Incremental Interest. (A) If the Consolidated Leverage Ratio or the Unencumbered Leverage Ratio exceeds, or both exceed, sixty percent (60%) as permitted by Section 10.6(a) or (c), as evidenced by an Officer’s Certificate delivered pursuant to Section 7.2(a), the interest rate payable on the Notes shall be increased by 0.25% per annum (the “Incremental Interest”). Such Incremental Interest shall begin to accrue on the first day of the fiscal quarter following the fiscal quarter in respect of which such Officer’s Certificate was delivered, and shall continue to accrue until the Issuer has provided an Officer’s Certificate pursuant to Section 7.2(a) demonstrating that, as of the last day of the fiscal quarter in respect of which such Officer’s Certificate is delivered, neither the Consolidated Leverage Ratio nor the Unencumbered Leverage Ratio is more than sixty percent (60%). In the event such Officer’s Certificate is delivered evidencing that neither the Consolidated Leverage Ratio nor the Unencumbered Leverage Ratio is more than sixty percent (60%), the Incremental Interest shall cease to accrue on the last day of the fiscal quarter in respect of which such Officer’s Certificate is delivered. (B) The Issuer shall pay to each holder of a Note the amount attributable to the Incremental Interest (the “Incremental Interest Payment”) which shall be the product of (i) the aggregate outstanding principal amount of Notes held by such holder (or its predecessor(s) in interest) as of the first day that Incremental Interest begins to accrue pursuant to Section 10.6(ii)(A) above, (ii) 0.25% (to reflect the Incremental Interest) and (iii) 0.25 (to reflect that the Incremental Interest is calculated quarterly). The Incremental Interest Payment due, if any, shall be paid in conjunction with the semiannual interest payments due under the Notes by wire transfer of immediately available funds to each holder of the Notes in accordance with the terms of this Agreement. (C) For avoidance of doubt, no Incremental Interest will be used in calculating any Make-Whole Amount. Furthermore, any Incremental Interest due as a result of a Consolidated Leverage Ratio Holiday is not cumulative with any Incremental Interest due as a result of an Unencumbered Leverage Ratio Holiday and vice versa; therefore, the maximum Incremental Interest due hereunder is 0.25% per annum. (D) Notwithstanding the foregoing, if any Primary Credit Facility includes provisions related to a Consolidated Leverage Ratio Covenant Holiday or an Unencumbered Leverage Ratio Covenant Holiday (including any substantially similar concepts and any related definitions, the “Bank Covenant Holiday Provisions”) and such Bank Covenant Holiday Provisions are, after the date of Closing, deleted or made more favorable to the lenders thereunder, such deletion or favorable amendments will be incorporated herein, mutatis mutandi, as if set forth fully in this Agreement, effective beginning on the date on which such deletion or amendment occurs.
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Samples: Note Purchase Agreement (STAG Industrial, Inc.), Note Purchase Agreement (STAG Industrial, Inc.), Note Purchase Agreement (STAG Industrial, Inc.)
Incremental Interest. (A) If the Consolidated Leverage Ratio or the Unencumbered Leverage Ratio exceeds, or both exceed, sixty percent (60%) as permitted by Section 10.6(a) or (c), as evidenced by an Officer’s Certificate delivered pursuant to Section 7.2(a), the interest rate payable on the Notes shall be increased by 0.25% per annum (the “Incremental Interest”). Such Incremental Interest shall begin to accrue on the first day of the fiscal quarter following the fiscal quarter in respect of which such Officer’s Certificate was delivered, and shall continue to accrue until the Issuer has provided an Officer’s Certificate pursuant to Section 7.2(a) demonstrating that, as of the last day of the fiscal quarter in respect of which such Officer’s Certificate is delivered, neither the Consolidated Leverage Ratio nor the Unencumbered Leverage Ratio Ratio, is more than sixty percent (60%). In the event such Officer’s Certificate is delivered evidencing that neither the Consolidated Leverage Ratio nor the Unencumbered Leverage Ratio is more than sixty percent (60%), the Incremental Interest shall cease to accrue on the last day of the fiscal quarter in respect of which such Officer’s Certificate is delivered.
(B) The Issuer shall pay to each holder of a Note the amount attributable to the Incremental Interest (the “Incremental Interest Payment”) which shall be the product of (i) the aggregate outstanding principal amount of Notes held by such holder (or its predecessor(s) in interest) as of the first day that Incremental Interest begins to accrue pursuant to Section 10.6(ii)(A) above, (ii) 0.25% (to reflect the Incremental Interest) and (iii) 0.25 (to reflect that the Incremental Interest is calculated quarterly). The Incremental Interest Payment due, if any, shall be paid in conjunction with the semiannual interest payments due under the Notes by wire transfer of immediately available funds to each holder of the Notes in accordance with the terms of this Agreement.
(C) For avoidance of doubt, no Incremental Interest will be used in calculating any Make-Whole Amount. Furthermore, any Incremental Interest due as a result of a Consolidated Leverage Ratio Holiday is not cumulative with any Incremental Interest due as a result of an Unencumbered Leverage STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P. THIRD AMENDMENT TO APRIL 2014 NOTE PURCHASE AGREEMENT Ratio Holiday and vice versa; therefore, the maximum Incremental Interest due hereunder is 0.25% per annum.
(D) Notwithstanding the foregoing, if any Primary Credit Facility includes provisions related to a Consolidated Leverage Ratio Covenant Holiday or an Unencumbered Leverage Ratio Covenant Holiday (including any substantially similar concepts and any related definitions, the “Bank Covenant Holiday Provisions”) and such Bank Covenant Holiday Provisions are, after the date of Closing, deleted or made more favorable to the lenders thereunder, such deletion or favorable amendments will be incorporated herein, mutatis mutandi, as if set forth fully in this Agreement, effective beginning on the date on which such deletion or amendment occurs.
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Incremental Interest. (A) If the Consolidated Leverage Ratio or the Unencumbered Leverage Ratio exceeds, or both exceed, sixty percent (60%) as permitted by Section 10.6(a) or (c), as evidenced by an Officer’s Certificate delivered pursuant to Section 7.2(a), the interest rate payable on the Notes shall be increased by 0.25% per annum (the “Incremental Interest”). Such Incremental Interest shall begin to accrue on the first day of the fiscal quarter following the fiscal quarter in respect of which such Officer’s Certificate was delivered, and shall continue to accrue until the Issuer has provided an Officer’s Certificate pursuant to Section 7.2(a) demonstrating that, as of the last day of the fiscal quarter in respect of which such Officer’s Certificate is delivered, neither the Consolidated Leverage Ratio nor the Unencumbered Leverage Ratio Ratio, is more than sixty percent (60%). In the event such Officer’s Certificate is delivered evidencing that neither the Consolidated Leverage Ratio nor the Unencumbered Leverage Ratio is more than sixty percent (60%), the Incremental Interest shall cease to accrue on the last day of the fiscal quarter in respect of which such Officer’s Certificate is delivered.
(B) The Issuer shall pay to each holder of a Note the amount attributable to the Incremental Interest (the “Incremental Interest Payment”) which shall be the product of (i) the aggregate outstanding principal amount of Notes held by such holder (or its predecessor(s) in interest) as of the first day that Incremental Interest begins to accrue pursuant to Section 10.6(ii)(A) above, (ii) 0.25% (to reflect the Incremental Interest) and (iii) 0.25 (to reflect that the Incremental Interest is calculated quarterly). The Incremental Interest Payment due, if any, shall be paid in conjunction with the semiannual interest payments due under the Notes by wire transfer of immediately available funds to each holder of the Notes in accordance with the terms of this Agreement.
(C) For avoidance of doubt, no Incremental Interest will be used in calculating any Make-Whole Amount. Furthermore, any Incremental Interest due as a result of a Consolidated Leverage Ratio Holiday is not cumulative with any Incremental Interest due as a result of an Unencumbered Leverage STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P. SECOND AMENDMENT TO DECEMBER 2014 NOTE PURCHASE AGREEMENT Ratio Holiday and vice versa; therefore, the maximum Incremental Interest due hereunder is 0.25% per annum.
(D) Notwithstanding the foregoing, if any Primary Credit Facility includes provisions related to a Consolidated Leverage Ratio Covenant Holiday or an Unencumbered Leverage Ratio Covenant Holiday (including any substantially similar concepts and any related definitions, the “Bank Covenant Holiday Provisions”) and such Bank Covenant Holiday Provisions are, after the date of Closing, deleted or made more favorable to the lenders thereunder, such deletion or favorable amendments will be incorporated herein, mutatis mutandi, as if set forth fully in this Agreement, effective beginning on the date on which such deletion or amendment occurs.
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Incremental Interest. (A) If the Consolidated Leverage Ratio or the Unencumbered Leverage Ratio exceeds, or both exceed, sixty percent (60%) as permitted by Section 10.6(a) or (c), as evidenced by an Officer’s Certificate delivered pursuant to Section 7.2(a), the interest rate payable on the Notes shall be increased by 0.25% per annum (the “Incremental Interest”). Such Incremental Interest shall begin to accrue on the first day of the fiscal quarter following the fiscal quarter in respect of which such Officer’s Certificate was delivered, and shall continue to accrue until the Issuer has provided an Officer’s Certificate pursuant to Section 7.2(a) demonstrating that, as of the last day of the fiscal quarter in respect of which such Officer’s Certificate is delivered, neither the Consolidated Leverage Ratio nor the Unencumbered Leverage Ratio Ratio, is more than sixty percent (60%). In the event such Officer’s Certificate is delivered evidencing that neither the Consolidated Leverage Ratio nor the Unencumbered Leverage Ratio is more than sixty percent (60%), the Incremental Interest shall cease to accrue on the last day of the fiscal quarter in respect of which such Officer’s Certificate is delivered.
(B) The Issuer shall pay to each holder of a Note the amount attributable to the Incremental Interest (the “Incremental Interest Payment”) which shall be the product of (i) the aggregate outstanding principal amount of Notes held by such holder (or its predecessor(s) in interest) as of the first day that Incremental Interest begins to accrue pursuant to Section 10.6(ii)(A) above, (ii) 0.25% (to reflect the Incremental Interest) and (iii) 0.25 (to reflect that the Incremental Interest is calculated quarterly). The Incremental Interest Payment due, if any, shall be paid in conjunction with the semiannual interest payments due under the Notes by wire transfer of immediately available funds to each holder of the Notes in accordance with the terms of this Agreement.
(C) For avoidance of doubt, no Incremental Interest will be used in calculating any Make-Whole Amount. Furthermore, any Incremental Interest due as a result of a Consolidated Leverage Ratio Holiday is not cumulative with any Incremental Interest due as a result of an Unencumbered Leverage Ratio Holiday and vice versa; therefore, the maximum Incremental Interest due hereunder is 0.25% per annum.. STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P. FIRST AMENDMENT TO 2015 NOTE PURCHASE AGREEMENT
(D) Notwithstanding the foregoing, if any Primary Credit Facility includes provisions related to a Consolidated Leverage Ratio Covenant Holiday or an Unencumbered Leverage Ratio Covenant Holiday (including any substantially similar concepts and any related definitions, the “Bank Covenant Holiday Provisions”) and such Bank Covenant Holiday Provisions are, after the date of Closing, deleted or made more favorable to the lenders thereunder, such deletion or favorable amendments will be incorporated herein, mutatis mutandi, as if set forth fully in this Agreement, effective beginning on the date on which such deletion or amendment occurs.
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Incremental Interest. (A) If the Consolidated Leverage Ratio or the Unencumbered Leverage Ratio exceeds, or both exceed, sixty percent (60%) as permitted by Section 10.6(a) or (c), as evidenced by an Officer’s Certificate delivered pursuant to Section 7.2(a), the interest rate payable on the Notes shall be increased by 0.25% per annum (the “Incremental Interest”). Such Incremental Interest shall begin to accrue on the first day of the fiscal quarter following the fiscal quarter in respect of which such Officer’s Certificate was delivered, and shall continue to accrue until the Issuer has provided an Officer’s Certificate pursuant to Section 7.2(a) demonstrating that, as of the last day of the fiscal quarter in respect of which such Officer’s Certificate is delivered, neither the Consolidated Leverage Ratio nor the Unencumbered Leverage Ratio is more than sixty percent (60%). In the event such Officer’s Certificate is delivered evidencing that neither the Consolidated Leverage Ratio nor the Unencumbered Leverage Ratio is more than sixty percent (60%), the Incremental Interest shall cease to accrue on the last day of the fiscal quarter in respect of which such Officer’s Certificate is delivered.
(B) The Issuer shall pay to each holder of a Note the amount attributable to the Incremental Interest (the “Incremental Interest Payment”) which shall be the product of (i) the aggregate outstanding principal amount of Notes held by such holder (or its predecessor(s) in interest) as of the first day that Incremental Interest begins to accrue pursuant to Section 10.6(ii)(A) above, (ii) 0.25% (to reflect the Incremental Interest) and (iii) 0.25 (to reflect that the Incremental Interest is calculated quarterly). The Incremental Interest Payment due, if any, shall be paid in conjunction with the semiannual interest payments due under the Notes by wire transfer of immediately available funds to each holder of the Notes in accordance with the terms of this Agreement.
(C) For avoidance of doubt, no Incremental Interest will be used in calculating any Make-Whole Amount. Furthermore, any Incremental Interest due as a result of a Consolidated Leverage Ratio Holiday is not cumulative with any Incremental Interest due as a result of an Unencumbered Leverage Ratio Holiday and vice versa; therefore, the maximum Incremental Interest due hereunder is 0.25% per annum.
(D) Notwithstanding the foregoing, if any Primary Credit Facility includes provisions related to a Consolidated Leverage Ratio Covenant Holiday or an Unencumbered Leverage Ratio Covenant Holiday (including any substantially similar concepts and any related definitions, the “Bank Covenant Holiday Provisions”) and such Bank Covenant Holiday Provisions are, after the date of Closing, deleted or made more favorable to the lenders thereunder, such deletion or favorable amendments will be incorporated herein, mutatis mutandi, as if set forth fully in this Agreement, effective beginning on the date on which such deletion or amendment occurs.. STAG Industrial Operating Partnership, L.P. Note Purchase Agreement
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