Common use of Interest on Revolving Loans Clause in Contracts

Interest on Revolving Loans. (a) 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 one-half percent (1-1/2%) 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 three and one-quarter percent (3-1/4%). 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 Borrowers and the Lenders by telephone (confirmed promptly in writing) or in writing

Appears in 1 contract

Samples: Credit Agreement (Imagyn Medical Technologies Inc)

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Interest on Revolving Loans. (a) Interest on the unpaid principal amount of Revolving Loans which are Prime Base Rate Loans shall be payable monthly in arrears, arrears on the first Business Day of each month, at an interest rate per annum equal to the Prime Lending Base Rate PLUS one and one-half percent (1-1/2%) calculated on in effect from time to time plus the net balances owing Applicable Margin, in effect from time to the Agent and the Lenders at the close of business each day during time, for such month. The rate hereunder shall change each day the Prime Lending Rate changesLoans. (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 (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 (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 Base Rate Loan (on the portion so converted) and at (iv) the maturity of such LIBOR Rate Loans 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 three and one-quarter percent (3-1/4%)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 Borrowers Funds Administrator and the Lenders by telephone (confirmed promptly in writing) or in writingwriting 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 and 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), additional interest on the unpaid principal amount of each Revolving Loan comprised of LIBOR Rate Loans of such Lender, from the date of 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) 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 Regulation D (or against any other category of liabilities which includes deposits by reference to which the interest rate on LIBOR Rate Loans is determined or any category of extensions of credit or other assets which includes loans by a non-United States office of any Lender to United States residents) having a term equal to the Interest Period applicable to such

Appears in 1 contract

Samples: Credit Agreement (Metal Management Inc)

Interest on Revolving Loans. (a) Interest on the unpaid principal amount of the Revolving Loans which are Prime Rate Loans shall be payable monthly in arrears, arrears on the first Business Day of each month, at an interest rate per annum equal to the Prime Lending Rate PLUS one and one-half percent (1-1/2%) 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 changesRate. (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 (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 (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 at (iv) the maturity of such LIBOR Rate Loans 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 three and one-quarter percent (3-1/4%)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 Borrowers Funds Administrator and the Lenders by telephone (confirmed promptly in writing) or in writingwriting 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 and 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), additional interest on the unpaid principal amount of each Revolving Loan comprised of LIBOR Rate Loans of such Lender, from the date of 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) 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 Regulation D (or against any other category of liabilities which includes deposits by reference to which the interest rate on LIBOR Rate Loans is determined or any category of extensions of credit or other assets which includes loans by a non-United States office of any Lender to United States residents) having a term equal to the Interest Period applicable to such LIBOR Rate Loan. Such Lender shall as soon as practicable provide notice to the Agent and the Funds Administrator of any such additional interest arising in connection with such LIBOR Rate Loan, which notice shall be conclusive and binding, absent demonstrable error.

Appears in 1 contract

Samples: Credit Agreement (Metal Management Inc)

Interest on Revolving Loans. (a) 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 one-half percent (1-1/21.0%) 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 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 (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 (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 at (iv) the maturity of such LIBOR Rate Loans 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 three two and one-quarter percent (3-1/42.25%). 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 Borrowers Hawk Funds Administrator and the Lenders by telephone (confirmed promptly in writing) or in writingwriting 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 and 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, additional interest on the unpaid principal amount of each Revolving Loan comprised of LIBOR Rate Loans of such Lender, from the date of 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) 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 Regulation D (or against any other category of liabilities which includes deposits by reference to which the interest rate on LIBOR Rate Loans is determined or any category of extensions of credit or other assets which includes loans by a non-United States office of any Lender to United States residents) having a term equal to the Interest Period applicable to such LIBOR Rate Loan. Such Lender shall as soon as practicable provide notice to the Agent and the Hawk Funds Administrator of any such additional interest arising in connection with such LIBOR Rate Loan, which notice shall be conclusive and binding, absent demonstrable error.

Appears in 1 contract

Samples: Credit Agreement (Hutchinson Products Corp)

Interest on Revolving Loans. (a) 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 plus one and one-half percent (1-1/21.0%) 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 (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 three plus two and onethree-quarter quarters percent (3-1/42.75%). 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 Borrowers Borrower and the Lenders by telephone (confirmed promptly in writing) or in writingwriting 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 and 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, additional interest on the unpaid principal amount of each Revolving Loan comprised of LIBOR Rate Loans of such Lender, from the date of 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 (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 interest rate on LIBOR Rate Loans is determined or any category of extensions of credit or other assets which includes loans by a non-United States office of any Lender to United States residents) having a term equal to the Interest 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.

Appears in 1 contract

Samples: Credit Agreement (Venture Stores Inc)

Interest on Revolving Loans. (a) Interest 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 Revolving Loans which are Prime repayment thereof as follows: (i) if a Base Rate Loans shall be payable monthly in arrearsLoan, on the first Business Day of each monthBase Rate plus the Applicable Margin; or (ii) if an Adjusted LIBO Rate Loan, at an interest rate per annum equal to the Prime Lending Adjusted LIBO Rate PLUS one and one-half percent (1-1/2%) calculated on plus 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 changesApplicable Margin. (b) The basis for determining the rate of interest with respect to any Revolving Loan, and the Interest on Revolving Loans which are LIBOR Period with respect to any Adjusted LIBO Rate Loans Loan, shall be payable 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 last 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 (provided, that in the case of any LIBOR Adjusted LIBO Rate Loan having an Loans) and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to the Borrower. (d) Interest Period 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 (6366) monthsdays, 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 ninetieth day occurring in such Interest Period amount being prepaid; and (iii) at maturity, including 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 three and one-quarter percent (3-1/4%). 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 Borrowers and the Lenders by telephone (confirmed promptly in writing) or in writingMaturity Date.

Appears in 1 contract

Samples: Credit Agreement (Citizens, Inc.)

Interest on Revolving Loans. (a) Subject to Section 5.04, Holdings Borrower agrees to pay interest in respect of all unpaid principal amounts 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 the 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 such principal amounts are advanced to maturity (whether by acceleration, notice of prepayment or otherwise) at rates per annum equal to the rates indicated below as applicable to outstanding Loans in accordance with the terms hereof: (i) For a Base Rate 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 LIBOR Margin then in effect. (b) Interest on the unpaid principal amount of Revolving all Loans which shall accrue from (and including) the date such Loans are Prime 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 shall be paid on such principal. Interest on all outstanding Base Rate Loans and Overnight Sterling Rate Loans shall be payable monthly in arrears, arrears on the first Business Day last day of each month, at an interest rate per annum equal to the Prime Lending Rate PLUS one and one-half percent (1-1/2%) calculated on the net balances owing to the Agent and the Lenders at the close of business each day during such calendar month. The rate hereunder shall change each day the Prime Lending Rate changes. (b) Interest on Revolving Loans which are all outstanding LIBOR Rate Loans shall be payable on the last day of each Interest Period (providedapplicable thereto, that and, in the case of any LIBOR Rate Loan having an Interest Period in excess of six (6) three months, on each day which occurs every three months after the initial date of such interest Interest Period. Interest on all Loans shall be payable on the ninetieth day occurring in such Interest Period and any conversion of a loan into a loan of another Type, prepayment (on the last day of such Interest Period) with respect to such LIBOR Rate Loansamount prepaid), 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 three and one-quarter percent (3-1/4%). After maturity of such LIBOR Rate Loans (whether by acceleration notice of prepayment or otherwise)) and, interest shall be payable upon after maturity, on demand. . (c) The Agent Administrative Agent, upon determining LIBOR for the LIBOR Rate Loans for any Interest Period Period, shall promptly notify the Borrowers Borrower Representative and the other Lenders of such rate by telephone (confirmed promptly in writing) or in writing. Any such determination shall, absent manifest error, be final, conclusive and binding for all purposes.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Catalina Lighting Inc)

Interest on Revolving Loans. (a) 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 one-half of one percent (1-1/20.5%) calculated on the net balances owing to the Agent and the Lenders unpaid principal amount of Revolving Loans at the close of business each day during such 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 (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 (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 at (iv) the maturity of such LIBOR Rate Loans 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 three one and onethree-quarter quarters percent (3-1/41.75%). 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 Borrowers Funds Administrator and the Lenders by telephone (confirmed promptly in writing) or in writingwriting 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 and 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, additional interest on the unpaid principal amount of each Revolving Loan comprised of LIBOR Rate Loans of such Lender, from the date of 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) 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 Regulation D (or against any other category of liabilities 39 which includes deposits by reference to which the interest rate on LIBOR Rate Loans is determined or any category of extensions of credit or other assets which includes loans by a non-United States office of any Lender to United States residents) having a term equal to the Interest Period applicable to such LIBOR Rate Loan. Such Lender shall as soon as practicable provide notice to the Agent and the Funds Administrator of any such additional interest arising in connection with such LIBOR Rate Loan, which notice shall be conclusive and binding, absent demonstrable error.

Appears in 1 contract

Samples: Credit Agreement (Metal Management Inc)

Interest on Revolving Loans. (a) Interest Except as otherwise set forth herein, each Revolving Loan shall bear interest on the unpaid principal amount of Revolving Loans which are Prime thereof from the date made through repayment (whether by acceleration or otherwise) thereof as follows: (i) if a Base Rate Loans shall be payable monthly in arrears, on the first Business Day of each monthLoan, at an interest rate per annum equal to the Prime Lending Base Rate PLUS one and one-half percent plus the Applicable Margin; or (1-1/2%ii) calculated on the net balances owing to the Agent and the Lenders if a Eurodollar Rate Loan, at the close of business each day during such month. The rate hereunder shall change each day Eurodollar Rate plus the Prime Lending Rate changesApplicable Margin. (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 pursuant to the applicable Borrowing Notice And Certificate or Conversion/Continuation Notice, as the case may be. If on any day a Revolving Loans Loan is outstanding with respect to which are LIBOR a Borrowing Notice And Certificate or 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 payable no more than eight (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 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 each the then-current Interest Period for such Revolving Loan (providedor 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 Borrowing Notice And Certificate or Conversion/Continuation Notice, Borrowers shall be deemed to have selected an Interest Period of one (1) month. Administrative Agent shall promptly notify Borrowers and the Lenders of the interest rate applicable to 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 Base Rate promptly following the public announcement of such change. (d) Interest payable pursuant to Section 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 a 365- day or 366-day year, as the case may be, and (ii) in the case of all other Base Rate Loans and Eurodollar Rate Loans, on the basis of a 360-day year, in each case for the actual number of days elapsed in the period during which it accrues. In computing interest on any LIBOR Rate Revolving Loan, the date of the making of such Revolving Loan having or the first day of an Interest Period of six (6) monthsapplicable to such Revolving Loan or, 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 a Base Rate LoansLoan being converted from a Eurodollar Rate Loan, at the date of conversion of such LIBOR Eurodollar Rate Loans (Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such Revolving Loan or a portion thereof) the expiration date of an Interest Period applicable to such Revolving Loan or, with respect to a Prime 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) 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. (f) US Borrower agrees to pay to each Issuing Bank, with respect to drawings honored under any Letter of Credit issued by such LIBOR Rate Loans Issuing Bank, interest on the amount paid by such Issuing Bank in respect of each such honored drawing, at an interest a rate per annum equal during the Interest Period for such LIBOR Rate Loans to the LIBOR Rate (i) for the Interest Period in effect for period from the Honor Date to but excluding the Reimbursement Date (or such LIBOR Rate Loans PLUS three and one-quarter percent (3-1/4%). After maturity later date such amount is reimbursed on behalf of such LIBOR Rate Loans (whether by acceleration or otherwiseUS 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 demand. The Agent upon determining 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 LIBOR Rate 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 Interest Period shall promptly notify such reimbursement out of the Borrowers and proceeds of any Revolving Loans), the Lenders by telephone (confirmed promptly amount that such Revolving Lender would have been entitled to receive in writing) or respect of the Letter of Credit Fees that would have been payable in writingrespect of such Letter of Credit for such period if no drawing had been honored under such Letter of Credit.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Pattern Energy Group Inc.)

Interest on Revolving Loans. (a) Interest on the unpaid principal amount of Revolving Loans which are Prime Base Rate Loans shall be payable monthly in arrears, arrears on the first Business Day of each month, at an interest rate per annum equal to the Prime Lending Base Rate PLUS one and one-half percent (1-1/2%) calculated on in effect from time to time plus the net balances owing Applicable Margin, in effect from time to the Agent and the Lenders at the close of business each day during time, for such month. The rate hereunder shall change each day the Prime Lending Rate changesLoans. (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 (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 (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 Prime Base Rate Loan (on the portion so converted) and at (iv) the maturity of such LIBOR Rate Loans 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 three and one-quarter percent (3-1/4%)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 demandimmediately due and payable. The Agent upon determining the LIBOR Rate for any Interest Period shall promptly notify the Borrowers Funds Administrator and the Lenders by telephone (confirmed promptly in writing) or in writingwriting 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 and 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), additional interest on the unpaid principal amount of each Revolving Loan comprised of LIBOR Rate Loans of such Lender, from the date of 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) 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 Regulation D (or against any other category of liabilities which includes deposits by reference to which the interest rate on LIBOR Rate Loans is determined or any category of extensions of credit or other assets which includes loans by a non-United States office of any Lender to United States residents) having a term equal to the Interest Period applicable to such LIBOR Rate Loan. Such Lender shall as soon as practicable provide notice to the Agent and the Funds Administrator of any such additional interest arising in connection with such LIBOR Rate Loan, which notice shall be conclusive and binding, absent demonstrable error.

Appears in 1 contract

Samples: Credit Agreement (Metal Management Inc)

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Interest on Revolving Loans. (ai) Interest on Except as otherwise provided in clauses (ii), (iii), (iv) and (v) of this subsection (c), each Revolving Loan made to the unpaid principal amount of Revolving Loans which are Prime Rate Loans Borrowers by the Lenders hereunder in U.S. Dollars shall be payable monthly in arrears, on the first Business Day of each month, bear interest at an interest a rate per annum equal to the Prime Lending Adjusted Base Rate PLUS one plus the Applicable Margin and one-half percent (1-1/2%) calculated on the net balances owing each Multicurrency Loan shall bear interest at a rate per annum equal to the Agent applicable Eurocurrency Rate and the Lenders at the close have an Interest Period of business each day during such one month. The rate hereunder applicable Adjusted Base Rate and Eurocurrency Rate shall change each day be determined by the Prime Lending Rate changesAgent, and such determination shall be conclusive absent manifest error. (bii) The Borrowers may elect to convert any portion of the outstanding U.S. Dollar Eurocurrency Rate Borrowings 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 Loans comprising each such portion shall be considered a separate Borrowing. The Borrowers shall not be permitted to select any Interest on Period for any Eurocurrency Rate Borrowing that ends after the Revolving Loans which are 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 Loans plus the Applicable Margin. Each Loan in Pounds Sterling that is a Eurocurrency Rate Loan shall bear interest during the applicable Interest Period at a rate per annum equal to the Pounds 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. (iv) 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) and shall be payable in the respective currencies in which the applicable Revolving Loans are denominated. Accrued interest on each (x) Base Rate Loan shall be payable in arrears on the first day of each month, and (y) Eurocurrency Rate Loan shall be payable in arrears on the last day of each Interest Period (providedand, that in the case of if any LIBOR Rate Loan having an Interest Period of six (6) is longer than three months, such interest shall be payable on the ninetieth day occurring in such Interest Period and on date three months after the last 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) with respect to such LIBOR Rate LoansNotwithstanding 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) 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 date Post-Default Rate, and (C) if there shall occur and be continuing any Event of conversion Default (other than an Event of such LIBOR Default of the type described in clauses (g), (h) or (i) of Section 9.1), following written notice delivered to the 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 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 period beginning on the date such LIBOR Rate Loans to Event of Default first occurred, and ending on the LIBOR Rate for the Interest Period in effect for date such LIBOR Rate Loans PLUS three and one-quarter percent (3-1/4%). After maturity Event of such LIBOR Rate Loans (whether by acceleration Default is cured or otherwise), interest shall be payable upon demand. The Agent upon determining the LIBOR Rate for any Interest Period shall promptly notify the Borrowers and the Lenders by telephone (confirmed promptly in writing) or in writingwaived.

Appears in 1 contract

Samples: Credit and Security Agreement (Gerber Scientific Inc)

Interest on Revolving Loans. (a) 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 plus one and one-half three- quarters percent (1-1/21.75%) 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 three and one-quarter percent (3-1/4%)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 Borrowers Borrower and the Lenders by telephone (confirmed promptly in writing) or in writingwriting 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 and 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, additional interest on the unpaid principal amount of each Revolving Loan comprised of LIBOR Rate Loans of such Lender, from the date of 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 (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 interest rate on LIBOR Rate Loans is determined or any category of extensions of credit or other assets which includes loans by a non-United States office of any Lender to United States residents) having a term equal to the Interest 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) Notwithstanding the provisions of Sections 4.1(a) and (b), interest on Revolving Loans outstanding against the Tranche B Availability shall be calculated at a rate per annum equal to eleven and one-half percent (11.5%). (e) Notwithstanding anything contained herein to the contrary, Borrowers shall not be entitled to request, and the Lenders shall not be obligated to make, any Libor

Appears in 1 contract

Samples: Credit Agreement (Florsheim Group Inc)

Interest on Revolving Loans. (a) 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 plus one and one-half percent (1-1/21.0%) 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 (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 three plus two and onethree-quarter percent quarters (3-1/42.75%). 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 Borrowers Borrower and the Lenders by telephone (confirmed promptly in writing) or in writingwriting 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 and 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, additional interest on the unpaid principal amount of each Revolving Loan comprised of LIBOR Rate Loans of such Lender, from the date of 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 (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 interest rate on LIBOR Rate Loans is determined or any category of extensions of credit or other assets which includes loans by a non-United States office of any Lender to United States residents) having a term equal to the Interest 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.

Appears in 1 contract

Samples: Credit Agreement (Envirodyne Industries Inc)

Interest on Revolving Loans. (a) Interest Subject to the provisions of subsection (b) below, (i) each LIBOR Rate Loan shall bear interest on the unpaid outstanding principal amount of Revolving Loans which are Prime Rate Loans shall be payable monthly in arrears, on the first Business Day of thereof for each month, Interest Period at an interest a rate per annum equal to the Prime Lending LIBOR Rate PLUS one for such Interest Period plus the Applicable Rate; and one-half percent (1-1/2%ii) calculated each Base Rate Loan shall bear interest on the net balances owing outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Agent and Base Rate plus the Lenders at the close of business each day during such month. The rate hereunder shall change each day the Prime Lending Rate changesApplicable Rate. (b) Interest on Revolving Loans which are LIBOR Rate Loans shall be If any amount payable on by the last day of each Interest Period Borrower under any Loan Document is not paid when due (providedwithout regard to any applicable grace periods), that in the case of any LIBOR Rate Loan having an Interest Period of six (6) monthswhether at stated maturity by acceleration or otherwise, such amount shall thereafter bear 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 fluctuating interest rate per annum at all times equal during the Interest Period for such LIBOR Rate Loans to the LIBOR Default Rate for to the Interest Period in effect for such LIBOR Rate Loans PLUS three and one-quarter percent fullest extent permitted by applicable Laws. Furthermore, while any Event of Default exists (3-1/4%). After maturity of such LIBOR Rate Loans (whether by acceleration or otherwiseafter 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. The Agent upon determining the . (c) Interest on each LIBOR Rate for 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 before and after judgment, and before and after the commencement of any Interest Period proceeding under any Debtor Relief Law. (d) Borrower shall promptly notify not be required to pay any “Non-Use Fee” shown in the Borrowers and the Lenders by telephone (confirmed promptly in writing) or in writingdefinition of Applicable Rate on any Borrowing of Revolving Loans.

Appears in 1 contract

Samples: Credit Agreement (Scheid Vineyards Inc)

Interest on Revolving Loans. (aA) 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 one-half of one percent (1-1/20.5%) 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. (bB) 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 (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 (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 at (IV) the maturity of such LIBOR Rate Loans 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 three and one-quarter two percent (3-1/42.00%). 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 Borrowers Isaax Xxxds Administrator and the Lenders by telephone (confirmed promptly in writing) or in writingwriting 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 and 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, additional interest on the unpaid principal amount of each Revolving Loan comprised of LIBOR Rate Loans of such Lender, from the date of 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) 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 Regulation D (or against any other category of liabilities which includes deposits by reference to which the interest rate on LIBOR Rate Loans is determined or any category of extensions of credit or other assets which includes loans by a non-United States office of any Lender to United States residents) having a term equal to the Interest Period applicable to such LIBOR Rate Loan. Such Lender shall as soon as practicable provide notice to the Agent and the Isaax Xxxds Administrator of any such additional interest arising in connection with such LIBOR Rate Loan, which notice shall be conclusive and binding, absent demonstrable error.

Appears in 1 contract

Samples: Credit Agreement (Metal Management Inc)

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