Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option, subject to Section 2.13(b) below (the “SOFR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR Loan, or upon continuation of a SOFR Loan as a SOFR Loan) at a rate of interest based upon the SOFR. Interest on SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower has properly exercised the SOFR Option with respect thereto, the interest rate applicable to such SOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent thereto.
Appears in 1 contract
Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option, subject to Section 2.13(b2.12(b) below (the “SOFR Option”) to have interest on all or a portion of the Advances Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR Loan, or upon continuation of a SOFR Loan as a SOFR Loan) at a rate of interest based upon the Term SOFR. Interest on SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period)thereto, (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower has Borrowers have properly exercised the SOFR Option with respect thereto, the interest rate applicable to such SOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower Borrowers no longer shall have the option to request that Advances Revolving Loans bear interest at a rate based upon Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent theretoSOFR.
Appears in 1 contract
Samples: Credit Agreement (Hamilton Beach Brands Holding Co)
Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base RateAdjusted Daily Simple SOFR, Borrower Borrowers shall have the option, subject to Section 2.13(b2.12(b) below (the “Term SOFR Option”) to have interest on all or a portion of the Advances Revolving Loans (other than Swing Loans) be charged (whether at the time when made (unless otherwise provided herein), upon (x) conversion from a Base Rate Daily Simple SOFR Loan to a Term SOFR Loan, Loan or upon (y) continuation of a Term SOFR Loan as a Term SOFR Loan) at a rate of interest based upon the Adjusted Term SOFR. Interest on SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period Payment Date applicable thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On Unless Borrowers have properly exercised the Term SOFR Option with respect to a Term SOFR Loan, prior to the end of the applicable Interest Period thereto, such Term SOFR Loan shall be automatically converted to a Daily Simple SOFR Loan as of the last day of each applicable such Interest Period, unless Borrower has properly exercised the SOFR Option with respect thereto, the interest rate applicable to such SOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower at the written election of Agent or the Required Lenders, Borrowers no longer shall have the option to request that Advances Revolving Loans bear interest at a any rate based upon Adjusted Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent theretoSOFR.
Appears in 1 contract
Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base RateAdjusted Daily Simple SOFR, Borrower Borrowers shall have the option, subject to Section 2.13(b2.12(b) below (the “"Term SOFR Option”") to have interest on all or a portion of the Advances be charged Revolving Loans (other than Swing Loans) (whether at the time when made (unless otherwise provided herein), upon (x) conversion from a Base Rate Daily Simple SOFR Loan to a Term SOFR Loan, Loan or upon (y) continuation of a Term SOFR Loan as a Term SOFR Loan) at a rate of interest based upon the Adjusted Term SOFR. Interest on SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period Payment Date applicable thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period)thereto, (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On Unless Borrowers have properly exercised the Term SOFR Option with respect to a Term SOFR Loan, prior to the end of the applicable Interest Period thereto, such Term SOFR Loan shall be automatically converted to a Daily Simple SOFR Loan as of the last day of each applicable such Interest Period, unless Borrower has properly exercised the SOFR Option with respect thereto, the interest rate applicable to such SOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower at the written election of Agent or the Required Lenders, Borrowers no longer shall have the option to request that Advances Revolving Loans bear interest at a any rate based upon Adjusted Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent theretoSOFR.
Appears in 1 contract
Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, the Borrower shall have the option, subject to Section 2.13(b2.11(b) below (the “SOFR Option”) to have interest on all or a portion of the Advances Revolving Credit Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR Loan, or upon continuation of a SOFR Loan as a SOFR Loan) at a rate of interest based upon the Term SOFR. Interest on SOFR Loans shall be payable on the earliest of (i) the last day of the each Interest Period applicable thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period)Payment Date, (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest PeriodPayment Date, unless the Borrower has have properly exercised the SOFR Option with respect thereto, the interest rate applicable to such SOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, the Borrower no longer shall have the option to request that Advances Revolving Credit Loans bear interest at a rate based upon Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent theretoSOFR.
Appears in 1 contract
Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option, subject to Section 2.13(b2.12(b) below (the “"SOFR Option”") to have interest on all or a portion of the Advances Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR Loan, or upon continuation of a SOFR Loan as a SOFR Loan) at a rate of interest based upon the Term SOFR. Interest on SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto (thereto; provided, however, that, that subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 three month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower has Borrowers have properly exercised the SOFR Option with respect thereto, the interest rate applicable to such SOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower at the written election of Agent or the Required Lenders, Borrowers no longer shall have the option to request that Advances any portion of the Term Loan bear interest at a rate based upon Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent theretoSOFR.
Appears in 1 contract
Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower US Borrowers shall have the option, subject to Section 2.13(b2.12(b) below (the “SOFR Option”) to have interest on all or a portion of the Advances US Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR Loan, or upon continuation of a SOFR Loan as a SOFR Loan) at a rate of interest based upon the Adjusted Term SOFR. Interest on SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto (provided, however, that, thereto; provided that subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 three (3) month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On With respect to any US Revolving Loan, on the last day of each applicable Interest Period, unless Borrower has US Borrowers have properly exercised the SOFR Option with respect thereto, the interest rate applicable to such SOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower Borrowers no longer shall have the option to request that Advances Revolving Loans bear interest at a rate based upon the Adjusted Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent theretoSOFR.
Appears in 1 contract
Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option, subject to Section 2.13(b) below (the “"SOFR Option”") to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR Loan, or upon continuation of a SOFR Loan as a SOFR Loan) at a rate of interest based upon the SOFR. Interest on SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower has properly exercised the SOFR Option with respect thereto, the interest rate applicable to such SOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent thereto.
Appears in 1 contract
Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option, subject to Section 2.13(b2.12(b) below (the “SOFR LIBOR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR LIBOR Rate Loan, or upon continuation of a SOFR LIBOR Rate Loan as a SOFR LIBOR Rate Loan) at a rate of interest based upon the SOFRLIBOR Rate. Interest on SOFR LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), thereto; (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower has Borrowers properly have exercised the SOFR LIBOR Option with respect thereto, the interest rate applicable to such SOFR LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower continuing Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent theretoLIBOR Rate.
Appears in 1 contract
Samples: Credit Agreement (Sirva Inc)
Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option, subject to Section 2.13(b2.12(b) below (the “SOFR Option”) to have interest on all or a portion of the Advances Revolving Loans or the Term Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR Loan, or upon continuation of a SOFR Loan as a SOFR Loan) at a rate of interest based upon the Adjusted Term SOFR. Interest on SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto (thereto; provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless the Borrower properly has properly exercised the SOFR Option with respect thereto, the interest rate applicable to such SOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, at the written election of the Required Lenders, Borrower no longer shall have the option to request that Advances Revolving Loans bear interest at a rate based upon the Adjusted Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent theretoSOFR.
Appears in 1 contract
Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option, subject to Section 2.13(b2.12(b) below (the “SOFR LIBOR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR LIBOR Rate Loan, or upon continuation of a SOFR LIBOR Rate Loan as a SOFR LIBOR Rate Loan) at a rate of interest based upon the SOFRLIBOR Rate. Interest on SOFR LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), thereto; (ii) the date on which all or any portion of the Obligations are accelerated become due and payable pursuant to the terms hereof, ; or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has properly exercised the SOFR LIBOR Option with respect thereto, the interest rate applicable to such SOFR LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent theretoLIBOR Rate.
Appears in 1 contract
Samples: Credit Agreement (CDC Software CORP)
Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option, subject to Section 2.13(b2.12(b) below below, (the “SOFR LIBOR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR LIBOR Rate Loan, or upon continuation of a SOFR LIBOR Rate Loan as a SOFR LIBOR Rate Loan) at a rate of interest based upon the SOFRLIBOR Rate. Interest on SOFR LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), thereto; (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower has Borrowers properly have exercised the SOFR LIBOR Option with respect thereto, the interest rate applicable to such SOFR LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent theretoLIBOR Rate.
Appears in 1 contract
Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option, subject to Section 2.13(b2.11(b) below (the “SOFR LIBOR Option”) to have interest on all or a portion of the Advances Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR LIBOR Rate Loan, or upon continuation of a SOFR LIBOR Rate Loan as a SOFR LIBOR Rate Loan) at a rate of interest based upon the SOFRLIBOR Rate. Interest on SOFR LIBOR Rate Loans shall be payable on the earliest of (i) the last first day of the Interest Period applicable thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), month; (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has properly exercised the SOFR LIBOR Option with respect thereto, the interest rate applicable to such SOFR LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, at the written election of the Required Lenders, Borrower no longer shall have the option to request that Advances Term Loan bear interest at a rate based upon Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent theretoLIBOR Rate.
Appears in 1 contract
Samples: Credit Agreement (XZERES Corp.)
Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base RateRate or Daily Simple SOFR with respect to Revolving Loans, each Borrower shall have the option, subject to Section 2.13(b2.12(b) below (the “Term SOFR Option”) to have interest on all or a portion of the Advances its Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan or a Daily Simple SOFR Loan, as the case may be, to a Term SOFR Loan, or upon continuation of a Term SOFR Loan as a Term SOFR Loan) at a rate of interest based upon the Term SOFR. Interest on SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period Payment Date applicable thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), thereto; (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless the applicable Borrower has properly exercised the Term SOFR Option with respect thereto, the interest rate applicable to such Term SOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower at the written 29 election of the Required Lenders, Borrowers no longer shall have the option to request that Advances Revolving Loans bear interest at a rate based upon Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent theretoDaily Simple SOFR.
Appears in 1 contract
Samples: Credit Agreement (Vector Group LTD)
Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option, subject to Section 2.13(b2.17(b) below (the “SOFR Option”) to have interest on all or a portion of the Advances Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR Loan, or upon continuation of a SOFR Loan as a SOFR Loan) at a rate of interest based upon the Adjusted Term SOFR. Interest on SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period)thereto, (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower has Borrowers have properly exercised the SOFR Option with respect thereto, the interest rate applicable to such SOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower continuing Borrowers no longer shall have the option to request that Advances Revolving Loans bear interest at a rate based upon Adjusted Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent theretoSOFR.
Appears in 1 contract
Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option, subject to Section 2.13(b2.12(b) below (the “SOFR LIBOR Option”) to have interest on all or a portion of the Advances Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR LIBOR Rate Loan, or upon continuation of a SOFR LIBOR Rate Loan as a SOFR LIBOR Rate Loan) at a rate of interest based upon the SOFRLIBOR Rate. Interest on SOFR LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period)thereto, (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower has Borrowers properly have exercised the SOFR LIBOR Option with respect thereto, the interest rate applicable to such SOFR LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower Borrowers no longer shall have the option to request that Advances the Term Loan bear interest at a rate based upon Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent theretoLIBOR Rate.
Appears in 1 contract
Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option, subject to Section 2.13(b) below option (the “SOFR "LIBOR Option”") to have interest on all or a portion of the Advances or the Term Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR LIBOR Rate Loan, or upon continuation of a SOFR LIBOR Rate Loan as a SOFR LIBOR Rate Loan) at a rate of interest based upon the SOFRLIBOR Rate. Interest on SOFR LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period)thereto, (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has properly exercised the SOFR LIBOR Option with respect thereto, the interest rate applicable to such SOFR LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower Borrowers no longer shall have the option to request that Advances or the Term Loans bear interest at a rate based upon Term SOFR the LIBOR Rate and Borrower Agent shall not have the right to renew or extend any convert the interest rate on all outstanding LIBOR Rate Loans to the rate then outstanding SOFR applicable to Base Rate Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent theretohereunder.
Appears in 1 contract
Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option, subject to Section 2.13(b2.12(b) below (the “SOFR "LIBOR Option”") to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR LIBOR Rate Loan, or upon continuation of a SOFR LIBOR Rate Loan as a SOFR LIBOR Rate Loan) at a rate of interest based upon the SOFRLIBOR Rate. Interest on SOFR LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period)thereto, (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower has Borrowers have properly exercised the SOFR LIBOR Option with respect thereto, the interest rate applicable to such SOFR LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent theretoLIBOR Rate.
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Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option, subject to Section 2.13(b2.12(b) below (the “SOFR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR Loan, or upon continuation of a SOFR Loan as a SOFR Loan) at a rate of interest based upon the Adjusted Term SOFR. Interest on SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto (thereto; provided, however, that, that subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 three month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower has Borrowers have properly exercised the SOFR Option with respect thereto, the interest rate applicable to such SOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon Adjusted Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent theretoSOFR.
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Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option, subject to Section 2.13(b2.12(b) below (the “SOFR LIBOR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR LIBOR Rate Loan, or upon continuation of a SOFR LIBOR Rate Loan as a SOFR LIBOR Rate Loan) at a rate of interest based upon the SOFRLIBOR Rate. Interest on SOFR LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), thereto; (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has properly exercised the SOFR LIBOR Option with respect thereto, the interest rate applicable to such SOFR LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, continuing Borrower no longer shall have the option to request that Advances bear interest at a rate based upon Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent theretoLIBOR Rate.
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Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option, subject to Section 2.13(b2.12(b) below (the “SOFR Option”) to have interest on all or a portion of the Advances Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR Loan, or upon continuation of a SOFR Loan as a SOFR Loan) at a rate of interest based upon the Term SOFR. Interest on SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto (thereto; provided, however, that, that subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 three month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower has Borrowers have properly exercised the SOFR Option with respect thereto, the interest rate applicable to such SOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower Borrowers no longer shall shal l have the option to request that Advances Revolving Loans bear interest at a rate based upon Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent thereto.SOFR. (b)
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Samples: Credit Agreement (Nautilus, Inc.)
Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option, subject to Section 2.13(b2.12(b) below (the “SOFR LIBOR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR LIBOR Rate Loan, or upon continuation of a SOFR LIBOR Rate Loan as a SOFR LIBOR Rate Loan) at a rate of interest based upon the SOFRLIBOR Rate. Interest on SOFR LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), thereto; (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower has Borrowers have properly exercised the SOFR LIBOR Option with respect thereto, the interest rate applicable to such SOFR LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent theretoLIBOR Rate.
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Samples: Credit Agreement (Audiovox Corp)
Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option, subject to Section 2.13(b2.12(b) below (the “SOFR Option”) to have interest on all or a portion of the Advances Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR Loan, or upon continuation of a SOFR Loan as a SOFR Loan) at a rate of interest based upon the Adjusted Term SOFR. Interest on SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period)thereto, (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower has Borrowers have properly exercised the SOFR Option with respect thereto, the interest rate applicable to such SOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower at the written election of Agent or the Required Lenders, Borrowers no longer shall have the option to request that Advances Revolving Loans bear interest at a rate based upon Adjusted Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent theretoSOFR.
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Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option, subject to Section 2.13(b2.12(b) below (the “SOFR LIBOR Option”) to have interest on all or a portion of the Advances or the Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR LIBOR Rate Loan, or upon continuation of a SOFR LIBOR Rate Loan as a SOFR LIBOR Rate Loan) at a rate of interest based upon the SOFRLIBOR Rate. Interest on SOFR LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period)thereto, (ii) the date on which all or any portion of the Obligations are accelerated become due and payable pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has properly exercised the SOFR LIBOR Option with respect thereto, the interest rate applicable to such SOFR LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, continuing Borrower no longer shall have the option to request that Advances bear interest at a rate based upon Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent theretoLIBOR Rate.
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Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option, subject to Section 2.13(b) below option (the “SOFR "LIBOR Option”") to have interest on all or a portion of the Advances or the Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR LIBOR Rate Loan, or upon continuation of a SOFR LIBOR Rate Loan as a SOFR LIBOR Rate Loan) at a rate of interest based upon the SOFRLIBOR Rate. Interest on SOFR LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), thereto; (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, ; or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has properly exercised the SOFR LIBOR Option with respect thereto, the interest rate applicable to such SOFR LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower Borrowers no longer shall have the option to request that Advances or the Term Loan bear interest at a rate based upon Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent theretoLIBOR Rate.
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Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option, subject to Section 2.13(b2.12(b) below (the “SOFR Option”) to have interest on all or a portion of the Advances Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR Loan, or upon continuation of a SOFR Loan as a SOFR Loan) at a rate of interest based upon the Term SOFR. Interest on SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto (thereto; provided, however, that, that subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 three month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower has Borrowers have properly exercised the SOFR Option with respect thereto, the interest rate applicable to such SOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower Borrowers no longer shall have the option to request that Advances Revolving Loans bear interest at a rate based upon Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent theretoSOFR.
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Samples: Credit Agreement (AerSale Corp)
Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option, subject to Section 2.13(b2.12(b) below (the “SOFR LIBOR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a SOFR LIBOR Rate Loan, or upon continuation of a SOFR LIBOR Rate Loan as a SOFR LIBOR Rate Loan) at a rate of interest based upon the SOFRLIBOR Rate. Interest on SOFR LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), thereto; (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has properly exercised the SOFR LIBOR Option with respect thereto, the interest rate applicable to such SOFR LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon Term SOFR and Borrower shall not have the right to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent theretoLIBOR Rate.
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