Interest on the Revolving Credit Loans. (a) The Company shall pay interest on the Revolving Credit Loans to the Lenders monthly in arrears on the first (1st) day of each calendar month immediately succeeding the month for which such interest accrues, commencing with the first (1st) day of the calendar month following the calendar month in which the Closing Date occurs. In all cases accrued interest on all of the Revolving Credit Loans shall be payable by the Company to the Lenders on the Commitment Termination Date. Interest that accrues at the Default Rate shall be payable upon demand by the Lenders. If any interest on any of the Revolving Credit Loans accrues or remains payable after the Commitment Termination Date, such interest shall be payable by the Company upon demand by the Lenders. (b) The Company shall be obligated to pay interest to the Lenders on the outstanding principal balance of each Revolving Credit Loan from the date such Revolving Credit Loan is made until such Revolving Credit Loan is repaid in full. Subject to Section 2.03(d), interest on all Loans outstanding during any month shall accrue at a floating rate per annum equal to the Index Rate plus four and one-quarter percentage points (4.25%). (c) Each determination by the Agent of the interest rate hereunder shall be presumed correct, absent convincing evidence to the contrary. (d) So long as any Event of Default shall have occurred and be continuing, the interest rate applicable to the Loans or other Obligations of the Company or any of its Subsidiaries under the Financing Documents may be increased by the Required Lenders, at their option, by up to two percentage points (2%) per annum above the rate otherwise applicable (the "DEFAULT RATE").
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Interest on the Revolving Credit Loans. (a) The Company shall pay interest on the Revolving Credit Loans to the Lenders monthly in arrears on the first (1st) day of each calendar month immediately succeeding the month for which such interest accrues, commencing with the first (1st) day of the calendar month following the calendar month in which the Closing Date occurs. In all cases accrued interest on all principal amount of the Revolving Credit Loans outstanding from time to time shall be payable by the Company to the Lenders on the Commitment Termination Date. Interest that accrues at the Default Rate shall be payable upon demand by the Lenders. If any bear interest on any until maturity of the Revolving Credit Loans accrues or remains payable after the Commitment Termination Date, such interest shall be payable by the Company upon demand by the Lenders.
(b) The Company shall be obligated to pay interest to the Lenders on the outstanding principal balance of each Revolving Credit Loan from the date such Revolving Credit Loan is made until such Revolving Credit Loan is repaid in full. Subject to Section 2.03(d), interest on all Loans outstanding during any month shall accrue Notes at a floating rate per annum equal to the Index Prime Rate plus four and one-quarter percentage points (4.25%).
(c) Each determination by the Agent Applicable Margin, except that at the option of the Borrowers, exercised as provided in Section 2.2.9, interest rate hereunder may accrue prior to maturity on any Permissible Increment of any Advance or on any Permissible Increment of the outstanding balance of the Revolving Credit Loans as to which no Optional Rate has previously been elected, at an Optional Rate for a period of one, two, three, or six months. At the expiration of such Optional Rate on such Permissible Increment, unless, in each case, the Borrowers exercise the Optional Rate as provided in Section 2.2.9, interest shall be presumed correctagain accrue at the Prime Rate plus the Applicable Margin. After maturity, absent convincing evidence to whether by acceleration or otherwise, or during the contrary.
(d) So long as continuance of any Event of Default shall have occurred Default, and be continuinguntil cure or payment in full, the Revolving Credit Loans shall bear interest rate applicable to the Loans or other Obligations of the Company or any of its Subsidiaries under the Financing Documents may be increased by the Required Lenders, at their option, by up to two percentage points Two Percent (2%) per annum above the rate otherwise applicable then in effect. Accrued interest to the first day of each January, April, July and October shall be due and payable on each such day prior to maturity for all Loans bearing interest at the Prime Rate plus Applicable Margin. For all Loans bearing interest at LIBOR plus Applicable Margin which have an initial maturity of three (3) months or longer, all interest accrued to the "DEFAULT RATE")first day of each January, April, July and October shall be due and payable on each such day, with the balance of accrued interest payable upon the termination of the LIBOR Interest Period. Interest shall be due and payable at maturity for all Loans bearing interest at LIBOR plus the Applicable Margin which have a maturity of less than three (3) months. After maturity, interest shall be payable on all Loans as accrued and without demand.
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Samples: Loan and Letter of Credit Reimbursement Agreement (Unitog Co)
Interest on the Revolving Credit Loans. (a) The Company shall pay interest on the Revolving Credit Loans Subject to the Lenders monthly in arrears on terms and conditions of this Agreement, the first (1st) day of each calendar month immediately succeeding the month for which such interest accrues, commencing with the first (1st) day of the calendar month following the calendar month in which the Closing Date occurs. In all cases accrued interest on all aggregate outstanding principal balance of the Revolving Credit Loans shall be payable by be, at the Company option of the Borrowers as selected pursuant to Section 2.01(c) hereof, (x) Prime Rate Loans which shall bear interest for each day at the rates set forth below or (y) Libor Rate Loans which shall bear interest during each applicable Interest Period at the rates set forth below:
(i) Subject to the Lenders terms and conditions of this Agreement, on the Commitment Termination Closing Date and through the day immediately preceding the first Incentive Pricing Effective Date. Interest that accrues at the Default Rate shall be payable upon demand by the Lenders. If any interest on any of the , (x) Revolving Credit Loans accrues or remains payable after the Commitment Termination Date, such that are Prime Rate Loans shall bear interest shall be payable by the Company upon demand by the Lenders.
(b) The Company shall be obligated to pay interest to the Lenders on the outstanding principal balance of for each Revolving Credit Loan from the date such Revolving Credit Loan is made until such Revolving Credit Loan is repaid in full. Subject to Section 2.03(d), interest on all Loans outstanding during any month shall accrue day at a floating rate per annum equal to the Index Prime Rate plus four the Applicable Prime Margin corresponding to Tier II as set forth below and one-quarter percentage points (4.25%).y) Revolving Credit Loans that are Libor Rate Loans shall bear interest during each applicable Interest Period at a rate per annum equal to the Libor Rate plus the Applicable Libor Margin corresponding to Tier II as set forth below;
(cii) Each determination Subject to the terms and conditions of this Agreement, during each Fiscal Quarter, in accordance with Section 5.01(b) hereof, the Borrowers shall submit to the Agent and the Banks quarterly financial statements (the Fiscal Quarter in which such financial statements are required to be received by the Agent and the Banks is the "Reporting Quarter") as of the interest rate hereunder last day of the Fiscal Quarter immediately preceding such Reporting Quarter (with respect to any Reporting Quarter, the Fiscal Quarter immediately preceding such Reporting Quarter is the "Measurement Quarter"). Upon receipt of such quarterly financial statements by the Agent and the Banks in accordance with Section 5.01(b), the Borrowers' Leverage Ratio shall be presumed correct, absent convincing evidence to the contrary.
(d) So long calculated as any Event of Default shall have occurred and be continuing, the interest rate applicable to the Loans or other Obligations of the Company or any last day of its Subsidiaries under the Financing Documents may be increased by Measurement Quarter ending June 30, 2001 and as of the Required Lenders, at their option, by up to two percentage points (2%) per annum above last day of each Measurement Quarter thereafter. From the rate otherwise applicable first day of the first full calendar month following the Agent's and the Banks' receipt of such quarterly financial statements (the "DEFAULT RATEIncentive Pricing Effective Date").) until the next Incentive Pricing Effective Date, (x) Prime Rate Loans shall bear interest for each day at a rate per annum equal to the Prime Rate plus the applicable margin determined by reference to the Borrowers' Leverage Ratio as set forth below (the "Applicable Prime Margin") and (y) Libor Rate Loans shall bear interest during each applicable Interest Period at a rate per annum equal to the Libor Rate plus the applicable margin determined by reference to the Borrowers' Leverage Ratio as set forth below (the "Applicable Libor Margin"):
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Samples: Loan Agreement (Baker Michael Corp)
Interest on the Revolving Credit Loans. (a) The Company shall pay interest on the Revolving Credit Loans to the Lenders monthly in arrears on the first (1st) day of each calendar month immediately succeeding the month for which such interest accrues, commencing with the first (1st) day of the calendar month following the calendar month in which the Closing Date occurs. In all cases accrued interest on all of the Revolving Credit Loans shall be payable by the Company to the Lenders on the Commitment Termination Date. Interest that accrues at the Default Rate shall be payable upon demand by the Lenders. If any interest on any of the Revolving Credit Loans accrues or remains payable after the Commitment Termination Date, such interest shall be payable by the Company upon demand by the Lenders.
(bi) The Except as provided in paragraph (d) below, the Company shall be obligated to pay interest to the Lenders on the outstanding principal balance of each Revolving Credit Loan from the date such Revolving Credit Loan is made until such Revolving Credit Loan is repaid in full. Subject to Section 2.03(d), interest on all Loans outstanding during any month shall accrue full at a floating rate per annum equal equal, at the Company's option, to one of: (i) the Index Rate plus four three and one-quarter percentage points (4.253.25%), (ii) Adjusted LIBOR plus three and one-quarter percentage points (3.25%), or (iii) the Prime Rate plus one-half of one percentage point (.50%).
(ii) On the Closing Date, continuing through the last day of the calendar month in which the Closing Date occurs and thereafter unless the Company shall have selected another rate or shall be deemed to have selected another rate as provided below, the Revolving Credit Loans shall bear interest based on the Index Rate. Thereafter, provided that no Default or Event of Default has occurred and is then continuing, and subject to the terms and conditions set forth herein, the Company may by written notice (or by telephonic notice confirmed promptly in writing) delivered to the Agent not later than the second Business Day preceding the beginning of each calendar month, elect whether the interest payable to the Lenders for such calendar month shall be based on the Index Rate or Adjusted LIBOR or the Prime Rate (each such notice being referred to as a "NOTICE OF FLOATING RATE ELECTION"). In the event that the Company shall fail to deliver any Notice of Floating Rate Election on the date required above, provided that no Default or Event of Default shall have occurred and be continuing, the Company shall be deemed to have delivered a Notice of Floating Rate Election that elects to continue in effect for the calendar month the interest rate determination mechanism in effect for the previous month.
(iii) The Agent shall be entitled to rely upon and shall be fully protected under this Agreement in relying on any Notice of Floating Rate Election believed by the Agent to be genuine and to assume that the persons giving the same on behalf of the Company were duly authorized unless the responsible individual acting thereon for the Agent shall have actual notice to the contrary.
(c) All computations of interest hereunder or under the other Financing Documents for Revolving Credit Loans shall be made by the Agent on the basis of a 360 day year for the actual number of days occurring in the period for which such interest is payable. Each determination by the Agent of the an interest rate hereunder shall be presumed correctconclusive and binding for all purposes, absent convincing evidence to manifest error. The Agent agrees that it shall, upon written request of the contraryCompany (but not more frequently than once per month), provide a written calculation in reasonable detail of the most recent interest rate determination.
(d) So long as any Event of Default shall have occurred and be continuing, the interest rate applicable to the Loans Loans, the Reimbursement Obligations or any other Obligations obligations of the Company or any of its Subsidiaries under the Financing Documents may be increased by the Required Lenders, at their option, by up to two percentage points (2%) per annum above the rate otherwise applicable (the "DEFAULT RATE").
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Interest on the Revolving Credit Loans. (a) The Company shall pay interest on the Revolving Credit Loans to the Lenders monthly in arrears on the first (1st) day of each calendar month immediately succeeding the month for which such interest accrues, commencing with the first (1st) day of the calendar month following the calendar month in which the Closing Date occurs. In all cases accrued interest on all of the Revolving Credit Loans shall be payable by the Company to the Lenders on the Commitment Termination Date. Interest that accrues at the Default Rate shall be payable upon demand by the Lenders. If any interest on any of the Revolving Credit Loans accrues or remains payable after the Commitment Termination Date, such interest shall be payable by the Company upon demand by the Lenders.
(bi) The Except as provided in paragraphs (c) below, the Company shall be obligated to pay interest to the Lenders on the outstanding principal balance of each Revolving Credit Loan from the date such Revolving Credit Loan is made until such Revolving Credit Loan is repaid in full. .
(ii) Subject to Section 2.03(d2.03(e), interest on all Revolving Credit Loans held by NationsCredit, or any Lender to whom NationsCredit has assigned its Note or any portion thereof in accordance with the terms of Section 10.06, outstanding during any month shall accrue at a floating rate per annum equal equal, at the Company's option, to one of: (i) the Index Rate plus four three and one-quarter percentage points (4.253.25%), (ii) Adjusted LIBOR plus three and one-quarter percentage points (3.25%), or (iii) the Prime Rate plus one-half of a percentage point (0.50%).
(iii) Subject to 2.03(e), interest on all Revolving Credit Loans held by AmSouth Bank, or any other Lender to whom AmSouth Bank has assigned its Note or any portion thereof in accordance with the terms of Section 10.06, outstanding during any month shall accrue at a floating rate per annum equal, at the Company's option, to one of: (A) the Index Rate, (B) the Adjusted LIBOR, or (C) the Prime Rate, in each case ((A),(B), and (C)) plus the Applicable Margin.
(iv) On the Closing Date, continuing through the last day of the calendar month in which the Closing Date occurs and thereafter unless the Company shall have selected another rate or shall be deemed to have selected another rate as provided below, the Revolving Credit Loans shall bear interest based on the Prime Rate. Thereafter, provided that no Default or Event of Default has occurred and is then continuing, and subject to the terms and conditions set forth herein, the Company may by written notice (or by telephonic notice confirmed promptly in writing) delivered to the Agent not later than the Second Business Day preceding the beginning of each calendar month, elect whether the interest payable to the Lenders for such calendar month shall be based on the Prime Rate, Adjusted LIBOR or the Index Rate (each such notice being referred to as a "Notice of Floating Rate Election"). In the event that the Company shall fail to deliver any Notice of Floating Rate Election on the date required above, provided that no Default or Event of Default shall have occurred and be continuing, the Company shall be deemed to have delivered a Notice of Floating Rate Election that elects to continue in effect for the calendar month the interest rate determination mechanism in effect for the previous month.
(c) Each determination The Agent shall be entitled to rely upon and shall be fully protected under this Agreement in relying on any Notice of Floating Rate Election believed by the Agent to be genuine and to assume that the persons giving the same on behalf of the interest rate hereunder Company were duly authorized unless the responsible individual acting thereon for the Agent shall be presumed correct, absent convincing evidence have actual notice to the contrary.
(d) All computations of interest hereunder or under the other Loan Documents for Revolving Credit Loans shall be made by the Agent on the basis of a 360 day year for the actual number of days occurring in the period for which such interest is payable. Each determination by the Agent of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error.
(e) So long as any Event of Default shall have occurred and be continuing, the interest rate applicable to the Loans or other Obligations of the Company or any of its Subsidiaries under the Financing Documents may be increased by the Required Lenders, at their option, by up to two percentage points (2%) per annum above the rate otherwise applicable (the "DEFAULT RATEDefault Rate").
(a) Except as provided in the last sentence of this Section 2.04(a), each Revolving Credit Loan shall be made on notice by the Company to the Lenders, given no later than 11:00 a.m. (New York time) on the Business Day of the proposed Revolving Credit Loan. Such notice (each a "Notice of Borrowing") shall be substantially in the form of Exhibit B hereto, shall be duly completed and executed by an Authorized Signatory, and shall specify therein the requested date and amount of such Revolving Credit Loan, and such other information as may be required by the Agent. Each Notice of Borrowing shall be given in writing (by telecopy, telex or cable) or by telephone and confirmed immediately in writing. Notwithstanding the foregoing, no Notice of Borrowing that requests an Acquisition Loan shall be effective until the Agent notifies the Company that the Agent and the Required Lenders have consented to the proposed Acquisition after having been provided such information respecting the proposed Acquisition as is required to be delivered pursuant to Section 3.02 and such time to review the same as the Agent and the Required Lenders shall reasonably deem necessary.
(b) Not later than 1:00 P.M. (New York City time) on the date of each borrowing specified in a Notice of Borrowing, each Lender shall make available its ratable share of such borrowing of Loans, in immediately available funds, to the Company Account.
(c) The failure of any Lender to make a Loan on any date shall not relieve any other Lender of its obligation, if any, hereunder to make its Loan on that date. Neither the Agent nor any Lender shall be responsible for the failure of any other Person to make any Loan hereunder on the date required therefor.
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