Interest on Revolving Loans. (a) Except as otherwise set forth herein, each Revolving Loan shall bear interest on the unpaid principal amount thereof from, and including, the date made to, and including, the date of repayment thereof as follows: (i) if a Base Rate Loan, the Base Rate plus the Applicable Margin; or (ii) if an Adjusted LIBO Rate Loan, the Adjusted LIBO Rate plus the Applicable Margin. (b) The basis for determining the rate of interest with respect to any Revolving Loan, and the Interest Period with respect to any Adjusted LIBO Rate Loan, shall be selected by the Borrower 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 the Lender in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day (i) if such Revolving Loan is an Adjusted LIBO Rate Loan, such Revolving Loan shall become a Base Rate Loan and (ii) if such Revolving Loan is a Base Rate Loan, such Revolving Loan shall remain a Base Rate Loan. (c) In connection with Adjusted LIBO Rate Loans, there shall be no more than six (6) Interest Periods outstanding at any time. In the event the Borrower fails to specify an Interest Period for any Adjusted LIBO Rate Loan in the applicable Funding Notice or Conversion/Continuation Notice, the Borrower shall be deemed to have selected an Interest Period of one (1) month. As soon as practicable after 10:00 a.m. on each Interest Rate Determination Date and each Index Rate Determination Date, the Lender shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon the Borrower) the interest rate that shall apply to each LIBOR Loan for which an interest rate is then being determined (and for the applicable Interest Period in the case of Adjusted LIBO Rate Loans) and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to the Borrower. (d) Interest payable pursuant to this Section 2.5 shall be computed on the basis of (i) for interest at the Base Rate (including Base Rate Loans determined by reference to the LIBO Index Rate), a year of three hundred sixty-five (365) or three hundred sixty-six (366) days, as the case may be, and (ii) for all other computations of fees and interest, a year of three hundred sixty (360) days, in each case for the actual number of days elapsed in the period during which it accrues. (e) If, as a result of any restatement of or other adjustment to the financial statements of the Borrower or for any other reason, the Borrower or the Lender determines that (i) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Lender promptly on demand by the Lender (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under Debtor Relief Laws, automatically and without further action by the Lender) an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This subsection (e) shall not limit the rights of the Lender under any other provision of this Agreement. The Borrower’s obligations under this paragraph shall survive the termination of the Commitments and the repayment of all other Obligations. (f) Except as otherwise set forth herein, interest on each Revolving Loan shall accrue on a daily basis and shall be payable in arrears on and to (i) each Interest Payment Date applicable to that Revolving Loan; (ii) upon any prepayment of that Revolving Loan (other than a voluntary prepayment of a Revolving Loan which interest shall be payable in accordance with clause (i) above), to the extent accrued on the amount being prepaid; and (iii) at maturity, including on the Maturity Date.
Appears in 1 contract
Sources: Credit Agreement (Citizens, Inc.)
Interest on Revolving Loans. (a) Except Interest on the unpaid principal amount of Revolving Loans which are Prime Rate Loans shall be payable monthly in arrears, on the first Business Day of each month, at an interest rate per annum equal to the Prime Lending Rate plus one percent (1.0%) calculated on the net balances owing to the Agent and the Lenders at the close of business each day during such month. The rate hereunder shall change each day the Prime Lending Rate changes.
(b) Interest on Revolving Loans which are LIBOR Rate Loans shall be payable on the last day of each Interest Period with respect to such LIBOR Rate Loans, at the date of conversion of such LIBOR Rate Loans (or a portion thereof) to a Prime Rate Loan and at maturity of such LIBOR Rate Loans at an interest rate per annum equal during the Interest Period for such LIBOR Rate Loans to the LIBOR Rate for the Interest Period in effect for such LIBOR Rate Loans plus two and three-quarters percent (2.75%). After maturity of such LIBOR Rate Loans (whether by acceleration or otherwise), interest shall be payable upon demand. The Agent upon determining the LIBOR Rate for any Interest Period shall promptly notify the Borrower and the Lenders by telephone (confirmed promptly in writing) or in writing thereof. Each determination by the Agent of an interest rate hereunder shall be conclusive and binding for all purposes, absent demonstrable error.
(c) Notwithstanding the provisions of Sections 4.1(a) and (b), the Borrower shall pay to each Lender, so long as otherwise set forth hereinand to the extent such Lender shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency Liabilities, each Revolving Loan shall bear additional interest on the unpaid principal amount thereof fromof each Revolving Loan comprised of LIBOR Rate Loans of such Lender, and including, the date made to, and including, from the date of repayment thereof as follows: (i) if a Base Rate Loan, the Base Rate plus the Applicable Margin; or (ii) if an Adjusted LIBO Rate Loan, the Adjusted LIBO Rate plus the Applicable Margin.
(b) The basis for determining the rate of interest with respect to any Revolving Loan, and the Interest Period with respect to any Adjusted LIBO Rate Loan, shall be selected by the Borrower 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 the Lender in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day (i) if such Revolving Loan is an Adjusted LIBO Rate Loan, such Revolving Loan shall become a Base LIBOR Rate Loan and (ii) if until such Revolving Loan principal amount is a Base Rate Loanpaid in full, such Revolving Loan shall remain a Base Rate Loan.
(c) In connection with Adjusted LIBO Rate Loans, there shall be no more than six (6) Interest Periods outstanding at any time. In the event the Borrower fails to specify an Interest Period for any Adjusted LIBO Rate Loan in the applicable Funding Notice or Conversion/Continuation Notice, the Borrower shall be deemed to have selected an Interest Period of one (1) month. As soon as practicable after 10:00 a.m. on each Interest Rate Determination Date and each Index Rate Determination Date, the Lender shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon the Borrower) the interest rate that shall apply to each LIBOR Loan for which an interest rate is then being determined per annum equal at all times to the remainder obtained by subtracting (and a) the LIBOR Rate for the applicable Interest Period for such LIBOR Rate Loan from (b) the rate obtained by dividing such LIBOR Rate by a percentage equal to 1 minus the stated maximum rate (stated as a decimal) applicable two (2) Business Days before the first day of such Interest Period of all reserves, if any, required to be maintained against "Eurocurrency liabilities" as specified in the case Regulation D (or against any other category of Adjusted LIBO Rate Loans) and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to the Borrower.
(d) Interest payable pursuant to this Section 2.5 shall be computed on the basis of (i) for interest at the Base Rate (including Base Rate Loans determined liabilities which includes deposits by reference to which the LIBO Index Rate), interest rate on LIBOR Rate Loans is determined or any category of extensions of credit or other assets which includes loans by a year of three hundred sixtynon-five (365) or three hundred sixty-six (366) days, as the case may be, and (ii) for all other computations of fees and interest, a year of three hundred sixty (360) days, in each case for the actual number of days elapsed in the period during which it accrues.
(e) If, as a result United States office of any restatement of or other adjustment Lender to the financial statements of the Borrower or for any other reason, the Borrower or the Lender determines that (iUnited States residents) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) having a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Lender promptly on demand by the Lender (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under Debtor Relief Laws, automatically and without further action by the Lender) an amount term equal to the excess of Interest Period applicable to such LIBOR Rate Loan. Such Lender shall as soon as practicable provide notice to the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This subsection (e) shall not limit the rights of the Lender under any other provision of this Agreement. The Borrower’s obligations under this paragraph shall survive the termination of the Commitments Agent and the repayment Borrower of all other Obligations.
(f) Except as otherwise set forth hereinany such additional interest arising in connection with such LIBOR Rate Loan, interest on each Revolving Loan shall accrue on a daily basis and which notice shall be payable in arrears on conclusive and to (i) each Interest Payment Date applicable to that Revolving Loan; (ii) upon any prepayment of that Revolving Loan (other than a voluntary prepayment of a Revolving Loan which interest shall be payable in accordance with clause (i) above)binding, to the extent accrued on the amount being prepaid; and (iii) at maturity, including on the Maturity Dateabsent demonstrable error.
Appears in 1 contract
Interest on Revolving Loans. (a) Except Interest on the unpaid principal amount of Revolving Loans which are Base Rate Loans shall be payable monthly in arrears on the first Business Day of each month, at an interest rate per annum equal to the Base Rate in effect from time to time plus the Applicable Margin, in effect from time to time, for such Loans.
(b) Interest on the unpaid principal amount of Revolving Loans which are LIBOR Rate Loans shall be payable on the earliest to occur of (i) the last day of each Interest Period with respect to such LIBOR Rate Loans, (ii) ninety (90) days following the commencement of the applicable Interest Period for such LIBOR Rate Loans, (iii) the date of conversion of such LIBOR Rate Loans (or a portion thereof) to a Base Rate Loan (on the portion so converted) and (iv) the maturity of such LIBOR Rate Loans, at an interest rate per annum equal during the Interest Period for such LIBOR Rate Loans to the LIBOR Rate for the Interest Period in effect for such LIBOR Rate Loans plus the Applicable Margin, in effect from time to time, with respect to such Loans. After maturity of such LIBOR Rate Loans (whether by acceleration or otherwise), interest shall be payable upon demand. The Agent upon determining the LIBOR Rate for any Interest Period shall promptly notify the Funds Administrator and the Lenders by telephone (confirmed promptly in writing) or in writing thereof.
(c) Each determination by the Agent of an interest rate hereunder shall be conclusive and binding for all purposes, absent demonstrable error.
(d) Notwithstanding the provisions of Section 4.1(b), the Borrowers shall pay to each Lender, so long as otherwise set forth hereinand to the extent such Lender shall be required under regulations of the Federal Reserve Board to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency liabilities (as defined in Regulation D), each Revolving Loan shall bear additional interest on the unpaid principal amount thereof fromof each Revolving Loan comprised of LIBOR Rate Loans of such Lender, and including, the date made to, and including, from the date of repayment thereof as follows: such LIBOR Rate Loan until such principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) if a Base the LIBOR Rate Loan, the Base Rate plus the Applicable Margin; or (ii) if an Adjusted LIBO Rate Loan, the Adjusted LIBO Rate plus the Applicable Margin.
(b) The basis for determining the rate of interest with respect to any Revolving Loan, and the Interest Period with respect to any Adjusted LIBO Rate Loan, shall be selected by the Borrower 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 the Lender in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day (i) if such Revolving Loan is an Adjusted LIBO Rate Loan, such Revolving Loan shall become a Base Rate Loan and (ii) if such Revolving Loan is a Base Rate Loan, such Revolving Loan shall remain a Base Rate Loan.
(c) In connection with Adjusted LIBO Rate Loans, there shall be no more than six (6) Interest Periods outstanding at any time. In the event the Borrower fails to specify an Interest Period for any Adjusted LIBO Rate Loan in the applicable Funding Notice or Conversion/Continuation Notice, the Borrower shall be deemed to have selected an Interest Period of one (1) month. As soon as practicable after 10:00 a.m. on each Interest Rate Determination Date and each Index Rate Determination Date, the Lender shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon the Borrower) the interest rate that shall apply to each LIBOR Loan for which an interest rate is then being determined (and for the applicable Interest Period for such LIBOR Rate Loan from (ii) the rate obtained by dividing such LIBOR Rate by a percentage equal to 1 minus the stated maximum rate (stated as a decimal) applicable two (2) Business Days before the first day of such Interest Period of all reserves, if any, required to be maintained against Eurocurrency liabilities as specified in the case Regulation D (or against any other category of Adjusted LIBO Rate Loans) and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to the Borrower.
(d) Interest payable pursuant to this Section 2.5 shall be computed on the basis of (i) for interest at the Base Rate (including Base Rate Loans determined liabilities which includes deposits by reference to which the LIBO Index Rate), interest rate on LIBOR Rate Loans is determined or any category of extensions of credit or other assets which includes loans by a year of three hundred sixtynon-five (365) or three hundred sixty-six (366) days, as the case may be, and (ii) for all other computations of fees and interest, a year of three hundred sixty (360) days, in each case for the actual number of days elapsed in the period during which it accrues.
(e) If, as a result United States office of any restatement of or other adjustment Lender to the financial statements of the Borrower or for any other reason, the Borrower or the Lender determines that (iUnited States residents) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) having a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Lender promptly on demand by the Lender (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under Debtor Relief Laws, automatically and without further action by the Lender) an amount term equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This subsection (e) shall not limit the rights of the Lender under any other provision of this Agreement. The Borrower’s obligations under this paragraph shall survive the termination of the Commitments and the repayment of all other Obligations.
(f) Except as otherwise set forth herein, interest on each Revolving Loan shall accrue on a daily basis and shall be payable in arrears on and to (i) each Interest Payment Date Period applicable to that Revolving Loan; (ii) upon any prepayment of that Revolving Loan (other than a voluntary prepayment of a Revolving Loan which interest shall be payable in accordance with clause (i) above), to the extent accrued on the amount being prepaid; and (iii) at maturity, including on the Maturity Date.such
Appears in 1 contract
Interest on Revolving Loans. (a) Except Interest on the unpaid principal amount of Revolving Loans which are Prime Rate Loans shall be payable monthly in arrears, on the first Business Day of each month, at an interest rate per annum equal to the Prime Lending Rate plus one and three- quarters percent (1.75%) calculated on the net balances owing to the Agent and the Lenders at the close of business each day during such month. The rate hereunder shall change each day the Prime Lending Rate changes.
(b) Interest on Revolving Loans which are LIBOR Rate Loans shall be payable on the last day of each Interest Period (provided, that in the case of any LIBOR Rate Loan having an Interest Period of six (6) months, such interest shall be payable on the ninetieth day occurring in such Interest Period and on the last day of such Interest Period) with respect to such LIBOR Rate Loans, at the date of conversion of such LIBOR Rate Loans (or a portion thereof) to a Prime Rate Loan and at maturity of such LIBOR Rate Loans at an interest rate per annum equal during the Interest Period for such LIBOR Rate Loans to the LIBOR Rate for the Interest Period in effect for such LIBOR Rate Loans plus the LIBOR Rate Margin. After maturity of such LIBOR Rate Loans (whether by acceleration or otherwise), interest shall be payable upon demand. The Agent upon determining the LIBOR Rate for any Interest Period shall promptly notify the Borrower and the Lenders by telephone (confirmed promptly in writing) or in writing thereof. Each determination by the Agent of an interest rate hereunder shall be conclusive and binding for all purposes, absent demonstrable error.
(c) Notwithstanding the provisions of Sections 4.1(a) and (b), the Borrower shall pay to each Lender, so long as otherwise set forth hereinand to the extent such Lender shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency Liabilities, each Revolving Loan shall bear additional interest on the unpaid principal amount thereof fromof each Revolving Loan comprised of LIBOR Rate Loans of such Lender, and including, the date made to, and including, from the date of repayment thereof as follows: (i) if a Base Rate Loan, the Base Rate plus the Applicable Margin; or (ii) if an Adjusted LIBO Rate Loan, the Adjusted LIBO Rate plus the Applicable Margin.
(b) The basis for determining the rate of interest with respect to any Revolving Loan, and the Interest Period with respect to any Adjusted LIBO Rate Loan, shall be selected by the Borrower 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 the Lender in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day (i) if such Revolving Loan is an Adjusted LIBO Rate Loan, such Revolving Loan shall become a Base LIBOR Rate Loan and (ii) if until such Revolving Loan principal amount is a Base Rate Loanpaid in full, such Revolving Loan shall remain a Base Rate Loan.
(c) In connection with Adjusted LIBO Rate Loans, there shall be no more than six (6) Interest Periods outstanding at any time. In the event the Borrower fails to specify an Interest Period for any Adjusted LIBO Rate Loan in the applicable Funding Notice or Conversion/Continuation Notice, the Borrower shall be deemed to have selected an Interest Period of one (1) month. As soon as practicable after 10:00 a.m. on each Interest Rate Determination Date and each Index Rate Determination Date, the Lender shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon the Borrower) the interest rate that shall apply to each LIBOR Loan for which an interest rate is then being determined per annum equal at all times to the remainder obtained by subtracting (and a) the LIBOR Rate for the applicable Interest Period for such LIBOR Rate Loan from (b) the rate obtained by dividing such LIBOR Rate by a percentage equal to 1 minus the stated maximum rate (stated as a decimal) applicable two (2) Business Days before the first day of such Interest Period of all reserves, if any, required to be maintained against "Eurocurrency liabilities" as specified in Regulation D (or against any other category of liabilities which includes deposits by reference to which the case interest rate on LIBOR Rate Loans is determined or any category of Adjusted LIBO Rate Loansextensions of credit or other assets which includes loans by a non-United States office of any Lender to United States residents) and shall promptly give notice thereof (in writing or by telephone confirmed in writing) having a term equal to the BorrowerInterest Period applicable to such LIBOR Rate Loan. Such Lender shall as soon as practicable provide notice to the Agent and the Borrower of any such additional interest arising in connection with such LIBOR Rate Loan, which notice shall be conclusive and binding, absent demonstrable error.
(d) Interest payable pursuant to this Section 2.5 Notwithstanding the provisions of Sections 4.1(a) and (b), interest on Revolving Loans outstanding against the Tranche B Availability shall be computed on the basis of calculated at a rate per annum equal to eleven and one-half percent (i) for interest at the Base Rate (including Base Rate Loans determined by reference to the LIBO Index Rate11.5%), a year of three hundred sixty-five (365) or three hundred sixty-six (366) days, as the case may be, and (ii) for all other computations of fees and interest, a year of three hundred sixty (360) days, in each case for the actual number of days elapsed in the period during which it accrues.
(e) If, as a result of any restatement of or other adjustment Notwithstanding anything contained herein to the financial statements of contrary, Borrowers shall not be entitled to request, and the Borrower or for any other reason, the Borrower or the Lender determines that (i) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower Lenders shall immediately and retroactively not be obligated to pay to the Lender promptly on demand by the Lender (ormake, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under Debtor Relief Laws, automatically and without further action by the Lender) an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This subsection (e) shall not limit the rights of the Lender under any other provision of this Agreement. The Borrower’s obligations under this paragraph shall survive the termination of the Commitments and the repayment of all other Obligations.
(f) Except as otherwise set forth herein, interest on each Revolving Loan shall accrue on a daily basis and shall be payable in arrears on and to (i) each Interest Payment Date applicable to that Revolving Loan; (ii) upon any prepayment of that Revolving Loan (other than a voluntary prepayment of a Revolving Loan which interest shall be payable in accordance with clause (i) above), to the extent accrued on the amount being prepaid; and (iii) at maturity, including on the Maturity Date.Libor
Appears in 1 contract
Interest on Revolving Loans. (a) Except Interest on the unpaid principal amount of Revolving Loans which are Prime Rate Loans shall be payable monthly in arrears, on the first Business Day of each month, at an interest rate per annum equal to the Prime Lending Rate plus one percent (1.0%) calculated on the net balances owing to the Agent and the Lenders at the close of business each day during such month. The rate hereunder shall change each day the Prime Lending Rate changes.
(b) Interest on Revolving Loans which are LIBOR Rate Loans shall be payable on the last day of each Interest Period with respect to such LIBOR Rate Loans, at the date of conversion of such LIBOR Rate Loans (or a portion thereof) to a Prime Rate Loan and at maturity of such LIBOR Rate Loans at an interest rate per annum equal during the Interest Period for such LIBOR Rate Loans to the LIBOR Rate for the Interest Period in effect for such LIBOR Rate Loans plus two and three-quarters (2.75%). After maturity of such LIBOR Rate Loans (whether by acceleration or otherwise), interest shall be payable upon demand. The Agent upon determining the LIBOR Rate for any Interest Period shall promptly notify the Borrower and the Lenders by telephone (confirmed promptly in writing) or in writing thereof. Each determination by the Agent of an interest rate hereunder shall be conclusive and binding for all purposes, absent demonstrable error.
(c) Notwithstanding the provisions of Sections 4.1(a) and (b), the Borrower shall pay to each Lender, so long as otherwise set forth hereinand to the extent such Lender shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency Liabilities, each Revolving Loan shall bear additional interest on the unpaid principal amount thereof fromof each Revolving Loan comprised of LIBOR Rate Loans of such Lender, and including, the date made to, and including, from the date of repayment thereof as follows: (i) if a Base Rate Loan, the Base Rate plus the Applicable Margin; or (ii) if an Adjusted LIBO Rate Loan, the Adjusted LIBO Rate plus the Applicable Margin.
(b) The basis for determining the rate of interest with respect to any Revolving Loan, and the Interest Period with respect to any Adjusted LIBO Rate Loan, shall be selected by the Borrower 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 the Lender in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day (i) if such Revolving Loan is an Adjusted LIBO Rate Loan, such Revolving Loan shall become a Base LIBOR Rate Loan and (ii) if until such Revolving Loan principal amount is a Base Rate Loanpaid in full, such Revolving Loan shall remain a Base Rate Loan.
(c) In connection with Adjusted LIBO Rate Loans, there shall be no more than six (6) Interest Periods outstanding at any time. In the event the Borrower fails to specify an Interest Period for any Adjusted LIBO Rate Loan in the applicable Funding Notice or Conversion/Continuation Notice, the Borrower shall be deemed to have selected an Interest Period of one (1) month. As soon as practicable after 10:00 a.m. on each Interest Rate Determination Date and each Index Rate Determination Date, the Lender shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon the Borrower) the interest rate that shall apply to each LIBOR Loan for which an interest rate is then being determined per annum equal at all times to the remainder obtained by subtracting (and a) the LIBOR Rate for the applicable Interest Period for such LIBOR Rate Loan from (b) the rate obtained by dividing such LIBOR Rate by a percentage equal to 1 minus the stated maximum rate (stated as a decimal) applicable two (2) Business Days before the first day of such Interest Period of all reserves, if any, required to be maintained against "Eurocurrency liabilities" as specified in the case Regulation D (or against any other category of Adjusted LIBO Rate Loans) and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to the Borrower.
(d) Interest payable pursuant to this Section 2.5 shall be computed on the basis of (i) for interest at the Base Rate (including Base Rate Loans determined liabilities which includes deposits by reference to which the LIBO Index Rate), interest rate on LIBOR Rate Loans is determined or any category of extensions of credit or other assets which includes loans by a year of three hundred sixtynon-five (365) or three hundred sixty-six (366) days, as the case may be, and (ii) for all other computations of fees and interest, a year of three hundred sixty (360) days, in each case for the actual number of days elapsed in the period during which it accrues.
(e) If, as a result United States office of any restatement of or other adjustment Lender to the financial statements of the Borrower or for any other reason, the Borrower or the Lender determines that (iUnited States residents) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) having a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Lender promptly on demand by the Lender (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under Debtor Relief Laws, automatically and without further action by the Lender) an amount term equal to the excess of Interest Period applicable to such LIBOR Rate Loan. Such Lender shall as soon as practicable provide notice to the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This subsection (e) shall not limit the rights of the Lender under any other provision of this Agreement. The Borrower’s obligations under this paragraph shall survive the termination of the Commitments Agent and the repayment Borrower of all other Obligations.
(f) Except as otherwise set forth hereinany such additional interest arising in connection with such LIBOR Rate Loan, interest on each Revolving Loan shall accrue on a daily basis and which notice shall be payable in arrears on conclusive and to (i) each Interest Payment Date applicable to that Revolving Loan; (ii) upon any prepayment of that Revolving Loan (other than a voluntary prepayment of a Revolving Loan which interest shall be payable in accordance with clause (i) above)binding, to the extent accrued on the amount being prepaid; and (iii) at maturity, including on the Maturity Dateabsent demonstrable error.
Appears in 1 contract
Interest on Revolving Loans. (a) Except Interest on the unpaid principal amount of the Revolving Loans which are Prime Rate Loans shall be payable monthly in arrears on the first Business Day of each month, at an interest rate per annum equal to the Prime Lending Rate.
(b) Interest on the unpaid principal amount of Revolving Loans which are LIBOR Rate Loans shall be payable on the earliest to occur of (i) the last day of each Interest Period with respect to such LIBOR Rate Loans, (ii) ninety (90) days following the commencement of the applicable Interest Period for such LIBOR Rate Loans, (iii) the date of conversion of such LIBOR Rate Loans (or a portion thereof) to a Prime Rate Loan (on the portion so converted) and (iv) the maturity of such LIBOR Rate Loans, at an interest rate per annum equal during the Interest Period for such LIBOR Rate Loans to the LIBOR Rate for the Interest Period in effect for such LIBOR Rate Loans PLUS the LIBOR Margin, in effect from time to time, with respect to such Loans. After maturity of such LIBOR Rate Loans (whether by acceleration or otherwise), interest shall be payable upon demand. The Agent upon determining the LIBOR Rate for any Interest Period shall promptly notify the Funds Administrator and the Lenders by telephone (confirmed promptly in writing) or in writing thereof.
(c) Each determination by the Agent of an interest rate hereunder shall be conclusive and binding for all purposes, absent demonstrable error.
(d) Notwithstanding the provisions of SECTION 4.1(b), the Borrowers shall pay to each Lender, so long as otherwise set forth hereinand to the extent such Lender shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency liabilities (as defined in Regulation D), each Revolving Loan shall bear additional interest on the unpaid principal amount thereof fromof each Revolving Loan comprised of LIBOR Rate Loans of such Lender, and including, the date made to, and including, from the date of repayment thereof as follows: such LIBOR Rate Loan until such principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) if a Base the LIBOR Rate Loan, the Base Rate plus the Applicable Margin; or (ii) if an Adjusted LIBO Rate Loan, the Adjusted LIBO Rate plus the Applicable Margin.
(b) The basis for determining the rate of interest with respect to any Revolving Loan, and the Interest Period with respect to any Adjusted LIBO Rate Loan, shall be selected by the Borrower 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 the Lender in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day (i) if such Revolving Loan is an Adjusted LIBO Rate Loan, such Revolving Loan shall become a Base Rate Loan and (ii) if such Revolving Loan is a Base Rate Loan, such Revolving Loan shall remain a Base Rate Loan.
(c) In connection with Adjusted LIBO Rate Loans, there shall be no more than six (6) Interest Periods outstanding at any time. In the event the Borrower fails to specify an Interest Period for any Adjusted LIBO Rate Loan in the applicable Funding Notice or Conversion/Continuation Notice, the Borrower shall be deemed to have selected an Interest Period of one (1) month. As soon as practicable after 10:00 a.m. on each Interest Rate Determination Date and each Index Rate Determination Date, the Lender shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon the Borrower) the interest rate that shall apply to each LIBOR Loan for which an interest rate is then being determined (and for the applicable Interest Period for such LIBOR Rate Loan from (ii) the rate obtained by dividing such LIBOR Rate by a percentage equal to 1 MINUS the stated maximum rate (stated as a decimal) applicable two (2) Business Days before the first day of such Interest Period of all reserves, if any, required to be maintained against Eurocurrency liabilities as specified in the case Regulation D (or against any other category of Adjusted LIBO Rate Loans) and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to the Borrower.
(d) Interest payable pursuant to this Section 2.5 shall be computed on the basis of (i) for interest at the Base Rate (including Base Rate Loans determined liabilities which includes deposits by reference to which the LIBO Index Rate), interest rate on LIBOR Rate Loans is determined or any category of extensions of credit or other assets which includes loans by a year of three hundred sixtynon-five (365) or three hundred sixty-six (366) days, as the case may be, and (ii) for all other computations of fees and interest, a year of three hundred sixty (360) days, in each case for the actual number of days elapsed in the period during which it accrues.
(e) If, as a result United States office of any restatement of or other adjustment Lender to the financial statements of the Borrower or for any other reason, the Borrower or the Lender determines that (iUnited States residents) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) having a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Lender promptly on demand by the Lender (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under Debtor Relief Laws, automatically and without further action by the Lender) an amount term equal to the excess of Interest Period applicable to such LIBOR Rate Loan. Such Lender shall as soon as practicable provide notice to the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This subsection (e) shall not limit the rights of the Lender under any other provision of this Agreement. The Borrower’s obligations under this paragraph shall survive the termination of the Commitments Agent and the repayment Funds Administrator of all other Obligations.
(f) Except as otherwise set forth hereinany such additional interest arising in connection with such LIBOR Rate Loan, interest on each Revolving Loan shall accrue on a daily basis and which notice shall be payable in arrears on conclusive and to (i) each Interest Payment Date applicable to that Revolving Loan; (ii) upon any prepayment of that Revolving Loan (other than a voluntary prepayment of a Revolving Loan which interest shall be payable in accordance with clause (i) above)binding, to the extent accrued on the amount being prepaid; and (iii) at maturity, including on the Maturity Dateabsent demonstrable error.
Appears in 1 contract
Interest on Revolving Loans. (a) Except as otherwise set forth hereinSubject to Section 5.04, each Revolving Loan shall bear Holdings Borrower agrees to pay interest on the in respect of all unpaid principal amount thereof fromamounts of Term A Loans, the Sterling Borrower agrees to pay interest in respect of all unpaid principal amounts of the Sterling Revolving Loans and Sterling Swingline Loans, and includingthe Domestic Borrower agrees to pay interest in respect of all unpaid principal amounts of the Domestic Revolving Loans, Domestic Swingline Loans, and the Term B Loans from the date made tosuch principal amounts are advanced to maturity (whether by acceleration, and including, notice of prepayment or otherwise) at rates per annum equal to the date of repayment thereof rates indicated below as follows: applicable to outstanding Loans in accordance with the terms hereof:
(i) if For a Base Rate Loan, Loan -- the Base Rate in effect from time to time plus the Applicable Base Rate Margin then in effect;
(ii) For a LIBOR Loan -- LIBOR plus the Applicable LIBOR Margin then in effect; and
(iii) For a Overnight Sterling Rate Loan -- Overnight Sterling Rate plus the Applicable Margin; or (ii) if an Adjusted LIBO Rate Loan, the Adjusted LIBO Rate plus the Applicable MarginLIBOR Margin then in effect.
(b) The basis for determining Interest on the rate principal amount of all Loans shall accrue from (and including) the date such Loans are made to (but excluding) the date of any repayment thereof, provided that, if the principal amount of any Loan is repaid on the same day made, one day's interest with respect to any Revolving Loan, shall be paid on such principal. Interest on all outstanding Base Rate Loans and Overnight Sterling Rate Loans shall be payable monthly in arrears on the last day of each calendar month. Interest on all outstanding LIBOR Loans shall be payable on the last day of each Interest Period with respect to applicable thereto, and, in the case of any Adjusted LIBO Rate LoanLIBOR Loan having an Interest Period in excess of three months, on each day which occurs every three months after the initial date of such Interest Period. Interest on all Loans shall be selected by the Borrower pursuant to the applicable Funding Notice or Conversion/Continuation Notice, as the case may be. If payable on any day conversion of a Revolving Loan is outstanding with respect to which loan into a Funding Notice loan of another Type, prepayment (on the amount prepaid), at maturity (whether by acceleration notice of prepayment or Conversion/Continuation Notice has not been delivered to the Lender in accordance with the terms hereof specifying the applicable basis for determining the rate of interestotherwise) and, then for that day (i) if such Revolving Loan is an Adjusted LIBO Rate Loanafter maturity, such Revolving Loan shall become a Base Rate Loan and (ii) if such Revolving Loan is a Base Rate Loan, such Revolving Loan shall remain a Base Rate Loanon demand.
(c) In connection with Adjusted LIBO Rate LoansThe Administrative Agent, there upon determining LIBOR for the Loans for any Interest Period, shall be no more than six (6) Interest Periods outstanding at any time. In the event promptly notify the Borrower fails to specify an Interest Period for any Adjusted LIBO Rate Loan Representative and the other Lenders of such rate by telephone (confirmed in the applicable Funding Notice writing) or Conversion/Continuation Notice, the Borrower shall be deemed to have selected an Interest Period of one (1) monthin writing. As soon as practicable after 10:00 a.m. on each Interest Rate Determination Date and each Index Rate Determination Date, the Lender shall determine (which Any such determination shall, absent manifest error, be final, conclusive and binding upon the Borrower) the interest rate that shall apply to each LIBOR Loan for which an interest rate is then being determined (and for the applicable Interest Period in the case of Adjusted LIBO Rate Loans) and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to the Borrower.
(d) Interest payable pursuant to this Section 2.5 shall be computed on the basis of (i) for interest at the Base Rate (including Base Rate Loans determined by reference to the LIBO Index Rate), a year of three hundred sixty-five (365) or three hundred sixty-six (366) days, as the case may be, and (ii) for all other computations of fees and interest, a year of three hundred sixty (360) days, in each case for the actual number of days elapsed in the period during which it accruespurposes.
(e) If, as a result of any restatement of or other adjustment to the financial statements of the Borrower or for any other reason, the Borrower or the Lender determines that (i) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Lender promptly on demand by the Lender (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under Debtor Relief Laws, automatically and without further action by the Lender) an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This subsection (e) shall not limit the rights of the Lender under any other provision of this Agreement. The Borrower’s obligations under this paragraph shall survive the termination of the Commitments and the repayment of all other Obligations.
(f) Except as otherwise set forth herein, interest on each Revolving Loan shall accrue on a daily basis and shall be payable in arrears on and to (i) each Interest Payment Date applicable to that Revolving Loan; (ii) upon any prepayment of that Revolving Loan (other than a voluntary prepayment of a Revolving Loan which interest shall be payable in accordance with clause (i) above), to the extent accrued on the amount being prepaid; and (iii) at maturity, including on the Maturity Date.
Appears in 1 contract
Sources: Revolving Credit and Term Loan Agreement (Catalina Lighting Inc)
Interest on Revolving Loans. (a) Except as otherwise set forth hereinSubject to the provisions of subsection (b) below, (i) each Revolving LIBOR Rate Loan shall bear interest on the unpaid outstanding principal amount thereof from, for each Interest Period at a rate per annum equal to the LIBOR Rate for such Interest Period plus the Applicable Rate; and including, the date made to, and including, the date of repayment thereof as follows: (iii) if a each Base Rate Loan, Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Margin; or (ii) if an Adjusted LIBO Rate Loan, the Adjusted LIBO Rate plus the Applicable MarginRate.
(b) The basis for determining the rate of interest with respect to If any Revolving Loan, and the Interest Period with respect to any Adjusted LIBO Rate Loan, shall be selected amount payable by the Borrower pursuant under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal 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 Default Rate to the Lender fullest extent permitted by applicable Laws. Furthermore, while any Event of Default exists (or after acceleration), the Borrower shall pay interest on the principal amount of all outstanding Obligations at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.
(c) Interest on each LIBOR Rate Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest on each Base Rate Loan shall be due and payable in arrears on the first day of each calendar month and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof specifying before and after judgment, and before and after the applicable basis for determining the rate commencement of interest, then for that day (i) if such Revolving Loan is an Adjusted LIBO Rate Loan, such Revolving Loan shall become a Base Rate Loan and (ii) if such Revolving Loan is a Base Rate Loan, such Revolving Loan shall remain a Base Rate Loan.
(c) In connection with Adjusted LIBO Rate Loans, there shall be no more than six (6) Interest Periods outstanding at any time. In the event the Borrower fails to specify an Interest Period for proceeding under any Adjusted LIBO Rate Loan in the applicable Funding Notice or Conversion/Continuation Notice, the Borrower shall be deemed to have selected an Interest Period of one (1) month. As soon as practicable after 10:00 a.m. on each Interest Rate Determination Date and each Index Rate Determination Date, the Lender shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon the Borrower) the interest rate that shall apply to each LIBOR Loan for which an interest rate is then being determined (and for the applicable Interest Period in the case of Adjusted LIBO Rate Loans) and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to the BorrowerDebtor Relief Law.
(d) Interest payable pursuant Borrower shall not be required to this Section 2.5 shall be computed on the basis of (i) for interest at the Base Rate (including Base Rate Loans determined by reference to the LIBO Index Rate), a year of three hundred sixtypay any “Non-five (365) or three hundred sixty-six (366) days, as the case may be, and (ii) for all other computations of fees and interest, a year of three hundred sixty (360) days, in each case for the actual number of days elapsed Use Fee” shown in the period during which it accruesdefinition of Applicable Rate on any Borrowing of Revolving Loans.
(e) If, as a result of any restatement of or other adjustment to the financial statements of the Borrower or for any other reason, the Borrower or the Lender determines that (i) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Lender promptly on demand by the Lender (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under Debtor Relief Laws, automatically and without further action by the Lender) an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This subsection (e) shall not limit the rights of the Lender under any other provision of this Agreement. The Borrower’s obligations under this paragraph shall survive the termination of the Commitments and the repayment of all other Obligations.
(f) Except as otherwise set forth herein, interest on each Revolving Loan shall accrue on a daily basis and shall be payable in arrears on and to (i) each Interest Payment Date applicable to that Revolving Loan; (ii) upon any prepayment of that Revolving Loan (other than a voluntary prepayment of a Revolving Loan which interest shall be payable in accordance with clause (i) above), to the extent accrued on the amount being prepaid; and (iii) at maturity, including on the Maturity Date.
Appears in 1 contract
Interest on Revolving Loans. (ai) Except as otherwise set forth hereinprovided in clauses (ii), (iii), (iv) and (v) of this subsection (c), each Revolving Loan made to the Borrowers by the Lenders hereunder in U.S. Dollars shall bear interest on at a rate per annum equal to the unpaid principal amount thereof from, and including, the date made to, and including, the date of repayment thereof as follows: (i) if a Base Rate Loan, the Adjusted Base Rate plus the Applicable Margin; or Margin and each Multicurrency Loan shall bear interest at a rate per annum equal to the applicable Eurocurrency Rate and have an Interest Period of one month. The applicable Adjusted Base Rate and Eurocurrency Rate shall be determined by the Agent, and such determination shall be conclusive absent manifest error.
(ii) if an Adjusted LIBO The Borrowers may elect to convert any portion of the outstanding U.S. Dollar Eurocurrency Rate LoanBorrowings to Base Rate Borrowings or any portion of the outstanding U.S. Dollar Base Rate Borrowings to U.S. Dollar Eurocurrency Rate Borrowings in accordance with Section 2.2. The Borrowers may elect different options for continuations and conversions with respect to different portions of the affected Borrowing, in which case the Adjusted LIBO Loans comprising each such portion shall be considered a separate Borrowing. The Borrowers shall not be permitted to select any Interest Period for any Eurocurrency Rate Borrowing that ends after the Revolving Credit Maturity Date.
(iii) Each Loan in U.S. Dollars that is a Eurocurrency Rate Loan shall bear interest during the applicable Interest Period at a rate per annum equal to the LIBOR Rate plus the Applicable Margin.
(b) The basis for determining the rate of interest with respect to any Revolving Loan, and the Interest Period with respect to any Adjusted LIBO . Each Loan in Pounds Sterling that is a Eurocurrency Rate Loan, shall be selected by the Borrower 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 the Lender in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day (i) if such Revolving Loan is an Adjusted LIBO Rate Loan, such Revolving Loan shall become a Base Rate Loan and (ii) if such Revolving Loan is a Base Rate Loan, such Revolving Loan shall remain a Base Rate Loan.
(c) In connection with Adjusted LIBO Rate Loans, there shall be no more than six (6) Interest Periods outstanding at any time. In the event the Borrower fails to specify an Interest Period for any Adjusted LIBO Rate Loan in the applicable Funding Notice or Conversion/Continuation Notice, the Borrower shall be deemed to have selected an Interest Period of one (1) month. As soon as practicable after 10:00 a.m. on each Interest Rate Determination Date and each Index Rate Determination Date, the Lender shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon the Borrower) the bear interest rate that shall apply to each LIBOR Loan for which an interest rate is then being determined (and for during the applicable Interest Period in the case of Adjusted LIBO Rate Loans) and shall promptly give notice thereof (in writing or by telephone confirmed in writing) at a rate per annum equal to the BorrowerPounds Sterling LIBOR Rate plus the Applicable Margin. Each Loan in Euros that is a Eurocurrency Rate Loan shall bear interest during the applicable Interest Period at a rate per annum equal to the EURO LIBOR Rate plus the Applicable Margin. The applicable Eurocurrency Rate shall be determined by the Agent, and such determination shall be conclusive absent manifest error.
(div) Interest payable pursuant to this Section 2.5 All interest hereunder shall be computed on the basis of (i) for interest at the Base Rate (including Base Rate Loans determined by reference to the LIBO Index Rate), a year of three hundred sixty-five (365) or three hundred sixty-six (366) 360 days, as the case may be, and (ii) for all other computations of fees and interest, a year of three hundred sixty (360) days, in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day) and shall be payable in the period during respective currencies in which it accrues.
(e) If, as a result of any restatement of or other adjustment to the financial statements of the Borrower or for any other reason, the Borrower or the Lender determines that (i) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Lender promptly on demand by the Lender (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under Debtor Relief Laws, automatically and without further action by the Lender) an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such periodRevolving Loans are denominated. This subsection (e) shall not limit the rights of the Lender under any other provision of this Agreement. The Borrower’s obligations under this paragraph shall survive the termination of the Commitments and the repayment of all other Obligations.
(f) Except as otherwise set forth herein, Accrued interest on each Revolving (x) Base Rate Loan shall accrue on a daily basis and shall be payable in arrears on the first day of each month, and to (iy) each Interest Payment Date applicable to that Revolving Loan; (ii) upon any prepayment of that Revolving Eurocurrency Rate Loan (other than a voluntary prepayment of a Revolving Loan which interest shall be payable in accordance with clause arrears on the last day of each Interest Period and, if any Interest Period is longer than three months, on the date three months after the first day of such Interest Period; provided that interest accrued at the Post-Default Rate shall be payable on demand, and all accrued interest on Revolving Loans shall be payable on demand on and after the expiration of the Revolving Credit Availability Period.
(v) Notwithstanding the provisions of clauses (i), (ii), (iii) and (iv) of this subsection (c), (A) all Revolving Loans which are not paid when due shall automatically bear interest until paid in full at the Post-Default Rate, (B) during the period when any Event of Default of the type described in clauses (g), (h) or (i) aboveof 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, and (C) 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 extent accrued Borrowers 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 amount being prepaid; date such Event of Default first occurred, and (iii) at maturity, including ending on the Maturity Datedate such Event of Default is cured or waived.
Appears in 1 contract
Sources: Credit and Security Agreement (Gerber Scientific Inc)
Interest on Revolving Loans. (a) Except Interest on the unpaid principal amount of Revolving Loans which are Prime Rate Loans shall be payable monthly in arrears, on the first Business Day of each month, at an interest rate per annum equal to the Prime Lending Rate PLUS one-half of one percent (0.5%) calculated on the unpaid principal amount of Revolving Loans at the close of business each day during the immediately preceding month. The rate hereunder shall change each day the Prime Lending Rate changes.
(b) Interest on the unpaid principal amount of Revolving Loans which are LIBOR Rate Loans shall be payable on the earliest to occur of (i) the last day of each Interest Period with respect to such LIBOR Rate Loans, (ii) ninety (90) days following the commencement of the applicable Interest Period for such LIBOR Rate Loans, (iii) the date of conversion of such LIBOR Rate Loans (or a portion thereof) to a Prime Rate Loan (on the portion so converted) and (iv) the maturity of such LIBOR Rate Loans, at an interest rate per annum equal during the Interest Period for such LIBOR Rate Loans to the LIBOR Rate for the Interest Period in effect for such LIBOR Rate Loans PLUS one and three-quarters percent (1.75%). After maturity of such LIBOR Rate Loans (whether by acceleration or otherwise), interest shall be payable upon demand. The Agent upon determining the LIBOR Rate for any Interest Period shall promptly notify the Funds Administrator and the Lenders by telephone (confirmed promptly in writing) or in writing thereof. Each determination by the Agent of an interest rate hereunder shall be conclusive and binding for all purposes, absent demonstrable error.
(c) Notwithstanding the provisions of SECTION 4.1(b), the Borrowers shall pay to each Lender, so long as otherwise set forth hereinand to the extent such Lender shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency Liabilities, each Revolving Loan shall bear additional interest on the unpaid principal amount thereof fromof each Revolving Loan comprised of LIBOR Rate Loans of such Lender, and including, the date made to, and including, from the date of repayment thereof as follows: such LIBOR Rate Loan until such principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) if a Base the LIBOR Rate Loan, the Base Rate plus the Applicable Margin; or (ii) if an Adjusted LIBO Rate Loan, the Adjusted LIBO Rate plus the Applicable Margin.
(b) The basis for determining the rate of interest with respect to any Revolving Loan, and the Interest Period with respect to any Adjusted LIBO Rate Loan, shall be selected by the Borrower 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 the Lender in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day (i) if such Revolving Loan is an Adjusted LIBO Rate Loan, such Revolving Loan shall become a Base Rate Loan and (ii) if such Revolving Loan is a Base Rate Loan, such Revolving Loan shall remain a Base Rate Loan.
(c) In connection with Adjusted LIBO Rate Loans, there shall be no more than six (6) Interest Periods outstanding at any time. In the event the Borrower fails to specify an Interest Period for any Adjusted LIBO Rate Loan in the applicable Funding Notice or Conversion/Continuation Notice, the Borrower shall be deemed to have selected an Interest Period of one (1) month. As soon as practicable after 10:00 a.m. on each Interest Rate Determination Date and each Index Rate Determination Date, the Lender shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon the Borrower) the interest rate that shall apply to each LIBOR Loan for which an interest rate is then being determined (and for the applicable Interest Period for such LIBOR Rate Loan from (ii) the rate obtained by dividing such LIBOR Rate by a percentage equal to 1 MINUS the stated maximum rate (stated as a decimal) applicable two (2) Business Days before the first day of such Interest Period of all reserves, if any, required to be maintained against "EUROCURRENCY LIABILITIES" as specified in the case Regulation D (or against any other category of Adjusted LIBO Rate Loans) and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to the Borrower.
(d) Interest payable pursuant to this Section 2.5 shall be computed on the basis of (i) for interest at the Base Rate (including Base Rate Loans determined liabilities 39 which includes deposits by reference to which the LIBO Index Rate), interest rate on LIBOR Rate Loans is determined or any category of extensions of credit or other assets which includes loans by a year of three hundred sixtynon-five (365) or three hundred sixty-six (366) days, as the case may be, and (ii) for all other computations of fees and interest, a year of three hundred sixty (360) days, in each case for the actual number of days elapsed in the period during which it accrues.
(e) If, as a result United States office of any restatement of or other adjustment Lender to the financial statements of the Borrower or for any other reason, the Borrower or the Lender determines that (iUnited States residents) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) having a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Lender promptly on demand by the Lender (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under Debtor Relief Laws, automatically and without further action by the Lender) an amount term equal to the excess of Interest Period applicable to such LIBOR Rate Loan. Such Lender shall as soon as practicable provide notice to the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This subsection (e) shall not limit the rights of the Lender under any other provision of this Agreement. The Borrower’s obligations under this paragraph shall survive the termination of the Commitments Agent and the repayment Funds Administrator of all other Obligations.
(f) Except as otherwise set forth hereinany such additional interest arising in connection with such LIBOR Rate Loan, interest on each Revolving Loan shall accrue on a daily basis and which notice shall be payable in arrears on conclusive and to (i) each Interest Payment Date applicable to that Revolving Loan; (ii) upon any prepayment of that Revolving Loan (other than a voluntary prepayment of a Revolving Loan which interest shall be payable in accordance with clause (i) above)binding, to the extent accrued on the amount being prepaid; and (iii) at maturity, including on the Maturity Dateabsent demonstrable error.
Appears in 1 contract
Interest on Revolving Loans. (aA) Except Interest on the unpaid principal amount of Revolving Loans which are Prime Rate Loans shall be payable monthly in arrears, on the first Business Day of each month, at an interest rate per annum equal to the Prime Lending Rate PLUS one-half of one percent (0.5%) calculated on the net balances owing to the Agent and the Lenders at the close of business each day during such month. The rate hereunder shall change each day the Prime Lending Rate changes.
(B) Interest on the unpaid principal amount of Revolving Loans which are LIBOR Rate Loans shall be payable on the earliest to occur of (I) the last day of each Interest Period with respect to such LIBOR Rate Loans, (II) ninety (90) days following the commencement of such LIBOR Rate Loans, (III) the date of conversion of such LIBOR Rate Loans (or a portion thereof) to a Prime Rate Loan and (IV) the maturity of such LIBOR Rate Loans, at an interest rate per annum equal during the Interest Period for such LIBOR Rate Loans to the LIBOR Rate for the Interest Period in effect for such LIBOR Rate Loans PLUS two percent (2.00%). After maturity of such LIBOR Rate Loans (whether by acceleration or otherwise), interest shall be payable upon demand. The Agent upon determining the LIBOR Rate for any Interest Period shall promptly notify the Isaa▇ ▇▇▇ds Administrator and the Lenders by telephone (confirmed promptly in writing) or in writing thereof. Each determination by the Agent of an interest rate hereunder shall be conclusive and binding for all purposes, absent demonstrable error.
(C) Notwithstanding the provisions of SECTION 4.1(B), the Borrowers shall pay to each Lender, so long as otherwise set forth hereinand to the extent such Lender shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency Liabilities, each Revolving Loan shall bear additional interest on the unpaid principal amount thereof fromof each Revolving Loan comprised of LIBOR Rate Loans of such Lender, and including, the date made to, and including, from the date of repayment thereof as follows: (i) if a Base Rate Loan, the Base Rate plus the Applicable Margin; or (ii) if an Adjusted LIBO Rate Loan, the Adjusted LIBO Rate plus the Applicable Margin.
(b) The basis for determining the rate of interest with respect to any Revolving Loan, and the Interest Period with respect to any Adjusted LIBO Rate Loan, shall be selected by the Borrower 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 the Lender in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day (i) if such Revolving Loan is an Adjusted LIBO Rate Loan, such Revolving Loan shall become a Base LIBOR Rate Loan and (ii) if until such Revolving Loan principal amount is a Base Rate Loanpaid in full, such Revolving Loan shall remain a Base Rate Loan.
(c) In connection with Adjusted LIBO Rate Loans, there shall be no more than six (6) Interest Periods outstanding at any time. In the event the Borrower fails to specify an Interest Period for any Adjusted LIBO Rate Loan in the applicable Funding Notice or Conversion/Continuation Notice, the Borrower shall be deemed to have selected an Interest Period of one (1) month. As soon as practicable after 10:00 a.m. on each Interest Rate Determination Date and each Index Rate Determination Date, the Lender shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon the Borrower) the interest rate that shall apply to each LIBOR Loan for which an interest rate is then being determined per annum equal at all times to the remainder obtained by subtracting (and I) the LIBOR Rate for the applicable Interest Period for such LIBOR Rate Loan from (II) the rate obtained by dividing such LIBOR Rate by a percentage equal to 1 MINUS the stated maximum rate (stated as a decimal) applicable two (2) Business Days before the first day of such Interest Period of all reserves, if any, required to be maintained against "EUROCURRENCY LIABILITIES" as specified in the case Regulation D (or against any other category of Adjusted LIBO Rate Loans) and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to the Borrower.
(d) Interest payable pursuant to this Section 2.5 shall be computed on the basis of (i) for interest at the Base Rate (including Base Rate Loans determined liabilities which includes deposits by reference to which the LIBO Index Rate), interest rate on LIBOR Rate Loans is determined or any category of extensions of credit or other assets which includes loans by a year of three hundred sixtynon-five (365) or three hundred sixty-six (366) days, as the case may be, and (ii) for all other computations of fees and interest, a year of three hundred sixty (360) days, in each case for the actual number of days elapsed in the period during which it accrues.
(e) If, as a result United States office of any restatement of or other adjustment Lender to the financial statements of the Borrower or for any other reason, the Borrower or the Lender determines that (iUnited States residents) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) having a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Lender promptly on demand by the Lender (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under Debtor Relief Laws, automatically and without further action by the Lender) an amount term equal to the excess of Interest Period applicable to such LIBOR Rate Loan. Such Lender shall as soon as practicable provide notice to the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This subsection (e) shall not limit the rights of the Lender under any other provision of this Agreement. The Borrower’s obligations under this paragraph shall survive the termination of the Commitments Agent and the repayment Isaa▇ ▇▇▇ds Administrator of all other Obligations.
(f) Except as otherwise set forth hereinany such additional interest arising in connection with such LIBOR Rate Loan, interest on each Revolving Loan shall accrue on a daily basis and which notice shall be payable in arrears on conclusive and to (i) each Interest Payment Date applicable to that Revolving Loan; (ii) upon any prepayment of that Revolving Loan (other than a voluntary prepayment of a Revolving Loan which interest shall be payable in accordance with clause (i) above)binding, to the extent accrued on the amount being prepaid; and (iii) at maturity, including on the Maturity Dateabsent demonstrable error.
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Interest on Revolving Loans. (a) Except Interest on the unpaid principal amount of Revolving Loans which are Base Rate Loans shall be payable monthly in arrears on the first Business Day of each month, at an interest rate per annum equal to the Base Rate in effect from time to time plus the Applicable Margin, in effect from time to time, for such Loans.
(b) Interest on the unpaid principal amount of Revolving Loans which are LIBOR Rate Loans shall be payable on the earliest to occur of (i) the last day of each Interest Period with respect to such LIBOR Rate Loans, (ii) the three-month anniversary of the first day of the applicable Interest Period for such LIBOR Rate Loans, (iii) the date of conversion of such LIBOR Rate Loans (or a portion thereof) to a Base Rate Loan (on the portion so converted) and (iv) the maturity of such LIBOR Rate Loans, at an interest rate per annum equal during the Interest Period for such LIBOR Rate Loans to the LIBOR Rate for the Interest Period in effect for such LIBOR Rate Loans plus the Applicable Margin, in effect from time to time, with respect to such Loans. After maturity of such LIBOR Rate Loans (whether by acceleration or otherwise), interest shall be immediately due and payable. The Agent upon determining the LIBOR Rate for any Interest Period shall promptly notify the Funds Administrator and the Lenders by telephone (confirmed promptly in writing) or in writing thereof.
(c) Each determination by the Agent of an interest rate hereunder shall be conclusive and binding for all purposes, absent demonstrable error.
(d) Notwithstanding the provisions of Section 4.1(b), the Borrowers shall pay to each Lender, so long as otherwise set forth hereinand to the extent such Lender shall be required under regulations of the Federal Reserve Board to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency liabilities (as defined in Regulation D), each Revolving Loan shall bear additional interest on the unpaid principal amount thereof fromof each Revolving Loan comprised of LIBOR Rate Loans of such Lender, and including, the date made to, and including, from the date of repayment thereof as follows: such LIBOR Rate Loan until such principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) if a Base the LIBOR Rate Loan, the Base Rate plus the Applicable Margin; or (ii) if an Adjusted LIBO Rate Loan, the Adjusted LIBO Rate plus the Applicable Margin.
(b) The basis for determining the rate of interest with respect to any Revolving Loan, and the Interest Period with respect to any Adjusted LIBO Rate Loan, shall be selected by the Borrower 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 the Lender in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day (i) if such Revolving Loan is an Adjusted LIBO Rate Loan, such Revolving Loan shall become a Base Rate Loan and (ii) if such Revolving Loan is a Base Rate Loan, such Revolving Loan shall remain a Base Rate Loan.
(c) In connection with Adjusted LIBO Rate Loans, there shall be no more than six (6) Interest Periods outstanding at any time. In the event the Borrower fails to specify an Interest Period for any Adjusted LIBO Rate Loan in the applicable Funding Notice or Conversion/Continuation Notice, the Borrower shall be deemed to have selected an Interest Period of one (1) month. As soon as practicable after 10:00 a.m. on each Interest Rate Determination Date and each Index Rate Determination Date, the Lender shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon the Borrower) the interest rate that shall apply to each LIBOR Loan for which an interest rate is then being determined (and for the applicable Interest Period for such LIBOR Rate Loan from (ii) the rate obtained by dividing such LIBOR Rate by a percentage equal to 1 minus the stated maximum rate (stated as a decimal) applicable two (2) Business Days before the first day of such Interest Period of all reserves, if any, required to be maintained against Eurocurrency liabilities as specified in the case Regulation D (or against any other category of Adjusted LIBO Rate Loans) and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to the Borrower.
(d) Interest payable pursuant to this Section 2.5 shall be computed on the basis of (i) for interest at the Base Rate (including Base Rate Loans determined liabilities which includes deposits by reference to which the LIBO Index Rate), interest rate on LIBOR Rate Loans is determined or any category of extensions of credit or other assets which includes loans by a year of three hundred sixtynon-five (365) or three hundred sixty-six (366) days, as the case may be, and (ii) for all other computations of fees and interest, a year of three hundred sixty (360) days, in each case for the actual number of days elapsed in the period during which it accrues.
(e) If, as a result United States office of any restatement of or other adjustment Lender to the financial statements of the Borrower or for any other reason, the Borrower or the Lender determines that (iUnited States residents) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) having a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Lender promptly on demand by the Lender (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under Debtor Relief Laws, automatically and without further action by the Lender) an amount term equal to the excess of Interest Period applicable to such LIBOR Rate Loan. Such Lender shall as soon as practicable provide notice to the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This subsection (e) shall not limit the rights of the Lender under any other provision of this Agreement. The Borrower’s obligations under this paragraph shall survive the termination of the Commitments Agent and the repayment Funds Administrator of all other Obligations.
(f) Except as otherwise set forth hereinany such additional interest arising in connection with such LIBOR Rate Loan, interest on each Revolving Loan shall accrue on a daily basis and which notice shall be payable in arrears on conclusive and to (i) each Interest Payment Date applicable to that Revolving Loan; (ii) upon any prepayment of that Revolving Loan (other than a voluntary prepayment of a Revolving Loan which interest shall be payable in accordance with clause (i) above)binding, to the extent accrued on the amount being prepaid; and (iii) at maturity, including on the Maturity Dateabsent demonstrable error.
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Interest on Revolving Loans. (a) Except as otherwise set forth herein, each Revolving Loan shall bear interest on the unpaid principal amount thereof from, and including, from the date made to, and including, the date of through repayment (whether by acceleration or otherwise) thereof as follows: (i) if a Base Rate Loan, at the Base Rate plus the Applicable Margin; or (ii) if an Adjusted LIBO a Eurodollar Rate Loan, at the Adjusted LIBO Eurodollar Rate plus the Applicable Margin.
(b) The basis for determining the rate of interest with respect to any Revolving Loan, and the Interest Period with respect to any Adjusted LIBO Eurodollar Rate Loan, shall be selected by the Borrower Borrowers and notified to Administrative Agent pursuant to the applicable Funding Borrowing Notice And Certificate or Conversion/Continuation Notice, as the case may be. If on any day a Revolving Loan is outstanding with respect to which a Funding Borrowing Notice And Certificate or Conversion/Continuation Notice has not been delivered to the Lender Administrative Agent in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day (i) if such Revolving Loan is an Adjusted LIBO Rate Loan, such Revolving Loan shall become a Base Rate Loan and (ii) if such Revolving Loan is a Base Rate Loan, such Revolving Loan shall remain be a Base Rate Loan.
(c) In connection with Adjusted LIBO Eurodollar Rate Loans, Loans there shall be no more than six eight (6) 8) 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 Borrower fails applicable Borrowing Notice And Certificate 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 Adjusted LIBO Eurodollar Rate Loan in the applicable Funding Borrowing Notice And Certificate or Conversion/Continuation Notice, the Borrower Borrowers shall be deemed to have selected an Interest Period of one (1) month. As soon as practicable after 10:00 a.m. on each Interest Rate Determination Date Administrative Agent shall promptly notify Borrowers and each Index Rate Determination Date, the Lender shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon the Borrower) Lenders of the interest rate that shall apply applicable to each LIBOR Loan for which an interest rate is then being determined (and for the applicable any Interest Period for Eurodollar Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, Administrative Agent shall notify Borrowers and the Lenders of any change in Administrative Agent’s prime rate used in determining the case Base Rate promptly following the public announcement of Adjusted LIBO Rate Loans) and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to the Borrowersuch change.
(d) Interest payable pursuant to this Section 2.5 2.6(a) shall be computed (i) in the case of Base Rate Loans bearing interest at a rate determined by reference to a Base Rate calculated pursuant to clause (a) of the definition of Base Rate, on the basis of (i) for interest at the Base Rate (including Base Rate Loans determined by reference to the LIBO Index Rate), a year of three hundred sixty365- day or 366-five (365) or three hundred sixty-six (366) daysday year, as the case may be, and (ii) for in the case of all other computations Base Rate Loans and Eurodollar Rate Loans, on the basis of fees and interest, a year of three hundred sixty (360) days-day year, in each case for the actual number of days elapsed in the period during which it accrues. In computing interest on any Revolving Loan, the date of the making of such Revolving Loan or the first day of an Interest Period applicable to such Revolving Loan or, with respect to a 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 included, and the date of payment of such Revolving Loan or the expiration date of an Interest Period applicable to such Revolving Loan or, with respect to a Base Rate Loan being converted to a Eurodollar Rate Loan, the date of conversion of such Base Rate Loan to such Eurodollar Rate Loan, as the case may be, shall be excluded; provided, if a Revolving Loan is repaid on the same day on which it is made, one (1) day’s interest shall be paid on that Revolving Loan.
(e) If, as a result of any restatement of or other adjustment to the financial statements of the Borrower or for any other reason, the Borrower or the Lender determines that (i) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Lender promptly on demand by the Lender (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under Debtor Relief Laws, automatically and without further action by the Lender) an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This subsection (e) shall not limit the rights of the Lender under any other provision of this Agreement. The Borrower’s obligations under this paragraph shall survive the termination of the Commitments and the repayment of all other Obligations.
(f) 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 and to (i) each Interest Payment Date applicable with respect to that Revolving Loaninterest 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 (other than a Loan, whether voluntary prepayment of a Revolving Loan which interest shall be payable in accordance with clause (i) above)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 maturitymaturity of the Revolving Loans, including final maturity of the Revolving Loans.
(f) US Borrower agrees to pay to each Issuing Bank, with respect to drawings honored under any Letter of Credit issued by such Issuing Bank, interest on the Maturity Dateamount paid by such Issuing Bank in respect of each such honored drawing, at a rate equal to (i) for the period from the Honor Date to but excluding the Reimbursement Date (or such later date such amount is reimbursed on behalf of US Borrower), the rate of interest otherwise payable hereunder with respect to Revolving Loans that are Base Rate Loans, and (ii) thereafter, the Default Rate. For the period of time between the Honor Date and the Reimbursement Date (or such later date such amount is reimbursed on behalf of US Borrower), the interest accruing on such amounts will be for the account of the applicable Issuing Bank until reimbursed for all amounts other than the Issuing Bank’s Pro Rata Share thereof.
(g) Interest payable pursuant to Sections 2.6(f) shall be computed on the basis of a 365/366-day year for the actual number of days elapsed in the period during which it accrues, and shall be payable on demand or, if no demand is made, on the date on which the related drawing under a Letter of Credit is reimbursed in full. Promptly upon receipt by an Issuing Bank of any payment of interest pursuant to Section 2.6(f), such Issuing Bank shall distribute to each Revolving Lender, out of the interest received by such Issuing Bank in respect of the period from the date such drawing is honored to but excluding the date on which such 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 Revolving Lender would have been entitled to receive in respect of the Letter of Credit Fees 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.
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Sources: Credit and Guaranty Agreement (Pattern Energy Group Inc.)