Interest; Default Interest. (a) Except as provided in subsection 2.5(d) hereof, (i) the Revolving Credit Loans shall bear interest on the unpaid principal amount thereof at a rate per annum equal to (y) in the case of ABR Loans, the Alternate Base Rate in effect from time to time, plus the Applicable ABR Margin in effect for such day, and (z) in the case of Eurodollar Rate Loans, if permitted hereunder at such time, the Eurodollar Rate determined for such day, plus the Applicable Eurodollar Margin in effect for such day, and (ii) the Swingline Loans shall bear interest on the unpaid principal amount thereof at a rate per annum equal to the Alternate Base Rate in effect from time to time, plus the Applicable ABR Margin in effect for such day.
(b) The Applicable Margins and the Applicable Commitment Rate shall be determined by reference to the Senior Debt Rating in accordance with the following table and the provisions of this subsection 2.5(b): Senior Debt Rating BBB-/Baa3 or higher BB+/Ba1 BB/Ba2 BB-/Ba3 B+/B1 or lower or no Senior Debt Rating Applicable Eurodollar Margin and Applicable Facility L/C Rate 1.00% 1.25% 1.50% 1.75% 2.00% Applicable ABR Margin 0 0 0 0.125% 0.375% Applicable Commitment Rate 0.20% 0.225% 0.25% 0.30% 0.375%
(c) The Applicable Margins and the Applicable Commitment Rate shall be adjusted, from time to time, effective (as applicable) on the first Business Day after any change in the Senior Debt Ratings that results in any change in the Applicable Margins or Applicable Commitment Rate, provided, however, that any change in the Applicable Eurodollar Margin shall only apply to Eurodollar Rate Loans for Interest Periods commencing after such change in the Applicable Eurodollar Margin is effective.
(d) As of the date hereof, the Applicable Margins and Applicable Commitment Rate are at Level III.
(e) If all or a portion of the principal amount of any of the Revolving Credit Loans made hereunder (whether as ABR Loans or Eurodollar Rate Loans or a combination thereof) or the Swingline Loans or any installment of interest on any Revolving Credit Loan or Swingline Loan or any Commitment Fee or Facility L/C Fees shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), any such overdue principal amount and, to the extent permitted by applicable law, any overdue installment of interest on any Revolving Credit Loan or Swingline Loan or any overdue payment of Commitment Fees or Facility L/C Fees hereunder shall, without limiting any other rig...
Interest; Default Interest. All interest shall be payable monthly in arrears on the first day of the month and on demand.
Interest; Default Interest. The rate at which each Fixed Rate Loan shall bear interest, and the maturity of such Loan, will be specified in the relevant Loan Advice, Floating Rate Loans will bear interest on a daily basis as specified herein (including the related Loan Advices). Any Loan or other Obligation for which no interest has been stated in the relevant Loan Advice or other documentation shall, unless otherwise agreed by the parties in writing, bear interest at the same rates as, and for all purposes of this Agreement and the Note shall be treated as, a Floating Rate Loan. As used herein and in Schedule I hereto, (i) the term "Prime Rate" means the rate per annum announced by the Bank in New York City as its "prime rate" from time to time, which rate shall be determined daily, (ii) the term "Federal Funds Rate" means the average rate per annum quoted to the Bank at 11:00 a.m. (New York City time) on each day for overnight Federal Funds transactions arranged by three New York Federal Funds brokers selected by the Bank, and (iii) the term "Base Rate" means the higher of the Prime Rate and a rate per annum 1% in excess of the Federal Funds Rate. All interest shall be computed on the basis of the number of days elapsed and a 360-day year. Unpaid interest accrued on each Loan shall be due at maturity and, prior thereto, monthly on the same day each month as the day of the month on which the applicable Loan was made, or on such other monthly basis as the Bank may specify by at least ten days' written notice to the Customer. Each repayment or prepayment of principal shall be accompanied by all accrued and unpaid interest thereon. Notwithstanding the preceding sentences of this paragraph, any principal, interest, fee or other Obligation (including reimbursement of any drawing under a Letter of Credit) not paid when due shall bear interest, payable on demand, at a floating rate per annum which is two percentage points above the Base Rate. Notwithstanding the foregoing, the Customer shall not be required to pay interest for any period at a rate exceeding the maximum rate permitted by law. If the amount of interest payable by the Customer for any period is reduced pursuant to the preceding sentence, the amount of interest payable for each succeeding period shall be increased to the maximum rate permitted by law until the amount of such reduction has been received by the Bank.
Interest; Default Interest. 25 2.6 Termination or Reduction of Commitment................................................26 2.7 Maturity Date of Commitment; Extension................................................26 2.8 Computation of Interest and Fees......................................................27 2.9
Interest; Default Interest. (a) Except as provided in subsection 2.5(b) hereof, the Revolving Credit Loans shall bear interest on the unpaid principal amount thereof at a rate per annum equal to (i) in the case of Prime Rate Loans, the Prime Rate in effect from time to time and (ii) in the case of Eurodollar Rate Loans, if permitted hereunder at such time, the Eurodollar Rate determined for such day plus the Applicable Eurodollar Margin in effect for such day.
(b) If all or a portion of the principal amount of any of the Revolving Credit Loans made hereunder (whether as Prime Rate Loans or Eurodollar Rate Loans or a combination thereof) shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), any such overdue principal amount and, to the extent permitted by applicable law, any overdue installment of interest on any Revolving Credit Loan shall, without limiting any other rights of Banks, bear interest at a rate per annum which is the sum of one percent (1.0%) plus the Prime Rate in effect from time to time from the date of such non-payment until paid in full (before, as well as after, judgment); provided, however, if all or any portion of any principal on any Revolving Credit Loan made as a Eurodollar Rate Loan hereunder shall not be paid when due and the then current Interest Period for such Eurodollar Rate Loan has not yet expired, the entire principal amount of such Eurodollar Rate Loan and, to the extent permitted by applicable law, any overdue installment of interest on such Eurodollar Rate Loan shall, without limiting any other rights of Banks, bear interest at a rate per annum which is the sum of one percent (1.0%) plus the applicable non-default interest rate (which is the sum of the applicable Eurodollar Rate and the Applicable Eurodollar Margin) on such Eurodollar Rate Loan then in effect from the date of such non-payment until the expiration of the then current Interest Period with respect to such Eurodollar Rate Loan (before, as well as after, judgment); thereafter, the entire principal amount of such Eurodollar Rate Loan and, to the extent permitted by applicable law, any overdue installment of interest on such Eurodollar Rate Loan shall, without limiting any other rights of Banks, bear interest at a rate per annum which is the sum of one percent (1.0%) plus the Prime Rate in effect from time to time until paid in full (before, as well as after, judgment).
(c) Interest shall be payable in arrears and shall be due on each Interest Payment ...
Interest; Default Interest. All sums advanced or disbursed pursuant to this Agreement and the Promissory Note shall bear interest form the date hereof until paid in full, both before and after judgment, at a variable or floating rate equal to the sum of an index and a margin (the sum of which is the "Effective Rate") where the index is the Prime Rate and the margin is a minus twenty-eight (28) basis points (i.e., - .28%) per annum. Adjustments to the Effective Rate shall be made on and as of the same day that changes occur to the Prime Rate. As used herein, "Prime Rate" means the percentage rate of interest designated from time to time by Lender as its "prime" or base lending rate. The Prime Rate is based on certain factors which Lender selects from time to time, such as the prime or base lending rates of other financial institutions. The Prime Rate is an index used by Lender to establish the effective interest rate for variable-rate loans made by it which use that term as an index. Prime Rate does not necessarily mean the lowest or best rate at which Lender may make loans or extend credit. Interest will be calculated on the basis of a 360-day year and charged for the actual number of days elapsed. Upon the occurrence of an Event of Default (as hereinafter defined) and during the continuance thereof, the margin used to compute the Effective Rate shall, at Lender's sole option and without prior notice to Borrower, immediately increase by an additional four hundred (400) basis points (i.e., 4%) and shall continue at such rate, both before and after judgment, until the Loan and the Promissory Note have been repaid in full and all of Borrower's other obligations to Lender thereunder have been fully paid and discharged.
Interest; Default Interest. (a) Except as provided in subsection 2.8(b) hereof, the Revolving Credit Loans and, if permitted to be outstanding, the Seasonal Loans shall bear interest on the unpaid principal amount thereof at a rate per annum equal to the Prime Rate in effect from time to time.
(b) If all or a portion of the principal amount of any of the Revolving Credit Loans or the Seasonal Loans made hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), any such overdue principal amount and, to the extent permitted by applicable law, any overdue installment of interest on any Revolving Credit Loan or Seasonal
(c) Interest shall be payable in arrears and shall be due on each Interest Payment Date.
Interest; Default Interest. All sums advanced by Lender to Borrower pursuant to this Agreement shall bear interest from the date each Advance is made until paid in full at a variable interest rate equal to the Loan Index Rate plus a margin of 200 basis points. The Loan Index Rate is defined as that certain rate of interest published as the "Prime Rate" in the "Money Rates" column in the Western Edition of the Wall Street Journal. Interest will be adjusted quarterly on the first business day of each January, April, July and October. The interest shall be computed on the basis of a 360-day year. The Initial Interest Rate hereunder is ten and one-quarter percent (10.25%). Notwithstanding the foregoing, upon the occurrence of an event of default hereunder by Borrower, the principal amounts outstanding hereunder shall bear an interest rate of fifteen percent (15%) per annum and commencing from the date a respective Advance was made, and shall continue at such rate until the event of default is cured.
Interest; Default Interest. Except as provided in subsection 2.5(d) hereof, (i) the Revolving Credit Loans shall bear interest on the unpaid principal amount thereof at a rate per annum equal to (y) in the case of ABR Loans, the Alternate Base Rate in effect from time to time, plus the Applicable ABR Margin in effect for such day, and (z) in the case of Eurodollar Rate Loans, if permitted hereunder at such time, the Eurodollar Rate determined for each Interest Period then in effect, plus the Applicable Eurodollar Margin in effect for such day, and (ii) the Swingline Loans shall bear interest on the unpaid principal amount thereof at a rate per annum equal to the Alternate Base Rate in effect from time to time, plus the Applicable ABR Margin in effect for such day. The Applicable Margins and the Applicable Commitment Rate shall be determined by reference to the Senior Debt Rating in accordance with the following table and the provisions of this subsection 2.5(b):
Interest; Default Interest. All sums advanced pursuant to this Agreement shall bear interest from the date each Advance is made until paid in full at a variable or floating rate equal to the sum of an index and a margin (the sum of which is the "EFFECTIVE RATE"), where the index is Lender's Prime Rate and the margin is one hundred (100) basis points (i.e., 1%). Changes to the Effective Rate will be made on and effective as of the first day of each month based on the Prime Rate in effect as of the preceding day. Lender need not give Borrower prior notice of any changes in the Prime Rate. Interest will be calculated on a basis of a 360-day year and charged for the actual number of days elapsed. As used herein, the term "PRIME RATE" means the interest rate established and designated as such from time to time by Lender. Such rate is an index based on certain factors selected from time to time by Lender such as the prime or the base lending rates announced by other lenders. The Prime Rate serves as the basis upon which effective rates of interest are determined for variable-rate loans made by Lender which use that term as an index. Prime Rate does not necessarily mean the lowest or best rate at which Lender may make a loan or otherwise extend credit. Notwithstanding the foregoing, upon the occurrence of an Event of Default hereunder, the margin used to determine the Effective Rate shall immediately increase by an additional four hundred (400) basis points (i.e., 4%), and shall continue at such increased rate, both before and after judgment, until the Credit Line has been repaid in full and all of Borrower's other obligations to Lender hereunder have been fully paid and discharged.
