Interest Payment Dates; Interest Basis. Interest accrued on each Fixed Rate Advance shall be payable on the last day of its applicable Interest Period, on any date on which such Fixed Rate Advance is prepaid or converted, and at the maturity of such Advance. Interest accrued on each Floating Rate Advance shall be payable on each Payment Date, on any date on which such Floating Rate Advance is prepaid, and at the maturity of such Advance. Interest accrued on each Fixed Rate Advance having an Interest Period longer than three months shall also be payable on the last day of each 90 day interval (in the case of Fixed CD Rate Advances or Absolute Rate Advances) or three-month interval (in the case of Eurocurrency Committed Advances or Eurocurrency Bid Rate Advances) during such Interest Period. Interest on Fixed Rate Loans and facility fees hereunder shall be calculated for actual days elapsed on the basis of a 360-day year. Interest on Floating Rate Loans shall be calculated for actual days elapsed on the basis of a 365-day year, or, when applicable, 366-day year. Interest shall be payable for the day an Advance is made but not for the day of any payment on the amount paid if payment is received prior to the deadline specified pursuant to Section 2.5.7. If any payment of principal of or interest on an Advance shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest in connection with such payment.
Appears in 3 contracts
Samples: Assignment Agreement (Servicemaster Co), Credit Agreement (Servicemaster LTD Partnership), Credit Agreement (Servicemaster LTD Partnership)
Interest Payment Dates; Interest Basis. Interest accrued on each Floating Rate Advance shall be payable on each Payment Date, on any date on which such Floating Rate Advance is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each Fixed Rate Advance shall be payable on the last day of its applicable Interest Period, on any date on which such Fixed Rate Advance is prepaid prepaid, whether by acceleration or convertedotherwise, and at the maturity of such Advance. Interest accrued on each Floating Rate Advance shall be payable on each Payment Date, on any date on which such Floating Rate Advance is prepaid, and at the maturity of such Advancematurity. Interest accrued on each Fixed Rate Advance having an Interest Period longer than three months shall also be payable on the last day of each 90 day interval (in the case of Fixed CD Rate Advances or Absolute Rate Advances) or three-month interval (in the case of Eurocurrency Committed Advances or Eurocurrency Bid Rate Advances) during such Interest Period. Interest on Fixed Rate Loans and facility fees hereunder shall be calculated for actual days elapsed on the basis of a 360-day year. Interest on Floating Rate Loans and Loans denominated in pounds sterling shall be calculated for actual days elapsed on the basis of a 365-day year365-, or, when applicable, 366-day year. Interest shall be payable for the day an Advance is made but not for the day of any payment on the amount paid if payment is received prior to noon (local time) at the deadline specified pursuant to Section 2.5.7place of payment. If any payment of principal of or interest on an Advance shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest in connection with such payment.
Appears in 2 contracts
Samples: Credit Agreement (Illinois Tool Works Inc), Credit Agreement (Illinois Tool Works Inc)
Interest Payment Dates; Interest Basis. Interest accrued on each Fixed Rate Advance shall be payable on the last day of its applicable Interest Period, Period and on any date on which such Fixed Rate Advance is prepaid prepaid, whether due to acceleration or converted, and at otherwise. Interest accrued on each Fixed Rate Advance having an Interest Period longer than three months shall also be payable on the maturity last day of each three-month interval during such AdvanceInterest Period. Interest accrued on each Floating Rate Advance shall be payable on each Payment Date, on any date on which such Floating Rate Advance is prepaidrepaid, whether due to acceleration or otherwise, and at the maturity of such Advance. Interest accrued on each Fixed Rate Advance having an Interest Period longer than three months shall also be payable on the last day of each 90 day interval (in the case of Fixed CD Rate Advances or Absolute Rate Advances) or three-month interval (in the case of Eurocurrency Committed Advances or Eurocurrency Bid Rate Advances) during such Interest PeriodTermination Date. Interest on Fixed Rate Loans Advances and facility all fees hereunder under Sections 2.5.2 and 2.5.3 shall be calculated for the actual number of days elapsed on the basis of a 360-day yearyear consisting of 360 days. Interest on Floating Rate Loans Advances shall be calculated for the actual number of days elapsed on the basis of a year consisting of 365-day year, or, when applicableappropriate, 366-day year366 days. Interest shall be payable for the day an Advance is made but not for the day of any payment on the amount paid if payment is received prior to noon (Chicago time) at the deadline specified pursuant to Section 2.5.7place of payment. If any payment of principal of or interest on an Advance shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest in connection with such payment.
Appears in 2 contracts
Samples: Revolving Credit Agreement (JPF Acquisition Corp), Assignment Agreement (Yellow Corp)
Interest Payment Dates; Interest Basis. Interest accrued on each Fixed Rate Advance shall be payable on the last day of its applicable Interest Period, on any date on which such Fixed Rate Advance is prepaid or converted, and at the maturity of such Advance. Interest accrued on each Floating Rate Advance shall be payable on each Payment Date, on any date on which such Floating Rate Advance is prepaid, and at the maturity of such Advance. Interest accrued on each Fixed Rate Advance having an Interest Period longer than three months shall also be payable on the last day of each 90 day interval (in the case of Fixed CD Rate Advances or Absolute Rate Advances) or three-month interval (in the case of Eurocurrency Committed Advances or Eurocurrency Bid Rate Advances) during such Interest Period. Interest on Fixed Rate Loans Loans, facility fees and facility letter of credit fees hereunder shall be calculated for actual days elapsed on the basis of a 360-day year or, in the case that the interest calculated relates to British Sterling, a 365-day year. Interest on Floating Rate Loans shall be calculated for actual days elapsed on the basis of a 365-day year, or, when applicable, 366-day year. Interest shall be payable for the day an Advance is made but not for the day of any payment on the amount paid if payment is received prior to the deadline specified pursuant to Section 2.5.72.05(g). If any payment of principal of or interest on an Advance shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest in connection with such payment.
Appears in 1 contract
Samples: Credit Agreement (Servicemaster Co)
Interest Payment Dates; Interest Basis. Interest accrued on each Fixed Rate Advance shall be payable on the last day of its applicable Interest Period, on any date on which such Fixed Rate Advance is prepaid or converted, and at the maturity of such Advance. Interest accrued on each Floating Rate Advance shall be payable on each Payment Date, on any date on which such Floating Rate Advance is prepaid, and at the maturity of such Advance. Interest accrued on each Fixed Rate Advance having an Interest Period longer than three months shall also be payable on the last day of each 90 day interval (in the case of Fixed CD Rate Advances or Absolute Rate Advances) or three-month interval (in the case of Eurocurrency Committed Advances or Eurocurrency Bid Rate Advances) during such Interest Period. Interest on Fixed Rate Loans Loans, facility fees and facility letter of credit fees hereunder shall be calculated for actual days elapsed on the basis of a 360-day year. Interest on Floating Rate Loans shall be calculated for actual days elapsed on the basis of a 365-day year, or, when applicable, 366-day year. Interest shall be payable for the day an Advance is made but not for the day of any payment on the amount paid if payment is received prior to the deadline specified pursuant to Section 2.5.72.05(g). If any payment of principal of or interest on an Advance shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest in connection with such payment.
Appears in 1 contract
Interest Payment Dates; Interest Basis. Interest accrued on each Fixed Rate Advance shall be payable on the last day of its applicable Interest Period, Period and on any date on which such Fixed Rate Advance is prepaid or converted, and at the maturity of such Advance. Interest accrued on each Floating Rate Advance shall be payable on each Payment Date, on any date on which such Floating Rate Advance is prepaid, and at the maturity of such Advancewhether due to acceleration or otherwise. Interest accrued on each Fixed Rate Advance having an Interest Period longer than three months shall also be payable on the last day of each 90 day interval (in the case of Fixed CD Rate Advances or Absolute Rate Advances) or three-month interval (in the case of Eurocurrency Committed Advances or Eurocurrency Bid Rate Advances) during such Interest Period. Interest accrued on each ABR Advance shall be payable on each Payment Date, on the date such ABR Advance is paid or converted into a Fixed Rate Advance and on the Commitment Termination Date. Interest on all Eurodollar Rate Loans and facility Fixed CD Rate Loans and fees hereunder shall be calculated for actual days elapsed on the basis of a 360-day year. Interest on Floating Rate ABR Loans shall be calculated for actual days elapsed on the basis of a 365-day year, oror when appropriate 366, when applicable, 366-day year. Interest shall be payable for the day an Advance is made but not for the day of any payment on the amount paid if payment is received prior to noon (Chicago time) at the deadline specified pursuant to Section 2.5.7place of payment. If any payment of principal of or interest on an Advance shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest in connection with such payment.
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