Interest on Advances. The Borrower shall pay interest on the unpaid principal amount of each Advance owing to each Lender from the date of such Advance until such principal amount shall be paid in full, at the Applicable Rate for such Advance (except as otherwise provided in this Section 2.8), payable as follows: (a) If such Advance is a Base Rate Advance, interest thereon shall be payable quarterly in arrears on the last day of each March, June, September and December, on the date of any Conversion of such Base Rate Advance and on the date such Base Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each Base Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate. (b) If such Advance is a Eurodollar Rate Advance, interest thereon shall be payable on the last day of such Interest Period and, if the Interest Period for such Advance has a duration of more than three months, on that day of each third month during such Interest Period that corresponds to the first day of such Interest Period (or, if any such month does not have a corresponding day, then on the last day of such month); provided that at any time an Event of Default shall have occurred and be continuing, each Eurodollar Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate. (c) If such Advance is a LIBOR Market Index Rate Advance, interest thereon shall be payable in arrears on the last day of each March, June, September and December, and on the date such LIBOR Market Index Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each LIBOR Market Index Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate. (d) In respect of any Advance, interest thereon shall be payable at the Applicable Rate at maturity (whether pursuant to acceleration or otherwise) and, after maturity, on demand. (e) Nothing contained in this Agreement or in any other Loan Document shall be deemed to establish or require the payment of interest to any Lender at a rate in excess of the maximum rate permitted by applicable law. If the amount of interest payable for the account of any Lender on any interest payment date would exceed the maximum amount permitted by applicable law to be charged by such Lender, the amount of interest payable for its account on such interest payment date shall be automatically reduced to such maximum permissible amount. In the event of any such reduction affecting any Lender, if from time to time thereafter the amount of interest payable for the account of such Lender on any interest payment date would be less than the maximum amount permitted by applicable law to be charged by such Lender, then the amount of interest payable for its account on such subsequent interest payment date shall be automatically increased to such maximum permissible amount, provided that at no time shall the aggregate amount by which interest paid for the account of any Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the previous sentence.
Appears in 7 contracts
Samples: Credit Agreement (Alliant Energy Corp), Credit Agreement (Alliant Energy Corp), Credit Agreement (Alliant Energy Corp)
Interest on Advances. The Borrower shall pay interest on the unpaid principal amount of each Advance owing to each Lender from the date of such Advance until such principal amount shall be paid in full, at the Applicable Rate for such Advance (except as otherwise provided in this Section 2.8), payable as follows:
(a) If such Advance is a Base Rate Advance, interest thereon shall be payable quarterly in arrears on the last day of each March, June, September and December, on the date of any Conversion of such Base Rate Advance and on the date such Base Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each Base Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(b) If such Advance is a Eurodollar Rate Advance, interest thereon shall be payable on the last day of such Interest Period and, if the Interest Period for such Advance has a duration of more than three months, on that day of each third month during such Interest Period that corresponds to the first day of such Interest Period (or, if any such month does not have a corresponding day, then on the last day of such month); provided that at any time an Event of Default shall have occurred and be continuing, each Eurodollar Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(c) If such Advance is a LIBOR Market Index Rate Advance, interest thereon shall be payable in arrears on the last day of each March, June, September and December, and on the date such LIBOR Market Index Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each LIBOR Market Index Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(d) In respect of any Advance, interest thereon shall be payable at the Applicable Rate at maturity (whether pursuant to acceleration or otherwise) and, after maturity, on demand.
(ed) Nothing contained in this Agreement or in any other Loan Document shall be deemed to establish or require the payment of interest to any Lender at a rate in excess of the maximum rate permitted by applicable law. If the amount of interest payable for the account of any Lender on any interest payment date would exceed the maximum amount permitted by applicable law to be charged by such Lender, the amount of interest payable for its account on such interest payment date shall be automatically reduced to such maximum permissible amount. In the event of any such reduction affecting any Lender, if from time to time thereafter the amount of interest payable for the account of such Lender on any interest payment date would be less than the maximum amount permitted by applicable law to be charged by such Lender, then the amount of interest payable for its account on such subsequent interest payment date shall be automatically increased to such maximum permissible amount, provided that at no time shall the aggregate amount by which interest paid for the account of any Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the previous sentence.
Appears in 4 contracts
Samples: Term Loan Credit Agreement (Alliant Energy Corp), Term Loan Credit Agreement (Alliant Energy Corp), Term Loan Credit Agreement (Alliant Energy Corp)
Interest on Advances. The Borrower shall pay interest on the unpaid principal amount of each Advance owing to each Lender from the date of such Advance until such principal amount shall be paid in full, at the Applicable Rate for such Advance (except as otherwise provided in this Section 2.8), payable as follows:
(a) If At all times such Advance is a Base Rate Advance, interest thereon shall be a rate per annum equal to the Alternate Base Rate in effect from time to time plus the Applicable Margin in effect from time to time, payable quarterly in arrears on the last day of each March, June, September and December, on the date of any Conversion of such Base Rate Advance is converted to a Eurodollar Advance or paid in full and on such Lender’s Termination Date (and, if applicable, thereafter on demand).
(b) At all times such Advance is a Eurodollar Advance, a rate per annum equal to the sum of the Adjusted LIBO Rate for each applicable Interest Period plus the Applicable Margin in effect from time to time, payable on the last day of each Interest Period for such Eurodollar Advance (and, if any Interest Period for such Advance is six months, on the day that is three months after the first day of such Interest Period) or, if earlier, on the date such Eurodollar Advance is converted to a Base Rate Advance or paid in full and on such Lender’s Termination Date (and, if applicable, thereafter on demand).
(c) Swingline Loans may be a Cost of Funds Advance if the Borrower and the applicable Swingline Lender have expressly agreed to such Cost of Funds Advance (such agreement to be obtained by telephone, confirmed promptly to the Administrative Agent in writing) pursuant to the following procedures. If the Borrower desires a Cost of Funds Advance, (i) as part of the request in Section 2.02(b)(ii), the Borrower shall become due request a quote for a Cost of Funds Advance, and payable or the applicable Swingline Lender shall otherwise within a reasonable time after receipt of the request directly contact the Borrower (which may be done by telephone) with its Cost of Funds Rate (confirmed by facsimile), (ii) the Borrower shall immediately inform such Swingline Lender of its decision as to whether to request a Cost of Funds Advance at the Cost of Funds Rate (which may be done by telephone and promptly confirmed in writing and which decision shall be irrevocable), and (iii) if the Borrower has so informed such Swingline Lender that it does desire a Cost of Funds Advance at the Cost of Funds Rate, the Swingline Lender shall promptly make such Cost of Funds Advance available to the Borrower. At all times such Advance is a Cost of Funds Advance, the Borrower shall pay interest on the unpaid principal amount of such Cost of Funds Advance from the date of such Cost of Funds Advance until such principal amount shall be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each Base Rate Advance shall bear interest payable on demand, full at a rate per annum equal at all times to the Default Rate.
(b) If such Advance is a Eurodollar Cost of Funds Rate Advance, interest thereon shall be payable on the last day of such Interest Period and, if the Interest Period for such Advance has a duration of more than three months, on that day of each third month during such Interest Period that corresponds to the first day of such Interest Period (or, if any such month does not have a corresponding day, then on the last day of such month); provided that at any time an Event of Default shall have occurred and be continuing, each Eurodollar Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(c) If such Advance is a LIBOR Market Index Rate Advance, interest thereon shall be payable in arrears on the last day of each March, June, September and December, and on the date such LIBOR Market Index Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each LIBOR Market Index Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(d) In respect of any Advance, interest thereon shall be payable at the Applicable Rate at maturity (whether pursuant to acceleration or otherwise) and, after maturity, on demand.
(e) Nothing contained in this Agreement or in any other Loan Document shall be deemed to establish or require the payment of interest to any Lender at a rate in excess of the maximum rate permitted by applicable law. If the amount of interest payable for the account of any Lender on any interest payment date would exceed the maximum amount permitted by applicable law to be charged by such Lender, the amount of interest payable for its account on such interest payment date shall be automatically reduced to such maximum permissible amount. In the event of any such reduction affecting any Lender, if effect from time to time thereafter plus the amount of interest payable Applicable Margin for the account of such Lender on any interest payment date would be less than the maximum amount permitted by applicable law Eurodollar Advances in effect from time to be charged by such Lender, then the amount of interest payable for its account on such subsequent interest payment date shall be automatically increased to such maximum permissible amount, provided that at no time shall the aggregate amount by which interest paid for the account of any Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the previous sentencetime.
Appears in 4 contracts
Samples: Credit Agreement (Baltimore Gas & Electric Co), Credit Agreement (Commonwealth Edison Co), Credit Agreement
Interest on Advances. The Borrower shall pay interest on the unpaid principal amount of each Advance owing to each Lender from the date of such Advance until such principal amount shall be paid in full, at the Applicable Rate for such Advance (except as otherwise provided in this Section 2.82.7), payable as follows:
(a) If such Advance is a Base Rate Advance, interest thereon shall be payable quarterly in arrears on the last day of each March, June, September and December, on the date of any Conversion of such Base Rate Advance and on the date such Base Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each Base Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(b) If such Advance is a Eurodollar Rate Advance, interest thereon shall be payable on the last day of such Interest Period and, if the Interest Period for such Advance has a duration of more than three months, on that day of each third month during such Interest Period that corresponds to the first day of such Interest Period (or, if any such month does not have a corresponding day, then on the last day of such month); provided that at any time an Event of Default shall have occurred and be continuing, each Eurodollar Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(c) If such Advance is a LIBOR Market Index Rate Advance, interest thereon shall be payable in arrears on the last day of each March, June, September and December, and on the date such LIBOR Market Index Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each LIBOR Market Index Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(d) In respect of any Advance, interest thereon shall be payable at the Applicable Rate at maturity (whether pursuant to acceleration or otherwise) and, after maturity, on demand.
(ed) Nothing contained in this Agreement or in any other Loan Document shall be deemed to establish or require the payment of interest to any Lender at a rate in excess of the maximum rate permitted by applicable law. If the amount of interest payable for the account of any Lender on any interest payment date would exceed the maximum amount permitted by applicable law to be charged by such Lender, the amount of interest payable for its account on such interest payment date shall be automatically reduced to such maximum permissible amount. In the event of any such reduction affecting any Lender, if from time to time thereafter the amount of interest payable for the account of such Lender on any interest payment date would be less than the maximum amount permitted by applicable law to be charged by such Lender, then the amount of interest payable for its account on such subsequent interest payment date shall be automatically increased to such maximum permissible amount, provided that at no time shall the aggregate amount by which interest paid for the account of any Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the previous sentence.
Appears in 3 contracts
Samples: Credit Agreement (Interstate Power & Light Co), Credit Agreement (Interstate Power & Light Co), Credit Agreement (Interstate Power & Light Co)
Interest on Advances. The Borrower shall pay interest on the unpaid principal amount of each Advance owing to each Lender from the date of such Advance until such principal amount shall be paid in full, at the Applicable Rate for such Advance (except as otherwise provided in this Section 2.8), payable as follows:
(a) If such Advance is a Base Rate Advance, interest thereon shall be payable quarterly in arrears on the last day of each March, June, September and December, on the date of any Conversion of such Base Rate Advance and on the date such Base Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each Base Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(b) If such Advance is a Eurodollar Rate Advance, interest thereon shall be payable on the last day of such Interest Period and, if the Interest Period for such Advance has a duration of more than three months, on that day of each third month during such Interest Period that corresponds to the first day of such Interest Period (or, if any such month does not have a corresponding day, then on the last day of such month); provided that at any time an Event of Default shall have occurred and be continuing, each Eurodollar Rate Advance shall bear interest payable on demand, at a rate per annum perannum equal at all times to the Default Rate.
(c) If such Advance is a LIBOR Market Index Rate Advance, interest thereon shall be payable in arrears on the last day of each March, June, September and December, and on the date such LIBOR Market Index Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each LIBOR Market Index Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(d) In respect of any Advance, interest thereon shall be payable at the Applicable Rate at maturity (whether pursuant to acceleration or otherwise) and, after maturity, on demand.
(e) Nothing contained in this Agreement or in any other Loan Document shall be deemed to establish or require the payment of interest to any Lender at a rate in excess of the maximum rate permitted by applicable law. If the amount of interest payable for the account of any Lender on any interest payment date would exceed the maximum amount permitted by applicable law to be charged by such Lender, the amount of interest payable for its account on such interest payment date shall be automatically reduced to such maximum permissible amount. In the event of any such reduction affecting any Lender, if from time to time thereafter the amount of interest payable for the account of such Lender on any interest payment date would be less than the maximum amount permitted by applicable law to be charged by such Lender, then the amount of interest payable for its account on such subsequent interest payment date shall be automatically increased to such maximum permissible amount, provided that at no time shall the aggregate amount by which interest paid for the account of any Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the previous sentence.
Appears in 2 contracts
Samples: Credit Agreement (Interstate Power & Light Co), Credit Agreement (Interstate Power & Light Co)
Interest on Advances. The Borrower shall pay interest on the unpaid principal amount of each Advance owing to each Lender from the date of such Advance until such principal amount shall be paid in full, at the Applicable Rate for such Advance (except as otherwise provided in this Section 2.8), payable as follows:
(a) If At all times such Advance is a Base Rate Advance, interest thereon shall be a rate per annum equal to the Base Rate in effect from time to time plus the Applicable Margin in effect from time to time, payable quarterly in arrears on the last day of each March, June, September and December, on the date of any Conversion of such Base Rate Advance is converted to a Eurodollar Advance or paid in full and on such Lender’s Termination Date (and, if applicable, thereafter on demand).
(b) Subject to Section 2.07, at all times such Advance is a Eurodollar Advance, a rate per annum equal to the sum of the Eurodollar Rate for each applicable Interest Period plus the Applicable Margin in effect from time to time, payable on the last day of each Interest Period for such Eurodollar Advance (and, if any Interest Period for such Advance is six months, on the day that is three months after the first day of such Interest Period) or, if earlier, on the date such Eurodollar Advance is converted to a Base Rate Advance or paid in full and on such Lender’s Termination Date (and, if applicable, thereafter on demand).
(c) Swingline Loans may be a Cost of Funds Advance if the Borrower and the applicable Swingline Lender have expressly agreed to such Cost of Funds Advance (such agreement to be obtained by telephone, confirmed promptly to the Administrative Agent in writing) pursuant to the following procedures. If the Borrower desires a Cost of Funds Advance, (i) as part of the request in Section 2.02(b)(ii), the Borrower shall become due request a quote for a Cost of Funds Advance, and payable or the applicable Swingline Lender shall otherwise within a reasonable time after receipt of the request directly contact the Borrower (which may be done by telephone) with its Cost of Funds Rate (confirmed by facsimile), (ii) the Borrower shall immediately inform such Swingline Lender of its decision as to whether to request a Cost of Funds Advance at the Cost of Funds Rate (which may be done by telephone and promptly confirmed in writing and which decision shall be irrevocable), and (iii) if the Borrower has so informed such Swingline Lender that it does desire a Cost of Funds Advance at the Cost of Funds Rate, the Swingline Lender shall promptly make such Cost of Funds Advance available to the Borrower. At all times such Advance is a Cost of Funds Advance, the Borrower shall pay interest on the unpaid principal amount of such Cost of Funds Advance from the date of such Cost of Funds Advance until such principal amount shall be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each Base Rate Advance shall bear interest payable on demand, full at a rate per annum equal at all times to the Default Rate.
(b) If such Advance is a Eurodollar Cost of Funds Rate Advance, interest thereon shall be payable on the last day of such Interest Period and, if the Interest Period for such Advance has a duration of more than three months, on that day of each third month during such Interest Period that corresponds to the first day of such Interest Period (or, if any such month does not have a corresponding day, then on the last day of such month); provided that at any time an Event of Default shall have occurred and be continuing, each Eurodollar Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(c) If such Advance is a LIBOR Market Index Rate Advance, interest thereon shall be payable in arrears on the last day of each March, June, September and December, and on the date such LIBOR Market Index Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each LIBOR Market Index Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(d) In respect of any Advance, interest thereon shall be payable at the Applicable Rate at maturity (whether pursuant to acceleration or otherwise) and, after maturity, on demand.
(e) Nothing contained in this Agreement or in any other Loan Document shall be deemed to establish or require the payment of interest to any Lender at a rate in excess of the maximum rate permitted by applicable law. If the amount of interest payable for the account of any Lender on any interest payment date would exceed the maximum amount permitted by applicable law to be charged by such Lender, the amount of interest payable for its account on such interest payment date shall be automatically reduced to such maximum permissible amount. In the event of any such reduction affecting any Lender, if effect from time to time thereafter plus the amount of interest payable Applicable Margin for the account of such Lender on any interest payment date would be less than the maximum amount permitted by applicable law Eurodollar Advances in effect from time to be charged by such Lender, then the amount of interest payable for its account on such subsequent interest payment date shall be automatically increased to such maximum permissible amount, provided that at no time shall the aggregate amount by which interest paid for the account of any Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the previous sentencetime.
Appears in 2 contracts
Samples: Credit Agreement, Credit Agreement (Commonwealth Edison Co)
Interest on Advances. The Each Borrower shall pay interest on the unpaid principal amount of each Advance made to such Borrower owing to each Lender from the date of such Advance until such principal amount shall be paid in full, at the Applicable Rate with respect to such Borrower for such Advance (except as otherwise provided in this Section 2.8), payable as follows:
(a) If such Advance is a Base Rate Advance, interest thereon shall be payable quarterly in arrears on the last day of each March, June, September and December, on the date of any Conversion of such Base Rate Advance and on the date such Base Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuingcontinuing with respect to such Borrower, each Base Rate Advance made to such Borrower shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(b) If such Advance is a Eurodollar Rate SOFR Advance, interest thereon shall be payable on the last day of such Interest Period and, if the Interest Period for such Advance has a duration of more than three months, on that day of each third month during such Interest Period that corresponds to the first day of such Interest Period (or, if any such month does not have a corresponding day, then on the last day of such month); provided that at any time an Event of Default shall have occurred and be continuingcontinuing with respect to such Borrower, each Eurodollar Rate SOFR Advance made to such Borrower shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(c) If such Advance is a LIBOR Market Index Rate Advance, interest thereon shall be payable in arrears on the last day of each March, June, September and December, and on the date such LIBOR Market Index Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each LIBOR Market Index Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(d) In respect of any Advance, interest thereon shall be payable at the Applicable Rate at maturity (whether pursuant to acceleration or otherwise) and, after maturity, on demand.
(ed) Nothing contained in this Agreement or in any other Loan Document shall be deemed to establish or require the payment of interest to any Lender at a rate in excess of the maximum rate permitted by applicable law. If the amount of interest payable for the account of any Lender on any interest payment date would exceed the maximum amount permitted by applicable law to be charged by such Lender, the amount of interest payable for its account on such interest payment date shall be automatically reduced to such maximum permissible amount. In the event of any such reduction affecting any Lender, if from time to time thereafter the amount of interest payable for the account of such Lender on any interest payment date would be less than the maximum amount permitted by applicable law to be charged by such Lender, then the amount of interest payable for its account on such subsequent interest payment date shall be automatically increased to such maximum permissible amount, provided that at no time shall the aggregate amount by which interest paid for the account of any Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the previous sentence.
Appears in 2 contracts
Samples: Five Year Master Credit Agreement (Wisconsin Power & Light Co), Five Year Master Credit Agreement (Wisconsin Power & Light Co)
Interest on Advances. The Borrower shall pay interest on the unpaid principal amount of each Advance owing to each Lender from the date of such Advance until such principal amount shall be paid in full, at the Applicable Rate for such Advance (except as otherwise provided in this Section 2.8), payable as follows:
(a) If At all times such Advance is a Base Rate Advance, interest thereon shall be a rate per annum equal to the Alternate Base Rate in effect from time to time plus the Applicable Margin in effect from time to time, payable quarterly in arrears on the last day of each March, June, September and December, on the date of any Conversion of such Base Rate Advance is converted to a Eurodollar Advance or paid in full and on such Lender’s Termination Date (and, if applicable, thereafter on demand).
(b) At all times such Advance is a Eurodollar Advance, a rate per annum equal to the sum of the Adjusted LIBO Rate for each applicable Interest Period plus the Applicable Margin in effect from time to time, payable on the last day of each Interest Period for such Eurodollar Advance (and, if any Interest Period for such Advance is six months, on the day that is three months after the first day of such Interest Period) or, if earlier, on the date such Eurodollar Advance is converted to a Base Rate Advance or paid in full and on such Lender’s Termination Date (and, if applicable, thereafter on demand).
(c) Swingline Loans may be a Cost of Funds Advance if the Borrower and the applicable Swingline Lender have expressly agreed to such Cost of Funds Advance (such agreement to be obtained by telephone, confirmed promptly to the Administrative Agent in writing) pursuant to the following procedures. If the Borrower desires a Cost of Funds Advance,
(i) as part of the request in Section 2.02(b)(ii), the Borrower shall become due request a quote for a Cost of Funds Advance, and payable or the applicable Swingline Lender shall otherwise within a reasonable time after receipt of the request directly contact the Borrower (which may be done by telephone) with its Cost of Funds Rate (confirmed by facsimile), (ii) the Borrower shall immediately inform such Swingline Lender of its decision as to whether to request a Cost of Funds Advance at the Cost of Funds Rate (which may be done by telephone and promptly confirmed in writing and which decision shall be irrevocable), and (iii) if the Borrower has so informed such Swingline Lender that it does desire a Cost of Funds Advance at the Cost of Funds Rate, the Swingline Lender shall promptly make such Cost of Funds Advance available to the Borrower. At all times such Advance is a Cost of Funds Advance, the Borrower shall pay interest on the unpaid principal amount of such Cost of Funds Advance from the date of such Cost of Funds Advance until such principal amount shall be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each Base Rate Advance shall bear interest payable on demand, full at a rate per annum equal at all times to the Default Rate.
(b) If such Advance is a Eurodollar Cost of Funds Rate Advance, interest thereon shall be payable on the last day of such Interest Period and, if the Interest Period for such Advance has a duration of more than three months, on that day of each third month during such Interest Period that corresponds to the first day of such Interest Period (or, if any such month does not have a corresponding day, then on the last day of such month); provided that at any time an Event of Default shall have occurred and be continuing, each Eurodollar Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(c) If such Advance is a LIBOR Market Index Rate Advance, interest thereon shall be payable in arrears on the last day of each March, June, September and December, and on the date such LIBOR Market Index Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each LIBOR Market Index Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(d) In respect of any Advance, interest thereon shall be payable at the Applicable Rate at maturity (whether pursuant to acceleration or otherwise) and, after maturity, on demand.
(e) Nothing contained in this Agreement or in any other Loan Document shall be deemed to establish or require the payment of interest to any Lender at a rate in excess of the maximum rate permitted by applicable law. If the amount of interest payable for the account of any Lender on any interest payment date would exceed the maximum amount permitted by applicable law to be charged by such Lender, the amount of interest payable for its account on such interest payment date shall be automatically reduced to such maximum permissible amount. In the event of any such reduction affecting any Lender, if effect from time to time thereafter plus the amount of interest payable Applicable Margin for the account of such Lender on any interest payment date would be less than the maximum amount permitted by applicable law Eurodollar Advances in effect from time to be charged by such Lender, then the amount of interest payable for its account on such subsequent interest payment date shall be automatically increased to such maximum permissible amount, provided that at no time shall the aggregate amount by which interest paid for the account of any Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the previous sentencetime.
Appears in 2 contracts
Samples: Credit Agreement, Credit Agreement
Interest on Advances. (a) The Borrower shall agrees to pay interest on in respect of the unpaid principal amount of each Advance owing from the date such Advance is made at a rate per annum for each Interest Period equal to the Applicable Margin plus the relevant Adjusted Eurodollar Rate. Interest on each Lender Advance shall accrue from and including the date of such Advance until such principal amount shall be paid in full, at to but excluding the Applicable Rate for such Advance (except as otherwise provided in this Section 2.8), payable as follows:
(a) If such Advance is a Base Rate Advance, interest thereon date of any repayment thereof and shall be payable quarterly (i) (x) with respect to all Advances other than Advances the Interest Period applicable to which is six months, in arrears on the last day of the Interest Period for each Marchsuch Advance, Juneand (y) with respect to all Advances the Interest Period applicable to which is six months, September and December, in arrears on the date of any Conversion 90th day following the first day of such Base Rate Advance Interest Period and on the date such Base Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each Base Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(b) If such Advance is a Eurodollar Rate Advance, interest thereon shall be payable on the last day of such Interest Period andPeriod, if the Interest Period for such Advance has a duration of more than three months(ii) at maturity (whether by acceleration or otherwise), and (iii) after maturity, on that day of demand. Notwithstanding the foregoing, interest on each third month during such Interest Period that corresponds Advance bearing interest at the Alternate Rate pursuant to the first day terms of such Interest Period (or, if any such month does not have a corresponding day, then on the last day of such month); provided that at any time an Event of Default shall have occurred and be continuing, each Eurodollar Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(c) If such Advance is a LIBOR Market Index Rate Advance, interest thereon this Agreement shall be payable in arrears on the last day of each March, June, September and December, calendar month during the Interest Period applicable to such Advance and on the date last day of such LIBOR Market Index Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuingInterest Period, each LIBOR Market Index Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(dii) In respect of any Advance, interest thereon shall be payable at the Applicable Rate at maturity (whether pursuant to by acceleration or otherwise), and (iii) and, after maturity, on demand.
(eb) Nothing contained Overdue principal and, to the extent permitted by law, overdue interest in respect of each Advance, and all other overdue amounts owing hereunder, shall bear interest for each day that such amounts are overdue at a rate (the "Default Rate") per annum equal to three percent per annum plus the interest rate otherwise applicable thereto from the first day such amounts are overdue to but excluding the date such overdue amounts are paid.
(c) The Agent, upon determining the Adjusted Eurodollar Rate for any Interest Period, shall promptly notify by telephone (confirmed in writing) or in writing the Borrower thereof.
(d) It is expressly stipulated and agreed to be the intent of the Lenders and Borrower at all times to comply with the applicable law governing the highest lawful interest rate. If the applicable law is ever judiciall interpreted so as to render usurious any amount called for under this Agreement or in under any of the other Loan Documents, or contracted for, charged, taken, reserved or received with respect to the Indebtedness evidenced thereby, or if acceleration of the maturity of the obligations, or the rights of the Agent and the Lenders to any amounts due, under this Agreement, the Loan Documents and the Promissory Notes, any prepayment by Borrower, or any other Loan Document shall be deemed to establish circumstance whatsoever, results in Borrower having paid any interest, penalty, fee or require the payment of interest to any Lender at a rate other amount in excess of the maximum rate that permitted by applicable law, the it is the express intent of Borrower and Lenders that all excess amounts theretofore collected by Lenders be credited on the principal balance of the Advances (or, at Lenders' option, paid over to Borrower), and the provisions of this Agreement and the other Loan Documents immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder and thereunder. If The right to accelerate maturity of the obligations, or the rights of the Agent and the Lenders to any amounts due, under this Agreement, the Loan Documents and the Promissory Notes, does not include the right to accelerate any interest which has not otherwise accrued on the date of such acceleration, and Lenders do not intend to collect any unearned interest in the event of acceleration. All sums paid or agreed to be paid to Lenders for the use, forbearance or detention of the obligations, or the rights of the Agent and the Lenders to any amounts due, under this Agreement, the Loan Documents and the Promissory Notes shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such obligations and amounts until payment in full so that the rate or amount of interest payable for the on account of any Lender on any interest payment date would such secured obligations does not exceed the maximum amount permitted by applicable law to be charged by such Lender, the rate or amount of interest payable for its account on such interest payment date shall be automatically reduced to such maximum permissible amount. In the event of any such reduction affecting any Lender, if from time to time thereafter the amount of interest payable for the account of such Lender on any interest payment date would be less than the maximum amount permitted by under applicable law to be charged by such Lender, then the amount of interest payable for its account on such subsequent interest payment date shall be automatically increased to such maximum permissible amount, provided that at no time shall the aggregate amount by which interest paid for the account of any Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the previous sentencelaw.
Appears in 1 contract
Interest on Advances. (1) The Borrower shall pay interest on the unpaid principal amount of each Advance owing made to each Lender it from the date of such Advance until such the principal amount shall be paid of such Advance is repaid in full, at the Applicable Rate for such Advance (except as otherwise provided in this Section 2.8), payable as followsfollowing rates per annum:
(a) If such if and so long as the Advance is a Base Canadian Prime Rate Advance, interest thereon shall be payable quarterly in arrears on the last day of each March, June, September and December, on the date of any Conversion of such Base Rate Advance and on the date such Base Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each Base Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.sum of the Canadian Prime Rate in effect from time to time plus the Applicable Margin;
(b) If such if and so long as the Advance is a Eurodollar Base Rate (Canada) Advance, interest thereon shall be payable on the last day of such Interest Period and, if the Interest Period for such Advance has a duration of more than three months, on that day of each third month during such Interest Period that corresponds to the first day of such Interest Period (or, if any such month does not have a corresponding day, then on the last day of such month); provided that at any time an Event of Default shall have occurred and be continuing, each Eurodollar Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.Base Rate (Canada) in effect from time to time plus the Applicable Margin; and
(c) If such if and so long as the Advance is a LIBOR Market Index Eurodollar Rate Advance, interest thereon at a rate per annum equal, at all times during each Eurodollar Interest Period for such Eurodollar Rate Advance, to the sum of the Eurodollar Rate for such Eurodollar Interest Period plus the Applicable Margin.
(2) Interest on Floating Rate Advances shall be calculated daily and payable in arrears (i) on the first Business Day of each month; and (ii) when the Advance becomes due and payable in full, is repaid, or is converted to another Type of Advance or Accommodation. Interest on Eurodollar Rate Advances shall be calculated daily and payable (iii) in the case of a Eurodollar Interest Period longer than 3 months, on the date falling three months from the beginning of such Eurodollar Interest Period; (iv) on the last day of each Marchthe Eurodollar Interest Period; and (v) when such Advance becomes due and payable.
(3) Any amount of principal or interest on any Advance which is not paid when due (whether at stated maturity, Juneby acceleration or otherwise) shall bear interest (both before and after judgment), September and December, and on from the date on which such LIBOR Market Index Rate Advance shall become amount is due and payable or shall otherwise be until such amount is paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each LIBOR Market Index Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
lesser of (dA) In respect (x) in the case of any Advance, interest thereon shall be payable at the Applicable Base Rate at maturity (whether pursuant to acceleration or otherwiseCanada) and, after maturity, on demand.
(e) Nothing contained in this Agreement or in any other Loan Document shall be deemed to establish or require the payment of interest to any Lender at a rate in excess of the maximum rate permitted by applicable law. If the amount of interest payable for the account of any Lender on any interest payment date would exceed the maximum amount permitted by applicable law to be charged by such LenderAdvances and Eurodollar Rate Advances, the amount of interest payable for its account on such interest payment date shall be automatically reduced to such maximum permissible amount. In the event of any such reduction affecting any Lender, if Base Rate (Canada) in effect from time to time thereafter plus the amount Applicable Margin and 2%, and (y) in the case of Canadian Prime Rate Advances, the Canadian Prime Rate in effect from time to time plus the Applicable Margin and 2%, and (B) in the event that the interest payable for the account of such Lender on any interest payment date would be less than the maximum amount rate specified in (A) is not permitted by applicable law Law, (x) in the case of Base Rate (Canada) Advances and Eurodollar Rate Advances, the Base Rate (Canada) in effect from time to be charged by such Lendertime, then plus the amount Applicable Margin in respect of interest payable for its account Base Rate (Canada) Advances in effect on such subsequent interest payment date shall be automatically increased date, and (y) in the case of Canadian Prime Rate Advances, the Canadian Prime Rate in effect from time to time, plus the Applicable Margin in respect of Canadian Prime Rate Advances in effect on such maximum permissible amount, provided that at no time shall the aggregate amount by which interest paid for the account of any Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the previous sentence.date. ---------------------------------------- CA-45
Appears in 1 contract
Samples: Credit Agreement (Marsulex Inc)
Interest on Advances. a) The Borrower shall pay interest on in respect of the unpaid principal amount of each Advance owing from the date such Advance is made at a rate per annum for each Interest Period equal to the LIBOR Applicable Margin plus the relevant Adjusted LIBO Rate. Interest on each Lender Advance shall accrue from and including the date of such Advance until such principal amount to but excluding the date of any repayment thereof and shall be paid payable, in fullarrears, at the Applicable Rate for such Advance (except as otherwise provided in this Section 2.8), payable as follows:
(a) If such Advance is a Base Rate with respect to each Advance, interest thereon shall be payable quarterly in arrears on the last day of each March, June, September calendar month and December, on the date of any Conversion of such Base Rate Advance and on the date such Base Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each Base Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(b) If such Advance is a Eurodollar Rate Advance, interest thereon shall be payable on the last day of such Interest Period and, if the Interest Period for applicable to such Advance has a duration of more than three monthsAdvance, (i) at maturity (whether by acceleration or otherwise), and (ii) after maturity, on that day of demand. Notwithstanding the foregoing, interest on each third month during such Interest Period that corresponds Advance bearing interest at the Alternate Rate pursuant to the first day terms of such Interest Period (or, if any such month does not have a corresponding day, then on the last day of such month); provided that at any time an Event of Default shall have occurred and be continuing, each Eurodollar Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(c) If such Advance is a LIBOR Market Index Rate Advance, interest thereon this Agreement shall be payable in arrears on the last day of each March, June, September and December, calendar month during the Interest Period applicable to such Advance and on the date last day of such LIBOR Market Index Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuingInterest Period, each LIBOR Market Index Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(di) In respect of any Advance, interest thereon shall be payable at the Applicable Rate at maturity (whether pursuant to by acceleration or otherwise), and (ii) and, after maturity, on demand.
b) Overdue principal and, to the extent permitted by law, overdue interest in respect of each Advance, and all other overdue amounts owing hereunder, shall bear interest for each day that such amounts are overdue at a rate (ethe "Default Rate") Nothing contained per annum equal to three percent (3%) per annum plus the interest rate otherwise applicable thereto from the first day such amounts are overdue to but excluding the date such overdue amounts are paid.
c) The Agent, upon determining the Adjusted LIBO Rate for any Interest Period, shall promptly notify by telephone (confirmed in writing) or in writing the Borrower thereof.
d) It is expressly stipulated and agreed to be the intent of the Lenders and Borrower at all times to comply with the applicable law governing the highest lawful interest rate. If the applicable law is ever judicially interpreted so as to render usurious any amount called for under this Agreement or in under any of the other Loan Documents, or contracted for, charged, taken, reserved or received with respect to the Indebtedness evidenced thereby, or if acceleration of the maturity of the obligations, or the rights of the Agent and the Lenders to any amounts due, under this Agreement, the Loan Documents and the Promissory Notes, any prepayment by Borrower, or any other Loan Document shall be deemed to establish circumstance whatsoever, results in Borrower having paid any interest, penalty, fee or require the payment of interest to any Lender at a rate other amount in excess of the maximum rate that permitted by applicable law, then it is the express intent of Borrower and Lenders that all excess amounts theretofore collected by Lenders be credited on the principal balance of the Advances (or, at Lenders' option, paid over to Borrower), and the provisions of this Agreement and the other Loan Documents immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder and thereunder. If The right to accelerate maturity of the obligations, or the rights of the Agent and the Lenders to any amounts due, under this Agreement, the Loan Documents and the Promissory Notes, does not include the right to accelerate any interest which has not otherwise accrued on the date of such acceleration, and Lenders do not intend to collect any unearned interest in the event of acceleration. All sums paid or agreed to be paid to Lenders for the use, forbearance or detention of the obligations, or the rights of the Agent and the Lenders to any amounts due, under this Agreement, the Loan Documents and the Promissory Notes shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such obligations and amounts until payment in full so that the rate or amount of interest payable for the on account of any Lender on any interest payment date would such secured obligations does not exceed the maximum amount permitted by applicable law to be charged by such Lender, the rate or amount of interest payable for its account on such interest payment date shall be automatically reduced to such maximum permissible amount. In the event of any such reduction affecting any Lender, if from time to time thereafter the amount of interest payable for the account of such Lender on any interest payment date would be less than the maximum amount permitted by under applicable law to be charged by such Lender, then the amount of interest payable for its account on such subsequent interest payment date shall be automatically increased to such maximum permissible amount, provided that at no time shall the aggregate amount by which interest paid for the account of any Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the previous sentencelaw.
Appears in 1 contract
Interest on Advances. a) The Borrower shall agrees to pay interest on in respect of the unpaid principal amount of each Advance owing from the date such Advance is made at a rate per annum for each Interest Period equal to the LIBOR Applicable Margin plus the relevant Adjusted LIBO Rate. Interest on each Lender Advance shall accrue from and including the date of such Advance until such principal amount shall be paid in full, at the Applicable Rate for such Advance (except as otherwise provided in this Section 2.8), payable as follows:
(a) If such Advance is a Base Rate Advance, interest thereon shall be payable quarterly in arrears on the last day of each March, June, September and December, on to but excluding the date of any Conversion of such Base Rate Advance repayment thereof and on the date such Base Rate Advance shall become due and payable or shall otherwise be paid payable, in full; provided that at any time an Event of Default shall have occurred and be continuingarrears, with respect to each Base Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(b) If such Advance is a Eurodollar Rate Advance, interest thereon shall be payable (i) on the last day of such Interest Period and, if the Interest Period for such Advance has a duration of more than three months, on that day of each third month during such Interest Period that corresponds to the first day of such Interest Period each calendar month, (orii) at maturity (whether by acceleration or otherwise), if any such month does not have a corresponding dayand (iii) after maturity, then on the last day of such month); provided that at any time an Event of Default shall have occurred and be continuing, each Eurodollar Rate Advance shall bear interest payable on demand. Notwithstanding the foregoing, interest on each Advance bearing interest at a rate per annum equal at all times the Alternate Rate pursuant to the Default Rate.
(c) If such Advance is a LIBOR Market Index Rate Advance, interest thereon terms of this Agreement shall be payable in arrears (i) on the last first day of each March, June, September and December, and on calendar month during the date Interest Period applicable to such LIBOR Market Index Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each LIBOR Market Index Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(d) In respect of any Advance, interest thereon shall be payable at the Applicable Rate (ii) at maturity (whether pursuant to by acceleration or otherwise), and (iii) and, after maturity, on demand. No later than five (5) Business Days prior to an Applicable Margin Adjustment Date, Borrower shall furnish the Administrative Agent with calculations of the LIBOR Applicable Margin, Federal Funds Applicable Margin and Prime Rate Applicable Margin as of the Applicable Margin Adjustment Date, together with sufficient detail to allow the Administrative Agent to review the Borrower's calculations. The LIBOR Applicable Margin, Federal Funds Applicable Margin and Prime Rate Applicable Margin shall be recalculated by the Administrative Agent (which calculation shall be binding on all parties, absent patent error), and the interest on each Advance shall be correspondingly increased or decreased, on and as of each Applicable Margin Adjustment Date. In the event that the date on which the interest on any Advance is converted to, or otherwise commences to accrue at, the Alternate Rate is a date that is not an Applicable Margin Adjustment Date, then the Alternate Rate shall be calculated on the basis of the Leverage Percentage as of the most recent Applicable Margin Adjustment Date.
b) Overdue principal and, to the extent permitted by law, overdue interest in respect of each Advance, and all other overdue amounts owing hereunder, shall bear interest for each day that such amounts are overdue at a rate (ethe "Default Rate") Nothing contained per annum equal to three percent (3%) per annum plus the interest rate otherwise applicable thereto from the first day such amounts are overdue to but excluding the date such overdue amounts are paid.
c) The Administrative Agent, upon determining the Adjusted LIBO Rate for any Interest Period, shall promptly notify by telephone (confirmed in writing) or in writing the Borrower thereof. All such determinations shall be binding on all parties, absent patent error.
d) It is expressly stipulated and agreed to be the intent of the Lenders and Borrower at all times to comply with the applicable law governing the highest lawful interest rate. If the applicable law is ever judicially interpreted so as to render usurious any amount called for under this Agreement or in under any of the other Loan Documents, or contracted for, charged, taken, reserved or received with respect to the Indebtedness evidenced thereby, or if acceleration of the maturity of the obligations, or the rights of the Administrative Agent and the Lenders to any amounts due, under this Agreement, the Loan Documents and the Promissory Notes, any prepayment by Borrower, or any other Loan Document shall be deemed to establish circumstance whatsoever, results in Borrower having paid any interest, penalty, fee or require the payment of interest to any Lender at a rate other amount in excess of the maximum rate that permitted by applicable law, then it is the express intent of Borrower and Lenders that all excess amounts theretofore collected by Lenders be credited on the principal balance of the Advances (or, at Lenders' option, paid over to Borrower), and the provisions of this Agreement and the other Loan Documents immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder and thereunder. If The right to accelerate maturity of the obligations, or the rights of the Administrative Agent and the Lenders to any amounts due, under this Agreement, the Loan Documents and the Promissory Notes, does not include the right to accelerate any interest which has not otherwise accrued on the date of such acceleration, and Lenders do not intend to collect any unearned interest in the event of acceleration. All sums paid or agreed to be paid to Lenders for the use, forbearance or detention of the obligations, or the rights of the Administrative Agent and the Lenders to any amounts due, under this Agreement, the Loan Documents and the Promissory Notes shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such obligations and amounts until payment in full so that the rate or amount of interest payable for the on account of any Lender on any interest payment date would such secured obligations does not exceed the maximum amount permitted by applicable law to be charged by such Lender, the rate or amount of interest payable for its account on such interest payment date shall be automatically reduced to such maximum permissible amount. In the event of any such reduction affecting any Lender, if from time to time thereafter the amount of interest payable for the account of such Lender on any interest payment date would be less than the maximum amount permitted by under applicable law to be charged by such Lender, then the amount of interest payable for its account on such subsequent interest payment date shall be automatically increased to such maximum permissible amount, provided that at no time shall the aggregate amount by which interest paid for the account of any Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the previous sentencelaw.
Appears in 1 contract
Interest on Advances. (a) The Borrower shall pay interest on the unpaid principal amount of each Advance owing shall bear interest at a rate per annum equal to the Applicable Rate. Notwithstanding the foregoing, in no event will the Applicable Rate ever be less than four and 15/100 percent (4.15%) per annum. The "APPLICABLE RATE" with respect to each Lender Advance shall be the Applicable Eurodollar Rate, provided that, if Borrower makes a Base Rate Election, the Applicable Rate shall mean the Applicable Base Rate. Notwithstanding the foregoing, interest on each Advance shall accrue from and including the date of such Advance until such principal amount to but excluding the date of any repayment thereof and shall be paid in full, at the Applicable Rate for such Advance (except as otherwise provided in this Section 2.8), payable as follows:
(ai) If such Advance is a with respect to Advances bearing interest at the Applicable Base Rate AdvanceRate, interest thereon shall be payable quarterly (x) in arrears on the first day of each calendar month at all times while any such Advances are outstanding, (y) at maturity (whether by acceleration or otherwise), and (z) after maturity, on demand; and
(ii) with respect to Advances bearing interest at the Applicable Eurodollar Rate, interest shall be payable (x) in arrears on the first day of each calendar month while any such Advances are outstanding and on the last day of each Marchsuch Eurodollar Rate Interest Period, June, September (y) at maturity and December(z) after maturity (whether by acceleration or otherwise), on demand.
(b) Borrower may elect from time to time to have the date of any Conversion of such Applicable Base Rate apply to any Advance and on the date such Base Rate Advance shall become due and payable by giving Agent written notice thereof in a Notice of Borrowing (a "BASE RATE ELECTION").
(c) If a Default or shall otherwise be paid in full; provided that at any time an Event of Default exists hereunder, the Applicable Rate shall have occurred mean the Default Rate. Additionally, overdue principal and, to the extent permitted by law, overdue interest in respect of each Advance, and be continuingall other overdue amounts owing hereunder, each Base Rate Advance shall bear interest payable on demand, for each day that such amounts are overdue at a rate per annum equal at all times to the Default Rate.
(b) If such Advance is a Eurodollar Rate Advance, interest thereon shall be payable on the last day of such Interest Period and, if the Interest Period for such Advance has a duration of more than three months, on that day of each third month during such Interest Period that corresponds to the first day of such Interest Period (or, if any such month does not have a corresponding day, then on the last day of such month); provided that at any time an Event of Default shall have occurred and be continuing, each Eurodollar Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(c) If such Advance is a LIBOR Market Index Rate Advance, interest thereon shall be payable in arrears on the last day of each March, June, September and December, and on the date such LIBOR Market Index Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each LIBOR Market Index Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(d) In respect of any AdvanceAgent, interest thereon shall be payable at upon determining the Applicable Eurodollar Rate at maturity for any applicable Eurodollar Interest Rate Period, shall promptly notify by telephone (whether pursuant to acceleration or otherwiseconfirmed in writing) and, after maturity, on demand.
(e) Nothing contained in this Agreement or in any other Loan Document shall be deemed to establish or require the payment of interest to any Lender at a rate in excess of the maximum rate permitted by applicable law. If the amount of interest payable for the account of any Lender on any interest payment date would exceed the maximum amount permitted by applicable law to be charged by such Lender, the amount of interest payable for its account on such interest payment date shall be automatically reduced to such maximum permissible amount. In the event of any such reduction affecting any Lender, if from time to time thereafter the amount of interest payable for the account of such Lender on any interest payment date would be less than the maximum amount permitted by applicable law to be charged by such Lender, then the amount of interest payable for its account on such subsequent interest payment date shall be automatically increased to such maximum permissible amount, provided that at no time shall the aggregate amount by which interest paid for the account of any Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the previous sentencewriting Borrower thereof.
Appears in 1 contract
Samples: Credit Agreement (G Reit Inc)
Interest on Advances. The Borrower (a) Except as otherwise set forth herein, each Advance shall pay bear interest on the unpaid principal amount of each Advance owing to each Lender thereof from the date of such Advance until such principal amount shall be paid in full, at the Applicable Rate for such Advance made through repayment (except as otherwise provided in this Section 2.8), payable whether by acceleration or otherwise) thereof as follows:
(ai) If such Advance is if a Base Rate Advance, at the Base Rate; or
(ii) if a LIBOR Advance, at Adjusted LIBOR plus 2.00%;
(b) The basis for determining the rate of interest thereon with respect to any Advance, and the Interest Period with respect to any LIBOR Advance, shall be selected by a Borrower and notified to the Lenders pursuant to the applicable Funding Notice or Conversion/Continuation Notice, as the case may be. If on any day an Advance is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Lenders in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Advance shall be a Base Rate Advance.
(c) In connection with LIBOR Advances there shall be no more than three (3) Interest Periods outstanding at any time. In the event that a Borrower fails to specify between a Base Rate Advance or a LIBOR Advance or fails to specify an Interest Period for any LIBOR Advance in the applicable Funding Notice or Conversion/Continuation Notice, the Borrower shall be deemed to have selected an Interest Period that is the same as the Interest Period then ending (or in the case of an Advance under a Funding Notice, a three month Interest Period). As soon as practicable after 10:00 a.m. (New York City time) on each Interest Rate Determination Date, the Lenders shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon all parties) the interest rate that shall apply to the LIBOR Advances for which an interest rate is then being determined for the applicable Interest Period and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to the applicable Borrower.
(d) Interest payable quarterly pursuant to Section 2.5(a) shall be computed (i) in arrears the case of Base Rate Advances on the last basis of a 365-day or 366-day year, as the case may be, and (ii) in the case of each March, June, September and DecemberLIBOR Advances, on the basis of a 360-day year, in each case for the actual number of days elapsed in the period during which it accrues. In computing interest on any Advance, the date of any Conversion the making of such Advance or the first day of an Interest Period applicable to such Advance or, with respect to a Base Rate Advance being converted from a LIBOR Advance, the date of conversion of such LIBOR Advance to such Base Rate Advance, as the case may be, shall be included, and the date of payment of such Advance or the expiration date of an Interest Period applicable to such Advance or, with respect to a Base Rate Advance being converted to a LIBOR Advance, the date of conversion of such Base Rate Advance and to such LIBOR Advance, as the case may be, shall be excluded; provided, if an Advance is repaid on the date such Base Rate Advance same day on which it is made, one day's interest shall become due and payable or shall otherwise be paid in full; provided on that at any time an Event of Default shall have occurred and be continuing, each Base Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default RateAdvance.
(be) If such Advance is a Eurodollar Rate AdvanceExcept as otherwise set forth herein, interest thereon shall be payable on the last day of such Interest Period and, if the Interest Period for such each Advance has a duration of more than three months, on that day of each third month during such Interest Period that corresponds to the first day of such Interest Period (or, if any such month does not have a corresponding day, then on the last day of such month); provided that at any time an Event of Default shall have occurred and be continuing, each Eurodollar Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(c) If such Advance is a LIBOR Market Index Rate Advance, interest thereon shall be payable in arrears on and to (i) each Interest Payment Date applicable to that Advance; (ii) upon any repayment of that Advance, whether voluntary or mandatory, to the last day of each March, June, September and December, and extent accrued on the date such LIBOR Market Index Rate Advance shall become due amount being prepaid; and payable or shall otherwise be paid in full; provided that (iii) at any time an Event of Default shall have occurred and be continuing, each LIBOR Market Index Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(d) In respect of any Advance, interest thereon shall be payable at the Applicable Rate at maturity (whether pursuant to acceleration or otherwise) and, after maturity, on demandincluding final maturity.
(e) Nothing contained in this Agreement or in any other Loan Document shall be deemed to establish or require the payment of interest to any Lender at a rate in excess of the maximum rate permitted by applicable law. If the amount of interest payable for the account of any Lender on any interest payment date would exceed the maximum amount permitted by applicable law to be charged by such Lender, the amount of interest payable for its account on such interest payment date shall be automatically reduced to such maximum permissible amount. In the event of any such reduction affecting any Lender, if from time to time thereafter the amount of interest payable for the account of such Lender on any interest payment date would be less than the maximum amount permitted by applicable law to be charged by such Lender, then the amount of interest payable for its account on such subsequent interest payment date shall be automatically increased to such maximum permissible amount, provided that at no time shall the aggregate amount by which interest paid for the account of any Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the previous sentence.
Appears in 1 contract
Interest on Advances. The Borrower shall pay interest on the unpaid principal amount of each Advance owing to each Lender from the date of such Advance until such principal amount shall be paid in full, at the Applicable Rate for such Advance (except as otherwise provided in this Section 2.8), payable as follows:
(a) If such Advance is a Base Rate Advance, interest thereon shall be payable quarterly in arrears on the last day of each March, June, September and December, on the date of any Conversion of such Base Rate Advance and on the date such Base Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each Base Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(b) If such Advance is a Eurodollar Rate Advance, interest thereon shall be payable on the last day of such Interest Period and, if the Interest Period for such Advance has a duration of more than three months, on that day of each third month during such Interest Period that corresponds to the first day of such Interest Period (or, if any such month does not have a corresponding day, then on the last day of such month)Period; provided that at any time an Event of Default shall have occurred and be continuing, each Eurodollar Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(c) If such Advance is a LIBOR Market Index Rate Advance, interest thereon shall be payable in arrears on the last day of each March, June, September and December, and on the date such LIBOR Market Index Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each LIBOR Market Index Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(d) In respect of any Advance, interest thereon shall be payable at the Applicable Rate at maturity (whether pursuant to acceleration or otherwise) and, after maturity, on demand.
(ed) Nothing contained in this Agreement or in any other Loan Document shall be deemed to establish or require the payment of interest to any Lender at a rate in excess of the maximum rate permitted by applicable law. If the amount of interest payable for the account of any Lender on any interest payment date would exceed the maximum amount permitted by applicable law to be charged by such Lender, the amount of interest payable for its account on such interest payment date shall be automatically reduced to such maximum permissible amount. In the event of any such reduction affecting any Lender, if from time to time thereafter the amount of interest payable for the account of such Lender on any interest payment date would be less than the maximum amount permitted by applicable law to be charged by such Lender, then the amount of interest payable for its account on such subsequent interest payment date shall be automatically increased to such maximum permissible amount, provided that at no time shall the aggregate amount by which interest paid for the account of any Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the previous sentence.
Appears in 1 contract
Interest on Advances. (a) The Borrower shall agrees to pay interest on in respect of the unpaid principal amount of each Advance owing from the date such Advance is made at a rate per annum for each Interest Period equal to the Applicable Margin plus the relevant Adjusted Eurodollar Rate. Interest on each Lender Advance shall accrue from and including the date of such Advance until such principal amount shall be paid in full, at to but excluding the Applicable Rate for such Advance (except as otherwise provided in this Section 2.8), payable as follows:
(a) If such Advance is a Base Rate Advance, interest thereon date of any repayment thereof and shall be payable quarterly (i) (x) with respect to all Advances other than Advances the Interest Period applicable to which is six months, in arrears on the last day of the Interest Period for each Marchsuch Advance, Juneand (y) with respect to all Advances the Interest Period applicable to which is six months, September and December, in arrears on the date of any Conversion 90th day following the first day of such Base Rate Advance Interest Period and on the date such Base Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each Base Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(b) If such Advance is a Eurodollar Rate Advance, interest thereon shall be payable on the last day of such Interest Period andPeriod, if the Interest Period for such Advance has a duration of more than three months(ii) at maturity (whether by acceleration or otherwise), and (iii) after maturity, on that day of demand. Notwithstanding the foregoing, interest on each third month during such Interest Period that corresponds Advance bearing interest at the Alternate Rate pursuant to the first day terms of such Interest Period (or, if any such month does not have a corresponding day, then on the last day of such month); provided that at any time an Event of Default shall have occurred and be continuing, each Eurodollar Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(c) If such Advance is a LIBOR Market Index Rate Advance, interest thereon this Agreement shall be payable in arrears on the last day of each March, June, September and December, calendar month during the Interest Period applicable to such Advance and on the date last day of such LIBOR Market Index Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuingInterest Period, each LIBOR Market Index Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(dii) In respect of any Advance, interest thereon shall be payable at the Applicable Rate at maturity (whether pursuant to by acceleration or otherwise), and (iii) and, after maturity, on demand.
(eb) Nothing contained Overdue principal and, to the extent permitted by law, overdue interest in respect of each Advance, and all other overdue amounts owing hereunder, shall bear interest for each day that such amounts are overdue at a rate (the "Default Rate") per annum equal to three percent per annum plus the interest rate otherwise applicable thereto from the first day such amounts are overdue to but excluding the date such overdue amounts are paid.
(c) The Agent, upon determining the Adjusted Eurodollar Rate for any Interest Period, shall promptly notify by telephone (confirmed in writing) or in writing the Borrower thereof.
(d) It is expressly stipulated and agreed to be the intent of the Lenders and Borrower at all times to comply with the applicable law governing the highest lawful interest rate. If the applicable law is ever judicially interpreted so as to render usurious any amount called for under this Agreement or in under any of the other Loan Documents, or contracted for, charged, taken, reserved or received with respect to the Indebtedness evidenced thereby, or if acceleration of the maturity of the obligations, or the rights of the Agent and the Lenders to any amounts due, under this Agreement, the Loan Documents and the Promissory Notes, any prepayment by Borrower, or any other Loan Document shall be deemed to establish circumstance whatsoever, results in Borrower having paid any interest, penalty, fee or require the payment of interest to any Lender at a rate other amount in excess of the maximum rate that permitted by applicable law, then it is the express intent of Borrower and Lenders that all excess amounts theretofore collected by Lenders be credited on the principal balance of the Advances (or, at Lenders' option, paid over to Borrower), and the provisions of this Agreement and the other Loan Documents immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder and thereunder. If The right to accelerate maturity of the obligations, or the rights of the Agent and the Lenders to any amounts due, under this Agreement, the Loan Documents and the Promissory Notes, does not include the right to accelerate any interest which has not otherwise accrued on the date of such acceleration, and Lenders do not intend to collect any unearned interest in the event of acceleration. All sums paid or agreed to be paid to Lenders for the use, forbearance or detention of the obligations, or the rights of the Agent and the Lenders to any amounts due, under this Agreement, the Loan Documents and the Promissory Notes shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such obligations and amounts until payment in full so that the rate or amount of interest payable for the on account of any Lender on any interest payment date would such secured obligations does not exceed the maximum amount permitted by applicable law to be charged by such Lender, the rate or amount of interest payable for its account on such interest payment date shall be automatically reduced to such maximum permissible amount. In the event of any such reduction affecting any Lender, if from time to time thereafter the amount of interest payable for the account of such Lender on any interest payment date would be less than the maximum amount permitted by under applicable law to be charged by such Lender, then the amount of interest payable for its account on such subsequent interest payment date shall be automatically increased to such maximum permissible amount, provided that at no time shall the aggregate amount by which interest paid for the account of any Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the previous sentencelaw.
Appears in 1 contract
Interest on Advances. The Each Borrower shall pay interest on the unpaid principal amount of each Advance made to such Borrower owing to each Lender from the date of such Advance until such principal amount shall be paid in full, at the Applicable Rate with respect to such Borrower for such Advance (except as otherwise provided in this Section 2.8), payable as follows:
(a) If such Advance is a Base Rate Advance, interest thereon shall be payable quarterly in arrears on the last day of each March, June, September and December, on the date of any Conversion of such Base Rate Advance and on the date such Base Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuingcontinuing with respect to such Borrower, each Base Rate Advance made to such Borrower shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(b) If such Advance is a Eurodollar Rate Advance, interest thereon shall be payable on the last day of such Interest Period and, if the Interest Period for such Advance has a duration of more than three months, on that day of each third month during such Interest Period that corresponds to the first day of such Interest Period (or, if any such month does not have a corresponding day, then on the last day of such month); provided that at any time an Event of Default shall have occurred and be continuingcontinuing with respect to such Borrower, each Eurodollar Rate Advance made to such Borrower shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(c) If such Advance is a LIBOR Market Index Rate Advance, interest thereon shall be payable in arrears on the last day of each March, June, September and December, and on the date such LIBOR Market Index Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuingcontinuing with respect to such Borrower, each LIBOR Market Index Rate Advance made to such Borrower shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(d) In respect of any Advance, interest thereon shall be payable at the Applicable Rate at maturity (whether pursuant to acceleration or otherwise) and, after maturity, on demand.
(e) Nothing contained in this Agreement or in any other Loan Document shall be deemed to establish or require the payment of interest to any Lender at a rate in excess of the maximum rate permitted by applicable law. If the amount of interest payable for the account of any Lender on any interest payment date would exceed the maximum amount permitted by applicable law to be charged by such Lender, the amount of interest payable for its account on such interest payment date shall be automatically reduced to such maximum permissible amount. In the event of any such reduction affecting any Lender, if from time to time thereafter the amount of interest payable for the account of such Lender on any interest payment date would be less than the maximum amount permitted by applicable law to be charged by such Lender, then the amount of interest payable for its account on such subsequent interest payment date shall be automatically increased to such maximum permissible amount, provided that at no time shall the aggregate amount by which interest paid for the account of any Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the previous sentence.
Appears in 1 contract
Samples: Master Credit Agreement (Wisconsin Power & Light Co)
Interest on Advances. The Borrower Interest shall pay interest on the unpaid principal amount of each Advance owing to each Lender accrue from the date of such each Advance until such principal amount shall be paid in fullunder the Line of Credit at one of the following rates, at as quoted by the Applicable Rate for such Advance (except Bank and as otherwise provided in this Section 2.8), payable as followselected by the Borrower pursuant to paragraph 2.05 or 2.06 below:
(a) If A variable rate equivalent to an index for a variable interest rate which is quoted, published or announced from time to time by the Bank as its reference rate and as to which loans may be made by the Bank at, below or above such Reference Rate plus 1% per annum (the "Variable Rate"). Interest shall be adjusted concurrently with any change in the Reference Rate. An Advance based upon the Variable Rate is hereinafter referred to as a "Variable Rate Advance".
(b) A fixed rate quoted by the Bank for 30, 60, 90, 120 or 180 days or for such other period of time that the Bank may quote and offer (provided that any such period of time does not extend beyond the Expiration Date) [the "Eurodollar Interest Period"] for Advances in the minimum amount of $500,000. Such interest rate shall be a percentage approximately equivalent to 3% in excess of the Bank's Eurodollar Rate which is that rate determined by the Bank's Treasury Desk as being the approximate rate at which the Bank could purchase offshore U.S. dollar deposits in an amount approximately equal to the amount of the relevant Advance and for a period of time approximately equal to the relevant Eurodollar Interest Period (adjusted for any and all assessments, surcharges and reserve requirements pertaining to the purchase by the Bank of such U.S. dollar deposits) [the "Eurodollar Rate"]. An Advance based upon the Eurodollar Rate is hereinafter referred to as a "Eurodollar Advance". Interest on any Advance shall be computed on the basis of 360 days per year, but charged on the actual number of days elapsed. Interest on Variable Rate Advances and Eurodollar Advances shall be paid monthly commencing on the last day of the month following the date of the first such Advance is a Base Rate Advance, interest thereon shall be payable quarterly in arrears and continuing on the last day of each Marchmonth thereafter. If interest is not paid as and when it is due, Juneit shall be added to the principal, September and December, on the date of any Conversion of such Base Rate Advance and on the date such Base Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each Base Rate Advance shall bear interest payable on demand, at treated as a rate per annum equal at all times to the Default Rate.
(b) If such Advance is a Eurodollar Rate Advance, interest thereon shall be payable on the last day of such Interest Period and, if the Interest Period for such Advance has a duration of more than three months, on that day of each third month during such Interest Period that corresponds to the first day of such Interest Period (or, if any such month does not have a corresponding day, then on the last day of such month); provided that at any time an Event of Default shall have occurred and be continuing, each Eurodollar Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(c) If such Advance is a LIBOR Market Index Rate Advance, interest thereon shall be payable in arrears on the last day of each March, June, September and Decemberpart thereof, and on the date such LIBOR Market Index Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each LIBOR Market Index Rate Advance shall thereafter bear interest payable on demand, at a rate per annum equal at all times to the Default Ratelike interest.
(d) In respect of any Advance, interest thereon shall be payable at the Applicable Rate at maturity (whether pursuant to acceleration or otherwise) and, after maturity, on demand.
(e) Nothing contained in this Agreement or in any other Loan Document shall be deemed to establish or require the payment of interest to any Lender at a rate in excess of the maximum rate permitted by applicable law. If the amount of interest payable for the account of any Lender on any interest payment date would exceed the maximum amount permitted by applicable law to be charged by such Lender, the amount of interest payable for its account on such interest payment date shall be automatically reduced to such maximum permissible amount. In the event of any such reduction affecting any Lender, if from time to time thereafter the amount of interest payable for the account of such Lender on any interest payment date would be less than the maximum amount permitted by applicable law to be charged by such Lender, then the amount of interest payable for its account on such subsequent interest payment date shall be automatically increased to such maximum permissible amount, provided that at no time shall the aggregate amount by which interest paid for the account of any Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the previous sentence.
Appears in 1 contract
Samples: Credit Agreement (PMR Corp)
Interest on Advances. The Borrower shall pay interest on the unpaid principal amount of each Advance owing to each Lender from the date of such Advance until such principal amount shall be paid in full, at the Applicable Rate for such Advance (except as otherwise provided in this Section 2.8), payable as follows:
(a) If such Advance is a Subject to Section 10.9 hereof, Base Rate Advance, Advances shall bear interest thereon shall be payable quarterly in arrears on at the last day lesser of each March, June, September (a) the Highest Lawful Rate and December, on (b) the date of any Conversion of such Base Rate Advance and as in effect from time to time. Accrued interest on the date such Base Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each Base Rate Advance shall bear interest payable be computed on demandthe basis of a year of 365 or 366 days, at a rate per annum equal at all times to as applicable, for the Default Rate.
(b) If such Advance is a Eurodollar Rate Advancenumber of days actually elapsed, interest thereon and shall be payable on the last day of such Interest Period and, if the Interest Period for such Advance has a duration of more than three months, on that day of each third month during such Interest Period that corresponds to the first day of such Interest Period (or, if any such month does not have a corresponding day, then on the last day of such month); provided that at any time an Event of Default shall have occurred due and be continuing, each Eurodollar Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(c) If such Advance is a LIBOR Market Index Rate Advance, interest thereon shall be payable in arrears on the last day of each March, June, September and December, and on the date such LIBOR Market Index Rate Advance shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each LIBOR Market Index Rate Advance shall bear interest payable on demand, at a rate per annum equal at all times to the Default Rate.
(d) In respect of any Advance, interest thereon shall be payable at the Applicable Rate at maturity (whether pursuant to acceleration or otherwise) and, after maturity, on demand.
(e) Nothing contained in this Agreement or in any other Loan Document shall be deemed to establish or require the payment of interest to any Lender at a rate in excess of the maximum rate permitted by applicable lawMonthly Date. If the amount of interest payable for the account of any Lender on any interest payment date in respect of any Base Rate Advance would exceed the maximum amount permitted by applicable law to be charged by such LenderMaximum Amount, the amount of interest payable for its account on such interest payment date shall be automatically reduced to such maximum permissible amountthe Maximum Amount. In the event of any such reduction affecting any Lender, if from time to time thereafter If the amount of interest payable for the account of such any Lender on in respect of any interest payment date computation period is reduced pursuant to the immediately preceding sentence and the amount of interest payable for its account in respect of any subsequent interest computation period would be less than the maximum amount permitted by applicable law to be charged by such LenderMaximum Amount, then the amount of interest payable for its account on in respect of such subsequent interest payment date computation period shall be automatically increased to such maximum permissible amount, Maximum Amount; provided that at no time shall the aggregate amount by which interest paid for the account of any Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the previous immediately preceding sentence.
(b) Subject to Section 10.9 hereof, each LIBOR Advance shall bear interest at a rate per annum equal to the LIBOR Basis for such Advance. The Administrative Lender, whose determination shall be conclusive, shall determine the LIBOR Basis on the second Business Day prior to the applicable funding date and shall notify the Company and the Lenders of such LIBOR Basis. Interest on each LIBOR Advance shall be computed on the basis of a 360-day year for the actual number of days elapsed, and shall be payable in arrears on the applicable Payment Date and on the Maturity Date; provided, however, that if the Interest Period for such Advance exceeds three months, interest shall also be due and payable in arrears on each Quarterly Date during such Interest Period.
(c) If the Company fails to give the Administrative Lender timely notice of its selection of a LIBOR Basis or an Interest Period for a LIBOR Advance, or if for any reason a determination of a LIBOR Basis for any Advance is not timely concluded due to the fault of the Company, the Base Rate shall apply to the applicable Advance.
(d) All past due principal and interest shall, upon notice by the Administrative Lender to the Company, bear interest at the lesser of (i) the Base Rate as in effect from time to time, plus 3% or (ii) the Highest Lawful Rate, and shall be due and payable on demand.
Appears in 1 contract
Samples: Credit Agreement (Petsmart Inc)
Interest on Advances. (a) The Borrower Company shall pay interest on the unpaid principal amount of each Advance owing to each Lender (other than an Advance in respect of a Documentary Letter of Credit) from the date of such Advance until such principal amount shall be paid in full, at the Applicable Rate for such Advance (except as otherwise provided in this Section 2.8), payable as followsfollowing rates per annum:
(ai) If During such periods as such Advance is a Base Rate Advance, interest thereon shall be a rate per annum equal at all times to the Base Rate plus the greater of (x) the sum of (A) the per annum rate used to calculate the commission fee attributable to such Bank payable on undrawn Letters of Credit pursuant to the Original LC Governing Document plus (B) 0.50% or (y) the Applicable Margin in effect from time to time, payable quarterly in arrears on the last day of each March, June, September and December, on the date of any Conversion of such Base Rate Advance December and on the date such Base Rate Advance shall become due and payable be Converted or shall otherwise be paid in full; provided provided, that at any time an Event amount of Default shall have occurred and be continuing, each principal of a Base Rate Advance which is not paid when due (whether at stated maturity, by acceleration or otherwise) shall bear interest interest, from the date on which such amount is due until such amount is paid in full, payable on demand, at a rate per annum equal at all times to the Default Ratesum of the rate of interest applicable to Base Rate Advances in effect from time to time plus 2%.
(bii) If During such periods as such Advance is a Eurodollar Eurocurrency Rate Advance, interest thereon shall be a rate per annum equal at all times during each Interest Period for such Advance to the sum of the Eurocurrency Rate for such Interest Period for such Advance plus the greater of (x) the sum of (A) the per annum rate used to calculate the commission fee attributable to such Bank payable on undrawn Letters of Credit pursuant to the Original LC Governing Document plus (B) 0.50% or (y) the Applicable Margin in effect from time to time, payable on the last day of such Interest Period and, if the such Interest Period for such Advance has a duration of more than three months, on each day that day of each third month occurs during such Interest Period that corresponds to every three months from the first day of such Interest Period (or, if any such month does not have a corresponding day, then and on the last day date such Advance shall be Converted or paid in full; provided, that any amount of principal of a Eurocurrency Rate Advance which is not paid when due (whether at stated maturity, by acceleration or otherwise) shall bear interest, payable on demand, (i) from the date on which such amount is due until the end of the Interest Period for such Advance, at a rate per annum equal at all times to the sum of the Eurocurrency Rate for such Interest Period plus the Applicable Margin in effect from time to time plus 2%, and (ii) from the end of such month); provided that Interest Period until such amount is paid in full, at any a rate per annum equal at all times to the sum of the rate of interest applicable to Base Rate Advances in effect from time to time plus 2%.
(iii) Upon the occurrence and during the continuance of an Event of Default under Section 6.01(a), the Company shall have occurred pay simple interest, to the fullest extent permitted by law, on the amount of any interest, fee or other amount (other than principal of Advances which is covered by Sections 2.06(a) and 2.06(b) payable hereunder that is not paid when due, from the date such amount shall be continuingdue until such amount shall be paid in full, each Eurodollar Rate Advance payable in arrears on the date such amount shall bear interest payable be paid in full and on demand, at a rate per annum equal at all times to the Default Ratesum of the rate of interest applicable to Base Rate Advances in effect from time to time plus 2% per annum.
(cb) If With respect to Advances in respect of Documentary Letters of Credit, the Company shall, if the applicable Original LC Governing Documents so provide, pay interest on the unpaid principal amount of any such Advance is a LIBOR Market Index Rate Advance, interest thereon shall be payable in arrears on the last day of each March, June, September and December, and on from the date of any such LIBOR Market Index Rate Advance until such principal amount shall become due and payable or shall otherwise be paid in full; provided that at any time an Event of Default shall have occurred and be continuing, each LIBOR Market Index Rate Advance shall bear interest payable on demand, at a the rate per annum equal at all times to specified in the Default RateOriginal LC Governing Documents.
(d) In respect of any Advance, interest thereon shall be payable at the Applicable Rate at maturity (whether pursuant to acceleration or otherwise) and, after maturity, on demand.
(e) Nothing contained in this Agreement or in any other Loan Document shall be deemed to establish or require the payment of interest to any Lender at a rate in excess of the maximum rate permitted by applicable law. If the amount of interest payable for the account of any Lender on any interest payment date would exceed the maximum amount permitted by applicable law to be charged by such Lender, the amount of interest payable for its account on such interest payment date shall be automatically reduced to such maximum permissible amount. In the event of any such reduction affecting any Lender, if from time to time thereafter the amount of interest payable for the account of such Lender on any interest payment date would be less than the maximum amount permitted by applicable law to be charged by such Lender, then the amount of interest payable for its account on such subsequent interest payment date shall be automatically increased to such maximum permissible amount, provided that at no time shall the aggregate amount by which interest paid for the account of any Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the previous sentence.
Appears in 1 contract
Samples: Master Letter of Credit Facility Agreement (Halliburton Co)
