Interest on the Revolving Credit Loans. The principal amount of the Revolving Credit Loans outstanding from time to time shall bear interest until maturity of the Revolving Credit Notes at a rate per annum equal to the Prime Rate plus the Applicable Margin, except that at the option of the Borrowers, exercised as provided in Section 2.2.9, interest 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 again accrue at the Prime Rate plus the Applicable Margin. After maturity, whether by acceleration or otherwise, or during the continuance of any Event of Default, and until cure or payment in full, the Revolving Credit Loans shall bear interest at Two Percent (2%) per annum above the rate otherwise 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 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. The Subject to the terms and conditions of this Agreement, the aggregate outstanding principal amount balance of the Revolving Credit Loans outstanding from time shall be, at the option of the Borrowers as selected pursuant to time Section 2.01(c) hereof, (x) Prime Rate Loans which shall bear interest until maturity 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 terms and conditions of this Agreement, on the Closing Date and through the day immediately preceding the first Incentive Pricing Effective Date, (x) Revolving Credit Notes Loans that are Prime Rate Loans shall bear interest for each day at a rate per annum equal to the Prime Rate plus the Applicable Margin, except that at the option of the Borrowers, exercised Prime Margin corresponding to Tier II as provided in Section 2.2.9, interest may accrue prior to maturity on any Permissible Increment of any Advance or on any Permissible Increment of the outstanding balance of the set forth below and (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;
(ii) Subject to which no Optional Rate has previously been electedthe terms and conditions of this Agreement, 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, unlessduring each Fiscal Quarter, in each caseaccordance with Section 5.01(b) hereof, the Borrowers exercise shall submit to the Optional 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 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 calculated as of the last day of the Measurement Quarter ending June 30, 2001 and as of the last day of each Measurement Quarter thereafter. From the first day of the first full calendar month following the Agent's and the Banks' receipt of such quarterly financial statements (the "Incentive Pricing Effective Date") until the next Incentive Pricing Effective Date, (x) Prime Rate as provided in Section 2.2.9, Loans shall bear interest shall again accrue 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. After maturity, whether by acceleration or otherwise, or during the continuance of any Event of Default, ") and until cure or payment in full, the Revolving Credit (y) Libor Rate Loans shall bear interest during each applicable Interest Period at Two Percent (2%) a rate per annum above the rate otherwise then in effect. Accrued interest equal 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 Libor 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 the applicable margin determined by reference to the first day of each January, April, July and October shall be due and payable on each such day, with Borrowers' Leverage Ratio as set forth below (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.Libor Margin"):
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Samples: Loan Agreement (Baker Michael Corp)
Interest on the Revolving Credit Loans. (a) The principal amount Company shall pay interest on the Revolving Credit Loans to the Lenders monthly in arrears on the first day of each calendar month immediately succeeding the month for which such interest accrues, commencing with the first 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 outstanding from time to time shall bear interest until maturity of be payable by the Revolving Credit Notes at a rate per annum equal Company to the Prime Rate plus Lenders on the Applicable Margin, except that Commitment Termination Date. Interest at the option of Default Rate shall be payable upon demand by the Borrowers, exercised as provided in Section 2.2.9, Lenders. If any interest 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 electedaccrues or remains payable after the Commitment Termination Date, at an Optional Rate for a period of one, two, three, or six months. At such interest shall be payable by the expiration of such Optional Rate on such Permissible Increment, unless, in each case, Company upon demand by the Borrowers exercise the Optional Rate Lenders.
(i) Except as provided in Section 2.2.9paragraph (d) below, the Company shall be obligated to pay interest shall again accrue 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 at a floating rate per annum equal, at the Company's option, to one of: (i) the Index Rate plus three and one-quarter percentage points (3.25%), (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 Applicable Margin. After maturityClosing Date, whether by acceleration 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 otherwise, or during the continuance of any Event of Default, and until cure or payment in fullshall 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 an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error. The Agent agrees that it shall, upon written request of the Company (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, the Reimbursement Obligations or any other obligations of the Company or any of its Subsidiaries under the Financing Documents may be increased by the Required Lenders, at Two Percent their option, by up to two percentage points (2%) per annum above the rate otherwise then in effect. Accrued interest to applicable (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 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"DEFAULT RATE").
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Interest on the Revolving Credit Loans. (a) The principal amount 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 outstanding from time shall be payable by the Company to time the Lenders on the Commitment Termination Date. Interest that accrues at the Default Rate shall bear be payable upon demand by the Lenders. If any interest until maturity on any of the Revolving Credit Notes 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 Prime Index Rate plus four and one-quarter percentage points (4.25%).
(c) Each determination by the Applicable Margin, except that at the option Agent of the Borrowersinterest rate hereunder shall be presumed correct, exercised absent convincing evidence to the contrary.
(d) So long as provided in Section 2.2.9, interest 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 again accrue at the Prime Rate plus the Applicable Margin. After maturity, whether by acceleration or otherwise, or during the continuance of any Event of Default, Default shall have occurred and until cure or payment in fullbe continuing, the Revolving Credit interest rate applicable to the Loans shall bear interest or other Obligations of the Company or any of its Subsidiaries under the Financing Documents may be increased by the Required Lenders, at Two Percent their option, by up to two percentage points (2%) per annum above the rate otherwise then in effect. Accrued interest to applicable (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 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"DEFAULT RATE").
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