Interest on Loans. (a) Subject to the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, and excluding, the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin. (b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin. (c) Except as otherwise provided in this Agreement, interest on each Loan shall be payable in cash on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cash. (d) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Oscar Health, Inc.), Credit Agreement (Oscar Health, Inc.)
Interest on Loans. (a) Subject to Except as otherwise set forth herein, each Loan shall bear interest on the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the unpaid principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, and excluding, applicable Credit Date until the date of repayment thereofmaturity (whether by acceleration or otherwise) thereof at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin15.00%.
(b) Subject Interest payable pursuant to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below2.5(a) shall bear interest (be computed on the basis of a 365/366-day year, for the actual number of days elapsed over from (and including) the last occurring Interest Payment Date (or if no Interest Payment Date has yet occurred, the Closing Date) to, but excluding, the immediately succeeding Interest Payment Date (the “Interest Accrual Period”). In computing interest on any Loan, the date of the making of such Loan and the last Interest Payment Date with respect to such Loan shall be included, and the date of payment of such Loan shall be excluded; provided, if a year of 360 days) at a rate per annum equal to Loan is repaid on the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Marginsame day on which it is made, one day’s interest shall be paid on that Loan.
(c) Except as otherwise provided in this Agreementset forth herein, interest on each Loan shall accrue on a daily basis and shall be payable (i) in kind in arrears on each Interest Payment Date, and such interest shall be capitalized and added to the principal amount of such Loan on such date; (ii) in cash on the Interest Payment Dates applicable to upon any prepayment of such Loan, whether voluntary or mandatory, in accordance with Section 2.13(a)(iii); provided that so long as no Event of Default has occurred and is continuing, (iii) in cash at the written election maturity of the Borrower delivered to the Administrative Agent no less Loans (other than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan a Common Stock Conversion). From and after each applicable Interest Payment Date, any and all interest paid in kind shall be paid on such date by capitalizing such interest constitute and adding it to increase the then outstanding principal amount of the same Type of Loans for which such all purposes under this Agreement, and shall bear interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid in accordance with the proceeds provisions of such additional Loans this Agreement applicable to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cashLoans.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Samples: Dip Credit Agreement (Hospitality Investors Trust, Inc.), Restructuring Support Agreement (Hospitality Investors Trust, Inc.)
Interest on Loans. (a) Subject to Except as otherwise set forth herein, each Loan (including, for the provisions avoidance of Section 2.07doubt, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) belowPIK Loan) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated unpaid principal amount thereof from the date of such Borrowing to, and excluding, the date of made or deemed made through repayment thereof(whether by acceleration or otherwise) thereof at a rate per annum equal to 14.00% (the Alternate Base Rate plus the Applicable Margin“Interest Rate”). Such interest shall accrue on each Loan during each Interest Period.
(b) Subject On each Interest Compounding Date, interest accrued during the immediately preceding Interest Period on any Loan shall automatically be deemed to be a PIK Loan made by the provisions applicable Lender hereunder evidenced by an entry in accordance with Section 2.7(a) and, if so elected in writing by such Lender pursuant to Section 2.7(d), through the issuance to such Lender, on or prior to such Interest Compounding Date, of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the a PIK Note with an aggregate principal amount thereof as described equal to 100% of the amount of interest accrued on the Loan Exposure of such Lender during the Interest Period ending on the Business Day immediately preceding such Interest Compounding Date (such interest, “PIK Interest”).
(c) Each PIK Loan representing PIK Interest shall be due and payable on the Maturity Date in cash unless earlier prepaid pursuant to Section 2.06(c2.13 or 2.14.
(d) belowInterest accrued pursuant to Section 2.8(a) shall bear interest (be computed on the basis of a 365-day or 366-day year, as the case may be, for the actual number of days elapsed over a year in the period during which it accrues. In computing interest on any Loan, the date of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for making or deemed making of such Loan or the first day of an Interest Period in effect for applicable to such Borrowing plus Loan shall be included, and the Applicable Margindate of payment of such Loan or the expiration date of an Interest Period applicable to such Loan shall be excluded; provided, if a Loan is repaid on the same day on which it is made, one day’s interest shall be paid on that Loan.
(ce) Except as otherwise provided in this Agreementset forth herein, interest on each Loan shall be payable in cash arrears (i) upon any prepayment of that Loan, whether voluntary or mandatory, to the extent accrued on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred amount being prepaid and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loanii) occurring during the period commencing on the Closing Date and ending Maturity Date. The interest payable on any prepayment of a PIK Loan shall equal the interest accrued on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount thereof paid or prepaid from and including the most recent Interest Compounding Date to but excluding the date of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cashpayment.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Samples: Third Lien Loan and Guaranty Agreement (Reliant Pharmaceuticals, Inc.), Third Lien Loan and Guaranty Agreement (Reliant Pharmaceuticals, Inc.)
Interest on Loans. (a) Subject The Class A Revolving Loans shall accrue interest daily at the Class A Interest Rate. The Class B Revolving Loans shall accrue interest daily at the Class B Interest Rate.
(b) Interest computed by reference to the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) Daily Simple SOFR hereunder shall bear interest (be computed on the basis of a year of 360 days. Interest computed by reference to the Base Rate at times when the Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year). In each case interest shall be payable for the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, and excluding, the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including the first day but excluding the last day). All interest hereunder on any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Except as otherwise provided in this Agreement, interest on each Revolving Loan shall be payable in cash computed on a daily basis based upon the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans Revolving Loan as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lendersdate of determination. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cash.
(d) The applicable Alternate Base Rate Rate, Adjusted Daily Simple SOFR or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, Daily Simple SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. In computing interest on any Revolving Loan, the date of the making of such Revolving Loan or the first day of an Interest Period applicable to such Revolving Loan shall be included, and the date of payment of such Revolving Loan or the expiration date of an Interest Period applicable to such Revolving Loan shall be excluded; provided, if a Revolving Loan is repaid on the same day on which it is made, one (1) day’s interest shall be paid on that Revolving Loan. The Administrative Agent shall provide an invoice of the interest accrued and to accrue to each Interest Payment Date on its Revolving Loans not later than 3:00 p.m. (New York City time) on the Interest Rate Determination Date immediately preceding such Interest Payment Date.
(c) Except as otherwise set forth herein, interest on each Revolving Loan shall be payable in arrears (i) on each Interest Payment Date; (ii) upon the request, which shall apply with respect to all Lenders, of the Administrative Agent or a Class B Lender (unless such prepayment results in a permanent reduction of the Revolving Commitments), upon any prepayment of that Revolving Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid; and (iii) at the Class A Maturity Date or Class B Maturity Date.
(d) The interest rate on a Revolving Loan may be derived from an interest rate benchmark that may be discontinued or is, or may in the future become, the subject of regulatory reform. Upon the occurrence of a Benchmark Transition Event, Section 2.24(b) provides a mechanism for determining an alternative rate of interest. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission, performance or any other matter related to any interest rate used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior to its discontinuance or unavailability. The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Company. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Company, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.
Appears in 2 contracts
Samples: Credit Agreement (Enova International, Inc.), Credit Agreement (Enova International, Inc.)
Interest on Loans. (a) Subject to Except as otherwise set forth herein, each Loan shall bear interest on the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the unpaid principal amount thereof as described in Section 2.06(cfrom the date made through repayment (whether by acceleration or otherwise) below) thereof at the Adjusted Eurodollar Rate plus the Applicable Margin; provided, however, that if any Loan becomes a Base Rate Loan under this Agreement, such Loan shall bear interest at the Base Rate plus the Applicable Margin minus 100 basis points.
(b) As soon as practicable after 10:00 a.m. (New York City time) on each Interest Rate Determination Date, Administrative Agent shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon all parties) the interest rate that shall apply to the Eurodollar Rate Loans 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 Borrower and each Lender.
(c) Interest payable pursuant to Section 2.5(a) shall be computed on the basis of a 360-day year (provided that for any Base Rate Loans interest shall be calculated on the basis of a 365-day or 366-day year), in each case for the actual number of days elapsed over a year of 360 days and calculated from in the date of such Borrowing to, and excludingperiod during which it accrues. In computing interest on any Loan, the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus making of such Loan or the Applicable Margin.
(b) Subject to the provisions first day of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the an Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Except as otherwise provided in this Agreement, interest on each Loan shall be payable in cash on the Interest Payment Dates applicable to such Loan or, with respect to a Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any last Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cash.
(d) The applicable Alternate a Base Rate or Adjusted LIBO Loan being mandatory converted from a Eurodollar Rate for each Interest Period or day within an Interest PeriodLoan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be determined by the Administrative Agentincluded, and the date of payment of such determination Loan or the expiration date of an Interest Period applicable to such Loan or, with respect to a Base Rate Loan being converted to a Eurodollar Rate Loan, the date of conversion of such Base Rate Loan to such Eurodollar Rate Loan, as the case may be, shall be conclusive absent manifest errorexcluded.
(d) Except as otherwise set forth herein, interest on each Loan (i) shall accrue on a daily basis on and to the last day of each Interest Period (or in the case of any Base Rate Loan, month) most recently ended prior to such payment date and shall be payable in arrears on each Interest Payment Date, (ii) shall accrue on a daily basis and shall be payable in arrears upon any prepayment of that Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid, and (iii) shall accrue on a daily basis and shall be payable in arrears on the Maturity Date. With respect to any accrued interest payable on an Interest Payment Date, Borrower may elect to make such payment of interest by adding the amount of such payment to the principal amount of the Loans (the “Capitalized Portion”). Borrower may make such election by giving Administrative Agent notice of such election at least five Business Days prior to the applicable Interest Payment Date. Borrower agrees that the Applicable Margin with respect to the Capitalized Portion of the Loans shall be increased by an additional 3.00% per annum.
Appears in 2 contracts
Samples: Credit and Guaranty Agreement (Mills Corp), Credit and Guaranty Agreement (Mills Limited Partnership)
Interest on Loans. (a) Subject The Borrower shall pay interest on (i) each Base Rate Loan at the Base Rate plus the Applicable Margin in effect from time to time and (ii) each Eurodollar Loan at the provisions Adjusted LIBO Rate for the applicable Interest Period in effect for such Loan plus the Applicable Margin in effect from time to time.
(b) The Borrower shall pay interest on each Swingline Loan at the Base Rate plus the Applicable Margin in effect from time to time.
(c) Notwithstanding subsections (a) and (b) of Section 2.07this Section, if any Event of Default exists under Sections 8.1(a) or (f), the Loans comprising each ABR Borrowing (including any amount capitalized and added to other Obligations under the principal amount thereof as described in Section 2.06(c) below) Loan Documents not paid when due shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, and excluding, the date of repayment thereof) at a rate per annum equal to (i) in the Alternate Base Rate plus the Applicable Margin.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis case of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Except as otherwise provided in this Agreement, interest on each Loan shall be payable in cash on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall rate that would otherwise be deemed to have been paid with the proceeds of such additional Loans applicable thereto pursuant to the Borrower foregoing provisions of this Section plus 2.00% and (ii) in a like amount). The Administrative Agent is authorized and instructed the case of any other Obligation, the rate then applicable to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Base Rate Loans ratable among the Lenders. For the avoidance of doubtplus 2.00%, in each case, with respect to each Interest Payment Date falling after clauses (i) and (ii) above, from the three-year anniversary date of such Event of Default until the earlier of the Closing Date, any accrued date such amount is paid in full (after as well as before judgment) and the date such Event of Default is cured or waived. All such default interest shall be payable from time to time on demand.
(d) Interest on the principal amount of all Loans shall accrue from and including the date such Loans are made to but excluding the date of any repayment thereof. Interest on all outstanding Base Rate Loans and Swingline Loans shall be payable quarterly in arrears on the last day of each March, June, September and December and on the Maturity Date. Interest on all outstanding Eurodollar Loans shall be payable on the last day of each Interest Payment Date Period applicable thereto, and, in cashthe case of any Eurodollar Loans having an Interest Period in excess of three months, on each day which occurs every three months after the initial date of such Interest Period, and on the Maturity Date. Interest on any Loan which is converted into a Loan of another Type or which is repaid or prepaid shall be payable on the date of such conversion or on the date of any such repayment or prepayment (on the amount repaid or prepaid) thereof.
(de) The Administrative Agent shall determine each interest rate applicable Alternate Base Rate to the Loans hereunder and shall promptly notify the Borrower and the Lenders of such rate in writing (or Adjusted LIBO Rate for each Interest Period or day within an Interest Periodby telephone, as the case may be, shall be determined by the Administrative Agent, and promptly confirmed in writing). Any such determination shall be conclusive and binding for all purposes, absent manifest error. The Administrative Agent shall, at the written request of the Borrower, deliver to the Borrower a statement showing the quotations used by the Administrative Agent in determining any interest rate pursuant to Section 2.13(e).
Appears in 2 contracts
Samples: Credit Agreement (Teradyne, Inc), Credit Agreement (Teradyne, Inc)
Interest on Loans. (a) Subject to the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days 365 or 366 days, as the case may be, and calculated from and including the date of such Borrowing to, and excluding, to but excluding the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin; provided, that no Borrowings hereunder shall be made in ABR except as set forth in Section 10.24.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Except as otherwise provided in this Agreement, interest Interest on each Loan shall be payable in cash on the Interest Payment Dates applicable to such Loan; Loan except as otherwise provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount)Agreement. The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cash.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(d) Notwithstanding anything to the contrary in this Section 2.06,
(i) on each Interest Payment Date, the Borrower shall pay a portion of the interest due on each such date in cash in an amount equal to interest at a rate per annum equal to one and a half percent (1.50%) (the “Cash Interest Portion”);
(ii) all interest payable on each Interest Payment Date (other than the Cash Interest Portion which is due and payable on each such Interest Payment Date) shall be payable in kind, with such interest amount being automatically added to, and made part of, the outstanding principal amount of Loans on such date (all interest payable in kind pursuant to this Agreement, “PIK Interest”. Unless the context otherwise requires, for all purposes under this Agreement, references to the “principal” and the “principal amount” of any Term Loans include any increase in the principal amount thereof due to the addition of PIK Interest thereto pursuant to this clause (d).
Appears in 2 contracts
Samples: Term Loan Credit Agreement (YRC Worldwide Inc.), Term Loan Credit Agreement
Interest on Loans. (a) Subject to Except as otherwise set forth herein, each Loan shall bear interest on the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof as described follows: (i) if a Base Rate Loan, at the Base Rate plus the Applicable Margin; (ii) if a LIBOR Rate Loan, at the Adjusted LIBOR Rate plus the Applicable Margin; (iii) in the case of Loans funded through a Noncommitted Conduit Lender, if a CP Rate Loan, at the CP Rate plus the Applicable Margin, or (iv) if a Tranche B Term Loan, at the Fixed Rate.
(b) Interest payable pursuant to Section 2.06(c) below2.6(a) shall bear interest (be computed on the basis of a 360-day year, in each case, for the actual number of days elapsed over a year of 360 days and calculated from in the date of such Borrowing to, and excludingperiod during which it accrues. In computing interest on any Loan, the date of repayment thereof) at the making of such Loan or the first day of an Interest Period applicable to such Loan shall be included, and the date of payment of such Loan or the expiration date of an Interest Period applicable to such Loan shall be excluded; provided that if a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed Loan is repaid on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Marginsame day on which it is made, one day’s interest shall be paid on that Loan.
(c) Except as otherwise provided in this Agreement, interest Interest on each Loan shall be payable in cash arrears on (i) each Interest Payment Date; (ii) with respect to any prepayment in whole or in part of such Loan, whether voluntary or mandatory, the Interest Payment Dates applicable to Date immediately following such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered prepayment in an amount equal to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing accrued on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it amount so prepaid to the then outstanding principal amount date of the same Type of Loans for which such interest accrued prepayment; and (or, if such Loans are being converted into another Type of Loans, the Loans as so convertediii) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cashat maturity.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Interest on Loans. (a) Subject to Except as otherwise set forth herein, each Loan shall bear interest on the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the unpaid principal amount thereof as described in from the date made through repayment (whether by acceleration or otherwise) thereof at the Applicable Cash Rate plus the Applicable PIK Rate.
(b) Interest payable pursuant to Section 2.06(c) below2.6(a) shall bear interest (be computed on the basis of a 360-day year, in each case for the actual number of days elapsed over a year of 360 days and calculated from in the date of such Borrowing to, and excludingperiod during which it accrues. In computing interest on any Loan, the date of repayment thereof) at the making of such Loan shall be included, and the date of payment of such Loan shall be excluded; provided, if a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed Loan is repaid on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Marginsame day on which it is made, one day’s interest shall be paid on that Loan.
(c) Except as otherwise provided in this Agreementset forth herein, interest on each Loan shall be payable in cash arrears on the Interest Payment Dates applicable and to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any (i) each Interest Payment Date applicable to that Loan; (ii) upon any prepayment of that Loan, whether voluntary or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during mandatory, to the period commencing extent accrued on the Closing Date amount being prepaid; and ending on (iii) at maturity, including final maturity, and in the threecase of clauses (ii) and (iii) including any accrued but un-year anniversary of capitalized interest at the Closing DateApplicable PIK Rate thereon. Except as provided in the immediately preceding sentence or in the proviso below, up to 50% of accrued interest with respect to such Loan payable on any Loans at the Applicable PIK Rate shall be paid on such date by capitalizing such interest and adding it added to the then outstanding principal amount of the same Type Loans as of the last day of each Fiscal Quarter; provided the Companies may, by prior written notice to Administrative Agent before the last day of each Fiscal Quarter, elect to pay accrued interest at the Applicable PIK Rate for such Fiscal Quarter in cash instead of capitalizing such interest. Amounts representing accrued interest which are added to the outstanding principal of Loans for which accruing such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so convertedshall thereafter bear interest in accordance with Section 2.6(a) and such capitalized portion otherwise be treated as Loans for purposes of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cashthis Agreement.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Credit and Guaranty Agreement (OneWater Marine Inc.)
Interest on Loans. (a) Subject to the provisions of Section 2.07, the Loans comprising each ABR Borrowing (Borrowing, including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) each Swingline Loan, shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, when the Alternate Base Rate is determined by reference to the Prime Rate and over a year of 360 days at all other times and calculated from and including the date of such Borrowing to, and excluding, to but excluding the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable MarginPercentage in effect from time to time.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginPercentage in effect from time to time.
(c) Except as otherwise provided in this Agreement, interest Interest on each Loan shall be payable in cash to the Administrative Agent on the Interest Payment Dates applicable to such Loan; Loan except as otherwise provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount)Agreement. The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cash.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(d) Interest on PF L/C Loans fronted by the PF Fronting Lender and accrued hereunder shall be for the account of the PF Fronting Lender, except that interest accrued on and after the date of payment from the Credit-Linked Deposit Account to fund a PF Lender’s participation in PF L/C Loans pursuant to Section 2.04(f) shall be for the account of such PF Lender to the extent such interest relates to the defaulted principal of the PF L/C Loans resulting in such payment.
Appears in 1 contract
Interest on Loans. (a) Subject to the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed (including the first day but excluding the last day) over a year of 365 or 366 days, as the case may be, when the Alternate Base Rate is determined by reference to the Prime Rate and over a year of 360 days and calculated from the date of such Borrowing to, and excluding, the date of repayment thereofat all other times) at a rate per annum equal to the Alternate Base Rate plus the Applicable MarginPercentage in effect from time to time.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed (including the first day but excluding the last day) over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginPercentage in effect from time to time.
(c) Except as Notwithstanding the foregoing, (i) with respect to all Loans outstanding on or after November 1, 2002, the interest rate otherwise provided applicable thereto pursuant to paragraph (a) or (b) above shall be increased by 0.25% per annum, and (ii) with respect to all Loans outstanding on or after May 1, 2003, the interest rate otherwise applicable thereto pursuant to paragraph (a) or (b) above shall be increased by an additional 0.25% per annum (the amount of all additional interest described in this Agreement, interest paragraph (c) is referred to herein as the "Deferred Interest").
(d) Interest on each Loan shall be payable in cash on the Interest Payment Dates applicable to such Loan; Loan except as otherwise provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing Agreement; provided, however, that Deferred Interest on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Acquisition Loans, the Revolving Loans, Tranche A Term Loans, Tranche B Term Loans as so converted) or Additional Tranche B Term Loans shall accrue and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable in full on each Interest Payment the Acquisition Loan Maturity Date, the Revolving Credit Maturity Date, the Tranche A Maturity Date, the Tranche B Maturity Date and the Additional Tranche B Maturity Date, respectively, or upon the earlier acceleration of the maturity of or payment in cash.
(d) full of such Loans. The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error."
(c) Section 5.04(g) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
Appears in 1 contract
Samples: Credit Agreement (Neenah Foundry Co)
Interest on Loans. (a) Subject to the provisions of Section 2.07Except as otherwise set forth herein, the Loans comprising each ABR Borrowing (including any shall accrue interest daily in an amount capitalized and added equal to the product of (A) the unpaid principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing today and (B) the Adjusted Term SOFR for such period (unless a Term SOFR Disruption Event has occurred and is continuing, and excluding, in which case such rate shall be the date of repayment thereofPrime Rate) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.
(b) Subject Interest payable pursuant to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below2.5(a) shall bear interest (be computed on the basis of a 360-day year, in each case for the actual number of days elapsed over a year in the period during which it accrues. In computing interest on any Loan, the date of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for making of such Loan or the first day of an Interest Period in effect for applicable to such Borrowing plus Loan shall be included, and the Applicable Margindate of payment (including any voluntary or mandatory prepayment) of such Loan or the expiration date of an Interest Period applicable to such Loan shall be excluded; provided, if a Loan is repaid on the same day on which it is made, one (1) day’s interest shall be paid on that Loan.
(c) Except as otherwise provided in this Agreement, interest Interest on each Loan shall be payable in cash in arrears (i) on each Interest Payment Date except as otherwise provided in this Agreement; (ii) upon any prepayment of that Loan to the extent accrued on the amount being prepaid; and (iii) at maturity.
(d) The Administrative Agent shall provide to Company on each Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, Rate Determination Date the Adjusted Term SOFR.
(e) If at the written election of the Borrower delivered to any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that the circumstances giving rise to a SOFR Disruption Event have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances giving rise to a SOFR Disruption Event have not arisen but the supervisor for the administrator of the SOFR Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the SOFR Rate shall no less than five Business Days before any Interest Payment Date (or such other date specified longer be used for determining interest rates for loans, then the Administrative Agent and the Company shall negotiate in this Agreement for any required payment good faith to establish an alternate rate of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it Term SOFR that gives due consideration to the then outstanding principal amount prevailing market convention for determining a rate of interest for syndicated loans in the same Type United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall other related changes to this Agreement as may be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lendersapplicable. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Dateuntil such an amendment becomes effective, any accrued interest on the Loans shall be payable on each Interest Payment Date will continue to accrue interest in cashaccordance with the terms of this Agreement.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Credit Agreement (FlexShopper, Inc.)
Interest on Loans. (a) Subject Except as otherwise set forth herein, (i) the Class A Revolving Loans shall accrue interest daily in an amount equal to the provisions product of Section 2.07, (A) the Loans comprising each ABR Borrowing (including any amount capitalized and added to the unpaid principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, day and excluding, (B) the date of repayment thereofClass A Applicable Margin and (ii) at a rate per annum the Class B Revolving Loans shall accrue interest daily in an amount equal to the Alternate Base Rate plus product of (A) the unpaid principal amount thereof as of such day and (B) the Class B Applicable Margin.
(b) Subject Interest payable pursuant to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) 0 shall bear interest (be computed on the basis of a three hundred and sixty-five (365) or three hundred and sixty-six (366) day year, as the case may be, in each case for the actual number of days elapsed over a year in the period during which it accrues. In computing interest on any Loan, the date of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for making of such Loan or the first day of an Interest Period in effect for applicable to such Borrowing plus Loan shall be included, and the Applicable Margindate of payment of such Loan or the expiration date of an Interest Period applicable to such Loan shall be excluded; provided, if a Loan is repaid on the same day on which it is made, one (1) day’s interest shall be paid on that Loan.
(c) Except as otherwise provided in this Agreementset forth herein, interest on each Loan shall be payable in cash arrears (i) on and to each Distribution Date; (ii) upon any prepayment of that Loan, whether voluntary or mandatory, to the extent accrued on the Interest Payment Dates applicable to such Loanamount being prepaid; provided that so long as no and (iii) at maturity. Notwithstanding the foregoing, if on any Distribution Date occurring after the occurrence of an Event of Default has occurred and is continuingDefault, at the written election insufficient funds are available to pay any amount of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (interest, costs, fees or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid amounts due on such date by capitalizing such interest and adding it to the Facility Agent, the Class A Revolving Lenders, the Class B Agent, or the Class B Lenders pursuant to a payment priority described in Section 0, then outstanding as of such Distribution Date all amounts owed under such Sections shall be automatically, and without the need for action on the part of any Person, capitalized and added to the principal amount balance of the same Type of Class A Revolving Loans for which such interest accrued (or, if such Loans are being converted into another Type of or the Class B Loans, as applicable (and the Loans as so converted) and such capitalized portion Total Utilization of interest shall be deemed to have been paid with Class A Revolving Maximum Amount or the proceeds Total Utilization of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cash.Class B Revolving
(d) The applicable Alternate Base Rate Unless otherwise stated, wherever in this Agreement reference is made to a rate of interest or Adjusted LIBO Rate for each Interest Period rate of fees “per annum” or day within an Interest Perioda similar expression is used, such interest or fees will be calculated on the basis of a calendar year of three hundred and sixty-five (365) days or three hundred and sixty-six (366) days, as the case may be, shall and using the nominal rate method of calculation, and will not be calculated using the effective rate method of calculation or on any other basis that gives effect to the principle of deemed re-investment of interest. For the purposes of the Interest Act (Canada) and disclosure under such legislation, whenever interest to be paid under this Agreement is to be calculated on the basis of a year of three hundred and sixty-five (365) days or three hundred and sixty (360) days or any other period of time that is less than a calendar year, the yearly rate of interest to which the rate determined pursuant to such calculation is equivalent is the rate so determined multiplied by the Administrative Agentactual number of days in the calendar year in which the same is to be ascertained and divided by either three hundred and sixty-five (365), three hundred and sixty (360) or such determination shall be conclusive absent manifest errorother period of time, as the case may be. The Lenders acknowledge and agree that they shall, upon the request of the Borrower, provide the Borrower with a written statement setting forth the calculation of any interest provided for in accordance with this Section 0 and the Borrower acknowledges and agrees that for the purposes of the Interest Act (Canada), such written statement given by the Lenders constitutes an express statement of the yearly rate or percentage of interest to which such interest rate or percentage is equivalent. The Borrower hereby irrevocably agrees not to plead or assert, whether by way of defence or otherwise, in any proceeding relating to the Credit Documents, that the interest payable under the Credit Documents and the calculation thereof has not been adequately disclosed to the Borrower, whether pursuant to section 4 of the Interest Act (Canada) or any other Applicable Law.
Appears in 1 contract
Samples: Fifth Amended and Restated Credit Agreement (CURO Group Holdings Corp.)
Interest on Loans. (a) Subject Prior to the provisions of Section 2.07Closing Date, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear Initial Loan bore interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated days) on the principal amount thereof from the date of such Borrowing totime to time outstanding, and excluding, the date of repayment thereof) at a rate per annum equal to 18%. On and following the Alternate Base Rate plus Closing Date, each of the Applicable Margin.
(b) Subject to Initial Loan and the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) Additional Loan shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) on the principal amount thereof from time to time outstanding, at a rate per annum equal to 12% (the Adjusted LIBO Rate for “Interest Rate”).
(b) Interest accrued on the Initial Loan prior to the Closing Date shall be payable in cash, in immediately available funds, on the Closing Date. Interest Period accrued on and after the Closing Date on the Initial Loan and the Additional Loan shall be payable monthly in effect for arrears by delivering a note in the form attached hereto as Exhibit H-1 (“PIK Note”) in the principal amount of the interest which has accrued executed by the Borrower and delivered to the Lender on the first Business Day of each month (each an “Interest Payment Date”), commencing on the first such Borrowing plus date to occur after the Applicable MarginClosing Date, and any amount that has not been paid-in-kind pursuant to this clause (b) shall be payable in cash at maturity (whether by acceleration or otherwise), and after such maturity in cash on demand.
(c) Except as otherwise provided in this Agreement, interest on each Loan The Borrower shall be payable in cash on repay the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election entire unpaid balance of the Borrower delivered to Loans (including, without limitation, all PIK Interest and other capitalized interest thereon, the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary Deferred Portion of the Closing DateFee, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it and, solely to the then outstanding principal amount extent the Loans are required to be repaid in connection with the occurrence of the same Type Maturity Date as a result of Loans for which such interest accrued the circumstances described in clause (or, if such Loans are being converted into another Type ii) or clause (iii) of Loansthe definition of “Maturity Date”, the Loans as so convertedExit Fee) and such capitalized portion of all accrued and unpaid interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest thereon on the Loans shall be payable on each Interest Payment Date in cashTermination Date.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Intercreditor and Lien Subordination Agreement (Whitehall Jewellers Inc)
Interest on Loans. (a) Subject to Except as otherwise set forth herein, all Term Loans shall bear interest on the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the unpaid principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date made to repayment (whether by acceleration or otherwise) thereof at the following rates, in each case paid in a combination of such Borrowing tocash interest (“Cash Interest”) and/or paid-in-kind interest (“PIK Interest”) as follows:
(i) from the Closing Date until and including the Interest Payment Date on the one-year anniversary of the Closing Date, and excluding, the date of repayment thereof) at a rate per annum equal to of 10% in the Alternate Base Rate plus form of PIK Interest; and
(ii) thereafter at a rate of 5% in the Applicable Marginform of Cash Interest and 5% in the form of PIK Interest.
(b) Subject Notwithstanding the foregoing, the Borrower may, by written notice to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing Administrative Agent at least five (including any amount capitalized and added 5) Business Days prior to the principal amount thereof as described applicable Interest Payment Date, elect to pay in Section 2.06(c) below) shall bear cash any interest (computed required to be paid in the form of PIK Interest on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the such Interest Period in effect for such Borrowing plus the Applicable MarginPayment Date.
(c) Except Interest on the Term Loans shall be due and payable in arrears on each Interest Payment Date. Notwithstanding the foregoing, PIK Interest shall automatically accrue and be capitalized to the outstanding principal amount of the Term Loans on each applicable Interest Payment Date, and shall thereafter be deemed to be a part of the principal amount of the Term Loans. For the avoidance of doubt, once PIK Interest has been capitalized, interest shall accrue on the increased principal amount of the Term Loans, which includes such capitalized PIK Interest. All PIK Interest that has accrued and has not been paid in cash shall be payable in cash on the Maturity Date or upon acceleration or as otherwise provided in this Agreement, interest under the Credit Documents. Interest on each Loan shall be payable in cash in arrears upon any prepayment of such Loan, whether voluntary or mandatory, to the extent accrued on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cashprepaid.
(d) The applicable Alternate Base Rate All interest hereunder shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). In computing interest on any Loan, the date of the making of such Loan or Adjusted LIBO Rate for each the last Interest Period or day within an Interest PeriodPayment Date with respect to such Loan, as the case may be, shall be determined by the Administrative Agentincluded, and the Interest Payment Date then applicable to such determination Loan shall be conclusive absent manifest errorexcluded; provided, if a Loan is repaid on the same day on which it is made, one day’s interest shall be paid on that Loan.
Appears in 1 contract
Samples: Second Lien Credit and Guaranty Agreement (Lannett Co Inc)
Interest on Loans. (a) Subject Except as otherwise set forth herein, all Loans shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof at the fixed rate of twenty percent (20.0%) per annum (the “Interest Rate”).
(b) Interest shall be payable quarterly in arrears on each Interest Payment Date, beginning on December 31, 2008, as follows:
(i) prior to the provisions third anniversary of Section 2.07the Effective Date, the Loans comprising each ABR Borrowing (including any amount capitalized and accrued interest shall be added to the outstanding principal amount thereof of the Term Loans as described of the last day of the applicable Fiscal Quarter (each such amount, a “PIK Amount”); and
(ii) on and after the third anniversary of the Effective Date, subject to Section 2.6(c), accrued interest shall be payable in cash.
(c) Notwithstanding Section 2.06(c2.6(b)(ii), if on any Interest Payment Date occurring on or after the third anniversary of the Effective Date any First Lien Obligations under the First Lien Credit Agreement (but not under any Refinancing thereof) below(other than contingent indemnity obligations to the extent no claim giving rise thereto has been asserted) is outstanding, then the accrued interest on such Interest Payment Date shall be paid as follows:
(i) seventy percent (70.0%) of the interest then due and payable shall be paid in cash; and
(ii) thirty percent (30.0%) of the interest then due and payable shall be added to the outstanding principal amount of the Term Loans as of the last day of the applicable Fiscal Quarter (each such amount, an “Additional PIK Amount”).
(d) Any PIK Amounts and Additional PIK Amounts added to the outstanding principal of Term Loans on any Interest Payment Date shall thereafter bear interest in accordance with Section 2.6(a) and shall otherwise be treated as Term Loans for purposes of this Agreement.
(e) Interest payable pursuant to Section 2.6(a) shall bear interest (be computed on the basis of a 360 day year, in each case for the actual number of days elapsed over a year of 360 days and calculated from in the date of such Borrowing to, and excludingperiod during which it accrues. In computing interest on any Loan, the date of repayment thereof) at the making of such Loan shall be included, and the date of payment of such Loan shall be excluded; provided, if a rate per annum equal to Loan is repaid on the Alternate Base Rate plus the Applicable Marginsame-day on which it is made, one day’s interest shall be paid on that Loan.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(cf) Except as otherwise provided in this Agreementset forth herein, interest on each Loan shall be payable in arrears in cash on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loani) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after Date; (ii) upon any prepayment of such Loan, whether voluntary or mandatory, to the three-year anniversary of the Closing Date, any extent accrued interest on the Loans shall be payable amount being prepaid; and (iii) on each Interest Payment Date in cashthe Maturity Date.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Second Lien Credit and Guaranty Agreement (Vonage Holdings Corp)
Interest on Loans. (a) Subject to the provisions of Section 2.072.06(c), the Loans comprising each ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, and excluding, the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable MarginMargin in effect from time to time.
(b) Subject to the provisions of Section 2.072.06(c), the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO LIBOR Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginMargin in effect from time to time.
(c) Except Notwithstanding the foregoing, during an Event of Default, all Obligations shall, bear interest, after as otherwise well as before judgment, at a per annum rate equal to 4.0% plus the rate applicable to ABR Revolving Loans as provided in this AgreementSection 2.06(a) (in either case, the “Default Rate”).
(d) Accrued interest on each Loan shall be payable in cash arrears on the each Interest Payment Dates applicable to Date for such Loan; provided that so long as no Event (i) interest accrued pursuant to Section 2.06(c) (including interest on past due interest) and all interest accrued but unpaid on or after the Revolving Maturity Date shall be payable on demand, (ii) in the event of Default has occurred any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and is continuing, at (iii) in the written election event of any conversion of any Eurodollar Revolving Loan prior to the end of the Borrower delivered to the Administrative Agent no less than five Business Days before any current Interest Payment Date (or such other date specified in this Agreement for any required payment of Period therefor, accrued interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid payable on the effective date of such date conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by capitalizing such interest and adding it reference to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest Alternate Base Rate shall be deemed to have been paid with computed on the proceeds basis of such additional Loans to the Borrower a year of 365 days (or 366 days in a like amountleap year). The Administrative Agent is authorized , and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to in each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans case shall be payable for the actual number of days elapsed (including the first day but excluding the last day); provided that any Loan that is repaid on each Interest Payment Date in cash.
(d) the same day on which it is made shall, subject to Section 2.13, bear interest for one day. The applicable Alternate Base Rate or Adjusted LIBO LIBOR Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, Agent in accordance with the provisions of this Agreement and such determination shall be conclusive absent manifest error. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any Insolvency Proceeding.
Appears in 1 contract
Samples: Credit and Security Agreement (Five Star Quality Care Inc)
Interest on Loans. (a) Subject to the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) Swingline Loans shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, when determined by reference to the Prime Rate and over a year of 360 days and calculated from the date of such Borrowing to, and excluding, the date of repayment thereofat all other times) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Except Subject to the provisions of Section 2.07, (i) each C$ Prime Rate Loan shall bear interest at a rate per annum equal to the C$ Prime Rate plus the Applicable Margin and (ii) each B/A shall be subject to an Acceptance Fee payable as otherwise provided set forth in this Agreement, interest Section 2.26.
(d) Interest on each Loan shall be payable in cash on the Interest Payment Dates applicable to such Loan; Loan and as otherwise provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount)Agreement. The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cash.
(d) The applicable Alternate Base Rate or and Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and the applicable C$ Prime Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Canadian Administrative Agent, and such determination determinations shall be conclusive absent manifest error.
(e) Except as provided herein, interest and fees hereunder shall accrue and be calculated on a daily basis on the basis of a 360-day year for actual days elapsed, except that interest calculated on the basis of the Prime Rate or the C$ Prime Rate shall be calculated on the basis of a 365-day (or 366-day, as the case may be) year for actual days elapsed. For purposes of the Interest Act (Canada) (i) whenever any interest or fee under this Agreement with respect to credit extended thereunder, is calculated using a rate based on a year of 360 days, such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based on a year of 360 days multiplied by (y) the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by 360 and (ii) the principle of deemed reinvestment of interest does not apply to any such interest calculation under this Agreement, and (iii) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.
Appears in 1 contract
Interest on Loans. (a) Subject to the provisions of Section 2.07, the Loans each Tranche A Revolving Loan comprising each an ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest for each day from the date such Loan is made until it becomes due (computed on the basis of the actual number of days elapsed over a year of 360 days and days, except that, with respect to ABR Loans the rate of interest on which is calculated from on the date basis of such Borrowing to, and excludingthe Prime Rate, the date interest thereon shall be calculated on the basis of repayment thereofa 365- (or 366-, as the case may be) day year for the actual days elapsed) at a rate per annum equal to the Alternate Base Rate Rate, plus the Applicable Tranche A ABR Margin.
(b) Subject to the provisions of Section 2.07, the Loans each Tranche B Revolving Loan or Tranche B Term Loan comprising each Eurodollar an ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest for each day from the date such Loan is made until it becomes due (computed on the basis of the actual number of days elapsed over a year of 360 days, except that, with respect to ABR Loans the rate of interest on which is calculated on the basis of the Prime Rate, the interest thereon shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed) at a rate per annum equal to the Alternate Base Rate, plus the Applicable Tranche B ABR Margin.
(c) Subject to Section 2.07, each Tranche A Revolving Loan comprising a Eurodollar Borrowing shall bear interest for each day from the date such Loan is made until it becomes due (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing Borrowing, plus the Applicable Tranche A Eurodollar Margin.
(cd) Except Subject to Section 2.07, each Tranche B Revolving Loan or Tranche B Term Loan comprising a Eurodollar Borrowing shall bear interest for each day from the date such Loan is made until it becomes due (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing, plus the Applicable Tranche B Eurodollar Margin.
(e) Any change in any Applicable Margin required hereunder shall be deemed to occur (i) five Business Days after the date the Borrower delivers its financial statements required by Section 5.02(a) or (b), as the case may be, in respect of its most recent fiscal quarter and the certificate required by Section 5.02(c) or (ii) on the date any Tranche B Revolving Credit Borrowing is made or any Tranche B Letter of Credit is issued in respect of the financial statements required by Section 4.03(a); provided that, if the Borrower fails to deliver such financial statements and certificate on or before the date such statements and certificate are required to be delivered pursuant to Section 5.02(a) or (b), as the case may be, and Section 5.02(c), the Applicable Margin for the period from such required date until the date such statements and certificate are actually delivered shall be calculated as if a Level III Pricing Period were in effect, and after the date such statements and certificate are actually delivered the Applicable Margin shall be determined as otherwise provided in this Agreement, interest for herein.
(f) Interest on each Loan shall be payable in cash on the Interest Payment Dates applicable to such Loan; , except as otherwise provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount)Agreement. The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cash.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Interest on Loans. (a) Subject to Except as otherwise set forth herein, each Loan (including, for the provisions avoidance of Section 2.07doubt, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) belowPIK Loan) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated unpaid principal amount thereof from the date of such Borrowing to, and excluding, the date of made or deemed made through repayment thereof(whether by acceleration or otherwise) thereof at a rate per annum equal to 17.00% (the Alternate Base Rate plus the Applicable Margin“Interest Rate”). Such interest shall accrue on each Loan during each Interest Period.
(bi) Subject On each Interest Compounding Date, interest accrued during the immediately preceding Interest Period on any Loan shall automatically be deemed to be a PIK Loan made by the applicable Lender hereunder evidenced by an entry in accordance with Section 2.7(a) and, if so elected in writing by such Lender pursuant to Section 2.7(d), through the issuance to such Lender, on or prior to such Interest Compounding Date, of a PIK Note with an aggregate principal amount equal to 100% of the amount of interest accrued on the Loan Exposure of such Lender during the Interest Period ending on the Business Day immediately preceding such Interest Compounding Date (such interest, “PIK Interest”); provided, however, (ii) that in the event Company shall have paid in full 50% or more of the initial principal amount under the First-Lien Term Loan, Company may, at its option and upon two-Business Days’ notice to the provisions Administrative Agent, on each Interest Compounding Date, pay in cash all of Section 2.07the interest accrued during the immediately preceding Interest Period. For the avoidance of doubt, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added interest paid pursuant to the principal amount thereof as described option contained in this Section 2.06(c2.8(b)(ii) belowon the applicable Interest Compounding Date, will not be deemed a PIK Loan, or any other Loan, and will not be capitalized.
(c) Each PIK Loan representing PIK Interest shall be due and payable on the Maturity Date in cash unless earlier prepaid pursuant to Section 2.13 or 2.14.
(d) Interest accrued pursuant to Section 2.8(a) shall bear interest (be computed on the basis of a 365-day or 366-day year, as the case may be, for the actual number of days elapsed over a year in the period during which it accrues. In computing interest on any Loan, the date of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for making or deemed making of such Loan or the first day of an Interest Period in effect for applicable to such Borrowing plus Loan shall be included, and the Applicable Margindate of payment of such Loan or the expiration date of an Interest Period applicable to such Loan shall be excluded; provided, if a Loan is repaid on the same day on which it is made, one day’s interest shall be paid on that Loan.
(ce) Except as otherwise provided in this Agreementset forth herein, interest on each Loan shall be payable in cash arrears (i) upon any prepayment of that Loan, whether voluntary or mandatory, to the extent accrued on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred amount being prepaid and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loanii) occurring during the period commencing on the Closing Date and ending Maturity Date. The interest payable on any prepayment of a PIK Loan shall equal the interest accrued on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount thereof paid or prepaid from and including the most recent Interest Compounding Date to but excluding the date of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cashpayment.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Second Lien Loan and Guaranty Agreement (Reliant Pharmaceuticals, Inc.)
Interest on Loans. (a) Subject to the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days 365 or 366 days, as the case may be, and calculated from and including the date of such Borrowing to, and excluding, to but excluding the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar SOFR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate Term SOFR for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Except as otherwise provided in this Agreement, interest Interest on each Loan shall be payable in cash on the Interest Payment Dates applicable to such Loan; Loan except as otherwise provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount)Agreement. The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cash.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate Term SOFR for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(d) Notwithstanding anything to the contrary in this Section 2.06,
(i) on the Amendment No. 1 Effective Date and each Interest Payment Date during the PIK Period, the Borrower shall pay a portion of the interest due on each such date in cash in an amount equal to interest at a rate per annum equal to one percent (1%) (the “Cash Interest Portion”); and
(ii) all accrued but unpaid interest as of the Amendment No. 1 Effective Date (including all accrued and unpaid interest during the Interest Period that commenced on December 31, 2019 and ending on March 31, 2020) and all interest payable on each Interest Payment Date during the PIK Period (other than the Cash Interest Portion which is due and payable on each such Interest Payment Date) accruing during the period commencing on the Amendment No. 1 Effective Date and ending on June 30, 2020 (such period, the “PIK Period”), with respect to any ABR Term Loan or SOFR Term Loan, shall be payable in kind, with such interest amount being automatically added to, and made part of, the outstanding principal amount of Loans in the case of (x) accrued but unpaid interest as of the Amendment No. 1
Appears in 1 contract
Samples: Credit Agreement (Yellow Corp)
Interest on Loans. (a) Subject to the provisions of Section 2.07Except as otherwise set forth herein, the Loans comprising each ABR Borrowing (including any amount capitalized and added to shall bear interest on the unpaid principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, and excluding, the date of made through repayment thereof(whether by acceleration or otherwise) at a rate per annum equal to the Alternate Base Rate LIBOR plus the Applicable Margin.
(b) Subject In connection with the Loans there shall be no more than three (3) Interest Periods outstanding at any time. As soon as practicable after 11:00 a.m. (New York City time) on each Interest Rate Determination Date, Administrative Agent shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon all parties) the interest rate that shall apply to the provisions of Loans for which an interest rate is then being determined for the applicable Interest Period and shall promptly give notice thereof (in writing) to Borrower and each Lender.
(c) Interest payable pursuant to Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below2.5(a) shall bear interest (be computed on the basis of a 360-day year, for the actual number of days elapsed over a year in the period during which it accrues. In computing interest on any Loan, the date of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for making of such Loan or the first day of an Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Except as otherwise provided in this Agreement, interest on each Loan shall be payable in cash on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at Loan or the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any last Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid included, and the date of payment of such Loan or the expiration date of an Interest Period applicable to such Loan shall be excluded; provided that if a Loan is repaid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for day on which such interest accrued (orit is made, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of one day’s interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest on that Loan.
(d) Except as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubtotherwise set forth herein, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans each Loan (i) shall accrue on a daily basis and shall be payable in arrears on each Interest Payment Date in cash.
with respect to interest accrued on and to each such payment date; (dii) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall accrue on a daily basis and shall be determined by payable in arrears upon any prepayment of that Loan, whether voluntary or mandatory, to the Administrative Agent, extent accrued on the amount being prepaid; and such determination (iii) shall accrue on a daily basis and shall be conclusive absent manifest errorpayable in arrears at maturity of the Loans, including final maturity of the Loans.
Appears in 1 contract
Interest on Loans. (a) Subject to the provisions of Section 2.07Except as otherwise set forth herein, the Loans comprising each ABR Borrowing (including any shall accrue interest daily in an amount capitalized and added equal to the product of (A) the unpaid principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing today and (B) the LIBO Rate for such period (unless a LIBOR Disruption Event has occurred and is continuing, and excluding, in which case such rate shall be the date of repayment thereofPrime Rate) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.
(b) Subject Interest payable pursuant to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below2.5(a) shall bear interest (be computed on the basis of a 360-day year, in each case for the actual number of days elapsed over a year in the period during which it accrues. In computing interest on any Loan, the date of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for making of such Loan or the first day of an Interest Period in effect for applicable to such Borrowing plus Loan shall be included, and the Applicable Margindate of payment of such Loan or the expiration date of an Interest Period applicable to such Loan shall be excluded; provided, if a Loan is repaid on the same day on which it is made, one (1) day’s interest shall be paid on that Loan.
(c) Except as otherwise provided in this Agreement, interest Interest on each Loan shall be payable in cash on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date in arrears (or such other date specified in this Agreement for any required payment of interest on such Loani) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date except as otherwise provided in cashthis Agreement; (ii) upon any prepayment of that Loan to the extent accrued on the amount being prepaid; and (iii) at maturity. During the Bridge Advance Period, a portion of interest on each Loan in an amount equal to three percent (3%) per annum (“PIK Interest”) shall not be payable in cash on each Interest Payment Date as set forth in the immediately preceding sentence and, instead, shall capitalize and accrue on a monthly basis and be payable in kind until it becomes due and payable in full in accordance with Section 2.8 hereof or is paid in cash pursuant to Section 2.9.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate for Paying Agent shall provide to Company on each Interest Period or day within an Interest Period, as Rate Determination Date the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest errorLIBO Rate.
Appears in 1 contract
Samples: Credit Agreement (FlexShopper, Inc.)
Interest on Loans. (a) Subject to the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, when the Alternate Base Rate is determined by reference to the PrimeBase Rate and over a year of 360 days at all other times and calculated from and including the date of such Borrowing to, and excluding, to but excluding the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 daysdays (or on the basis of the actual number of days elapsed over a year of 365 or 366 days for Loans denominated in Pounds Sterling)) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that the Adjusted LIBO Rate for the Incremental B-2 Term Loans will initially be the same as the Adjusted LIBO Rate applicable to the Initial B-2 Term Loans outstanding on the Funding Date. For the avoidance of doubt, each Alternative Currency Revolving Loan shall be a Eurodollar Loan.
(c) Except as otherwise provided in this Agreement, interest Interest on each Loan shall be payable in cash on the Interest Payment Dates applicable to such Loan; Loan except as otherwise provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount)Agreement. The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cash.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(d) Interest on each Loan shall be payable in the currency in which such Loan was made.
(e) If as a result of any restatement of or other adjustment to the financial statements of the Borrower or for any other reason, the Borrower or the Administrative Agent determines that (i) the Secured Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Secured Leverage Ratio would have resulted in a higher Applicable Margin and/or Applicable Facility Fee on any date in the four quarter period most recently ended prior to the date of such restatement or adjustment, the Borrower shall be obligated to pay to the Administrative Agent, for the accounts of the applicable Lenders, promptly on demand by the Administrative Agent (or after the occurrence of any Event of Default under Article VII (g) or (h) with respect to the Borrower, automatically and without further action by the Administrative Agent or any Lender) an amount equal to the excess of the interest and fees (including facility fees) that should have been paid for such four quarter period over the amount of interest and fees actually paid for such period.
Appears in 1 contract
Interest on Loans. (a) Subject to Section 2.10, (i) each Domestic Prime Rate Loan shall bear interest (computed on the provisions basis of Section 2.07the actual number of days elapsed over a year of 365 (or 366, as the Loans comprising each ABR Borrowing (including any amount capitalized and added case may be) days), at a rate per annum that shall be equal to the principal amount thereof then Base Rate, plus the Applicable Margin for Domestic Prime Rate Loans, and (ii) each Canadian Prime Rate Loan shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 (or 366, as described in the case may be) days), at a rate per annum that shall be equal to the then Canadian Prime Rate, plus the Applicable Margin for Canadian Prime Rate Loans.
(b) Subject to Section 2.06(c2.10, (i) below) each LIBO Loan shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, and excluding, the date of repayment thereofdays) at a rate per annum equal equal, during each Interest Period applicable thereto, to the Alternate Base Adjusted LIBO Rate for such Interest Period, plus the Applicable MarginMargin for LIBO Loans, and (ii) each BA Equivalent Loan shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 (or 366, as the case may be) days) at a rate per annum equal, during each Interest Period applicable thereto, to the BA Rate for such Interest Period, plus the Applicable Margin for BA Equivalent Loans.
(bc) Subject to the provisions of Section 2.072.10, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) U.S. Index Rate Loan shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing then U.S. Index Rate, plus the Applicable MarginMargin for U.S. Index Rate Loans.
(cd) Except as otherwise provided in this Agreement, Accrued interest on each Loan all Loans shall be payable in cash on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable arrears on each Interest Payment Date applicable thereto, on the Termination Date, after the Termination Date on demand and (with respect to LIBO Loans and BA Equivalent Loans) upon any repayment or prepayment thereof (on the amount prepaid). For the purposes of the Interest Act (Canada) and disclosure thereunder, whenever interest to be paid hereunder is to be calculated on the basis of a year of 360 days or any other period of time that is less than a calendar year, the yearly rate of interest to which the rate determined pursuant to such calculation is equivalent is the rate so determined multiplied by the actual number of days in cash.
(d) The applicable Alternate Base Rate the calendar year in which the same is to be ascertained and divided by either 360 or Adjusted LIBO Rate for each Interest Period or day within an Interest Periodsuch other period of time, as the case may be, . Calculations of interest shall be determined by made using the Administrative Agentnominal rate method of calculation, and such determination shall will not be conclusive absent manifest errorcalculated using the effective rate method of calculation or any other basis that gives effect to the principle of deemed reinvestment of interest.
Appears in 1 contract
Samples: Credit Agreement (Genesco Inc)
Interest on Loans. (a) Subject to the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, when the Alternate Base Rate is determined by reference to the Base Rate and over a year of 360 days at all other times and calculated from and including the date of such Borrowing to, and excluding, to but excluding the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 daysdays (or on the basis of the actual number of days elapsed over a year of 365 or 366 days for Loans denominated in Pounds Sterling)) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that the Adjusted LIBO Rate for the Incremental B-2 Term Loans will initially be the same as the Adjusted LIBO Rate applicable to the Initial B-2 Term Loans outstanding on the Funding Date. For the avoidance of doubt, each Alternative Currency Revolving Loan shall be a Eurodollar Loan.
(c) Except as otherwise provided in this Agreement, interest Interest on each Loan shall be payable in cash on the Interest Payment Dates applicable to such Loan; Loan except as otherwise provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount)Agreement. The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cash.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(d) Interest on each Loan shall be payable in the currency in which such Loan was made.
(e) If as a result of any restatement of or other adjustment to the financial statements of the Borrower or for any other reason, the Borrower or the Administrative Agent determines that (i) the Secured Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Secured Leverage Ratio would have resulted in a higher Applicable Margin and/or Applicable Facility Fee on any date in the four quarter period most recently ended prior to the date of such restatement or adjustment, the Borrower shall be obligated to pay to the Administrative Agent, for the accounts of the applicable Lenders, promptly on demand by the Administrative Agent (or after the occurrence of any Event of Default under Article VII (g) or (h) with respect to the Borrower, automatically and without further action by the Administrative Agent or any Lender) an amount equal to the excess of the interest and fees (including facility fees) that should have been paid for such four quarter period over the amount of interest and fees actually paid for such period.
Appears in 1 contract
Interest on Loans. (a) Subject to the provisions of Section 2.07, the The Loans comprising each ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, and excluding, the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin3.00% per annum.
(b) Subject to the provisions of Section 2.07, the The Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin4.00% per annum.
(c) Except Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this AgreementSection or (ii) in the case of any other amount, 2.00% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in cash on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable arrears on each Interest Payment Date for such Loan except as otherwise provided in cashthis Agreement; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(de) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Term Loan Agreement (Goodyear Tire & Rubber Co /Oh/)
Interest on Loans. (a) Subject to the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, and excluding, the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Except as otherwise provided in this Agreement, interest on each Loan shall be payable in cash on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date as provided below by a combination of (x) cash (“Cash Interest”) and (y) increasing the outstanding principal amount of the Loans on such Interest Payment Date by the amount of interest payable in cashkind (“PIK Interest”) that has accrued since the Closing Date (or, in the case of the Initial DIP Loans, since July 6, 2015) or the most recent Interest Payment Date, as applicable. Unless the context otherwise requires, for all purposes hereof, references to “principal amount” of the Loans includes any interest so capitalized and added to the principal amount of the Loans from and after the Interest Payment Date on which such interest has been so added. From the Closing Date, PIK Interest shall accrue on the Loans at a rate of 7.00% per annum and Cash Interest shall accrue on the Loans at a rate of 7.00% per annum.
(db) The applicable Alternate Base Rate or Adjusted LIBO Rate for Accrued interest (other than PIK Interest) on each Loan shall be payable in arrears on each Interest Period or day within an Interest Period, as the case may be, Payment Date for such Loan; provided that (i) interest accrued pursuant to Section 2.6 shall be determined payable on demand and (ii) in the event of any repayment or prepayment of any Loan (whether voluntary or mandatory), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment. PIK Interest on the Loans shall be payable by increasing the outstanding principal amount of the Loans by the Administrative Agent, and amount of PIK Interest accrued thereon on the Interest Payment Date applicable to the Loans. Any interest so added to the principal amount of any Loans shall bear interest as provided in this Section 2.5 from the date on which such determination interest has been so added. The obligation of Borrower to pay PIK Interest shall be conclusive absent manifest errorautomatically evidenced by this Agreement or, if applicable, any Notes issued pursuant to this Agreement. All interest hereunder shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).
Appears in 1 contract
Samples: Secured Superpriority Debtor in Possession Credit Agreement (Molycorp, Inc.)
Interest on Loans. (a) Subject to the provisions of Section 2.072.08, the Loans each Loan comprising each an ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest for each day from the date such Loan is made until it becomes due (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, when determined by reference to the Prime Rate and over a year of 360 days at all other times unless such calculation would result in a usurious rate, in which case such interest shall be computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be) at a rate per annum equal to the Alternate Base Rate, but in no event to exceed the Highest Lawful Rate.
(b) Subject to the provisions of Section 2.08, each Loan comprising a Eurodollar Borrowing shall bear interest for each day from the date such Loan is made until it becomes due (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of unless such Borrowing tocalculation would result in a usurious rate, and excluding, the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) which case such interest shall bear interest (be computed on the basis of the actual number of days elapsed over a year of 360 365 or 366 days, as the case may be) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing Borrowing, plus the Applicable Eurodollar Margin, but in no event to exceed the Highest Lawful Rate.
(c) Except as otherwise provided Subject to the applicable terms and conditions of Section 1.01, each Pricing Period shall commence on (and include) the date of delivery to the Agent of Required Financial Statements demonstrating that such period has commenced (or, in this Agreementthe case of a Level VI Pricing Period, interest on the first date on which Horizon has failed to deliver any of the Required Financial Statements when due in accordance with Section 5.04) and shall terminate on (and exclude) the earlier of (i) the date of delivery to the Agent of any subsequent Required Financial Statements demonstrating that such period has terminated and (ii) the first date on which the Borrowers have failed to deliver any of its Required Financial Statements when due in accordance with Section 5.04; PROVIDED that, in the case of a Level VI Pricing Period arising solely due to Horizon's failure to deliver any Required Financial Statements, such period shall terminate on (and exclude) the date of delivery to the Agent of such Required Financial Statements.
(d) Interest on each Loan shall be payable in cash on the Interest Payment Dates applicable to such Loan; , except as otherwise provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount)Amended Agreement. The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cash.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Interest on Loans. (a) Subject Except as otherwise set forth herein, (i) the Revolving Loans shall accrue interest daily in an amount equal to the provisions product of Section 2.07, (A) the Loans comprising each ABR Borrowing (including any amount capitalized and added to the unpaid principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, day and excluding, the date of repayment thereof(B) at a rate per annum equal to the Alternate Base LIBO Rate for such period plus the Applicable Margin.
(b) Subject Interest payable pursuant to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below2.5(a) shall bear interest (be computed on the basis of a 360-day year, in each case for the actual number of days elapsed over in the period during which it accrues. In computing interest on any Revolving Loan, the date of the making of such Revolving Loan or the first day of an Interest Period applicable to such Revolving Loan shall be included, and the date of payment of such Revolving Loan or the expiration date of an Interest Period applicable to such Revolving Loan shall be excluded; provided, if a year Revolving Loan is repaid on the same day on which it is made, one (1) day’s interest shall be paid on that Revolving Loan. For each Monthly Period, the Administrative Agent shall provide an invoice of 360 daysthe interest accrued during such Monthly Period on the Revolving Loans not later than 3:00 p.m. (New York city time) at a rate per annum equal to the Adjusted LIBO Rate for on the Interest Period in effect for Rate Determination Date immediately preceding such Borrowing plus the Applicable MarginInterest Payment Date.
(c) Except as otherwise provided in this Agreementset forth herein, interest on each Revolving Loan shall be payable in cash on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date arrears (or such other date specified in this Agreement for any required payment of interest on such Loani) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cash.
for the immediately preceding Monthly Period; (dii) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as upon the case may be, shall be determined by request of the Administrative AgentAgent (unless such prepayment results in a permanent reduction of the Revolving Commitments), upon any prepayment of that Revolving Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid; and such determination shall be conclusive absent manifest error(iii) at maturity.
Appears in 1 contract
Interest on Loans. (a) Subject to The Borrower shall pay interest on (i) each Base Rate Loan at the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, and excluding, the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.
Margin in effect from time to time and (bii) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) Loan at a rate per annum equal to the Adjusted LIBO Rate for the applicable Interest Period in effect for such Borrowing Loan plus the Applicable MarginMargin in effect from time to time.
(b) [Reserved].
(c) Except as otherwise provided in Notwithstanding subsection (a) of this AgreementSection, interest on each Loan shall be payable in cash on at the Interest Payment Dates applicable option of the Required Lenders and upon written notice to such Loan; provided that so long as no the Borrower if an Event of Default has occurred and is continuingcontinuing pursuant to Section 8.1(d) (solely with respect to an Event of Default arising by virtue of a breach of Section 5.1 (after giving effect to the cure period applicable thereto) or Section 6.1 or Section 6.3 after giving effect to the provisions of Section 6.4), and automatically if an Event of Default has occurred and is continuing pursuant to Sections 8.1(a), (b), (h) or (i), the Borrower shall pay interest (“Default Interest”) with respect to all Eurodollar Loans at the rate per annum equal to 200 basis points above the otherwise applicable interest rate for such Eurodollar Loans for the then-current Interest Period until the last day of such Interest Period, and thereafter, and with respect to all Base Rate Loans and all other Obligations hereunder (other than Loans), at the written election of rate per annum equal to 200 basis points above the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement otherwise applicable interest rate for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Base Rate Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cash.
(d) The applicable Alternate Interest on the principal amount of all Loans shall accrue from and including the date such Loans are made to but excluding the date of any repayment thereof. Interest on all outstanding Base Rate Loans shall be payable quarterly in arrears on the last day of each March, June, September and December and on the Revolving Commitment Termination Date or Adjusted LIBO Rate for each Interest Period or day within an Interest Periodthe Maturity Date, as the case may be, . Interest on all outstanding Eurodollar Loans shall be determined by payable on the Administrative Agentlast day of each Interest Period applicable thereto, and, in the case of any Eurodollar Loans having an Interest Period in excess of three months, on each day which occurs every three months after the initial date of such Interest Period, and on the Revolving Commitment Termination Date or the Maturity Date, as the case may be. To the extent necessary to create a “fungible” Class of Term Loans, the Borrower shall pay all accrued and unpaid interest on the Class of Term Loans being increased on the Business Day that any Incremental Term Facility is incurred. Interest on any Loan which is converted into a Loan of another Type or which is repaid or prepaid shall be payable on the date of such conversion or on the date of any such repayment or prepayment (on the amount repaid or prepaid) thereof. All Default Interest shall be payable on demand.
(e) The Administrative Agent shall determine each interest rate applicable to the Loans hereunder and shall promptly notify the Borrower and the Lenders of such rate in writing (or by telephone, promptly confirmed in writing). Any such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Amneal Pharmaceuticals, Inc.)
Interest on Loans. (a) Subject to Except as otherwise set forth herein, each Term Loan shall bear interest on the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the unpaid principal amount thereof as described in from the Closing Date through repayment (whether by prepayment, acceleration, maturity or otherwise) at a rate equal to the Adjusted Eurodollar Rate plus the Applicable Margin (other than Eurodollar Rate Loans which are converted into Base Rate Loans hereunder (including conversions pursuant to Section 2.06(c2.13) below) which shall bear interest at the Base Rate plus the Applicable Margin).
(b) Interest payable pursuant to Section 2.5(a) shall be computed on the basis of a 360 day year, in each case, for the actual number of days elapsed over a year of 360 days and calculated from in the date of such Borrowing to, and excludingperiod during which it accrues. In computing interest on any Term Loan, the date of repayment thereof) at a rate per annum equal the making of such Term Loan on the first day of an Interest Period applicable to the Alternate Base Rate plus the Applicable Margin.
(b) Subject to the provisions of Section 2.07such Term Loan, the Loans comprising each Eurodollar Borrowing (including any amount capitalized date shall be included, and added the date of payment of such Term Loan or the expiration date of an Interest Period applicable to the principal amount thereof as described in Section 2.06(c) below) such Term Loan shall bear interest (computed be excluded; provided, if a Term Loan is repaid on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Marginsame day on which it is made, one day's interest shall be paid on that Term Loan.
(c) Except as otherwise provided in this Agreementset forth herein, interest on each Term Loan shall be payable in cash on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date arrears on: (or such other date specified in this Agreement for any required payment of interest on such Loani) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after Date; (ii) any date of prepayment of a Term Loan pursuant to Sections 2.8 or 2.9, to the three-year anniversary of the Closing Date, any extent accrued interest on the Loans shall be payable amount being prepaid; and (iii) on each Interest Payment Date in cashthe Term Loan Maturity Date.
(d) The applicable Alternate Base Rate In the event that by 10:00 A.M. on any Interest Payment Date on or Adjusted LIBO Rate for each before July 2, 2003, the Company shall not pay all or any part of interest due and payable on any day on which such interest is due and payable under Section 2.5(c), Administrative Agent shall direct the Loan Escrow Agent to make such interest payment from funds deposited in the Loan Interest Period or day within an Interest Period, as Reserve Account in accordance with the case may be, shall be determined by terms of the Administrative Agent, and such determination shall be conclusive absent manifest errorLoan Escrow Agreement.
Appears in 1 contract
Interest on Loans. (a) Subject to the provisions of Section 2.072.06(c), the Loans comprising each ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, and excluding, the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin12.50%.
(b) Subject [Reserved.]
(c) Notwithstanding the foregoing, during an Event of Default, all Obligations shall, bear interest, after as well as before judgment, at a per annum rate equal to (i) in the provisions case of principal of or interest on any Loan, 2.0% plus the rate otherwise applicable to such Loan as provided in Section 2.072.06(a) or (ii) in the case of any other Obligation, 2.0% plus the rate applicable to Loans as provided in Section 2.06(a) (in either case, the Loans comprising “Default Rate”).
(d) Interest on each Eurodollar Borrowing (including any amount Loan shall accrue annually in arrears and shall be capitalized and added to principal of the principal amount thereof as described in Loans on the last day of each calendar year; provided that (i) interest accrued pursuant to Section 2.06(c) below(including interest on past due interest) and all accrued and capitalized interest shall bear be payable on demand upon repayment of the Revolving Credit Facility, whether on the Final Maturity Date, by acceleration, prepayment, or otherwise except that in the case of any partial prepayment of the Revolving Credit Facility, only the interest accrued and capitalized on the amount prepaid shall be so payable.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, and in each case shall be payable for the actual number of days elapsed over a year of 360 days) at a rate per annum equal to (including the Adjusted LIBO Rate for first day but excluding the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Except as otherwise provided in this Agreement, interest on each Loan shall be payable in cash on the Interest Payment Dates applicable to such Loanlast day); provided that so long as no Event of Default has occurred and any Loan that is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing repaid on the Closing Date and ending same day on the three-year anniversary of the Closing Datewhich it is made shall, up subject to 50% of accrued Section 2.14, bear interest with respect to such Loan for one day. Interest hereunder shall be paid on such date by capitalizing such interest due and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid payable in accordance with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized terms hereof before and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubtafter judgment, with respect to each Interest Payment Date falling and before and after the three-year anniversary commencement of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cashInsolvency Proceeding.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Revolving Credit Agreement (ICO Global Communications (Holdings) LTD)
Interest on Loans. (a) Subject to the provisions of Section 2.07Except as otherwise set forth herein, the Loans comprising each ABR Borrowing (including any amount capitalized and added to Tranche B-1 Term Loan shall bear interest on the unpaid principal amount thereof as described from the Closing Date through indefeasible repayment in full in Cash to the Administrative Agent (whether by acceleration or otherwise) at the rate of (i) 11.5% payable in Cash, plus (ii) 5.0% payable-in-kind, per annum; provided that, at Borrower’s option, all (but not less than all) of the portion of any interest payment otherwise payable-in-kind on any Interest Payment Date may be paid in Cash on such date.
(b) Interest payable pursuant to Section 2.06(c) below2.4(a) shall bear interest (be computed on the basis of a 360-day year for the actual number of days elapsed over a year of 360 days and calculated from in the date of such Borrowing to, and excludingperiod during which it accrues. In computing interest on any Loan, the date of the making of such Loan or the first day of an Interest Period applicable to such Loan shall be included, and the date of repayment thereof) at a rate per annum equal to of such Loan or, in the Alternate Base Rate plus the Applicable Margin.
(b) Subject to the provisions case of Section 2.07interest paid-in-kind, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) applicable Interest Payment Date, shall bear interest (computed be excluded; provided, if a Loan is repaid on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Marginsame day on which it is made, one day’s interest shall be paid on that Loan.
(c) Except as otherwise provided in this Agreementset forth herein, interest on each Loan shall accrue on a daily basis and shall be payable in cash on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date arrears (or such other date specified in this Agreement for any required payment of interest on such Loani) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date with respect to interest accrued on and to each such payment date, (ii) upon any prepayment of that Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid, (iii) at maturity of the Loans, including final maturity of the Loans. Interest payable hereunder pursuant to (i) Section 2.4(c)(i) shall be paid in cash.
part in Cash (dto the extent of 11.5% per annum) The and in part in-kind (to the extent of 5.0% per annum) by adding such accrued interest amount not paid in Cash to the then-outstanding principal balance of the applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may beLoans and (ii) Sections 2.4(c)(ii) and (iii), shall be determined by paid entirely in Cash including any amount accrued that would be otherwise payable-in-kind but to the Administrative Agentextent not yet added to the outstanding principal balance of the Loan. Amounts paid-in-kind shall constitute principal under the Loans and shall accrue interest at the applicable rate, and such determination shall be conclusive absent manifest errorpayable in accordance with Section 2.4.
Appears in 1 contract
Samples: Credit and Guaranty Agreement (Kv Pharmaceutical Co /De/)
Interest on Loans. (ai) Subject to Section 2.3(a) is hereby amended by deleting the provisions last sentence and inserting the following: On and following the Closing Date, each of Section 2.07the Initial Loan, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, and excludingAdditional Loan, the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.
(b) Subject to the provisions of Section 2.07Second Additional Loan, the Loans comprising Third Additional Loan, and, on and following the Initial Fourth Additional Loan Funding Date, the Fourth Additional Loan (and, in each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) belowcase, all PIK Interest thereon) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) on the principal amount thereof from time to time outstanding at a rate per annum equal to 12% (the Adjusted LIBO Rate for the “Interest Period in effect for such Borrowing plus the Applicable MarginRate”).
(cii) Except Section 2.3(b) is hereby amended by deleting the last sentence and inserting the following: Interest accrued on and after the Closing Date on the Initial Loan, the Additional Loan, the Second Additional Loan, the Third Additional Loan and, from and following the Initial Fourth Additional Loan Funding Date, the Fourth Additional Loan shall be payable monthly in arrears by delivering a note in the form attached hereto as otherwise provided Exhibit H-1 (“PIK Note”) in the principal amount of the interest which has accrued executed by the Borrower and delivered to the Lender on the first Business Day of each month (each an “Interest Payment Date”), commencing on the first such date to occur after the Closing Date, and any amount that has not been paid-in-kind pursuant to this Agreement, interest on each Loan clause (b) shall be payable in cash on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date maturity (whether by acceleration or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amountotherwise). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cash.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and after such determination shall be conclusive absent manifest errormaturity in cash on demand.
Appears in 1 contract
Interest on Loans. (a) Subject to the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) Swingline Loans shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, when determined by reference to the Prime Rate and over a year of 360 days and calculated from the date of such Borrowing to, and excluding, the date of repayment thereofat all other times) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Except Subject to the provisions of Section 2.07, (i) each C$ Prime Rate Loan shall bear interest at a rate per annum equal to the C$ Prime Rate plus the Applicable Margin and (ii) each B/A shall be subject to an Acceptance Fee payable as otherwise provided set forth in this Agreement, interest Section 2.26.
(d) Interest on each Loan shall be payable in cash on the Interest Payment Dates applicable to such Loan; Loan and as otherwise provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount)Agreement. The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cash.
(d) The applicable Alternate Base Rate or and Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and the applicable C$ Prime Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Canadian Administrative Agent, and such determination determinations shall be conclusive absent manifest error.
(e) Except as provided herein, interest and fees hereunder shall accrue and be calculated on a daily basis on the basis of a 360-day year for actual days elapsed, except that interest calculated on the basis of the Prime Rate or the C$ Prime Rate shall be calculated on the basis of a 365-day (or 366-day, as the case may be) year for actual days elapsed. For purposes of the Interest Act (Canada)
(i) whenever any interest or fee under this Agreement with respect to credit extended thereunder, is calculated using a rate based on a year of 360 days, such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based on a year of 360 days multiplied by (y) the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by 360 and (ii) the principle of deemed reinvestment of interest does not apply to any such interest calculation under this Agreement, and (iii) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.
Appears in 1 contract
Interest on Loans. (a) Subject to the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days 365 or 366 days, as the case may be, and calculated from and including the date of such Borrowing to, and excluding, to but excluding the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar EurodollarSOFR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate RateTerm SOFR for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Except as otherwise provided in this Agreement, interest Interest on each Loan shall be payable in cash on the Interest Payment Dates applicable to such Loan; Loan except as otherwise provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount)Agreement. The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cash.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate RateTerm SOFR for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(d) Notwithstanding anything to the contrary in this Section 2.06,
(i) on the Amendment No. 1 Effective Date and each Interest Payment Date during the PIK Period, the Borrower shall pay a portion of the interest due on each such date in cash in an amount equal to interest at a rate per annum equal to one percent (1%) (the “Cash Interest Portion”); and
(ii) all accrued but unpaid interest as of the Amendment No. 1 Effective Date (including all accrued and unpaid interest during the Interest Period that commenced on December 31, 2019 and ending on March 31, 2020) and all interest payable on each Interest Payment Date during the PIK Period (other than the Cash Interest Portion which is due and payable on each such Interest Payment Date) accruing during the period commencing on the Amendment No. 1 Effective Date and ending on June 30, 2020 (such period, the “PIK Period”), with respect to any ABR Term Loan or EurodollarSOFR Term Loan, shall be payable in kind, with such interest amount being automatically added to, and made part of, the outstanding principal amount of Loans in the case of (x) accrued but unpaid interest as of the Amendment No. 1 Effective Date, on the Amendment No. 1 Effective Date, and (y) interest payable on each Interest Payment Date during the PIK Period, on such date (all interest payable in kind pursuant to this Agreement, “PIK Interest”); provided that with respect to any such payment of PIK Interest pursuant to this clause (d), the then Applicable Margin in respect of such accrued and unpaid interest shall be increased by an additional amount of basis points such that the all-in interest rate for each such Borrowing, inclusive of the Adjusted LIBO RateTerm SOFR for such Interest Period then in effect or the Alternate Base Rate, as applicable, is equal to thirteen percent (13.00%) per annum, which increase shall also be paid in the form of PIK Interest. Unless the context otherwise requires, for all purposes under this Agreement, references to the “principal” and the “principal amount” of any Term Loans include any increase in the principal amount thereof due to the addition of PIK Interest thereto pursuant to this clause (d). All interest payable after June 30, 2020 shall be payable in cash.
Appears in 1 contract
Samples: Credit Agreement (Yellow Corp)
Interest on Loans. (a) Subject to the provisions of Section 2.07Except as otherwise set forth herein, the Loans comprising each ABR Borrowing (including any amount capitalized and added to shall bear interest on the unpaid principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, and excluding, the date of made through repayment thereof(whether by acceleration or otherwise) thereof at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin18.00% per annum.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin[Reserved].
(c) Except as otherwise provided in this Agreementset forth herein, interest on each Loan shall be payable in cash on the Interest Payment Dates applicable to such Loancash; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered may elect to the Administrative Agent no less than five Business Days before any Interest Payment Date pay interest partially in cash and partially in kind as follows: (or such other date specified in this Agreement for any required payment of interest on such Loani) occurring during the period commencing on from the Closing Date and ending on until the three-year first anniversary of the Closing Date, the Borrower may elect to pay up to 5012.00% per annum in kind and the remainder of accrued such interest with respect in cash and (ii) thereafter, the Borrower may elect to pay up to 9.00% per annum in kind and the remainder of such Loan interest in cash. Borrower shall deliver written notice of its election to pay less than all interest in cash to the Administrative Agent at least six (6) Business Days prior to the applicable Interest Payment Date; if the Borrower does not submit such notice, the Borrower shall be paid on such date by capitalizing such deemed to have elected to pay interest and adding it in kind to the then maximum permissible extent. Any interest that is paid in kind shall be capitalized and added to the outstanding principal amount of the same Type of Loans and constitute Loans for all purposes under the Facility Documents and shall be payable as part of the outstanding principal amount of the Loans upon any prepayment of the Loans in accordance with the terms of the Facility Documents, whether voluntary or mandatory, and shall be payable in cash as part of the outstanding principal amount of the Loans upon the Maturity Date. All capitalized amounts shall constitute principal of the Loans and shall accrue interest from the date capitalized at the rate at which such the Loans accrue interest, payable in accordance with this Section 2.09.
(d) Except as otherwise set forth herein, interest accrued (oron each Loan shall be computed on the basis of a 365-day year, if such Loans are being converted into another Type for the actual number of Loansdays elapsed in the period during which it accrues. In computing interest on any Loan, the Loans as so converted) date of the making of such Loan shall be included, and the date of payment of such capitalized portion of Loan shall be excluded; provided that if a Loan is repaid on the same day on which it is made, one day’s interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest on that Loan.
(e) Except as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubtotherwise set forth herein, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans each Loan (i) shall accrue on a daily basis and shall be payable in arrears on each Interest Payment Date in cash.
with respect to interest accrued on and to each such payment date; (dii) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall accrue on a daily basis and shall be determined by payable in arrears upon any prepayment of such Loan, whether voluntary or mandatory, to the Administrative Agent, extent accrued on the amount being prepaid; and such determination (iii) shall accrue on a daily basis and shall be conclusive absent manifest errorpayable in arrears at maturity or upon acceleration of such Loan.
Appears in 1 contract
Samples: First Lien Credit Agreement (CURO Group Holdings Corp.)
Interest on Loans. (a) Subject to the provisions of Section 2.07Except as otherwise set forth herein, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) Loan shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, and excluding, the date of repayment thereof) for each day during each Interest Period with respect thereto at a rate per annum equal to the Alternate Base Eurodollar Rate determined as of such day for the relevant Interest Period plus the Applicable Margin.
(b) Subject Interest shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to the provisions of Section 2.07, the 2.6 shall be payable from time to time on written demand.
(c) Interest payable on all Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (be computed on the basis of a 360-day year for the actual number of days elapsed over a year of 360 days) at a rate per annum equal to in the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Except as otherwise provided in this Agreement, period during which it accrues. In computing interest on each Loan shall be payable in cash on any Loan, the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election date of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment making of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on included, and the date of payment of such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest Loan shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cashexcluded.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate for Administrative Agent shall as soon as practicable notify Borrower and the relevant Lenders of each Interest Period or determination of a Eurodollar Rate. Any change in the interest rate on a Loan resulting from a change in the Eurocurrency Reserve Requirements shall become effective as of the opening of business on the day within on which such change becomes effective. The Administrative Agent shall as soon as practicable notify Borrower and the relevant Lenders of the effective date and the amount of each such change in interest rate.
(e) Each determination of an Interest Period, as the case may be, shall be determined interest rate by the Administrative Agent, and such determination Agent pursuant to any provision of this Agreement shall be conclusive absent and binding on Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of Borrower, deliver to Borrower a statement showing the quotations used by the Administrative Agent in determining any interest rate pursuant to paragraph (a) of this Section.
Appears in 1 contract
Interest on Loans. (a) Subject to Except as otherwise set forth herein, each Loan shall bear interest on the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the unpaid principal amount thereof as described from the date made through repayment (whether by acceleration or otherwise) at a rate equal to Term SOFR plus the Applicable Margin and may be paid in kind in accordance with Section 2.06(c2.5(d).
(b) below) Interest payable pursuant to this Section 2.5 shall bear interest (be computed on the basis of (i) for interest at the Base Rate, a year of three hundred sixty-five (365) or three hundred sixty-six (366) days, as the case may be, and (ii) for all other computations of fees and interest, a year of three hundred sixty (360) days, in each case for the actual number of days elapsed over a year of 360 days and calculated from in the date of such Borrowing to, and excludingperiod during which it accrues. In computing interest on any Loan, the date of repayment thereof) at the making of such Loan or the first day of an Interest Period applicable to such Loan, shall be included, and the date of payment of such Loan or the expiration date of an Interest Period applicable to such Loan, shall be excluded; provided, that, if a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed Loan is repaid on the basis of the actual number of days elapsed over a year of 360 dayssame day on which it is made, one (1) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Marginday’s interest shall be paid on that Loan.
(c) Except as otherwise provided in this Agreementset forth herein, interest on each Loan shall accrue on a daily basis and shall be payable in cash on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date arrears on: (or such other date specified in this Agreement for any required payment of interest on such Loani) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary applicable to that Loan, (ii) upon any prepayment of the Closing Date, any accrued that Loan (other than a voluntary prepayment of a Term Loan which interest on the Loans shall be payable in accordance with clause (i) above), to the extent accrued on each Interest Payment Date in cashthe amount being prepaid and (iii) at maturity, including final maturity.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Any interest that accrues on the Loan during any Interest Period or day within an that remains unpaid on the related Interest Period, as the case may be, Payment Date shall be determined paid-in-kind and added to the principal balance of the Loans as of such Interest Payment Date automatically and without the requirement for any notice by the Administrative Agent, and such determination shall be conclusive absent manifest errorany party.
Appears in 1 contract
Interest on Loans. (a) Subject to the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, and excluding, the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable MarginMargin in effect from time to time.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginMargin in effect from time to time.
(c) Except as otherwise provided in this Agreement, Accrued interest on each Loan shall be payable in cash arrears on the each Interest Payment Dates applicable to Date for such Loan; provided that so long (i) interest accrued pursuant to Section 2.07 (including interest on past due interest) and all interest accrued but unpaid on or after the Term Loan Maturity Date, as no Event applicable, shall be payable on demand, (ii) in the event of Default has occurred any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and is continuing, at (iii) in the written election event of any conversion of any Eurodollar Loan prior to the end of the Borrower delivered to the Administrative Agent no less than five Business Days before any current Interest Payment Date (or such other date specified in this Agreement for any required payment of Period therefor, accrued interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid payable on such the effective date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cashconversion.
(d) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to clause (a) of the definition of the Alternate Base Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day); provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.16, bear interest for one day. The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, Agent in accordance with the provisions of this Agreement and such determination shall be conclusive absent manifest error. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any Bankruptcy Proceeding.
Appears in 1 contract
Samples: Second Lien Credit Agreement (Surgery Partners, Inc.)
Interest on Loans. (a) Subject to the provisions of Section 2.07SECTION 2.12, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) Prime Rate Loan shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to365 or 366 days, and excluding, the date of repayment thereofas applicable) at a rate per annum that shall be equal to the Alternate Base then Prime Rate or Canadian Prime Rate, as applicable, plus the Applicable MarginMargin for Prime Rate Loans.
(b) Subject to the provisions of Section 2.07SECTION 2.09 through 2.12, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) LIBO Loan shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal equal, during each Interest Period applicable thereto, to the Adjusted LIBO Rate for the such Interest Period in effect for such Borrowing Period, plus the Applicable MarginMargin for LIBO Loans (or with respect to Loans to the Canadian Borrower made in Dollars, the Applicable Margin for LIBO Loans made in Dollars or Prime Rate Loans, as applicable).
(c) Except Subject to SECTION 2.12, each BA Equivalent Loan shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as otherwise provided in this Agreementapplicable) at a rate per annum that shall be equal to the then BA Rate, plus the Applicable Margin for BA Equivalent Loans
(d) Accrued interest on each Loan all Loans shall be payable in cash on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable arrears on each Interest Payment Date in cashapplicable thereto, at maturity (whether by acceleration or otherwise) and after such maturity on demand.
(de) The applicable Alternate Base Rate For the purposes of the Interest Act (Canada) and disclosure thereunder, whenever interest to be paid hereunder is to be calculated on the basis of a year of 360 days or Adjusted LIBO Rate for each Interest Period any other period of time that is less than a calendar year, the yearly rate of interest to which the rate determined pursuant to such calculation is equivalent is the rate so determined multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by either 360 or day within an Interest Periodsuch other period of time, as the case may be, . Calculations of interest shall be determined by made using the Administrative Agentnominal rate method of calculation, and such determination shall will not be conclusive absent manifest errorcalculated using the effective rate method of calculation or any other basis that gives effect to the principle of deemed reinvestment of interest.
Appears in 1 contract
Samples: Credit Agreement (Toys R Us Inc)
Interest on Loans. (a) Subject Except as otherwise set forth herein, (i) the Class A Revolving Loans shall accrue interest daily in an amount equal to the provisions product of Section 2.07, (A) the Loans comprising each ABR Borrowing (including any amount capitalized and added to the unpaid principal amount thereof as described of such day and (B) the Cost of Funds Rate for such day plus the Class A Applicable Margin, and (ii) the Class B Revolving Loans shall accrue interest daily in an amount equal to the lesser of (i) the rate set forth in any Fee Letter between the Company and any Class B Revolving Lender and (ii) the Maximum Class B Interest Rate.
(b) Interest payable pursuant to Section 2.06(c) below2.5(a) shall bear interest (be computed on the basis of a 360‑day year, in each case for the actual number of days elapsed over a year of 360 days and calculated from in the date of such Borrowing to, and excludingperiod during which it accrues. In computing interest on any Loan, the date of repayment thereof) at the making of such Loan or the first day of an Interest Period applicable to such Loan shall be included, and the date of payment of such Loan or the expiration date of an Interest Period applicable to such Loan shall be excluded; provided, if a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed Loan is repaid on the basis of the actual number of days elapsed over a year of 360 dayssame day on which it is made, one (1) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Marginday’s interest shall be paid on that Loan.
(c) Except as otherwise provided in this Agreementset forth herein, interest on each Loan shall be payable in cash arrears (i) on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after Date; (ii) upon any prepayment of that Loan, whether voluntary or mandatory, to the three-year anniversary of the Closing Date, any extent accrued interest on the Loans shall be payable on each Interest Payment Date in cashamount being prepaid; and (iii) at maturity.
(d) The applicable Alternate Base If applicable, each Class A Managing Agent shall deliver to Company and Paying Agent, two (2) Business Days prior to each Interest Rate or Adjusted LIBO Determination Date an invoice, setting forth (i) an estimate of the amount of interest payable pursuant to Section 2.5(a) to the Class A Revolving Conduit Lenders in its Class A Lender Group based on the CP Rate for each such Class A Revolving Conduit Lender for each day during the Interest Period or to which such Interest Rate Determination Date relates and (ii) the amount of any variation between the amount of interest payable to each such Class A Revolving Conduit Lender for the preceding Interest Period based on such notices and estimates and accrued but unpaid interest payable pursuant to Section 2.5(a) payable to such Class A Revolving Conduit Lender for such Interest Period based on its final determination of the CP Rate for such Class A Revolving Conduit Lender for each day within an during such Interest Period, as the case may be, . The amount of any shortfall in interest payable to any Class A Revolving Conduit Lender pursuant to Section 2.5(a) based on such variation shall be determined by included in the Administrative Agentportion of interest payable pursuant to Section 2.5(a) payable to such Class A Revolving Conduit Lenders on the next succeeding Interest Payment Date, and the amount of any overpayment of interest to any Class A Revolving Conduit Lender based on such determination variation shall be conclusive absent manifest errorcredited against the portion of interest payable pursuant to Section 2.5(a) otherwise payable to such Class A Revolving Conduit Lenders on the next succeeding Interest Payment Date.
Appears in 1 contract
Interest on Loans. (a) Subject to Except as otherwise set forth herein, each Loan shall bear interest on the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the unpaid principal amount thereof as described in Section 2.06(cfrom the date made through repayment (whether by acceleration or otherwise) belowthereof at a rate of (i) for the period prior to [REDACTED – Time Period], 9.50% per annum and (ii) for the period [REDACTED – Time Period], the Total Cap.
(b) All interest hereunder shall bear interest (be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed over a year of 360 days and calculated from (including the date of such Borrowing to, and excludingfirst day but excluding the last day). In computing interest on any Loan, the date of repayment thereof) at the making of such Loan or the last Interest Payment Date with respect to Loan shall be included, and the date of payment of such Loan shall be excluded; provided, if a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed Loan is repaid on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Marginsame day on which it is made, one day’s interest shall be paid on that Loan.
(c) Except as otherwise provided in this Agreementset forth herein, interest on each Loan (i) shall accrue on a daily basis and shall be payable in cash on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable arrears on each Interest Payment Date with respect to interest accrued on and to each such payment date; (ii) shall accrue on a daily basis and shall be payable in casharrears upon any prepayment of that Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid; and (iii) shall accrue on a daily basis and shall be payable in arrears at maturity of the Loans, including final maturity of the Loans.
(d) The applicable Alternate Base Rate For the purposes of the Interest Act (Canada) and disclosure thereunder, whenever any interest or Adjusted LIBO Rate for each Interest Period any fee to be paid hereunder or in connection herewith is to be calculated on the basis of a 360-day within an Interest Periodyear (or any other period that is less than a calendar year), the yearly rate of interest to which the rate used in such calculation is equivalent is the rate so used multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 360 (or such other period that is less than a calendar year), as the case may be, shall be determined by the Administrative Agentapplicable. The rates of interest under this Agreement are nominal rates, and such determination shall be conclusive absent manifest errornot effective rates or yields. The principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement.
Appears in 1 contract
Samples: Extended Equity Bridge Credit and Guaranty Agreement (Concordia Healthcare Corp.)
Interest on Loans. (a) Subject Except as otherwise set forth herein, (i) the Class A Revolving Loans shall accrue interest daily in an amount equal to the provisions product of Section 2.07, (A) the Loans comprising each ABR Borrowing (including any amount capitalized and added to the unpaid principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing today and (B) the LIBO Rate for such day plus the Class A Applicable Margin, and excluding, (ii) the date of repayment thereof) at a rate per annum Class B Revolving Loans shall accrue interest daily in an amount equal to the Alternate Base product of (A) the unpaid principal amount thereof as of such day and (B) the LIBO Rate for such day plus the Class B Applicable Margin.
(b) Subject Interest payable pursuant to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below2.5(a) shall bear interest (be computed on the basis of a 360‑day year, in each case for the actual number of days elapsed over a year in the period during which it accrues. In computing interest on any Loan, the date of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for making of such Loan or the first day of an Interest Period in effect for applicable to such Borrowing plus Loan shall be included, and the Applicable Margindate of payment of such Loan or the expiration date of an Interest Period applicable to such Loan shall be excluded; provided, if a Loan is repaid on the same day on which it is made, one (1) day’s interest shall be paid on that Loan.
(c) Except as otherwise provided in this Agreementset forth herein, interest on each Loan shall be payable in cash arrears (i) on and to each Interest Payment Date; (ii) upon the request of the Administrative Agent upon any prepayment of that Loan, whether voluntary or mandatory, to the extent accrued on the Interest Payment Dates applicable to such Loanamount being prepaid; provided that so long as and (iii) on the Maturity Date. Notwithstanding the foregoing or any other provision of this Agreement, no Default, Event of Default has occurred and is continuingor breach of any other provision of any Credit Document shall occur, at or be deemed to occur, during the written election of Early Amortization Period if there are insufficient amounts in the Borrower delivered to the Administrative Agent no less than five Business Days before Controlled Accounts on any Interest Payment Date (or such other date specified in this Agreement for to pay any required payment of interest on such Loan) occurring during the period commencing on the Closing Date costs, fees and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Class B Revolving Loans shall be and expenses payable to the Class B Revolving Lenders pursuant to the Credit Documents in accordance with the terms of Section 2.12(b) on each any Interest Payment Date in cashon which there is any outstanding Class A Revolving Exposure.
(d) The applicable Alternate Base Rate or Adjusted Administrative Agent shall deliver to Company and Paying Agent, four (4) Business Days prior to each Interest Payment Date an invoice, setting forth (i) an estimate of the amount of interest payable pursuant to Section 2.5(a) to the Class A Revolving Lenders for each day during the Interest Period to which such Interest Payment Date relates and (ii) the amount of any variation between the amount of interest payable to each such Class A Revolving Lender for the preceding Interest Period based on such notices and estimates and accrued but unpaid interest payable pursuant to Section 2.5(a) payable to such Class A Revolving Lender for such Interest Period based on its final determination of the LIBO Rate for such Class A Revolving Lender for each Interest Period or day within an during such Interest Period, as the case may be, . The amount of any shortfall in interest payable to any Class A Revolving Lender pursuant to Section 2.5(a) based on such variation shall be determined by included in the Administrative Agentportion of interest payable pursuant to Section 2.5(a) payable to such Class A Revolving Lenders on the next succeeding Interest Payment Date, and the amount of any overpayment of interest to any Class A Revolving Lender based on such determination variation shall be conclusive absent manifest errorcredited against the portion of interest payable pursuant to Section 2.5(a) otherwise payable to such Class A Revolving Lenders on the next succeeding Interest Payment Date.
Appears in 1 contract
Interest on Loans. (a) Subject to the provisions of Section 2.07Except as otherwise set forth herein, the Loans comprising each ABR Borrowing (including any amount capitalized and added to Term Loan shall bear interest on the unpaid principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, and excluding, the date of made through repayment thereof(whether by acceleration or otherwise) at a rate per annum equal to the Alternate Base Rate 5.00% plus the PIK RateApplicable Margin. For the avoidance of doubt, all interest consisting of the Applicable MarginMargin shall be included in the PIK Rate and treated as PIK Amounts for all purposes hereunder.
(b) Subject Interest payable pursuant to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below2.07(a) shall bear interest (be computed on the basis of a 360‑day year, in each case, for the actual number of days elapsed over in the period during which it accrues. In computing interest on any Loan, the date of the making of such Loan shall be included, and the date of repayment of such Loan shall be excluded; provided, if a year of 360 days) at a rate per annum equal to Loan is repaid on the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Marginsame day on which it is made, one day’s interest shall be paid on that Loan.
(c) Except as otherwise provided in this Agreementset forth herein, interest on each Loan shall be payable payable, in cash Cash, in arrears on the Interest Payment Dates applicable and to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loani) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after applicable to that Loan; (ii) upon any prepayment of that Loan, whether voluntary or mandatory, to the three-year anniversary of the Closing Date, any extent accrued interest on the Loans shall be payable amount being prepaid; and (iii) at maturity, including the Maturity Date; provided, that, notwithstanding anything to the contrary herein, without action by any party, on each Interest Payment Date Date, the portion of the interest rate accrued at the PIK Rate shall (rather than being paid in cash.
Cash) be capitalized and treated as additional principal obligations under the Term Loan subject to the terms of this Agreement. Such PIK Amounts shall accrue interest at the same rates (dincluding the Default Rate) The as are applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as to the case may beTerm Loans under this Agreement, shall be determined by form part of the Administrative Agent, Obligations under this Agreement and such determination the other Credit Documents and shall be conclusive absent manifest errorpayable in full, in Cash, on the Maturity Date.
Appears in 1 contract
Samples: Credit and Guaranty Agreement (Priority Technology Holdings, Inc.)
Interest on Loans. (a) Subject to Except as otherwise set forth herein, each Class of Loan shall bear interest on the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the unpaid principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing tomade through repayment (whether by acceleration or otherwise) thereof, and excludingexcept as provided in clause (b) below, the date of repayment thereof) at a rate per annum equal to the Alternate applicable Adjusted Term SOFR plus 12.00% (or, in the case of a Base Rate Loan, the applicable Base Rate plus the Applicable Margin.
11.00%), payable in cash or in kind on each Interest Payment Date as set forth in clause (b) Subject below. For the avoidance of doubt, Roll-Up Loans shall be deemed to be outstanding, and shall begin to accrue interest upon the provisions entry of Section 2.07the Final Order and the deemed making of such Loans. On each Interest Payment Date, the Company shall pay the interest accrued and payable on the Loans comprising each Eurodollar Borrowing (including any on such Interest Payment Date in an amount capitalized and added equal to the principal amount thereof as described of Loans outstanding hereunder during the relevant calculation period times a rate per annum equal to the applicable Adjusted Term SOFR plus 12.00% (or, in Section 2.06(cthe case of Base Rate Loans, Base Rate plus 11.00%) belowand (x) in the case of the New Money Loans, in lieu of paying all accrued but unpaid interest on such New Money Loans in cash, shall bear (i) pay the accrued but unpaid interest (computed on the basis of the actual number of days elapsed over a year of 360 days) New Money Loans in cash at a rate per annum equal to the applicable Adjusted LIBO Term SOFR (or, in the case of a Base Rate Loan, Base Rate) (such interest, the “Partial Cash Interest”) on each such Interest Payment Date and (ii) pay the accrued but unpaid interest attributable to the excess (such excess, the “PIK Interest”) over the Partial Cash Interest (at an annual rate equal to 12.00%, or, in the case of Base Rate Loans, 11.00%) by capitalizing and adding such PIK Interest to (and thereby increasing) the principal amount of New Money Loans outstanding hereunder on each such Interest Payment Date and (y) in the case of Roll-Up Loans, in lieu of paying all accrued but unpaid interest on such Roll-Up Loans in cash, shall capitalize and add the accrued but unpaid interest on each such Interest Payment Date to the principal amount of Roll-Up Loans outstanding hereunder on such Interest Payment Date. The basis for determining the rate of interest with respect to any Loan, and the Interest Period with respect to any SOFR Loan, shall be selected by Company and notified to Administrative Agent and Lenders pursuant to the applicable Funding Notice or Continuation Notice, as the case may be. If on any day a Loan is outstanding with respect to which a Funding Notice or Continuation Notice has not been delivered to Administrative Agent in effect accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then such Loan shall be automatically continued as a SOFR Loan with a one month Interest Period on the last day of the then-current Interest Period for such Borrowing plus Loan (unless such one month Interest Period would end on a date after the Applicable Margin.
stated DIP Maturity Date, in which case such Loan shall automatically be converted into a Base Rate Loan). In the event Company fails to specify an Interest Period for any SOFR Loan in the applicable Funding Notice or Continuation Notice, Company shall be deemed to have selected an Interest Period of one month. In connection with SOFR Loans there shall be no more than five (c5) Interest Periods outstanding at any time. As soon as practicable after 10:00 a.m. (New York City time) on each Interest Rate Determination Date, Administrative Agent shall determine (which determination shall be conclusive and binding upon all parties, absent manifest error) the interest rate that shall apply to the SOFR Loans 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 Company and each Lender. Interest payable pursuant to this Section 2.6 shall be computed 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 Loan, the date of the making of such Loan or the first day of an Interest Period applicable to such Loan (or, with respect to a Base Rate Loan, the date such Loan was first priced by reference to the Base Rate) shall be included, and the date of payment of such Loan or the expiration date of an Interest Period applicable to such Loan shall be excluded; provided that, if a Loan is repaid on the same day on which it is made, one day’s interest shall be paid on that Loan. Except as otherwise provided in this Agreementset forth herein, interest on each Loan shall accrue on a daily basis and shall be payable in cash on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date arrears (or such other date specified in this Agreement for any required payment of interest on such Loani) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cash.
applicable to that Loan (d) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Periodincluding, if applicable, capitalizing a portion of such interest, as provided above), (ii) upon any prepayment of that Loan, whether voluntary or mandatory, to the case may be, shall be determined by extent accrued on the Administrative Agentamount being prepaid, and such determination shall be conclusive absent manifest error(iii) at maturity, including the DIP Maturity Date.
Appears in 1 contract
Samples: Senior Secured Super Priority Term Loan Debtor in Possession Credit and Guaranty Agreement
Interest on Loans. (a) Subject to Except as otherwise set forth herein, each Loan shall bear interest on the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the unpaid principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, and excluding, made through repayment (whether by acceleration or otherwise) thereof at the date of repayment thereof) at a rate per annum equal to the Alternate Base LIBO Rate plus the Applicable Margin.
(b) Subject [Intentionally Reserved.]
(c) Administrative Agent shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon all parties) the interest rate that shall apply to the provisions of Loans 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 Borrower and each Lender.
(d) Interest payable pursuant to Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below2.7(a) shall bear interest be computed (computed i) in the case of Alternative Rate Loans, on the basis of a 365-day or 366-day year, as the case may be, and (ii) in the case of LIBO Rate Loans, on the basis of a 360-day year, in each case for the actual number of days elapsed over a year in the period during which it accrues. In computing interest on any Loan, the date of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for making of such Loan or the first day of an Interest Period in effect for applicable to such Borrowing plus Loan shall be included, and the Applicable Margindate of payment of such Loan or the expiration date of an Interest Period applicable to such Loan shall be excluded; provided, if a Loan is repaid on the same day on which it is made, one day’s interest shall be paid on that Loan.
(ce) Except as otherwise provided in this Agreementset forth herein, interest on each Loan shall be payable in cash on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date arrears (or such other date specified in this Agreement for any required payment of interest on such Loani) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cashapplicable to that Loan; (ii) upon any prepayment of that Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid; and (iii) at maturity, including final maturity.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Interest on Loans. (a) Subject to the provisions of Section 2.072.09, the Loans comprising each ABR Eurocurrency Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from (or, in the date case of Loans denominated in (A) Sterling, over a year of 365 or 366 days, or (B) any Alternative Currency other than Sterling or Euros, on the basis customarily used for borrowings between banks in the principal market for such Borrowing toAlternative Currency)), and excluding, the date of repayment thereof) at a rate per annum equal to (i) in the Alternate Base case of each Eurocurrency Standby Loan, the Adjusted LIBO Rate for the Interest Period in effect for the Borrowing of which such Loan is part plus the Applicable MarginMargin from time to time in effect and (ii) in the case of each Eurocurrency Competitive Loan, the LIBO Rate for the Interest Period in effect for the Borrowing of which such Loan is a part plus the Competitive Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to Section 2.03.
(b) Subject to the provisions of Section 2.072.09, the Loans comprising each Eurodollar ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as appropriate, when determined by reference to the Prime Rate and over a year of 360 daysdays at all other times) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.Alternate Base Rate. 41 35
(c) Except as otherwise provided in this AgreementSubject to the provisions of Section 2.09, each Fixed Rate Loan shall bear interest at a rate per annum (computed on the basis of the actual number of days elapsed over a year of 360 days) equal to the fixed rate of interest offered by the Lender making such Loan and accepted by the Borrower pursuant to Section 2.03.
(d) Interest on each Loan shall be payable in cash on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable arrears on each Interest Payment Date applicable to such Loan except as otherwise provided in cash.
(d) this Agreement. The applicable LIBO Rate or Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Interest on Loans. (a) Subject to the provisions of Section 2.07Except as otherwise set forth herein, the Interim Loans comprising each ABR Borrowing (including any amount capitalized and added to the Term Loans shall bear interest on the unpaid principal amount thereof as described in from the date made through repayment (whether by acceleration or otherwise) at (i) prior to the Initial Repayment Date, the Initial Rate and (ii) on and after the Initial Repayment Date, the Adjusted Rate.
(b) Interest payable pursuant to Section 2.06(c) below2.05(a) shall bear interest (be computed on the basis of a 360-day year for the actual number of days elapsed over a year of 360 days and calculated from in the date of such Borrowing to, and excludingperiod during which it accrues. In computing interest on any Loan, the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus making of such Loan or the Applicable Margin.
(b) Subject to the provisions first day of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the an Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Except as otherwise provided in this Agreement, interest on each Loan shall be payable in cash on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at Loan or the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any last Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cash.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest PeriodLoan, as the case may be, shall be determined by the Administrative Agentincluded, and the date of payment of such determination Loan or the expiration date of an Interest Period applicable to such Loan shall be conclusive absent manifest errorexcluded; provided, that if a Loan is repaid on the same day on which it is made, one day’s interest shall be paid on that Loan.
(c) Except as otherwise set forth herein, interest on each Loan (i) shall accrue on a daily basis and shall be payable in arrears on each Interest Payment Date with respect to interest accrued on and to each such payment date; (ii) shall accrue on a daily basis and shall be payable in arrears upon any prepayment of such Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid; and (iii) shall accrue on a daily basis and shall be payable in arrears at maturity of such Loan, including final maturity of such Loan.
Appears in 1 contract
Interest on Loans. (a) Subject to the provisions of Section 2.072.06(c), the Loans comprising each ABR Borrowing (Borrowing, including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) each Swingline Loan, shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, and excluding, the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable MarginMargin in effect from time to time.
(b) Subject to the provisions of Section 2.072.06(c), the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO LIBOR Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginMargin in effect from time to time.
(c) Except Notwithstanding the foregoing, during a Default, all Obligations shall, to the extent permitted by applicable law, bear interest, after as otherwise well as before judgment, at a per annum rate equal to (i) in the case of principal of or interest on any Loan, 2% plus the rate applicable to such Loan at such time as provided in the preceding paragraphs of this AgreementSection 2.06 or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Revolving Loans as provided in Section 2.06(a).
(d) Accrued interest on each Loan shall be payable in cash arrears on the each Interest Payment Dates applicable to Date for such Loan; provided that so long as no Event (i) interest accrued pursuant to Section 2.06(c) shall be payable on demand, (ii) in the event of Default has occurred any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan or a Swingline Loan), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and is continuing, at (iii) in the written election event of any conversion of any Eurodollar Loan prior to the end of the Borrower delivered to the Administrative Agent no less than five Business Days before any current Interest Payment Date (or such other date specified in this Agreement for any required payment of Period therefor, accrued interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid payable on the effective date of such date conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by capitalizing such interest and adding it reference to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest Alternate Base Rate shall be deemed to have been paid with computed on the proceeds basis of such additional Loans to the Borrower a year of 365 days (or 366 days in a like amountleap year). The Administrative Agent is authorized , and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to in each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans case shall be payable on each Interest Payment Date in cash.
for the actual number of days elapsed (d) including the first day but excluding the last day). The applicable Alternate Base Rate or Adjusted LIBO LIBOR Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, Agent in accordance with the provisions of this Agreement and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Credit Agreement (Ionics Inc)
Interest on Loans. (a) Subject to Except as otherwise set forth herein, each Loan shall bear interest on the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the unpaid principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, and excluding, the date of made through repayment thereof(whether by acceleration or otherwise) at a rate per annum equal to the Alternate Base Rate Adjusted Term SOFR for the Interest Period plus the Applicable Margin.
(b) Subject The basis for determining the rate of interest with respect to any Loan, and the Interest Period with respect to any SOFR Loan, shall be selected by Company and notified to Administrative Agent and Lenders pursuant to the provisions of Section 2.07Funding Notice.
(c) There shall be no more than one Interest Period outstanding at any time. As soon as practicable after 10:00 a.m. (New York City time) on each Interest Rate Determination Date, Administrative Agent shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon all parties) the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added interest rate that shall apply to the principal amount SOFR Loans for which an interest rate is then being determined for the applicable Interest Period and will promptly give notice thereof as described in to Company and each Lender.
(d) Interest payable pursuant to Section 2.06(c) below2.7(a) shall bear interest (be computed on the basis of a three hundred sixty-day year, in each case for the actual number of days elapsed over a year in the period during which it accrues. In computing interest on any Loan, the date of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for making of such Loan or the first day of an Interest Period in effect for applicable to such Borrowing plus Loan shall be included, and the Applicable Margindate of payment of such Loan or the expiration date of an Interest Period applicable to such Loan shall be excluded; provided, if a Loan is repaid on the same day on which it is made, one day’s interest shall be paid on that Loan.
(ce) Except as otherwise provided in this Agreementset forth herein, interest on each Loan (i) shall accrue on a daily basis and shall be payable in cash on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable arrears on each Interest Payment Date in cash.
with respect to interest accrued on and to each such Interest Payment Date; (dii) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall accrue on a daily basis and shall be determined by payable in arrears upon any prepayment of that Loan, whether voluntary or mandatory, to the Administrative Agent, extent accrued on the amount being prepaid; and such determination (iii) shall accrue on a daily basis and shall be conclusive absent manifest errorpayable in arrears at maturity of the Loans, including final maturity of the Loans.
Appears in 1 contract
Interest on Loans. (a) Subject to the provisions of Section 2.07Except as otherwise set forth herein, the Loans comprising each ABR Borrowing (including any amount capitalized and added to Term Loan shall bear interest on the unpaid principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, and excluding, the date of made through repayment thereof(whether by acceleration or otherwise) at a rate per annum equal to the Alternate Base Rate 5.00% plus the Applicable MarginPIK Rate.
(b) Subject Interest payable pursuant to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below2.07(a) shall bear interest (be computed on the basis of a 360-day year, in each case, for the actual number of days elapsed over in the period during which it accrues. In computing interest on any Loan, the date of the making of such Loan shall be included, and the date of repayment of such Loan shall be excluded; provided, if a year of 360 days) at a rate per annum equal to Loan is repaid on the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Marginsame day on which it is made, one day’s interest shall be paid on that Loan.
(c) Except as otherwise provided in this Agreementset forth herein, interest on each Loan shall be payable payable, in cash Cash, in arrears on the Interest Payment Dates applicable and to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loani) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after applicable to that Loan; (ii) upon any prepayment of that Loan, whether voluntary or mandatory, to the three-year anniversary of the Closing Date, any extent accrued interest on the Loans shall be payable amount being prepaid; and (iii) at maturity, including the Maturity Date; provided, that, notwithstanding anything to the contrary herein, without action by any party, on each Interest Payment Date Date, the portion of the interest rate accrued at the PIK Rate shall (rather than being paid in cash.
Cash) be capitalized and treated as additional principal obligations under the Term Loan subject to the terms of this Agreement. Such PIK Amounts shall accrue interest at the same rates (dincluding the Default Rate) The as are applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as to the case may beTerm Loans under this Agreement, shall be determined by form part of the Administrative Agent, Obligations under this Agreement and such determination the other Credit Documents and shall be conclusive absent manifest errorpayable in full, in Cash, on the Maturity Date.
Appears in 1 contract
Samples: Credit and Guaranty Agreement (Priority Technology Holdings, Inc.)
Interest on Loans. (a) Subject to the provisions of Section 2.07, the Loans comprising each ABR Eurodollar Revolving Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, and excluding, the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin, determined pursuant to paragraph (d) below.
(b) Subject to the provisions of Section 2.07 the Loans comprising each Base Rate Borrowing (based on the Prime Rate) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be) at a rate per annum equal to the Base Rate plus the Applicable Margin.
(c) Except Interest on each Eurodollar Loan shall, except as otherwise provided in this Agreement, be payable on the last day of the Interest Period applicable thereto and, in case of a Eurodollar Loan with an Interest Period of more than three months’ duration, each day that would have been an interest payment date for such Loan had successive Interest Periods of three months’ duration been applicable to such Loan, and on the Termination Date or any earlier date on which this Agreement is, pursuant to its terms and conditions, terminated. Interest on each Base Rate Loan shall be payable quarterly in cash arrears on the Interest Payment Dates applicable to such Loan; last Business Day of each March, June, September and December, except as otherwise provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing and on the Closing Termination Date or any earlier date on which this Agreement is, pursuant to its terms and ending on the three-year anniversary of the Closing Dateconditions, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount)terminated. The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cash.
(d) The applicable Alternate Base Eurodollar Rate or Adjusted LIBO Base Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. Interest shall accrue from and including the first day of an Interest Period to but excluding the last day of such Interest Period.
(d) As used herein, “Applicable Margin” shall mean the applicable percentage per annum specified in the table below, to be determined based upon the Ratings received by Weyerhaeuser from S&P and Xxxxx’x. The applicable percentage referred to in the immediately preceding sentence shall be determined based upon the Ratings, as follows:
Appears in 1 contract
Samples: Revolving Credit Facility Agreement (Weyerhaeuser Co)
Interest on Loans. (a) Subject to Except as otherwise set forth herein, each Loan shall bear interest on the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the unpaid principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, and excluding, applicable Credit Date until the date of repayment thereofmaturity (whether by acceleration or otherwise) thereof at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin15.00%.
(b) Subject Interest payable pursuant to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below2.5(a) shall bear interest (be computed on the basis of a 365/366-day year, for the actual number of days elapsed over from (and including) the last occurring Interest Payment Date (or if no Interest Payment Date has yet occurred, the Closing Date) to, but excluding, the immediately succeeding Interest Payment Date (the “Interest Accrual Period”). In computing interest on any Loan, the date of the making of such Loan and the last Interest Payment Date with respect to such Loan shall be included, and the date of payment of such Loan shall be excluded; provided, if a year of 360 days) at a rate per annum equal to Loan is repaid on the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Marginsame day on which it is made, one day’s interest shall be paid on that Loan.
(c) Except as otherwise provided in this Agreementset forth herein, interest on each Loan shall accrue on a daily basis and shall be payable (i) in cash in arrears on the each Interest Payment Dates applicable to Date, provided, that if there is No Available Cash on such Loan; provided that so long as no Event of Default has occurred and is continuingInterest Payment Date, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any then such interest shall be paid in kind in arrears on such Interest Payment Date (or and capitalized and added to the principal amount of such other date specified in this Agreement for any required payment of interest Loan on such date; (ii) in cash upon any prepayment of such Loan, whether voluntary or mandatory, in accordance with Section 2.13(a)(iii); and (iii) occurring during in cash at the period commencing on the Closing Date and ending on the three-year anniversary maturity of the Closing Loans. From and after each applicable Interest Payment Date, up to 50% of accrued any and all interest with respect to such Loan paid in kind shall be paid on such date by capitalizing such interest constitute and adding it to increase the then outstanding principal amount of the same Type of Loans for which such all purposes under this Agreement, and shall bear interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid in accordance with the proceeds provisions of such additional Loans this Agreement applicable to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cashLoans.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Credit Agreement (Hospitality Investors Trust, Inc.)
Interest on Loans. (a) Subject to the provisions of Section 2.07, the Loans comprising each ABR Borrowing Eurodollar Revolving Borrowings or Base Rate Borrowings (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed not based on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, and excluding, the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) belowPrime Rate) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Eurodollar Rate for the Interest Period in effect for such Borrowing or the Base Rate, as applicable, plus the Applicable Margin, determined pursuant to paragraph (d) below.
(b) Subject to the provisions of Section 2.07 the Loans comprising each Base Rate Borrowing (based on the Prime Rate) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be) at a rate per annum equal to the Base Rate plus the Applicable Margin.
(c) Except Interest on each Eurodollar Loan shall, except as otherwise provided in this Agreement, be payable on the last day of the Interest Period applicable thereto and, in case of a Eurodollar Loan with an Interest Period of more than three months’ duration, each day that would have been an interest payment date for such Loan had successive Interest Periods of three months’ duration been applicable to such Loan, and on the Termination Date or any earlier date on which this Agreement is, pursuant to its terms and conditions, terminated. Interest on each Base Rate Loan shall be payable quarterly in cash arrears on the Interest Payment Dates applicable to such Loan; last Business Day of each March, June, September and December, except as otherwise provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing and on the Closing Termination Date or any earlier date on which this Agreement is, pursuant to its terms and ending on the three-year anniversary of the Closing Dateconditions, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount)terminated. The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cash.
(d) The applicable Alternate Base Eurodollar Rate or Adjusted LIBO Base Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. Interest shall accrue from and including the first day of an Interest Period to but excluding the last day of such Interest Period.
(d) As used herein, “Applicable Margin” shall mean the applicable percentage per annum specified in the table below, to be determined based upon the Ratings received by Weyerhaeuser from S&P and Xxxxx’x. The applicable percentage referred to in the immediately preceding sentence shall be determined based upon the Ratings, as follows:
Appears in 1 contract
Samples: Revolving Credit Facility Agreement (Weyerhaeuser Co)
Interest on Loans. (a) Subject to Except as otherwise set forth herein, each Loan shall bear interest on the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the unpaid principal amount thereof as described in Section 2.06(cfrom the date made through repayment (whether by acceleration or otherwise) belowthereof at a rate of 9.50% per annum.
(b) All interest hereunder shall bear interest (be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed over a year of 360 days and calculated from (including the date of such Borrowing to, and excludingfirst day but excluding the last day). In computing interest on any Loan, the date of repayment thereof) at the making of such Loan or the last Interest Payment Date with respect to Loan shall be included, and the date of payment of such Loan shall be excluded; provided, if a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed Loan is repaid on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Marginsame day on which it is made, one day’s interest shall be paid on that Loan.
(c) Except as otherwise provided in this Agreementset forth herein, interest on each Loan (i) shall accrue on a daily basis and shall be payable in cash on the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election of the Borrower delivered to the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary of the Closing Date, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable arrears on each Interest Payment Date with respect to interest accrued on and to each such payment date; (ii) shall accrue on a daily basis and shall be payable in casharrears upon any prepayment of that Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid; and (iii) shall accrue on a daily basis and shall be payable in arrears at maturity of the Loans, including final maturity of the Loans.
(d) The applicable Alternate Base Rate For the purposes of the Interest Act (Canada) and disclosure thereunder, whenever any interest or Adjusted LIBO Rate for each Interest Period any fee to be paid hereunder or in connection herewith is to be calculated on the basis of a 360-day within an Interest Periodyear (or any other period that is less than a calendar year), the yearly rate of interest to which the rate used in such calculation is equivalent is the rate so used multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 360 (or such other period that is less than a calendar year), as the case may be, shall be determined by the Administrative Agentapplicable. The rates of interest under this Agreement are nominal rates, and such determination shall be conclusive absent manifest errornot effective rates or yields. The principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement.
Appears in 1 contract
Samples: Two Year Equity Bridge Credit and Guaranty Agreement (Concordia Healthcare Corp.)
Interest on Loans. (a) Subject to Except as otherwise set forth herein, each Loan shall bear interest on the provisions of Section 2.07, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the unpaid principal amount thereof as described in Section 2.06(c) below) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated from the date of such Borrowing to, and excluding, the date of made through repayment thereof(whether by acceleration or otherwise) thereof at a rate per annum equal to the Alternate Base Rate plus the Applicable MarginRate.
(b) Subject to Each Loan shall bear additional interest on the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the unpaid principal amount thereof as described in Section 2.06(c) below) shall bear interest during the Incremental Accrual Period at the Incremental Margin Rate (computed on such accrued additional interest, the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Except as otherwise provided in this Agreement“Incremental Deferred Interest”), interest on each Loan which shall be payable in arrears upon the earlier of (i) the repayment of the Obligations in full in cash on the Interest Payment Dates applicable to such Loanand (ii) December 31, 2023; provided that so long as if no Event of Default has occurred and is continuing, at then (A) the written election Incremental Deferred Interest shall be automatically deemed cancelled and waived upon repayment in full in cash of all Obligations (other than the Incremental Deferred Interest, and any contingent obligations for which a claim has not been made) on or prior to December 31, 2022, and (B) fifty percent (50%) of the Borrower delivered Incremental Deferred Interest shall be automatically deemed cancelled and waived upon repayment in full in cash of all Obligations (other than fifty percent (50%) of the Incremental Deferred Interest and any contingent obligations for which a claim has not been made) from and after January 1, 2023 and on or prior to March 31, 2023.
(c) [Reserved.]
(d) Interest payable pursuant to this Section 2.7 shall be computed on the Administrative Agent no less than five Business Days before basis of a year of three hundred sixty (360) days, in each case for the actual number of days elapsed in the period during which it accrues. In computing interest on any Loan, the date of the making of such Loan shall be included, and the date of payment of such Loan shall be excluded; provided that if a Loan is repaid on the same day on which it is made, then one (1) day’s interest shall be paid on that Loan.
(e) [Reserved.]
(f) Except as otherwise set forth herein, interest on each Loan shall accrue on a daily basis and shall be payable in arrears on (i) each Interest Payment Date applicable to that Loan; (ii) upon any prepayment of that Loan (other than a voluntary prepayment of a Revolving Loan or Term Loan which interest shall be payable in accordance with clause (i) above), to the extent accrued on the amount being prepaid; and (iii) at maturity, including final maturity; provided that Incremental Deferred Interest shall be payable in accordance with Section 2.7(b).
(g) Each Borrower agrees to pay to the Issuing Bank, with respect to drawings honored under any Letter of Credit issued by the Issuing Bank, interest on the amount paid by the Issuing Bank in respect of each such other honored drawing from the date specified such drawing is honored to but excluding the date such amount is reimbursed by or on behalf of such Borrower at a rate equal to (i) for the period from the date such drawing is honored to but excluding the applicable Reimbursement Date, the rate of interest otherwise payable hereunder with respect to Revolving Loans, and (ii) thereafter, a rate which is the lesser of (y) two percent (2%) per annum in this Agreement excess of the rate of interest otherwise payable hereunder with respect to Revolving Loans, and (z) the Highest Lawful Rate.
(h) Interest payable pursuant to Section 2.7(g) shall be computed on the basis of a year of three hundred sixty (360) days, for the actual number of days elapsed in the period during which it accrues, and shall be payable on demand or, if no demand is made, on the date on which the related drawing under a Letter of Credit is reimbursed in full. Promptly upon receipt by the Issuing Bank of any required payment of interest on such Loan) occurring during pursuant to Section 2.7(g), the Issuing Bank shall distribute to each Lender, out of the interest received by the Issuing Bank in respect of the period commencing from the date such drawing is honored to but excluding the date on which the Closing Date and ending on Issuing Bank is reimbursed for the three-year anniversary amount of such drawing (including any such reimbursement out of the Closing Dateproceeds of any Revolving Loans), up the amount that such Xxxxxx would have been entitled to 50% receive in respect of accrued interest the letter of credit fee that would have been payable in respect of such Letter of Credit for such period if no drawing had been honored under such Letter of Credit. In the event the Issuing Bank shall have been reimbursed by the Lenders for all or any portion of such honored drawing, the Issuing Bank shall distribute to each Lender which has paid all amounts payable by it under Section 2.3(e) with respect to such Loan shall be paid honored drawing such Xxxxxx’s Revolving Commitment Percentage of any interest received by the Issuing Bank in respect of that portion of such honored drawing so reimbursed by the Lenders for the period from the date on such which the Issuing Bank was so reimbursed by the Lenders to but excluding the date by capitalizing such interest and adding it to the then outstanding principal amount of the same Type of Loans for on which such interest accrued (or, if such Loans are being converted into another Type of Loans, the Loans as so converted) and such capitalized portion of interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent honored drawing is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of reimbursed by the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest on the Loans shall be payable on each Interest Payment Date in cashBorrower.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Interest on Loans. (a) Subject Prior to the provisions of Section 2.07Closing Date, the Loans comprising each ABR Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) shall bear Initial Loan bore interest (computed on the basis of the actual number of days elapsed over a year of 360 days and calculated days) on the principal amount thereof from the date of such Borrowing totime to time outstanding, and excluding, the date of repayment thereof) at a rate per annum equal to 18%. On and following the Alternate Base Rate plus Closing Date, each of the Applicable Margin.
(b) Subject to Initial Loan and the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing (including any amount capitalized and added to the principal amount thereof as described in Section 2.06(c) below) Additional Loan shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) on the principal amount thereof from time to time outstanding, at a rate per annum equal to 12% (the Adjusted LIBO Rate for "Interest Rate").
(b) Interest accrued on the Initial Loan prior to the Closing Date shall be payable in cash, in immediately available funds, on the Closing Date. Interest Period accrued on and after the Closing Date on the Initial Loan and the Additional Loan shall be payable monthly in effect for arrears by delivering a note in the form attached hereto as Exhibit H-1 ("PIK Note") in the principal amount of the interest which has accrued executed by the Borrower and delivered to the Lender on the first Business Day of each month (each an "Interest Payment Date"), commencing on the first such Borrowing plus date to occur after the Applicable MarginClosing Date, and any amount that has not been paid-in-kind pursuant to this clause (b) shall be payable in cash at maturity (whether by acceleration or otherwise), and after such maturity in cash on demand.
(c) Except as otherwise provided in this Agreement, interest on each Loan The Borrower shall be payable in cash on repay the Interest Payment Dates applicable to such Loan; provided that so long as no Event of Default has occurred and is continuing, at the written election entire unpaid balance of the Borrower delivered to Loans (including, without limitation, all PIK Interest and other capitalized interest thereon, the Administrative Agent no less than five Business Days before any Interest Payment Date (or such other date specified in this Agreement for any required payment of interest on such Loan) occurring during the period commencing on the Closing Date and ending on the three-year anniversary Deferred Portion of the Closing DateFee, up to 50% of accrued interest with respect to such Loan shall be paid on such date by capitalizing such interest and adding it and, solely to the then outstanding principal amount extent the Loans are required to be repaid in connection with the occurrence of the same Type Maturity Date as a result of Loans for which such interest accrued the circumstances described in clause (or, if such Loans are being converted into another Type ii) or clause (iii) of Loansthe definition of "Maturity Date", the Loans as so convertedExit Fee) and such capitalized portion of all accrued and unpaid interest shall be deemed to have been paid with the proceeds of such additional Loans to the Borrower in a like amount). The Administrative Agent is authorized and instructed to record the amount of such capitalized portion of interest as an increase the aggregate amount of the applicable Loans ratable among the Lenders. For the avoidance of doubt, with respect to each Interest Payment Date falling after the three-year anniversary of the Closing Date, any accrued interest thereon on the Loans shall be payable on each Interest Payment Date in cashTermination Date.
(d) The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Intercreditor Agreement (Prentice Capital Management, LP)