Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Margin Rate unless timely notice is given (as provided in Section 2.5) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Loan. (b) Each Revolving Credit Loan which consists of a LIBOR Loan shall bear interest at the applicable LIBOR Rate. (c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Margin Rate or the LIBOR Rate as specified from time to time by the Lead Borrower by notice to the Administrative Agent. (d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan". (e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven (7) Interest Periods for LIBOR Loans in the aggregate for all Borrowers applicable to the Revolving Credit Loans at any one time. (f) The Borrowers shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows: (i) On the applicable Interest Payment Date for that Revolving Credit Loan. (ii) On the Termination Date and on the End Date. (iii) Following the occurrence of any Event of Default, with such frequency as may be determined by the Administrative Agent. (g) Following the occurrence of any Event of Default (and whether or not any Agent exercises its rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Lenders, at a rate which is the aggregate of the applicable rate (including the Applicable Margin) for Base Margin Loans and/or LIBOR Loans, as applicable, plus two percent (2%) per annum.
Appears in 3 contracts
Samples: Loan and Security Agreement (DSW Inc.), Loan and Security Agreement (DSW Inc.), Loan and Security Agreement (DSW Inc.)
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Margin Rate unless timely notice is given (as provided in Section 2.5) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Loan shall bear interest at the applicable LIBOR Rate.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Margin Rate or the LIBOR Rate as specified from time to time by the Lead Borrower by notice to the Administrative AgentBorrower.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven Six (76) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Rates applicable to the Revolving Credit Loans at any one time.
(fe) The Borrowers Borrower shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any Event of Default, with such frequency as may be determined by the Administrative Agent.
(gf) Following the occurrence and during the continuance of any Event of Default (and whether or not any the Agent exercises its the Agent’s rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Lenders, Lenders at a rate which is the aggregate of the rate applicable rate (including the Applicable Margin) for to Base Margin Loans and/or LIBOR Loans, as applicable, plus two percent Three Percent (23%) per annum.
Appears in 3 contracts
Samples: Loan and Security Agreement (Gander Mountain Co), Loan and Security Agreement (Gander Mountain Co), Loan and Security Agreement (Gander Mountain Co)
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall be a Base Margin Loan and shall bear interest at the Base Margin Rate unless timely notice is given (as provided in Section 2.52-5) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Libor Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Libor Loan shall bear interest at the applicable LIBOR Libor Margin Rate.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Margin Rate or the LIBOR Libor Margin Rate as specified from time to time by the Lead Borrower by notice to the Administrative AgentBorrower.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven six (76) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Libor Margin Rates applicable to the Revolving Credit Loans at any one time.
(fe) The Borrowers Borrower shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any Event of Default, with such frequency as may be reasonably determined by the Administrative Agent.
(gf) Following the occurrence of any Event of Specified Default (and whether or not any the Agent exercises its the Agent’s rights on account thereof), all each Revolving Credit Loans Loan shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Lenders, Lenders at a rate which is the aggregate of the applicable rate (including the Applicable Margin) then in effect for Base Margin Loans and/or LIBOR Loans, as applicablesuch Revolving Credit Loan, plus two percent (2%) per annum.
Appears in 2 contracts
Samples: Loan and Security Agreement (Hastings Entertainment Inc), Loan and Security Agreement (Hastings Entertainment Inc)
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Margin Rate unless timely notice is given (as provided in Section 2.52.6) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Libor Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Libor Loan shall bear interest at the applicable LIBOR Libor Rate.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower Borrowers’ Representative may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Margin Rate or the LIBOR Libor Rate as specified from time to time by the Lead Borrower by notice to the Administrative Agent.
(d) . For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "“Revolving Credit Loan"”.
(ed) The Lead Borrower Borrowers’ Representative shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven (7) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Libor Rates applicable to the Revolving Credit Loans at any one time.
(fe) The Borrowers shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any Event of Default, with such frequency as may be determined by the Administrative Agent.
(gf) Following the occurrence of any Event of Default (and whether or not any the Administrative Agent exercises its the Administrative Agent’s rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Majority Revolving Credit Lenders, at a rate which is the aggregate of the rate applicable rate (including the Applicable Margin) for to Base Margin Loans and/or LIBOR Loans, as applicable, plus two three percent (23%) per annum.
Appears in 2 contracts
Samples: Loan and Security Agreement (Casual Male Retail Group Inc), Loan and Security Agreement (Casual Male Retail Group Inc)
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Margin Rate unless timely notice is given (as provided in Section 2.5) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Loan shall bear interest at the applicable LIBOR Rate.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Margin Rate or the LIBOR Rate as specified from time to time by the Lead Borrower by notice to the Administrative AgentBorrower.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven Six (76) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Rates applicable to the Revolving Credit Loans at any one time.
(fe) The Borrowers Borrower shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any Event of Default, with such frequency as may be determined by the Administrative Agent.
(gf) Following the occurrence and during the continuance of any Event of Default (and whether or not any the Agent exercises its the Agent's rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Lenders, Lenders at a rate which is the aggregate of the rate applicable rate (including the Applicable Margin) for to Base Margin Loans and/or LIBOR Loans, as applicable, plus two percent Three Percent (23%) per annum.
Appears in 2 contracts
Samples: Loan and Security Agreement (Gander Mountain Co), Loan and Security Agreement (Gander Mountain Co)
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Margin Rate unless timely notice is given (as provided in Section 2.5) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Loan shall bear interest at the applicable LIBOR Rate.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Margin Rate or the LIBOR Rate as specified from time to time by the Lead Borrower by notice to the Administrative Agent.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven ten (710) Interest Periods for LIBOR Loans in the aggregate for all Borrowers applicable to the Revolving Credit Loans at any one time.
(f) The Borrowers shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower Division in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any Event of Default, with such frequency as may be determined by the Administrative Agent.
(g) Following the occurrence of any Event of Default (and whether or not any the Agent exercises its rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Lenders, at a rate which is the aggregate of the applicable rate (including the Applicable Margin) for Base Margin Loans and/or LIBOR Loans, as applicable, plus two percent (2%) per annum.
Appears in 2 contracts
Samples: Loan and Security Agreement (DSW Inc.), Loan and Security Agreement (Retail Ventures Inc)
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Margin Rate unless timely notice is given (as provided in Section 2.52-5) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Libor Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Libor Loan shall bear interest at the applicable LIBOR Libor Rate.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Margin Rate or the LIBOR Libor Rate as specified from time to time by the Lead Borrower by notice to the Administrative AgentLender.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven Three (73) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Libor Rates applicable to the Revolving Credit Loans at any one time.
(f) The Borrowers Borrower shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any Event of Default, with such frequency as may be determined by the Administrative AgentLender.
(g) Following the occurrence of any Event of Default (and whether or not any Agent exercises its rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Lenders, at a rate which is the aggregate of the applicable rate (including the Applicable Margin) for Base Margin Loans and/or LIBOR Loans, as applicable, plus two percent (2%) per annum.
Appears in 1 contract
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Prime Margin Rate applicable to Revolving Credit Loans, unless timely notice is given (as provided in Section 2.5) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Libor Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Libor Loan shall bear interest at the Libor Rate applicable LIBOR Rateto Revolving Credit Loans.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Prime Margin Rate or the LIBOR Libor Rate as specified from time to time by the Lead Borrower by notice to the Administrative AgentLender.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Prime Margin Rate, there are more than seven Three (73) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Libor Rates applicable to the Revolving Credit Loans at any one time.
(f) The Borrowers Borrower shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any Event of Default, with such frequency as may be determined by the Administrative AgentLender.
(g) Following the occurrence of any Event of Default (and whether or not any Agent exercises its rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Lenders, at a rate which is the aggregate of the applicable rate (including the Applicable Margin) for Base Margin Loans and/or LIBOR Loans, as applicable, plus two percent (2%) per annum.
Appears in 1 contract
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan which consists of a Base Margin Loan shall bear interest at the Base Margin Rate (determined based upon a 365/366-day year and actual days elapsed), unless timely notice and until it is given (as provided in Section 2.5) that the subject Revolving Credit Loan (or a portion thereof) ismade as, or is to be converted to, a LIBOR Loanan Index Loan pursuant to Section 2.5 hereof.
(b) Each Revolving Credit Loan which consists of a LIBOR an Index Loan shall bear interest at the applicable LIBOR RateIndex Rate (determined based upon a 365/366-day year and actual days elapsed).
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account Revolving Credit Loans to bear interest at the Base Margin Rate or the LIBOR Index Rate as specified from time to time by the Lead Borrower by notice to the Administrative AgentBorrower.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, that there are more than seven Six (76) Interest Periods for LIBOR Loans in the aggregate for all Borrowers applicable to the Revolving Credit outstanding Index Loans at any one time.
(fe) The Borrowers shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On on the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) therefor. Following the occurrence of any Event of Default, with such frequency as may be determined by and during the Administrative Agent.
(g) Following the occurrence continuance of any Event of Default (and whether or not any the Agent exercises its the Agent’s rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority LendersAgent, at a rate which is the aggregate in the case of Base Margin Loan, of the then applicable rate (including the Applicable Margin) for Base Margin Loans and/or LIBOR Rate plus Two Percent (2.00%) per annum, and in the case of Index Loans, as applicable, the then applicable Index Rate plus two percent Two Percent (22.00%) per annum.
(f) The Index Margin and Base Margin shall be reset for each fiscal quarter as of the first (1st) day of such fiscal quarter (the “Margin Adjustment Date”) based upon the Margin Pricing Grid set forth below for the prior fiscal quarter, subject to the provisions in the definitions of “Base Margin” and “Index Margin”: I >$35,000,000 1.00 % 0.00 % II >$17,500,000 and < 1.25 % 0.00 % $ 35,000,000 III <$17, 500,000 1.50 % 0.00 % *Pricing Adjusted Availability will be determined based upon a Certificate by an Authorized Officer delivered to the Administrative Agent no later than ten (10) days after the end of each fiscal quarter certifying as to average Pricing Adjusted Availability maintained for the prior fiscal quarter. If there is a change in the applicable Index Margin or Base Margin, the Administrative Agent and Borrower agree that all such changes shall be retroactive to the Margin Adjustment Date. Failure of the Administrative Agent to receive such Certificate within the time frame specified shall, in addition to any other remedy provided for in this Agreement, result in an increase in the Index Margin and the Base Margin to the highest level set forth in the foregoing grid, until next Margin Adjustment Date following receipt of such Certificate demonstrating that such an increase is not required. If an Event of Default has occurred and is continuing at the time any reduction in the Index Margin and Base Margin is to be implemented, that reduction shall be deferred until the next Margin Adjustment Date following the date on which such Event of Default is waived or cured.
Appears in 1 contract
Interest on Revolving Credit Loans. (a) Each outstanding Revolving Credit Loan which consists of a Base Margin Loan shall bear interest at the Base Margin Rate (determined based upon a 360-day year and actual days elapsed), unless timely notice and until it is given (as provided in Section 2.5) that the subject Revolving Credit Loan (or a portion thereof) ismade as, or is to be converted to, a LIBOR LoanEurodollar Loan pursuant to Section 2.5 hereof.
(b) Each outstanding Revolving Credit Loan which consists of a LIBOR Eurodollar Loan shall bear interest at the applicable LIBOR RateEurodollar Rate (determined based upon a 360-day year and actual days elapsed).
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account Revolving Credit Loans to bear interest at the Base Margin Rate or the LIBOR Eurodollar Rate as specified from time to time by the Lead Borrower by notice to the Administrative AgentBorrower.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven five (75) Interest Eurodollar Periods for LIBOR Loans in the aggregate for all Borrowers applicable to the Revolving Credit outstanding Eurodollar Loans at any one time.
(fe) The Borrowers Borrower shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On on the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) therefor. Following the occurrence of any Event of Default, with such frequency as may be determined by and during the Administrative Agent.
(g) Following the occurrence continuance of any Event of Default (and whether or not any Agent the Lender exercises its the Lender’s rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority LendersLender, at a rate which is the aggregate aggregate, in the case of Base Margin Loan, of the then applicable rate (including the Applicable Margin) for Base Margin Loans and/or LIBOR Rate plus two percent (2%) per annum, and in the case of Eurodollar Loans, as applicable, the then applicable Eurodollar Rate plus two percent (2%) per annum.
(f) The Eurodollar Margin and Base Margin shall be reset quarterly, on the third day (the “Margin Adjustment Date”) following the delivery of a Certificate by an Authorized Officer described below, commencing on or about September 25, 2005, based upon the Margin Pricing Grid set forth below, subject to the provisions in the definitions of “Base Margin” and “Eurodollar Margin”: I Availability ³66% of Available Facility 100 0.50 % II Availability ³33% and <66% of Available Facility 125 0.75 % III Availability <33% of Available Facility 150 1.00 % * Availability will be determined based upon a Certificate by an Authorized Officer delivered to the Lender no later than fifteen (15) Business Day after the last day of each Fiscal Quarter certifying, as of such last day of each Fiscal Quarter, the average level of Availability during such Fiscal Quarter. Failure of the Lender to receive such Certificate within the time frame specified shall result in an increase in the Eurodollar Margin and the Base Margin to the highest level set forth in the foregoing grid, until receipt of such Certificate demonstrating that such an increase is not required. If an Event of Default has occurred and is continuing at the time any reduction in the Eurodollar Margin and Base Margin is to be implemented, that reduction shall be deferred until the date on which such Event of Default is waived or cured.
Appears in 1 contract
Samples: Loan and Security Agreement (Charlotte Russe Holding Inc)
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan which consists of a Base Margin Loan shall bear interest at the Base Margin Rate (determined based upon a 365/366-day year and actual days elapsed), unless timely notice and until it is given (as provided in Section 2.5) that the subject Revolving Credit Loan (or a portion thereof) ismade as, or is to be converted to, a an LIBOR LoanLoan pursuant to Section 2.5 hereof.
(b) Each Revolving Credit Loan which consists of a an LIBOR Loan shall bear interest at the applicable LIBOR RateRate (determined based upon a 365/366-day year and actual days elapsed).
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account Revolving Credit Loans to bear interest at the Base Margin Rate or the LIBOR Rate as specified from time to time by the Lead Borrower by notice to the Administrative AgentBorrower.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven five (75) Interest LIBOR Periods for LIBOR Loans in the aggregate for all Borrowers applicable to the Revolving Credit outstanding LIBOR Loans at any one time.
(fe) The Borrowers Borrower shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On on the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) therefor. Following the occurrence of any Event of Default, with such frequency as may be determined by and during the Administrative Agent.
(g) Following the occurrence continuance of any Event of Default (and whether or not any the Agent exercises its the Agent’s rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority LendersAgent, at a rate which is the aggregate aggregate, in the case of Base Margin Loan, of the then applicable rate (including the Applicable Margin) for Base Margin Loans and/or Rate plus two percent (2%) per annum, and in the case of LIBOR Loans, as applicable, the then applicable LIBOR Rate plus two percent (2%) per annum.
Appears in 1 contract
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Margin Prime Rate unless timely notice is given (as provided in Section 2.52.7) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Loan shall bear interest at the applicable LIBOR Rate.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account which bears interest at the Prime Rate to bear interest at the Base Margin Rate or the a LIBOR Rate as specified from time to time by the Lead Borrower by notice to the Administrative AgentBorrower.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, that there are more than seven four (74) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Rates applicable to the Revolving Credit Loans at any one time.
(fe) The Borrowers shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any Event of Default, with such frequency as may be determined by the Administrative AgentLender.
(gf) Following the occurrence occurrence, and during the continuance, of any Event of Default (and whether or not any Agent the Lender exercises its the Lender's rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Lenders, Lender at a rate which is the aggregate of the rate applicable rate (including the Applicable Margin) for Base Margin Loans and/or LIBOR to Prime Rate Loans, as applicable, plus two percent Two Percent (2%) per annum.
Appears in 1 contract
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan which consists of a Base Margin Loan shall bear interest at the Base Margin Rate (determined based upon a 360-day year and actual days elapsed), unless timely notice and until it is given (as provided in Section 2.5) that the subject Revolving Credit Loan (or a portion thereof) ismade as, or is to be converted to, a an LIBOR LoanLoan pursuant to Section 2.5 hereof.
(b) Each Revolving Credit Loan which consists of a an LIBOR Loan shall bear interest at the applicable LIBOR RateRate (determined based upon a 360-day year and actual days elapsed).
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account Revolving Credit Loans to bear interest at the Base Margin Rate or the LIBOR Rate as specified from time to time by the Lead Borrower by notice to the Administrative AgentBorrower.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven five (75) Interest LIBOR Periods for LIBOR Loans in the aggregate for all Borrowers applicable to the Revolving Credit outstanding LIBOR Loans at any one time.
(fe) The Borrowers Borrower shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On on the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) therefor. Following the occurrence of any Event of Default, with such frequency as may be determined by and during the Administrative Agent.
(g) Following the occurrence continuance of any Event of Default (and whether or not any the Agent exercises its the Agent’s rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority LendersAgent, at a rate which is the aggregate aggregate, in the case of Base Margin Loan, of the then applicable rate (including the Applicable Margin) for Base Margin Loans and/or Rate plus two percent (2%) per annum, and in the case of LIBOR Loans, as applicable, the then applicable LIBOR Rate plus two percent (2%) per annum.
Appears in 1 contract
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Prime Margin Rate unless timely notice is given (as provided in Section 2.5) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Loan shall bear interest at the applicable LIBOR Rate.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Prime Margin Rate or the LIBOR Rate as specified from time to time by the Lead Borrower by notice to the Administrative Agent.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Prime Margin Rate, there are more than seven four (74) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Rates applicable to the Revolving Credit Loans at any one time.
(f) The Borrowers shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any Event of Default, with such frequency as may be determined by the Administrative Agent.
(g) Following the occurrence of any Event of Default (and whether or not any the Agent exercises its the Agent's rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Lenders, Lenders at a rate which is the aggregate of the rate applicable rate (including the Applicable Margin) for Base to Prime Margin Loans and/or LIBOR Loans, as applicable, plus two percent Two Percent (2%) per annum.
Appears in 1 contract
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Margin Rate unless timely notice is given (as provided in Section 2.52:2-6) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Eurodollar Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Eurodollar Loan shall bear interest at the applicable LIBOR Eurodollar Rate.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Margin Rate or the LIBOR Eurodollar Rate as specified from time to time by the Lead Borrower by notice to the Administrative AgentBorrower.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven six (76) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Eurodollar Rates applicable to the Revolving Credit Loans at any one time.
(fe) The Borrowers shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any If an Event of DefaultDefault has occurred and is continuing, with such frequency as may be determined by the Administrative Agent.
(gf) Following the occurrence of any Event of Default (and whether or not any Agent exercises its rights on account thereof), all Revolving Credit Loans shall bear interest, at At the option of the Administrative Agent or at the instruction of the SuperMajority Lenders, if an Event of Default has occurred and is continuing and following the earlier of (i) the giving of a notice exercising its rights under this section, or (ii) Acceleration, all Revolving Credit Loans shall bear interest at a rate which is the aggregate of the rate applicable rate (including the Applicable Margin) for to Base Margin Loans and/or LIBOR Loans, as applicable, plus two percent Two Percent (2%) per annum.
Appears in 1 contract
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Margin Rate unless timely notice is given (as provided in Section 2.52-5) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Libor Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Libor Loan shall bear interest at the applicable LIBOR Libor Rate.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Margin Rate or the LIBOR Libor Rate as specified from time to time by the Lead Borrower by notice to the Administrative AgentBorrower.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven six (76) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Libor Rates applicable to the Revolving Credit Loans at any one time.
(fe) The Borrowers shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following During the occurrence existence of any Event of Default, with such frequency as may be determined by the Administrative Agent.
(gf) Following During the occurrence existence of any Event of Default (and whether or not any the Administrative Agent exercises its the Administrative Agent's rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Majority Lenders, at a rate which is the aggregate of the applicable rate (including the Applicable Margin) for Base Margin Loans and/or LIBOR Loans, as applicable, otherwise in effect plus two percent (2%) per annum.
(g) Interest shall be calculated (i) with respect to Base Margin Loans, on the basis of a 365 day year and for actual days elapsed, and (ii) with respect to Libor Loans, on the basis of a 360 day year and for actual days elapsed. L/C Fees and Unused Fees shall be calculated on the basis of a 360 day year and for actual days elapsed.
Appears in 1 contract
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Margin Rate unless timely notice is given (as provided in Section 2.52.6) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Libor Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Libor Loan shall bear interest at the applicable LIBOR Libor Rate.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower Borrowers’ Representative may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Margin Rate or the LIBOR Libor Rate as specified from time to time by the Lead Borrower by notice to the Administrative Agent.
(d) . For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "“Revolving Credit Loan"”.
(ed) The Lead Borrower Borrowers’ Representative shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven (7) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Libor Rates applicable to the Revolving Credit Loans at any one time.
(fe) The Borrowers shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any Event of Default, with such frequency as may be determined by the Administrative Agent.
(gf) Following the occurrence of any Event of Default (and whether or not any the Administrative Agent exercises its the Administrative Agent’s rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Revolving Credit Lenders, at a rate which is the aggregate of the rate applicable rate (including the Applicable Margin) for to Base Margin Loans and/or LIBOR Loans, as applicable, plus two three percent (23%) per annum.
Appears in 1 contract
Samples: Loan and Security Agreement (Casual Male Retail Group Inc)
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Margin Rate unless timely notice is given (as provided in Section 2.52.6) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Libor Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Libor Loan shall bear interest at the applicable LIBOR RateLibor Rate .
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower Borrowers' Representative may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Margin Rate or the LIBOR Libor Rate as specified from time to time by the Lead Borrower by notice to the Administrative Agent.
(d) . For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(ed) The Lead Borrower Borrowers' Representative shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven (7) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Libor Rates applicable to the Revolving Credit Loans at any one time.
(fe) The Borrowers shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any Event of Default, with such frequency as may be determined by the Administrative Agent.
(gf) Following the occurrence of any Event of Default (and whether or not any the Administrative Agent exercises its the Administrative Agent's rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Revolving Credit Lenders, at a rate which is the aggregate of the rate applicable rate (including the Applicable Margin) for to Base Margin Loans and/or LIBOR Loans, as applicable, plus two PLUS three percent (23%) per annum.
Appears in 1 contract
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Prime Margin Rate applicable to Revolving Credit Loans, unless timely notice is given (as provided in Section 2.52.6) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Libor Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Libor Loan shall bear interest at the Libor Rate applicable LIBOR Rateto Revolving Credit Loans.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Prime Margin Rate or the LIBOR Libor Rate as specified from time to time by the Lead Borrower by notice to the Administrative AgentLender.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan.".
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Prime Margin Rate, there are more than seven Three (73) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Libor Rates applicable to the Revolving Credit Loans at any one time.
(f) The Borrowers Borrower shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence and during the continuance of any Event of Default, with such frequency as may be determined by the Administrative AgentLender.
(g) (Following the occurrence and during the continuance of any Event of Default (and whether or not any Agent the Lender exercises its the Lender's rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority LendersLender, at a rate which is the aggregate of the rate applicable rate (including the Applicable Margin) for Base to Prime Margin Loans and/or LIBOR Loans, as applicable, plus two percent Two Percent (2%) per annum.
Appears in 1 contract
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Margin Rate unless timely notice is given (as provided in Section 2.5) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Eurodollar Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Eurodollar Loan shall bear interest at the applicable LIBOR Eurodollar Rate.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower Company may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Margin Rate or the LIBOR Eurodollar Rate as specified from time to time by the Lead Borrower by notice to the Administrative AgentCompany.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(e) The Lead No Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven five (75) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Eurodollar Rates applicable to the Revolving Credit Loans at any one time.
(fe) The Borrowers Each Borrower shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any Event of Default, with such frequency as may be determined by the Administrative Agent.
(gf) Following the occurrence of any Event of Default (and whether or not any the Agent exercises its the Agent's rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Lenders, Lenders at a rate which is the aggregate of the rate applicable rate (including the Applicable Margin) for to Base Margin Loans and/or LIBOR Loans, as applicable, plus two percent Two Percent (2%) per annum.
Appears in 1 contract
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Margin Rate unless timely notice is given (as provided in Section 2.5) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Loan shall bear interest at the applicable LIBOR Rate.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower Borrowers may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Margin Rate or the LIBOR Rate as specified from time to time by the Lead Borrower by notice to the Administrative AgentBorrowers.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(e) The Lead Borrower Borrowers shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven Six (76) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Rates applicable to the Revolving Credit Loans at any one time.
(fe) The Borrowers shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any Event of Default, with such frequency as may be determined by the Administrative Agent.
(gf) Following the occurrence and during the continuance of any Event of Default (and whether or not any the Agent exercises its the Agent’s rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Lenders, Lenders at a rate which is the aggregate of the rate applicable rate (including the Applicable Margin) for to Base Margin Loans and/or LIBOR Loans, as applicable, plus two percent Three Percent (23%) per annum.
Appears in 1 contract
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Margin Rate unless timely notice is given (as provided in Section 2.52:2-5) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Libor Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Libor Loan shall bear interest at the applicable LIBOR Libor Rate.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Margin Rate or the LIBOR Libor Rate as specified from time to time by the Lead Borrower by notice to the Administrative AgentLender.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven three (73) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Libor Rates applicable to the Revolving Credit Loans at any one time.
(f) The Borrowers Borrower shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any Event of Default, with such frequency as may be determined by the Administrative AgentLender.
(g) Following the occurrence of any Event of Default (and whether or not any Agent the Lender exercises its the Lender's rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Lenders, Lender at a rate which is the aggregate of the rate applicable rate (including the Applicable Margin) for to Base Margin Loans and/or LIBOR Loans, as applicable, plus two percent Two Percent (2%) per annum.
Appears in 1 contract
Samples: Loan and Security Agreement (Bakers Footwear Group Inc)
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Margin Rate unless timely notice is given (as provided in Section 2.5) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Eurodollar Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Eurodollar Loan shall bear interest at the applicable LIBOR Eurodollar Rate.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Margin Rate or the LIBOR Eurodollar Rate as specified from time to time by the Lead Borrower by notice to the Administrative Agent.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven twelve (712) Interest Periods for LIBOR Eurodollar Loans in the aggregate for all Borrowers applicable to the Revolving Credit Loans at any one time.
(f) The Borrowers shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower Division in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any Event of Default, with such frequency as may be determined by the Administrative Agent.
(g) Following the occurrence of any Event of Default (and whether or not any Agent exercises its rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Lenders, at a rate which is the aggregate of the applicable rate (including the Applicable Margin) for Base Margin Loans and/or LIBOR Eurodollar Loans, as applicable, plus two percent (2%) per annum.
Appears in 1 contract
Samples: Loan and Security Agreement (Value City Department Stores Inc /Oh)
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Prime Margin Rate unless timely notice is given (as provided in Section 2.5) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Libor Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Libor Loan shall bear interest at the applicable LIBOR Libor Rate.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Prime Margin Rate or the LIBOR Libor Rate as specified from time to time by the Lead Borrower by notice to the Administrative Agent.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Prime Margin Rate, there are more than seven Three (73) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Libor Rates applicable to the Revolving Credit Loans at any one time.
(f) The Borrowers shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any Event of Default, with such frequency as may be determined by the Administrative Agent.
(g) Following the occurrence of any Event of Default (and whether or not any the Agent exercises its the Agent's rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Lenders, Lenders at a rate which is the aggregate of the rate applicable rate (including the Applicable Margin) for Base to Prime Margin Loans and/or LIBOR Loans, as applicable, plus two percent Two Percent (2%) per annum.
Appears in 1 contract
Samples: Loan and Security Agreement (Childrens Place Retail Stores Inc)
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan which consists of a Base Margin Loan shall bear interest at the Base Margin Rate (determined based upon a 360-day year and actual days elapsed), unless timely notice and until it is given (as provided in Section 2.5) that the subject Revolving Credit Loan (or a portion thereof) ismade as, or is to be converted to, a LIBOR Loanan Eurodollar Loan pursuant to Section 2.5 hereof.
(b) Each Revolving Credit Loan which consists of a LIBOR an Eurodollar Loan shall bear interest at the applicable LIBOR RateEurodollar Rate (determined based upon a 360-day year and actual days elapsed).
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account Revolving Credit Loans to bear interest at the Base Margin Rate or the LIBOR Eurodollar Rate as specified from time to time by the Lead Borrower by notice to the Administrative AgentBorrower.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven five (75) Interest Eurodollar Periods for LIBOR Loans in the aggregate for all Borrowers applicable to the Revolving Credit outstanding Eurodollar Loans at any one time.
(fe) The Borrowers Borrower shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On on the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) therefor. Following the occurrence of any Event of Default, with such frequency as may be determined by and during the Administrative Agent.
(g) Following the occurrence continuance of any Event of Default (and whether or not any the Agent exercises its the Agent’s rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority LendersAgent, at a rate which is the aggregate aggregate, in the case of Base Margin Loan, of the then applicable rate (including the Applicable Margin) for Base Margin Loans and/or LIBOR Rate plus two percent (2%) per annum, and in the case of Eurodollar Loans, as applicable, the then applicable Eurodollar Rate plus two percent (2%) per annum.
(f) The Eurodollar Margin and Base Margin shall be reset quarterly, on the third day (the "Margin Adjustment Date") following the delivery of a Certificate by an Authorized Officer described below, commencing on October 19, 2005, based upon the Margin Pricing Grid set forth below, subject to the provisions in the definitions of "Base Margin" and "Eurodollar Margin": *Excess Availability will be determined based upon a Certificate by an Authorized Officer delivered to the Agent no later than ten (10) Business Day after the last day of each Fiscal Quarter certifying, as of such last day of each Fiscal Quarter, the relative levels of Excess Availability and Availability. Failure of the Agent to receive such Certificate within the time frame specified shall result in an increase in the Eurodollar Margin and the Base Margin to the highest level set forth in the foregoing grid, until receipt of such Certificate demonstrating that such an increase is not required. If an Event of Default has occurred and is continuing at the time any reduction in the Eurodollar Margin and Base Margin is to be implemented, that reduction shall be deferred until the date on which such Event of Default is waived or cured.
Appears in 1 contract
Samples: Loan and Security Agreement (Wild Oats Markets Inc)
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Margin Rate unless timely notice is given (as provided in Section 2.52:2-6) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Eurodollar Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Eurodollar Loan shall bear interest at the applicable LIBOR Eurodollar Rate.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Margin Rate or the LIBOR Eurodollar Rate as specified from time to time by the Lead Borrower by notice to the Administrative AgentBorrower.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven five (75) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Eurodollar Rates applicable to the Revolving Credit Loans at any one time.
(fe) The Borrowers shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any Event of Default, with such frequency as may be determined by the Administrative Agent.
(gf) Following the occurrence of any Event of Default (and whether or not any the Agent exercises its the Agent's rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Lenders, Lenders at a rate which is the aggregate of the rate applicable rate (including the Applicable Margin) for to Base Margin Loans and/or LIBOR Loans, as applicable, plus two percent Percent (2%) per annum.
Appears in 1 contract
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Margin Rate unless timely notice is given (as provided in Section 2.5) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Libor Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Libor Loan shall bear interest at the applicable LIBOR Libor Margin Rate.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Margin Rate or the LIBOR Libor Margin Rate as specified from time to time by the Lead Borrower by notice to the Administrative AgentLender.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "“Revolving Credit Loan"”.
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven three (73) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Libor Rates applicable to the Revolving Credit Loans at any one time.
(f) The Borrowers Borrower shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any Event of Default, with such frequency as may be determined by the Administrative AgentLender.
(g) Following the occurrence of any Event of Default (and whether or not any Agent the Lender exercises its the Lender’s rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Lenders, Lender at a rate which is the aggregate of the rate applicable rate (including the Applicable Margin) for to Base Margin Loans and/or LIBOR Loans, as applicable, plus two percent Two Percent (2%) per annum.
Appears in 1 contract
Samples: Loan and Security Agreement (Bakers Footwear Group Inc)
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Margin Rate unless timely notice is given (as provided in Section 2.5) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Loan shall bear interest at the applicable LIBOR Rate.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Margin Rate or the LIBOR Rate as specified from time to time by the Lead Borrower by notice to the Administrative Agent.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "“Revolving Credit Loan"”.
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven eight (7) 8) Interest Periods for LIBOR Loans in the aggregate for all Borrowers applicable to the Revolving Credit Loans at any one time.
(f) The Borrowers Borrower shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any Event of Default, with such frequency as may be determined by the Administrative Agent.
(g) Following the occurrence of any Event of Default (and whether or not any the Agent exercises its rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Majority Lenders, at a rate which is the aggregate of the applicable rate (including the Applicable Margin) for Base Margin Loans and/or LIBOR Loans, as applicable, plus two percent (2%) per annum.
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Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Margin Prime Rate unless timely notice is given (as provided in Section 2.52.8) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Loan shall bear interest at the applicable LIBOR Rate.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account which bears interest at the Prime Rate to bear interest at the Base Margin Rate or the a LIBOR Rate as specified from time to time by the Lead Borrower by notice to the Administrative AgentBorrower.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, that there are more than seven four (74) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Rates applicable to the outstanding Revolving Credit Loans at any one time.
(fe) The Borrowers shall pay accrued and unpaid interest on each outstanding Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any Event of Default, with such frequency as may be determined by the Administrative AgentLender.
(gf) Following the occurrence occurrence, and during the continuance, of any Event of Default (and whether or not any Agent the Lender exercises its the Lender’s rights on account thereof), all outstanding Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Lenders, Lender at a rate which is the aggregate of the rate applicable rate (including the Applicable Margin) for Base Margin Loans and/or LIBOR to Prime Rate Loans, as applicable, plus two percent Two Percent (2%) per annum.
Appears in 1 contract
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Prime Margin Rate applicable to Revolving Credit Loans, unless timely notice is given (as provided in Section 2.52.6) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Libor Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Libor Loan shall bear interest at the Libor Rate applicable LIBOR Rateto Revolving Credit Loans.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Prime Margin Rate or the LIBOR Libor Rate as specified from time to time by the Lead Borrower by notice to the Administrative AgentLender.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "“Revolving Credit Loan".”
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Prime Margin Rate, there are more than seven Three (73) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Libor Rates applicable to the Revolving Credit Loans at any one time.
(f) The Borrowers Borrower shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence and during the continuance of any Event of Default, with such frequency as may be determined by the Administrative AgentLender.
(g) (Following the occurrence and during the continuance of any Event of Default (and whether or not any Agent the Lender exercises its the Lender’s rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority LendersLender, at a rate which is the aggregate of the rate applicable rate (including the Applicable Margin) for Base to Prime Margin Loans and/or LIBOR Loans, as applicable, plus two percent Two Percent (2%) per annum.
Appears in 1 contract
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Margin Rate unless timely notice is given (as provided in Section 2.5) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Eurodollar Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Eurodollar Loan shall bear interest at the applicable LIBOR Eurodollar Rate.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Margin Rate or the LIBOR Eurodollar Rate as specified from time to time by the Lead Borrower by notice to the Administrative Agent.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven five (75) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Eurodollar Rates applicable to the Revolving Credit Loans at any one time.
(f) The Borrowers shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any Event of Default, with such frequency as may be determined by the Administrative Agent.
(g) Following the occurrence of any Event of Default (and whether or not any the Agent exercises its the Agent's rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Lenders, Lenders at a rate which is the aggregate of the rate applicable rate (including the Applicable Margin) for to Base Margin Loans and/or LIBOR Loans, as applicable, plus two three percent (23%) per annum.
Appears in 1 contract
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Margin Prime Rate unless timely notice is given (as provided in Section 2.5) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Loan shall bear interest at the applicable LIBOR Rate.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Margin Prime Rate or the LIBOR Rate as specified from time to time by the Lead Borrower by notice to the Administrative AgentLender.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "“Revolving Credit Loan"”.
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Prime Rate, there are more than seven four (74) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Rates applicable to the Revolving Credit Loans at any one time.
(f) The Borrowers shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any Event of Default, with such frequency as may be determined by the Administrative AgentLender.
(g) Following the occurrence of any Event of Default (and whether or not any Agent the Lender exercises its the Lender’s rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or Lender, at the instruction of the SuperMajority Lenders, at a rate which is the aggregate of the applicable rate (including the Applicable Margin) for Base Margin Loans and/or LIBOR Loans, as applicable, then in effect plus two percent (2%) per annum.
Appears in 1 contract
Interest on Revolving Credit Loans. (ai) Each Revolving Credit Loan shall bear interest at the Base Margin Rate unless timely notice is given (as provided in Section 2.52(e)) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Libor Loan.
(bii) Each Revolving Credit Loan which consists of a LIBOR Libor Loan shall bear interest at the applicable LIBOR Libor Rate.
(ciii) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Margin Rate or the LIBOR Libor Rate as specified from time to time by the Lead Borrower by notice to the Administrative AgentBorrower.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(eiv) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven three (73) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Libor Rates applicable to the Revolving Credit Loans at any one time.
(fv) The Borrowers shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(iA) On the applicable Interest Payment Date for that Revolving Credit Loan.
(iiB) On the Termination Date and on the End Date.
(iiiC) Following the occurrence of any Event of Default, with such frequency as may be determined by the Administrative Agent.
(gvi) Following the occurrence of any Event of Default (and whether or not any the Administrative Agent exercises its the Administrative Agent's rights on account thereof), all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Lenders, Lenders at a rate which is the aggregate of the rate applicable rate (including the Applicable Margin) for to Base Margin Loans and/or LIBOR LoansPLUS two percent (2%) per annum, as applicablePROVIDED THAT if any Libor Loans are then outstanding (or if the Administrative Agent permits the Borrowers to elect Libor Loans after the occurrence of such Event of Default), the rate of interest for such Libor Loans shall be the aggregate of the rate applicable to Libor Loans plus two percent (2%) per annum...
Appears in 1 contract
Samples: Loan Agreement (Natural Wonders Inc)
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Margin Rate unless timely notice is given (as provided in Section 2.52:2-7) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Eurodollar Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Eurodollar Loan shall bear interest at the applicable LIBOR Eurodollar Rate.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Margin Rate or the LIBOR Eurodollar Rate as specified from time to time by notice by the Lead Borrower by notice to the Administrative Agent.
(d) . For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(ed) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven six (76) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Eurodollar Rates applicable to the Revolving Credit Loans at any one time.
(fe) The Borrowers shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any If an Event of Default, Default has occurred and is continuing: with such frequency as may be determined by the Administrative Agent.
(f) The Base Margin and the Eurodollar Margin shall be determined according to the Pricing Grid annexed hereto as EXHIBIT 2:2-13.
(g) Following the occurrence of any If an Event of Default has occurred and is continuing and following the earlier of (and whether or not any i) the giving of a notice by the Administrative Agent exercises exercising its rights on account thereof)under this section, or (ii) Acceleration, all Revolving Credit Loans shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Lenders, interest at a rate which is the aggregate of the rate applicable rate (including the Applicable Margin) for to Base Margin Loans and/or LIBOR Loans, as applicable, plus two percent Two Percent (2%) per annum.
Appears in 1 contract
Interest on Revolving Credit Loans. (a) Each Revolving Credit Loan shall bear interest at the Base Margin Rate unless timely notice is given (as provided in Section 2.5) that the subject Revolving Credit Loan (or a portion thereof) is, or is to be converted to, a LIBOR Libor Loan.
(b) Each Revolving Credit Loan which consists of a LIBOR Libor Loan shall bear interest at the applicable LIBOR Libor Rate.
(c) Subject to, and in accordance with, the provisions of this Agreement, the Lead Borrower may cause all or a part of the unpaid principal balance of the Loan Account to bear interest at the Base Margin Rate or the LIBOR Libor Rate as specified from time to time by the Lead Borrower by notice to the Administrative AgentBorrower.
(d) For ease of reference and administration, each part of the Loan Account which bears interest at the same rate of interest and for the same Interest Period is referred to herein as if it were a separate "Revolving Credit Loan".
(e) The Lead Borrower shall not select, renew, or convert any interest rate for a Revolving Credit Loan such that, in addition to interest at the Base Margin Rate, there are more than seven Six (76) Interest Periods for LIBOR Loans in the aggregate for all Borrowers Libor Rates applicable to the Revolving Credit Loans at any one time.
(fe) The Borrowers Borrower shall pay accrued and unpaid interest on each Revolving Credit Loan to its Borrower in arrears as follows:
(i) On the applicable Interest Payment Date for that Revolving Credit Loan.
(ii) On the Termination Date and on the End Date.
(iii) Following the occurrence of any Event of Default, with such frequency as may be reasonably determined by the Administrative Agent.
(gf) Following the occurrence of any Event of Default (and whether or not any the Agent exercises its the Agent's rights on account thereof), all each Revolving Credit Loans Loan shall bear interest, at the option of the Administrative Agent or at the instruction of the SuperMajority Lenders, Lenders at a rate which is the aggregate of the applicable rate (including the Applicable Margin) then in effect for Base Margin Loans and/or LIBOR Loans, as applicablesuch Revolving Credit Loan, plus two percent Two Percent (2%) per annum.
Appears in 1 contract
Samples: Loan and Security Agreement (Hastings Entertainment Inc)
