperforming Lender (a "Performing Lender") all principal and other payments made by Borrower that would have thereafter otherwise been payable thereunder to the Nonperforming Lender. Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender divided by one minus the Percentage Interest of the Nonperforming Lender until the respective portions of the Loans owed to all Lenders are the same as the Percentage Interests of Lenders immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereof. The foregoing provisions shall be in addition to any other remedies Agent, the Performing Lenders or Borrower may have under Law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereof.all

Appears in 1 contract

Samples: Credit Agreement (American Tower Corp)

Delinquent Lenders; Nonperforming Lenders. In the event that any Lender fails to reimburse the Agent pursuant to Section 9.8(g) 11.4.1 for the Percentage Interest of such Lender (a "Delinquent Lender") in any credit advanced by the Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent Payment") due from the Delinquent Lender to the Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) % plus the Federal Funds Rate for any longer period. Such interest shall be payable to the Agent for its own account for the period commencing on the date of the Delinquent Payment and ending on the date the Delinquent Lender reimburses the Agent on account of the Delinquent Payment (to the extent not paid by Borrower the Company as provided below) and the accrued interest thereon (the "Delinquency Period"), whether pursuant to the assignments referred to below or otherwise. Upon notice by the Agent, Borrower the Borrowers will pay to the Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Agent all interest, commitment fees and other payments made by Borrower hereunder the Borrowers under Section 3 that would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof Section 2 (a "Nonperforming Lender"), the Nonperforming Lender shall be deemed to have assigned to each Lender that is not a Nonperforming Lender (a "Performing Lender") all principal and other payments made by Borrower the Borrowers under Section 4 that would have thereafter otherwise been payable thereunder under the Credit Documents to the Nonperforming Lender. The Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender in an amount equal to the Percentage Interest of such Performing Lender divided by one minus the Percentage Interest of the Nonperforming Lender until the respective portions of the Loans Revolving Loan owed to all the Lenders are the same as the Percentage Interests of the Lenders immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereofSection 2. The foregoing provisions shall be in addition to any other remedies the Agent, the Performing Lenders or Borrower the Borrowers may have under Law law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereofSection 2.

Appears in 1 contract

Samples: Credit Agreement (Pediatrix Medical Group Inc)

Delinquent Lenders; Nonperforming Lenders. In the event that any Lender fails to reimburse the Agent pursuant to Section 9.8(g) 10.4.1 for the Percentage Interest of such Lender lender (a "Delinquent Lender") in any credit advanced by the Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent Payment") due from the Delinquent Lender to the Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) % plus the Federal Funds Rate for any longer period. Such interest shall be payable to the Agent for its own account for the period commencing on the date of the Delinquent Payment and ending on the date the Delinquent Lender reimburses the Agent on account of the Delinquent Payment (to the extent not paid by Borrower any Obligor as provided below) and the accrued interest thereon (the "Delinquency Period"), whether pursuant to the assignments referred to below or otherwise. Upon notice by the Agent, the Borrower will pay to the Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Agent all interest, commitment fees and other payments made by the Borrower hereunder under Section 3 that would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof Section 2 (a "Nonperforming Lender"), the Nonperforming Lender shall be deemed to have assigned to each Lender that is not a Nonperforming Lender (a "Performing Lender") all principal and other payments made by the Borrower under Section 4 that would have thereafter otherwise been payable thereunder under the Credit Documents to the Nonperforming Lender. The Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender in an amount equal to the Percentage Interest of such Performing Lender divided by one minus the Percentage Interest of the Nonperforming Lender until the respective portions of the Loans Loan owed to all the Lenders are the same as the Percentage Interests of the Lenders immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereofSection 2. The foregoing provisions shall be in addition to any other remedies the Agent, the Performing Lenders or the Borrower may have under Law law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereofSection 2.

Appears in 1 contract

Samples: Credit Agreement (Playcore Inc)

Delinquent Lenders; Nonperforming Lenders. In the event that any Lender fails to reimburse the New York Managing Agent pursuant to Section 9.8(g) 10.5.1 for the Percentage Interest (or Competitive Auction Facility Loan) of such Lender (a "Delinquent Lender") in any credit advanced by the New York Managing Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent Payment") due from the Delinquent Lender to the New York Managing Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) % plus the Federal Funds Rate for any longer period. Such interest shall be payable to the New York Managing Agent for its own account for the period commencing on the date of the Delinquent Payment and ending on the date the Delinquent Lender reimburses the New York Managing Agent on account of the Delinquent Payment (to the extent not paid by Borrower as provided below) and the accrued interest thereon (the "Delinquency Period"), whether pursuant to the assignments referred to below or otherwise. Upon notice by the New York Managing Agent, Borrower the Company will pay to the New York Managing Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the New York Managing Agent all interest, commitment fees Facility Fees and other payments made by Borrower hereunder the Company under Section 3 that would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof Section 2 (a "Nonperforming Lender"), the Nonperforming Lender shall be deemed to have assigned to each Lender that is not a Nonperforming Lender (a "Performing Lender") all principal and other payments made by Borrower the Company under Section 4 that would have thereafter otherwise been payable thereunder under the Credit Documents to the Nonperforming Lender. The New York Managing Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender divided by one minus the Percentage Interest of the Nonperforming Lender until the respective portions of the Loans Revolving Loan owed to all the Lenders are the same as the Percentage Interests of the Lenders immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereofSection 2. The foregoing provisions shall be in addition to any other remedies the New York Managing Agent, the Performing Lenders or Borrower the Company may have under Law law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereofSection 2.

Appears in 1 contract

Samples: Credit Agreement (Central Maine Power Co)

Delinquent Lenders; Nonperforming Lenders. In the event that any Lender fails to reimburse the Agent pursuant to Section 9.8(g) 11.4.1 for the Percentage Interest of such Lender (a "Delinquent Lender") in any credit advanced by the Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent Payment") due from the Delinquent Lender to the Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) % plus the Federal Funds Rate for any longer period. Such interest shall be payable to the Agent for its own account for the period commencing on the date of the Delinquent Payment and ending on the date the Delinquent Lender reimburses the Agent on account of the Delinquent Payment (to the extent not paid by Borrower the Company as provided below) and the accrued interest thereon (the "Delinquency Period"), whether pursuant to the assignments referred to below or otherwise. Upon notice by the Agent, Borrower the Company will pay to the Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Agent all interest, commitment fees and other payments made by Borrower hereunder the Company under Section 3 that would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof Section 2 (a "Nonperforming Lender"), the Nonperforming Lender shall be deemed to have assigned to each Lender that is not a Nonperforming Lender (a "Performing Lender") all principal and other payments made by Borrower the Company under Section 4 that would have thereafter otherwise been payable thereunder under the Credit Documents to the Nonperforming Lender. The Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender divided by one minus the Percentage Interest of the Nonperforming Lender until the respective portions of the Loans Loan owed to all the Lenders are the same as the Percentage Interests of the Lenders immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereofSection 2. The foregoing provisions shall be in addition to any other remedies the Agent, the Performing Lenders or Borrower the Company may have under Law law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereofSection 2.

Appears in 1 contract

Samples: Credit Agreement (Buckeye Technologies Inc)

Delinquent Lenders; Nonperforming Lenders. In the event ----------------------------------------- that any Lender fails to reimburse the Agent pursuant to Section 9.8(g) 12.4.1 for the Percentage Interest of such Lender lender (a "Delinquent Lender") in any ----------------- credit advanced by the Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent Payment") due from the Delinquent Lender to the Agent shall ------------------ bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) % plus the Federal Funds Rate for any longer period. ---- Such interest shall be payable to the Agent for its own account for the period commencing on the date of the Delinquent Payment and ending on the date the Delinquent Lender reimburses the Agent on account of the Delinquent Payment (to the extent not paid by Borrower the Company as provided below) and the accrued interest thereon (the "Delinquency Period"), whether ------------------ pursuant to the assignments referred to below or otherwise. Upon notice by the Agent, the Borrower will pay to the Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Agent all interest, commitment fees and other payments made by the Borrower hereunder under Section 3 that would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof Section 2 (a "Nonperforming Lender"), the Nonperforming Lender --------------------- shall be deemed to have assigned to each Lender that is not a Nonperforming Lender (a "Performing Lender") all principal and other payments made by the ----------------- Borrower under Section 4 that would have thereafter otherwise been payable thereunder under the Credit Documents to the Nonperforming Lender. The Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender in the portion of the Loan with respect to which there is such nonperformance, in an amount equal to such Percentage Interest of such Performing Lender divided by one minus the Percentage Interest of the Nonperforming Lender in the ----- portion of the Loan with respect to which there is such nonperformance, until the respective portions of such portion of the Loans Loan owed to all the Lenders are the same as the Percentage Interests of the Lenders in such portion of the Loan immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereofSection 2. The foregoing provisions shall be in addition to any other remedies the Agent, the Performing Lenders or the Borrower may have under Law law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereofSection 2.

Appears in 1 contract

Samples: Credit Agreement (Ameripath Inc)

Delinquent Lenders; Nonperforming Lenders. In the event that ----------------------------------------- any Lender fails to reimburse the Agent pursuant to Section 9.8(g) Sections 10.4.1 and 10.4.2 for the Percentage Interest of such Lender lender (a "Delinquent Lender") in ----------------- any credit advanced by the Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent Payment") due from the Delinquent Lender to the Agent shall bear ------------------ interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) % plus the Federal Funds Rate for any longer period. Such interest shall be payable to the Agent for its own account for the period -91- commencing on the date of the Delinquent Payment and ending on the date the Delinquent Lender reimburses the Agent on account of the Delinquent Payment (to the extent not paid by Borrower any Obligor as provided below) and the accrued interest thereon (the "Delinquency Period"), whether pursuant to the ------------------ assignments referred to below or otherwise. Upon notice by Agentthe Agent after any such Delinquent Payment is more than three days overdue, Borrower the Company will pay to the Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Agent all interest, commitment fees and other payments made by Borrower hereunder the Company under Section 3 that would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof Section 2 (a "Nonperforming Lender"), the Nonperforming Lender shall be deemed to have -------------------- assigned to each Lender that is not a Nonperforming Lender (a "Performing ---------- Lender") all principal and other payments made by Borrower the Company under Section ------ 4 that would have thereafter otherwise been payable thereunder under the Credit Documents to the Nonperforming Lender. The Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender in an amount equal to the Percentage Interest of such Performing Lender divided by one minus the Percentage ----- Interest of the Nonperforming Lender until the respective portions of the Loans Loan owed to all the Lenders are the same as the Percentage Interests of the Lenders immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereofSection 2. The foregoing provisions shall be in addition to any other remedies the Agent, the Performing Lenders or Borrower the Company may have under Law law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereofSection 2.

Appears in 1 contract

Samples: Credit Agreement (Sba Communications Corp)

Delinquent Lenders; Nonperforming Lenders. In the event that any Lender fails to reimburse the Administrative Agent pursuant to Section 9.8(g) 12.4.1 for the Percentage Interest of such Lender (a "Delinquent Lender") in any credit advanced by the Administrative Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent Payment") due from the Delinquent Lender to the Administrative Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) % plus the Federal Funds Rate for any longer period. Such interest shall be payable to the Administrative Agent for its own account for the period commencing on the date of the Delinquent Payment and ending on the date the Delinquent Lender reimburses the Administrative Agent on account of the Delinquent Payment (to the extent not paid by Borrower any Obligor as provided below) and the accrued interest thereon (the "Delinquency Period"), whether pursuant to the assignments referred to below or otherwise. Upon notice by the Administrative Agent, Borrower the Company will pay to the Administrative Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Administrative Agent all interest, commitment fees and other payments made by Borrower hereunder the Company under Section 3 that would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. 103 During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof Section 2 (a "Nonperforming Lender"), the Nonperforming Lender shall be deemed to have assigned to each Lender that is not a Nonperforming Lender (a "Performing Lender") all principal and other payments made by Borrower the Company under Section 4 that would have thereafter otherwise been payable thereunder under the Credit Documents to the Nonperforming Lender. The Administrative Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender in an amount equal to the Percentage Interest of such Performing Lender divided by one minus the Percentage Interest of the Nonperforming Lender until the respective portions of the Working Capital Loans owed to all the Lenders are the same as the Percentage Interests Interest of the Lenders immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereofSection 2. The foregoing provisions shall be in addition to any other remedies the Administrative Agent, the Performing Lenders or Borrower the Company may have under Law law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereofSection 2.

Appears in 1 contract

Samples: Credit Agreement (Transmontaigne Inc)

AutoNDA by SimpleDocs

Delinquent Lenders; Nonperforming Lenders. In the event that any Lender fails to reimburse the Agent pursuant to Section 9.8(g) 12.4.1 for the Revolving Loan Percentage Interest or Term Loan Percentage Interest of such Lender lender (a "Delinquent Lender") in any credit advanced by the Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent Payment") due from the Delinquent Lender to the Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) % plus the Federal Funds Rate for any longer period. Such interest shall be payable to the Agent for its own account for the period commencing on the date of the Delinquent Payment and ending on the date the Delinquent Lender reimburses the Agent on account of the Delinquent Payment (to the extent not paid by Borrower any Obligor as provided below) and the accrued interest thereon (the "Delinquency Period"), whether pursuant to the assignments referred to below or otherwise. Upon notice by the Agent, Borrower the Company will pay to the Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Agent all interest, commitment fees and other payments made by Borrower hereunder the Company under Section 3 that would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof Section 2 (a "Nonperforming Lender"), the Nonperforming Lender shall be deemed to have assigned to each Lender that is not a Nonperforming Lender (a "Performing Lender") all principal and other payments made by Borrower the Company under Section 4 that would have thereafter otherwise been payable thereunder under the Credit Documents to the Nonperforming Lender. The Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Revolving Loan Percentage Interest or Term Loan Percentage Interest, as applicable, of such Performing Lender in an amount equal to the Revolving Loan Percentage Interest or Term Loan Percentage Interest of such Performing Lender divided by one minus the Revolving Loan Percentage Interest or Term Loan Percentage Interest of the Nonperforming Lender until the respective portions of the Loans Revolving Loan or the Term Loan, as applicable, owed to all the Lenders are the same as the Revolving Loan Percentage Interests Interest or Term Loan Percentage Interests, respectively, of the Lenders immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereofSection 2. The foregoing provisions shall be in addition to any other remedies the Agent, the Performing Lenders or Borrower the Company may have under Law law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereofSection 2.

Appears in 1 contract

Samples: Credit Agreement (Transmontaigne Inc)

Delinquent Lenders; Nonperforming Lenders. In the event that any Lender fails to reimburse the Agent pursuant to Section 9.8(g) 12.4.1 for the Percentage Interest of such Lender lender (a "Delinquent Lender") in any credit advanced by the Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent Payment") due from the Delinquent Lender to the Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) % plus the Federal Funds Rate for any longer period. Such interest shall be payable to the Agent for its own account for the period commencing on the date of the Delinquent Payment and ending on the date the Delinquent Lender reimburses the Agent on account of the Delinquent Payment (to the extent not paid by Borrower the Company as provided below) and the accrued interest thereon (the "Delinquency Period"), whether pursuant to the assignments referred to below or otherwise. Upon notice by the Agent, the Borrower will pay to the Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Agent all interest, commitment fees and other payments made by the Borrower hereunder under Section 3 that would have thereafter otherwise been payable under the Credit Documents to the Delinquent -91- 101 Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof Section 2 (a "Nonperforming Lender"), the Nonperforming Lender shall be deemed to have assigned to each Lender that is not a Nonperforming Lender (a "Performing Lender") all principal and other payments made by the Borrower under Section 4 that would have thereafter otherwise been payable thereunder under the Credit Documents to the Nonperforming Lender. The Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender in the portion of the Loan with respect to which there is such nonperformance, in an amount equal to such Percentage Interest of such Performing Lender divided by one minus the Percentage Interest of the Nonperforming Lender in the portion of the Loan with respect to which there is such nonperformance, until the respective portions of such portion of the Loans Loan owed to all the Lenders are the same as the Percentage Interests of the Lenders in such portion of the Loan immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereofSection 2. The foregoing provisions shall be in addition to any other remedies the Agent, the Performing Lenders or the Borrower may have under Law law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereofSection 2.

Appears in 1 contract

Samples: Credit Agreement (Ameripath Inc)

Delinquent Lenders; Nonperforming Lenders. In the event ----------------------------------------- that any Lender fails to reimburse the Agent pursuant to Section 9.8(g) Sections 10.4.1 and 10.4.2 for the Percentage Interest of such Lender lender (a "Delinquent ---------- Lender") in any credit advanced by the Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue ------ amounts (the "Delinquent Payment") due from the Delinquent Lender to the ------------------ Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) % plus the Federal Funds Rate ---- for any longer period. Such interest shall be payable to the Agent for its own account for the period commencing on the date of the Delinquent Payment and ending on the date the Delinquent Lender reimburses the Agent on account of the Delinquent Payment (to the extent not paid by Borrower any Obligor as provided below) and the accrued interest thereon (the "Delinquency ----------- Period"), whether pursuant to the assignments referred to below or ------- otherwise. Upon notice by Agentthe Agent after any such Delinquent Payment is more than three days overdue, Borrower the Company will pay to the Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Agent all interest, commitment fees and other payments made by Borrower hereunder the Company under Section 3 that would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof Section 2 (a "Nonperforming Lender"), -------------------- the Nonperforming Lender shall be deemed to have assigned to each Lender that is not a Nonperforming Lender (a "Performing Lender") all principal ----------------- and other payments made by Borrower the Company under Section 4 that would have thereafter otherwise been payable thereunder under the Credit Documents to the Nonperforming Lender. The Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender in an amount equal to the Percentage Interest of such Performing Lender divided by one minus the Percentage Interest of the ----- Nonperforming Lender until the respective portions of the Loans Loan owed to all the Lenders are the same as the Percentage Interests of the Lenders immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereofSection 2. The foregoing provisions shall be in addition to any other remedies the Agent, the Performing Lenders or Borrower the Company may have under Law law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereofSection 2.

Appears in 1 contract

Samples: Credit Agreement (Sba Communications Corp)

Delinquent Lenders; Nonperforming Lenders. In the event that any Lender fails to reimburse the Agent pursuant to Section 9.8(g) 10.4.1 for the Percentage Interest of such Lender lender (a "Delinquent Lender") in any credit advanced by the Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent Payment") due from the Delinquent Lender to the Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) % plus the Federal Funds Rate for any longer period. Such interest shall be payable to the Agent for its own account for the period commencing on the date of the Delinquent Payment and ending on the date the Delinquent Lender reimburses the Agent on account of the Delinquent Payment (to the extent not paid by the Borrower or any Guarantor as provided below) and the accrued interest thereon (the "Delinquency Period"), whether pursuant to the assignments referred to below or otherwise. Upon one Banking Day's notice by the Agent, the Borrower will pay to the Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Agent all interest, commitment fees and other payments made by the Borrower hereunder under Section 3 that would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof Section 2 (a "Nonperforming Lender"), the Nonperforming Lender shall be deemed to have assigned to each Lender that is not a Nonperforming Lender (a "Performing Lender") all principal and other payments made by the Borrower under Section 4 that would have thereafter otherwise been payable thereunder under the Credit Documents to the Nonperforming Lender. The Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender in an amount equal to the Percentage Interest of such Performing Lender divided by one minus the Percentage Interest of the Nonperforming Lender until the respective portions of the Loans Loan owed to all the Lenders are the same as the Percentage Interests of the Lenders immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereofSection 2. The foregoing provisions shall be in addition to any other remedies the Agent, the Performing Lenders or the Borrower may have under Law law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereofSection 2.

Appears in 1 contract

Samples: Credit Agreement (Racing Champions Corp)

Delinquent Lenders; Nonperforming Lenders. In the event that any Lender fails to reimburse the Agent pursuant to Section 9.8(g) 12.4.1 for the Percentage Interest of such Lender lender (a "Delinquent Lender") in any credit advanced by the Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent Payment") due from the Delinquent Lender to the Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) % plus the Federal Funds Rate for any longer period. Such interest shall be payable to the Agent for its own account for the period commencing on the date of the Delinquent Payment and ending on the date the Delinquent Lender reimburses the Agent on account of the Delinquent Payment (to the extent not paid by Borrower the Company as provided below) and the accrued interest thereon (the "Delinquency Period"), whether pursuant to the assignments referred to below or otherwise. Upon notice by the Agent, Borrower the Borrowers will pay to the Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Agent all interest, commitment fees and other payments made by Borrower hereunder the Borrowers under Section 3 that would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof Section 2 (a "Nonperforming Lender"), the Nonperforming Lender shall be deemed to have assigned to each Lender that is not a Nonperforming Lender (a "Performing Lender") all principal and other payments made by Borrower the Borrowers under Section 4 that would have thereafter otherwise been payable thereunder under the Credit Documents to the Nonperforming Lender. The Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender in an amount equal to the Percentage Interest of such Performing Lender divided by one minus the Percentage Interest of the Nonperforming Lender until the respective portions of the Loans Revolving Loan owed to all the Lenders are the same as the Percentage Interests of the Lenders immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereofSection 2. The foregoing provisions shall be in addition to any other remedies the Agent, the Performing Lenders or Borrower the Borrowers may have under Law law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereofSection 2.

Appears in 1 contract

Samples: Credit Agreement (Ameripath Inc)

Delinquent Lenders; Nonperforming Lenders. In the event that any Lender fails to reimburse the Agent pursuant to Section 9.8(g) 12.4.1 for the Percentage Interest of such Lender (a "Delinquent Lender") in any credit advanced by the Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent Payment") due from the Delinquent Lender to the Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) 2 % plus the Federal Funds Rate for any longer period. Such interest shall be payable to the Agent for its own account for the period commencing on the date of the Delinquent Payment and ending on the date the Delinquent Lender reimburses the Agent on account of the Delinquent Payment (to the extent not paid by Borrower any Obligor as provided below) and the accrued interest thereon (the "Delinquency Period"), whether pursuant to the assignments referred to below or otherwise. Upon notice by the Agent, Borrower the Company will pay to the Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Agent all interest, commitment fees and other payments made by Borrower hereunder the Company under Section 3 that would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof Section 2 (a "Nonperforming Lender"), the Nonperforming Lender shall be deemed to have assigned to each Lender that is not a Nonperforming Lender (a "Performing Lender") all principal and other payments made by Borrower the Company under Section 4 that would have thereafter otherwise been payable thereunder under the Credit Documents to the Nonperforming Lender. The Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender in an amount equal to the Percentage Interest of such Performing Lender divided by one minus the Percentage Interest of the Nonperforming Lender until the respective portions of the Loans Revolving Loan owed to all the Lenders are the same as the Percentage Interests Interest of the Lenders immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereofSection 2. The foregoing provisions shall be in addition to any other remedies the Agent, the Performing Lenders or Borrower the Company may have under Law law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereofSection 2.

Appears in 1 contract

Samples: Credit Agreement (Transmontaigne Inc)

Delinquent Lenders; Nonperforming Lenders. In the event ----------------------------------------- that any Lender fails to reimburse the Agent pursuant to Section 9.8(g) 12.4.1 for the Percentage Interest of such Lender lender (a "Delinquent Lender") in any credit ----------------- advanced by the Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent ---------- Payment") due from the Delinquent Lender to the Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) % plus ---- the Federal Funds Rate for any longer period. Such interest shall be payable to the Agent for its own account for the period commencing on the date of the Delinquent Payment and ending on the date the Delinquent Lender reimburses the Agent on account of the Delinquent Payment (to the extent not paid by Borrower the Company as provided below) and the accrued interest thereon (the "Delinquency ----------- Period"), whether pursuant to the assignments referred to below or otherwise. ------ Upon notice by the Agent, Borrower the Company will pay to the Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Agent all interest, commitment facility fees and other payments made by Borrower hereunder the Company under Section 3 that would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof Section 2 (a "Nonperforming Lender"), the Nonperforming Lender shall be deemed to have -------------------- assigned to each Lender that is not a Nonperforming Lender (a "Performing ---------- Lender") all principal and other payments made by Borrower the Company under ------ Section 4 that would have thereafter otherwise been payable thereunder under the Credit Documents to the Nonperforming Lender. The Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender in an amount equal to the Percentage Interest of such Performing Lender divided by one minus the ----- Percentage Interest of the Nonperforming Lender until the respective portions of the Loans Loan owed to all the Lenders are the same as the Percentage Interests of the Lenders immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereofSection 2. The foregoing provisions shall be in addition to any other remedies the Agent, the Performing Lenders or Borrower the Company may have under Law law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereofSection 2.

Appears in 1 contract

Samples: Credit Agreement (Transmontaigne Oil Co)

Delinquent Lenders; Nonperforming Lenders. In the event that any Lender fails to reimburse the Agent pursuant to Section 9.8(g) 11.4.1 for the Percentage Interest of such Lender (a "Delinquent LenderDELINQUENT LENDER") in any credit advanced by the Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent PaymentDELINQUENT PAYMENT") due from the Delinquent Lender to the Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) plus % PLUS the Federal Funds Rate for any longer period. Such interest shall be payable to the Agent for its own account for the period commencing on the date of the Delinquent Payment and ending on the date the Delinquent Lender reimburses the Agent on account of the Delinquent Payment (to the extent not paid by Borrower the Company as provided below) and the accrued interest thereon (the "Delinquency PeriodDELINQUENCY PERIOD"), whether pursuant to the assignments referred to below or otherwise. Upon notice by the Agent, Borrower the Borrowers will pay to the Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Agent all interest, commitment fees and other payments made by Borrower hereunder the Borrowers under Section 3 that would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof Section 2 (a "Nonperforming LenderNONPERFORMING LENDER"), the Nonperforming Lender shall be deemed to have assigned to each Lender that is not a Nonperforming Lender (a "Performing LenderPERFORMING LENDER") all principal and other payments made by Borrower the Borrowers under Section 4 that would have thereafter otherwise been payable thereunder under the Credit Documents to the Nonperforming Non performing Lender. The Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender in an amount equal to the Percentage Interest of such Performing Lender divided by one minus MINUS the Percentage Interest of the Nonperforming Lender until the respective portions of the Loans Revolving Loan owed to all the Lenders are the same as the Percentage Interests of the Lenders immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereofSection 2. The foregoing provisions shall be in addition to any other remedies the Agent, the Performing Lenders or Borrower the Borrowers may have under Law law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereofSection 2.

Appears in 1 contract

Samples: Credit Agreement (Pediatrix Medical Group Inc)

Delinquent Lenders; Nonperforming Lenders. In the event that any Lender fails to reimburse the Administrative Agent pursuant to Section 9.8(g) 11.4.1 for the Percentage Interest of such Lender (a "Delinquent Lender") in any credit advanced by the Administrative Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent Payment") due from the Delinquent Lender to the Administrative Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) % plus the Federal Funds Rate for any longer period. Such interest shall be payable to the Administrative Agent for its own account for the period commencing commending on the date of the Delinquent Payment was due and ending on the date the Delinquent Lender reimburses the Administrative Agent on account of the Delinquent Payment (to the extent not paid by Borrower a Restricted Company as provided below) and the accrued interest thereon (the "Delinquency Period"), whether pursuant to the assignments referred to below or otherwise. Upon notice Within five Banking Days after the request by the Administrative Agent, the Borrower will pay to the Administrative 76 76 Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Administrative Agent all interest, commitment fees and other payments made by the Borrower hereunder that under Section 4 which would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof Section 2 (a "Nonperforming Lender"), the Nonperforming Lender shall be deemed to have assigned to each Lender that is not a Nonperforming Lender (a "Performing Lender") all principal and other payments made by the Borrower that under Section 4 which would have thereafter otherwise been payable thereunder under the Credit Documents to the Nonperforming Lender. , and the Administrative Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender divided by one minus the Percentage Interest of the Nonperforming Lender until the respective portions of the Loans Loan owed to all the Lenders are the same as the Percentage Interests of the Lenders immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereofSection 2. The foregoing provisions shall be in addition to any other remedies the Administrative Agent, the Performing Lenders or the Borrower may have under Law law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereofSection 2.

Appears in 1 contract

Samples: Credit Agreement (Charter Communications Inc /Mo/)

Delinquent Lenders; Nonperforming Lenders. In the event that any Lender fails to reimburse the Administrative Agent pursuant to Section 9.8(g) 12.4.1 for the Percentage Interest of such Lender (a "Delinquent Lender") in any credit advanced by the Administrative Agent pursuant hereto at a time when Borrower is not in Default hereunderhereto, overdue amounts (the "Delinquent Payment") due from the Delinquent Lender to the Administrative Agent shall bear interest, payable by the Delinquent Lender on demand, at a per annum rate equal to (a) the Federal Funds Rate for the first three days overdue and (b) the sum of two percentage points (2%) 2 % plus the Federal Funds Rate for any longer period. Such interest shall be payable to the Administrative Agent for its own account for the period commencing on the date of the Delinquent Payment and ending on the date the Delinquent Lender reimburses the Administrative Agent on account of the Delinquent Payment (to the extent not paid by Borrower any Obligor as provided below) and the accrued interest thereon (the "Delinquency Period"), whether pursuant to the assignments referred to below or otherwise. Upon notice by the Administrative Agent, Borrower the Company will pay to the Administrative Agent the principal (but not the interest) portion of the Delinquent Payment. During the Delinquency Period, in order to make reimbursements for the Delinquent Payment and accrued interest thereon, the Delinquent Lender shall be deemed to have assigned to the Administrative Agent all interest, commitment fees and other payments made by Borrower hereunder the Company under Section 3 that would have thereafter otherwise been payable under the Credit Documents to the Delinquent Lender. During any other period in which any Lender is not performing its obligations to extend credit under Article II hereof Section 2 (a "Nonperforming Lender"), the Nonperforming Lender shall be deemed to have assigned to each Lender that is not a Nonperforming Lender (a "Performing Lender") all principal and other payments made by Borrower the Company under Section 4 that would have thereafter otherwise been payable thereunder under the Credit Documents to the Nonperforming Lender. The Administrative Agent shall credit a portion of such payments to each Performing Lender in an amount equal to the Percentage Interest of such Performing Lender in an amount equal to the Percentage Interest of such Performing Lender divided by one minus the Percentage Interest of the Nonperforming Lender until the respective portions of the Revolving Loans owed to all the Lenders are the same as the Percentage Interests Interest of the Lenders immediately prior to the failure of the Nonperforming Lender to perform its obligations under Article II hereofSection 2. Table of Contents The foregoing provisions shall be in addition to any other remedies the Administrative Agent, the Performing Lenders or Borrower the Company may have under Law law or equity against the Delinquent Lender as a result of the Delinquent Payment or against the Nonperforming Lender as a result of its failure to perform its obligations under Article II hereofSection 2.

Appears in 1 contract

Samples: Credit Agreement (Transmontaigne Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.