Interest on Revolving Loans. Subject to Section 2.3 hereof, each Revolving Loan made to the Borrower by the Lenders hereunder shall bear interest at a rate per annum equal to the Base Rate plus the Applicable Margin; provided that all Revolving Loans made in accordance with the AutoBorrow Agreement shall bear interest at a rate per annum equal to the Eurodollar Rate applicable to Revolving Loans having an Interest Period of one month, plus the Applicable Margin. Notwithstanding the foregoing, (i) all Revolving Loans which are not paid when due shall automatically bear interest until paid in full at the Post-Default Rate, (ii) during the period when any Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1 shall have occurred and be continuing, the principal of all Revolving Loans hereunder shall automatically bear interest, after as well as before judgment, at the Post-Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1), following written notice delivered to the Borrower from the Agent at the request of the Required Lenders, the principal of all Revolving Loans hereunder shall bear interest, after as well as before judgment, at the Post-Default Rate during the period beginning on the date such Event of Default first occurred, and ending on the date such Event of Default is cured or waived. Except as otherwise provided in Section 2.3(b) hereof, accrued interest on each Revolving Loan shall be payable in arrears on the first day of each month; provided that interest accrued at the Post-Default Rate shall be payable on demand, and all accrued interest on Revolving Loans shall be payable upon expiration of the Revolving Credit Availability Period. All interest hereunder shall be computed on the basis of a year of 360 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Base Rate shall be determined by the Agent, and such determination shall be conclusive absent manifest error.
Appears in 3 contracts
Samples: Credit and Security Agreement (Ameresco, Inc.), Credit and Security Agreement (Ameresco, Inc.), Credit and Security Agreement (Ameresco, Inc.)
Interest on Revolving Loans. (a) Subject to the provisions of Section 2.3 hereof2.06(c), the Revolving Loans comprising each Revolving Loan made to the Borrower by the Lenders hereunder ABR Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate in effect from time to time plus the Applicable Margin; provided that all Margin in effect from time to time.
(b) Subject to the provisions of Section 2.06(c), the Revolving Loans made in accordance with the AutoBorrow Agreement comprising each Eurodollar Borrowing shall bear interest at a rate per annum equal to the Eurodollar Adjusted LIBOR Rate applicable to Revolving Loans having an for the Interest Period of one month, in effect for such Borrowing plus the Applicable Margin. Notwithstanding Margin in effect from time to time during such Interest Period.
(c) Overdue principal and, to the foregoingextent permitted by applicable Legal Requirements, (i) all overdue interest in respect of each Revolving Loans which are not paid when due shall automatically bear interest until paid Loan shall, in full at the Post-Default Rateeach case, (ii) during the period when any Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1 shall have occurred and be continuing, the principal of all Revolving Loans hereunder shall automatically bear interest, after as well as before judgment, at a per annum rate equal to 2.0% plus the Post-Default Rate, rate otherwise applicable to such Revolving Loan as provided in Sections 2.06(a) and (iiib) if there shall occur and be continuing all other overdue amounts payable hereunder and under any Event of Default (other than an Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1), following written notice delivered to the Borrower from the Agent at the request of the Required Lenders, the principal of all Revolving Loans hereunder Loan Document shall bear interest, after as well as before judgment, at a rate per annum equal to 2.0% plus the Post-Default Rate during the period beginning on the date such Event of Default first occurred, and ending on the date such Event of Default is cured or waived. Except rate applicable to ABR Revolving Loans as otherwise provided in Section 2.3(b2.06(a) hereof(in either case, accrued the “Default Rate”).
(d) Accrued interest on each Revolving Loan shall be payable in arrears on the first day of each monthInterest Payment Date for such Revolving Loan; provided that (i) interest accrued at pursuant to Section 2.06(c) (including interest on past due interest) and all interest accrued but unpaid on or after the Post-Default Rate Revolving Maturity Date shall be payable on demand, and all (ii) in the event of any repayment or prepayment of any Revolving Loan (other than a prepayment of an ABR Revolving Loan), accrued interest on Revolving Loans the principal amount repaid or prepaid shall be payable upon expiration of the Revolving Credit Availability Period. All interest hereunder shall be computed on the basis date of a year of 360 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Base Rate shall be determined by the Agent, and such determination shall be conclusive absent manifest error.repayment or prepayment and
Appears in 3 contracts
Samples: Credit Agreement, Credit Agreement, Credit Agreement
Interest on Revolving Loans. Subject to Section 2.3 hereof(a) Except as otherwise set forth herein, each Revolving Loan made to the Borrower by the Lenders hereunder shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) as follows: (i) if a Base Rate Loan, at a rate per annum equal to the Base Rate plus the Applicable Margin; provided that all Revolving Loans made in accordance with or (ii) if a LIBOR Rate Loan, at the AutoBorrow Agreement shall bear interest at a rate per annum equal to the Eurodollar Adjusted LIBOR Rate applicable to Revolving Loans having an Interest Period of one month, plus the Applicable Margin. Notwithstanding .
(b) Interest payable pursuant to Section 2.4(a) shall be computed on the foregoingbasis of a 360-day year, (i) all Revolving Loans which are not paid when due shall automatically bear interest until paid in full at each case for the Post-Default Rate, (ii) during actual number of days elapsed in the period when during which it accrues. In computing interest on any Event of Default Revolving Loan, the date of the type described in clauses (g)making of such Revolving Loan or the first day of an Interest Period applicable to such Revolving Loan shall be included, (h) and the date of payment of such Revolving Loan or (i) the expiration date of Section 9.1 an Interest Period applicable to such Revolving Loan shall have occurred and be continuingexcluded; provided, the principal of all if a Revolving Loans hereunder shall automatically bear interest, after as well as before judgment, at the Post-Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1), following written notice delivered to the Borrower from the Agent at the request of the Required Lenders, the principal of all Revolving Loans hereunder shall bear interest, after as well as before judgment, at the Post-Default Rate during the period beginning Loan is repaid on the date such Event of Default first occurredsame day on which it is made, and ending one (1) day's interest shall be paid on the date such Event of Default is cured or waived. that Revolving Loan.
(c) Except as otherwise provided in Section 2.3(b) hereofset forth herein, accrued interest on each Revolving Loan shall be payable in arrears on (i) each Settlement Date applicable to that Revolving Loan; (ii) with respect to any prepayment in whole or in part of such Revolving Loan, whether voluntary or mandatory, the first day of each month; provided that Settlement Date immediately following such prepayment in an amount equal to the interest accrued at the Post-Default Rate shall be payable on demand, and all accrued interest on Revolving Loans shall be payable upon expiration of the Revolving Credit Availability Period. All interest hereunder shall be computed unpaid on the basis amount so prepaid to the date of a year of 360 days, prepayment; and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Base Rate shall be determined by the Agent, and such determination shall be conclusive absent manifest erroriii) at maturity.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Consumer Portfolio Services Inc), Revolving Credit Agreement (Consumer Portfolio Services Inc)
Interest on Revolving Loans. (a) Subject to the provisions of Section 2.3 hereof2.06(c), the Revolving Loans comprising each Revolving Loan made to the Borrower by the Lenders hereunder Borrowing of Base Rate Loans, including each Swingline Loan, shall bear interest at a rate per annum equal to the Base Rate plus the Applicable Margin; provided that all Margin in effect from time to time.
(b) Subject to the provisions of Section 2.06(c), the Revolving Loans made in accordance with the AutoBorrow Agreement comprising each Borrowing of Eurodollar Rate Loans shall bear interest at a rate per annum equal to the Eurodollar Rate applicable to Revolving Loans having an for the Interest Period of one month, in effect for such Borrowing plus the Applicable Margin. Margin in effect from time to time.
(c) Notwithstanding the foregoing, (i) all if any principal of or interest on any Revolving Loans which are Loan or any fees or other amount payable by the Borrower hereunder is not paid when due shall automatically bear interest until paid in full due, whether at the Post-Default Ratestated maturity, (ii) during the period when any Event of Default of the type described in clauses (g)upon acceleration or otherwise, (h) or (i) of Section 9.1 shall have occurred and be continuing, the principal of all Revolving Loans hereunder shall automatically bear interest, after as well as before judgment, at the Post-Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1), following written notice delivered to the Borrower from the Agent at the request of the Required Lenders, the principal of all Revolving Loans hereunder such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the Post-case of overdue principal of, or interest on, any Revolving Loan, 2% plus the rate otherwise applicable to such Revolving Loan or (ii) in the case of any other amount, 2% plus the rate applicable to Base Rate Loans (in each case, the “Default Rate during the period beginning on the date such Event of Default first occurred, and ending on the date such Event of Default is cured or waived. Except as otherwise provided in Section 2.3(bRate”).
(d) hereof, accrued Accrued interest on each Revolving Loan shall be payable in arrears on each Adjustment Date, commencing with July 1, 2013, for such Revolving Loan and upon termination of the first day of each monthRevolving Commitments; provided that (i) interest accrued at the Post-Default Rate pursuant to paragraph (c) of this Section 2.06 shall be payable on demand and, absent demand, on each Adjustment Date and all upon termination of the Revolving Commitments, (ii) in the event of any repayment or prepayment of any Revolving Loan (other than a prepayment of a Base Rate Loan prior to the end of the Revolving Availability Period), accrued interest on Revolving Loans the principal amount repaid or prepaid shall be payable upon expiration on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Rate Loan prior to the end of the current Interest Period therefor, accrued interest on such Revolving Credit Availability Period. Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 365/366 days, except that interest computed by reference to the Eurodollar Rate (other than Base Rate Loans determined by reference to the Eurodollar Rate) and all fees shall be computed on the basis of a year of 360 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Base Rate or Eurodollar Rate shall be determined by the Agent, Administrative Agent in accordance with the provisions of this Agreement and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Cenveo, Inc), Credit Agreement (Cenveo, Inc)
Interest on Revolving Loans. (i) Subject to Section 2.3 hereofclause (iv) of this subsection 2.1(d), each Revolving Loan made to the Borrower by the Lenders hereunder which is a Base Rate Loan shall bear interest for the period commencing with the Drawdown Date thereof and ending on the last day of the calendar month with respect thereto at a the rate per annum equal to the Base Rate plus the Applicable Margin; provided that all Margin with respect to Base Rate Loans as in effect from time to time.
(ii) Subject to clause (iv) of this subsection 2.1(d), each Revolving Loans made in accordance with the AutoBorrow Agreement Loan which is a LIBOR Rate Loan shall bear interest for the period commencing with the Drawdown Date thereof and ending on the last day of the LIBOR Rate Interest Period with respect thereto at a the rate per annum equal to the Eurodollar LIBOR Rate applicable to Revolving Loans having an determined for such LIBOR Rate Interest Period of one month, plus PLUS the Applicable Margin. Margin with respect to LIBOR Rate Loans as in effect from time to time.
(iii) The Borrower promises to pay interest on each Revolving Loan in arrears on each Interest Payment Date with respect thereto.
(iv) Notwithstanding the foregoing, (i) all Revolving Loans which are not paid when due shall automatically bear interest until paid in full at the Post-Default Rate, (ii) during the period when any Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1 shall have occurred and be continuing, the principal of all Revolving Loans hereunder shall automatically bear interest, after as well as before judgment, at the Post-Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1), following written notice delivered to the Borrower from the Agent at the request of the Required LendersDefault, the principal of all Revolving Loans hereunder hereunder, at the option of the Agent or Required Lenders, shall bear interest, after as well as before judgment, interest at the Post-Default Rate during the period beginning on the date such Event of Default first occurred, occurred and ending on the date such Event of Default is cured or waived. Except as otherwise provided in Section 2.3(b) hereof, accrued interest on each Revolving Loan shall be payable in arrears on the first day of each month; provided that All interest accrued at the Post-Default Rate shall be payable on demand, and all . All accrued interest on Revolving Loans shall be payable upon expiration of the Revolving Credit Availability Period. All interest and fees hereunder shall be computed on the basis of a year of 360 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Base Rate shall be determined by the Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Samples: Credit and Security Agreement (Columbus McKinnon Corp), Credit and Security Agreement (Audubon West Inc)
Interest on Revolving Loans. Subject to Section 2.3 hereof(a) The Revolving Loans comprising each Eurodollar Borrowing shall bear interest in the case of a Eurodollar Revolving Loan, at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate, and the Revolving Loans comprising each ABR Revolving Loan made to the Borrower by the Lenders hereunder Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin; provided that all Revolving Loans made in accordance with the AutoBorrow Agreement shall bear interest at a rate per annum equal to the Eurodollar Rate applicable to Revolving Loans having an Interest Period of one month, plus the Applicable Margin. Rate.
(b) Notwithstanding the foregoing, (i) all if any principal of or interest on any Revolving Loans which Loan or any fee or other amount payable by the Borrowers hereunder are not paid when due shall automatically bear interest until paid in full due, whether at the Post-Default Ratestated maturity, (ii) during the period when any Event of Default of the type described in clauses (g)upon acceleration or otherwise, (h) or (i) of Section 9.1 shall have occurred and be continuing, the principal of all Revolving Loans hereunder shall automatically bear interest, after as well as before judgment, at the Post-Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1), following written notice delivered to the Borrower from the Agent at the request of the Required Lenders, the principal of all Revolving Loans hereunder such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the Post-Default Rate during case of overdue principal of any Revolving Loan, 2% plus the period beginning on the date rate otherwise applicable to such Event of Default first occurred, and ending on the date such Event of Default is cured or waived. Except Revolving Loan as otherwise provided in the preceding paragraphs of this Section 2.3(b10.05 or (ii) hereofin the case of any other amount, accrued 2% plus the rate applicable to ABR Revolving Loans as provided in paragraph (a) of this Section 10.05.
(c) Accrued interest on each Revolving Loan shall be payable in arrears on each Interest Payment Date for such Revolving Loan and upon termination of the first day of each monthRevolving Commitments; provided that (i) interest accrued at the Post-Default Rate pursuant to paragraph (c) of this Section 10.05 shall be payable on demand, and all (ii) in the event of any repayment or prepayment of any Revolving Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on Revolving Loans the principal amount repaid or prepaid shall be payable upon expiration on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Revolving Credit Availability Period. All interest hereunder shall be computed on the basis of a year of 360 days, and in each case Loan shall be payable for on the actual number effective date of days elapsed (including the first day but excluding the last day). The applicable Base Rate shall be determined by the Agent, and such determination shall be conclusive absent manifest errorconversion.
Appears in 1 contract
Interest on Revolving Loans. Subject to Section 2.3 hereof(a) Except as otherwise set forth herein, each Revolving Loan made to the Borrower by the Lenders hereunder shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof as follows:
(i) if a Base Rate Loan, at a rate per annum equal to the Base Rate plus 1.00% per annum; or
(ii) if a Eurodollar Rate Loan, at the Applicable MarginAdjusted Eurodollar Rate plus 2.00% per annum;
(b) The basis for determining the rate of interest with respect to any Revolving Loan, and the Interest Period with respect to any Eurodollar Rate Loan, shall be selected by Borrowers and notified to Administrative Agent and Lenders pursuant to the applicable Funding Notice or Conversion/Continuation Notice, as the case may be; provided provided, until the date that all Administrative Agent notifies Borrower Agent that the primary syndication of the Revolving Loans made in accordance with has been completed, as determined by Administrative Agent, the AutoBorrow Agreement Revolving Loans shall bear interest at a rate per annum equal to the be maintained as either (1) Eurodollar Rate applicable to Revolving Loans having an Interest Period of no longer than one month or (2) Base Rate Loans. If on any day a Revolving Loan is outstanding with respect to which a Funding Notice or a Conversion/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 for that day such Revolving Loan shall be a Base Rate Loan.
(c) In connection with Eurodollar Rate Loans there shall be no more than seven (7) Interest Periods outstanding at any time. In the event Borrowers fail to specify between a Base Rate Loan or a Eurodollar Rate Loan in the applicable Funding Notice or Conversion/Continuation Notice, such Revolving Loan (if outstanding as a Eurodollar Rate Loan) will be automatically converted into a Base Rate Loan on the last day of the then-current Interest Period for such Revolving Loan (or if outstanding as a Base Rate Loan will remain as, or (if not then outstanding) will be made as, a Base Rate Loan). In the event Borrowers fail to specify an Interest Period for any Eurodollar Rate Loan in the applicable Funding Notice or Conversion/Continuation Notice, Borrowers shall be deemed to have selected an Interest Period of one month. As soon as practicable after 10:00 a.m. (New York City time) on each Interest Rate Determination Date, plus Administrative Agent shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon all parties) the Applicable Margin. Notwithstanding interest rate that shall apply to the foregoing, 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 Agent and each Lender.
(d) Interest payable pursuant to Section 2.7(a) shall be computed (i) all Revolving in the case of Base Rate Loans which are not paid when due shall automatically bear interest until paid in full at on the Postbasis of a 365-Default Rateday or 366-day year, as the case may be, and (ii) during in the case of Eurodollar Rate Loans, on the basis of a 360-day year, in each case for the actual number of days elapsed in the period when during which it accrues. In computing interest on any Event of Default Revolving Loan, the date of the type described in clauses (g)making of such Revolving Loan or the first day of an Interest Period applicable to such Revolving Loan or, (h) or (i) of Section 9.1 shall have occurred and be continuingwith respect to a Base Rate Loan being converted from a Eurodollar Rate Loan, the principal date of all 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 Loans hereunder shall automatically bear interestLoan or the expiration date of an Interest Period applicable to such Revolving Loan or, after as well as before judgment, at the Post-Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1), following written notice delivered with respect to the Borrower from the Agent at the request of the Required Lendersa Base Rate Loan being converted to a Eurodollar Rate Loan, the principal date of all conversion of such Base Rate Loan to such Eurodollar Rate Loan, as the case may be, shall be excluded; provided, if a Revolving Loans hereunder shall bear interest, after as well as before judgment, at the Post-Default Rate during the period beginning Loan is repaid on the date such Event of Default first occurredsame day on which it is made, and ending one day's interest shall be paid on the date such Event of Default is cured or waived. that Revolving Loan.
(e) Except as otherwise provided in Section 2.3(b) hereofset forth herein, accrued interest on each Revolving Loan (i) shall accrue on a daily basis and shall be payable in arrears on the first day of each month; provided that Interest Payment Date with respect to interest accrued at the Post-Default Rate on and to each such payment date; (ii) shall accrue on a daily basis and shall be payable in arrears upon any prepayment of the Revolving Loans, whether voluntary or mandatory, to the extent accrued on demand, the amount being prepaid; and all accrued interest (iii) shall accrue on Revolving Loans a daily basis and shall be payable upon expiration in arrears at maturity of the Revolving Loans, including final maturity of the Revolving Loans; provided, however, with respect to any voluntary prepayment of a Base Rate Loan, accrued interest shall instead be payable on the applicable Interest Payment Date.
(f) For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest or fees to which the rates of interest or fees provided in this Agreement and the other Credit Availability Period. All interest hereunder shall Documents (and stated herein or therein, as applicable, to be computed on the basis of a year period of 360 days, and in each case shall be payable for time less than a calendar year) are equivalent are the rates so determined multiplied by the actual number of days elapsed (including in the first day but excluding the last day). The applicable Base Rate shall be determined calendar year and divided by the Agent, and number of days in such determination shall be conclusive absent manifest errorperiod of time.
Appears in 1 contract
Samples: Revolving Loan and Guaranty Agreement (Fedders Corp /De)
Interest on Revolving Loans. (a) Subject to Section 2.3 hereof2.10, each Base Rate Loan which is a Tranche A Revolving Loan made to the Borrower by the Lenders hereunder shall bear interest (computed on the basis 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 equal to the then Alternate Base Rate, PLUS the Applicable Margin for Base Rate Loans which are Tranche A Revolving Loans. Subject to Section 2.10, each Base Rate Loan which is a Tranche B Revolving Loan shall bear interest (computed on the basis 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 equal to the then Alternate Base Rate, PLUS three percent (3%) percent per annum.
(b) Subject to Section 2.10, each Eurodollar Loan which is a Tranche A Revolving 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 Eurodollar Loans which are Tranche A Revolving Loans. Subject to Section 2.10, each Eurodollar Loan which is a Tranche B Revolving 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 five percent (5%) per annum.
(c) Subject to Section 2.10, each Swingline Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period therefor (if applicable), at a rate per annum equal to the then Alternate Base Rate, PLUS the Applicable Margin for Base Rate plus the Applicable Margin; provided that Loans which are Tranche A Revolving Loans.
(d) Accrued interest on all Revolving Loans made in accordance with the AutoBorrow Agreement shall bear interest at a rate per annum equal to the Eurodollar Rate applicable to Revolving Loans having an Interest Period of one month, plus the Applicable Margin. Notwithstanding the foregoing, (i) all Revolving Loans which are not paid when due shall automatically bear interest until paid in full at the Post-Default Rate, (ii) during the period when any Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1 shall have occurred and be continuing, the principal of all Revolving Loans hereunder shall automatically bear interest, after as well as before judgment, at the Post-Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1), following written notice delivered to the Borrower from the Agent at the request of the Required Lenders, the principal of all Revolving Loans hereunder shall bear interest, after as well as before judgment, at the Post-Default Rate during the period beginning on the date such Event of Default first occurred, and ending on the date such Event of Default is cured or waived. Except as otherwise provided in Section 2.3(b) hereof, accrued interest on each Revolving Loan shall be payable in arrears on the first day of each month; provided that interest accrued Interest Payment Date applicable thereto, at the Post-Default Rate shall be payable on demand, and all accrued interest on Revolving Loans shall be payable upon expiration of the Revolving Credit Availability Period. All interest hereunder shall be computed maturity (whether on the basis of a year of 360 daysMaturity Date or by acceleration or otherwise), after such maturity on demand and in each case shall be payable for (with respect to Eurodollar Loans) upon any repayment or prepayment thereof (on the actual number of days elapsed (including the first day but excluding the last dayamount prepaid). The applicable Base Rate shall be determined by the Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Credit Agreement (Footstar Inc)
Interest on Revolving Loans. (a) Subject to the provisions of Section 2.3 hereof2.06(c), the Revolving Loans comprising each Revolving Loan made to the Borrower by the Lenders hereunder Borrowing of Base Rate Loans, including each Swingline Loan, shall bear interest at a rate per annum equal to the Base Rate plus the Applicable Margin; provided that all Margin in effect from time to time.
(b) Subject to the provisions of Section 2.06(c), the Revolving Loans made in accordance with the AutoBorrow Agreement comprising each Borrowing of Eurodollar Rate Loans shall bear interest at a rate per annum equal to the Eurodollar Rate applicable to Revolving Loans having an for the Interest Period of one month, in effect for such Borrowing plus the Applicable Margin. Margin in effect from time to time.
(c) Notwithstanding the foregoing, (i) all if any principal of or interest on any Revolving Loans which are Loan or any fees or other amount payable by the Borrower hereunder is not paid when due shall automatically bear interest until paid in full due, whether at the Post-Default Ratestated maturity, (ii) during the period when any Event of Default of the type described in clauses (g)upon acceleration or otherwise, (h) or (i) of Section 9.1 shall have occurred and be continuing, the principal of all Revolving Loans hereunder shall automatically bear interest, after as well as before judgment, at the Post-Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1), following written notice delivered to the Borrower from the Agent at the request of the Required Lenders, the principal of all Revolving Loans hereunder such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the Post-case of overdue principal of, or interest on, any Revolving Loan, 2% plus the rate otherwise applicable to such Revolving Loan or (ii) in the case of any other amount, 2% plus the rate applicable to Base Rate Loans (in each case, the “Default Rate during the period beginning on the date such Event of Default first occurred, and ending on the date such Event of Default is cured or waived. Except as otherwise provided in Section 2.3(bRate”).
(d) hereof, accrued Accrued interest on each Revolving Eurodollar Rate Loan and each Base Rate Loan shall be payable in each case in arrears on the first day of each calendar month, commencing with March 1, 2018 and upon termination of the Revolving Commitments; provided that (A) interest accrued at the Post-Default Rate pursuant to paragraph (c) of this Section 2.06 shall be payable on demand and, absent demand, on the first day of each calendar month and all upon termination of the Revolving Commitments, (B) in the event of any repayment or prepayment of any Revolving Loan (other than a prepayment of a Base Rate Loan prior to the end of the Revolving Availability Period), accrued interest on Revolving Loans the principal amount repaid or prepaid shall be payable upon expiration on the date of such repayment or prepayment and (C) in the event of any conversion of any Eurodollar Rate Loan prior to the end of the current Interest Period therefor, accrued interest on such Revolving Credit Availability Period. Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 365/366 days, except that interest computed by reference to the Eurodollar Rate (other than Base Rate Loans determined by reference to the Eurodollar Rate) and all fees shall be computed on the basis of a year of 360 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Base Rate or Eurodollar Rate shall be determined by the Agent, Administrative Agent in accordance with the provisions of this Agreement and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Interest on Revolving Loans. (a) Subject to Section 2.3 hereofthe terms and conditions of this Agreement, each the Revolving Loan made to the Borrower by the Lenders hereunder Loans shall bear interest as follows:
(i) on amounts subject to a Pricing Option, at a an annual rate per annum equal to the Base LIBOR Rate plus the Applicable Revolver LIBOR Margin, each as in effect on the first day of the relevant LIBOR Interest Period; provided that all Revolving Loans made in accordance with the AutoBorrow Agreement shall bear interest and
(ii) on amounts not subject to a Pricing Option, at a an annual rate per annum equal to the Eurodollar Prime Rate applicable to Revolving Loans having an Interest Period of one month, plus the Applicable MarginRevolver Prime Margin in effect on each date.
(b) Subject to the terms and conditions of this Agreement, Borrower may from time to time elect to have a Pricing Option apply to a portion of the principal amount outstanding on the Revolving Loans, as specified by Borrower, for a permissible LIBOR Interest Period specified by Borrower. Notwithstanding Borrower shall make each such election by giving notice (which notice shall be irrevocable) to Bank in the foregoing, manner and by the deadline specified in paragraph 2.1 hereof.
(c) Borrower's right to elect a Pricing Option for any portion of outstanding Revolving Loans is subject to the following limitation: (i) all Revolving Loans which are the total number of Pricing Options outstanding at any one time under this Agreement shall not paid when due shall automatically bear interest until paid in full at the Post-Default Rate, exceed four; (ii) during the period Borrower may not elect a Pricing Option at a time when any Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1 shall have occurred and be continuing, the principal of all Revolving Loans hereunder shall automatically bear interest, after as well as before judgment, at the Post-Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of Default of has occurred and the type described in clauses (g), (h) or (i) of Section 9.1), following written notice delivered to the Borrower from the Agent at the request of the Required Lenders, the principal of all Revolving Loans hereunder shall bear interest, after as well as before judgment, at the Post-Default Rate during the period beginning on the date such Event of Default first occurred, and ending on the date such Event of Default is cured Continuing and has not been waived; (iii) no LIBOR Interest Period shall end later than the maturity date of the Revolving Note evidencing the borrowing of the relevant principal amount; (iv) the principal amount that can be subject to a Pricing Option is $500,000.00 or waivedmultiples of $100,000.00 above such amount or the entire outstanding amount of the Revolving Loans; and (v) once a Pricing Option has been selected for a portion of the Revolving Loans, no other Pricing Option may apply to such portion until the expiration of the LIBOR Interest Period applicable to the first Pricing Option.
(d) Interest on the principal amount subject to a Pricing Option is payable on the last day of the relevant LIBOR Interest Period. Except as otherwise provided in Section 2.3(b) hereof, accrued interest Interest on each the principal amount of the Revolving Loan shall be Loans not subject to a Pricing Option is payable in arrears on the first day Business Day of each calendar month; provided that interest accrued at the Post-Default Rate shall be payable on demand. In addition, and all accrued interest is payable at maturity (whether by acceleration, notice of intention to prepay or otherwise).
(e) Interest on the Revolving Loans shall be payable upon expiration of the Revolving Credit Availability Period. All interest hereunder shall be computed on the basis of a 360-day year of 360 days, and in each case shall be payable charged for the actual number of days elapsed involved. The interest rate applicable to amounts not subject to any Pricing Option shall change automatically upon each change in the Prime Rate. Upon the occurrence of an Event of Default and the Event of Default is Continuing, the Revolving Loans shall bear interest at the Borrower Default Rate; this provision does not constitute a waiver of any Event of Default or an agreement by Bank or Banks to permit any late payments whatsoever.
(including f) Borrower shall have the first day but excluding right to prepay the Revolving Loans in whole at any time, or in part from time to time, without a prepayment penalty, provided that, at any time when a Pricing Option is in effect, no prepayment of such portion of the principal amount of the Revolving Loans as is subject to such Pricing Option shall be made except on the last day)day of the applicable Interest Period unless such prepayment shall include all fees and costs relating to such prepayment including but not limited to break funding fees. The applicable Base Rate Each notice of prepayment shall be determined by irrevocable and shall obligate Borrower to prepay the Agent, and such determination shall be conclusive absent manifest erroramount stated therein on the date stated therein.
Appears in 1 contract
Interest on Revolving Loans. (a) Subject to the provisions of Section 2.3 hereof2.07, the Revolving Loans comprising each Revolving Loan made to the Borrower by the Lenders hereunder 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 the case may be, when the Alternate Base Rate is determined by reference to the Prime Rate and over a year of 360 days at all other times and calculated from and including the date of such Borrowing to but excluding the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin; provided that all .
(b) Subject to the provisions of Section 2.07, the Revolving Loans made in accordance with the AutoBorrow Agreement 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 Eurodollar Adjusted LIBO Rate applicable to Revolving Loans having an for the Interest Period of one month, in effect for such Borrowing plus the Applicable Margin. Notwithstanding the foregoing, .
(ic) all Revolving Loans which are not paid when due shall automatically bear interest until paid in full at the Post-Default Rate, (ii) during the period when any Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1 shall have occurred and be continuing, the principal of all Revolving Loans hereunder shall automatically bear interest, after as well as before judgment, at the Post-Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1), following written notice delivered to the Borrower from the Agent at the request of the Required Lenders, the principal of all Revolving Loans hereunder shall bear interest, after as well as before judgment, at the Post-Default Rate during the period beginning on the date such Event of Default first occurred, and ending on the date such Event of Default is cured or waived. Except as otherwise provided in Section 2.3(b) hereof, accrued interest Interest on each Revolving Loan shall be payable in arrears on the first day of each monthInterest Payment Dates applicable to such Revolving Loan except as otherwise provided in this Agreement; provided that (i) in the event of any repayment or prepayment of any Revolving Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest accrued at on the Post-Default Rate principal amount repaid or prepaid shall be payable on demandthe date of such repayment or prepayment and (ii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, and all accrued interest on such Revolving Loans Loan shall be payable upon expiration of the Revolving Credit Availability Period. All interest hereunder shall be computed on the basis effective date of a year of 360 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day)such conversion. The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Interest on Revolving Loans. Subject (a) Borrower agrees to Section 2.3 hereofpay interest in respect of all unpaid principal amounts of the Revolving Loans from the respective dates such principal amounts were advanced to maturity (whether by acceleration, each Revolving Loan made to the Borrower by the Lenders hereunder shall bear interest notice of prepayment or otherwise) at a rate rates per annum equal to the applicable rates indicated below:
(i) For Base Rate Advances--The Base Rate in effect from time to time, plus the Applicable Margin; and
(ii) For Eurodollar Advances--The relevant Adjusted LIBO Rate plus the Applicable Margin; provided .
(b) Overdue principal and, to the extent not prohibited by applicable law, overdue interest, in respect of the Revolving Loans, and all other overdue amounts owing hereunder, shall bear interest from each date that such amounts are overdue:
(i) in the case of overdue principal and interest with respect to all Revolving Loans made outstanding as Eurodollar Advances, (A) the rate otherwise applicable for the then-current Interest Period plus an additional two percent (2%) per annum, and (B) at the end of the then-current Interest Period, the rate in accordance effect for Base Rate Advances plus an additional two percent (2%) per annum; and
(ii) in the case of overdue principal and interest with the AutoBorrow Agreement shall bear interest respect to all Revolving Loans outstanding as Base Rate Advances, and all other Obligations hereunder (other than Revolving Loans), at a rate per annum equal to the Eurodollar rate in effect for Base Rate applicable to Revolving Loans having an Interest Period of one monthAdvances, plus the Applicable Margin. Notwithstanding the foregoing, an additional two percent (i2%) all Revolving Loans which are not paid when due shall automatically bear interest until paid in full at the Post-Default Rate, per annum.
(iic) during the period when any Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1 shall have occurred and be continuing, the principal of all Revolving Loans hereunder shall automatically bear interest, after as well as before judgment, at the Post-Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1), following written notice delivered to the Borrower from the Agent at the request of the Required Lenders, the principal of all Revolving Loans hereunder shall bear interest, after as well as before judgment, at the Post-Default Rate during the period beginning on the date such Event of Default first occurred, and ending on the date such Event of Default is cured or waived. Except as otherwise provided in Section 2.3(b) hereof, accrued interest Interest on each Revolving Loan shall accrue from and including the date of such Revolving Loan to but excluding the date of any repayment thereof, provided that, if a Revolving Loan is repaid on the same day made, one day's interest shall be paid on such Revolving Loan. Interest on all outstanding Base Rate Advances shall be payable quarterly in arrears on the first day of each month; provided that interest accrued or before 1:00 p.m. (Nashville, Tennessee time) at the Post-Default Rate Payment Office on January 31, 1998, and on each April 30, July 31, October 31, and January 31 thereafter. Interest on all outstanding Eurodollar Advances shall be payable on demandor before 1:00 p.m. (Nashville, and all accrued interest Tennessee time) at the Payment Office on Revolving Loans shall be payable upon expiration the last day of each Interest Period applicable thereto, and, in the case of Eurodollar Advances having an Interest Period in excess of three months, on or before 1:00 p.m. (Nashville, Tennessee time) at the Payment Office each three month anniversary of the Revolving Credit Availability initial date of such Interest Period. All interest hereunder payments shall be computed on paid to Agent in immediately available funds, free and clear of any defenses, set-offs, counterclaims, or withholdings or deduction for taxes.
(d) The Agent shall promptly notify the basis of Borrower and the other Lenders by telephone (confirmed in writing) or in writing, upon determining the Adjusted LIBO Rate for any Interest Period. Any such determination shall, absent manifest error, be final, conclusive and binding for all purposes.
(e) Interest shall be calculated based upon a year of 360 days, and in each case shall be payable days for the actual number of days elapsed (including the first day but excluding the last day). The applicable Base Rate shall be determined by the Agent, and such determination shall be conclusive absent manifest errorelapsed.
Appears in 1 contract
Samples: Credit Agreement (Childrens Comprehensive Services Inc)
Interest on Revolving Loans. Subject to Section 2.3 hereof, each Revolving Loan made to the Borrower Borrowers by the Lenders Lender hereunder shall bear interest at a rate per annum equal to the Base LIBOR Daily Floating Rate plus the Applicable Margin; provided , or, if the Borrowers shall notify the Lender in writing that all Revolving Loans made in accordance with the AutoBorrow Agreement Borrowers shall bear interest at a rate per annum equal to so desire, the Eurodollar Base Rate applicable to Revolving Loans having an Interest Period of one month, plus the Applicable Margin. Notwithstanding the foregoing, (i) all Revolving Loans which are not paid when due shall automatically bear interest until paid in full at the Post-Default Rate, (ii) during the period when any Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1 shall have occurred and be continuing, the principal of all Revolving Loans hereunder shall automatically bear interest, after as well as before judgment, at the Post-Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1), following written notice delivered to the Borrower Borrowers from the Agent at the request of the Required LendersLender, the principal of all Revolving Loans hereunder shall bear interest, after as well as before judgment, at the Post-Default Rate during the period beginning on the date such Event of Default first occurred, and ending on the date such Event of Default is cured or waived. Except as otherwise provided in Section 2.3(b) hereof, accrued Accrued interest on each Revolving Loan shall be payable in arrears on the first day of each month; provided that interest accrued at the Post-Default Rate shall be payable on demand, and all accrued interest on Revolving Loans shall be payable upon expiration of the Revolving Credit Availability Period. All interest hereunder shall be computed on the basis of a year of 360 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Base Rate shall be determined by the Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Credit and Security Agreement (Ufp Technologies Inc)
Interest on Revolving Loans. Subject to Section 2.3 hereof, each Revolving Loan made to the Borrower Borrowers by the Lenders Lender hereunder shall bear interest at a rate per annum equal to the Adjusted Base Rate plus the Applicable Margin; provided that all Revolving Loans made in accordance with the AutoBorrow Agreement shall bear interest at a rate per annum equal to the Eurodollar Rate applicable to Revolving Loans having an Interest Period of one month, plus the Applicable Margin. Notwithstanding the foregoing, (i) all Revolving Loans which are not paid when due shall automatically bear interest until paid in full at the Post-Default Rate, (ii) during the period when any Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1 shall have occurred and be continuing, the principal of all Revolving Loans hereunder shall automatically bear interest, after as well as before judgment, at the Post-Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1), following written notice delivered to the Borrower Borrowers from the Agent at the request of the Required LendersLender, the principal of all Revolving Loans hereunder shall bear interest, after as well as before judgment, at the Post-Default Rate during the period beginning on the date such Event of Default first occurred, and ending on the date such Event of Default is cured or waived. Except as otherwise provided in Section 2.3(b) hereof, accrued Accrued interest on each Revolving Loan shall be payable in arrears on the first day of each month; provided that interest accrued at the Post-Default Rate shall be payable on demand, and all accrued interest on Revolving Loans shall be payable upon expiration of the Revolving Credit Availability Period. All interest hereunder shall be computed on the basis of a year of 360 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Base Rate shall be determined by the Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Credit and Security Agreement (Ufp Technologies Inc)
Interest on Revolving Loans. Subject to Section 2.3 hereof(a) Except as otherwise set forth herein, each Revolving Loan made to the Borrower by the Lenders hereunder shall bear interest on the unpaid principal amount thereof from and including the date made through repayment (whether by acceleration or otherwise) thereof as follows:
(A) if a Base Rate Loan, at a rate per annum equal to the Base Rate plus the Applicable Margin; provided that all or
(B) if a Eurodollar Rate Loan, at the Adjusted Eurodollar Rate plus the Applicable Margin.
(b) The basis for determining the rate of interest with respect to any Revolving Loans made Loan, and the Interest Period with respect to any Eurodollar Rate Loan, shall be selected by the Borrower and notified to the Administrative Agent and Lenders pursuant to the applicable Borrowing Notice or Conversion/Continuation Notice, as the case may be. If on any day a Revolving Loan is outstanding with respect to which a Borrowing Notice or Conversion/Continuation Notice has not been delivered to the Administrative Agent in accordance with the AutoBorrow Agreement terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Revolving Loan shall bear interest at be a rate per annum equal to the Base Rate Loan.
(c) In connection with Eurodollar Rate Loans there shall be no more than five (5) Interest Periods outstanding at any time. In the event the Borrower fails to specify between a Base Rate Loan or a Eurodollar Rate Loan in the applicable Borrowing Notice or Conversion/Continuation Notice, such Revolving Loan (if outstanding as a Eurodollar Rate Revolving Loan) shall be automatically converted into Base Rate Loan on the last day of the then-current Interest Period for such Revolving Loan (or if outstanding as a Base Rate Loan shall remain as, or (if not then outstanding) shall be made as, a Base Rate Loan). In the event the Borrower fails to Revolving Loans having specify an Interest Period for any Eurodollar Rate Loan in the applicable Borrowing Notice or Conversion/Continuation Notice, the Borrower shall be deemed to have selected an Interest Period of one month. As soon as practicable after 11:00 a.m. (New York City time) on each Interest Rate Determination Date, plus the Applicable Margin. Notwithstanding Administrative Agent shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon all parties) the foregoing, 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 the Borrower and each Lender.
(d) Interest payable pursuant to Section 2.08(a) shall be computed (i) all Revolving in the case of Base Rate Loans which are not paid when due shall automatically bear interest until paid in full at on the Postbasis of a 365-Default Rateday or 366-day year, as the case may be and (ii) during in the case of Eurodollar Rate Loans, on the basis of a 360-day year, in each case for the actual number of days elapsed in the period when during which it accrues. In computing interest on any Event of Default Revolving Loan, the date of the type described in clauses (g)making of such Revolving Loan or the first day of an Interest Period applicable to such Revolving Loan or, (h) or (i) of Section 9.1 shall have occurred and be continuingwith respect to a Base Rate Loan being converted from a Eurodollar Rate Loan, the principal date of all 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 Loans hereunder shall automatically bear interestLoan or the expiration date of an Interest Period applicable to such Revolving Loan or, after as well as before judgment, at the Post-Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1), following written notice delivered with respect to the Borrower from the Agent at the request of the Required Lendersa Base Rate Loan being converted to a Eurodollar Rate Loan, the principal date of all conversion of such Base Rate Loan to such Eurodollar Rate Loan, as the case may be, shall be excluded; provided, that if a Revolving Loans hereunder shall bear interest, after as well as before judgment, at the Post-Default Rate during the period beginning Loan is repaid on the date such Event of Default first occurredsame day on which it is made, and ending one day’s interest shall be paid on the date such Event of Default is cured or waived. that Revolving Loan.
(e) Except as otherwise provided in Section 2.3(b) hereofset forth herein, accrued interest on each Revolving Loan 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 such Revolving Loan, whether voluntary or mandatory, to the extent accrued on the first day amount being prepaid; and (iii) on the Revolving Commitment Termination Date; provided, that with respect to any voluntary prepayment of each month; provided that a Base Rate Loan, accrued interest accrued at the Post-Default Rate shall instead be payable on demandthe applicable Interest Payment Date.
(f) The Borrower agrees to pay to the Issuing Bank, and all accrued with respect to drawings honored under any Letter of Credit, interest on Revolving Loans shall be payable upon expiration 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 the Revolving Credit Availability Period. All Borrower at a rate equal to (i) for the period from and including the date such drawing is honored to but excluding the applicable Reimbursement Date, the rate of interest otherwise payable hereunder with respect to Base Rate Loans and (ii) thereafter, a rate which is 2.00% per annum in excess of the rate of interest otherwise payable hereunder with respect to Base Rate Loans.
(g) Interest payable pursuant to Section 2.08(f) shall be computed on the basis of a 365/366-day year of 360 days, and in each case shall be payable for the actual number of days elapsed (including in the first day period during which it accrues, and shall be payable on demand or, if no demand is made, on the date on which the related drawing under a Letter of Credit is reimbursed in full. Promptly upon receipt by the Issuing Bank of any payment of interest pursuant to Section 2.08(f), the Issuing Bank shall distribute to each Lender, out of the interest received by the Issuing Bank in respect of the period from the date such drawing is honored to but excluding the last daydate on which the Issuing Bank is reimbursed for the amount of such drawing (including any such reimbursement out of the proceeds of any Revolving Loans), the amount that such Lender would have been entitled to receive in respect of the Letter of Credit fee that would have been payable in respect of such Letter of Credit for such period if no drawing had been honored under such Letter of Credit. The applicable Base Rate In the event the Issuing Bank shall be determined have been reimbursed by Lenders for all or any portion of such honored drawing, the Issuing Bank shall distribute to each Lender which has paid all amounts payable by it under Section 2.04(b) with respect to such honored drawing such Lender’s Pro Rata Share of any interest received by the Agent, and Issuing Bank in respect of that portion of such determination shall be conclusive absent manifest errorhonored drawing so reimbursed by Lenders for the period from the date on which the Issuing Bank was so reimbursed by Lenders to but excluding the date on which such portion of such honored drawing is reimbursed by the Borrower.
Appears in 1 contract
Samples: Credit and Guaranty Agreement (GXS Investments, Inc.)
Interest on Revolving Loans. (a) Subject to the provisions of Section 2.3 hereof2.06(c), the Revolving Loans comprising each Revolving Loan made to the Borrower by the Lenders hereunder Borrowing of Base Rate Loans, including each Swingline Loan, shall bear interest at a rate per annum equal to the Base Rate plus the Applicable Margin; provided that all Margin in effect from time to time.
(b) Subject to the provisions of Section 2.06(c), the Revolving Loans made in accordance with the AutoBorrow Agreement comprising each Borrowing of Eurodollar Rate Loans shall bear interest at a rate per annum equal to the Eurodollar Rate applicable to Revolving Loans having an for the Interest Period of one month, in effect for such Borrowing plus the Applicable Margin. Margin in effect from time to time.
(c) Notwithstanding the foregoing, (i) all if any principal of or interest on any Revolving Loans which are Loan or any fees or other amount payable by the Borrower hereunder is not paid when due shall automatically bear interest until paid in full due, whether at the Poststated maturity, upon acceleration 18-Default Rate22178-rdd Doc 51-1 Filed 02/06/18 Entered 02/06/18 17:00:35 Exhibit Pg 79 of 432 or otherwise, (ii) during the period when any Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1 shall have occurred and be continuing, the principal of all Revolving Loans hereunder shall automatically bear interest, after as well as before judgment, at the Post-Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1), following written notice delivered to the Borrower from the Agent at the request of the Required Lenders, the principal of all Revolving Loans hereunder such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to
(i) in the Post-case of overdue principal of, or interest on, any Revolving Loan, 2% plus the rate otherwise applicable to such Revolving Loan or (ii) in the case of any other amount, 2% plus the rate applicable to Base Rate Loans (in each case, the “Default Rate during the period beginning on the date such Event of Default first occurred, and ending on the date such Event of Default is cured or waived. Except as otherwise provided in Section 2.3(bRate”).
(d) hereof, accrued Accrued interest on each Revolving RevolvingEurodollar Rate Loan and each Base Rate Loan shall be payable in each case in arrears on the first day of each Adjustment Datecalendar month, commencing with July 1, 2013, for such Revolving LoanMarch 1, 2018 and upon termination of the Revolving Commitments; provided that (iA) interest accrued at the Post-Default Rate pursuant to paragraph (c) of this Section 2.06 shall be payable on demand and, absent demand, on the first day of each Adjustment Datecalendar month and all upon termination of the Revolving Commitments, (iiB) in the event of any repayment or prepayment of any Revolving Loan (other than a prepayment of a Base Rate Loan prior to the end of the Revolving Availability Period), accrued interest on Revolving Loans the principal amount repaid or prepaid shall be payable upon expiration on the date of such repayment or prepayment and (iiiC) in the event of any conversion of any Eurodollar Rate Loan prior to the end of the current Interest Period therefor, accrued interest on such Revolving Credit Availability Period. Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 365/366 days, except that interest computed by reference to the Eurodollar Rate (other than Base Rate Loans determined by reference to the Eurodollar Rate) and all fees shall be computed on the basis of a year of 360 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Base Rate or Eurodollar Rate shall be determined by the Agent, Administrative Agent in accordance with the provisions of this Agreement and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Samples: Abl Credit Agreement
Interest on Revolving Loans. Subject to Section 2.3 hereof(a) Except as otherwise set forth herein, each Revolving Loan made to the Borrower by the Lenders hereunder shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) as follows: (i) if a Base Rate Loan, at a rate per annum equal to the Base Rate plus the Applicable Margin; provided that all Revolving Loans made in accordance with or (ii) if a LIBOR Rate Loan, at the AutoBorrow Agreement shall bear interest at a rate per annum equal to the Eurodollar Adjusted LIBOR Rate applicable to Revolving Loans having an Interest Period of one month, plus the Applicable Margin. Notwithstanding Borrower shall indicate in the foregoingapplicable Funding Notice whether a Revolving Loan shall be a Base Rate Loan or a LIBOR Rate Loan.
(b) Interest payable pursuant to Section 2.5(a) shall be computed on the basis of a 360-day year, (i) all Revolving Loans which are not paid when due shall automatically bear interest until paid in full at each case for the Post-Default Rate, (ii) during actual number of days elapsed in the period when during which it accrues. In computing interest on any Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1 shall have occurred and be continuingRevolving Loan, the principal related Credit Date or the first day of all an Interest Period applicable to such Revolving Loans hereunder Loan shall automatically bear interestbe included, after as well as before judgmentand the date of payment of such Revolving Loan or the expiration date of an Interest Period applicable to such Revolving Loan shall be excluded; provided, at the Post-Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1), following written notice delivered to the Borrower from the Agent at the request of the Required Lenders, the principal of all a Revolving Loans hereunder shall bear interest, after as well as before judgment, at the Post-Default Rate during the period beginning Loan is repaid on the date such Event of Default first occurredsame day on which it is made, and ending one (1) day's interest shall be paid on the date such Event of Default is cured or waived. that Revolving Loan.
(c) Except as otherwise provided in Section 2.3(b) hereofset forth herein, accrued interest on each Revolving Loan shall be payable in arrears on (i) each Settlement Date applicable to that Revolving Loan; (ii) with respect to any prepayment in whole or in part of such Revolving Loan, whether voluntary or mandatory, the first day of each month; provided that Settlement Date immediately following such prepayment in an amount equal to the interest accrued at the Post-Default Rate shall be payable on demand, and all accrued interest on Revolving Loans shall be payable upon expiration of the Revolving Credit Availability Period. All interest hereunder shall be computed unpaid on the basis amount so prepaid to the date of a year of 360 days, prepayment; and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Base Rate shall be determined by the Agent, and such determination shall be conclusive absent manifest erroriii) at maturity.
Appears in 1 contract
Samples: Revolving Credit Agreement (Consumer Portfolio Services Inc)
Interest on Revolving Loans. Subject to Section 2.3 hereof(a) Except as otherwise set forth herein, each Revolving Loan made to the Borrower by the Lenders hereunder shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof as follows:
(i) if a Base Rate Loan, at a rate per annum equal to the Base Rate plus 1.5% ; or
(ii) if a Eurodollar Rate Loan, at the Applicable Margin; provided that all Adjusted Eurodollar Rate plus 3.0%;
(b) The basis for determining the rate of interest with respect to any Revolving Loans made Loan, and the Interest Period with respect to any Eurodollar Rate Loan, shall be selected by Borrower and notified to Administrative Agent and Lenders pursuant to the applicable Funding Notice or Conversion/Continuation Notice, as the case may be. If on any day a Revolving Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to Administrative Agent in accordance with the AutoBorrow Agreement terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Revolving Loan shall bear interest at be a rate per annum equal to the Base Rate Loan.
(c) In connection with Eurodollar Rate Loans there shall be no more than five (5) Interest Periods outstanding at any time. In the event Borrower fails to specify between a Base Rate Loan or a Eurodollar Rate Loan in the applicable Funding Notice or Conversion/Continuation Notice, such Revolving Loan (if outstanding as a Eurodollar Rate Loan) will be automatically converted into a Base Rate Loan on the last day of the then-current Interest Period for such Revolving Loan (or if outstanding as a Base Rate Loan will remain as, or (if not then outstanding) will be made as, a Base Rate Loan). In the event Borrower fails to Revolving Loans having specify an Interest Period for any Eurodollar Rate Loan in the applicable Funding Notice or Conversion/Continuation Notice, Borrower shall be deemed to have selected an Interest Period of one month. As soon as practicable after 10:00 a.m. (New York City time) on each Interest Rate Determination Date, plus Administrative Agent shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon all parties) the Applicable Margin. Notwithstanding interest rate that shall apply to the foregoing, 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.
(d) Interest payable pursuant to Section 2.5(a) shall be computed (i) all Revolving in the case of Base Rate Loans which are not paid when due shall automatically bear interest until paid in full at the Post-Default Rate, (ii) during the period when any Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1 shall have occurred and be continuing, the principal of all Revolving Loans hereunder shall automatically bear interest, after as well as before judgment, at the Post-Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1), following written notice delivered to the Borrower from the Agent at the request of the Required Lenders, the principal of all Revolving Loans hereunder shall bear interest, after as well as before judgment, at the Post-Default Rate during the period beginning on the date such Event of Default first occurred, and ending on the date such Event of Default is cured or waived. Except as otherwise provided in Section 2.3(b) hereof, accrued interest on each Revolving Loan shall be payable in arrears on the first day of each month; provided that interest accrued at the Post-Default Rate shall be payable on demand, and all accrued interest on Revolving Loans shall be payable upon expiration of the Revolving Credit Availability Period. All interest hereunder shall be computed on the basis of a year of 360 days365-day or 366-day year, as the case may be, and (ii) in the case of Eurodollar Rate Loans, on the basis of a 360-day year, in each case shall be payable for the actual number of days elapsed (including 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 but excluding the last day). The of an Interest Period applicable to such Revolving Loan, with respect to a Base Rate Loan being 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 determined by the Agentincluded, and the date of payment of such determination 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 conclusive absent manifest errorexcluded; provided, if a Revolving Loan is repaid on the same day on which it is made, one day’s interest shall be paid on that Revolving Loan.
(e) Except as otherwise set forth herein, interest on each Revolving Loan (i) shall accrue on a daily basis and shall be payable in arrears on each Interest Payment Date with respect to interest accrued on and to each such payment date; (ii) shall accrue on a daily basis and shall be payable in arrears upon any prepayment of 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 at maturity of the Revolving Loans, including final maturity of the Revolving Loans; provided, however, with respect to any voluntary prepayment of a Base Rate Loan, accrued interest shall instead be payable on the applicable Interest Payment Date.
Appears in 1 contract
Samples: Revolving Credit and Guaranty Agreement (Movie Gallery Inc)
Interest on Revolving Loans. Subject (i) The Borrower agrees to pay interest in respect of the unpaid principal amount of each Revolving Loan that is a Base Rate Loan (including with respect to any LIBO Rate Loan converted into a Base Rate Loan pursuant to Section 2.3 hereof2.09) made to the Borrower hereunder from the date of Revolving Borrowing thereof (or, in the circumstances described in the immediately preceding parenthetical, from the date of conversion of the respective LIBO Rate Loan into a Base Rate Loan) until the earlier of (i) the maturity thereof (whether by acceleration or otherwise) and (ii) the conversion of such Base Rate Loan to a LIBO Rate Loan pursuant to Section 2.09, at a rate per annum which shall be equal to the sum of the Applicable Margin plus the Base Rate, as in effect from time to time.
(ii) The Borrower agrees to pay interest in respect of the unpaid principal amount of each Revolving Loan that is a LIBO Rate Loan made to the Borrower from the date of Revolving Borrowing thereof until the earlier of (i) the maturity thereof (whether by acceleration or otherwise) and (ii) the Lenders hereunder conversion of such LIBO Rate Loan to a Base Rate Loan pursuant to Section 2.09, at a rate per annum which shall, during each Interest Period applicable thereto, be equal to the sum of the Applicable Margin plus the applicable LIBO Rate for such Interest Period.
(iii) Upon the occurrence and during the continuance of any Event of Default under Section 11.01, overdue principal and, to the extent permitted by law, overdue interest in respect of each Revolving Loan shall bear interest at a rate per annum equal to the Base Rate plus the Applicable Margin; provided that all Revolving Loans made in accordance with the AutoBorrow Agreement shall bear interest at a rate per annum equal to the Eurodollar Rate applicable to Revolving Loans having an Interest Period of one month, plus the Applicable Margin. Notwithstanding the foregoing, (i) all Revolving for Base Rate Loans which are not paid when due shall automatically bear interest until paid and associated interest, 2.00% per annum in full at excess of the Post-Default Applicable Margin for Base Rate Loans plus the Base Rate, (ii) during the period when any Event of Default for LIBO Rate Loans and associated interest, 2.00% per annum in excess of the type described Applicable Margin for LIBO Rate Loans plus the LIBO Rate and (iii) with respect to fees 2.00% per annum in clauses excess of the Applicable Margin for Base Rate Loans plus the Base Rate, each as in effect from time to time, in each case with such interest to be payable on demand
(g), iv) Accrued (hand theretofore unpaid) or interest shall be calculated daily and payable (i) in respect of Section 9.1 shall have occurred and be continuingeach Base Rate Loan, the principal of all Revolving Loans hereunder shall automatically bear interest, after as well as before judgment, at the Post-Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1), following written notice delivered to the Borrower from the Agent at the request of the Required Lenders, the principal of all Revolving Loans hereunder shall bear interest, after as well as before judgment, at the Post-Default Rate during the period beginning on the date such Event of Default first occurred, and ending on the date such Event of Default is cured or waived. Except as otherwise provided in Section 2.3(b) hereof, accrued interest on each Revolving Loan shall be payable quarterly in arrears on each Quarterly Payment Date and on the applicable Maturity Date, (ii) in respect of each LIBO Rate Loan, on (x) the date of any conversion thereof into a Base Rate Loan, pursuant to Section 2.09 or 3.01(b), as applicable (on the amount converted) and (y) the last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three- month intervals after the first day of such Interest Period and (iii) in respect of each month; provided that interest accrued Revolving Loan, on (x) the date of any prepayment or repayment thereof (on the amount prepaid or repaid), (y) at the Post-Default Rate shall be payable maturity (whether by acceleration or otherwise) and (z) after such maturity, on demand, and all accrued interest on Revolving Loans shall be payable upon expiration of the Revolving Credit Availability Period. All interest hereunder shall be computed on the basis of a year of 360 days, and in each case shall be payable for the actual number of days elapsed .
(including the first day but excluding the last day). v) The applicable Base Rate or LIBO Rate shall be determined by the Agent, Administrative Agent in accordance with the provisions of this Agreement and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Samples: First Lien Credit Agreement
Interest on Revolving Loans. Subject (a) The unpaid principal amount of each General Revolving Loan which is (i) a Prime Rate Loan shall bear interest from the date of the Revolving Borrowing thereof until maturity (whether by acceleration or otherwise) at a fluctuating rate per annum which shall at all times be equal to Section 2.3 hereofthe Prime Rate in effect from time to time; and (ii) a Eurocurrency Loan shall bear interest from the date of the Revolving Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum which shall at all times be the Applicable Eurocurrency Margin (as defined below) for such General Revolving Loan PLUS the relevant Eurocurrency Rate.
(b) The unpaid principal amount of each Swing Line Revolving Loan which is (i) a Prime Rate Loan shall bear interest from the date of the Revolving Borrowing thereof until maturity (whether by acceleration or otherwise) at a fluctuating rate per annum which shall at all times be equal to the Prime Rate in effect from time to time; (ii) a Eurocurrency Loan shall bear interest from the date of the Revolving Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum which shall at all times be the Applicable Eurocurrency Margin (as defined below) for such Swing Line Revolving Loan PLUS the relevant Eurocurrency Rate; and (iii) a Money Market Rate Loan shall bear interest from the date of the Revolving Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum which shall be equal to the Quoted Rate therefor.
(c) Notwithstanding the above provisions, if a Default under section 10.1(a) or Event of Default is in existence, all outstanding amounts of principal and, to the extent permitted by law, all overdue interest, in respect of each Revolving Loan made shall bear interest, payable on demand, at a rate per annum equal to 2% per annum above the interest rate otherwise applicable thereto. If any amount (other than the principal of and interest on the Revolving Loans) payable by the Borrower by under the Lenders hereunder Credit Documents is not paid when due, such amount shall bear interest interest, payable on demand, at a rate per annum equal to the Base Prime Rate plus in effect from time to time PLUS 2% per annum.
(d) Interest shall accrue from and including the Applicable Margin; provided that all date of any Revolving Loans Borrowing to but excluding the date of any prepayment or repayment thereof and shall be payable (i) in respect of each Prime Rate Loan, quarterly in arrears on the last Business Day of January, April, July and October, (ii) in respect of each Eurocurrency Loan, on the last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on the dates which are successively three months after the commencement of such Interest Period, and (iii) in respect of each Loan, on any prepayment or conversion (on the amount prepaid or converted), at maturity (whether by acceleration or otherwise) and, after such maturity, on demand.
(e) All computations of interest hereunder shall be made in accordance with section 13.7(b).
(f) Each Reference Bank agrees to furnish the AutoBorrow Agreement Administrative Agent timely information for the purpose of determining the Eurocurrency Rate for any Borrowing consisting of Eurocurrency Loans. If any one or more of the Reference Banks shall bear not timely furnish such information, the Administrative Agent shall determine the Eurocurrency Rate on the basis of timely information furnished by the remaining Reference Banks. The Administrative Agent upon determining the interest at rate for any Borrowing shall promptly notify the Borrower and the Lenders thereof.
(g) As used herein, the term "APPLICABLE EUROCURRENCY MARGIN", as applied to any Loan which is a Eurocurrency Loan, means 82.50 basis points per annum; PROVIDED, that subsequent to the fiscal quarter of the Borrower ended nearest to June 30, 1997, the Applicable Eurocurrency Margin will change to the rate per annum equal indicated in the Pricing Grid Table which appears below, based on the ratio referred to the Eurodollar Rate applicable to Revolving Loans having an Interest Period of one month, plus in section 9.7 and identified in such Table. Changes in the Applicable Margin. Notwithstanding the foregoing, (i) all Revolving Loans which are not paid when due Eurocurrency Margin based upon changes in such ratio shall automatically bear interest until paid in full at the Post-Default Rate, (ii) during the period when any Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1 shall have occurred and be continuing, the principal of all Revolving Loans hereunder shall automatically bear interest, after as well as before judgment, at the Post-Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1), following written notice delivered to the Borrower from the Agent at the request of the Required Lenders, the principal of all Revolving Loans hereunder shall bear interest, after as well as before judgment, at the Post-Default Rate during the period beginning on the date such Event of Default first occurred, and ending on the date such Event of Default is cured or waived. Except as otherwise provided in Section 2.3(b) hereof, accrued interest on each Revolving Loan shall be payable in arrears become effective on the first day of each month; provided that interest accrued the month following the receipt by the Administrative Agent pursuant to section 8.1(a) or (b) of the financial statements of the Borrower, accompanied by the certificate referred to in section 8.1(d), demonstrating the computation of such ratio, based upon the ratio in effect at the Post-Default Rate shall end of the applicable period covered (in whole or in part) by such financial statements; PROVIDED that if any financial statements referred to in section 8.1(a) or (b), or the related certificate referred to in section 8.1(d), are not timely delivered, the Administrative Agent may determine the Applicable Eurocurrency Margin based upon a good faith estimate by the Borrower of such ratio as in effect at the end of the applicable period to be payable on demandcovered (in whole or in part) by such financial statements, PROVIDED, FURTHER, that if upon delivery of such delinquent financial statements and all accrued interest on related certificate, such financial statements indicate that such good faith estimate was incorrect and, as a result thereof, the Applicable Eurocurrency Margin for any Revolving Loans was too low at such determination, the Applicable Eurocurrency Margin for such Revolving Loans shall be payable upon expiration increased, as appropriate, with retroactive effect to the date of the Revolving Credit Availability Period. All interest hereunder shall be computed change made on the basis of a year of 360 dayssuch determination, and in each case shall be payable the Borrower will immediately pay to the Administrative Agent, for the actual number account of days elapsed (including the first day but excluding Lenders having Commitments in respect of the last day)Facility under which such Revolving Loans were incurred all additional interest due by reason of such increased Applicable Eurocurrency Margin. The applicable Base Rate Any changes in the Applicable Eurocurrency Margin shall be determined by the Agent, Administrative Agent and the Administrative Agent will promptly provide notice of such determinations to the Borrower and the Lenders. Any such determination by the Administrative Agent pursuant to this section 2.8(g) shall be conclusive and binding absent manifest error.. PRICING GRID TABLE (EXPRESSED IN BASIS POINTS) ============================================================================================================= Applicable Applicable TOTAL DEBT/EBITDA RATIO Eurocurrency Margin Facility Fee Rate ------------------------------------------------------------------------------------------------------------- Greater than 3.50 to 1.00 82.50 30.00 ------------------------------------------------------------------------------------------------------------- Greater than 3.00 to 1.00 but less than or equal to 3.50 to 1.00 75.00 25.00 ------------------------------------------------------------------------------------------------------------- Greater than 2.75 to 1.00 but less than or equal to 3.00 to 1.00 50.00 25.00 ------------------------------------------------------------------------------------------------------------- Greater than 2.25 to 1.00 but less than or equal to 2.75 to 1.00 42.50 20.00 ------------------------------------------------------------------------------------------------------------- Greater than 1.75 to 1.00 but less than or equal to 2.25 to 1.00 32.50 17.50 ------------------------------------------------------------------------------------------------------------- Greater than 1.25 to 1.00 but less than or equal to 1.75 to 1.00 27.50 12.50 ------------------------------------------------------------------------------------------------------------- Less than or equal to 1.25 to 1.00 22.50 10.00 =============================================================================================================
Appears in 1 contract
Samples: Credit Agreement (Essef Corp)