Common use of Interest on Loans Clause in Contracts

Interest on Loans. (a) Except as otherwise set forth herein, each Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) 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 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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 excluded. (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)

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Interest on Loans. (a) Except as otherwise set forth herein, each Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment applicable Credit Date until the maturity (whether by acceleration or otherwise) 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 pointsrate per annum equal to 15.00%. (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 366365/366-day year), in each case for the actual number of days elapsed in from (and including) the period during which it accrueslast 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 or the first day of an Interest Period applicable to such Loan or, with respect to a Loan, and the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 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. (dc) 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 (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 upon any prepayment of that such Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid, in accordance with Section 2.13(a)(iii); and (iii) shall accrue on a daily basis and shall be payable in arrears on cash at the Maturity Date. With maturity of the Loans (other than with respect to any accrued interest payable on an a Common Stock Conversion). From and after each applicable Interest Payment Date, Borrower may elect to make such payment of any and all interest by adding paid in kind shall constitute and increase the amount of such payment to the outstanding principal amount of the Loans (for all purposes under this Agreement, and shall bear interest in accordance with the “Capitalized Portion”). Borrower may make such election by giving Administrative Agent notice provisions of such election at least five Business Days prior this Agreement applicable 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 annumLoans.

Appears in 2 contracts

Samples: Dip Credit Agreement (Hospitality Investors Trust, Inc.), Restructuring Support Agreement (Hospitality Investors Trust, Inc.)

Interest on Loans. (a) Except as otherwise set forth herein, each Loan The Borrower shall bear pay interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwisei) thereof at the Adjusted Eurodollar Rate plus the Applicable Margin; provided, however, that if any Loan becomes a each Base Rate Loan under this Agreement, such Loan shall bear interest at the Base Rate plus the Applicable Margin minus 100 basis pointsin effect from time to time and (ii) each Eurodollar Loan at the Adjusted LIBO Rate for the applicable Interest Period in effect for such Loan plus the Applicable Margin in effect from time to time. (b) As soon as practicable after 10:00 a.m. (New York City time) The Borrower shall pay interest on each Interest Swingline Loan at the Base Rate Determination Date, Administrative Agent shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon all parties) plus the interest rate that shall apply Applicable Margin in effect from time 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 Lendertime. (c) Interest payable Notwithstanding subsections (a) and (b) of this Section, if any Event of Default exists under Sections 8.1(a) or (f), the Loans and other Obligations under the Loan Documents not paid when due shall bear interest at a rate per annum equal to (i) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.5(aplus 2.00% and (ii) shall be computed on in the basis case of a 360-day year (provided that for any other Obligation, the rate then applicable to Base Rate Loans interest shall be calculated on the basis of a 365-day or 366-day year)plus 2.00%, 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 orcase, with respect to a Loanclauses (i) and (ii) above, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion such Event of Default until the earlier of the date such Eurodollar Rate Loan to such Base Rate Loan, amount is paid in full (after as the case may be, shall be included, well as before judgment) and the date such Event of payment of Default is cured or waived. All such 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, default interest shall be excludedpayable from time to time on demand. (d) Except as otherwise set forth herein, interest Interest on each Loan (i) 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 a daily basis all outstanding Base Rate Loans and Swingline Loans shall be payable quarterly in arrears on the last day of each March, June, September and to December and on the Maturity Date. Interest on all outstanding Eurodollar Loans shall be payable on the last day of each Interest Period (or applicable thereto, and, in the case of any Base Rate LoanEurodollar Loans having an Interest Period in excess of three months, month) most recently ended prior to such payment date and shall be payable in arrears on each day which occurs every three months after the initial date of such 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 prepaidPeriod, and (iii) shall accrue on a daily basis and shall be payable in arrears on the Maturity Date. With respect to Interest on any accrued interest Loan which is converted into a Loan of another Type or which is repaid or prepaid shall be payable on an Interest Payment Date, Borrower may elect to make the date of such payment conversion or on the date of interest by adding any such repayment or prepayment (on the amount repaid or prepaid) thereof. (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 payment rate in writing (or by telephone, 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 principal amount of Borrower a statement showing the Loans (quotations used by the “Capitalized Portion”). Borrower may make such election by giving Administrative Agent notice of such election at least five Business Days prior in determining any interest rate pursuant 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 annumSection 2.13(e).

Appears in 2 contracts

Samples: Credit Agreement (Teradyne, Inc), Credit Agreement (Teradyne, Inc)

Interest on Loans. (a) Except as otherwise set forth herein, each Loan The Class A Revolving Loans shall bear accrue interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof daily 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 Class A Interest Rate. The Class B Revolving Loans shall bear accrue interest daily at the Base Rate plus the Applicable Margin minus 100 basis pointsClass B Interest Rate. (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 computed by reference 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) Daily Simple SOFR hereunder shall be computed on the basis of a 360-day year (provided that for any of 360 days. Interest computed by reference to the Base Rate Loans interest at times when the Base Rate is based on the Prime Rate shall be calculated computed on the basis of a 365-day year of 365 days (or 366-day 366 days in a leap year), in . In each case interest shall be payable for the actual number of days elapsed in (including the period during which it accruesfirst day but excluding the last day). All interest hereunder on any Revolving Loan shall be computed on a daily basis based upon the outstanding principal amount of such Revolving Loan as of the applicable date of determination. The applicable Base Rate, Adjusted Daily Simple SOFR or 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 or, with respect to a Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, 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 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 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. (dc) Except as otherwise set forth herein, interest on each Revolving 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 (i) on each Interest Payment Date, ; (ii) upon the request, which shall accrue on apply with respect to all Lenders, of the Administrative Agent or a daily basis and shall be payable Class B Lender (unless such prepayment results in arrears 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) shall accrue at the Class A Maturity Date or Class B Maturity Date. (d) The interest rate on a daily basis 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 be payable not have any liability with respect to, the administration, submission, performance or any other matter related to any interest rate used in arrears on the Maturity Date. With this Agreement, or with respect to any accrued 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 payable on an Interest Payment Daterate 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, Borrower may elect to make such payment of interest by adding the amount of such payment successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the principal amount of the Loans (the “Capitalized Portion”)Company. Borrower may make such election by giving The Administrative Agent notice of such election at least five Business Days prior 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 applicable Interest Payment Date. Borrower agrees that the Applicable Margin with respect terms of this Agreement, and shall have no liability to the Capitalized Portion Company, any Lender or any other person or entity for damages of the Loans shall be increased 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 an additional 3.00% per annumany such information source or service.

Appears in 2 contracts

Samples: Credit Agreement (Enova International, Inc.), Credit Agreement (Enova International, Inc.)

Interest on Loans. (a) Except as otherwise set forth herein, each Loan (including, for the avoidance of doubt, each PIK Loan) shall bear interest on the unpaid principal amount thereof from the date made or deemed made through repayment (whether by acceleration or otherwise) thereof at a rate per annum equal to 14.00% (the Adjusted Eurodollar Rate plus the Applicable Margin; provided, however, that if any “Interest Rate”). Such interest shall accrue on each 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 pointsduring each Interest Period. (b) As soon as practicable after 10:00 a.m. (New York City time) on On each Interest Rate Determination Compounding Date, Administrative Agent interest accrued during the immediately preceding Interest Period on any Loan shall determine (which determination shall, absent manifest error, automatically be final, conclusive and binding upon all parties) the interest rate that shall apply deemed to the Eurodollar Rate Loans for which an interest rate is then being determined for 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 and shall promptly give notice thereof ending on the Business Day immediately preceding such Interest Compounding Date (in writing or by telephone confirmed in writing) to Borrower and each Lendersuch 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 2.5(a2.13 or 2.14. (d) Interest accrued pursuant to Section 2.8(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 as the case may be, 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 or deemed making of such Loan or the first day of an Interest Period applicable to such Loan or, with respect to a Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 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. (de) 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, (iii) 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, prepaid and (iiiii) shall accrue on a daily basis and shall be payable in arrears on the Maturity Date. With respect to any accrued The interest payable on an Interest Payment Date, Borrower may elect to make such payment any prepayment of a PIK Loan shall equal the interest by adding the amount of such payment to accrued on the principal amount thereof paid or prepaid from and including the most recent Interest Compounding Date to but excluding the date 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 annumpayment.

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) Except 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 otherwise set forth herein, each Loan described in Section 2.06(c) below) shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) 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 in over a year of 360 days and calculated from the period during which it accrues. In computing interest on any Loandate of such Borrowing to, and excluding, the date of repayment thereof) at a rate per annum equal to the making Alternate Base Rate plus the Applicable Margin. (b) Subject to the provisions of such Loan or Section 2.07, the first day 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 an 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 orLoan; provided that so long as no Event of Default has occurred and is continuing, with respect at the written election of the Borrower delivered to a Loan, the last 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 a 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 Loan being mandatory converted from a Eurodollar or Adjusted LIBO Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loanfor each Interest Period or day within an Interest Period, as the case may be, shall be includeddetermined by the Administrative Agent, and the date of payment of such 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, determination shall be excludedconclusive absent manifest error. (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 Agreement (Oscar Health, Inc.), Credit Agreement (Oscar Health, Inc.)

Interest on Loans. (a) Except as otherwise set forth hereinSubject to the provisions of Section 2.07, the Loans comprising each Loan ABR Borrowing shall bear interest (computed on the unpaid principal amount thereof basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, and calculated from and including the date made through of such Borrowing to but excluding the date of repayment (whether by acceleration or otherwisethereof) thereof at a rate per annum equal to the Adjusted Eurodollar Alternate Base Rate plus the Applicable Margin; provided, however, that if any Loan becomes a Base Rate Loan under this Agreement, such Loan no Borrowings hereunder shall bear interest at the Base Rate plus the Applicable Margin minus 100 basis pointsbe made in ABR except as set forth in Section 10.24. (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 Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing 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 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 Lendereffect for such Borrowing plus the Applicable Margin. (c) Interest payable pursuant to Section 2.5(a) on each Loan shall be computed payable 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 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 Payment Dates applicable to such Loan or, with respect to a Loan, the last Interest Payment Date with respect to such Loan or, with respect to a except as otherwise provided in this Agreement. The applicable Alternate Base Rate Loan being mandatory converted from a Eurodollar or Adjusted LIBO Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loanfor each Interest Period or day within an Interest Period, as the case may be, shall be includeddetermined by the Administrative Agent, and the date of payment of such 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, determination shall be excludedconclusive absent manifest error. (d) Except as otherwise set forth herein, interest on each Loan Notwithstanding anything to the contrary in this Section 2.06, (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, 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) shall accrue all interest payable on a daily basis 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 arrears upon any prepayment kind, with such interest amount being automatically added to, and made part of, the outstanding principal amount of that LoanLoans on such date (all interest payable in kind pursuant to this Agreement, whether voluntary or mandatory“PIK Interest”. Unless the context otherwise requires, for all purposes under this Agreement, references to the extent accrued on “principal” and the amount being prepaid, and (iii) shall accrue on a daily basis and shall be payable “principal amount” of any Term Loans include any increase 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 thereof due to the applicable addition of PIK Interest Payment Date. Borrower agrees that the Applicable Margin with respect thereto pursuant to the Capitalized Portion of the Loans shall be increased by an additional 3.00% per annumthis clause (d).

Appears in 2 contracts

Samples: Term Loan Credit Agreement (YRC Worldwide Inc.), Term Loan Credit Agreement

Interest on Loans. (a) Except as otherwise set forth herein, each Loan (i) the Revolving Loans shall bear accrue interest on daily in an amount equal to the product of (A) the unpaid principal amount thereof from the date made through repayment as of such day and (whether by acceleration or otherwiseB) thereof at the Adjusted Eurodollar LIBO Rate for such period 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 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 or, with respect to a Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, 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 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 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. For each Monthly Period, the Administrative Agent shall provide an invoice of the interest accrued during such Monthly Period on the 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. (dc) Except as otherwise set forth herein, interest on each Revolving 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 (i) on each Interest Payment Date, Date for the immediately preceding Monthly Period; (ii) shall accrue on upon the request of the Administrative Agent (unless such prepayment results in a daily basis and shall be payable in arrears 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) 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 annummaturity.

Appears in 1 contract

Samples: Credit Agreement (On Deck Capital, Inc.)

Interest on Loans. (a) Except as otherwise set forth hereinSubject to the provisions of Section 2.08, each Loan comprising an ABR Borrowing shall bear interest on the unpaid principal amount thereof for each day from the date made through repayment (whether by acceleration or otherwise) 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 is made until it becomes due (computed on the Base Rate plus basis of the Applicable Margin minus 100 basis points. (b) As soon actual number of days elapsed over a year of 365 or 366 days, as practicable after 10:00 a.m. (New York City time) on each Interest Rate Determination Datethe case may be, Administrative Agent shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon all parties) the interest rate that shall apply when determined by reference to the Eurodollar Prime Rate Loans for and over a year of 360 days at all other times unless such calculation would result in a usurious rate, in which an case such 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 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 period during 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 unless such calculation would result in a usurious rate, in which it accrues. In computing case such interest shall be computed on any Loanthe 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 Adjusted LIBO Rate for the Interest Period in effect for such Borrowing, plus the Eurodollar Margin, but in no event to exceed the Highest Lawful Rate. (c) 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 making Agent of Required Financial Statements demonstrating that such period has commenced (or, in the case of a Level VI Pricing Period, 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 or shall be payable on the first day of an Interest Period Payment Dates applicable to such Loan or, with respect to a Loan, the last Interest Payment Date with respect to such Loan or, with respect to a except as otherwise provided in this Amended Agreement. The applicable Alternate Base Rate Loan being mandatory converted from a Eurodollar or Adjusted LIBO Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loanfor each Interest Period or day within an Interest Period, as the case may be, shall be includeddetermined by the Agent, and the date of payment of such 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, determination shall be excludedconclusive absent manifest error. (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 1 contract

Samples: Credit Agreement (Horizon Healthcare Corp)

Interest on Loans. (a) Except as otherwise set forth herein, each Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) 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 pointsRate. (b) As soon as practicable after 10:00 a.m. Each Loan shall bear additional interest on the unpaid principal amount thereof during the Incremental Accrual Period at the Incremental Margin Rate (New York City timesuch accrued additional interest, the “Incremental Deferred Interest”), which shall be payable in arrears upon the earlier of (i) the repayment of the Obligations in full in cash and (ii) December 31, 2023; provided that if no Event of Default has occurred and is continuing, then (A) the 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 each or prior to December 31, 2022, and (B) fifty percent (50%) of the Incremental Deferred Interest Rate Determination Date, Administrative Agent shall determine be automatically deemed cancelled and waived upon repayment in full in cash of all Obligations (which determination shall, absent manifest error, be final, conclusive other than fifty percent (50%) of the Incremental Deferred Interest and binding upon all parties) the interest rate that shall apply to the Eurodollar Rate Loans any contingent obligations for which an interest rate is then being determined for the applicable Interest Period a claim has not been made) from and shall promptly give notice thereof (in writing after January 1, 2023 and on or by telephone confirmed in writing) prior to Borrower and each LenderMarch 31, 2023. (c) [Reserved.] (d) Interest payable pursuant to this Section 2.5(a) 2.7 shall be computed on the basis of a year of three hundred sixty (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)) 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 or the first day of an Interest Period applicable to such Loan or, with respect to a Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 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. (de) [Reserved.] (f) 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 (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 Maturity Date. With 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 accrued Letter of Credit issued by the Issuing Bank, interest on the amount paid by the Issuing Bank in respect of each such honored drawing from the date 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 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 an Interest Payment Datedemand or, Borrower may elect to make such 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 payment of interest pursuant to Section 2.7(g), the Issuing Bank shall distribute to each Lender, out of the interest received by adding the Issuing Bank in respect of the period from the date such drawing is honored to but excluding the date on which the Issuing Bank is reimbursed for the amount of such payment to the principal amount drawing (including any such reimbursement out of the Loans (proceeds of any Revolving Loans), the “Capitalized Portion”). Borrower may make amount that such election by giving Administrative Agent notice Xxxxxx would have been entitled to receive in respect of the letter of credit fee that would have been payable in respect of such election at least five Business Days prior 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 the applicable Interest Payment Date. Borrower agrees that the Applicable Margin each Lender which has paid all amounts payable by it under Section 2.3(e) with respect to such honored drawing such Xxxxxx’s Revolving Commitment Percentage of any interest received by the Capitalized Portion Issuing Bank in respect of that portion of such honored drawing so reimbursed by the Loans shall be increased Lenders for the period from the date on which the Issuing Bank was so reimbursed by an additional 3.00% per annumthe Lenders to but excluding the date on which such portion of such honored drawing is reimbursed by the applicable Borrower.

Appears in 1 contract

Samples: Credit Agreement (BurgerFi International, Inc.)

Interest on Loans. (a) Except as otherwise set forth hereinSubject to Section 2.07, each Tranche A Revolving Loan comprising an ABR Borrowing shall bear interest on the unpaid principal amount thereof for each day from the date made through repayment (whether by acceleration or otherwise) 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. is made until it becomes due (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 the actual number of days elapsed over a 360-day year (provided that for any Base Rate 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 365-365- (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 A ABR Margin. (b) Subject to Section 2.07, each Tranche B Revolving Loan or 366-Tranche B Term Loan comprising an ABR Borrowing shall bear interest for each day year), in each case for from the date such Loan is made until it becomes due (computed on the basis of the actual number of days elapsed in the period during which it accrues. In computing interest on any Loanover a year of 360 days, the date of the making of such Loan or the first day of an Interest Period applicable to such Loan orexcept 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, plus the Applicable Tranche A Eurodollar Margin. (d) 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 for herein. (f) Interest on each Loan shall be payable on the Interest Payment Dates applicable to such Loan, the last Interest Payment Date with respect to such Loan or, with respect to a except as otherwise provided in this Agreement. The applicable Alternate Base Rate Loan being mandatory converted from a Eurodollar or Adjusted LIBO Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loanfor each Interest Period or day within an Interest Period, as the case may be, shall be includeddetermined by the Administrative Agent, and the date of payment of such 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, determination shall be excludedconclusive absent manifest error. (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 1 contract

Samples: Credit Agreement (Star Gas Partners Lp)

Interest on Loans. (a) Except as otherwise set forth hereinSubject to the provisions of Section 2.07, the Loans comprising each Loan ABR Borrowing shall bear interest (computed on the unpaid principal amount thereof 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 made through of such Borrowing to but excluding the date of repayment (whether by acceleration or otherwisethereof) thereof at a rate per annum equal to the Adjusted Eurodollar Alternate Base 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 Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days (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 Loans for which an interest rate is then being determined for the applicable Interest Period and 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 promptly give notice thereof (in writing or by telephone confirmed in writing) to Borrower and each Lenderbe a Eurodollar Loan. (c) Interest payable pursuant to Section 2.5(a) on each Loan shall be computed payable 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 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 Payment Dates applicable to such Loan or, with respect to a Loan, the last Interest Payment Date with respect to such Loan or, with respect to a except as otherwise provided in this Agreement. The applicable Alternate Base Rate Loan being mandatory converted from a Eurodollar or Adjusted LIBO Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loanfor each Interest Period or day within an Interest Period, as the case may be, shall be includeddetermined by the Administrative Agent, and the date of payment of such 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, determination shall be excludedconclusive absent manifest error. (d) Except as otherwise set forth herein, interest 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) shall accrue 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 a daily basis on and to the last day of each Interest Period (or any date in the case of any Base Rate Loan, month) four quarter period most recently ended prior to the date of such payment date and restatement or adjustment, the Borrower 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, obligated to pay to the extent accrued on Administrative Agent, for 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 accounts of the Loans (applicable Lenders, promptly on demand by the “Capitalized Portion”). Borrower may make such election by giving Administrative Agent notice (or after the occurrence of such election at least five Business Days prior to the applicable Interest Payment Date. Borrower agrees that the Applicable Margin any Event of Default under Article VII (g) or (h) with respect to the Capitalized Portion Borrower, automatically and without further action by the Administrative Agent or any Lender) an amount equal to the excess of the Loans shall be increased by an additional 3.00% per annuminterest 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

Samples: Credit Agreement (Bats Global Markets, Inc.)

Interest on Loans. (a) Except as otherwise set forth hereinSubject to the provisions of Section 2.07, the Loans comprising each Loan ABR Borrowing, including each Swingline Loan, shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) 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 in the period during which it accrues. In computing interest on any Loan, the date over a year of the making of such Loan 365 or the first day of an Interest Period applicable to such Loan or, with respect to a Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan366 days, as the case may be, shall be included, 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 payment of such Loan or Borrowing to but excluding the expiration date of an repayment thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable Percentage in effect from time to time. (b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing 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 Percentage in effect from time to time. (c) Interest on each Loan shall be payable to the Administrative Agent on the Interest Payment Dates applicable to such Loan or, with respect to a except as otherwise provided in this Agreement. The applicable Alternate Base Rate Loan being converted to a Eurodollar or Adjusted LIBO Rate Loan, the date of conversion of such Base Rate Loan to such Eurodollar Rate Loan, as the case may be, shall be excludeddetermined by the Administrative Agent, and such determination shall be conclusive absent manifest error. (d) Except as otherwise set forth hereinInterest 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 each Loan (iand 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 accrue on a daily basis on and to be for the last day account 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, PF Lender 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 such interest payable on an Interest Payment Date, Borrower may elect to make such payment of interest by adding the amount of such payment relates to the defaulted principal amount of the PF L/C Loans (the “Capitalized Portion”). Borrower may make resulting in 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 annumpayment.

Appears in 1 contract

Samples: Amendment Agreement (Buffets Holdings, Inc.)

Interest on Loans. (a) Except as otherwise set forth herein, each Loan (including, for the avoidance of doubt, each PIK Loan) shall bear interest on the unpaid principal amount thereof from the date made or deemed made through repayment (whether by acceleration or otherwise) thereof at a rate per annum equal to 17.00% (the Adjusted Eurodollar Rate plus “Interest Rate”). Such interest shall accrue on each Loan during each Interest Period. (i) On each Interest Compounding Date, interest accrued during the Applicable Marginimmediately 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 if any Loan becomes a Base Rate Loan in the event Company shall have paid in full 50% or more of the initial principal amount under this Agreementthe First-Lien Term Loan, such Loan shall bear interest Company may, at its option and upon two-Business Days’ notice to 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) Administrative Agent, on each Interest Rate Determination Compounding Date, Administrative Agent shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon pay in cash all parties) of the interest rate that shall apply accrued during the immediately preceding Interest Period. For the avoidance of doubt, interest paid pursuant to the Eurodollar Rate Loans for which an interest rate is then being determined for option contained in this Section 2.8(b)(ii) on the applicable Interest Period Compounding Date, will not be deemed a PIK Loan, or any other Loan, and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to Borrower and each Lenderwill 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 2.5(a2.13 or 2.14. (d) Interest accrued pursuant to Section 2.8(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 as the case may be, 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 or deemed making of such Loan or the first day of an Interest Period applicable to such Loan or, with respect to a Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 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. (de) 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, (iii) 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, prepaid and (iiiii) shall accrue on a daily basis and shall be payable in arrears on the Maturity Date. With respect to any accrued The interest payable on an Interest Payment Date, Borrower may elect to make such payment any prepayment of a PIK Loan shall equal the interest by adding the amount of such payment to accrued on the principal amount thereof paid or prepaid from and including the most recent Interest Compounding Date to but excluding the date 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 annumpayment.

Appears in 1 contract

Samples: Second Lien Loan and Guaranty Agreement (Reliant Pharmaceuticals, Inc.)

Interest on Loans. (a) Except as otherwise set forth hereinSubject to SECTION 2.12, each Prime Rate Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) 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 in over a year of 365 or 366 days, as applicable) at a rate per annum that shall be equal to the period during which it accrues. In computing then Prime Rate or Canadian Prime Rate, as applicable, plus the Applicable Margin for Prime Rate Loans. (b) Subject to SECTION 2.09 through 2.12, each LIBO Loan shall bear interest (computed on any Loan, the date basis of the making actual number of such Loan or the first day days elapsed over a year of an 360 days) at a rate per annum equal, during each Interest Period applicable thereto, to the Adjusted LIBO Rate for such Loan orInterest Period, plus the Applicable Margin for LIBO Loans (or with respect to a LoanLoans to the Canadian Borrower made in Dollars, the last Interest Payment Date with respect to such Loan or, with respect to a Base Applicable Margin for LIBO Loans made in Dollars or Prime Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate LoanLoans, as applicable). (c) Subject to SECTION 2.12, each BA Equivalent Loan shall bear interest (computed on the case may bebasis of the actual number of days elapsed over a year of 365 or 366 days, as applicable) at a rate per annum that shall be includedequal to the then BA Rate, and plus the date of payment of such 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 excluded.Applicable Margin for BA Equivalent Loans (d) Except as otherwise set forth herein, Accrued 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 all Loans shall be payable in arrears on each Interest Payment DateDate applicable thereto, at maturity (iiwhether by acceleration or otherwise) shall accrue and after such maturity on demand. (e) 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 daily basis 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 the calendar year in which the same is to be ascertained and divided by either 360 or such other period of time, as the case may be. Calculations of interest shall be payable in arrears upon made using the nominal rate method of calculation, and will not be calculated using the effective rate method of calculation or any prepayment of other basis that Loan, whether voluntary or mandatory, gives effect 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 principle of interest by adding the amount deemed reinvestment 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 annuminterest.

Appears in 1 contract

Samples: Credit Agreement (Toys R Us Inc)

Interest on Loans. (a) Except as otherwise set forth hereinSubject to the provisions of Section 2.07, the Loans comprising each Loan ABR Borrowing shall bear interest (computed on the unpaid principal amount thereof 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 made through of such Borrowing to but excluding the date of repayment (whether by acceleration or otherwisethereof) thereof at a rate per annum equal to the Adjusted Eurodollar Alternate Base 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 Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days (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 Loans for which an interest rate is then being determined for the applicable Interest Period and 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 promptly give notice thereof (in writing or by telephone confirmed in writing) to Borrower and each Lenderbe a Eurodollar Loan. (c) Interest payable pursuant to Section 2.5(a) on each Loan shall be computed payable 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 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 Payment Dates applicable to such Loan or, with respect to a Loan, the last Interest Payment Date with respect to such Loan or, with respect to a except as otherwise provided in this Agreement. The applicable Alternate Base Rate Loan being mandatory converted from a Eurodollar or Adjusted LIBO Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loanfor each Interest Period or day within an Interest Period, as the case may be, shall be includeddetermined by the Administrative Agent, and the date of payment of such 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, determination shall be excludedconclusive absent manifest error. (d) Except as otherwise set forth herein, interest 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) shall accrue 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 a daily basis on and to the last day of each Interest Period (or any date in the case of any Base Rate Loan, month) four quarter period most recently ended prior to the date of such payment date and restatement or adjustment, the Borrower 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, obligated to pay to the extent accrued on Administrative Agent, for 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 accounts of the Loans (applicable Lenders, promptly on demand by the “Capitalized Portion”). Borrower may make such election by giving Administrative Agent notice (or after the occurrence of such election at least five Business Days prior to the applicable Interest Payment Date. Borrower agrees that the Applicable Margin any Event of Default under Article VII (g) or (h) with respect to the Capitalized Portion Borrower, automatically and without further action by the Administrative Agent or any Lender) an amount equal to the excess of the Loans shall be increased by an additional 3.00% per annuminterest 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

Samples: Credit Agreement (BATS Global Markets, Inc.)

Interest on Loans. (a) Except as otherwise set forth herein, each Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof at the Adjusted Eurodollar Rate plus the Applicable Margin; provided, however, that as follows: (i) if any Loan becomes a Base Rate Loan under this AgreementLoan, such Loan shall bear interest at the Base Rate plus the Applicable Margin minus 100 basis pointsMargin; (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) 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(a2.6(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 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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 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. (dc) Except as otherwise set forth herein, interest 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 (i) each Interest Payment Date, ; (ii) shall accrue on a daily basis and shall be payable in arrears upon with respect to any prepayment in whole or in part of that such Loan, whether voluntary or mandatory, the Interest Payment Date immediately following such prepayment in an amount equal to the extent interest accrued on the amount being prepaid, so prepaid to the date of prepayment; 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 annummaturity.

Appears in 1 contract

Samples: Credit Agreement (Bluestem Brands, Inc.)

Interest on Loans. (a) Except as otherwise set forth herein, each Loan shall bear interest Interest on the unpaid 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 thereof of the Loans on such Interest Payment Date by the amount of interest payable in kind (“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 date made through repayment (whether by acceleration or otherwise) thereof 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 Adjusted Eurodollar Rate plus the Applicable Margin; provided, however, that if any Loan becomes Loans at a Base Rate Loan under this Agreement, such Loan shall bear interest at the Base Rate plus the Applicable Margin minus 100 basis pointsrate of 7.00% per annum. (b) As soon as practicable after 10:00 a.m. Accrued interest (New York City timeother than PIK Interest) 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 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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 excluded. (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, Date for such Loan; provided that (i) interest accrued pursuant to Section 2.6 shall be payable on demand and (ii) shall accrue on a daily basis and shall be payable in arrears upon the event of any repayment or prepayment of that Loan, any Loan (whether voluntary or mandatory), to the extent accrued interest on the principal amount being prepaid, and (iii) shall accrue on a daily basis and repaid or prepaid shall be payable in arrears on the Maturity Datedate of such repayment or prepayment. With respect to any accrued interest PIK Interest on the Loans shall be payable on an Interest Payment Date, Borrower may elect to make such payment by increasing the outstanding principal amount of interest the Loans by adding the amount of such payment PIK Interest accrued thereon on the Interest Payment Date applicable to the Loans. Any interest so added 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 any Loans shall bear interest as provided in this Section 2.5 from the date on which such interest has been so added. The obligation of Borrower to pay PIK Interest shall be increased automatically evidenced by an additional 3.00% per annumthis 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) Except as otherwise set forth hereinSubject to the provisions of Section 2.07, the Loans comprising each Loan ABR Borrowing shall bear interest (computed on the unpaid principal amount thereof basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, and calculated from and including the date made through of such Borrowing to but excluding the date of repayment (whether by acceleration or otherwisethereof) thereof at a rate per annum equal to the Adjusted Eurodollar Alternate Base 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 Subject to the Eurodollar Rate provisions of Section 2.07, the Loans for which an comprising each SOFR Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate is then being determined per annum equal to Adjusted Term SOFR for the applicable Interest Period and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to Borrower and each Lendereffect for such Borrowing plus the Applicable Margin. (c) Interest payable pursuant to Section 2.5(a) on each Loan shall be computed payable 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 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 Payment Dates applicable to such Loan or, with respect to a Loan, the last Interest Payment Date with respect to such Loan or, with respect to a except as otherwise provided in this Agreement. The applicable Alternate Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loanor Adjusted Term SOFR for each Interest Period or day within an Interest Period, as the case may be, shall be includeddetermined by the Administrative Agent, and the date of payment of such 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, determination shall be excludedconclusive absent manifest error. (d) Except as otherwise set forth herein, interest on each Loan Notwithstanding anything to the contrary in this Section 2.06, (i) shall accrue on a daily basis on the Amendment No. 1 Effective Date and to the last day of 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 any Base Rate Loan, month(x) 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 but unpaid 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 as of the Loans (the “Capitalized Portion”)Amendment No. 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.1

Appears in 1 contract

Samples: Credit Agreement (Yellow Corp)

Interest on Loans. (a) Except as otherwise set forth herein, each Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof at the Adjusted Eurodollar Applicable Cash 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 pointsPIK Rate. (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(a2.6(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 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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 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. (dc) 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 and to (i) each Interest Payment Date, Date applicable to that Loan; (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 at maturity, including final maturity, and shall be payable in arrears on the Maturity Datecase of clauses (ii) and (iii) including any accrued but un-capitalized interest at the Applicable PIK Rate thereon. With respect to any Except as provided in the immediately preceding sentence or in the proviso below, accrued interest payable on an Interest Payment Date, Borrower may elect to make such payment of interest by adding any Loans at the amount of such payment Applicable PIK Rate shall be added to the outstanding principal amount of the Loans (as of the “Capitalized Portion”). Borrower may make such election last day of each Fiscal Quarter; provided the Companies may, by giving prior written notice to Administrative Agent notice before the last day of each Fiscal Quarter, elect to pay accrued interest at the Applicable PIK Rate for such election at least five Business Days prior Fiscal Quarter in cash instead of capitalizing such interest. Amounts representing accrued interest which are added to the applicable Interest Payment Date. Borrower agrees that the Applicable Margin outstanding principal of Loans accruing such interest shall thereafter bear interest in accordance with respect to the Capitalized Portion Section 2.6(a) and otherwise be treated as Loans for purposes of the Loans shall be increased by an additional 3.00% per annumthis Agreement.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (OneWater Marine Inc.)

Interest on Loans. (a) Except as otherwise set forth hereinPrior to the Closing Date, the Initial Loan bore 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 18%. On and following the Closing Date, each of the Initial Loan and the Additional Loan shall bear interest (computed on the unpaid 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 "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 accrued on and after the Closing Date on the Initial Loan and the Additional Loan shall be payable monthly in 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 date made through repayment to occur after the Closing 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) thereof at the Adjusted Eurodollar Rate plus the Applicable Margin; provided), however, that if any Loan becomes a Base Rate Loan under this Agreement, and after 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) maturity in cash 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 Lenderdemand. (c) Interest payable pursuant to Section 2.5(a) The Borrower shall be computed on repay 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 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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 excluded. (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 entire unpaid balance of the Loans (including, without limitation, all PIK Interest and other capitalized interest thereon, 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 Deferred Portion of the Closing Fee, and, solely to the extent the Loans shall are required to be increased by an additional 3.00% per annumrepaid in connection with the occurrence of the Maturity Date as a result of the circumstances described in clause (ii) or clause (iii) of the definition of "Maturity Date", the Exit Fee) and all accrued and unpaid interest thereon on the Termination Date.

Appears in 1 contract

Samples: Intercreditor Agreement (Prentice Capital Management, LP)

Interest on Loans. (a) Except as otherwise set forth herein, each Loan (i) the Class A Revolving Loans shall bear accrue interest on daily in an amount equal to the product of (A) the unpaid principal amount thereof from as of such day and (B) the date made through repayment (whether by acceleration or otherwise) thereof at the Adjusted Eurodollar LIBO Rate for such day plus the Class A Applicable Margin; provided, however, that if any Loan becomes a Base and (ii) the Class B Revolving Loans shall accrue interest daily in an amount equal to the product of (A) the unpaid principal amount thereof as of such day and (B) the LIBO Rate Loan under this Agreement, for such Loan shall bear interest at the Base Rate day plus the Class B Applicable Margin minus 100 basis pointsMargin. (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 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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 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. (dc) 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 (i) on and to each Interest Payment Date, ; (ii) shall accrue on a daily basis and shall be payable in arrears upon the request of the Administrative Agent 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 Notwithstanding the foregoing or any other provision of this Agreement, no Default, Event of Default or breach of any other provision of any Credit Document shall occur, or be deemed to occur, during the Early Amortization Period if there are insufficient amounts in the Controlled Accounts on any Interest Payment Date to pay any costs, fees and accrued interest on the Class B Revolving Loans 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 any Interest Payment Date on which there is any outstanding Class A Revolving Exposure. (d) The 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 day during such Interest Period. The amount of any shortfall in interest payable to any accrued Class A Revolving Lender pursuant to Section 2.5(a) based on such variation shall be included in the portion of interest payable pursuant to Section 2.5(a) payable to such Class A Revolving Lenders on an the next succeeding Interest Payment Date, Borrower may elect to make such payment of interest by adding and the amount of any overpayment of interest to any Class A Revolving Lender based on such payment variation shall be credited against the portion of interest payable pursuant to Section 2.5(a) otherwise payable to such Class A Revolving Lenders on 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 next succeeding 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 1 contract

Samples: Credit Agreement (On Deck Capital, Inc.)

Interest on Loans. (a) Except as otherwise set forth herein, each the Term Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof at the Adjusted Eurodollar Rate a rate per annum equal to 5.00% plus the Applicable PIK RateApplicable Margin; provided. For the avoidance of doubt, however, that if any Loan becomes a Base Rate Loan under this Agreement, such Loan shall bear all interest at the Base Rate plus consisting of the Applicable Margin minus 100 basis pointsshall be included in the PIK Rate and treated as PIK Amounts for all purposes hereunder. (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(a2.07(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 360‑day year), in each case 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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment repayment of such 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 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. (dc) Except as otherwise set forth herein, interest on each Loan shall be payable, in Cash, in arrears on and to (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, Date applicable to that Loan; (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) at maturity, including the Maturity Date; provided, that, notwithstanding anything to the contrary herein, without action by any party, on each Interest Payment Date, the portion of the interest rate accrued at the PIK Rate shall (rather than being paid in 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 on a daily basis interest at the same rates (including the Default Rate) as are applicable to the Term Loans under this Agreement, shall form part of the Obligations under this Agreement and the other Credit Documents and shall be payable in arrears full, in Cash, 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 1 contract

Samples: Credit and Guaranty Agreement (Priority Technology Holdings, Inc.)

Interest on Loans. (a) Except as otherwise set forth herein, each Loan the Loans shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof at the Adjusted Eurodollar Rate a rate equal to LIBOR 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) In connection with the Loans there shall be no more than three (3) Interest Periods outstanding at any time. As soon as practicable after 10:00 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 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 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 Loan, or the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 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. (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, 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 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 at maturity 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 Loans, including final maturity of the Loans shall be increased by an additional 3.00% per annumLoans.

Appears in 1 contract

Samples: Loan Agreement (Cablevision Holding S.A.)

Interest on Loans. (a) Except as otherwise set forth herein, each Loan shall bear interest on for each day during each Interest Period with respect thereto at a rate per annum equal to the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof at the Adjusted Eurodollar Rate determined as of such day for the relevant Interest Period 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) Interest shall be payable in arrears on each Interest Rate Determination Payment Date, Administrative Agent provided that interest accruing pursuant to Section 2.6 shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon all parties) the interest rate that shall apply payable from time 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 Lendertime on written demand. (c) Interest payable pursuant to Section 2.5(a) on all Loans 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 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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 excluded. (d) Except The Administrative Agent shall as otherwise set forth herein, soon as practicable notify Borrower and the relevant Lenders of each determination of a Eurodollar Rate. Any change in the interest on each Loan (i) shall accrue rate on a daily basis on and to the last day of each Interest Period (or Loan resulting from a change in the case Eurocurrency Reserve Requirements shall become effective as of any Base Rate Loan, month) most recently ended prior to the opening of business on the day on which such payment change becomes effective. The Administrative Agent shall as soon as practicable notify Borrower and the relevant Lenders of the effective 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 each such payment to change in interest rate. (e) Each determination of an interest rate by the principal amount of the Loans (the “Capitalized Portion”). Borrower may make such election by giving Administrative Agent notice pursuant to any provision 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 this Agreement shall be increased conclusive 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 an additional 3.00% per annumthe Administrative Agent in determining any interest rate pursuant to paragraph (a) of this Section.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Visteon Corp)

Interest on Loans. (a) Except as otherwise set forth herein, each Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) 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 rate equal to Term SOFR plus the Applicable Margin minus 100 basis pointsand may be paid in kind in accordance with Section 2.5(d). (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 this Section 2.5(a) 2.5 shall 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-day year (provided that for any Base Rate Loans interest shall be calculated on the basis of a 365-day or 366-day year)) 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 or the first day of an Interest Period applicable to such Loan or, with respect to a Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 excluded; provided, that, 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. (dc) 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 on: (i) each Interest Payment Date applicable to that Loan, (ii) upon any prepayment of that Loan, whether Loan (other than a voluntary or mandatoryprepayment of a Term Loan which interest shall be payable in accordance with clause (i) above), to the extent accrued on the amount being prepaid, prepaid and (iii) shall accrue at maturity, including final maturity. (d) Any interest that accrues on a daily basis and the Loan during any Interest Period that remains unpaid on the related Interest Payment Date 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 paid-in-kind and added to the principal amount balance of the Loans (the “Capitalized Portion”). Borrower may make such election by giving Administrative Agent notice as of such election at least five Business Days prior to the applicable Interest Payment Date. Borrower agrees that Date automatically and without the Applicable Margin with respect to the Capitalized Portion of the Loans shall be increased requirement for any notice by an additional 3.00% per annumany party.

Appears in 1 contract

Samples: Credit Agreement (MSP Recovery, Inc.)

Interest on Loans. (a) Except as otherwise set forth herein, each the Term Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof at the Adjusted Eurodollar Rate a rate per annum equal to 5.00% 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 pointsPIK Rate. (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(a2.07(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 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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment repayment of such 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 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. (dc) Except as otherwise set forth herein, interest on each Loan shall be payable, in Cash, in arrears on and to (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, Date applicable to that Loan; (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) at maturity, including the Maturity Date; provided, that, notwithstanding anything to the contrary herein, without action by any party, on each Interest Payment Date, the portion of the interest rate accrued at the PIK Rate shall (rather than being paid in 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 on a daily basis interest at the same rates (including the Default Rate) as are applicable to the Term Loans under this Agreement, shall form part of the Obligations under this Agreement and the other Credit Documents and shall be payable in arrears full, in Cash, 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 1 contract

Samples: Credit and Guaranty Agreement (Priority Technology Holdings, Inc.)

Interest on Loans. (ai) Except as otherwise set forth hereinSection 2.3(a) is hereby amended by deleting the last sentence and inserting the following: On and following the Closing Date, each of the Initial Loan, the Additional Loan, the Second Additional Loan, the Third Additional Loan, and, on and following the Initial Fourth Additional Loan Funding Date, the Fourth Additional Loan (and, in each case, all PIK Interest thereon) shall bear interest (computed on the unpaid 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 “Interest Rate”). (ii) 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 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 made through repayment to occur after the Closing 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) 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), and after such maturity in each case for the actual number of days elapsed in the period during which it accrues. In computing interest cash 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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 excludeddemand. (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 1 contract

Samples: Term Loan Credit Agreement (BTHC VII Inc)

Interest on Loans. (a) Except as otherwise set forth herein, each Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof at the Adjusted Eurodollar Rate Term SOFR for the Interest Period 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) 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 Funding 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 interest rate that shall apply to the Eurodollar Rate SOFR Loans for which an interest rate is then being determined for the applicable Interest Period and shall will promptly give notice thereof (in writing or by telephone confirmed in writing) to Borrower Company and each Lender. (cd) Interest payable pursuant to Section 2.5(a2.7(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 366three hundred sixty-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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 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. (de) 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 with respect to interest accrued on and to each such 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 at maturity 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 Loans, including final maturity of the Loans shall be increased by an additional 3.00% per annumLoans.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Veritone, Inc.)

Interest on Loans. (a) Except as otherwise set forth herein, each Loan the Loans shall bear accrue interest on daily in an amount equal to the product of (A) the unpaid principal amount thereof from as of such day and (B) the date made through repayment LIBO Rate for such period (whether by acceleration or otherwiseunless a LIBOR Disruption Event has occurred and is continuing, in which case such rate shall be the Prime Rate) 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 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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 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. (dc) Except as otherwise set forth herein, interest 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 cash in arrears (i) on each Interest Payment Date, Date except as otherwise provided in this Agreement; (ii) shall accrue on a daily basis and shall be payable in arrears upon any prepayment of that Loan, whether voluntary or mandatory, 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 daily monthly basis and shall be payable in arrears 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) Paying Agent shall provide to Company on each Interest Rate Determination Date 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 annumLIBO Rate.

Appears in 1 contract

Samples: Credit Agreement (FlexShopper, Inc.)

Interest on Loans. (a) Except as otherwise set forth herein, each Loan 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 Adjusted Eurodollar Rate plus fixed rate of twenty percent (20.0%) per annum (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“Interest Rate”). (b) As soon as practicable after 10:00 a.m. (New York City time) Interest shall be payable quarterly in arrears on each Interest Rate Determination Payment Date, Administrative Agent shall determine beginning on December 31, 2008, as follows: (which determination shall, absent manifest error, be final, conclusive and binding upon all partiesi) the interest rate that shall apply prior to the Eurodollar Rate third anniversary of the Effective Date, accrued interest shall be added to the outstanding principal amount of the Term Loans for which an interest rate is then being determined for as of the last day of the applicable Interest Period 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 promptly give notice thereof (be payable in writing or by telephone confirmed in writing) to Borrower and each Lendercash. (c) Notwithstanding Section 2.6(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) (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 2.5(a2.6(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 366-360 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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 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. (df) 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 in cash on (i) each Interest Payment Date, ; (ii) shall accrue on a daily basis and shall be payable in arrears upon any prepayment of that 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 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 1 contract

Samples: Second Lien Credit and Guaranty Agreement (Vonage Holdings Corp)

Interest on Loans. (a) Except as otherwise set forth herein, The Loans comprising each Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) 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 ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Margin minus 100 basis points3.00% per annum. (b) As soon as practicable after 10:00 a.m. (New York City time) on The Loans comprising each Interest Eurodollar Borrowing shall bear interest at the Adjusted LIBO 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 Lendereffect for such Borrowing plus 4.00% per annum. (c) Interest payable pursuant to Section 2.5(a) shall be computed on Notwithstanding the basis foregoing, if any principal 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 in the period during which it accrues. In computing 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 date of the making of such Loan or the first day of an Interest Period rate otherwise applicable to such Loan or, with respect to a Loan, as provided in the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date preceding paragraphs of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as this Section or (ii) in the case may beof any other amount, shall be included, and 2.00% plus the date of payment of such Loan or the expiration date of an Interest Period rate applicable to such Loan or, with respect to a Base Rate Loan being converted to a Eurodollar Rate Loan, the date ABR Loans as provided in paragraph (a) of conversion of such Base Rate Loan to such Eurodollar Rate Loan, as the case may be, shall be excludedthis Section. (d) Except as otherwise set forth herein, Accrued 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 DateDate for such Loan except as otherwise provided in this Agreement; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) shall accrue in the event of any repayment or prepayment of any Loan, accrued interest on a daily basis and the principal amount repaid or prepaid shall be payable in arrears upon any prepayment of that Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid, date of such repayment or prepayment and (iii) shall accrue in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on a daily basis and such Loan 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 effective date of such payment conversion. (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the principal amount 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 Loans actual number of days elapsed (including the “Capitalized Portion”first day but excluding the last day). Borrower may make such election by giving Administrative Agent notice of such election at least five Business Days prior to the The applicable Interest Payment Date. Borrower agrees that the Applicable Margin with respect to the Capitalized Portion of the Loans Alternate Base Rate or Adjusted LIBO Rate shall be increased determined by an additional 3.00% per annumthe 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) Except as otherwise set forth herein, each the Tranche B-1 Term Loan shall bear interest on the unpaid principal amount thereof from the date made Closing Date through indefeasible repayment in full in Cash to the Administrative Agent (whether by acceleration or otherwise) thereof at the Adjusted Eurodollar Rate 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 Applicable Margin; provided, however, that if portion of any Loan becomes a Base Rate Loan under this Agreement, interest payment otherwise payable-in-kind on any Interest Payment Date may be paid in Cash on such Loan shall bear interest at the Base Rate plus the Applicable Margin minus 100 basis pointsdate. (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(a2.4(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 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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment repayment of such 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 Loanin the case of interest paid-in-kind, the date of conversion of such Base Rate Loan to such Eurodollar Rate Loan, as the case may beapplicable Interest Payment Date, 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. (dc) 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 (i) 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 part in Cash (to the extent of 11.5% per annum) 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 Loans and (ii) Sections 2.4(c)(ii) and (iii) ), shall be paid entirely in Cash including any amount accrued that would be otherwise payable-in-kind but to the extent not yet added to the outstanding principal balance of the Loan. Amounts paid-in-kind shall constitute principal under the Loans and shall accrue on a daily basis and shall be interest at the applicable rate, 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 accordance with respect to the Capitalized Portion of the Loans shall be increased by an additional 3.00% per annumSection 2.4.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Kv Pharmaceutical Co /De/)

Interest on Loans. (a) Except as otherwise set forth hereinSubject to the provisions of Section 2.07, each Loan the Loans comprising Eurodollar Revolving Borrowings or Base Rate Borrowings (not based on the Prime Rate) shall bear interest (computed on the unpaid principal amount thereof from basis of the date made through repayment (whether by acceleration or otherwiseactual number of days elapsed over a year of 360 days) thereof at a rate per annum equal to the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing or the Base Rate, as applicable, plus the Applicable Margin; provided, however, that if any Loan becomes a determined pursuant to paragraph (d) below. (b) Subject to the provisions of Section 2.07 the Loans comprising each Base Rate Loan under this Agreement, such Loan 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 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 LenderMargin. (c) Interest on each Eurodollar Loan shall, except as otherwise provided in this Agreement, be payable pursuant to Section 2.5(a) shall be computed on the basis last day of the Interest Period applicable thereto and, in case 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 in the period during which it accrues. In computing interest on any Loan, the date of the making of such Eurodollar Loan or the first day of 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 or, with respect to a Loan, and on the last Termination Date or any earlier date on which this Agreement is, pursuant to its terms and conditions, terminated. Interest Payment Date with respect to such Loan or, with respect to a on each Base Rate Loan being mandatory converted from a shall be payable quarterly in arrears on the last Business Day of each March, June, September and December, except as otherwise provided in this Agreement and on the Termination Date or any earlier date on which this Agreement is, pursuant to its terms and conditions, terminated. The applicable Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such or Base Rate Loanfor each Interest Period or day within an Interest Period, as the case may be, shall be includeddetermined by the Administrative Agent, and such determination shall be conclusive absent manifest error. Interest shall accrue from and including the date of payment of such Loan or the expiration date first day of an Interest Period applicable to such Loan or, with respect to a Base Rate Loan being converted to a Eurodollar Rate Loan, but excluding the date of conversion last day of such Base Rate Loan to such Eurodollar Rate Loan, as the case may be, shall be excludedInterest Period. (d) Except as otherwise set forth As used herein, interest on each Loan (i) “Applicable Margin” shall accrue on a daily basis on and to mean the last day of each Interest Period (or applicable percentage per annum specified in the case of any Base Rate Loantable below, month) most recently ended prior to such payment date 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 payable in arrears on each Interest Payment Datedetermined based upon the Ratings, (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.as follows:

Appears in 1 contract

Samples: Revolving Credit Facility Agreement (Weyerhaeuser Co)

Interest on Loans. (a) Except as otherwise set forth herein, each Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) 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 pointsrate of 9.50% per annum. (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 All 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) hereunder shall be computed on the basis of a 360-day year (provided that for any Base Rate Loans interest of 360 days and shall be calculated on the basis of a 365-day or 366-day year), in each case payable for the actual number of days elapsed in (including the period during which it accruesfirst day but excluding the last day). 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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 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. (dc) 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, 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 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) For the purposes of the Interest Act (Canada) and disclosure thereunder, whenever any interest or any fee to be paid hereunder or in connection herewith is to be calculated on the Maturity Datebasis of a 360-day year (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 applicable. With respect The rates of interest under this Agreement are nominal rates, and not effective rates or yields. The principle of deemed reinvestment of interest does not apply 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 annumcalculation under this Agreement.

Appears in 1 contract

Samples: Two Year Equity Bridge Credit and Guaranty Agreement (Concordia Healthcare Corp.)

Interest on Loans. (a) Except as otherwise set forth herein, each Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment applicable Credit Date until the maturity (whether by acceleration or otherwise) 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 pointsrate per annum equal to 15.00%. (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(a‎2.5(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 366365/366-day year), in each case for the actual number of days elapsed in from (and including) the period during which it accrueslast 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 or the first day of an Interest Period applicable to such Loan or, with respect to a Loan, and the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 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. (dc) 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 (i) in cash in arrears on each Interest Payment Date, provided, that if there is No Available Cash on such Interest Payment Date, then such interest shall be paid in kind in arrears on such Interest Payment Date and capitalized and added to the principal amount of such Loan on such date; (ii) in cash upon any prepayment of that such Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid, in accordance with Section ‎‎2.13(a)(iii); and (iii) shall accrue on a daily basis in cash at the maturity of the Loans. From and shall be payable in arrears on the Maturity Date. With respect to any accrued interest payable on an after each applicable Interest Payment Date, Borrower may elect to make such payment of any and all interest by adding paid in kind shall constitute and increase the amount of such payment to the outstanding principal amount of the Loans (for all purposes under this Agreement, and shall bear interest in accordance with the “Capitalized Portion”). Borrower may make such election by giving Administrative Agent notice provisions of such election at least five Business Days prior this Agreement applicable 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 annumLoans.

Appears in 1 contract

Samples: Credit Agreement (Hospitality Investors Trust, Inc.)

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Interest on Loans. (a) Except as otherwise set forth herein, each Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof at the Adjusted Eurodollar LIBO 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. [Intentionally Reserved.] (New York City timec) 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. (cd) Interest payable pursuant to Section 2.5(a2.7(a) shall be computed on (i) in the basis case of a 360-day year (provided that for any Base Alternative Rate Loans interest shall be calculated 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 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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 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. (de) 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 (i) on each Interest Payment Date, Date applicable to that Loan; (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 Dateat maturity, 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 annumincluding final maturity.

Appears in 1 contract

Samples: Credit Agreement (Tiptree Financial Inc.)

Interest on Loans. (a) Except as otherwise set forth hereinSubject to the provisions of Section 2.07, the Loans comprising each Loan ABR Borrowing and Swingline Loans shall bear interest (computed on the unpaid principal amount thereof from basis of the date made through repayment (whether actual number of days elapsed over a year of 365 or 366 days, as the case may be, when determined by acceleration or otherwisereference to the Prime Rate and over a year of 360 days at all other times) thereof at a rate per annum equal to the Adjusted Eurodollar Alternate Base Rate plus the Applicable Margin; provided. (b) Subject to the provisions of Section 2.07, howeverthe Loans comprising each Eurodollar Borrowing 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) Subject to the provisions of Section 2.07, that if any Loan becomes a Base (i) each C$ Prime Rate Loan under this Agreement, such Loan shall bear interest at a rate per annum equal to the Base C$ Prime Rate plus the Applicable Margin minus 100 basis pointsand (ii) each B/A shall be subject to an Acceptance Fee payable as set forth in Section 2.26. (bd) As soon as practicable after 10:00 a.m. (New York City time) Interest on each Loan shall be payable on the Interest Payment Dates applicable to such Loan and as otherwise provided in this Agreement. The applicable Alternate Base Rate Determination Dateand 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, and the applicable C$ Prime Rate for each Interest Period or day within an Interest Period, as the case may be, shall determine (which determination shallbe determined by the Canadian Administrative Agent, and such determinations shall be conclusive 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. (ce) Interest payable pursuant to Section 2.5(a) Except as provided herein, interest and fees hereunder shall accrue and be computed calculated on a daily basis on the basis of a 360-day year (provided for actual days elapsed, except that for any Base interest calculated on the basis of the Prime Rate Loans interest or the C$ Prime Rate shall be calculated on the basis of a 365-day (or 366-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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loanday, as the case may be, shall be included, and ) year for actual days elapsed. For purposes of the date of payment of such Loan Interest Act (Canada) (i) whenever any interest or the expiration date of an Interest Period applicable to such Loan or, fee under this Agreement with respect to credit extended thereunder, is calculated using a Base Rate Loan being converted to rate based on a Eurodollar Rate Loanyear of 360 days, the date of conversion of such Base Rate Loan rate determined pursuant to such Eurodollar Rate Loancalculation, when expressed as an annual rate, is equivalent to (x) the case may be, shall be excluded. (d) Except as otherwise set forth herein, interest on each Loan (i) shall accrue applicable rate based on a daily basis on and to year of 360 days multiplied by (y) the last day actual number of each Interest Period days in the calendar year in which the period for which such interest or fee is payable (or in the case of any Base Rate Loancompounded) ends, monthand (z) most recently ended prior to such payment date divided by 360 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 the principle of deemed reinvestment of interest does not apply to any prepayment of that Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaidsuch interest calculation under this Agreement, 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 rates of interest by adding the amount of such payment stipulated in this Agreement are intended 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 annumnominal rates and not effective rates or yields.

Appears in 1 contract

Samples: Credit Agreement (Collins & Aikman Corp)

Interest on Loans. (a) Except as otherwise set forth hereinSubject to the provisions of Section 2.06(c), each Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) 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 Loans shall bear interest at the Base Rate plus the Applicable Margin minus 100 basis pointsa rate per annum equal to 12.50%. (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[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 case of principal of or interest on any Loan, 2.0% plus the rate otherwise applicable to such Loan as provided in Section 2.06(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 “Default Rate”). (d) Interest payable on each Loan shall accrue annually in arrears and shall be capitalized and added to principal of the Loans on the last day of each calendar year; provided that (i) interest accrued pursuant to Section 2.5(a2.06(c) (including interest on past due interest) and all accrued and capitalized interest shall 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 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)360 days, and in each case shall be payable 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 (including the first day of an Interest Period applicable to such Loan or, with respect to a Loan, 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 2.14, bear interest for one day. Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, hereunder shall be includeddue and payable in accordance with the terms hereof before and after judgment, and before and after the date of payment of such 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 excluded. (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 commencement 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 annumInsolvency Proceeding.

Appears in 1 contract

Samples: Revolving Credit Agreement (ICO Global Communications (Holdings) LTD)

Interest on Loans. (a) Except as otherwise set forth hereinSubject to Section 2.10, (i) each Domestic Prime Rate Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) 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 in the period during which it accrues. In computing interest on any Loan, the date over a year of the making of such Loan 365 (or the first day of an Interest Period applicable to such Loan or, with respect to a Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan366, as the case may be) days), at a rate per annum that shall be includedequal to the then Base Rate, plus the Applicable Margin for Domestic Prime Rate Loans, and the date of payment of such Loan or the expiration date of an Interest Period applicable to such Loan or, with respect to a Base (ii) each Canadian Prime Rate Loan being converted to shall bear interest (computed on the basis of the actual number of days elapsed over a Eurodollar Rate Loan, the date year of conversion of such Base Rate Loan to such Eurodollar Rate Loan365 (or 366, as the case may be) days), at a rate per annum that shall be excludedequal to the then Canadian Prime Rate, plus the Applicable Margin for Canadian Prime Rate Loans. (b) Subject to Section 2.10, (i) each 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, during each Interest Period applicable thereto, to the Adjusted LIBO Rate for such Interest Period, plus the Applicable Margin 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. (c) Subject to Section 2.10, each 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 then U.S. Index Rate, plus the Applicable Margin for U.S. Index Rate Loans. (d) Except as otherwise set forth herein, Accrued 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 all Loans shall be payable in arrears on each Interest Payment Date applicable thereto, on the Termination Date, after the Termination Date on demand and (iiwith respect to LIBO Loans and BA Equivalent Loans) shall accrue on a daily basis and shall be payable in arrears upon any repayment or prepayment of that Loan, whether voluntary or mandatory, to the extent accrued thereof (on the amount being 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 the calendar year in which the same is to be ascertained and divided by either 360 or such other period of time, as the case may be. Calculations of interest shall be made using the nominal rate method of calculation, and (iii) shall accrue on a daily will not be calculated using the effective rate method of calculation or any other 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 that gives effect to the principal amount principle of the Loans (the “Capitalized Portion”). Borrower may make such election by giving Administrative Agent notice deemed reinvestment 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 annuminterest.

Appears in 1 contract

Samples: Credit Agreement (Genesco Inc)

Interest on Loans. (a) Except as otherwise set forth herein, each Loan The Borrower shall bear pay interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwisei) thereof at the Adjusted Eurodollar Rate plus the Applicable Margin; provided, however, that if any Loan becomes a each Base Rate Loan under this Agreement, such Loan shall bear interest at the Base Rate plus the Applicable Margin minus 100 basis pointsin effect from time to time and (ii) each Eurodollar Loan at the Adjusted LIBO Rate for the applicable Interest Period in effect for such Loan plus the Applicable Margin in effect from time to time. (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[Reserved]. (c) Interest payable Notwithstanding subsection (a) of this Section, at the option of the Required Lenders and upon written notice to the Borrower if an Event of Default has occurred and is continuing pursuant to Section 2.5(a8.1(d) shall be computed on the basis (solely with respect to an Event of Default arising by virtue of a 360breach 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 year (provided that for any of such Interest Period, and thereafter, and with respect to all Base Rate Loans and all other Obligations hereunder (other than Loans), at the rate per annum equal to 200 basis points above the otherwise applicable interest shall be calculated rate for Base Rate Loans. (d) Interest on the basis principal amount of a 365-day or 366-day year), in each case for all Loans shall accrue from and including the actual number of days elapsed in the period during which it accrues. In computing interest on any Loan, 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 making last day of such Loan each March, June, September and December and on the Revolving Commitment Termination Date or the first day of an Interest Period applicable to such Loan or, with respect to a Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate LoanMaturity Date, as the case may be, . Interest on all outstanding Eurodollar Loans shall be included, and the date of payment of such 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 excluded. (d) Except as otherwise set forth herein, interest payable on each Loan (i) shall accrue on a daily basis on and to the last day of each Interest Period (or applicable thereto, and, in the case of any Base Rate LoanEurodollar Loans having an Interest Period in excess of three months, month) most recently ended prior 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 such payment date 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 in arrears on each 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 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, on demand. (e) The Administrative Agent shall determine each interest rate applicable to the extent accrued on the amount being prepaid, and (iii) shall accrue on a daily basis Loans hereunder and shall be payable in arrears on promptly notify 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 and the amount Lenders of such payment to the principal amount of the Loans rate in writing (the “Capitalized Portion”or by telephone, promptly confirmed in writing). Borrower may make Any 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 determination shall be increased by an additional 3.00% per annumconclusive 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) Except as otherwise set forth herein, each Class of Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof thereof, except as provided in clause (b) below, at a rate per annum equal to the applicable Adjusted Eurodollar Rate Term SOFR plus 12.00% (or, in the Applicable Margin; provided, however, that if any Loan becomes case of a Base Rate Loan, the applicable Base Rate plus 11.00%), payable in cash or in kind on each Interest Payment Date as set forth in clause (b) below. For the avoidance of doubt, Roll-Up Loans shall be deemed to be outstanding, and shall begin to accrue interest upon the entry of the 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 on such Interest Payment Date in an amount equal to the principal amount 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 the case of Base Rate Loans, Base Rate plus 11.00%) and (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 (i) pay the accrued but unpaid interest on the New Money Loans in cash at a rate per annum equal to the applicable Adjusted 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 under this Agreementis outstanding with respect to which a Funding Notice or Continuation Notice has not been delivered to Administrative Agent in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then such Loan shall bear interest at 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 Loan (unless such one month Interest Period would end on a date after the stated DIP Maturity Date, in which case such Loan shall automatically be converted into a Base Rate plus Loan). In the Applicable Margin minus 100 basis points. 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 (b5) 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, absent manifest error, shall be final, conclusive and binding upon all parties, absent manifest error) the interest rate that shall apply to the Eurodollar Rate 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 Borrower Company and each Lender. (c) . Interest payable pursuant to this Section 2.5(a) 2.6 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 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 Loan, the last Interest Payment Date with respect to such Loan (or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan was first priced by reference to such the Base Rate Loan, as the case may be, Rate) shall be included, and the date of payment of such 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 excluded. (d) ; 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 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 (i) on each Interest Payment Date applicable to that Loan (including, if applicable, capitalizing a portion of such interest, as provided above), (ii) 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 at maturity, including the DIP 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 1 contract

Samples: Senior Secured Super Priority Term Loan Debtor in Possession Credit and Guaranty Agreement

Interest on Loans. (a) Except as otherwise set forth herein, each Loan the Interim Loans and the Term Loans shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof at (i) prior to the Initial Repayment Date, the Initial Rate and (ii) on and after the Initial Repayment Date, 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 pointsRate. (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(a2.05(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 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 Loan, or the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 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. (dc) 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, 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 that 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 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 at maturity of such payment to the principal amount of the Loans (the “Capitalized Portion”). Borrower may make such election by giving Administrative Agent notice Loan, including final maturity 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 annumLoan.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Grifols SA)

Interest on Loans. (a) Except as otherwise set forth herein, each Term Loan shall bear interest on the unpaid principal amount thereof from the date made Closing Date through repayment (whether by acceleration prepayment, acceleration, maturity or otherwise) thereof at a rate equal to the Adjusted Eurodollar Rate plus the Applicable Margin; provided, however, that if any Loan becomes a Margin (other than Eurodollar Rate Loans which are converted into Base Rate Loan under this Agreement, such Loan Loans hereunder (including conversions pursuant to Section 2.13) which shall bear interest at the Base Rate plus the Applicable Margin minus 100 basis pointsMargin). (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 366-360 day year), in each case case, for the actual number of days elapsed in the period during which it accrues. In computing interest on any Term Loan, the date of the making of such Term Loan or on the first day of an Interest Period applicable to such Loan or, with respect to a Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Term Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such Term Loan or the expiration date of an Interest Period applicable to such Term 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 excluded; provided, if a Term Loan is repaid on the same day on which it is made, one day's interest shall be paid on that Term Loan. (dc) Except as otherwise set forth herein, interest on each Term 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 on: (i) each Interest Payment Date, ; (ii) shall accrue on a daily basis and shall be payable in arrears upon any date of prepayment of that Loan, whether voluntary a Term Loan pursuant to Sections 2.8 or mandatory2.9, 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 Term Loan Maturity Date. With respect to . (d) In the event that by 10:00 A.M. on any accrued Interest Payment Date on or before July 2, 2003, the Company shall not pay all or any part of interest due and payable on an Interest Payment Dateany day on which such interest is due and payable under Section 2.5(c), Borrower may elect Administrative Agent shall direct the Loan Escrow Agent to make such interest payment of interest by adding from funds deposited in the amount of such payment to Loan Interest Reserve Account in accordance with the principal amount terms 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 annumLoan Escrow Agreement.

Appears in 1 contract

Samples: Credit Agreement (Mission Energy Holding Co)

Interest on Loans. (a) Except as otherwise set forth hereinSubject to the provisions of Section 2.07, each Loan the Loans comprising Eurodollar Revolving Borrowing shall bear interest (computed on the unpaid principal amount thereof from basis of the date made through repayment (whether by acceleration or otherwiseactual number of days elapsed over a year of 360 days) thereof at a rate per annum equal to the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided, however, that if any Loan becomes a determined pursuant to paragraph (d) below. (b) Subject to the provisions of Section 2.07 the Loans comprising each Base Rate Loan under this Agreement, such Loan 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 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 LenderMargin. (c) Interest on each Eurodollar Loan shall, except as otherwise provided in this Agreement, be payable pursuant to Section 2.5(a) shall be computed on the basis last day of the Interest Period applicable thereto and, in case 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 in the period during which it accrues. In computing interest on any Loan, the date of the making of such Eurodollar Loan or the first day of 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 or, with respect to a Loan, and on the last Termination Date or any earlier date on which this Agreement is, pursuant to its terms and conditions, terminated. Interest Payment Date with respect to such Loan or, with respect to a on each Base Rate Loan being mandatory converted from a shall be payable quarterly in arrears on the last Business Day of each March, June, September and December, except as otherwise provided in this Agreement and on the Termination Date or any earlier date on which this Agreement is, pursuant to its terms and conditions, terminated. The applicable Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such or Base Rate Loanfor each Interest Period or day within an Interest Period, as the case may be, shall be includeddetermined by the Administrative Agent, and such determination shall be conclusive absent manifest error. Interest shall accrue from and including the date of payment of such Loan or the expiration date first day of an Interest Period applicable to such Loan or, with respect to a Base Rate Loan being converted to a Eurodollar Rate Loan, but excluding the date of conversion last day of such Base Rate Loan to such Eurodollar Rate Loan, as the case may be, shall be excludedInterest Period. (d) Except as otherwise set forth As used herein, interest on each Loan (i) “Applicable Margin” shall accrue on a daily basis on and to mean the last day of each Interest Period (or applicable percentage per annum specified in the case of any Base Rate Loantable below, month) most recently ended prior to such payment date 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 payable in arrears on each Interest Payment Datedetermined based upon the Ratings, (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.as follows:

Appears in 1 contract

Samples: Revolving Credit Facility Agreement (Weyerhaeuser Co)

Interest on Loans. (a) Except as otherwise set forth hereinSubject to the provisions of Section 2.06(c), the Loans comprising each Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) 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 ABR Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin minus 100 basis pointsin effect from time to time. (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 Subject to the provisions of Section 2.06(c), the Loans comprising each Eurodollar Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBOR 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 effect for such Borrowing plus the Applicable Margin in writing) effect from time to Borrower and each Lendertime. (c) Interest payable pursuant 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 4.0% plus the rate applicable to ABR Revolving Loans as provided in Section 2.5(a2.06(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 in the period during which it accrues. In computing interest on any Loaneither case, 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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 excluded“Default Rate”). (d) Except as otherwise set forth herein, Accrued 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 DateDate for such Loan; provided that (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) shall accrue in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan), accrued interest on a daily basis and the principal amount repaid or prepaid shall be payable in arrears upon any prepayment of that Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid, date of such repayment or prepayment and (iii) shall accrue in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on a daily basis and such Loan 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 effective date of such payment conversion. (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the principal amount 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 Loans actual number of days elapsed (including the “Capitalized Portion”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 2.13, bear interest for one day. Borrower may make such election The applicable Alternate Base Rate or Adjusted LIBOR Rate shall be determined by giving the Administrative Agent notice in accordance with the provisions of this Agreement and 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 determination shall be increased by an additional 3.00% per annumconclusive 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) Except as otherwise set forth hereinSubject to the provisions of Section 2.07, the Loans comprising each Loan ABR Borrowing and Swingline Loans shall bear interest (computed on the unpaid principal amount thereof from basis of the date made through repayment (whether actual number of days elapsed over a year of 365 or 366 days, as the case may be, when determined by acceleration or otherwisereference to the Prime Rate and over a year of 360 days at all other times) thereof at a rate per annum equal to the Adjusted Eurodollar Alternate Base Rate plus the Applicable Margin; provided. (b) Subject to the provisions of Section 2.07, howeverthe Loans comprising each Eurodollar Borrowing 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) Subject to the provisions of Section 2.07, that if any Loan becomes a Base (i) each C$ Prime Rate Loan under this Agreement, such Loan shall bear interest at a rate per annum equal to the Base C$ Prime Rate plus the Applicable Margin minus 100 basis pointsand (ii) each B/A shall be subject to an Acceptance Fee payable as set forth in Section 2.26. (bd) As soon as practicable after 10:00 a.m. (New York City time) Interest on each Loan shall be payable on the Interest Payment Dates applicable to such Loan and as otherwise provided in this Agreement. The applicable Alternate Base Rate Determination Dateand 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, and the applicable C$ Prime Rate for each Interest Period or day within an Interest Period, as the case may be, shall determine (which determination shallbe determined by the Canadian Administrative Agent, and such determinations shall be conclusive 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. (ce) Interest payable pursuant to Section 2.5(a) Except as provided herein, interest and fees hereunder shall accrue and be computed calculated on a daily basis on the basis of a 360-day year (provided for actual days elapsed, except that for any Base interest calculated on the basis of the Prime Rate Loans interest or the C$ Prime Rate shall be calculated on the basis of a 365-day (or 366-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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loanday, as the case may be, shall be included, and ) year for actual days elapsed. For purposes of the date of payment of such Loan Interest Act (Canada) (i) whenever any interest or the expiration date of an Interest Period applicable to such Loan or, fee under this Agreement with respect to credit extended thereunder, is calculated using a Base Rate Loan being converted to rate based on a Eurodollar Rate Loanyear of 360 days, the date of conversion of such Base Rate Loan rate determined pursuant to such Eurodollar Rate Loancalculation, when expressed as an annual rate, is equivalent to (x) the case may be, shall be excluded. (d) Except as otherwise set forth herein, interest on each Loan (i) shall accrue applicable rate based on a daily basis on and to year of 360 days multiplied by (y) the last day actual number of each Interest Period days in the calendar year in which the period for which such interest or fee is payable (or in the case of any Base Rate Loancompounded) ends, monthand (z) most recently ended prior to such payment date divided by 360 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 the principle of deemed reinvestment of interest does not apply to any prepayment of that Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaidsuch interest calculation under this Agreement, 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 rates of interest by adding the amount of such payment stipulated in this Agreement are intended 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 annumnominal rates and not effective rates or yields.

Appears in 1 contract

Samples: Credit Agreement (Collins & Aikman Corp)

Interest on Loans. (a) Except as otherwise set forth hereinSubject to the provisions of Section 2.09, the Loans comprising each Loan Eurocurrency Borrowing shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) 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 (or, in the period during which it accrues. In computing interest 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 any the basis customarily used for borrowings between banks in the principal market for such Alternative Currency)), at a rate per annum equal to (i) in the case of each Eurocurrency Standby Loan, the date Adjusted LIBO Rate for the Interest Period in effect for the Borrowing of which such Loan is part plus the Applicable Margin 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 2.09, the Loans comprising each ABR Borrowing 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 days at all other times) at a rate per annum equal to the Alternate Base Rate. 41 35 (c) Subject 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 of such Loan or and accepted by the first day of an Borrower pursuant to Section 2.03. (d) Interest Period on each Loan shall be payable in arrears on each Interest Payment Date applicable to such Loan or, with respect to a Loan, the last Interest Payment Date with respect to such Loan or, with respect to a except as otherwise provided in this Agreement. The applicable LIBO Rate or Alternate Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loanfor each Interest Period or day within an Interest Period, as the case may be, shall be includeddetermined by the Administrative Agent, and the date of payment of such 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, determination shall be excludedconclusive absent manifest error. (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 1 contract

Samples: Five Year Credit Agreement (Harsco Corp)

Interest on Loans. (a) Except as otherwise set forth hereinSubject to the provisions of Section 2.07, the Loans comprising each Loan ABR Borrowing shall bear interest (computed on the unpaid principal amount thereof basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, and calculated from and including the date made through of such Borrowing to but excluding the date of repayment (whether by acceleration or otherwisethereof) thereof at a rate per annum equal to the Adjusted Eurodollar Alternate Base 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 Subject to the Eurodollar Rate provisions of Section 2.07, the Loans for which an comprising each EurodollarSOFR Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate is then being determined per annum equal to the Adjusted LIBO RateTerm SOFR for the applicable Interest Period and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to Borrower and each Lendereffect for such Borrowing plus the Applicable Margin. (c) Interest payable pursuant to Section 2.5(a) on each Loan shall be computed payable 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 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 Payment Dates applicable to such Loan or, with respect to a Loan, the last Interest Payment Date with respect to such Loan or, with respect to a except as otherwise provided in this Agreement. The applicable Alternate Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loanor Adjusted LIBO RateTerm SOFR for each Interest Period or day within an Interest Period, as the case may be, shall be includeddetermined by the Administrative Agent, and the date of payment of such 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, determination shall be excludedconclusive absent manifest error. (d) Except as otherwise set forth herein, interest on each Loan Notwithstanding anything to the contrary in this Section 2.06, (i) shall accrue on a daily basis on the Amendment No. 1 Effective Date and to the last day of 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 any Base Rate Loan(x) accrued but unpaid interest as of the Amendment No. 1 Effective Date, monthon the Amendment No. 1 Effective Date, and (y) most recently ended prior to such payment date and shall be interest payable in arrears on each Interest Payment DateDate during the PIK Period, on such date (ii) shall accrue on a daily basis and shall be all interest payable in arrears upon any prepayment of kind pursuant to this Agreement, “PIK Interest”); provided 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 with respect to any accrued interest payable on an Interest Payment Date, Borrower may elect to make such payment of interest by adding PIK Interest pursuant to this clause (d), the amount then Applicable Margin in respect 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 accrued and unpaid interest shall be increased by an additional 3.00% 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) Except as otherwise set forth hereinSubject to the provisions of Section 2.07, the Loans comprising each Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) 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 ABR Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin minus 100 basis pointsin effect from time to time. (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 Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBO 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 effect for such Borrowing plus the Applicable Margin in writing) effect from time to Borrower and each Lendertime. (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 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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 excluded. (d) Except as otherwise set forth herein, Accrued 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 for such Loan; provided that (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 applicable, shall be payable on demand, (ii) shall accrue in the event of any repayment or prepayment of any Loan, accrued interest on a daily basis and the principal amount repaid or prepaid shall be payable in arrears upon any prepayment of that Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid, date of such repayment or prepayment and (iii) shall accrue in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on a daily basis and such Loan 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 effective date of such payment conversion. (d) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the principal amount clause (a) of the Loans 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 “Capitalized Portion”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. Borrower may make such election The applicable Alternate Base Rate or Adjusted LIBO Rate shall be determined by giving the Administrative Agent notice in accordance with the provisions of this Agreement and 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 determination shall be increased by an additional 3.00% per annumconclusive 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) Except as otherwise set forth herein, each Loan the Loans shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) 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 pointsrate equal to 18.00% per annum. (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[Reserved]. (c) Except as otherwise set forth herein, interest on each Loan shall be payable in cash; provided that the Borrower may elect to pay interest partially in cash and partially in kind as follows: (i) from the Closing Date until the first anniversary of the Closing Date, the Borrower may elect to pay up to 12.00% per annum in kind and the remainder of such interest in cash and (ii) thereafter, the Borrower may elect to pay up to 9.00% per annum in kind and the remainder of such 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 deemed to have elected to pay interest in kind to the maximum permissible extent. Any interest that is paid in kind shall be capitalized and added to the outstanding principal amount of the Loans and constitute Loans for all purposes under the Facility Documents and shall be payable pursuant to 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 the Loans accrue interest, payable in accordance with this Section 2.5(a2.09. (d) Except as otherwise set forth herein, interest on each Loan 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 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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 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. (de) 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, 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 that 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 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 at maturity or upon acceleration 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 annumLoan.

Appears in 1 contract

Samples: First Lien Credit Agreement (CURO Group Holdings Corp.)

Interest on Loans. (a) Except as otherwise set forth herein, each Loan (i) the Class A Revolving Loans shall bear accrue interest on daily in an amount equal to the product of (A) the unpaid principal amount thereof from as of such day and (B) the date made through repayment (whether by acceleration or otherwise) thereof at the Adjusted Eurodollar Cost of Funds Rate for such day plus the Class A Applicable Margin; provided, however, that if 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 Loan becomes a Base Rate Loan under this Agreement, such Loan shall bear interest at Fee Letter between the Base Rate plus Company and any Class B Revolving Lender and (ii) the Applicable Margin minus 100 basis pointsMaximum Class B Interest Rate. (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 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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 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. (dc) 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 (i) on and to 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) at maturity. (d) If applicable, each Class A Managing Agent shall accrue deliver to Company and Paying Agent, two (2) Business Days prior to each Interest Rate 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 a daily basis the CP Rate for each such Class A Revolving Conduit Lender for each day during the Interest Period 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 during such Interest Period. 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 included in the portion of interest payable in arrears pursuant to Section 2.5(a) payable to such Class A Revolving Conduit Lenders on the Maturity Date. With respect to any accrued interest payable on an next succeeding Interest Payment Date, Borrower may elect to make such payment of interest by adding and the amount of any overpayment of interest to any Class A Revolving Conduit Lender based on such payment variation shall be credited against the portion of interest payable pursuant to Section 2.5(a) otherwise payable to such Class A Revolving Conduit Lenders on 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 next succeeding 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 1 contract

Samples: Credit Agreement (On Deck Capital Inc)

Interest on Loans. (a) Except as otherwise set forth herein, each Loan the Loans shall bear accrue interest on daily in an amount equal to the product of (A) the unpaid principal amount thereof from the date made through repayment as of such day and (whether by acceleration or otherwiseB) thereof at the Adjusted Eurodollar Rate Term SOFR for such period (unless a Term SOFR Disruption Event has occurred and is continuing, in which case such rate shall be the Prime 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 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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment (including any voluntary or mandatory prepayment) of such 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 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. (dc) Except as otherwise set forth herein, interest 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 cash in arrears (i) on each Interest Payment Date, Date except as otherwise provided in this Agreement; (ii) shall accrue on a daily basis and shall be payable in arrears upon any prepayment of that Loan, whether voluntary or mandatory, Loan to the extent accrued on the amount being prepaid, ; and (iii) at maturity. (d) The Administrative Agent shall accrue provide to Company on each Interest Rate Determination Date the Adjusted Term SOFR. (e) If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that the circumstances giving rise to a daily basis 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 longer be used for determining interest rates for loans, then the Administrative Agent and the Company shall negotiate in good faith to establish an alternate rate of interest to Term SOFR that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall be payable in arrears on the Maturity Date. With respect enter into an amendment to any accrued interest payable on an Interest Payment Date, Borrower may elect this Agreement to make reflect such payment alternate rate of interest by adding and such other related changes to this Agreement as may be applicable. For the amount avoidance of doubt, until such payment to the principal amount of an amendment becomes effective, the Loans (will continue to accrue interest in accordance with the “Capitalized Portion”). Borrower may make such election by giving Administrative Agent notice terms 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 annumthis Agreement.

Appears in 1 contract

Samples: Credit Agreement (FlexShopper, Inc.)

Interest on Loans. (a) Except as otherwise set forth hereinSubject to the provisions of Section 2.07, the Loans comprising each Loan ABR Borrowing shall bear interest (computed on the unpaid principal amount thereof from basis of the date made through repayment actual number of days elapsed (whether 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 acceleration or otherwisereference to the Prime Rate and over a year of 360 days at all other times) thereof at a rate per annum equal to the Adjusted Eurodollar 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 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 Percentage in effect from time to time. (c) Notwithstanding the foregoing, (i) with respect to all Loans outstanding on or after November 1, 2002, the interest rate otherwise 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 paragraph (c) is referred to herein as the "Deferred Interest"). (d) Interest on each Loan shall be payable on the Interest Payment Dates applicable to such Loan except as otherwise provided in this Agreement; provided, however, that if any Deferred Interest on the Acquisition Loans, Revolving Loans, Tranche A Term Loans, Tranche B Term Loans or Additional Tranche B Term Loans shall accrue and shall be payable in full on the Acquisition Loan becomes a 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 full of such Loans. The applicable Alternate Base Rate Loan under this Agreement, such Loan shall bear interest at the Base or Adjusted LIBO Rate plus the Applicable Margin minus 100 basis points. (b) As soon as practicable after 10:00 a.m. (New York City time) on for 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 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 within an Interest Period applicable to such Loan or, with respect to a Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate LoanPeriod, as the case may be, shall be includeddetermined by the Administrative Agent, and the date of payment of such 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, determination shall be excludedconclusive absent manifest error." (dc) Except as otherwise set forth herein, interest on each Loan (iSection 5.04(g) 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 Credit Agreement is hereby amended and restated in its entirety 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.read as follows:

Appears in 1 contract

Samples: Credit Agreement (Neenah Foundry Co)

Interest on Loans. (a) Except as otherwise set forth herein, each Loan (i) the Class A Revolving Loans shall bear accrue interest on daily in an amount equal to the product of (A) the unpaid principal amount thereof from as of such day and (B) the date made through repayment Class A Applicable Margin and (whether by acceleration or otherwiseii) the Class B Revolving Loans shall accrue interest daily in an amount equal to the product of (A) the unpaid principal amount thereof at as of such day and (B) the Adjusted Eurodollar Rate plus the Class B 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) 0 shall be computed on the basis of a 360three hundred and sixty-day year five (provided that for any Base Rate Loans interest shall be calculated on the basis of a 365) or three hundred and sixty-day or six (366-) day year), as the case may be, 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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 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. (dc) 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 (i) on and to each Interest Payment Distribution 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 at maturity. Notwithstanding the foregoing, if on any Distribution Date occurring after the occurrence of an Event of Default, insufficient funds are available to pay any amount of interest, costs, fees or other amounts due on such date to the Facility Agent, the Class A Revolving Lenders, the Class B Agent, or the Class B Lenders pursuant to a daily basis and payment priority described in Section 0, then as of such Distribution Date all amounts owed under such Sections shall be payable in arrears automatically, and without the need for action on the Maturity Date. With respect to part of any accrued interest payable on an Interest Payment DatePerson, Borrower may elect to make such payment of interest by adding the amount of such payment capitalized and added to the principal amount balance of the Class A Revolving Loans or the Class B Loans, as applicable (and the Total Utilization of Class A Revolving Maximum Amount or the Total Utilization of Class B Revolving (d) Unless otherwise stated, wherever in this Agreement reference is made to a rate of interest or rate of fees Capitalized Portion”). Borrower per annum” or a 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 make such election by giving Administrative Agent notice be, and using the nominal rate method of such election at least five Business Days prior calculation, and will not be calculated using the effective rate method of calculation or on any other basis that gives effect to the applicable principle of deemed re-investment of interest. For the purposes of the Interest Payment DateAct (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 actual 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 other 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 Applicable Margin with respect 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 Capitalized Portion 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 Loans shall be increased by an additional 3.00% per annumInterest 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) Except as otherwise set forth hereinPrior to the Closing Date, the Initial Loan bore 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 18%. On and following the Closing Date, each of the Initial Loan and the Additional Loan shall bear interest (computed on the unpaid 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 “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 accrued on and after the Closing Date on the Initial Loan and the Additional Loan shall be payable monthly in 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 date made through repayment to occur after the Closing 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) thereof at the Adjusted Eurodollar Rate plus the Applicable Margin; provided), however, that if any Loan becomes a Base Rate Loan under this Agreement, and after 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) maturity in cash 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 Lenderdemand. (c) Interest payable pursuant to Section 2.5(a) The Borrower shall be computed on repay 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 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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 excluded. (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 entire unpaid balance of the Loans (including, without limitation, all PIK Interest and other capitalized interest thereon, 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 Deferred Portion of the Closing Fee, and, solely to the extent the Loans shall are required to be increased by an additional 3.00% per annumrepaid in connection with the occurrence of the Maturity Date as a result of the circumstances described in clause (ii) or clause (iii) of the definition of “Maturity Date”, the Exit Fee) and all accrued and unpaid interest thereon on the Termination Date.

Appears in 1 contract

Samples: Intercreditor and Lien Subordination Agreement (Whitehall Jewellers Inc)

Interest on Loans. (a) Except as otherwise set forth herein, each Loan all Term Loans shall bear interest on the unpaid principal amount thereof from the date made through to repayment (whether by acceleration or otherwise) thereof at the Adjusted Eurodollar Rate plus following rates, in each case paid in a combination of cash interest (“Cash Interest”) and/or paid-in-kind interest (“PIK Interest”) as follows: (i) from the Applicable MarginClosing Date until and including the Interest Payment Date on the one-year anniversary of the Closing Date, at a rate of 10% in the form of PIK Interest; provided, however, that if any Loan becomes and (ii) thereafter at a Base Rate Loan under this Agreement, such Loan shall bear interest at rate of 5% in the Base Rate plus form of Cash Interest and 5% in the Applicable Margin minus 100 basis pointsform of PIK Interest. (b) As soon as practicable after 10:00 a.m. (New York City time) on each Interest Rate Determination DateNotwithstanding the foregoing, the Borrower may, by written notice to the Administrative Agent shall determine at least five (which determination shall, absent manifest error, be final, conclusive and binding upon all parties5) the interest rate that shall apply Business Days prior 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 (Payment Date, elect to pay in writing or by telephone confirmed cash any interest required to be paid in writing) to Borrower and each Lenderthe form of PIK Interest on such Interest Payment Date. (c) Interest on the Term Loans shall be due and payable pursuant in arrears on each Interest Payment Date. Notwithstanding the foregoing, PIK Interest shall automatically accrue and be capitalized to Section 2.5(athe 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 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 amount being prepaid. (d) All interest hereunder shall be computed on the basis of a 360-day year (provided that for any Base Rate Loans interest of 360 days and shall be calculated on the basis of a 365-day or 366-day year), in each case payable for the actual number of days elapsed in (including the period during which it accruesfirst day but excluding the last day). 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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such Loan or the expiration date of an Interest Period Payment Date then 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 excluded. (d) Except as otherwise set forth herein; provided, if a Loan is repaid on the same day on which it is made, one day’s 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 paid 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 1 contract

Samples: Second Lien Credit and Guaranty Agreement (Lannett Co Inc)

Interest on Loans. (a) Except as otherwise set forth herein, each Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof at a rate of (i) for the Adjusted Eurodollar Rate plus period prior to [REDACTED – Time Period], 9.50% per annum and (ii) for the Applicable Margin; providedperiod [REDACTED – Time Period], 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 pointsTotal Cap. (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 All 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) hereunder shall be computed on the basis of a 360-day year (provided that for any Base Rate Loans interest of 360 days and shall be calculated on the basis of a 365-day or 366-day year), in each case payable for the actual number of days elapsed in (including the period during which it accruesfirst day but excluding the last day). 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 Loan, the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such 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 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. (dc) 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, 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 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) For the purposes of the Interest Act (Canada) and disclosure thereunder, whenever any interest or any fee to be paid hereunder or in connection herewith is to be calculated on the Maturity Datebasis of a 360-day year (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 applicable. With respect The rates of interest under this Agreement are nominal rates, and not effective rates or yields. The principle of deemed reinvestment of interest does not apply 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 annumcalculation under this Agreement.

Appears in 1 contract

Samples: Extended Equity Bridge Credit and Guaranty Agreement (Concordia Healthcare Corp.)

Interest on Loans. (a) Except as otherwise set forth hereinSubject to the provisions of Section 2.06(c), the Loans comprising each Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof at the Adjusted Eurodollar Rate plus the Applicable Margin; providedABR Borrowing, howeverincluding each Swingline Loan, that if any Loan becomes a Base Rate Loan under this Agreement, such Loan shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin minus 100 basis pointsin effect from time to time. (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 Subject to the provisions of Section 2.06(c), the Loans comprising each Eurodollar Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBOR 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 effect for such Borrowing plus the Applicable Margin in writing) effect from time to Borrower and each Lendertime. (c) Interest payable pursuant Notwithstanding the foregoing, during a Default, all Obligations shall, to Section 2.5(athe extent permitted by applicable law, bear interest, after as well as before judgment, at a per annum rate equal to (i) 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 in the period during which it accrues. In computing case of principal of or interest on any Loan, 2% plus the date of the making of such Loan or the first day of an Interest Period rate applicable to such Loan or, with respect to a Loan, at such time as provided in the last Interest Payment Date with respect to such Loan or, with respect to a Base Rate Loan being mandatory converted from a Eurodollar Rate Loan, the date preceding paragraphs of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as this Section 2.06 or (ii) in the case may beof any other amount, shall be included, and 2% plus the date of payment of such Loan or the expiration date of an Interest Period rate 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, ABR Revolving Loans as the case may be, shall be excludedprovided in Section 2.06(a). (d) Except as otherwise set forth herein, Accrued 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 DateDate for such Loan; provided that (i) interest accrued pursuant to Section 2.06(c) shall be payable on demand, (ii) shall accrue in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan or a Swingline Loan), accrued interest on a daily basis and the principal amount repaid or prepaid shall be payable in arrears upon any prepayment of that Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid, date of such repayment or prepayment and (iii) shall accrue in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on a daily basis and such Loan 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 effective date of such payment conversion. (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the principal amount 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 Loans actual number of days elapsed (including the “Capitalized Portion”first day but excluding the last day). Borrower may make such election The applicable Alternate Base Rate or Adjusted LIBOR Rate shall be determined by giving the Administrative Agent notice in accordance with the provisions of this Agreement and 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 determination shall be increased by an additional 3.00% per annumconclusive absent manifest error.

Appears in 1 contract

Samples: Credit Agreement (Ionics Inc)

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