Common use of Interest Payments; Default Interest Clause in Contracts

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Rate, and shall be payable in immediately available funds commencing on December 1, and on the first day of each calendar month thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Rate on the date of such change in the Prime-based Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Advances from time to time outstanding, at a per annum rate equal to the Prime-based Rate plus two percent (2%).

Appears in 4 contracts

Samples: Credit Agreement (Sterling Construction Co Inc), Credit Agreement (Sterling Construction Co Inc), Credit Agreement (Sterling Construction Co Inc)

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Interest Payments; Default Interest. (a1) Interest on the unpaid balance of all Prime-based US Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based US Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December September 1, 2012, and on the first day of each calendar month March, June, September and December thereafter. Whenever any payment under this Section 2.6(a2.8(1) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based US Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based US Base Rate on the date of such change in the Prime-based US Base Rate. (b2) Interest on the unpaid balance of all Canadian Prime Rate Advances of the Revolving Credit from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Canadian Prime Rate, and shall be payable in immediately available funds quarterly in arrears commencing on September 1, 2012, and on the first day of each March, June, September and December thereafter. Whenever any payment under this Section 2.8(1) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Canadian Prime Rate shall be computed on the basis of a 365 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Canadian Prime Rate on the date of such change in the Canadian Prime Rate. (3) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the EurodollarEuro-Interest Period applicable thereto (and, if any EurodollarEuro-Interest Period shall exceed three months, then on the last Business Day of the third month of such EurodollarEuro-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the EurodollarEuro-Interest Period applicable thereto to but not including the last day thereof. (c4) Interest on each Quoted Rate BBA LIBOR-based Advance of the Swing Line Revolving Credit shall accrue at its Quoted BBA LIBOR -based Rate and shall be payable in immediately available funds on the last day of the Euro-Interest Period applicable theretothereto (and, if any Euro-Interest Period shall exceed three months, then on the last Business Day of the third month of such Euro-Interest Period, and at three month intervals thereafter). Interest accruing at the Quoted BBA LIBOR -based Rate shall be computed on the basis of a 360-360 day year and assessed for the actual number of days elapsed from the first day of the Euro-Interest Period applicable thereto to, to but not including, including the last day thereof. (d5) Interest on each CDOR-based Advance of the Revolving Credit shall accrue at its CDOR-based Rate and shall be payable in immediately available funds on the last day of the Contract Period applicable thereto (and, if any Contract Period shall exceed three months, then on the last Business Day of the third month of such Contract Period, and at three month intervals thereafter). Interest accruing at the CDOR —based Rate shall be computed on the basis of a 365 day year and assessed for the actual number of days elapsed from the first day of the Contract Period applicable thereto to but not including the last day thereof. (6) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 2.4 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e2.6(5) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e7) In the case of any Event of Default under Section 9.1(i8.1(i), immediately upon the occurrence thereof, and in the case of any other Event of DefaultDefault and in each case until the Event of Default is cured or waived in accordance with this Agreement, immediately upon receipt by the Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances, BBA LIBOR —based Advances and Quoted Rate CDOR-based Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based US Base Rate Advances and Canadian Prime Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based US Base Rate or Canadian Prime Rate Advances, as applicable, plus two percent (2%).

Appears in 2 contracts

Samples: Revolving Credit Agreement (Dragonwave Inc), Revolving Credit Agreement (Dragonwave Inc)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds monthly in arrears commencing on December November 1, 2012, and on the first day of each calendar month thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by the Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two five percent (25%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based Base Rate plus two five percent (25%).

Appears in 2 contracts

Samples: Revolving Credit and Term Loan Agreement (Inogen Inc), Revolving Credit and Term Loan Agreement (Inogen Inc)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Advances ABR Borrowings of the Revolving Credit and the Swing Line Term Loan from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Rate, and shall be payable in immediately available funds commencing on December 1, and quarterly in arrears on the first day of each calendar month thereafterFebruary, May, August and November (in respect of the preceding three months or any portion thereof). Whenever any payment under this Section 2.6(a) 4.06 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at on ABR Borrowings of the Prime-based Rate Term Loan shall be computed on the basis of a 360 360-day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Alternate Base Rate on the date of such change in the Prime-based Alternate Base Rate. (b) Interest on the unpaid principal of each Eurodollar-based Advance Term Loan Borrowing of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Term Loan having a related Interest Period applicable thereto of three (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c3) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and months or less shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at on Eurodollar Borrowings of the Quoted Rate Term Loan shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.06(a) or (b) hereof, all accrued and unpaid interest on any Revolving Credit Advance Term Loan Borrowing refunded or converted pursuant to Section 2.3 4.04 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance Term Loan Borrowing is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i11.01(h) or (i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Lenders, Term Loan Lenders interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder Borrowings of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Advances Term Loan from time to time outstanding, at a per annum rate equal to the Prime-based Rate interest rate in respect of each such Borrowing plus two percent (2%)) per annum.

Appears in 2 contracts

Samples: Credit Agreement (RSP Permian, Inc.), Credit Agreement (RSP Permian, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line Draw-To Term Loan from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December May 1, 2015 and on the first day of each calendar month February, May, August and November thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit Draw-To Term Loan shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof[Reserved]. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Draw-To Term Loan Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) 2.A.3 hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by the Agent of notice from the Majority Revolving Credit Draw-To Term Loan Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Draw-To Term Loan Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 2 contracts

Samples: Revolving Credit and Term Loan Agreement (GLAUKOS Corp), Revolving Credit and Term Loan Agreement (GLAUKOS Corp)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line Term Loans from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December May 1, 2015 and on the first day of each calendar month February, May, August and November thereafter. Whenever any payment under this Section 2.6(a) 4.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on the unpaid principal of each Eurodollar-based Advance of the Revolving Credit Term Loan having a related Eurodollar-Interest Period of three (3) months or less shall accrue at its applicable Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on each Eurodollar-based Advance of the Term Loan outstanding from time to time having a Eurodollar-Interest Period of six (6) months or longer, at intervals of three (3) months after the first day of the applicable Eurodollar-Interest Period, and shall also be payable on the last day of the Eurodollar-Interest Period applicable thereto. Interest accruing at the Quoted Eurodollar-based Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.6(a) or (b) hereof, all accrued and unpaid interest on any Revolving Credit Term Loan Advance refunded or converted pursuant to Section 2.3 4.4 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Term Loan Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by notice to the Agent of notice from the Majority Revolving Credit LendersTerm Loan Lenders in regards to Term Loan, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Advances of Term Loan from time to time outstanding outstanding, as applicable, at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingBase Rate Advances, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 2 contracts

Samples: Revolving Credit and Term Loan Agreement (GLAUKOS Corp), Revolving Credit and Term Loan Agreement (GLAUKOS Corp)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Advances of the Revolving Credit and the Swing Line Term Loan from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December July 1, 2008 and on the first day of each calendar month quarter thereafter. Whenever any payment under this Section 2.6(a) 4.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Rate on the date of such change in the Prime-based Rate. (b) Interest on the unpaid principal of each Eurodollar-based Advance of the Revolving Credit Term Loan having a related Eurodollar-Interest Period of three (3) months or less shall accrue at its applicable Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on each Eurodollar-based Advance of the Term Loan outstanding from time to time having a Eurodollar-Interest Period of six (6) months or longer, at intervals of three (3) months after the first day of the applicable Eurodollar-Interest Period, and shall also be payable on the last day of the Eurodollar-Interest Period applicable thereto. Interest accruing at the Quoted Eurodollar-based Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.6(a) or (b) hereof, all accrued and unpaid interest on any Revolving Credit Term Loan Advance refunded or converted pursuant to Section 2.3 4.4 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Term Loan Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit LendersTerm Loan Lenders in regards to Term Loan, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Advances of the Term Loan from time to time outstanding outstanding, as applicable, at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingAdvances, at a per annum rate equal to the Prime-based Rate plus two percent (2%).

Appears in 2 contracts

Samples: Revolving Credit and Term Loan Agreement (PMFG, Inc.), Revolving Credit and Term Loan Agreement (Peerless Manufacturing Co)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December May 1, 2015 and on the first day of each calendar month February, May, August and November thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by the Agent and the Borrower of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 2 contracts

Samples: Revolving Credit and Term Loan Agreement (GLAUKOS Corp), Revolving Credit and Term Loan Agreement (GLAUKOS Corp)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Rate, and shall be payable in immediately available funds commencing on December July 1, 2008, and on the first day of each calendar month quarter thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Rate on the date of such change in the Prime-based Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Advances from time to time outstanding, at a per annum rate equal to the Prime-based Rate plus two percent (2%).

Appears in 2 contracts

Samples: Revolving Credit and Term Loan Agreement (PMFG, Inc.), Revolving Credit and Term Loan Agreement (Peerless Manufacturing Co)

Interest Payments; Default Interest. (ai) Interest on the unpaid balance principal of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line Term Loan A or Term Loan B from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds monthly in arrears commencing on December November 1, 2012 and on the first day of each month thereafter. (ii) Interest on the unpaid principal of each Base Rate Advance of Term Loan C from time to time outstanding shall accrue until paid at a per annum interest rate equal to the Base Rate, and shall be payable in immediately available funds monthly in arrears commencing on the first day of the first full month immediately following the date of such Term Loan C Advance, and on the first day of each calendar month thereafter. . (iii) Whenever any payment under this Section 2.6(a) 4.7 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on the unpaid principal of each Eurodollar-based Advance of the Revolving Credit Term Loans having a related Eurodollar-Interest Period of three (3) months or less shall accrue at its applicable Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on each Eurodollar-based Advance of the Term Loans outstanding from time to time having a Eurodollar-Interest Period of six (6) months or longer, at intervals of three (3) months after the first day of the applicable Eurodollar-Interest Period, and shall also be payable on the last day of the Eurodollar-Interest Period applicable thereto. Interest accruing at the Quoted Eurodollar-based Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.7(a) or (b) hereof, all accrued and unpaid interest on any Revolving Credit Term Loan Advance refunded or converted pursuant to Section 2.3 4.5 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Term Loan Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit LendersTerm Loan A Lenders with respect to Term Loan A, the Majority Term Loan B Lenders with respect to Term Loan B or the Majority Term Loan C Lenders with respect to Term Loan C, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Advances of Term Loan A, Term Loan B or Term Loan C from time to time outstanding outstanding, as applicable, at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two five percent (25%) for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingBase Rate Advances, at a per annum rate equal to the Prime-based Base Rate plus two five percent (25%).

Appears in 2 contracts

Samples: Revolving Credit and Term Loan Agreement (Inogen Inc), Revolving Credit and Term Loan Agreement (Inogen Inc)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December September 1, 2019, and on the first day of each calendar month December, March, June, and September thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by the Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 2 contracts

Samples: Credit Agreement (Accolade, Inc.), Credit Agreement (Accolade, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line Term Loan from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based RateBase Rate plus the Applicable Margin, and shall be payable in immediately available funds quarterly in arrears commencing on December 1, 2021, and on the first day of each calendar month March, June, September and December thereafter. Whenever any payment under this Section 2.6(a) 4.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance All Term SOFR Advances of the Revolving Credit Term Loan shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-bear interest for each Interest Period applicable thereto (and, if any Eurodollar-at a per annum interest rate equal to Adjusted Term SOFR for such Interest Period shall exceed three months, then on plus the last Business Day Applicable Margin. In the case of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of Term SOFR Advances having a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-related Interest Period applicable thereto to but not including the last day thereof. of three (c3) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and months or less, accrued interest shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest shall be payable in immediately available funds on each Term SOFR Advance of the Term Loan outstanding from time to time having an Interest Period of six (6) months or longer, at intervals of three (3) months after the first day of the applicable Interest Period, and shall also be payable on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate Term SOFR shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.6(a) or (b) hereof, all accrued and unpaid interest on any Revolving Credit Term Loan Advance refunded or converted pursuant to Section 2.3 4.4 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Term Loan Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence and during the continuance thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit LendersTerm Loan Lenders and thereafter during the continuance of such Event of Default in regards to Term Loan, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Advances of the Term Loan from time to time outstanding outstanding, as applicable, at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of Eurodollar-based Advances and Quoted Rate Term SOFR Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingBase Rate Advances, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 1 contract

Samples: Credit Agreement (Archaea Energy Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line Term Loan from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December 1, 2021, and on the first day of each calendar month March, June, September and December thereafter. Whenever any payment under this Section 2.6(a) 4.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on the unpaid principal of each Eurodollar-based Advance of the Revolving Credit Term Loan having a related Eurodollar-Interest Period of three (3) months or less shall accrue at its applicable Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on each Eurodollar-based Advance of the Term Loan outstanding from time to time having a Eurodollar-Interest Period of six (6) months or longer, at intervals of three (3) months after the first day of the applicable Eurodollar-Interest Period, and shall also be payable on the last day of the Eurodollar-Interest Period applicable thereto. Interest accruing at the Quoted Eurodollar-based Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.6(a) or (b) hereof, all accrued and unpaid interest on any Revolving Credit Term Loan Advance refunded or converted pursuant to Section 2.3 4.4 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Term Loan Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence and during the continuance thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit LendersTerm Loan Lenders and thereafter during the continuance of such Event of Default in regards to Term Loan, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Advances of the Term Loan from time to time outstanding outstanding, as applicable, at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingBase Rate Advances, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Archaea Energy Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December February 1, 2015, and on the first day of each calendar month May, August and November and February thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by the Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 1 contract

Samples: Credit Agreement (Bazaarvoice Inc)

Interest Payments; Default Interest. (a) Subject to clause (d) of this Section 2.6, (i) all Base Rate Advances of the Revolving Credit and Swing Line shall bear interest at a per annum interest rate equal to the Base Rate plus the Applicable Margin, (ii) all BSBY Rate Advances of the Revolving Credit shall bear interest for each Interest Period at a per annum interest rate equal to the BSBY Rate for such Interest Period plus the Applicable Margin and (iii) all Quoted Rate Advances of the Swing Line shall bear interest at a per annum interest rate equal to the Quoted Rate plus the Applicable Margin, if any. (b) Accrued interest on each Revolving Credit Advance and Swing Line Advance shall be payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein; provided that (i) interest accrued pursuant to clause (d) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Revolving Credit Advance or Swing Line Advance (other than a prepayment of a Base Rate Advance prior to the Revolving Credit Maturity Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any BSBY Rate Advance prior to the end of the Interest Period therefor, accrued interest on such Advance shall be payable on the effective date of such conversion. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December March 1, 2019, and on the first day of each calendar month June, September, December and March thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. ]Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day -day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). .] Interest accruing at the [Eurodollar-based based]BSBY Rate shall be computed on the basis of a 360 day -day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest [Eurodollar-]Interest Period applicable thereto to but not including the last day thereof. (cthereof.[(c) ] Interest [on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest ]accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, [,] but not including, [,] the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Advances from time to time outstanding, at a per annum rate equal to the Prime-based Rate plus two percent (2%).]

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Montauk Renewables, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all PrimePRR-based Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the PrimePRR-based Rate, and shall be payable in immediately available funds monthly in arrears commencing on December August 1, 2017, and on the first day of each calendar month thereafter. Whenever any payment under this Section 2.6(a2.5(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the PrimePRR-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the PrimePRR-based Rate on the date of such change in the PrimePRR-based Rate. (b) Interest on each EurodollarLIBOR-based Advance of the Revolving Credit shall accrue at its EurodollarLIBOR-based Rate and shall be payable in immediately available funds on the last day of the EurodollarLIBOR-Interest Period applicable thereto (and, if any EurodollarLIBOR-Interest Period shall exceed three months, then on the last Business Day of the third month of such EurodollarLIBOR-Interest Period, and at three month intervals thereafter). Interest accruing at the EurodollarLIBOR-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the EurodollarLIBOR-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i8.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent the Bank of notice from the Majority Revolving Credit Lendersnotice, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of EurodollarLIBOR-based Advances and Quoted Rate Advances, two three percent (23%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all PrimePRR-based Advances from time to time outstanding, at a per annum rate equal to the PrimePRR-based Rate plus two three percent (23%).

Appears in 1 contract

Samples: Revolving Credit Agreement (Digirad Corp)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December August 1, 2013, and on the first day of each calendar month quarter thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof), shall be due and payable in full on the date such Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by the Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) 3% for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based Base Rate plus two percent (23%).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (RetailMeNot, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all PrimeDraw-based to-Facility Advances of the Revolving Credit and the Swing Line from time to time outstanding as Base Rate Advances shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December October 1, 2011, and on the first day of each calendar month October, January, April and July thereafter. Whenever any payment under this Section 2.6(a) 4A.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on the unpaid principal of each Draw-to-Facility Advance from time to time outstanding as a Eurodollar-based Advance having a related Eurodollar-Interest Period of the Revolving Credit three (3) months or less shall accrue at its applicable Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.6A(a) or (b), all accrued and unpaid interest on any Revolving Credit Draw-to-Facility Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, 4A.4 shall be due and payable in full on the date such Draw-to-Facility Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit LendersDraw-to-Facility Lenders in regards to the Draw-to-Facility, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Advances Draw-to-Facility Advance(s) from time to time outstanding outstanding, at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Draw-to-Facility Advance, plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two three percent (23%) for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingBase Rate Advances, at a per annum rate equal to the Prime-based Base Rate plus two three percent (23%).

Appears in 1 contract

Samples: Credit Agreement (Multimedia Games Holding Company, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line Term Loan from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds monthly in arrears commencing on December 1, 2010, and on the first day of each calendar month thereafter. Whenever any payment under this Section 2.6(a) 4.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on the unpaid principal of each Eurodollar-based Advance of the Revolving Credit Term Loan having a related Eurodollar-Interest Period of three (3) months or less shall accrue at its applicable Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on each Eurodollar-based Advance of the Term Loan outstanding from time to time having a Eurodollar-Interest Period of six (6) months or longer, at intervals of three (3) months after the first day of the applicable Eurodollar-Interest Period, and shall also be payable on the last day of the Eurodollar-Interest Period applicable thereto. Interest accruing at the Quoted Eurodollar-based Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.6(a) or (b) hereof, all accrued and unpaid interest on any Revolving Credit Term Loan Advance refunded or converted pursuant to Section 2.3 4.4 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Term Loan Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i10.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Term Loan Lenders, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Advances of the Term Loan from time to time outstanding outstanding, as applicable, at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two the applicable Eurodollar-based Rate plus three percent (23%) for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingBase Rate Advances, at a per annum rate equal to the Prime-based Base Rate plus two three percent (23%).

Appears in 1 contract

Samples: Credit Agreement (National Technical Systems Inc /Ca/)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Canadian Prime-based Advances and all US Prime-based Advances of the Canadian Revolving Credit and the Canadian Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Canadian Prime-based Rate, in the case of Canadian Prime-based Advances and Canadian Swing Line Advances outstanding in Canadian Dollars and the US Prime-based Rate, in the case of US Prime-based Advances and Canadian Swing Line Advances outstanding in US Dollars, and shall be payable in immediately available funds quarterly in arrears commencing on December April 1, 2015, and on the first day of each calendar month July, October, January and April thereafter. Whenever any payment under this Section 2.6(a2.A.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Canadian Prime-based Rate and/or the US Prime-based Rate shall be computed on the basis of a 360 365 day year (366 day year in a leap year) and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Canadian Prime Rate and/or the US Prime Referenced Rate on the date of such change in the Prime-based Canadian Prime Rate and/or the US Prime Referenced Rate, as applicable. (b) Interest on each Eurodollar-based Advance of the Canadian Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted BA-based Rate Advance of the Swing Line Canadian Revolving Credit shall accrue at its Quoted BA-based Rate and shall be payable in immediately available funds on the last day of the Interest Contract Period applicable theretothereto (and, if any Contract Period shall exceed three months, then on the last Business Day of the third month of such Contract Period, and at three month intervals thereafter). Interest accruing at the Quoted BA-based Rate shall be computed on the basis of a 360-365 day year and assessed for the actual number of days elapsed from the first day of the Interest Contract Period applicable thereto to, to but not including, including the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Canadian Revolving Credit Advance refunded or converted pursuant to Section 2.3 2.A.3 hereof and any Canadian Swing Line Advance refunded pursuant to Section 2.5(e2.A.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by the Canadian Agent of notice from the Majority Canadian Revolving Credit LendersLenders requesting default interest rates (as described in this paragraph), interest shall be payable on demand on all Canadian Revolving Credit Advances and Canadian Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate BA-based Advances, two three percent (23%) for the remainder of the then existing Eurodollar-Interest Period or Contract Period, if any, and at all other such timestimes as applicable, and for all Canadian Prime-based Advances or US Prime-based Advances from time to time outstanding, outstanding at a per annum rate equal to the Canadian Prime-based Rate or the US Prime-based Rate, as applicable, plus two three percent (23%).” 2.8 Paragraph (a) in Section 2.A.7 of the Credit Agreement is hereby amended and restated in its entirety as follows: (i) The Canadian Borrower may prepay all or part of the outstanding principal of any Canadian Prime-based Advance or any US Prime-based Advance of the Canadian Revolving Credit at any time, provided that, unless the “Sweep to Loan” system shall be in effect in respect of the Canadian Revolving Credit, after giving effect to any partial prepayment, the aggregate balance of Canadian Prime-based Advance(s) or any US Prime-based Advance(s) of the Canadian Revolving Credit remaining outstanding shall be at least US$250,000 or the Equivalent Amount in Canadian Dollars; and (ii) subject to Section 2.A.10(c) hereof, Canadian Borrower may prepay all or part of the outstanding principal of any Eurodollar-based Advance or BA-based Rate Advance of the Canadian Revolving Credit at any time (subject to not less than five (5) Business Days’ notice to Canadian Agent), together with accrued interest on such prepaid amount, provided that, after giving effect to any partial prepayment, the unpaid portion of such Advance which is to be refunded or converted under Section 2.A.3 hereof shall be at least US$250,000 or the Equivalent Amount in Canadian Dollars.”

Appears in 1 contract

Samples: Credit Agreement (Manitex International, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Prime Referenced Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Prime Referenced Rate, as applicable, and shall be payable in immediately available funds commencing on December 1, 2010, and on the first day of each calendar month thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Prime Referenced Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Rate Prime Referenced Rate, on the date of such change in the Prime-based Prime Referenced Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate Rate, and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period Period, applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Prime Referenced Rate Advances and from time to time outstanding, at a per annum rate equal to the Prime-based Rate Prime Referenced Rate, plus two percent (2%).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Obagi Medical Products, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds commencing on December 1, and quarterly in arrears on the first last day of each calendar month thereafterMarch, June, September and December. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 365 or 366, as the case may be, day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate.. MRC Energy Company Credit Agreement (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof[Intentionally Omitted]. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded continued or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Revolving Credit Advance is continued, refunded or converted. (e) In the case of any Event of Default under Section 9.1(i9.1(j), immediately upon the occurrence thereofthereof (and for so long as such Event of Default is continuing), and in the case of any other Event of DefaultDefault (and for so long as such Event of Default is continuing), immediately upon receipt by Administrative Agent of notice from the Majority Revolving Credit LendersLenders (with a copy to Borrower), interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Advances from time to time outstanding, at a per annum rate equal to the Prime-based Rate plus two percent (2%).

Appears in 1 contract

Samples: Credit Agreement (Matador Resources Co)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds commencing on December October 1, 2011, and on the first day of each calendar month October, January, April and July thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof), shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two three percent (23%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based Base Rate plus two three percent (23%).

Appears in 1 contract

Samples: Credit Agreement (Multimedia Games Holding Company, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Rate, and shall be payable in immediately available funds commencing on December February 1, 2008, and on the first day of each calendar month February, May, August and November thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Rate on the date of such change in the Prime-based Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Advances from time to time outstanding, at a per annum rate equal to the Prime-based Rate plus two percent (2%).

Appears in 1 contract

Samples: Revolving Credit Agreement (Compuware Corp)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line Term Loan from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based RateBase Rate plus the Applicable Margin, and shall be payable in immediately available funds quarterly in arrears commencing on December 1, 2021, and on the first day of each calendar month March, June, September and December thereafter. Whenever any payment under this Section 2.6(a) 4.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on the unpaid principal of each Eurodollar-based Advance AdvanceAll Term SOFR Advances of the Revolving Credit Term Loan shall bear interest for each Interest Period at a per annum interest rate equal to Adjusted Term SOFR for such Interest Period plus the Applicable Margin. In the case of Term SOFR Advances having a related Eurodollar-Interest Period of three (3) months or less shall accrue at its applicable Eurodollar-based Rate and and, accrued interest shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on each Eurodollar-basedTerm SOFR Advance of the Term Loan outstanding from time to time having a Eurodollar-an Interest Period of six (6) months or longer, at intervals of three (3) months after the first day of the applicable Eurodollar-Interest Period, and shall also be payable on the last day of the Eurodollar-Interest Period applicable thereto. Interest accruing at the Quoted Rate Eurodollar-based RateTerm SOFR shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.6(a) or (b) hereof, all accrued and unpaid interest on any Revolving Credit Term Loan Advance refunded or converted pursuant to Section 2.3 4.4 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Term Loan Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence and during the continuance thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit LendersTerm Loan Lenders and thereafter during the continuance of such Event of Default in regards to Term Loan, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Advances of the Term Loan from time to time outstanding outstanding, as applicable, at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of Eurodollar-based Advances and Quoted Rate basedTerm SOFR Advances, two percent (2%) for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingBase Rate Advances, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Archaea Energy Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Advances of the Revolving Credit and the Swing Line Term Loan from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December January 1, 2008, and on the first day Business Day of each calendar month April, July, October and January thereafter. Whenever any payment under this Section 2.6(a) 2A.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Rate on the date of such change in the Prime-based Rate. (b) Interest on the unpaid principal of each EurodollarEurocurrency-based Advance of the Revolving Credit Term Loan having a related Eurocurrency-Interest Period of three (3) months or less shall accrue at its Eurodollarapplicable Eurocurrency-based Rate and shall be payable in immediately available funds on the last day of the EurodollarEurocurrency-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on each Eurocurrency-based Advance of the Term Loan outstanding from time to time having a Eurocurrency-Interest Period of six (6) months or longer, at intervals of three (3) months after the first day of the applicable Eurocurrency-Interest Period, and shall also be payable on the last day of the Eurocurrency-Interest Period applicable thereto. Interest accruing at the Quoted Eurocurrency-based Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurocurrency-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 2A.6(a) or (b) hereof, all accrued and unpaid interest on any Revolving Credit Term Loan Advance refunded or converted pursuant to Section 2.3 2A.4 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Term Loan Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i8.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit LendersTerm Banks, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Advances of Term Loan from time to time outstanding outstanding, as applicable, at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of EurodollarEurocurrency-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Eurocurrency-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingAdvances, at a per annum rate equal to the Prime-based Rate plus two percent (2%).

Appears in 1 contract

Samples: Credit Agreement (Multimedia Games Inc)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line Term Loan from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December July 1, 2011, and on the first day of each calendar month October, January, April and July thereafter. Whenever any payment under this Section 2.6(a) 4.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on the unpaid principal of each Eurodollar-based Advance of the Revolving Credit Term Loan having a related Eurodollar-Interest Period of three (3) months or less shall accrue at its applicable Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.6(a) or (b) hereof, all accrued and unpaid interest on any Revolving Credit Term Loan Advance refunded or converted pursuant to Section 2.3 4.4 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Term Loan Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Term Loan Lenders, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Advances of the Term Loan from time to time outstanding outstanding, as applicable, at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingBase Rate Advances, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (LINC Logistics Co)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December April 1, 2014 and on the first day of each calendar month July, October, January and April thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by the Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 1 contract

Samples: Revolving Credit Agreement (2U, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December July 1, 2011, and on the first day of each calendar month October, January, April and July thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (LINC Logistics Co)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds commencing on December 1, 2010 and on the first day of each calendar month thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i10.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two the applicable Eurodollar-based Rate or Quoted Rate plus three percent (23%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based Base Rate plus two three percent (23%).

Appears in 1 contract

Samples: Credit Agreement (National Technical Systems Inc /Ca/)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, as applicable, and shall be payable in immediately available funds commencing on December 1, 2008, and on the first day of each calendar month thereafter. . (b) Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Rate Base Rate, on the date of such change in the Prime-based Base Rate. (bc) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate Rate, and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period Period, applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances and from time to time outstanding, at a per annum rate equal to the Prime-based Rate Base Rate, plus two percent (2%).

Appears in 1 contract

Samples: Revolving Credit Agreement (Obagi Medical Products, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based US Base Rate Advances of the Revolving Credit and the Swing Line Term Loan from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based US Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December October 1, 2013, and on the first day of each calendar month January, April, July and October thereafter. Whenever any payment under this Section 2.6(a) 4.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based US Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based US Base Rate on the date of such change in the Prime-based US Base Rate. (b) Interest on the unpaid principal of each Eurodollar-based Advance of the Revolving Credit Term Loan shall accrue at its applicable Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.6(a) or (b) hereof, all accrued and unpaid interest on any Revolving Credit Term Loan Advance refunded or converted pursuant to Section 2.3 4.4 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Term Loan Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Term Loan Lenders, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Term Loan Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two three percent (23%) for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingUS Base Rate Advances, at a per annum rate equal to the Prime-based US Base Rate plus two three percent (23%).

Appears in 1 contract

Samples: Credit Agreement (Manitex International, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based ABR Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based RateAlternate Base Rate plus the Applicable Margin, and shall be payable in immediately available funds commencing on December 1, and quarterly in arrears on the first last day of each calendar month thereafterMarch, June, September and December. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Alternate Base Rate shall be computed on the basis of a 360 365 or 366, as the case may be, day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Alternate Base Rate on the date of such change in the Prime-based Alternate Base Rate.. MRC Energy Company Credit Agreement 52 (b) Interest on each Eurodollar-based SOFR Advance of the Revolving Credit shall accrue at its Eurodollar-based the Adjusted Term SOFR Rate plus the Applicable Margin and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Adjusted Term SOFR Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof[Intentionally Omitted]. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded continued or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Revolving Credit Advance is continued, refunded or converted. (e) In the case of any Event of Default under Section 9.1(i9.1(j), immediately upon the occurrence thereofthereof (and for so long as such Event of Default is continuing), and in the case of any other Event of DefaultDefault (and for so long as such Event of Default is continuing), immediately upon receipt by Administrative Agent of notice from the Majority Revolving Credit LendersLenders (with a copy to Borrower), interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Advances from time to time outstanding, at a per annum rate equal to the Prime-based Rate plus two percent (2%).

Appears in 1 contract

Samples: Credit Agreement (Matador Resources Co)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line Term Loan from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December January 1, 2012, and on the first day of each calendar month quarter thereafter. Whenever any payment under this Section 2.6(a) 4.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on the unpaid principal of each Eurodollar-based Advance of the Revolving Credit Term Loan having a related Eurodollar-Interest Period of three (3) months or less shall accrue at its applicable Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.6(a) or (b) hereof, all accrued and unpaid interest on any Revolving Credit Term Loan Advance refunded or converted pursuant to Section 2.3 4.4 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Term Loan Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Term Loan Lenders, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Advances of the Term Loan from time to time outstanding outstanding, as applicable, at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingBase Rate Advances, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Quinstreet, Inc)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line Term Loans from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December July 1, 2013, and on the first day of each calendar month quarter thereafter. Whenever any payment under this Section 2.6(a) 4.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on the unpaid principal of each Eurodollar-based Advance of the Revolving Credit Term Loans having a related Eurodollar-Interest Period of three months or less shall accrue at its applicable Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on each Eurodollar-based Advance of the Term Loans outstanding from time to time having a Eurodollar-Interest Period of six months or longer, at intervals of three months after the first day of the applicable Eurodollar-Interest Period, and shall also be payable on the last day of the Eurodollar-Interest Period applicable thereto. Interest accruing at the Quoted Eurodollar-based Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.6(a) or (b), all accrued and unpaid interest on any Revolving Credit Term Loan Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, 4.4 shall be due and payable in full on the date such Term Loan Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit LendersTerm Loan A Lenders in regards to Term Loan A or the Majority Term Loan B Lenders in regards to Term Loan B and so long as such Event of Default is continuing, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Advances of Term Loan A or Term Loan B from time to time outstanding outstanding, as applicable, at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) 3% for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingBase Rate Advances, at a per annum rate equal to the Prime-based Base Rate plus two percent (23%).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (RetailMeNot, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based RateRate (but in no event in excess of the maximum non-usurious interest rate permitted by applicable law), and shall be payable in immediately available funds commencing on December October 1, 2007, and on the first day of each calendar month thereafterquarter thereafter on account of the prior quarter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Rate on the date of such change in the Prime-based Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate (but in no event in excess of the maximum non-usurious interest rate permitted by applicable law) and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Advances from time to time outstanding, at a per annum rate equal to the Prime-based Rate plus two percent (2%) (but in no event in excess of the maximum non-usurious interest rate permitted by applicable law).

Appears in 1 contract

Samples: Revolving Credit Agreement (Rackspace Inc)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line Term Loans from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December January 1, 2011, and on the first day of each calendar month successive April, July, October and January thereafter. Whenever any payment under this Section 2.6(a) 4.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on the unpaid principal of each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and Term Loans shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.6(a) or (b) hereof, all accrued and unpaid interest on any Revolving Credit Term Loan Advance refunded or converted pursuant to Section 2.3 4.4 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Term Loan Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i9.l(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Lenders, and so long as such Event of Default is continuing, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Advances of Term Loan A from time to time outstanding outstanding, as applicable, at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two three percent (23%) for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingBase Rate Advances, at a per annum rate equal to the Prime-based Base Rate plus two three percent (23%).

Appears in 1 contract

Samples: Term Loan Agreement (RetailMeNot, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based ABR Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based RateAlternate Base Rate plus the Applicable Margin, and shall be payable in immediately available funds commencing on December 1, and quarterly in arrears on the first last day of each calendar month thereafterMarch, June, September and December. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Alternate Base Rate shall be computed on the basis of a 360 365 or 366, as the case may be, day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Alternate Base Rate on the date of such change in the Prime-based Alternate Base Rate. (b) Interest on each Eurodollar-based SOFR Advance of the Revolving Credit shall accrue at its Eurodollar-based the Adjusted Term SOFR Rate plus the Applicable Margin and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Adjusted Term SOFR Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof[Intentionally Omitted]. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded continued or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is continued, refunded or converted. (e) In the case of any Event of Default under Section 9.1(i9.1(j), immediately upon the occurrence thereofthereof (and for so long as such Event of Default is continuing), and in the case of any other Event of DefaultDefault (and for so long as such Event of Default is continuing), immediately upon receipt by Administrative Agent of notice from the Majority Revolving Credit LendersLenders (with a copy to Borrower), interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Advances from time to time outstanding, at a per annum rate equal to the Prime-based Rate plus two percent (2%).

Appears in 1 contract

Samples: Credit Agreement (Matador Resources Co)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December 1, 2021, and on the first day of each calendar month March, June, September and December thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence and during the continuance thereof, and in the case of any other Event of Default, immediately upon receipt by the Agent of notice from the Majority Revolving Credit LendersLenders and thereafter during the continuance of such Event of Default, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Archaea Energy Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Rate, and shall be payable in immediately available funds commencing on December January 1, 2009, and on the first day of each calendar month quarter thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Rate on the date of such change in the Prime-based Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Advances from time to time outstanding, at a per annum rate equal to the Prime-based Rate plus two percent (2%) (but in no event in excess of the maximum interest rate permitted by applicable law).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Quinstreet, Inc)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December October 1, 2012, and on the first day of each calendar month October, January, April and July thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Universal Truckload Services, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line Term Loan from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December February 1, 2010, and on the first day of each calendar month thereafterFebruary, May, August and November thereafter (in respect of the preceding three months or any portion thereof). Whenever any payment under this Section 2.6(a) 4.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on the unpaid principal of each Eurodollar-based Advance of the Revolving Credit Term Loan having a related Eurodollar-Interest Period of three (3) months or less shall accrue at its applicable Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on each Eurodollar-based Advance of the Term Loan outstanding from time to time having a Eurodollar-Interest Period of six (6) months or longer, at intervals of three (3) months after the first day of the applicable Eurodollar-Interest Period, and shall also be payable on the last day of the Eurodollar-Interest Period applicable thereto. Interest accruing at the Quoted Eurodollar-based Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.6(a) or (b) hereof, all accrued and unpaid interest on any Revolving Credit Term Loan Advance refunded or converted pursuant to Section 2.3 4.4 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Term Loan Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Lenders, Term Loan Lenders interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Advances of the Term Loan from time to time outstanding outstanding, at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingBase Rate Advances, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 1 contract

Samples: Revolving and Term Loan Credit Agreement (American Midstream Partners, LP)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Advances of the Revolving Credit and the Swing Line Term Loan from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December January 1, 2009, and on the first day of each calendar month quarter thereafter. Whenever any payment under this Section 2.6(a) 4.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Rate on the date of such change in the Prime-based Rate. (b) Interest on the unpaid principal of each Eurodollar-based Advance of the Revolving Credit Term Loan having a related Eurodollar-Interest Period of three (3) months or less shall accrue at its applicable Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.6(a) or (b) hereof, all accrued and unpaid interest on any Revolving Credit Term Loan Advance refunded or converted pursuant to Section 2.3 4.4 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Term Loan Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Term Loan Lenders, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Advances of the Term Loan from time to time outstanding outstanding, as applicable, at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingAdvances, at a per annum rate equal to the Prime-based Rate plus two percent (2%).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Quinstreet, Inc)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line Term Loan from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December March 1, 2019, and on the first day of each calendar month June, September, December and March thereafter. Whenever any payment under this Section 2.6(a) 4.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on the unpaid principal of each Eurodollar-based Advance of the Revolving Credit Term Loan having a related Eurodollar-Interest Period of three (3) months or less shall accrue at its applicable Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.6(a) or (b) hereof, all accrued and unpaid interest on any Revolving Credit Term Loan Advance refunded or converted pursuant to Section 2.3 4.4 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Term Loan Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence and during the continuance thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit LendersTerm Loan Lenders and thereafter during the continuance of such Event of Default, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Advances the Term Loan from time to time outstanding outstanding, as applicable, at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two three percent (23%) for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingBase Rate Advances, at a per annum rate equal to the Prime-based Base Rate plus two three percent (23%).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Montauk Renewables, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December March 1, 2019, and on the first day of each calendar month June, September, December and March thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence and during the continuance thereof, and in the case of any other Event of Default, immediately upon receipt by the Agent of notice from the Majority Revolving Credit LendersLenders and thereafter during the continuance of such Event of Default, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two three percent (23%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based Base Rate plus two three percent (23%).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Montauk Renewables, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance Subject to clause (d) of this Section 2.6, (i) all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, bear interest at a per annum interest rate equal to the Prime-based RateBase Rate plus the Applicable Margin, (ii) all BSBY Rate Advances of the Revolving Credit shall bear interest for each Interest Period at a per annum interest rate equal to the BSBY Rate for such Interest Period plus the Applicable Margin and (iii) all Quoted Rate Advances of the Swing Line shall bear interest at a per annum interest rate equal to the Quoted Rate plus the Applicable Margin, if any. (b) Accrued interest on each Revolving Credit Advance and Swing Line Advance shall be payable in immediately available funds commencing arrears on December 1each Interest Payment Date applicable thereto and at such other times as may be specified herein; provided that (i) interest accrued pursuant to clause (d) of this Section shall be payable on demand, and (ii) in the event of any repayment or prepayment of any Revolving Credit Advance or Swing Line Advance (other than a prepayment of a Base Rate Advance prior to the Revolving Credit Maturity Date), accrued interest on the first day of each calendar month thereafter. Whenever any payment under this Section 2.6(a) principal amount repaid or prepaid shall become due be payable on a day which is not a Business Day, the date for payment thereof of such repayment or prepayment and (iii) in the event of any conversion of any BSBY Rate Advance prior to the end of the Interest Period therefor, accrued interest on such Advance shall be extended to payable on the next Business Day. effective date of such conversion. (c) Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 360-day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based BSBY Rate shall be computed on the basis of a 360 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, to but not including, including the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by the Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Advances from time to time outstanding, at a per annum rate equal to the Prime-based Rate plus two percent (2%)applicable Default Rate.

Appears in 1 contract

Samples: Credit Agreement (Warby Parker Inc.)

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Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line Term Loan from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December July 1, 2013 and on the first day of each calendar month April, July, October and January thereafter. Whenever any payment under this Section 2.6(a) 4.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on the unpaid principal of each Eurodollar-based Advance of the Revolving Credit Term Loan having a related Eurodollar-Interest Period of three (3) months or less shall accrue at its applicable Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on each Eurodollar-based Advance of the Term Loan outstanding from time to time having a Eurodollar-Interest Period of six (6) months or longer, at intervals of three (3) months after the first day of the applicable Eurodollar-Interest Period, and shall also be payable on the last day of the Eurodollar-Interest Period applicable thereto. Interest accruing at the Quoted Eurodollar-based Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.6(a) or (b) hereof, all accrued and unpaid interest on any Revolving Credit Term Loan Advance refunded or converted pursuant to Section 2.3 4.4 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Term Loan Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of DefaultDefault that is continuing, immediately upon receipt by Agent of notice from the Majority Revolving Credit LendersTerm Loan Lenders in regards to the Term Loan, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Advances of the Term Loan from time to time outstanding outstanding, as applicable, at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two three percent (23%) for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingBase Rate Advances, at a per annum rate equal to the Prime-based Base Rate plus two three percent (23%).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Neophotonics Corp)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds commencing on December January 1, 2012 and on the first day of each calendar month quarter thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%) (but in no event in excess of the maximum interest rate permitted by applicable law).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Quinstreet, Inc)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line Term Loan from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December October 1, 2012, and on the first day of each calendar month October, January, April and July thereafter. Whenever any payment under this Section 2.6(a) 4.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on the unpaid principal of each Eurodollar-based Advance of the Revolving Credit Term Loan having a related Eurodollar-Interest Period of three (3) months or less shall accrue at its applicable Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.6(a) or (b) hereof, all accrued and unpaid interest on any Revolving Credit Term Loan Advance refunded or converted pursuant to Section 2.3 4.4 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Term Loan Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Term Loan Lenders, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Advances of the Term Loan from time to time outstanding outstanding, as applicable, at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingBase Rate Advances, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Universal Truckload Services, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December July 1, 2013, and on the first day of each calendar month April, July, October and January thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by the Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two three percent (23%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based Base Rate plus two three percent (23%).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Neophotonics Corp)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds commencing on December 1, and quarterly in arrears on the first last day of each calendar month thereafterMarch, June, September and December. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 365 or 366, as the case may be, day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Eurodollar- Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. . (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof[Intentionally Omitted]. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded continued or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Revolving Credit Advance is continued, refunded or converted. (e) In the case of any Event of Default under Section 9.1(i9.1(j), immediately upon the occurrence thereofthereof (and for so long as such Event of Default is continuing), and in the case of any other Event of DefaultDefault (and for so long as such Event of Default is continuing), immediately upon receipt by Administrative Agent of notice from the Majority Revolving Credit LendersLenders (with a copy to Borrower), interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Advances from time to time outstanding, at a per annum rate equal to the Prime-based Rate plus two percent (2%).

Appears in 1 contract

Samples: Credit Agreement (Matador Resources Co)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line Term Loan from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December April 1, 2015, and on the first day of each calendar month quarter thereafter. Whenever any payment under this Section 2.6(a) 4.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on the unpaid principal of each Eurodollar-based Advance of the Revolving Credit Term Loan having a related Eurodollar-Interest Period of three months or less shall accrue at its applicable Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on each Eurodollar-based Advance of the Term Loan outstanding from time to time having a Eurodollar-Interest Period of six months or longer, at intervals of three months after the first day of the applicable Eurodollar-Interest Period, and shall also be payable on the last day of the Eurodollar-Interest Period applicable thereto. Interest accruing at the Quoted Eurodollar-based Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.6(a) or (b), all accrued and unpaid interest on any Revolving Credit Term Loan Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, 4.4 shall be due and payable in full on the date such Term Loan Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit LendersTerm Loan Lenders and so long as such Event of Default is continuing, interest on the principal amount of all Advances of the Term Loan from time to time Table of Contents outstanding shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) 3% for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingBase Rate Advances, at a per annum rate equal to the Prime-based Base Rate plus two percent (23%).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (RetailMeNot, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance Subject to clause (d) of this Section 4.6, (i) all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding Term Loans shall accrue from the date of such Advance to the date repaid, bear interest at a per annum interest rate equal to the Prime-based Base Rate plus the Applicable Margin and (ii) all BSBY Rate Advances of the Term Loan shall bear interest for each Interest Period at a per annum interest rate equal to the BSBY Rate for such Interest Period plus the Applicable Margin. (b) Accrued interest on each Term Loan Advance shall be payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein; provided that (i) interest accrued pursuant to clause (d) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Term Loan Advance (other than a prepayment of a Base Rate Advance prior to the Term Loan Maturity Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any BSBY Rate Advance prior to the end of the Interest Period therefor, accrued interest on such Advance shall be payable on the effective date of such conversion. (c) [(a) Interest on the unpaid principal of all Base Rate Advances of the Term Loan from time to time outstanding shall accrue until paid at a per annum interest rate equal to the Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December March 1, 2019, and on the first day of each calendar month June, September, December and March thereafter. Whenever any payment under this Section 2.6(a) 4.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. ]Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day -day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Advances from time to time outstanding, at a per annum rate equal to the Prime-based Rate plus two percent (2%).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Montauk Renewables, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line Term Loan A from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December October 1, 2011, and on the first day of each calendar month January, April, July, and October thereafter. Whenever any payment under this Section 2.6(a) 4.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 360-day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on the unpaid principal of each Eurodollar-based Advance of the Revolving Credit Term Loan A having a related Eurodollar-Interest Period of three (3) months or less shall accrue at its applicable Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on each Eurodollar-based Advance of Term Loan A outstanding from time to time having a Eurodollar-Interest Period of six (6) months or longer, at intervals of three (3) months after the first day of the applicable Eurodollar-Interest Period, and shall also be payable on the last day of the Eurodollar-Interest Period applicable thereto. Interest accruing at the Quoted Eurodollar-based Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.6(a) or (b), all accrued and unpaid interest on any Revolving Credit Term Loan A Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, 4.4 shall be due and payable in full on the date such Term Loan A Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit LendersTerm Loan A Lenders in regards to Term Loan A, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Advances from of Term Loan A time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, (i) in the case of Eurodollar-based Advances and Quoted Rate Advances, two three percent (23%) for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, and for (ii) in the case of all Prime-based Advances from time to time outstandingBase Rate Advances, at a per annum rate equal to the Prime-based Base Rate plus two three percent (23%).

Appears in 1 contract

Samples: Credit Agreement (Multimedia Games Holding Company, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December January 1, 2014, and on the first day of each calendar month April, July, October and January thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by the Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Rocket Fuel Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based RateBase Rate plus the Applicable Margin, and shall be payable in immediately available funds quarterly in arrears commencing on December 1, 2021, and on the first day of each calendar month March, June, September and December thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance AdvanceAll Term SOFR Advances of the Revolving Credit shall accrue at its Eurodollar-based Rate Ratebear interest for each Interest Period at a per annum interest rate equal to Adjusted Term SOFR for such Interest Period plus the Applicable Margin and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate RateTerm SOFR shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence and during the continuance thereof, and in the case of any other Event of Default, immediately upon receipt by the Agent of notice from the Majority Revolving Credit LendersLenders and thereafter during the continuance of such Event of Default, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based basedTerm SOFR Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Archaea Energy Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line CAPEX Loan from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds commencing on each Quarterly Payment Date commencing December 131, and on the first day of each calendar month thereafter2018. Whenever any payment under this Section 2.6(a3A.5(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation computation, effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit CAPEX Loan shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i8.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line CAPEX Loan Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two plus three percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Advances from time to time outstanding, at a per annum rate equal to the Prime-based Rate plus two percent (23%).

Appears in 1 contract

Samples: Credit Agreement (Unique Fabricating, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line Amortizing Loans from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds commencing quarterly in arrears on December 1, and on the first day of each calendar month thereafterQuarterly Payment Date. Whenever any payment under this Section 2.6(a) 3.7 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on the unpaid principal of each Eurodollar-based Advance of the Revolving Credit Amortizing Loans shall accrue at its applicable Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything All interest accruing hereunder shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed except as specifically provided to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or convertedherein. (ed) In the case of any Event of Default under Section 9.1(i8.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Advances Amortizing Loans from time to time outstanding outstanding, as applicable, at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two three percent (23%) for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingBase Rate Advances, at a per annum rate equal to the Prime-based Base Rate plus two three percent (23%).

Appears in 1 contract

Samples: Credit Agreement (Unique Fabricating, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Prime Referenced Rate Advances of the Revolving Credit and the Swing Line Term Loans from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based Prime Referenced Rate, and shall be payable in immediately available funds monthly in arrears commencing on December 1the first day of the calendar month after the date of each applicable Term Loan Advance, and on the first day of each calendar month thereafter. Whenever any payment under this Section 2.6(a) 4.7 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Prime Referenced Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Prime Referenced Rate on the date of such change in the Prime-based Prime Referenced Rate. (b) Interest on the unpaid principal of each Eurodollar-based Advance of the Revolving Credit Term Loans having a related Eurodollar-Interest Period of three (3) months or less shall accrue at its applicable Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on each Eurodollar-based Advance of the Term Loans outstanding from time to time having a Eurodollar-Interest Period of six (6) months or longer, at intervals of three (3) months after the first day of the applicable Eurodollar-Interest Period, and shall also be payable on the last day of the Eurodollar-Interest Period applicable thereto. Interest accruing at the Quoted Eurodollar-based Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.7(a) or (b) hereof, all accrued and unpaid interest on any Revolving Credit Term Loan Advance refunded or converted pursuant to Section 2.3 4.4 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Term Loan Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit LendersTerm Loan Lenders in regards to the Term Loan, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Advances of the Term Loan from time to time outstanding outstanding, as applicable, at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingPrime Referenced Rate Advances, at a per annum rate equal to the Prime-based Prime Referenced Rate plus two percent (2%).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Obagi Medical Products, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Advances of the Revolving Credit and the Swing Line Term Loan from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December October 1, 2008 and on the first day of each calendar month quarter thereafter. Whenever any payment under this Section 2.6(a) 4.7 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Rate on the date of such change in the Prime-based Rate. (b) Interest on the unpaid principal of each EurodollarEurocurrency-based Advance of the Revolving Credit Term Loan having a related Eurocurrency-Interest Period of three (3) months or less shall accrue at its Eurodollarapplicable Eurocurrency-based Rate and shall be payable in immediately available funds on the last day of the EurodollarEurocurrency-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on each Eurocurrency-based Advance of the Term Loan outstanding from time to time having a Eurocurrency-Interest Period of six (6) months or longer, at intervals of three (3) months after the first day of the applicable Eurocurrency-Interest Period, and shall also be payable on the last day of the Eurocurrency-Interest Period applicable thereto. Interest accruing at the Quoted Eurocurrency-based Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurocurrency-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.7(a) or (b) hereof, all accrued and unpaid interest on any Revolving Credit Term Loan Advance refunded or converted pursuant to Section 2.3 4.4 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Term Loan Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i9.1(j), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Required Term Loan Lenders, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Term Loan Advances from time to time outstanding outstanding, as applicable, at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of EurodollarEurocurrency-based Advances and Quoted Rate Advances, two three percent (23%) for the remainder of the then existing Eurocurrency-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingAdvances, at a per annum rate equal to the Prime-based Rate plus two three percent (23%).

Appears in 1 contract

Samples: Credit Agreement (Vishay Intertechnology Inc)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December February 1, 2012, and on the first day of each calendar month February, May, August and November thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 365 or 366, as the case may be, day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded continued or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof), shall be due and payable in full on the date such Advance is continued, refunded or converted. (e) In the case of any Event of Default under Section 9.1(i9.1(j), immediately upon the occurrence thereofthereof (and for so long as such Event of Default is continuing), and in the case of any other Event of DefaultDefault (and for so long as such Event of Default is continuing), immediately upon receipt by Administrative Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances Advances, and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 1 contract

Samples: Credit Agreement (Matador Resources Co)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based US Base Rate Advances of the Revolving Credit and the Swing Line Term Loan from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based US Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December April 1, 2015, and on the first day of each calendar month July, October, January and April thereafter. Whenever any payment under this Section 2.6(a) 4.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based US Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based US Base Rate on the date of such change in the Prime-based US Base Rate. (b) Interest on the unpaid principal of each Eurodollar-based Advance of the Revolving Credit Term Loan shall accrue at its applicable Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.6(a) or (b) hereof, all accrued and unpaid interest on any Revolving Credit Term Loan Advance refunded or converted pursuant to Section 2.3 4.4 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Term Loan Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Term Loan Lenders, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Term Loan Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two three percent (23%) for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingUS Base Rate Advances, at a per annum rate equal to the Prime-based US Base Rate plus two three percent (23%).

Appears in 1 contract

Samples: Credit Agreement (Manitex International, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Rate, and shall be payable in immediately available funds commencing on December 1first day of the first full month after such Advance is made, and on the first day of each calendar month thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Rate on the date of such change in the Prime-based Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Advances from time to time outstanding, at a per annum rate equal to the Prime-based Rate plus two percent (2%).

Appears in 1 contract

Samples: Revolving Credit Agreement (Microsemi Corp)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Base Rate Term Loan Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December January 1, 2016, and on the first day of each calendar month April, July, October, and January thereafter. Whenever any payment under this Section 2.6(a) 4.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on the unpaid principal of each Eurodollar-based Term Loan Advance having a related Eurodollar-Interest Period of the Revolving Credit three (3) months or less shall accrue at its applicable Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.6(a) or (b), all accrued and unpaid interest on any Revolving Credit Term Loan Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, 4.4 shall be due and payable in full on the date such Term Loan Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Term Loan Lenders, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Term Loan Advances from time to time outstanding outstanding, as applicable, at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingBase Rate Advances, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 1 contract

Samples: Credit Agreement (Universal Truckload Services, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds commencing on December April 1, 2010 and on the first day of each calendar month quarter thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%) (but in no event in excess of the maximum interest rate permitted by applicable law).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Quinstreet, Inc)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December February 1, 2015, and on the first day of each calendar month May, August, November and February thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by the Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Rocket Fuel Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line Term Loan B from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December January 1, 2014, and on the first day of each calendar month January, April, July and October thereafter. Whenever any payment under this Section 2.6(a) 4.A.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on the unpaid principal of each Eurodollar-based Advance of the Revolving Credit Term Loan B having a related Eurodollar-Interest Period of three (3) months or less shall accrue at its applicable Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.A.6(a) or (b) hereof, all accrued and unpaid interest on any Revolving Credit Term Loan B Advance refunded or converted pursuant to Section 2.3 4.A.4 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Term Loan B Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Term Loan B Lenders, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Advances of Term Loan B from time to time outstanding outstanding, as applicable, at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingBase Rate Advances, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Universal Truckload Services, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Acquisition Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds commencing on December 1, and on the first day of each calendar month thereafter(“Interest Payment Dates”), commencing on the first Interest Payment Date occurring after the date the applicable Advance was made. Whenever any payment under this Section 2.6(a5.5(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Acquisition Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Acquisition Credit Advance refunded or converted pursuant to Section 2.3 5.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i10.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Acquisition Credit Lenders, interest shall be payable on demand on all Revolving Acquisition Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plusto, in the case of Eurodollar-based Advances and Quoted Rate Advances, two the applicable Eurodollar-based Rate plus three percent (23%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based Base Rate plus two three percent (23%).

Appears in 1 contract

Samples: Credit Agreement (National Technical Systems Inc /Ca/)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based US Base Rate Advances of the US Revolving Credit and the US Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based US Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December April 1, 2015, and on the first day of each calendar month July, October January and April thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based US Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based US Base Rate on the date of such change in the Prime-based US Base Rate. (b) Interest on each Eurodollar-based Advance of the US Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the US Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any US Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any US Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by the US Agent of notice from the Majority US Revolving Credit LendersLenders requesting default interest rates (as described in this paragraph), interest shall be payable on demand on all US Revolving Credit Advances and US Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two three percent (23%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based US Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based US Base Rate plus two three percent (23%).

Appears in 1 contract

Samples: Credit Agreement (Manitex International, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based US Base Rate Advances of the US Revolving Credit and the US Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based US Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December October 1, 2013, and on the first day of each calendar month January, April, July and October thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based US Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based US Base Rate on the date of such change in the Prime-based US Base Rate. (b) Interest on each Eurodollar-based Advance of the US Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the US Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any US Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any US Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by the US Agent of notice from the Majority US Revolving Credit Lenders, interest shall be payable on demand on all US Revolving Credit Advances and US Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two three percent (23%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based US Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based US Base Rate plus two three percent (23%).

Appears in 1 contract

Samples: Credit Agreement (Manitex International, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds commencing on each Quarterly Payment Date commencing December 131, and on the first day of each calendar month thereafter2018. Whenever any payment under this Section 2.6(a2.5(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation computation, effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i8.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two plus three percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Advances from time to time outstanding, at a per annum rate equal to the Prime-based Rate plus two percent (23%). (d) The US Borrower may prepay all or part of the outstanding principal of any Advance(s) of the Revolving Credit at any time, provided that, unless the "Sweep to Loan" system shall be in effect in respect of the Revolving Credit, after giving effect to any partial prepayment, the aggregate balance of Advance(s) of the Revolving Credit remaining outstanding shall be at least One Hundred Thousand Dollars ($100,000.00).

Appears in 1 contract

Samples: Credit Agreement (Unique Fabricating, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Rate, and shall be payable in immediately available funds commencing on December October 1, 2007, and on the first day of each calendar month quarter thereafter. Whenever any payment under this Section 2.6(a2.5(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Rate on the date of such change in the Prime-based Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e2.12(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Advances from time to time outstanding, at a per annum rate equal to the Prime-based Rate plus two percent (2%).

Appears in 1 contract

Samples: Credit Agreement (Englobal Corp)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December March 1, 2016, and on the first day of each calendar month June, September, December, and March thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof), shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 1 contract

Samples: Credit Agreement (Universal Truckload Services, Inc.)

Interest Payments; Default Interest. (a) Interest on the unpaid balance principal of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line Term Loan from time to time outstanding shall accrue from the date of such Advance to the date repaid, until paid at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December April 1, 2010, and on the first day of each calendar month quarter thereafter. Whenever any payment under this Section 2.6(a) 4.6 shall become due on a day which that is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on the unpaid principal of each Eurodollar-based Advance of the Revolving Credit Term Loan having a related Eurodollar-Interest Period of three (3) months or less shall accrue at its applicable Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter)thereto. Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to, but not including, the last day thereof. (dc) Notwithstanding anything to the contrary in the preceding sectionsSection 4.6(a) or (b) hereof, all accrued and unpaid interest on any Revolving Credit Term Loan Advance refunded or converted pursuant to Section 2.3 4.4 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Term Loan Advance is refunded or converted. (ed) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by Agent of notice from the Majority Revolving Credit Term Loan Lenders, interest shall be payable on demand on the principal amount of all Revolving Credit Advances and Swing Line Advances of the Term Loan from time to time outstanding outstanding, as applicable, at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance Advance, plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Eurodollar-Interest Period, if any, and at all other such times, times and for all Prime-based Advances from time to time outstandingBase Rate Advances, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Quinstreet, Inc)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based Base Rate, and shall be payable in immediately available funds quarterly in arrears commencing on December July 1, 2012, and on the first day of each calendar month October, January, April and July thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance of the Revolving Credit shall accrue at its Eurodollar-based Rate and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance that is refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance that is refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence thereof, and in the case of any other Event of Default, immediately upon receipt by the Agent of notice from the Majority Revolving Credit Lenders, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 1 contract

Samples: Revolving Credit Agreement (Bridgepoint Education Inc)

Interest Payments; Default Interest. (a) Interest on the unpaid balance of all Prime-based Base Rate Advances of the Revolving Credit and the Swing Line from time to time outstanding shall accrue from the date of such Advance to the date repaid, at a per annum interest rate equal to the Prime-based RateBase Rate plus the Applicable Margin, and shall be payable in immediately available funds quarterly in arrears commencing on December 1, 2021, and on the first day of each calendar month March, June, September and December thereafter. Whenever any payment under this Section 2.6(a) shall become due on a day which is not a Business Day, the date for payment thereof shall be extended to the next Business Day. Interest accruing at the Prime-based Base Rate shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime-based Base Rate on the date of such change in the Prime-based Base Rate. (b) Interest on each Eurodollar-based Advance All Term SOFR Advances of the Revolving Credit shall accrue bear interest for each Interest Period at its Eurodollar-based Rate a per annum interest rate equal to Adjusted Term SOFR for such Interest Period plus the Applicable Margin and shall be payable in immediately available funds on the last day of the Eurodollar-Interest Period applicable thereto (and, if any Eurodollar-Interest Period shall exceed three months, then on the last Business Day of the third month of such Eurodollar-Interest Period, and at three month intervals thereafter). Interest accruing at the Eurodollar-based Rate Term SOFR shall be computed on the basis of a 360 day year and assessed for the actual number of days elapsed from the first day of the Eurodollar-Interest Period applicable thereto to but not including the last day thereof. (c) Interest on each Quoted Rate Advance of the Swing Line shall accrue at its Quoted Rate and shall be payable in immediately available funds on the last day of the Interest Period applicable thereto. Interest accruing at the Quoted Rate shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed from the first day of the Interest Period applicable thereto to, but not including, the last day thereof. (d) Notwithstanding anything to the contrary in the preceding sections, all accrued and unpaid interest on any Revolving Credit Advance refunded or converted pursuant to Section 2.3 hereof and any Swing Line Advance refunded pursuant to Section 2.5(e) hereof, shall be due and payable in full on the date such Advance is refunded or converted. (e) In the case of any Event of Default under Section 9.1(i), immediately upon the occurrence and during the continuance thereof, and in the case of any other Event of Default, immediately upon receipt by the Agent of notice from the Majority Revolving Credit LendersLenders and thereafter during the continuance of such Event of Default, interest shall be payable on demand on all Revolving Credit Advances and Swing Line Advances from time to time outstanding at a per annum rate equal to the Applicable Interest Rate in respect of each such Advance plus, in the case of Eurodollar-based Term SOFR Advances and Quoted Rate Advances, two percent (2%) for the remainder of the then existing Interest Period, if any, and at all other such times, and for all Prime-based Base Rate Advances from time to time outstanding, at a per annum rate equal to the Prime-based Base Rate plus two percent (2%).

Appears in 1 contract

Samples: Credit Agreement (Archaea Energy Inc.)

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