Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR. (b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3. (c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period plus the Applicable Margin in effect for such day. (d) Each Fixed Rate Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3. (e) Subject to the provisions of the following sentence, interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (g) of this subsection 2.9 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 3 contracts
Samples: 364 Day Competitive Advance and Revolving Credit Facility (Delphi Corp), 364 Day Competitive Advance and Revolving Credit Facility (Delphi Corp), 364 Day Competitive Advance and Revolving Credit Facility (Delphi Corp)
Interest Rates and Payment Dates. (a) Each ABR Revolving Loan shall bear interest at that is a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such day plus the Revolving Loan Applicable Margin. Each Initial Term Loan that is a Eurodollar Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurodollar Rate determined for such day plus the Initial Term Loan Applicable Margin in effect for such dayMargin.
(db) Each Fixed Rate Revolving Loan that is an ABR Loan shall bear interest at a rate per annum equal to the fixed ABR plus the Revolving Loan Applicable Margin. Each Initial Term Loan that is an ABR Loan shall bear interest at a rate per annum equal to the ABR plus the Initial Term Loan Applicable Margin.
(c) Each Swingline Loan shall bear interest at a rate per annum equal to the ABR plus the Revolving Loan Applicable Margin.
(i) If all or a portion of the principal amount of any Loan shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest offered by at a rate per annum equal to the Lender making such Loan and accepted by the Borrower rate that would otherwise be applicable thereto pursuant to subsection 2.3the foregoing provisions of this Section plus 2%, and (ii) if all or a portion of any interest payable on any Loan or any facility fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to, (y) in the case of Revolving Loans, the rate then applicable to Revolving Loans that are ABR Loans plus 2% (unless such overdue amount is denominated in a Foreign Currency, in which case such overdue amount shall bear interest of a rate per annum equal to the highest rate then applicable under this Agreement to Multicurrency Loans denominated in such Foreign Currency plus 2%), (x) in the case of Initial Term Loans, the rate then applicable to Initial Term Loans that are ABR Loans plus 2%, in each case and (z) in the case of Incremental Term Loans, the rate then applicable to Incremental Term Loans that are ABR Loans plus 2%, in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment).
(e) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 3 contracts
Samples: Credit Agreement (Synopsys Inc), Credit Agreement (Synopsys Inc), Credit Agreement (Synopsys Inc)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(db) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by ABR plus the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3Applicable Margin.
(ei) Subject If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the following sentencecase of Reimbursement Obligations, the rate applicable to ABR Loans under the Revolving Facility plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under the Revolving Facility plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non‑payment until such amount is paid in full (as well after as before judgment).
(d) Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit .
(e) In the event that, following the First Amendment Effective Date, (i) any Non-Extending Tranche B Term Lender (a “Modifying Non-Extending Tranche B Term Lender”) shall agree to amend or refinance any Non-Extended Tranche B Term Loans and the Multicurrency effect of such amendment or refinancing is to extend the maturity date applicable thereto or to increase the pricing applicable thereto (such amended Non-Extended Tranche B Term Loans and such loans incurred to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which refinance such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (orNon-Extended Tranche B Term Loans, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any“Modified Non-Extended Tranche B Term Loans”) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount interest rate margin in respect of such Modified Non-Extended Tranche B Term Loans (after giving effect to OID or upfront fees paid to all of the Modifying Non-Extending Tranche B Term Lenders in connection therewith but excluding any customary arrangement, commitment or other similar fees payable to one or more arrangers (or their affiliates) in connection therewith) (with fees and OID being equated to interest rate in a manner determined by the Administrative Agent based on a four-year life to maturity) exceeds by more than 50 basis points the sum of (1) the Applicable Margin for the Extended Tranche B Term Loans that is in effect on the date of such extension, and (2) the upfront fees paid to all of the Extending Tranche B Term Lenders in respect of the Extended Tranche B Term Loans, which actually was shall be equated to interest rate based on a four-year life to maturity, then, if the maturity date of such Modified Non-Extended Tranche B Term Loans is not at least one year later than the Extended Tranche B Term Loan Maturity Date, the Applicable Margin for such Extended Tranche B Term Loans shall be increased so that the interest rate margin in respect of such Modified Non-Extended Tranche B Term Loans (after giving effect to any OID issued or such upfront fees paid during to all of the Modifying Non-Extending Tranche B Term Lenders in connection therewith as set forth above) is no greater than the sum of (1) the Applicable Margin for such periodExtended Tranche B Term Loans that is in effect on the date of such extension, (2) the OID or upfront fees paid to all of the Extending Tranche B Term Lenders in respect of the Extended Tranche B Term Loans and (3) 50 basis points.
Appears in 3 contracts
Samples: Credit Agreement (Avis Budget Group, Inc.), Credit Agreement (Avis Budget Group, Inc.), Credit Agreement (Avis Budget Group, Inc.)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Each Eurocurrency Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency other than a Eurocurrency Loan that is a Tranche B Term Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period day plus the Applicable Margin in effect Margin, and (ii) each Eurocurrency Loan that is a Tranche B Term Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to (A) (1) prior to the third anniversary of the Closing Date, the greater of (x) the Eurocurrency Rate determined for such dayday and (y) 3.00% and (2) thereafter, the Eurocurrency Rate determined for such day plus (B) the Applicable Margin.
(di) Each Fixed Rate ABR Loan other than an ABR Loan that is a Tranche B Term Loan shall bear interest at a rate per annum equal to ABR plus the fixed Applicable Margin, and (ii) each ABR Loan that is a Tranche B Term Loan shall bear interest at a rate per annum equal to (A) (1) prior to the third anniversary of the Closing Date, the greater of (x) ABR and (y) 4.00% and (2) thereafter, ABR plus (B) the Applicable Margin.
(i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest offered at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.15 plus 2% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans under the Revolving Facility plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under the Revolving Facility plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (after as well as before judgment); provided that no amount shall be payable pursuant to this Section 2.15(c) to a Defaulting Lender making so long as such Loan and accepted Lender shall be a Defaulting Lender; provided further no amounts shall accrue pursuant to this Section 2.15(c) on any overdue Loan, Reimbursement Obligation, commitment fee or other amount payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender
(d) Interest shall be payable by the Borrower pursuant to subsection 2.3.
(e) Subject to the provisions of the following sentence, interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section 2.15 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 3 contracts
Samples: Credit Agreement (Booz Allen Hamilton Holding Corp), Credit Agreement (Booz Allen Hamilton Holding Corp), Credit Agreement (Booz Allen Hamilton Holding Corp)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period plus the Applicable Margin in effect for such day.
(b) Each ABR Loan shall bear interest for each day that it is outstanding at a rate per annum equal to the Alternate Base Rate for such day plus the Applicable Margin in effect for such day.
(c) Each Multicurrency Loan shall bear interest for each day that it is outstanding at a rate per annum equal to the applicable Eurocurrency Rate plus the Applicable Margin in effect for such day.
(d) Each Fixed Money Market Rate Swing Line Loan shall bear interest during the interest period applicable thereto at a rate per annum equal to the applicable Money Market Rate; provided, that any Money Market Rate Swing Line Loan in which lenders purchase participating interests pursuant to the last sentence of subsection 3.5(a) shall, from and after the date of such purchase, bear interest until the end of the interest period applicable thereto at a rate per annum equal to the higher of (i) 2% above the Money Market Rate applicable thereto and (ii) 2% above the ABR.
(e) If all or a portion of (i) the principal amount of any Loan, (ii) any interest payable thereon or (iii) any fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the fixed rate of interest offered by the Lender making such Loan and accepted by the Borrower that would otherwise be applicable thereto pursuant to the foregoing provisions of this subsection 2.3plus 2% or, if higher, in the case of amounts required to be paid in U.S. Dollars, the rate described in paragraph (b) of this subsection plus 2%.
(ef) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (ge) of this subsection 2.9 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 2 contracts
Samples: Revolving Credit and Guarantee Agreement (Case Credit Corp), Revolving Credit and Guarantee Agreement (Case Corp)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Each Eurocurrency Loan that is a Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (Loan or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency a Tranche A Term Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period day plus the Applicable Margin in effect and (ii) each Eurocurrency Loan that is a Tranche B Term Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to (A) the greater of (x) the Eurocurrency Rate determined for such dayday and (y) 1.25% plus (B) the Applicable Margin.
(di) Each Fixed Rate ABR Loan that is a Revolving Loan or a Tranche A Term Loan shall bear interest at a rate per annum equal to the fixed ABR plus the Applicable Margin and (ii) each ABR Loan that is a Tranche B Term Loan shall bear interest at a rate per annum equal to (A) the greater of (x) the ABR and (y) 1.25% plus (B) the Applicable Margin.
(i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest offered at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans under the Revolving Facility plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under the Revolving Facility plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment); provided that no amount shall be payable pursuant to this Section 2.15(c) to a Defaulting Lender making so long as such Loan and accepted Lender shall be a Defaulting Lender; provided further no amounts shall accrue pursuant to this Section 2.15(c) on any overdue Loan, Reimbursement Obligation, commitment or other amount payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Interest shall be payable by the Borrower pursuant to subsection 2.3.
(e) Subject to the provisions of the following sentence, interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section 2.15 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 2 contracts
Samples: Credit Agreement (Wesco Aircraft Holdings, Inc), Credit Agreement (Wesco Aircraft Holdings, Inc)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(db) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to the fixed ABR plus the Applicable Margin.
(i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), all outstanding Loans and Reimbursement Obligations (whether or not overdue) shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% per annum or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans under the US$ Revolving Facility plus 2% per annum, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans under the relevant Facility (or, in the case of the Multicurrency Revolving Facility, the rate then applicable to the Eurocurrency Loans), plus 2% per annum (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under the US$ Revolving Facility plus 2% per annum), in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment).
(d) If and so long as any Lender is required to make special deposits to maintain reserve asset ratios or to pay fees, in each case in respect of such Lender’s Eurocurrency Loans in any currency other than Dollars in accordance with the requirements of the Bank of England or the European Central Bank and/or the Financial Services Authority (or, in either case, any authority which replaces all or any of its functions), the Administrative Agent may require the Parent Borrower to pay, for the account of such Lender, contemporaneously with each payment of interest offered by the Lender making on each of such Loans, additional interest on such Loan at a rate per annum equal to the Mandatory Costs as may be applicable thereto and accepted by calculated in accordance with the Borrower pursuant to subsection 2.3formula and in the manner set forth in Schedule 1.1B hereto.
(e) Subject If and so long as any Lender is required to comply with reserve assets, liquidity, cash margin or other requirements of any monetary or other authority (including any such requirement imposed by the European Central Banks but excluding requirements reflected in the Eurocurrency Reserve Requirements or the Mandatory Costs) in respect of any of such Lender’s Eurocurrency Loans in any currency other than Dollars, such Lender may require the Parent Borrower to pay, contemporaneously with each payment of interest on each of such Loans subject to such requirements, additional interest on such Loan at a rate per annum specified by such Lender to be the cost to such Lender of complying with such requirements in relation to such Loan.
(f) Any additional interest owed pursuant to paragraph (d) or (e) above shall be determined by the Administrative Agent and notified to the provisions Parent Borrower in the form of a certificate setting forth such additional interest at least five Business Days before each date on which interest is payable for the relevant Loan, and such additional interest so notified to the Parent Borrower by the Administrative Agent shall be payable to the Administrative Agent for the account of the following sentence, respective Lender on each date on which interest is payable for such Loan.
(g) Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 2 contracts
Samples: Credit Agreement (Roper Industries Inc), Credit Agreement (Roper Industries Inc)
Interest Rates and Payment Dates. (a) Each ABR Loan (other than Competitive Loans) denominated in Dollars shall bear interest (i) if a Eurocurrency Loan, for each day during each Interest Period with respect thereto at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Eurocurrency Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect determined for such Borrowing day plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive if an ABR Loan, at a rate per annum equal to the Eurodollar Rate for ABR plus the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3Applicable Margin.
(cb) Each Multicurrency Loan denominated in an Alternate Currency other than Canadian Dollars shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such day plus the Applicable Margin.
(c) Each Loan denominated in Canadian Dollars shall bear interest (i) if a Eurocurrency Loan, for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such day plus the Applicable Margin in effect for such dayand (ii) if a Canadian Prime Rate Loan, at a rate per annum equal to the Canadian Prime Rate plus the Applicable Margin.
(d) Each Fixed Rate Money Market Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by Money Market Rate applicable thereto plus the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3Applicable Margin.
(e) Subject Each Competitive Loan (other than a Fixed Rate Loan) shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such day plus (or minus, as applicable) the Margin applicable thereto. Each Fixed Rate Loan shall bear interest at the Fixed Rate applicable thereto.
(f) If all or a portion of (i) the principal amount of any Revolving Credit Loan, Money Market Loan or Competitive Loan, (ii) any interest payable thereon or (iii) any fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum which is (x) in the case of overdue principal, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.6 plus 2% or (y) in the following sentencecase of any overdue interest, interest fee or other amount, the rate described in Section 2.6(a)(ii) plus 2%, in each case from the date of such non-payment to the date on which such amount is paid in full (as well after as before judgment).
(g) Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gSection 2.6(f) of this subsection 2.9 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 2 contracts
Samples: Credit Agreement (Kimco Realty Corp), Credit Agreement (Kimco Realty Corp)
Interest Rates and Payment Dates. (a) Each ABR Eurocurrency Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit that is an L/C Tranche Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (a Multicurrency Loan or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency a Domestic Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period plus the Applicable Margin in effect for Margin.
(b) Each Eurocurrency Competitive Loan shall bear interest at a rate per annum equal to the Eurocurrency Rate applicable to such dayLoan plus (or minus, as applicable) the Margin.
(c) Each ABR Loan shall bear interest at a rate per annum equal to the ABR plus the Applicable Margin.
(d) Each Fixed Rate Loan shall bear interest at the fixed rate applicable to such Loan.
(e) [Reserved].
(i) If all or a portion of the principal amount of any Loan (other than any Brazilian Loan) or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% per annum or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans plus 2% per annum, (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any Facility Fee payable hereunder (in each case, other than any of the foregoing in connection with the Brazilian Facility) or any fees payable pursuant to the L/C Fee Letter shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount (in the case of any Reimbursement Obligations denominated in an Optional Currency, converted into Dollars on the applicable Reimbursement Date if necessary) shall bear interest at a rate per annum equal to the fixed rate then applicable to ABR Loans, in each case, with respect to clauses (i) and (ii) above, from the date of such nonpayment until such amount is paid in full (as well after as before judgment) and (iii) if all or a portion of any principal amount of any Brazilian Loans or any interest offered payable on any Brazilian Loan or any fee payable in connection with the Brazilian Facility shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at the rate per annum required by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3Brazilian Bank Certificates.
(eg) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; provided , provided, that (x) interest accruing pursuant to paragraph (gSection 2.19(f) of this subsection 2.9 shall be payable from time to time on demand. demand and (y) interest accruing in respect of the Brazilian Facility shall be payable in accordance with and pursuant to the terms of the Brazilian Bank Certificates.
(h) The amount and timing of payments of interest on U.S. Revolving Credit Loans in respect of any Ancillary Facility will be agreed by the relevant Ancillary Lender and the Multicurrency Loans to applicable Ancillary Borrower under such Ancillary Facility.
(i) All interest hereunder shall be paid on any Interest Payment Date shall be in the amount Currency in which would be due and payable if the Utilization for the period for which Loan giving rise to such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such perioddenominated.
Appears in 2 contracts
Samples: 3 Year Revolving Credit Agreement (General Motors Co), 3 Year Revolving Credit Agreement (General Motors Financial Company, Inc.)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayday with respect to such Loan and (ii) BA Equivalent Loans shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as applicable) at a rate per annum that shall be equal to the BA Rate, plus the Applicable Margin for BA Equivalent Loans.
(db) Each Fixed ABR Loan denominated in Dollars shall bear interest for each day that it is outstanding at a rate per annum equal to the ABR in effect for such day plus the Applicable Margin in effect for such day with respect to such Loan. Each ABR Loan denominated in Canadian Dollars shall bear interest for each day that it is outstanding at a rate per annum equal to the Canadian Prime Rate Loan in effect for such day plus the Applicable Margin in effect for such day with respect to such Loan.
(c) If all or a portion of (i) the principal amount of any Loan, (ii) any interest payable thereon or (iii) any commitment fee, letter of credit commission, letter of credit fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal which is (y) in the case of overdue principal, the rate that would otherwise be applicable thereto pursuant to the fixed relevant foregoing provisions of this subsection 4.1 plus 2.00%, and (z) in the case of other amounts, including overdue interest and Reimbursement Obligations, the rate described in paragraph (b) of this subsection 4.1 for ABR Loans that are Revolving Credit Loans accruing interest offered by at the Lender making ABR (or the Canadian Prime Rate in the case of Canadian Facility Revolving Credit Loans denominated in Canadian Dollars) plus 2.00%, in each case from the date of such Loan and accepted by the Borrower pursuant to subsection 2.3non-payment until such amount is paid in full (after as well as before judgment).
(ed) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 4.1 shall be payable from time to time on demand. The .
(e) It is the intention of the parties hereto to comply strictly with applicable usury laws; accordingly, it is stipulated and agreed that the aggregate of all amounts which constitute interest under applicable usury laws, whether contracted for, charged, taken, reserved, or received, in connection with the indebtedness evidenced by this Agreement or any Notes, or any other document relating or referring hereto or thereto, now or hereafter existing, shall never exceed under any circumstance whatsoever the maximum amount of interest allowed by applicable usury laws.
(f) Any provision of this Agreement that would oblige a Canadian Loan Party to pay any fine, penalty or rate of interest on U.S. Revolving Credit Loans any arrears of principal or interest secured by a mortgage on real property or hypothec on immovables that has the effect of increasing the charge on arrears beyond the rate of interest payable on principal money not in arrears shall not apply to such Canadian Loan Party, which shall be required to pay interest on money in arrears at the same rate of interest payable on principal money not in arrears.
(g) If any provision of this Agreement would oblige a Canadian Loan Party to make any payment of interest or other amount payable to any Secured Party in an amount or calculated at a rate which would be prohibited by law or would result in a receipt by that Lender of “interest” at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)), then, notwithstanding such provision, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by applicable law or so result in a receipt by that Canadian Loan Party of “interest” at a “criminal rate,” such adjustment to be effected, to the extent necessary (but only to the extent necessary), as follows:
(i) first, by reducing the amount or rate of interest; and
(ii) thereafter, by reducing any fees, commissions, costs, expenses, premiums and the Multicurrency Loans other amounts required to be paid on any Interest Payment Date shall be the amount which would be due and constitute interest for purposes of section 347 of the Criminal Code (Canada).
(iii) Whenever interest or fees payable if by a Canadian Loan Party is calculated on the Utilization for the basis of a period for which such interest is paid was less than 33%. On the first Business Day following the last day actual number of days in a calendar year, each fiscal quarter rate of the Borrower interest and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay fee determined pursuant to the Administrative Agentsuch calculation is, for the ratable benefit purpose of the LendersInterest Act (Canada), an additional amount equivalent to such rate multiplied by the actual number of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, days in the case calendar year in which such rate is to be ascertained and divided by the number of days used as the payment due on the Termination Date, the portion thereof ending on basis of such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such periodcalculation.
Appears in 2 contracts
Samples: Abl Credit Agreement (Hd Supply, Inc.), Abl Credit Agreement (Hd Supply, Inc.)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal Subject to the ABR.
(b) The Loans comprising Section 11.15, -------------------------------- ------------- each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period plus the Applicable Margin in effect determined for such day. ----
(b) Subject to Section 11.15, each ABR Loan shall bear interest for ------------- each day that it is outstanding at a rate per annum equal to the ABR plus the ---- Applicable Margin for such day.
(di) Each Fixed Rate Subject to Section 11.15, after the occurrence and during the ------------- continuance of an Event of Default under Section 9(a) of this Agreement, all ------------ Loans and Reimbursement Obligations shall bear interest at a rate per annum which is equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 4.1 plus ----------- ---- 2% or (y) in the case of Reimbursement Obligations, at a rate per annum equal to the ABR plus the Applicable Margin plus 2% and (ii) if all or a portion of any ---- ---- interest payable on any Loan or Reimbursement Obligation or any commitment fee, letter of credit fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the fixed rate ABR plus the ---- Applicable Margin plus 2%, in each case, with respect to clauses (i) and (ii) ---- above, from the date of interest offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3non-payment until such amount is paid in full (as well after as before judgment).
(ed) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section -------- shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 2 contracts
Samples: Credit Agreement (Radio One Inc), Credit Agreement (Radio One Inc)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayEurodollar Rate Margin.
(db) Each Fixed Base Rate Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3Base Rate.
(ei) Subject If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the following sentencecase of Reimbursement Obligations, the rate applicable to Base Rate Loans plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any facility fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to Base Rate Loans plus 2%, in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment).
(d) Interest shall be payable in arrears on (i) with respect to any Base Rate Loan, the last day of each March, June, September and December to occur while such Loan is outstanding and the Termination Date, (ii) with respect to any Eurodollar Rate Loan having an Interest Payment Date; provided Period of three months or shorter, the last day of such Interest Period, (iii) with respect to any Eurodollar Rate Loan having an Interest Period longer than three months, each day that is three months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period and (iv) as to any Loan (other than any Revolving Credit Loan that is a Base Rate Loan and any Swing Line Loan), the date of any repayment or prepayment made in respect thereof. Notwithstanding the foregoing, interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 2 contracts
Samples: Credit Agreement (Computer Associates International Inc), 364 Day Credit Agreement (Computer Associates International Inc)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(db) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to ABR plus the fixed Applicable Margin.
(i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.15 plus 2% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans under the Revolving Facility plus 2%, and (ii) if all or a portion of any interest offered payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under the Revolving Facility plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non payment until such amount is paid in full (after as well as before judgment); provided that no amount shall be payable pursuant to this Section 2.15(c) to a Defaulting Lender making so long as such Loan and accepted Lender shall be a Defaulting Lender; provided further no amounts shall accrue pursuant to this Section 2.15(c) on any overdue Loan, Reimbursement Obligation, commitment fee or other amount payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Interest shall be payable by the Borrower pursuant to subsection 2.3.
(e) Subject to the provisions of the following sentence, interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section 2.15 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 2 contracts
Samples: Credit Agreement (Booz Allen Hamilton Holding Corp), Credit Agreement (Booz Allen Hamilton Holding Corp)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period day plus the Applicable Margin in effect for such day.
(d) Margin. Each Fixed Base Rate Loan shall bear interest at a rate per annum equal to the fixed Base Rate plus the Applicable Margin. Each Revolving Offshore Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Offshore Rate determined for such day plus the Applicable Margin. Each Swing Line Loan shall bear interest at a rate per annum equal to the Base Rate plus the Applicable Margin for Revolving Loans which are Base Rate Loans. Each Fronted Offshore Loan shall bear interest for each day during each Interest Period with respect thereto (or, if there is no Interest Period with respect thereto, for each day such Loan is outstanding), at a rate per annum equal to the Cost of Funds determined for such day. If all or a portion of (i) any principal of any Loan, (ii) any interest offered payable thereon, (iii) any commitment fee or (iv) any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), any such overdue principal, interest, commitment fee or other amount shall bear interest at a rate per annum which is (x) in the case of principal, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this subsection plus 2% or (y) in the case of any such overdue interest, commitment fee or other amount, (A) the rate described in paragraph (b) of this subsection plus 2%, in the case of amounts that are owing in Dollars or (B) (I) the Cost of Funds determined by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(e) Subject to the provisions Administrative Agent in respect of the following sentencerelevant Offshore Currency, interest plus (II) the Applicable Margin for Revolving Offshore Loans in effect at such time, plus (III) 2%, in the case of amounts owing that are denominated in Offshore Currencies, in each case from the date of such non-payment until such overdue principal, interest, commitment fee or other amount is paid in full (as well after as before judgment). Interest shall be payable in arrears on each Interest Payment Date; Date and on the Revolving Credit Termination Date (in the case of Revolving Loans, Swing Line Loans and Fronted Offshore Loans) and the date of the final installment of principal (in the case of Term Loans), provided that interest accruing pursuant to paragraph (gf) of this subsection 2.9 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 2 contracts
Samples: Credit and Guarantee Agreement (Kinetic Concepts Inc /Tx/), Credit and Guarantee Agreement (Kinetic Concepts Inc /Tx/)
Interest Rates and Payment Dates. (a) Each ABR Eurodollar Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency sum of (i) the Eurodollar Rate determined for such Interest Period day plus the Applicable Margin in effect for such day(ii) 4.00% per annum.
(db) Each Fixed Base Rate Loan shall bear interest at a rate per annum equal to the fixed sum of (i) the Base Rate plus (ii) 3.00% per annum.
(c) Each Term Loan also shall accrue additional interest at a rate of 14% per annum.
(i) If all or a portion of the principal amount of any Term Loan shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), all outstanding Term Loans (whether or not overdue) shall bear interest offered at a rate per annum that is equal to the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2.0%, and (ii) if all or a portion of any interest payable on any Term Loan or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the Lender making rate then applicable to Base Rate Loans plus 2.0%, in each case, with respect to clauses (i) and (ii) above, from the date of such Loan non-payment until such amount is paid in full (after as well as before judgment).
(i) Interest accruing pursuant to paragraphs (a) and accepted (b) above shall be payable by the Borrower pursuant to subsection 2.3.
(e) Subject to the provisions of the following sentence, interest shall be payable in cash in arrears on each Interest Payment Date; provided that (ii) interest accruing pursuant to paragraph (gc) above shall be calculated on the outstanding principal amount of this subsection 2.9 the Term Loans on a weighted average daily basis and shall be payable by the Borrower in arrears on each Interest Payment Date by increasing the outstanding principal amount of the Term Loans by the amount of such interest due on a pro rata basis based on the Lenders' outstanding Term Loans immediately prior to such interest payment and (iii) interest accruing pursuant to paragraph (d) above shall be payable in cash from time to time on demand. The amount .
(f) Notwithstanding anything to the contrary set forth in this Section 2.15, if a court of competent jurisdiction determines in a final order that the rate of interest on U.S. Revolving Credit Loans and payable hereunder exceeds the Multicurrency Loans to highest rate of interest permissible under law (the "Maximum Lawful Rate"), then so long as the Maximum Lawful Rate would be paid on any Interest Payment Date so exceeded, the rate of interest payable hereunder shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (Maximum Lawful Rate; provided, however, that if any) between (i) at any time thereafter the amount rate of interest payable hereunder is less than the Maximum Lawful Rate, Borrower shall continue to pay interest hereunder at the Maximum Lawful Rate until such time as the total interest received by the Lenders is equal to the total interest which would have been received had the interest rate payable during such fiscal quarter hereunder been (orbut for the operation of this paragraph) the interest rate payable since the Closing Date as otherwise provided in this Agreement. Thereafter, interest hereunder shall be paid at the rate(s) of interest and in the case manner provided in Sections 2.15(a) through (e) above, unless and until the rate of interest again exceeds the Maximum Lawful Rate, and at that time this paragraph shall again apply. In no event shall the total interest received by the Lenders pursuant to the terms hereof exceed the amount which the Lenders could lawfully have received had the interest due hereunder been calculated for the full term hereof at the Maximum Lawful Rate. If the Maximum Lawful Rate is calculated pursuant to this paragraph, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made. If, notwithstanding the provisions of this Section 2.15(f), a court of competent jurisdiction shall finally determine that the Lenders have received interest hereunder in excess of the payment due on the Termination DateMaximum Lawful Rate, the portion thereof ending on such date) after giving effect Lenders shall refund any excess to the actual Utilization during such period and (ii) the amount Borrower or as a court of interest which actually was paid during such periodcompetent jurisdiction may otherwise order.
Appears in 2 contracts
Samples: Credit Agreement (Williams Companies Inc), Credit Agreement (Williams Companies Inc)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar LIBO Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency LIBO Rate determined for such Interest Period day plus the Applicable Margin in effect for such day.
(db) Each Fixed Base Rate Loan shall bear interest for each day on which it is outstanding at a rate per annum equal to the Base Rate in effect for such day plus the Applicable Margin in effect for such day.
(i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount (to the extent legally permitted) shall bear interest at a rate per annum that is equal to (x) in the case of the LIBO Rate Loans, a rate per annum equal to the LIBO Rate determined for such day plus the highest Applicable Margin for LIBO Rate Loans plus 2.0%, (y) in the case of the Base Rate Loans, a rate per annum equal to the Base Rate determined for such day plus the highest Applicable Margin for Base Rate Loans plus 2.0%, or (z) in the case of Reimbursement Obligations, the rate applicable to Base Rate Loans under the Revolving Credit Facility calculated at the highest Applicable Margin for such Loans plus 2.0%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the fixed rate then applicable to Base Rate Loans under the relevant Facility calculated at the highest Applicable Margin for such Loans plus 2.0% (or, in the case of interest offered by any such other amounts that do not relate to a particular Facility, the Lender making rate then applicable to Base Rate Loans under the Revolving Credit Facility calculated at the highest Applicable Margin for such Loan Loans plus 2.0%), in each case, with respect to clauses (i) and accepted by (ii) above, from the Borrower pursuant to subsection 2.3date of such non payment until such amount is paid in full (after as well as before judgment).
(ed) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid .
(e) Interest on any Interest Payment Date Loan or other Obligation shall be payable in same currency as the amount which would be due and payable if the Utilization for the period for currency in which such interest Loan or other Obligation is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such periodpayable.
Appears in 2 contracts
Samples: Credit Agreement (Tronox Inc), Credit Agreement (Tronox Inc)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(db) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to the fixed ABR plus the Applicable Margin, and each CDN ABR Loan shall bear interest at a rate of interest offered by per annum equal to the Lender making such Loan and accepted by CDN ABR plus the Borrower pursuant to subsection 2.3Applicable Margin.
(ec) Subject Each CDN Prime Loan shall bear interest at a rate per annum equal to the CDN Prime Rate plus the Applicable Margin.
(d) Each Bankers' Acceptance shall be subject to an Acceptance Fee payable as set forth in Section 2.25.
(i) If all or a portion of the principal amount of any Loan (including the Face Amount of any outstanding B/A) or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the following sentencecase of Reimbursement Obligations, the rate applicable to ABR Loans under the US Revolving Facility (or, with respect to Letters of Credit denominated in CDN Dollars, the rate applicable to CDN Prime Loans under the CDN Revolving Facility) plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans, CDN ABR Loans or CDN Prime Loans, as applicable, under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under the Revolving Facility plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment).
(f) Interest shall be payable by the relevant Borrower in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (ge) of this subsection 2.9 Section shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(ba) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(cb) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period plus the Applicable Margin in effect for such day.. 29
(dc) Each Fixed Rate Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(ed) Subject to the provisions of the following sentence, interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (g) of this subsection 2.9 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Samples: 364 Day Competitive Advance and Revolving Credit Facility (Delphi Automotive Systems Corp)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(di) Each Fixed Rate ABR Loan and each Swingline Loan shall bear interest at a rate per annum equal to the fixed ABR plus the Applicable Margin and (ii) each Local Rate Loan shall bear interest on the unpaid principal amount thereof at a rate per annum equal to the Local Rate applicable to the relevant Permitted Foreign Currency plus the Applicable Margin.
(i) If all or a portion of the principal amount of any Loan, Reimbursement Obligation, Local Loan or Acceptances shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest offered at a rate per annum equal to (x) in the case of the Loans, Local Loans or Acceptances, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.15 plus 2.00% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans under the relevant Facility plus 2.00%, and (ii) if all or a portion of any interest payable on any Loan, Reimbursement Obligation, Local Loan or Acceptance or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans if denominated in Dollars under the relevant Facility or if denominated in a Permitted Foreign Currency, the rate then applicable to Local Rate Loans, in each case, plus 2.00% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans if denominated in Dollars or the rate applicable to Local Rate Loans for the applicable Permitted Foreign Currency, in each case, under the relevant Facility plus 2.00%), in each case, with respect to clauses (i) and (ii) above, from the date of such nonpayment until such amount is paid in full (after as well as before judgment); provided, that no amount shall be payable pursuant to this Section 2.15(c) to a Defaulting Lender making so long as such Loan and accepted Lender shall be a Defaulting Lender; provided, further, that no amounts shall accrue pursuant to this Section 2.15(c) on any overdue Loan, Reimbursement Obligation, Local Loan, Acceptance, commitment fee or other amount payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Interest shall be payable by the Borrower pursuant to subsection 2.3.
(e) Subject to the provisions of the following sentence, interest shall be payable in arrears on each Interest Payment Date; provided provided, that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section 2.15 shall be payable from time to time on demand. The amount of interest Interest on U.S. Revolving Credit each Local Loan shall be payable in arrears to the relevant Local Fronting Lender in the applicable Permitted Foreign Currency (or, with respect to Local Loans and the Multicurrency Loans to be paid on any which are denominated in Dollars, in Dollars).
(e) On each Interest Payment Date (including, without limitation, each Interest Payment Date with respect to Acceptances), the Local Fronting Lender shall be deliver to the Administrative Agent, the Company and the relevant Local Borrowing Subsidiary an Interest Allocation Statement, substantially in the form of Exhibit O-2, and the Company and the relevant Local Borrowing Subsidiary shall (in the absence of manifest error) pay the amount specified therein on such Interest Payment Date.
(f) As promptly as is practicable following each date upon which would be due and payable if a Local Fronting Lender receives a payment of interest under this Agreement on account of Local Loans and/or Acceptances, such Local Fronting Lender shall convert into Dollars (at the Utilization for exchange rate then applicable to it) the period for amount equal to (i) the portion of such payment which constitutes the Applicable Margin thereon (or, with respect to each Tranche A Revolving Lender which funded the purchase of a participating interest in such Local Loan or Acceptance pursuant to Section 2.32(a), as the case may be, such Tranche A Revolving Lender’s Tranche A Revolving Percentage of the full amount of such interest payment) minus (ii) 1/4 of 1% per annum on the aggregate undiscounted face amount of the extensions of credit on account of which such interest is paid payment was less than 33%made (which unconverted amount shall be retained by such Local Fronting Lender for its own account). On the first Business Day following the last day of each fiscal quarter In consideration of the Borrower agreement of the Tranche A Revolving Lenders to purchase participating interests in the Local Loans and on the Termination Date (orAcceptances, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall each Local Fronting Lender hereby agrees to pay to the Administrative Agent, for the ratable benefit account of each Tranche A Revolving Lender, a risk participation fee in the Lenders, an additional amount of interest equal to the difference proceeds received by such Local Fronting Lender from such conversion (other than any such proceeds payable for the account of a Defaulting Lender, which proceeds shall be retained by such Local Fronting Lender for its own account) or, if any) between (i) no such conversion is required, the amount of interest which would have been payable during converted if such fiscal quarter (orinterest had been paid in a Permitted Foreign Currency; provided, however, that, in the case event that the Tranche A Revolving Lenders have funded the purchase of participating interests in the extensions of credit on account of which such interest payment was made pursuant to Section 2.32(a), such Local Fronting Lender shall instead pay to the Administrative Agent, for the account of each Tranche A Revolving Lender which has so funded such purchase, the amount equal to such Tranche A Revolving Lender’s Tranche A Revolving Percentage of the payment due proceeds received by such Local Fronting Lender from such conversion. Such amount shall be payable to the Administrative Agent in Dollars on the Termination date upon which such Local Fronting Lender receives the proceeds of such conversion. For purposes of this Section 2.15(f), interest shall be deemed to have been received by the Local Fronting Lender on account of an Acceptance on the last day of the calendar month in which such Acceptance matures.
(g) On each date upon which any Local Borrower pays interest to a Local Fronting Lender hereunder on account of any Local Loan and on each date upon which any Acceptance is created by a Local Fronting Lender for the account of a Local Borrower hereunder, such Local Borrower shall pay to such Local Fronting Lender (for its own account) a local administrative fee in the amount equal to ¼ of 1.0% per annum on the aggregate principal amount of the Local Loans with respect to which such interest is being paid or on the aggregate undiscounted face amount of such Acceptance, as the case may be.
(h) From the 2021 Notes Exchange Effective Date until such Tranche B Right is exercised and a Tranche B Term Loan is issued in respect of such Tranche B Right, each unexercised Tranche B Right shall bear interest at the same rate as any then-outstanding Tranche B Term Loans on the aggregate principal amount of Tranche B Term Loans such Tranche B Right would be entitled to receive upon exercise of such Tranche B Right (it being understood that if no Tranche B Term Loans are issued on the 2021 Notes Exchange Effective Date, all unexercised Tranche B Rights shall bear interest based upon a Eurocurrency Loan with a three month Interest Period starting on the 2021 Notes Exchange Effective Date). Such interest shall be payable to the Tranche B Administrative Agent upon each Interest Payment Date both in respect of any then-outstanding Tranche B Term Loans as well as any Tranche B Right. Interest on any Tranche B Term Loan shall be disbursed to Tranche B Term Lenders in accordance with this Agreement. However, the Tranche B Administrative Agent shall retain amounts in respect of Tranche B Right until first Interest Payment Date after the applicable Tranche B Rights are exercised and, upon such Interest Payment Date, the portion thereof ending on Tranche B Administrative Agent shall pay such date) after giving effect amounts to the actual Utilization during Tranche B Term Lender of record in respect of the applicable Tranche B Term Loans. If a Tranche B Right is not exercised prior to the repayment in full in cash of the Tranche B Term Facility, the Tranche B Administrative Agent shall pay all such period amounts to the Borrower and (ii) the amount Borrower shall pay such amounts to the applicable Tranche B Right Holder. In furtherance of the foregoing, all Tranche B Term Loans shall always constitute a single “borrowing” for purposes of determining interest which actually was paid during such periodand, if the Tranche B Term Loans are Eurocurrency Loans, shall always maintain the same Interest Period.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(db) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to the fixed ABR plus the Applicable Margin.
(i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans under the Revolving Facility plus 2%, and (ii) if all or a portion of any interest offered payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under the Revolving Facility plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non‑payment until such amount is paid in full (as well after as before judgment); provided that no amount shall be payable pursuant to this Section 2.15(c) to a Defaulting Lender making so long as such Loan and accepted Lender shall be a Defaulting Lender; provided further no amounts shall accrue pursuant to this Section 2.15(c) on any overdue Loan, Reimbursement Obligation, commitment or other amount payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Interest shall be payable by the Borrower pursuant to subsection 2.3.
(e) Subject to the provisions of the following sentence, interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section 2.15 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Term A Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto and be payable in cash on each Interest Payment Date at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such plus 5.75% per annum; provided that, if Treasure Coast Medicine has not become a Term A Loan Subsidiary Guarantor on or before the first Interest Period Payment Date on or after the Closing Date, the Term A Loans shall bear interest at a rate equal to the Eurodollar Rate plus 6.75% until the Applicable Margin in effect for such dayfirst occurring Interest Payment Date (if any) on which Treasure Coast Medicine is a Term A Loan Subsidiary Guarantor.
(db) Each Fixed The Term B Loans shall bear interest for each day during each Interest Period with respect thereto and be payable in cash (a “Cash Interest Payment”) on each Interest Payment Date at a rate equal to the Eurodollar Rate plus 10.50% per annum (the “Cash Interest Rate”). Notwithstanding the foregoing, at the option of the Term B Loan Borrower by delivering to Administrative Agent a PIK Notice not later than 12:00 pm on the day that is five (5) Business Days prior to any Interest Payment Date, the Term B Loan Borrower may elect to have the Term B Loans bear interest for each day during the Interest Period ending on such Interest Payment Date and be payable as follows: (i) for the Interest Periods ending July 15, 2014 and January 15, 2015, at a rate equal to the Eurodollar Rate plus 11.75% per annum (the “PIK Interest Rate”), which interest shall be paid on the applicable Interest Payment Date by adding the amount of such interest to the aggregate principal amount of the outstanding Loan (a “PIK Interest Payment”), (ii) for the Interest Periods ending July 15, 2015 and January 15, 2016, (A) one-quarter of the daily principal balance of the Term B Loans at the Cash Interest Rate payable as a Cash Interest Payment, plus (B) three-quarters of the daily principal balance of the Term B Loans at the PIK Interest Rate payable as a PIK Interest Payment, or (iii) for the Interest Periods ending July 15, 2016 and January 15, 2017, (A) one-half at the Cash Interest Rate as a Cash Interest Payment plus (B) one-half of the daily principal balance of the Term B Loans at the PIK Interest Rate payable as a PIK Interest Payment. Notwithstanding the foregoing, if the Eurodollar Rate becomes unavailable pursuant to Section 2.16 and the ABR applies, the 10.50% rate per annum described in the definition of Cash Interest Rate above shall decrease to 9.50% per annum and the 11.75% rate per annum described in the definition of PIK Interest Rate above shall decrease to 10.75% per annum.
(c) Upon the occurrence and during the continuance of an Event of Default, at the election of the Required Lenders (by giving written notice thereof to Administrative Agent),:
(i) the principal amount of and all accrued and unpaid interest on any Term A Loan, and all fees, indemnities and any other Obligations, or other amount payable hereunder not paid when due (whether at the state maturity, by acceleration or otherwise) shall bear interest at a rate per annum equal to the fixed rate of interest offered by the Lender making such Loan and accepted by the Borrower that would otherwise be applicable thereto pursuant to subsection 2.3this Section 2.14 plus 2.00% from the date of such non-payment until such overdue amount is paid in full (as well after as before judgment).
(eii) Subject the principal amount of and all accrued and unpaid interest on any Term B Loan, and all fees, indemnities and any other Obligations, or other amount payable hereunder not paid when due (whether at the state maturity, by acceleration or otherwise) shall bear interest at a rate per annum equal to the provisions rate that would otherwise be applicable thereto pursuant to this Section 2.14 plus 4.00% from the date of the following sentence, interest such non-payment until such overdue amount is paid in full (as well after as before judgment).
(d) Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gSection 2.14(c) of this subsection 2.9 shall be payable on the 15th day of each calendar month (or the next succeeding Business Day if such date is not a Business Day) and from time to time on demand. The amount demand by the Administrative Agent (acting at the direction of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following Required Lenders).
(e) If, as of the last day of each any fiscal quarter of commencing with the fiscal quarter ending December 31, 2014, the Term B Loan Borrower and its Restricted Subsidiaries on a consolidated basis fail to generate Consolidated EBITDA of at least $23,750,000 for the Termination Date Test Period then ended (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in fullas reported to Administrative Agent under Section 6.1), the Borrower shall pay interest rate applicable pursuant to the Administrative AgentSection 2.14(a) shall, for the ratable benefit effective as of the Lenderslast day of such Test Period, an additional amount of interest equal to the difference increase by 2.00% and shall remain so increased until such time (if any) between that Consolidated EBITDA of the Term B Loan Borrower and its Restricted Subsidiaries on a consolidated basis for a Test Period ending as of the last day of any subsequent fiscal quarter exceeds $23,750,000 (ias reported to Administrative Agent in accordance with Section 6.1). For the avoidance of doubt, if the Term B Loan Borrower and its Restricted Subsidiaries on a consolidated basis thereafter again fail to generate Consolidated EBITDA of at least $23,750,000 during any Test Period (as reported to Administrative Agent under Section 6.1), in accordance with the foregoing sentence, the interest rate would again increase by 2.00% effective as of the end of such subsequent Test Period and remain so increased until the last day of the next occurring fiscal quarter (if any) that Consolidated EBITDA of the amount Term B Loan Borrower and its Restricted Subsidiaries on a consolidated basis exceeds $23,750,000 (as reported to Administrative Agent in accordance with Section 6.1). For the purposes of interest which would have been payable during this Section 2.14(d), if financial statements and a certification of the Consolidated EBITDA of the Term B Loan Borrower and its Restricted Subsidiaries on a consolidated basis for any fiscal quarter are not timely delivered pursuant to Section 6.1, Consolidated EBITDA of the Term B Loan Borrower and its Restricted Subsidiaries on a consolidated basis for the Test Period ended as of the last day of such fiscal quarter (or, shall be deemed not to exceed $23,750,000 and the Interest Rate shall be increased in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such periodaccordance with this Section 2.14(d).
Appears in 1 contract
Samples: Credit Agreement (21st Century Oncology Holdings, Inc.)
Interest Rates and Payment Dates. (a) Each ABR Subject to the provisions of subsection 2.14, each Base Rate Tranche A Loan shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be) at a rate per annum equal to the ABR.
(b) The Loans comprising Base Rate plus the Applicable Margin applicable to Base Rate Tranche A Loans. Subject to the provisions of subsection 2.14, each Eurodollar Base Rate Borrowing Tranche B Loan shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be) at a rate per annum equal to the Base Rate plus the Applicable Margin applicable to Base Rate Tranche B Loans.
(ib) in Subject to the case provisions of subsection 2.14, each Eurodollar Revolving Credit Loan, Tranche A Loan shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Eurodollar Rate for the Interest Period in effect for such Borrowing Eurodollar Tranche A Loan plus the Applicable Margin and (ii) in applicable to Eurodollar Tranche A Loans. Subject to the case provisions of subsection 2.14, each Eurodollar Rate Competitive Loan, Tranche B Loan shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Eurodollar Rate for the Interest Period in effect for such Borrowing each Eurodollar Tranche B Loan plus (or minus, as the case may be) the Applicable Margin offered by the Lender making such Loan and accepted by the Borrower pursuant applicable to subsection 2.3Eurodollar Tranche B Loans.
(c) Each Multicurrency Interest on each Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period plus the Applicable Margin in effect for such day.
(d) Each Fixed Rate Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(e) Subject to the provisions of the following sentence, interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant Date applicable to paragraph (g) of this subsection 2.9 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower Loan and on the Termination Date Date; provided that, interest accruing on overdue amounts pursuant to subsection 2.14 shall be payable on demand as provided in such subsection.
(or, if earlier, on d) As soon as practicable the date upon which both Agent shall notify the Commitments are terminated Company and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit Banks of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount each determination of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period a Eurodollar Rate and (ii) the effective date and the amount of each change in the interest which actually was paid during such periodrate on a Eurodollar Loan or Base Rate Loan. Each determination of an interest rate by the Agent, pursuant to any provision of this Agreement (including subsections 2.13 and 2.14) shall be conclusive and binding on the Borrowers and the Banks in the absence of clearly demonstrable error. At the request of the Borrowers, the Agent shall deliver to the Company a statement showing the quotations used by it in determining any interest rate pursuant to subsections 2.13(a) and (b).
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(di) Each Fixed Rate ABR Loan and each Swingline Loan shall bear interest at a rate per annum equal to the fixed ABR plus the Applicable Margin and (ii) each Local Rate Loan shall bear interest on the unpaid principal amount thereof at a rate per annum equal to the Local Rate applicable to the relevant Permitted Foreign Currency plus the Applicable Margin.
(i) If all or a portion of the principal amount of any Loan, Reimbursement Obligation, Local Loan or Acceptances shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest offered at a rate per annum equal to (x) in the case of the Loans, Local Loans or Acceptances, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.15 plus 2.00% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans under the relevant Facility plus 2.00%, and (ii) if all or a portion of any interest payable on any Loan, Reimbursement Obligation, Local Loan or Acceptance or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then |US-DOCS\115543490.9|| applicable to ABR Loans if denominated in Dollars under the relevant Facility or if denominated in a Permitted Foreign Currency, the rate then applicable to Local Rate Loans, in each case, plus 2.00% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans if denominated in Dollars or the rate applicable to Local Rate Loans for the applicable Permitted Foreign Currency, in each case, under the relevant Facility plus 2.00%), in each case, with respect to clauses (i) and (ii) above, from the date of such nonpayment until such amount is paid in full (after as well as before judgment); provided, that no amount shall be payable pursuant to this Section 2.15(c) to a Defaulting Lender making so long as such Loan and accepted Lender shall be a Defaulting Lender; provided, further, that no amounts shall accrue pursuant to this Section 2.15(c) on any overdue Loan, Reimbursement Obligation, Local Loan, Acceptance, commitment fee or other amount payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Interest shall be payable by the Borrower pursuant to subsection 2.3.
(e) Subject to the provisions of the following sentence, interest shall be payable in arrears on each Interest Payment Date; provided provided, that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section 2.15 shall be payable from time to time on demand. The amount of interest Interest on U.S. Revolving Credit each Local Loan shall be payable in arrears to the relevant Local Fronting Lender in the applicable Permitted Foreign Currency (or, with respect to Local Loans and the Multicurrency Loans to be paid on any which are denominated in Dollars, in Dollars).
(e) On each Interest Payment Date (including, without limitation, each Interest Payment Date with respect to Acceptances), the Local Fronting Lender shall be deliver to the Administrative Agent, the Company and the relevant Local Borrowing Subsidiary an Interest Allocation Statement, substantially in the form of Exhibit O-2, and the Company and the relevant Local Borrowing Subsidiary shall (in the absence of manifest error) pay the amount specified therein on such Interest Payment Date.
(f) As promptly as is practicable following each date upon which would be due and payable if a Local Fronting Lender receives a payment of interest under this Agreement on account of Local Loans and/or Acceptances, such Local Fronting Lender shall convert into Dollars (at the Utilization for exchange rate then applicable to it) the period for amount equal to (i) the portion of such payment which constitutes the Applicable Margin thereon (or, with respect to each Tranche A Revolving Lender which funded the purchase of a participating interest in such Local Loan or Acceptance pursuant to Section 2.32(a), as the case may be, such Tranche A Revolving Lender’s Tranche A Revolving Percentage of the full amount of such interest payment) minus (ii) 1/4 of 1% per annum on the aggregate undiscounted face amount of the extensions of credit on account of which such interest is paid payment was less than 33%made (which unconverted amount shall be retained by such Local Fronting Lender for its own account). On the first Business Day following the last day of each fiscal quarter In consideration of the Borrower agreement of the Tranche A Revolving Lenders to purchase participating interests in the Local Loans and on the Termination Date (orAcceptances, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall each Local Fronting Lender hereby agrees to pay to the Administrative Agent, for the ratable benefit account of each Tranche A Revolving Lender, a risk participation fee in the Lenders, an additional amount of interest equal to the difference proceeds received by such Local Fronting Lender from such conversion (other than any such proceeds payable for the account of a Defaulting Lender, which proceeds shall be retained by such Local Fronting Lender for its own account) or, if any) between (i) no such conversion is required, the amount of interest which would have been payable during converted if such fiscal quarter (orinterest had been paid in a Permitted Foreign Currency; provided, however, that, in the case event that the Tranche A Revolving Lenders have funded the purchase of |US-DOCS\115543490.9|| participating interests in the extensions of credit on account of which such interest payment was made pursuant to Section 2.32(a), such Local Fronting Lender shall instead pay to the Administrative Agent, for the account of each Tranche A Revolving Lender which has so funded such purchase, the amount equal to such Tranche A Revolving Lender’s Tranche A Revolving Percentage of the payment due proceeds received by such Local Fronting Lender from such conversion. Such amount shall be payable to the Administrative Agent in Dollars on the Termination Datedate upon which such Local Fronting Lender receives the proceeds of such conversion. For purposes of this Section 2.15(f), interest shall be deemed to have been received by the portion thereof ending Local Fronting Lender on account of an Acceptance on the last day of the calendar month in which such dateAcceptance matures.
(g) after giving effect On each date upon which any Local Borrower pays interest to a Local Fronting Lender hereunder on account of any Local Loan and on each date upon which any Acceptance is created by a Local Fronting Lender for the actual Utilization during account of a Local Borrower hereunder, such period and Local Borrower shall pay to such Local Fronting Lender (iifor its own account) a local administrative fee in the amount equal to ¼ of 1.0% per annum on the aggregate principal amount of the Local Loans with respect to which such interest which actually was is being paid during or on the aggregate undiscounted face amount of such periodAcceptance, as the case may be.
Appears in 1 contract
Samples: Asset Based Revolving Credit Agreement (Revlon Inc /De/)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayType of Loan.
(db) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to the fixed rate ABR plus the Applicable Margin for such Type of interest offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3Loan.
(ec) Subject If all or a portion of (i) any principal of any Loan, (ii) any interest payable thereon, (iii) the Commitment Fee, the Administration Fee, any Fronting Fee or any Letter of Credit Fee or (iv) any other amount payable hereunder or under any other Loan Document shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), the principal of the Loans and any such overdue interest, Commitment Fee, Administration Fee, Fronting Fee, Letter of Credit Fee or other amount shall bear interest at a rate per annum which is (x) in the case of principal, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this subsection plus 2% or (y) in the following sentencecase of any such overdue interest, interest Commitment Fee, Administration Fee, Fronting Fee, Letter of Credit Fee or other amount, the rate described in paragraph (b) of this subsection plus 2%, in each case from the date of such non-payment until such overdue principal, interest, Commitment Fee, Administration Fee, Fronting Fee, Letter of Credit Fee or other amount is paid in full (as well after as before judgment).
(d) Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Eurocurrency Loan -------------------------------- shall bear interest at (computed on the basis of the actual number of days elapsed over a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) year of 360 days, except in the case of each Eurodollar Eurocurrency Revolving Credit LoanBorrowings denominated in Pounds Sterling, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan which shall bear interest computed on the basis of the actual number of days elapsed over a year of 365 days) for each day during each Interest Period with respect thereto at a rate per annum equal to to:
(ii) in the case of a Eurocurrency Revolving Credit Borrowing denominated in Dollars, (A) the Adjusted LIBO Rate determined for such Interest Period, plus (B) the Applicable Rate for Eurocurrency Revolving ---- Loans; or
(iii) in the case of a Eurocurrency Term B Borrowing, (A) the Adjusted LIBO Rate determined for such Interest Period plus (B) the Applicable Margin in effect Rate ---- for such dayEurocurrency Term B Loans.
(db) Each Fixed ABR Revolving Loan shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, or over a year of 360 days when the Alternate Base Rate Loan is determined by reference to clause (c) of the definition of "Alternate Base Rate") at a rate per annum equal to:
(i) in the case of ABR Revolving Loans, (A) the Alternate Base Rate plus (B) the Applicable Rate for ABR Revolving Loans; or ---- (ii) in the case of ABR Term B Loans, the (A) Alternate Base Rate plus ---- (B) the Applicable Rate for ABR Term B Loans.
(c) If all or a portion of (i) the principal amount of any Loan, (ii) any interest payable thereon or (iii) any Commitment Fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity thereof or by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal which is (x) in the case of overdue principal (except as otherwise provided in clause (y) below), the rate that would otherwise be applicable thereto pursuant to the fixed foregoing provisions of this Section 2.08 plus 2.00% per ---- annum or (y) in the case of any overdue interest, Commitment Fee or other amount, the rate described in Section 2.08(b) applicable to an ABR Revolving Loan plus 2.00% per annum, in each case from the date of interest offered by such nonpayment to (but ---- excluding) the Lender making date on which such Loan and accepted by the Borrower pursuant to subsection 2.3amount is paid in full (after as well as before judgment).
(ed) Subject to Interest on each Loan shall be payable in the provisions of the following sentence, interest currency in which such Loan is made. Interest shall be payable in arrears on each Interest Payment Date and on the Term B Loan Maturity Date and Revolving Credit Maturity Date; provided that (i) interest accruing accrued pursuant to paragraph (gc) of this subsection 2.9 Section -------- shall be payable from time to time on demand. The amount , (ii) in the event of any repayment or prepayment of any Loan, accrued interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date principal amount repaid or prepaid shall be payable on the amount which would date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be due payable on the effective date of such conversion. Interest in respect of each Loan shall accrue from and payable if the Utilization for the period for which such interest is paid was less than 33%. On including the first Business Day following day of an Interest Period to but excluding the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such periodInterest Period.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period plus (i) in the case of Eurodollar Loans which are Revolving Loans, the Revolving Credit Applicable Margin or (ii) in effect for such daythe case of Eurodollar Loans which are Term Loans, the Term Loan Applicable Margin.
(db) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to the fixed ABR plus (i) in the case of ABR Loans which are Revolving Loans, the Revolving Credit Applicable Margin or (ii) in the case of ABR Loans which are Term Loans, the Term Loan Applicable Margin.
(c) Each Swing Line Loan shall bear interest at a rate per annum equal to (i) the ABR plus the Revolving Credit Applicable Margin for ABR Loans.
(d) Notwithstanding the rate of interest offered by specified in this subsection 4.4 or elsewhere herein, effective immediately upon the Lender making occurrence of any Event of Default and for so long thereafter as such Loan and accepted by Event of Default is continuing, the Borrower principal balance of all Loans shall bear interest at a rate per annum which is the rate that would otherwise be applicable thereto pursuant to this Agreement plus 2% per annum. If all or a portion of (i) any interest payable on any Loan, (ii) any commitment fee or (iii) any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), any such overdue interest, commitment fee or other amount shall bear interest at a rate per annum which is the rate described in paragraph (b)(i) of this subsection 2.3plus 2%, in each case from the date of such non-payment until such overdue interest, commitment fee or other amount is paid in full (as well after as before judgment).
(e) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that (i) interest accruing pursuant to paragraph (gsubsection 4.4(d) of this subsection 2.9 shall be payable from time to time on demand. The amount of , (ii) interest on U.S. the Term Loans shall also be payable on the Term Loan Maturity Date (or such earlier date on which the Term Loans become due and payable pursuant to Section 9) and (iii) interest on the Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would also be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Revolving Credit Termination Date (or, if earlier, or such earlier date on which the date upon which both the Commitments are terminated Revolving Loans become due and the Loans are paid in fullpayable pursuant to Section 9), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Prior to prepayment of the Tranche A-2 Term Loan, interest on the Tranche A-1 Term Loans and the Tranche A-2a Term Loans shall accrete to the principal amount of the Tranche A-2b Term Loans and after prepayment of the Tranche A-2 Term Loans, interest on the Tranche A-1 Term Loans shall be payable, in cash, to each Lender on the first Business Day of each month following the prepayment of the Tranche A-2 Term Loans.
(b) Prior to prepayment of the Tranche B-3 Term Loan, interest on the Tranche B-3a Term Loans shall accrete to the principal amount of the Tranche B-3b Term Loans.
(c) Interest on each of the Tranche B-1 Term Loans, the Tranche B-2 Term Loans, the Tranche C-1 Term Loans and the Tranche C-2 Term Loans shall at all times accrete to the principal amount of the Tranche B-1 Term Loans, the Tranche B-2 Term Loans, the Tranche C-1 Term Loans and the Tranche C-2 Term Loans, respectively.
(d) In each case, interest shall accrete on the outstanding principal amount of any Loan (including additional principal amount added pursuant to this Agreement), or be paid in cash as applicable pursuant to Section 2.4(a), at the rate of 5.0% per annum from and including the Closing Date until and including the third anniversary of the Closing Date, and 6.0% thereafter. If all or a portion of the principal amount of any Loan shall not be paid when due (whether at stated maturity, by acceleration or otherwise), all outstanding Loans (whether or not overdue) shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower that would otherwise be applicable thereto pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period plus the Applicable Margin in effect for such day.
(d) Each Fixed Rate Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(e) Subject to the foregoing provisions of the following sentence, interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (g) of this subsection 2.9 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33Section plus 2%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Samples: Credit Agreement (Cadiz Inc)
Interest Rates and Payment Dates. (a) Each ABR Loan (including each Swingline Loan) shall bear interest at a rate per annum equal to the ABRABR plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Rate Term Benchmark Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Term Benchmark Revolving Credit Loan and Term Benchmark Term Loan, the Eurodollar Adjusted Term SOFR Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Term Benchmark Competitive Loan, the Eurodollar Adjusted Term SOFR Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection Section 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period plus the Applicable Margin in effect for such day.
(d) Each Fixed Rate Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection Section 2.3.
(ed) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (ge) of this subsection Section 2.9 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between .
(i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest which would have been payable during such fiscal quarter at a rate per annum equal to (or, x) in the case of the payment due on the Termination DateLoans, the portion thereof ending on such date) after giving effect rate that would otherwise be applicable thereto pursuant to the actual Utilization during such period foregoing provisions of this Section 2.9 plus 1% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans plus 1% and (ii) to the extent permitted under applicable law, if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans plus 1%, in each case, with respect to clauses (i) and (ii) above, from the date of interest which actually was such non-payment until such amount is paid during such periodin full (as well after as before judgment).
Appears in 1 contract
Samples: Competitive Advance and Revolving Credit Agreement (Tegna Inc)
Interest Rates and Payment Dates. (a) Each ABR Eurodollar Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the ABREurodollar Rate determined for such Interest Period plus the Applicable Margin in effect for such day.
(b) The Loans comprising each Eurodollar Rate Borrowing Each ABR Loan shall bear interest for each day on which it is outstanding at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Alternate Base Rate for the Interest Period in effect for such Borrowing day, plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for on such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3day.
(c) Each Prime Rate Loan shall bear interest for each day on which it is outstanding at a rate per annum equal to the Prime Rate for such day, plus the Applicable Margin in effect on such day.
(d) Each Canadian Base Rate Loan shall bear interest for each day on which it is outstanding at a rate per annum equal to the Canadian Base Rate for such day, plus the Applicable Margin in effect on such day.
(e) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period plus the Applicable Margin in effect for such day.
(df) Each Fixed Rate Loan If all or a portion of (i) the principal amount of any Loan, (ii) any interest payable thereon or (iii) any fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the fixed rate of interest offered by the Lender making such Loan and accepted by the Borrower that would otherwise be applicable thereto pursuant to the foregoing provisions of this subsection 2.3plus 2%.
(eg) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gf) of this subsection 2.9 shall be payable from time to time on demand. The amount of .
(h) Each Money Market Rate Swing Line Loan shall bear interest on U.S. Revolving Credit Loans and during the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the interest period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest applicable thereto at a rate per annum equal to the difference (if anyapplicable Money Market Rate; provided, that any Money Market Rate Swing Line Loan in which Lenders purchase participating interests pursuant to subsection 3.5(a) between shall, from and after the date of such purchase, bear interest until the end of the interest period applicable thereto at a rate per annum equal to the Alternate Base Rate.
(i) Each Swing Line Multicurrency Loan denominated in euros or Pound Sterling shall bear interest for each day during each Interest Period with respect thereto at the amount of Swing Line Multicurrency Rate determined for such Interest Period plus the Applicable Margin then in effect for Eurodollar Loans.
(j) Each European Swing Line Multicurrency Dollar Loan shall bear interest which would have been payable for each day during each Interest Period with respect thereto at the Eurodollar Rate determined for such fiscal quarter (or, Interest Period plus the Applicable Margin then in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such periodfor Eurodollar Loans.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Eurodollar Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto applicable thereto, commencing on (and including) the first day of such Interest Period to, but excluding, the last day of such Interest Period, on the unpaid principal amount thereof at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period plus the Applicable Margin in effect for such dayMargin.
(db) Each Fixed Alternate Base Rate Loan Loans shall bear interest for the period from and including the date such Loans are made to, but excluding, the maturity date thereof, or to, but excluding, the conversion date if such Loans are earlier converted into Eurodollar Loans on the unpaid principal amount thereof at a rate per annum equal to the fixed Alternate Base Rate plus the Applicable Margin.
(c) C$ Prime Loans shall bear interest for the period from and including the date such Loans are made to, but excluding, the maturity date thereof, or to, but excluding the conversion date if such Loans are earlier converted into Bankers’ Acceptances, on the unpaid principal amount thereof at a rate per annum equal to the C$ Prime Rate plus the Applicable Margin for Revolving Credit Loans that are Eurodollar Loans.
(d) If all or a portion of (i) the principal amount of any of the Loans or any Bankers’ Acceptance or (ii) any interest offered payable thereon shall not be paid when due (whether at the stated maturity, by acceleration or otherwise) such Loan, if a Eurodollar Loan, shall be converted into an Alternate Base Rate Loan at the Lender making end of the then-current Interest Period for such Eurodollar Loan (which conversion shall occur automatically and accepted by without need for compliance with the Borrower pursuant to conditions for conversion set forth in subsection 2.35.2), and any such overdue amount shall, without limiting the rights of the Lenders under Section 10, bear interest (which shall be payable on demand) at a rate per annum which is 2% plus the Alternate Base Rate plus the Applicable Margin (or, in the case of a Eurodollar Loan, the Eurodollar Rate for the Interest Period plus the Applicable Margin plus 2%, if higher) from the date of such non-payment until paid in full (as well after as before judgment).
(e) Subject to the provisions of the following sentenceExcept as otherwise expressly provided for in this subsection 5.5, interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph .
(gi) If any provision of this subsection 2.9 shall be payable from time Agreement would obligate any party to time on demand. The amount this Agreement to make any payment of interest on U.S. Revolving Credit Loans and or other amount payable to the Multicurrency Loans to be paid on any Interest Payment Date shall be the Canadian Fronting Lender in an amount or calculated at a rate which would be due and payable if prohibited by law or would result in a receipt by the Utilization for Canadian Fronting Lender of interest at a criminal rate (as such terms are construed under the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date Criminal Code (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in fullCanada)), the Borrower then notwithstanding such provision, such amount or rate shall pay be deemed to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving adjusted with retroactive effect to the actual Utilization during such period and (ii) maximum amount or rate of interest, as the amount case may be, as would not be so prohibited by law or so result in a receipt by the Canadian Fronting Lender of interest which actually was paid during at a criminal rate, such period.adjustment to be effected, to the extent necessary, as follows:
Appears in 1 contract
Samples: Credit Agreement (Jostens Inc)
Interest Rates and Payment Dates. (a) Each ABR Term SOFR Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to Term SOFR for such Interest Period plus the ABRApplicable Margin in effect for such day.
(b) The Loans comprising each Eurodollar Each Alternative Currency Term Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency applicable Alternative Currency Term Rate determined for such Interest Period plus the Applicable Margin in effect for such day.
(c) Each Alternative Currency Daily Rate Loan shall bear interest for each day at a rate per annum equal to the Alternative Currency Daily Rate plus the Applicable Margin in effect for such day.
(d) Each Fixed Base Rate Loan (including each Swing Line Loan) shall bear interest for each day that it is outstanding at a rate per annum equal to the Base Rate for such day plus the Applicable Margin in effect for such day.
(e) Each Swing Line Euro Tranche Loan shall bear interest for each day that it is outstanding at a rate per annum equal to the applicable Overnight Euro Tranche Rate for such day plus the Applicable Margin in effect for such day.
(f) Each Term A-2 Loan shall bear interest for each day that it is outstanding at a fixed interest rate equal to 2.67% per annum.
(g) Each SOFR Daily Floating Rate Loan shall bear interest for each day that it is outstanding at a rate per annum equal to the SOFR Daily Floating Rate plus the Applicable Margin in effect for such day.
(h) If all or a portion of (i) the principal amount of any Loan, (ii) any interest payable thereon or (iii) any commitment fee, letter of credit commission, Letter of Credit – BA Fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum which is equal to the fixed Default Rate from the date of such non-payment until such amount is paid in full (as well after as before judgment). While any Event of Default specified in subsection 9(f) exists, the Borrowers shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate of interest offered per annum equal at all times to the Default Rate to the fullest extent permitted by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3applicable Laws.
(ei) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gh) of this subsection 2.9 shall be payable from time to time on demand. The .
(j) It is the intention of the parties hereto to comply strictly with applicable usury laws; accordingly, it is stipulated and agreed that the aggregate of all amounts which constitute interest under applicable usury laws, whether contracted for, charged, taken, reserved, or received, in connection with the indebtedness evidenced by this Agreement or any Notes, or any other document relating or referring hereto or thereto, now or hereafter existing, shall never exceed under any circumstance whatsoever the maximum amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date allowed by applicable usury laws.
(or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in fullk) Notwithstanding subsection 4.4(a), the Borrower shall pay to the Administrative Agent, for the ratable benefit purposes of the LendersInterest Act (Canada), an additional amount of interest equal to the difference (if any) between (i) the amount whenever a rate of interest which would have been payable during such fiscal quarter or fee rate hereunder is calculated on the basis of a year (or, the “deemed year”) that contains fewer days than the actual number of days in the case calendar year of the payment due on the Termination Datecalculation, the portion thereof ending on such date) after giving effect to rate of interest or fee rate shall be expressed as a yearly rate by multiplying such rate of interest or fee rate by the actual Utilization during such period number of days in the calendar year of calculation and dividing it by the number of days in the deemed year, (ii) the amount principle of deemed reinvestment of interest which actually was paid during such periodshall not apply to any interest calculation hereunder and (iii) the rates of interest stipulated herein are intended to be nominal rates and not effective rates or yields.
(l) Interest on any Revolving Credit Loan in an Alternative Currency advanced by the Alternative Currency Funding Fronting Lender shall be for the benefit of the Alternative Currency Funding Fronting Lender, and not any Alternative Currency Participating Lender, until the applicable Alternative Currency Participating Lender has funded its participation therein to the Alternative Currency Funding Fronting Lender.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR SOFR Loan, Eurocurrency Rate Loan and CDOR RateTerm XXXXX Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to Term SOFR, the Adjusted Eurocurrency Rate or the CDOR Rate, as applicableAdjusted Term XXXXX, respectively, determined for such day plus the Applicable Margin for such Loans.
(c) Each Daily Simple RFR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period Daily Simple RFR in effect from time to time for such Borrowing Currency plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3Daily Simple RFR Loans.
(cd) Each Multicurrency Term RFR Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined Term RFR for such Interest Period and for such Currency plus the Applicable Margin in effect for such dayTerm RFR Loans.
(di) Each Fixed If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), all outstanding Loans and Reimbursement Obligations (whether or not overdue) shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the case of Reimbursement Obligations, the rate applicable to Base Rate Loans plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the fixed rate then applicable to Base Rate Loans plus 2% (unless such overdue amount is denominated in a Foreign Currency, in which case such overdue amount shall bear interest of interest offered by a rate per annum equal to the Lender making highest rate then applicable under this Agreement to Multicurrency Revolving Loans denominated in such Loan Foreign Currency plus 2%), in each case, with respect to clauses (i) and accepted by (ii) above, from the Borrower pursuant to subsection 2.3date of such non-payment until such amount is paid in full (as well after as before judgment).
(ef) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section shall be payable from time to time on demand. The .
(g) Notwithstanding the other provisions of this Section 2, the Loans denominated in Euros outstanding on the Fifth Amendment Effective Date in the aggregate principal amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans €90,000,000 which are subject to be paid on any an Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof Period ending on December 31, 2021 shall remain outstanding and continue to bear interest through such date) after date in accordance with the terms of this Agreement as in effect immediately before giving effect to the actual Utilization during Fifth Amendment. The Borrower shall convert such period existing Loans to a Type permitted by the terms of this Agreement at the end of such Interest Period, and if no such notice of conversion is delivered in accordance with the terms of this Agreement then such Loan shall be automatically converted to a Eurocurrency Rate Loan denominated in Euros (iii.e., EURIBOR) with an Interest Period of one month.
(h) In connection with the amount use or administration of interest which actually was paid during any Daily Simple RFR or Term SOFR, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such period.Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. The Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of any Daily Simple RFR or Term SOFR. 2.12
Appears in 1 contract
Samples: Credit Agreement (Kadant Inc)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(dii) Each Fixed Rate Loan ABR Loan, including each Swingline Loan, shall bear interest at a rate per annum equal to the fixed rate ABR plus the Applicable Margin; provided that the Applicable Margin for such Swingline Loan shall be equal to the sum of interest offered by (x) the Lender making product of the Total Extended Revolving Percentage at such Loan and accepted by time times the Borrower pursuant to subsection 2.3Applicable Margin for Extended Revolving Loans that are ABR Loans plus (y) the product of the Total Non-Extended Percentage at such time times the Applicable Margin for Non-Extended Revolving Loans that are ABR Loans.
(eiii) Subject At the election of the Required Lenders, upon the occurrence and during the continuance of an Event of Default, (i) the principal amount of any Loan or Reimbursement Obligation not paid when due (whether at the state maturity, by acceleration or otherwise) shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.14 plus 2% or (y) in the following sentencecase of Reimbursement Obligations in respect of a Revolving L/C Disbursement, a rate equal to the sum of (A) ABR plus (B) the product of the Total Extended Revolving Percentage at such time times the Applicable Margin for Extended Revolving Loans that are ABR Loans plus (C) the product of the Total Non-Extended Revolving Percentage at such time times the Applicable Margin for Non-Extended Revolving Loans that are ABR Loans plus in each case 2%, and (ii) any interest payable on any Loan or Reimbursement Obligation or any fee or other amount payable hereunder not be paid when due (whether at the stated maturity, by acceleration or otherwise) shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, a rate equal to sum of (A) ABR plus (B) the product of the Total Extended Revolving Percentage at such time times the Applicable Margin for Extended Revolving Loans that are ABR Loans plus (C) the product of the Total Non-Extended Revolving Percentage at such time times the Applicable Margin for Non-Extended Revolving Loans that are ABR Loans plus in each case 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such overdue amount is paid in full (as well after as before judgment).
(iv) Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gSection 2.14(c) of this subsection 2.9 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to demand by the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Samples: Amendment Agreement (Radiation Therapy Services Holdings, Inc.)
Interest Rates and Payment Dates. (a) Each ABR Eurodollar Loan shall bear interest at (other than a rate per annum equal to the ABR.
(bCompetitive Bid Loan) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period day plus the Applicable Margin in effect Margin. Each Eurodollar Loan comprising any Competitive Bid Borrowing shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurodollar Rate determined for such dayday plus the Spread offered by the Lender making such Loan and accepted by the relevant Borrower pursuant to Section 2.8(d).
(db) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to the ABR plus the Applicable Margin.
(c) Each Fixed Rate Loan shall bear interest at a fixed percentage rate of interest offered per annum specified by the Revolving Lender making such Fixed Rate Loan and accepted by the relevant Borrower pursuant to subsection 2.3Section 2.8(d).
(ed) Subject Each Swingline Loan that is a Money Market Rate Loan shall bear interest at the rate per annum equal to the applicable Money Market Rate.
(i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the following sentencecase of Reimbursement Obligations, the rate applicable to ABR Loans under the Revolving Facility plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any facility fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under the Revolving Facility plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment).
(f) Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gd) of this subsection 2.9 Section shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(db) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by ABR plus the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3Applicable Margin.
(ec) Notwithstanding clauses (a) and (b) above, at any time when an Event of Default under Section 8.1(a) exists with respect to any principal, interest or fees, the Borrower shall, upon the election of the Required Lenders and notification to the Borrower, pay interest on the applicable past due amounts hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.
(d) Subject to the provisions of the following sentenceSection 2.15(c), interest shall be payable by the Borrower in arrears on each Interest Payment Date; provided that interest accruing .
(e) If, as a result of any restatement of or other adjustment to the financial statements delivered pursuant to paragraph Sections 6.1(a) or (gb), (x) the First Lien Leverage Ratio as calculated by the Borrower as of this subsection 2.9 shall be payable from time to time on demand. The amount any applicable date was inaccurate and (y) a proper calculation of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on First Lien Leverage Ratio would have resulted in a different Applicable Margin, Applicable Commitment Fee Rate, Excess Cash Flow Percentage, or Net Cash Proceeds Payment Percentage for any Interest Payment Date shall be the amount which would be due and payable period then: (i) if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter proper calculation of the Borrower and on the Termination Date (orFirst Lien Leverage Ratio would have resulted in a higher Applicable Margin, if earlierApplicable Commitment Fee Rate, on the date upon which both the Commitments are terminated and the Loans are paid in full)Excess Cash Flow Percentage, or Net Cash Proceeds Payment Percentage for such period, the Borrower shall automatically and retroactively be obligated to pay to the Administrative Agent, for the ratable benefit of the applicable Lenders, promptly on demand by the Administrative Agent, an additional amount of interest equal to the difference (if any) between (i) excess of the amount of interest which would that should have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during paid for such period over the amount actually paid for such period (and any Default or Event of Default outstanding solely as a result of such underpayment shall be (x) automatically cured upon payment of such additional amounts and (y) deemed to not have occurred upon payment of such additional amounts) and (ii) if the amount proper calculation of interest which actually was paid during the First Lien Leverage Ratio would have resulted in a lower Applicable Margin, Applicable Commitment Fee Rate, Excess Cash Flow Percentage, or Net Cash Proceeds Payment Percentage for such period, neither the Administrative Agent nor any Lender shall have any obligation to repay any amount to the Borrower.
Appears in 1 contract
Samples: Credit Agreement (Mavenir Private Holdings II Ltd.)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(db) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by ABR plus the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3Applicable Margin.
(ei) Subject If all or a portion of the principal amount of any (A) First Lien Facility Loan or Reimbursement Obligation or (B) Second Lien Facility Loan shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), all outstanding (A) First Lien Facility Loans and Reimbursement Obligations or (B) Second Lien Facility Loans, as applicable (in each case, whether or not overdue), shall bear interest at a rate per annum equal to (x) in the case of any of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the following sentencecase of Reimbursement Obligations, the rate applicable to ABR Loans under the Revolving Facility plus 2%, and (ii) if all or a portion of any interest payable on any (A) First Lien Facility Loan or Reimbursement Obligation or (B) Second Facility Loan, or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under the Revolving Facility plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non payment until such amount is paid in full (as well after as before judgment).
(d) Interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Samples: Credit and Guaranty Agreement (Leucadia National Corp)
Interest Rates and Payment Dates. (a) Each ABR Eurodollar Loan shall bear interest at that is a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Tranche A-1 Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period day plus the Applicable Margin in effect Margin. Each Eurodollar Loan that is a Tranche A-2 Loan or Tranche B Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurodollar Rate determined for such dayday plus the Applicable Expansion Margin.
(db) Each Fixed Rate ABR Loan that is a Tranche A-1 Loan shall bear interest at a rate per annum equal to the fixed ABR plus the Applicable Margin. Each ABR Loan that is a Tranche A-2 Loan or Tranche B Loan shall bear interest at a rate per annum equal to the ABR plus the Applicable Expansion Margin.
(c) Following the occurrence and during the continuance of interest offered an Event of Default, a rate per annum equal to 2.00% above the rate per annum required to be paid on a Eurodollar Loan or an ABR Loan, as the case may be.
(d) Any other amounts payable hereunder and under the other Working Capital Facility Loan Documents that are not paid when due shall (to the fullest extent permitted by law) bear interest, from the date when due until paid in full, at a rate per annum equal at all times to the Working Capital Facility Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3Default Rate.
(e) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gc) or (d) of this subsection 2.9 Section shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans .
(f) In connection with each Working Capital Facility Borrowing pursuant to Section 2.2 and each continuation and/or conversion pursuant to Section 2.5, the Multicurrency Loans to be paid on any Interest Payment Date Working Capital Facility Administrative Agent shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of promptly notify each fiscal quarter Working Capital Facility Lender of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of applicable interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) rate with respect thereto promptly after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such perioddetermination thereof.
Appears in 1 contract
Samples: Working Capital Facility Credit Agreement (Ica Corp)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(db) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by ABR plus the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3Applicable Margin.
(ei) Subject If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), all outstanding Loans and Reimbursement Obligations (whether or not overdue) shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the following sentencecase of Reimbursement Obligations, the Applicable Margins (based on the Revolving Percentages of the Revolving Lenders in such Reimbursement Obligations) for ABR Loans under the applicable Revolving Commitments participating in Letters of Credit plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans of the relevant Class (and, in the case of the amount payable to any Revolving Lender, based on the Applicable Margins then in effect for such Revolving Lender’s Revolving Commitments) plus 2% (or, in the case of any such other amounts that do not relate to a particular Class, the rate then applicable to ABR Loans under the Revolving Facility (based on the highest Applicable Margins then in effect for any Revolving Commitments) plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment).
(d) Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto, as applicable, at a rate per annum equal to the Eurocurrency Rate determined for such day plus the Applicable Margin.
(b) Each ABR Loan shall bear interest at a rate per annum equal to the ABRABR plus the Applicable Margin.
(bc) The Loans comprising each Eurodollar Rate Borrowing Each Term Benchmark Loan shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit any 2024 Term B Loan that is a Term Benchmark Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing Term SOFR plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive other Term Benchmark Loan, the Eurodollar Adjusted Term SOFR Rate for plus the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3Applicable Margin.
(cd) Each Multicurrency RFR Loan shall bear interest for at a rate per annum equal (i) in the case of any 2024 Term B Loan that is an RFR Loan, Daily Simple SOFR plus the Applicable Margin and (ii) in the case of each day during each Interest Period with respect thereto other RFR Loan, the Adjusted Daily Simple SOFR plus the Applicable Margin.
(i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to (x) in the Eurocurrency Rate determined for case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans under the Revolving Facility plus 2% and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such Interest Period plus the Applicable Margin in effect for such day.
(d) Each Fixed Rate Loan overdue amount shall bear interest at a rate per annum equal to the fixed rate then applicable to ABR Loans under the relevant Facility plus 2% (or, in the case of interest offered by any such other amounts that do not relate to a particular Facility, the Lender making rate then applicable to ABR Loans under the Revolving Facility plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such Loan and accepted by non-payment until such amount is paid in full (as well after as before judgment) (such increased rate, in each case, as applicable, the Borrower pursuant to subsection 2.3“Default Rate”).
(ef) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (ge) of this subsection 2.9 Section shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans .
(g) With respect to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (orRelevant Rate, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for in consultation with the ratable benefit of Parent Borrower, will have the Lendersright to make Conforming Changes from time to time and, an additional amount of interest equal notwithstanding anything to the difference (if any) between (i) the amount contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of interest which would have been payable during any other party to this Agreement or any other Loan Document; provided that, with respect to any such fiscal quarter (or, in the case of the payment due on the Termination Dateamendment effected, the portion thereof ending on Administrative Agent shall post each such date) after giving effect amendment implementing such Conforming Changes to the actual Utilization during Parent Borrower and the Lenders reasonably promptly after such period and (ii) the amount of interest which actually was paid during such periodamendment becomes effective.
Appears in 1 contract
Samples: Credit Agreement (Tempur Sealy International, Inc.)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(di) Each Fixed Rate ABR Loan and each Swingline Loan shall bear interest at a rate per annum equal to the fixed ABR plus the Applicable Margin and (ii) each Local Rate Loan shall bear interest on the unpaid principal amount thereof at a rate per annum equal to the Local Rate applicable to the relevant Permitted Foreign Currency plus the Applicable Margin.
(i) If all or a portion of the principal amount of any Loan, Reimbursement Obligation, Local Loan or Acceptances shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest offered at a rate per annum equal to (x) in the case of the Loans, Local Loans or Acceptances, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.15 plus 2.00% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans under the relevant Facility plus 2.00%, and (ii) if all or a portion of any interest payable on any Loan, Reimbursement Obligation, Local Loan or Acceptance or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans if denominated in Dollars under the relevant Facility or if denominated in a Permitted Foreign Currency, the rate then applicable to Local Rate Loans, in each case, plus 2.00% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans if denominated in Dollars or the rate applicable to Local Rate Loans for the applicable Permitted Foreign Currency, in each case, under the relevant Facility plus 2.00%), in each case, with respect to clauses (i) and (ii) above, from the date of such nonpayment until such amount is paid in full (after as well as before judgment); provided, that no amount shall be payable pursuant to this Section 2.15(c) to a Defaulting Lender making so long as such Loan and accepted Lender shall be a Defaulting Lender; provided, further, that no amounts shall accrue pursuant to this Section 2.15(c) on any overdue Loan, Reimbursement Obligation, Local Loan, Acceptance, commitment fee or other amount payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Interest shall be payable by the Borrower pursuant to subsection 2.3.
(e) Subject to the provisions of the following sentence, interest shall be payable in arrears on each Interest Payment Date; provided provided, that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section 2.15 shall be payable from time to time on demand. The amount of interest Interest on U.S. Revolving Credit each Local Loan shall be payable in arrears to the relevant Local Fronting Lender in the applicable Permitted Foreign Currency (or, with respect to Local Loans and the Multicurrency Loans to be paid on any which are denominated in Dollars, in Dollars).
(e) On each Interest Payment Date (including, without limitation, each Interest Payment Date with respect to Acceptances), the Local Fronting Lender shall be deliver to the Administrative Agent, the Company and the relevant Local Borrowing Subsidiary an Interest Allocation Statement, substantially in the form of Exhibit O-2, and the Company and the relevant Local Borrowing Subsidiary shall (in the absence of manifest error) pay the amount specified therein on such Interest Payment Date.
(f) As promptly as is practicable following each date upon which would be due and payable if a Local Fronting Lender receives a payment of interest under this Agreement on account of Local Loans and/or Acceptances, such Local Fronting Lender shall convert into Dollars (at the Utilization for exchange rate then applicable to it) the period for amount equal to (i) the portion of such payment which constitutes the Applicable Margin thereon (or, with respect to each Revolving Lender which funded the purchase of a participating interest in such Local Loan or Acceptance pursuant to Section 2.32(a), as the case may be, such Revolving Lender’s Revolving Percentage of the full amount of such interest payment) minus (ii) 1/4 of 1% per annum on the aggregate undiscounted face amount of the extensions of credit on account of which such interest is paid payment was less than 33%made (which unconverted amount shall be retained by such Local Fronting Lender for its own account). On the first Business Day following the last day of each fiscal quarter In consideration of the Borrower agreement of the Revolving Lenders to purchase participating interests in the Local Loans and on the Termination Date (orAcceptances, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall each Local Fronting Lender hereby agrees to pay to the Administrative Agent, for the ratable benefit account of each Revolving Lender, a risk participation fee in the Lenders, an additional amount of interest equal to the difference proceeds received by such Local Fronting Lender from such conversion (other than any such proceeds payable for the account of a Defaulting Lender, which proceeds shall be retained by such Local Fronting Lender for its own account) or, if any) between (i) no such conversion is required, the amount of interest which would have been payable during converted if such fiscal quarter (orinterest had been paid in a Permitted Foreign Currency; provided, however, that, in the case event that the Revolving Lenders have funded the purchase of participating interests in the extensions of credit on account of which such interest payment was made pursuant to Section 2.32(a), such Local Fronting Lender shall instead pay to the Administrative Agent, for the account of each Revolving Lender which has so funded such purchase, the amount equal to such Revolving Lender’s Revolving Percentage of the payment due proceeds received by such Local Fronting Lender from such conversion. Such amount shall be payable to the Administrative Agent in Dollars on the Termination Datedate upon which such Local Fronting Lender receives the proceeds of such conversion. For purposes of this Section 2.15(f), interest shall be deemed to have been received by the portion thereof ending Local Fronting Lender on account of an Acceptance on the last day of the calendar month in which such dateAcceptance matures.
(g) after giving effect On each date upon which any Local Borrower pays interest to a Local Fronting Lender hereunder on account of any Local Loan and on each date upon which any Acceptance is created by a Local Fronting Lender for the actual Utilization during account of a Local Borrower hereunder, such period and Local Borrower shall pay to such Local Fronting Lender (iifor its own account) a local administrative fee in the amount equal to ¼ of 1.0% per annum on the aggregate principal amount of the Local Loans with respect to which such interest which actually was is being paid during or on the aggregate undiscounted face amount of such periodAcceptance, as the case may be.
Appears in 1 contract
Samples: Asset Based Revolving Credit Agreement (Revlon Inc /De/)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period day, plus the Eurocurrency Applicable Margin in effect for such dayMargin.
(db) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to the fixed ABR determined for such date, plus the ABR Applicable Margin.
(i) Swingline Loans shall bear interest at the Federal Funds Effective Rate, plus the Swingline Applicable Margin (or, so long as the Lenders have not funded their participation obligations in any such Swingline Loans, at a rate of interest offered agreed to by the Company and the Swingline Lender making plus the Swingline Applicable Margin); and
(ii) Euro Swingline Loans shall bear interest at the Quoted Rate, plus the Swingline Applicable Margin.
(i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such Loan and accepted by overdue amount shall bear interest at a rate per annum equal to (x) in the Borrower case of the Loans, the rate that would otherwise be applicable thereto pursuant to subsection 2.3the foregoing provisions of this Section 2.20 plus 2% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any facility fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans plus 2% (unless such overdue amount is denominated in a Foreign Currency, in which case such overdue amount shall bear interest at a rate per annum equal to the highest rate then applicable under this Agreement to Multicurrency Loans denominated in such Foreign Currency plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment).
(e) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment DateDate applicable thereto; provided that provided, that, interest accruing pursuant to paragraph (gSection 2.20(d) of this subsection 2.9 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if in accordance with the Utilization for terms hereof before and after judgment, and before and after the period for which such interest is paid was less than 33%. On the first Business Day following the last day commencement of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such periodany proceeding under any Debtor Relief Law.
Appears in 1 contract
Samples: Credit Agreement (Kennametal Inc)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Adjusted LIBOR Rate determined for such Interest Period day plus the Applicable Margin in effect for such day.
(db) Each Fixed ABR Loan shall bear interest for each day that it is outstanding at a rate per annum equal to the Alternate Base Rate Loan in effect for such day plus the Applicable Margin in effect for such day.
(c) If all or a portion of (i) the principal amount of any Term Loan, (ii) any interest payable thereon or (iii) any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal which is (x) in the case of overdue principal, the rate that would otherwise be applicable thereto pursuant to the fixed relevant foregoing provisions of this Subsection 4.1, plus 2.00% and (y) in the case of overdue interest, the rate that would be otherwise applicable to principal of interest offered by the Lender making such related Term Loan and accepted by the Borrower pursuant to subsection 2.3the relevant foregoing provisions of this Subsection 4.1 (other than clause (x) above) plus 2.00% and (z) in the case of other amounts, the rate described in clause (b) of this Subsection 4.1 for ABR Loans accruing interest at the Alternate Base Rate plus 2.00%, in each case from the date of such nonpayment until such amount is paid in full (after as well as before judgment); provided that (1) no amount shall be payable pursuant to this Subsection 4.1(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender and (2) no amounts shall accrue pursuant to this Subsection 4.1(c) on any overdue amount or other amount payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(ed) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph clause (ge) of this subsection 2.9 Subsection 4.1 shall be payable from time to time on demand. The demand exercised in accordance with Subsection 9.2.
(e) It is the intention of the parties hereto to comply strictly with applicable usury laws; accordingly, it is stipulated and agreed that the aggregate of all amounts which constitute interest under applicable usury laws, whether contracted for, charged, taken, reserved, or received, in connection with the indebtedness evidenced by this Agreement or any Notes, or any other document relating or referring hereto or thereto, now or hereafter existing, shall never exceed under any circumstance whatsoever the maximum amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such periodallowed by applicable usury laws.
Appears in 1 contract
Samples: Term Loan Credit Agreement (Nci Building Systems Inc)
Interest Rates and Payment Dates. (a) Each ABR Eurocurrency Loan -------------------------------- shall bear interest at (computed on the basis of the actual number of days elapsed over a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) year of 360 days, except in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period Loans denominated in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan British Pounds Sterling which shall bear interest computed on the basis of the actual number of days elapsed over a year of 365 days) for each day during each Interest Period with respect thereto at a rate per annum equal to to:
(i) in the case of a Eurocurrency Revolving Loan denominated in British Pounds Sterling, (A) the Adjusted LIBO Rate determined for such Interest Period, plus (B) 2.00% per annum, plus, (C) if the Borrower of such Loan is a U.K. Borrower, MLA Cost;
(ii) in the case of a Eurocurrency Revolving Loan denominated in Dollars or an Alternative Committed Currency other than British Pounds Sterling, (A) the Adjusted LIBO Rate determined for such Interest Period, plus (B) 2.00% per annum; or
(iii) in the case of a Eurocurrency Term Loan (A) the Adjusted LIBO Rate determined for such Interest Period plus the Applicable Margin in effect for such day(B) 4.50% per annum.
(db) Each Fixed ABR Loan (including each Swingline Loan) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, when the Alternate Base Rate is determined by reference to the Prime Rate and over a year of 360 days at all other times) at a rate per annum equal to the Alternate Base Rate plus (i) 3.50% per annum, in the case of a Term Loan or (ii) 1.00% per annum, in the case of a Revolving Loan or Swingline Loan.
(c) If all or a portion of (i) the principal amount of any Loan, (ii) any interest payable thereon or (iii) any Facility Fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity thereof or by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal which is (x) in the case of overdue principal (except as otherwise provided in clause (y) below), the rate that would otherwise be applicable thereto pursuant to the fixed foregoing provisions of this Section 2.09 plus 2% per annum or (y) in the case of any overdue ---- interest, Facility Fee or other amount, the rate described in Section 2.09(b) applicable to an ABR Revolving Loan plus 2% per annum, in each case ---- from the date of interest offered by such nonpayment to (but excluding) the Lender making date on which such Loan and accepted by the Borrower pursuant to subsection 2.3amount is paid in full (after as well as before judgment).
(ed) Subject to Interest on each Loan shall be payable in the provisions of the following sentence, interest currency in which such Loan is denominated. Interest shall be payable in arrears on each Interest Payment Date; , provided that (i) interest accruing accrued pursuant to -------- paragraph (gc) of this subsection 2.9 Section shall be payable from time to time on demand. The amount , (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Revolving Credit Commitment Period), accrued interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date principal amount repaid or prepaid shall be payable on the amount which would date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be due payable on the effective date of such conversion. Interest in respect of each Loan shall accrue from and payable if the Utilization for the period for which such interest is paid was less than 33%. On including the first Business Day following day of an Interest Period to but excluding the last day of each fiscal quarter such Interest Period. Notwithstanding the above, to the extent CCSC or any of its Subsidiaries is permitted under this Agreement (as amended or amended and restated from time to time) to create, incur, assume or permit to exist any senior secured Indebtedness (a) the Borrower and on interest rate applicable to such senior secured Indebtedness shall be at least 0.25% less than the Termination Date interest rate applicable to any Term Loan under this Agreement (or"Interest Rate Differential")or, (b) if earliernot, on the date upon which both the Commitments are terminated and the Loans are paid CCSC shall, immediately after such senior secured Indebtedness is created, incurred, assumed or permitted to exist, enter into an amendment to this Agreement (in full), the Borrower shall pay to such form as reasonably required by the Administrative Agent, for ) to increase the ratable benefit of interest rate applicable to any Term Loan under this Agreement so that the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such periodInterest Rate Differential is at least 0.25%.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period day plus the Applicable Margin in effect Margin. Each Term SOFR Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to Term SOFR determined for such dayday plus the Applicable Margin.
(db) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by ABR plus the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3Applicable Margin.
(ei) Subject If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), all outstanding Loans and Reimbursement Obligations (whether or not overdue) shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the following sentencecase of Reimbursement Obligations, the Applicable Margins (based on the Revolving Percentages of the Revolving Lenders in such Reimbursement Obligations) for ABR Loans under the applicable Revolving Commitments participating in Letters of Credit plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans of the relevant Class (and, in the case of the amount payable to any Revolving Lender, based on the Applicable Margins then in effect for such Revolving Lender’s Revolving Commitments) plus 2% (or, in the case of any such other amounts that do not relate to a particular Class, the rate then applicable to ABR Loans under the Revolving Facility (based on the highest Applicable Margins then in effect for any Revolving - 65-
(d) Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Samples: Credit Agreement (Cco Holdings LLC)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period plus the Applicable Margin in effect for such dayMargin.
(db) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to the fixed ABR plus the Applicable Margin.
(c) Each Swing Line Loan shall bear interest at a rate per annum equal to the ABR plus the Applicable Margin for ABR Loans.
(d) Notwithstanding the rate of interest offered by specified in this subsection 4.4 or elsewhere herein, upon the Lender making occurrence of any Event of Default and for so long thereafter as such Loan and accepted by Event of Default is continuing, at the Borrower Administrative Agent's discretion or at the request of the Required Lenders, upon notice to the Borrower, the principal balance of all Loans shall bear interest at a rate per annum which is equal to the greater of (x) the rate that would otherwise be applicable thereto pursuant to this Agreement plus 2% per annum, or (y) the aggregate of ABR plus 2% per annum. If all or a portion of (i) any interest payable on any Loan, (ii) any commitment fee or (iii) any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), any such overdue interest, commitment fee or other amount shall bear interest at a rate per annum which is the rate described in paragraph (b) of this subsection 2.3plus 2%, in each case from the date of such non-payment until such overdue interest, commitment fee or other amount is paid in full (as well after as before judgment).
(e) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that (i) interest accruing pursuant to paragraph (gsubsection 4.4(d) of this subsection 2.9 shall be payable from time to time on demand. The amount of demand and (ii) interest on U.S. Revolving Credit the Term Loans and the Multicurrency Loans to shall also be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, or such earlier date on which the Term Loans become due and payable pursuant to Section 9) and (iii) interest on the date upon which both the Commitments are terminated Revolving Loans shall also be due and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, Date (or such earlier date on which the portion thereof ending on such date) after giving effect Revolving Loans become due and payable pursuant to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such periodSection 9).
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR The Aggregate Principal Amount Outstanding shall bear interest at the Applicable Interest Rate; provided that if either or both paragraphs (b) and (c) of this Section 2.8 shall be applicable, the Aggregate Principal Amount shall bear interest at the Adjusted Applicable Interest Rate as therein provided.
(b) If at any time the amount outstanding under the ABL Facility exceeds the ABL Facility Amount at such time (exclusive of any letters of credit issued under the ABL Facility in connection with or to (i) insurance contracts, (ii) surety bonds, (iii) any of the Loan Parties’ self-insurance program or (iv) vendors for purposes of purchases of products and services and customers to secure performance, in each case in the ordinary course of business), then the Adjusted Applicable Interest Rate under the Facility shall be for the next succeeding fiscal quarter of the Borrower an amount equal to the sum of (I) the Applicable Interest Rate or, if Section 2.8(c) is in effect, the Adjusted Applicable Interest Rate determined pursuant to such section, and (II) the product of (x) a whole number equal to the difference between (i) the peak amount outstanding under the ABL Facility in such earlier fiscal quarter of the Borrower and (ii) the ABL Facility Amount (with such difference to be divided by $1,000,000 and rounded up to the next whole number) and (y) 0.10%.
(c) If, as of the end of any fiscal quarter ending on or prior to December 31, 2006, the EBITDA-CapEx Level for such quarter is less than zero (a “Negative EBITDA-CapEx Level”), then the Adjusted Applicable Interest Rate under the Facility effective as of the first day of the next succeeding fiscal quarter shall be an amount equal to the sum of (I) the Applicable Interest Rate or, if Section 2.8(b) is in effect, the Adjusted Applicable Interest Rate determined pursuant to such section, and (II) the product of (x) the sum of the absolute values of all Negative EBITDA-CapEx Levels since January 1, 2006 through December 31, 2006 (with such amounts to be divided by $1,000,000 and rounded up to the next whole number) and (y) 0.15%. If the Adjusted Applicable Interest Rate under this paragraph (c) shall become effective, it shall remain in effect until the earlier of (i) the Maturity Date and (ii) the first day of the fiscal quarter immediately following the end of two consecutive fiscal quarters of the Borrower in which the EBITDA-CapEx Level exceeded zero and the cumulative EBITDA-CapEx Level from the Closing Date until the end of the second such fiscal quarter is greater than the absolute value of the cumulative Negative EBITDA-CapEx Levels; provided that, if the EBITDA Cap-Ex Level is greater than zero for more than two consecutive fiscal quarters, but the cumulative EBITDA-CapEx Level from the Closing Date until the end of the second such fiscal quarter is less than zero, the Adjusted Applicable Interest then in effect shall be reduced by the product of (x) the EBITDA-CapEx Levels for such fiscal quarters (with such amounts to be divided by $1,000,000 and rounded up to the next whole number) and (y) 0.15%; provided that such Adjusted Applicable Interest Rate shall not be less than the Applicable Interest Rate.
(i) If all or a portion of the Aggregate Principal Amount Outstanding shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), the Aggregate Principal Amount Outstanding (whether or not overdue) shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal that would otherwise be applicable thereto pursuant to (i) in the case foregoing provisions of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing this Section 2.8 plus the Applicable Margin 2% and (ii) in if all or a portion of any interest payable on the case of each Eurodollar Rate Competitive LoanAggregate Principal Amount Outstanding, any fee or other amount payable hereunder shall not be paid when due (whether at the Eurodollar Rate for the Interest Period in effect for stated maturity, by acceleration or otherwise), such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period plus the Applicable Margin in effect for such day.
(d) Each Fixed Rate Loan overdue amount shall bear interest at a rate per annum equal to the fixed rate of interest offered by the Lender making such Loan and accepted by the Borrower that would otherwise be applicable thereto pursuant to subsection 2.3the foregoing provisions of this Section 2.8 plus 2%, in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment).
(e) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; provided that for the initial Eligible Interest Capitalization Period, interest accruing pursuant on the Aggregate Principal Amount Outstanding shall be capitalized and, for each Eligible Interest Capitalization Period thereafter, interest accruing on the Aggregate Principal Amount Outstanding shall be capitalized at the Borrower’s option for subsequent Eligible Interest Capitalization Periods only if the Borrower shall have provided written notice to the Administrative Agent and the Initial Lenders of the exercise of such option not less than 10 Business Days prior to the commencement of each such subsequent Eligible Interest Capitalization Period. Notwithstanding anything to the contrary contained in this paragraph (ge):
(i) if as of this subsection 2.9 the end of any fiscal quarter ending on or prior to December 31, 2006, there is a Negative EBITDA-CapEx Level, the option of capitalizing interest shall be terminated immediately until the earlier of (x) the Maturity Date and (y) the first day of the fiscal quarter immediately following the end of two consecutive fiscal quarters of the Borrower in which the EBITDA-CapEx Level exceeded zero and such EBITDA-CapEx Level for such two fiscal consecutive fiscal quarters is greater in the aggregate than the absolute value of the cumulative Negative EBITDA-CapEx Level; provided that notwithstanding that there may be a Negative EBITDA-CapEx Level as of the fiscal quarter ended March 31, 2006, interest accruing on the Aggregate Principal Amount Outstanding shall be capitalized for the initial Eligible Interest Capitalization Period at a rate equal to the Adjusted Applicable Interest Rate plus 0.50%; provided further that, after the initial Eligible Interest Capitalization Period, interest accruing on the Aggregate Principal Amount Outstanding for subsequent Eligible Interest Capitalization Periods shall be at an interest rate equal to (x) the Adjusted Applicable Interest Rate, if such interest is to be paid in cash during such Eligible Interest Capitalization Period, or (y) the Adjusted Applicable Interest Rate plus 0.50%, if such interest is to be capitalized during such Eligible Interest Capitalization Period at the Borrower’s option, except that, with respect to clause (y), the Adjusted Applicable Interest Rate shall not be increased by 0.50% for subsequent Eligible Interest Capitalization Periods if the EBITDA-CapEx Level exceeds zero for two consecutive fiscal quarters after the fiscal quarter ended March 30, 2006 and such EBITDA-CapEx Level for such two fiscal consecutive quarters is greater in the aggregate than the absolute value of the cumulative Negative EBITDA-CapEx Level from January 1, 2006 through the fiscal quarter ended March 31, 2006 and any subsequent fiscal quarters of the Borrower in which there were Negative EBITDA-CapEx Levels; and
(ii) if an Event of Default shall have occurred and be continuing, the option to capitalize interest shall be suspended automatically as of the date of such Event of Default for such Eligible Interest Capitalization Period and any subsequent Eligible Interest Capitalization Period during which such Event of Default shall be continuing and interest shall be payable from time to time in arrears in immediately available funds beginning on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any next Interest Payment Date shall be after the amount which would be due Event of Default, or upon acceleration, and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due interest payable pursuant to Section 2.8(d), on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such perioddemand.
Appears in 1 contract
Samples: Term Loan Agreement (Integrated Electrical Services Inc)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency LIBOR Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Adjusted LIBO Rate determined for such Interest Period plus the Applicable Margin in effect for such day.
(db) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to the fixed ABR plus the Applicable Margin.
(c) Each Multicurrency Loan shall be a LIBOR Loan.
(d) Each Swingline Loan shall bear interest, at the election of the Borrower, at a rate per annum (rounded upwards, if necessary, to the next 1/100 of interest offered by one percent) equal to (a) in the Lender making such case of any Swingline Loan and accepted by that is an ABR Loan, the Borrower pursuant to subsection 2.3ABR plus the Applicable Margin (b) in the case of any Alternative Rate Swingline Loan, the sum of the Alternative Swingline Rate in effect on each applicable day plus the applicable margin or (c) in the case of any Swingline LIBOR Loan, the sum of the Swingline LIBO Rate in effect on each applicable day plus the Applicable Margin.
(e) Subject If all or a portion of (i) any principal of any Loan, (ii) any interest payable thereon, (iii) any commitment fee or (iv) any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), the overdue principal of the Loans and any such overdue interest, commitment fee or other amount shall bear interest at a rate per annum which is (x) in the case of principal, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this subsection plus 2% or (y) in the following sentencecase of any such overdue interest, interest commitment fee or other amount, the rate described in paragraph (b) of this subsection plus 2%, in each case from the date of such non-payment until such overdue principal, interest, commitment fee or other amount is paid in full (as well after as before judgment).
(f) Interest pursuant to this subsection shall be payable in arrears on each Interest Payment Date; Date provided that interest accruing pursuant to paragraph (ge) of this subsection 2.9 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Samples: Credit Agreement (Henry Schein Inc)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency sum of the Eurodollar Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayEurodollar Margin.
(db) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by ABR plus the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3Applicable ABR Margin.
(ec) Subject If all or a portion of (i) the principal amount of any Loan, (ii) any interest payable thereon or (iii) any fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum which is (x) in the case of overdue principal, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this subsection plus 2% or (y) in the following sentencecase of overdue interest, interest commitment fee or other amount, the rate described in subsection 3.6(b) plus 2%, in each case from the date of such non-payment until such amount is paid in full (as well after as before judgment).
(d) Interest shall be payable in arrears on each Interest Payment Date; provided , PROVIDED that interest accruing pursuant to paragraph (gsubsection 3.6(c) of this subsection 2.9 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans .
(e) If any Reference Lender shall resign as such, such Reference Lender shall thereupon cease to be paid on any Interest Payment Date shall be the amount which would be due a Reference Lender, and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date Facility Manager (orafter consultation with the Lenders) shall, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay by notice to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount designate another Lender as a Reference Lender so that there shall at all times be at least two Reference Lenders.
(f) Each Reference Lender shall use its best efforts to furnish quotations of rates to the Facility Manager as contemplated hereby. If a Reference Lender shall be unable or shall otherwise fail to supply such rates to the Facility Manager upon its request, the rate of interest equal to shall be determined on the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case basis of the payment due on quotations of the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such periodremaining Reference Lenders or Reference Lender.
Appears in 1 contract
Interest Rates and Payment Dates. (a) 53. Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(di) Each Fixed Rate ABR Loan and each Swingline Loan shall bear interest at a rate per annum equal to the fixed ABR plus the Applicable Margin and (ii) each Local Rate Loan shall bear interest on the unpaid principal amount thereof at a rate per annum equal to the Local Rate applicable to the relevant Permitted Foreign Currency plus the Applicable Margin.
(i) If all or a portion of the principal amount of any Loan, Reimbursement Obligation, Local Loan or Acceptances shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest offered at a rate per annum equal to (x) in the case of the Loans, Local Loans or Acceptances, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.15 plus 2.00% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans under the relevant Facility plus 2.00%, and (ii) if all or a portion of any interest payable on any Loan, Reimbursement Obligation, Local Loan or Acceptance or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans if denominated in Dollars under the relevant Facility or if denominated in a Permitted Foreign Currency, the rate then applicable to Local Rate Loans, in each case, plus 2.00% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans if denominated in Dollars or the rate applicable to Local Rate Loans for the applicable Permitted Foreign Currency, in each case, under the relevant Facility plus 2.00%), in each case, with respect to clauses (i) and (ii) above, from the date of such nonpayment until such amount is paid in full (after as well as before judgment); provided, that no amount shall be payable pursuant to this Section 2.15(c) to a Defaulting Lender making so long as such Loan and accepted Lender shall be a Defaulting Lender; provided, further, that no amounts shall accrue pursuant to this Section 2.15(c) on any overdue Loan, Reimbursement Obligation, Local Loan, Acceptance, commitment fee or other amount payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender. US-DOCS\123668313.8
56. Interest shall be payable by the Borrower pursuant to subsection 2.3.
(e) Subject to the provisions of the following sentence, interest shall be payable in arrears on each Interest Payment Date; provided provided, that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section 2.15 shall be payable from time to time on demand. The amount of interest Interest on U.S. Revolving Credit each Local Loan shall be payable in arrears to the relevant Local Fronting Lender in the applicable Permitted Foreign Currency (or, with respect to Local Loans and the Multicurrency Loans to be paid on any which are denominated in Dollars, in Dollars).
57. On each Interest Payment Date (including, without limitation, each Interest Payment Date with respect to Acceptances), the Local Fronting Lender shall be deliver to the Administrative Agent, the Company and the relevant Local Borrowing Subsidiary an Interest Allocation Statement, substantially in the form of Exhibit O-2, and the Company and the relevant Local Borrowing Subsidiary shall (in the absence of manifest error) pay the amount specified therein on such Interest Payment Date.
58. As promptly as is practicable following each date upon which would be due and payable if a Local Fronting Lender receives a payment of interest under this Agreement on account of Local Loans and/or Acceptances, such Local Fronting Lender shall convert into Dollars (at the Utilization for exchange rate then applicable to it) the period for amount equal to (i) the portion of such payment which constitutes the Applicable Margin thereon (or, with respect to each Tranche A Revolving Lender which funded the purchase of a participating interest in such Local Loan or Acceptance pursuant to Section 2.32(a), as the case may be, such Tranche A Revolving Lender’s Tranche A Revolving Percentage of the full amount of such interest payment) minus (ii) 1/4 of 1% per annum on the aggregate undiscounted face amount of the extensions of credit on account of which such interest is paid payment was less than 33%made (which unconverted amount shall be retained by such Local Fronting Lender for its own account). On the first Business Day following the last day of each fiscal quarter In consideration of the Borrower agreement of the Tranche A Revolving Lenders to purchase participating interests in the Local Loans and on the Termination Date (orAcceptances, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall each Local Fronting Lender hereby agrees to pay to the Administrative Agent, for the ratable benefit account of each Tranche A Revolving Lender, a risk participation fee in the Lenders, an additional amount of interest equal to the difference proceeds received by such Local Fronting Lender from such conversion (other than any such proceeds payable for the account of a Defaulting Lender, which proceeds shall be retained by such Local Fronting Lender for its own account) or, if any) between (i) no such conversion is required, the amount of interest which would have been payable during converted if such fiscal quarter (orinterest had been paid in a Permitted Foreign Currency; provided, however, that, in the case event that the Tranche A Revolving Lenders have funded the purchase of participating interests in the extensions of credit on account of which such interest payment was made pursuant to Section 2.32(a), such Local Fronting Lender shall instead pay to the Administrative Agent, for the account of each Tranche A Revolving Lender which has so funded such purchase, the amount equal to such Tranche A Revolving Lender’s Tranche A Revolving Percentage of the payment due proceeds received by such Local Fronting Lender from such conversion. Such amount shall be payable to the Administrative Agent in Dollars on the Termination date upon which such Local Fronting Lender receives the proceeds of such conversion. For purposes of this Section 2.15(f), interest shall be deemed to have been received by the Local Fronting Lender on account of an Acceptance on the last day of the calendar month in which such Acceptance matures.
59. On each date upon which any Local Borrower pays interest to a Local Fronting Lender hereunder on account of any Local Loan and on each date upon which any Acceptance is created by a Local Fronting Lender for the account of a Local Borrower hereunder, such Local Borrower shall pay to such Local Fronting Lender (for its own account) a local administrative fee in the amount equal to ¼ of 1.0% per annum on the aggregate principal amount of the Local Loans with respect to which such interest is being paid or on the aggregate undiscounted face amount of such Acceptance, as the case may be.
60. From the 2021 Notes Exchange Effective Date until such Tranche B Right is exercised and a Tranche B Term Loan is issued in respect of such Tranche B Right, each unexercised Tranche B Right shall bear interest at the same rate as any then-outstanding Tranche B Term Loans on the aggregate US-DOCS\123668313.8 principal amount of Tranche B Term Loans such Tranche B Right would be entitled to receive upon exercise of such Tranche B Right (it being understood that if no Tranche B Term Loans are issued on the 2021 Notes Exchange Effective Date, all unexercised Tranche B Rights shall bear interest based upon a Eurocurrency Loan with a three month Interest Period starting on the 2021 Notes Exchange Effective Date). Such interest shall be payable to the Tranche B Administrative Agent upon each Interest Payment Date both in respect of any then-outstanding Tranche B Term Loans as well as any Tranche B Right. Interest on any Tranche B Term Loan shall be disbursed to Tranche B Term Lenders in accordance with this Agreement. However, the Tranche B Administrative Agent shall retain amounts in respect of Tranche B Right until first Interest Payment Date after the applicable Tranche B Rights are exercised and, upon such Interest Payment Date, the portion thereof ending on Tranche B Administrative Agent shall pay such date) after giving effect amounts to the actual Utilization during Tranche B Term Lender of record in respect of the applicable Tranche B Term Loans. If a Tranche B Right is not exercised prior to the repayment in full in cash of the Tranche B Term Facility, the Tranche B Administrative Agent shall pay all such period amounts to the Borrower and (ii) the amount Borrower shall pay such amounts to the applicable Tranche B Right Holder. In furtherance of the foregoing, all Tranche B Term Loans shall always constitute a single “borrowing” for purposes of determining interest which actually was paid during such periodand, if the Tranche B Term Loans are Eurocurrency Loans, shall always maintain the same Interest Period.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto (i) in the case of a Revolving Credit Loan or a Term Loan, at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period day plus the Applicable Margin in effect for such day or (ii) in the case a Euro Swing Line Loan or German Swing Line Loan, at the Applicable Reference Rate plus the Applicable Margin.
(b) Each Base Rate Loan shall bear interest for each day on which it is outstanding at a rate per annum equal to the Base Rate in effect for such day plus the Applicable Margin in effect for such day. Each Dollar Swing Line Loan shall bear interest for each day on which it is outstanding at a rate per annum equal to at the greater of (i) the Base Rate for each such day plus the Applicable Margin and (ii) the Eurocurrency Rate, which would apply to an Interest Period of one week, plus the Applicable Margin.
(dc) Each Fixed (i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), overdue amounts of outstanding Loans or Reimbursement Obligations (whether or not overdue) (to the extent legally permitted) shall bear interest at a rate per annum that is equal to (x) in the case of Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.15 plus 2.0% and (y) in the case of the Reimbursement Obligations, the rate applicable to Base Rate Loans or Eurocurrency Loans, as applicable, plus 2.0% and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the fixed rate then applicable to Base Rate Loans or solely with respect to Loans in Euros or an Available Foreign Currency, Eurocurrency Loans plus 2.0% (or, in the case of interest offered by any such other amounts that do not relate to a particular Facility, the Lender making rate then applicable to Base Rate Loans or solely with respect to Loans in Euros or an Available Foreign Currency, Eurocurrency Loans under the Revolving Credit Facility plus 2.0%), in each case, with respect to clauses (i) and (ii) above, from the date of such Loan and accepted by the Borrower pursuant to subsection 2.3non-payment until such amount is paid in full (after as well as before judgment).
(ed) Subject to the provisions of the following sentence, Accrued interest on each Loan shall be payable in arrears on each Interest Payment DateDate for such Loan and, in the case of Revolving Credit Loans, upon termination of the Revolving Credit Commitments; provided that (i) interest accruing accrued pursuant to paragraph (gc) of this subsection 2.9 Section 2.15 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period demand and (ii) in the amount event of any conversion of any Revolving Credit Loan that is a Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest which actually was paid during on such periodLoan shall be payable on the effective date of such conversion.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Euro Cost of Funds Loan, Sterling Cost of Funds Loan and Alternate Swing Line Foreign Currency Loan shall bear interest at a rate per annum equal to the Cost of Funds for such Loan plus the Applicable Margin.
(d) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period plus the Applicable Margin in effect for such day.
(de) Each Fixed Rate Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(ef) Subject to the provisions of the following sentence, interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (gh) of this subsection 2.9 2.11 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Samples: Competitive Advance and Revolving Credit Facility (Delphi Corp)
Interest Rates and Payment Dates. (a) Each ABR Eurodollar Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan -------------------------------- shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period plus the Applicable Margin in effect Margin.
(b) Each Base Rate Loan shall bear interest for each day on the unpaid principal amount thereof, at a rate per annum equal to the Base Rate determined for such dayday plus the Applicable Margin.
(c) Each C$ Prime Loan shall bear interest for each day on the unpaid principal amount thereof, at a rate per annum equal to the C$ Prime Rate determined for such day plus the Applicable Margin.
(d) Each Fixed Rate Loan If all or a portion of (i) any principal of any Loan, (ii) any interest payable thereon, (iii) any acceptance fee or any commitment fee or (iv) any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal which is (x) in the case of principal, the rate that would otherwise be applicable thereto pursuant to the fixed foregoing provisions of this subsection plus 2% or (y) in the case of any such overdue interest, acceptance fee or commitment fee or other amount, the rate described in paragraph (b) of interest offered by this subsection (in the Lender making case of amounts payable in US Dollars) or paragraph (c) of this subsection (in the case of amounts payable in Canadian Dollars) plus 2%, in each case from the date of such Loan and accepted by the Borrower pursuant to subsection 2.3non-payment until such overdue principal, interest, acceptance fee or commitment fee or other amount is paid in full (after as well as before judgment).
(e) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gd) of this -------- subsection 2.9 shall be payable from time to time on demand. The amount Interest in respect of US$ Loans (and all other amounts denominated in US$) shall be payable in US$, and interest in respect of C$ Loans (and all other amounts denominated in C$) shall be payable in C$.
(i) If any provision of this Agreement would obligate any Loan Party to make any payment of interest on U.S. Revolving Credit Loans and the Multicurrency Loans or other amount payable to be paid on any Interest Payment Date shall be the C$ Lender in an amount or calculated at a rate which would be due and payable if prohibited by law or would result in a receipt by such C$ Lender of interest at a criminal rate (as such terms are construed under the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date Criminal Code (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in fullCanada)), the Borrower then notwithstanding such ------------- provision, such amount or rate shall pay be deemed to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving adjusted with retroactive effect to the actual Utilization during maximum amount or rate of interest, as the case may be, as would not be so prohibited by law or so result in a receipt by such period and (ii) the amount C$ Lender of interest which actually was paid during at a criminal rate, such period.adjustment to be effected, to the extent necessary, as follows:
Appears in 1 contract
Samples: Credit Agreement (Pierce Leahy Corp)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Term Benchmark Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Adjusted LIBOTerm SOFR Rate determined or the Adjusted EURIBOR Rate, as applicable, for such the Interest Period plus the Applicable Margin in effect for such dayBorrowing plus the Applicable Margin.
(db) Each Fixed ABR Loan (including each Swingline Loan) shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.
(c) Each SONIARFR Loan shall bear interest at a rate per annum equal to SONIAthe applicable Adjusted Daily Simple RFR plus the fixed Applicable Rate.
(d) (i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), all outstanding Loans and Reimbursement Obligations (whether or not overdue) shall bear interest at a rate per annum which is equal to (x) in the case of interest offered by the Lender making such Loan and accepted by Loans, the Borrower rate that would otherwise be applicable thereto pursuant to subsection 2.3the foregoing provisions of this Section 2.15 plus 2% or (y)
(1) in the case of Reimbursement Obligations in Dollars, the rate applicable to Revolving Credit Loans that are ABR Loans plus 2%, or (2) in the case of Reimbursement Obligations in an Optional Currency, the Overnight Rate for such Optional Currency plus the Applicable Margin plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any facility fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans under the relevant Facility plus 2% (in the case of overdue amounts in Dollars) or the Overnight Rate for the relevant Optional Currency plus the Applicable Margin plus 2% (in the case of an overdue amount in an Optional Currency), in each case, with respect to clauses (i) and (ii) above, from the date of such nonpayment until such amount is paid in full (as well after as before judgment).
(e) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (gd) of this subsection 2.9 Section 2.15 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Samples: Credit Agreement (CONMED Corp)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Term SOFR Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate Term SOFR determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(db) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to ABR plus the fixed Applicable Margin.
(i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.15 plus 2% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans under the Revolving Facility plus 2%, and (ii) if all or a portion of any interest offered payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under the Revolving Facility plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non payment until such amount is paid in full (after as well as before judgment); provided that no amount shall be payable pursuant to this Section 2.15(c) to a Defaulting Lender making so long as such Loan and accepted Lender shall be a Defaulting Lender; provided further no amounts shall accrue pursuant to this Section 2.15(c) on any overdue Loan, Reimbursement Obligation, commitment fee or other amount payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender. 63 [[6103614]]
(d) Interest shall be payable by the Borrower pursuant to subsection 2.3.
(e) Subject to the provisions of the following sentence, interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section 2.15 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Samples: Credit Agreement (Booz Allen Hamilton Holding Corp)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(di) Each Fixed Rate ABR Loan and each Swingline Loan shall bear interest at a rate per annum equal to the fixed ABR plus the Applicable Margin and (ii) each Local Rate Loan shall bear interest on the unpaid principal amount thereof at a rate per annum equal to the Local Rate applicable to the relevant Permitted Foreign Currency plus the Applicable Margin.
(c) (i) If all or a portion of the principal amount of any Loan, Reimbursement Obligation, Local Loan or Acceptances shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest offered at a rate per annum equal to (x) in the case of the Loans, Local Loans or Acceptances, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.15 plus 2.00% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans under the relevant Facility plus 2.00%, and (ii) if all or a portion of any interest payable on any Loan, Reimbursement Obligation, Local Loan or Acceptance or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans if denominated in Dollars under the relevant Facility or if denominated in a Permitted Foreign Currency, the rate then applicable to Local Rate Loans, in each case, plus 2.00% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans if denominated in Dollars or the rate applicable to Local Rate Loans for the applicable Permitted Foreign Currency, in each case, under the relevant Facility plus 2.00%), in each case, with respect to clauses (i) and (ii) above, from the date of such nonpayment until such amount is paid in full (after as well as before judgment); provided, that no amount shall be payable pursuant to this Section 2.15(c) to a Defaulting Lender making so long as such Loan and accepted Lender shall be a Defaulting Lender; provided, further, that no amounts shall accrue pursuant to this Section 2.15(c) on any overdue Loan, Reimbursement Obligation, Local Loan, Acceptance, commitment fee or other amount payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Interest shall be payable by the Borrower pursuant to subsection 2.3.
(e) Subject to the provisions of the following sentence, interest shall be payable in arrears on each Interest Payment Date; provided provided, that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section 2.15 shall be payable from time to time on demand. The amount of interest Interest on U.S. Revolving Credit each Local Loan shall be payable in arrears to the relevant Local Fronting Lender in the applicable Permitted Foreign Currency (or, with respect to Local Loans and the Multicurrency Loans to be paid on any which are denominated in Dollars, in Dollars).
(e) On each Interest Payment Date (including, without limitation, each Interest Payment Date with respect to Acceptances), the Local Fronting Lender shall be deliver to the Administrative Agent, the Company and the relevant Local Borrowing Subsidiary an Interest Allocation Statement, substantially in the form of Exhibit O-2, and the Company and the relevant Local Borrowing Subsidiary shall (in the absence of manifest error) pay the amount specified therein on such Interest Payment Date.
(f) As promptly as is practicable following each date upon which would be due and payable if a Local Fronting Lender receives a payment of interest under this Agreement on account of Local Loans and/or Acceptances, such Local Fronting Lender shall convert into Dollars (at the Utilization for exchange rate then applicable to it) the period for amount equal to (i) the portion of such payment which constitutes the Applicable Margin thereon (or, with respect to each Tranche A Revolving Lender which funded the purchase of a participating interest in such Local Loan or Acceptance pursuant to Section 2.32(a), as the case may be, such Tranche A Revolving Lender’s Tranche A Revolving Percentage of the full amount of such interest payment) minus (ii) 1/4 of 1% per annum on the aggregate undiscounted face amount of the extensions of credit on account of which such interest is paid payment was less than 33%made (which unconverted amount shall be retained by such Local Fronting Lender for its own account). On the first Business Day following the last day of each fiscal quarter In consideration of the Borrower agreement of the Tranche A Revolving Lenders to purchase participating interests in the Local Loans and on the Termination Date (orAcceptances, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall each Local Fronting Lender hereby agrees to pay to the Administrative Agent, for the ratable benefit account of each Tranche A Revolving Lender, a risk participation fee in the Lenders, an additional amount of interest equal to the difference proceeds received by such Local Fronting Lender from such conversion (other than any such proceeds payable for the account of a Defaulting Lender, which proceeds shall be retained by such Local Fronting Lender for its own account) or, if any) between (i) no such conversion is required, the amount of interest which would have been payable during converted if such fiscal quarter (orinterest had been paid in a Permitted Foreign Currency; provided, however, that, in the case event that the Tranche A Revolving Lenders have funded the purchase of participating interests in the extensions of credit on account of which such interest payment was made pursuant to Section 2.32(a), such Local Fronting Lender shall instead pay to the Administrative Agent, for the account of each Tranche A Revolving Lender which has so funded such purchase, the amount equal to such Tranche A Revolving Lender’s Tranche A Revolving Percentage of the payment due proceeds received by such Local Fronting Lender from such conversion. Such amount shall be payable to the Administrative Agent in Dollars on the Termination Datedate upon which such Local Fronting Lender receives the proceeds of such conversion. For purposes of this Section 2.15(f), interest shall be deemed to have been received by the portion thereof ending Local Fronting Lender on account of an Acceptance on the last day of the calendar month in which such dateAcceptance matures.
(g) after giving effect On each date upon which any Local Borrower pays interest to a Local Fronting Lender hereunder on account of any Local Loan and on each date upon which any Acceptance is created by a Local Fronting Lender for the actual Utilization during account of a Local Borrower hereunder, such period and Local Borrower shall pay to such Local Fronting Lender (iifor its own account) a local administrative fee in the amount equal to ¼ of 1.0% per annum on the aggregate principal amount of the Local Loans with respect to which such interest which actually was is being paid during or on the aggregate undiscounted face amount of such periodAcceptance, as the case may be.
Appears in 1 contract
Samples: Asset Based Revolving Credit Agreement (Revlon Consumer Products Corp)
Interest Rates and Payment Dates. (a) Each ABR Eurodollar Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan -------------------------------- shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period day plus (i) in the case of Eurodollar Loans which are Revolving Credit Loans, the Revolving Credit Applicable Margin or (ii) in effect for such daythe case of Eurodollar Loans which are Term Loans, the Term Loan Applicable Margin.
(db) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to the fixed rate ABR plus (i) in the case of interest offered by ABR Loans which are Revolving Credit Loans, the Lender making such Revolving Credit Applicable Margin or (ii) in the case of ABR Loans which are Term Loans, the Term Loan and accepted by the Borrower pursuant to subsection 2.3Applicable Margin.
(ec) Subject If all or a portion of (i) any principal of any Loan, (ii) any interest payable thereon, (iii) any commitment fee or (iv) any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), the principal of the Loans and any such overdue interest, commitment fee or other amount shall bear interest at a rate per annum which is (x) in the case of principal, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this subsection plus 3% or (y) in the following sentencecase of any such overdue interest, interest commitment fee or other amount, the rate described in paragraph (b) of this subsection plus 3%, in each case from the date of such non-payment until such overdue principal, interest, commitment fee or other amount is paid in full (as well after as before judgment).
(d) Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gc) of this -------- subsection 2.9 shall be payable from time to time on demand. The amount .
(e) Upon the occurrence and during the continuance of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day an Event of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full)Default, the Borrower Required Lenders shall pay have the right to require that the principal of any Loan then outstanding shall bear interest ar a rate per annum which is the rate that would otherwise be applicable thereto pursuant to the Administrative Agent, for the ratable benefit foregoing provisions of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such periodthis subsection plus 3%.
Appears in 1 contract
Samples: Credit Agreement (Asi Solutions Inc)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Each Eurocurrency Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency other than a Eurocurrency Loan that is a Tranche B Term Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period day plus the Applicable Margin in effect and (ii) each Eurocurrency Loan that is a Tranche B Term Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to (A) the greater of (x) the Eurocurrency Rate determined for such dayday and (y) 1.00% plus (B) the Applicable Margin.
(db) (i) Each Fixed Rate ABR Loan other than an ABR Loan that is a Tranche B Term Loan shall bear interest at a rate per annum equal to ABR plus the fixed Applicable Margin and (ii) each ABR Loan that is a Tranche B Term Loan shall bear interest at a rate per annum equal to (A) the greater of (x) ABR and (y) 2.00% plus (B) the Applicable Margin.
(i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest offered at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.15 plus 2% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans under the Revolving Facility plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under the Revolving Facility plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (after as well as before judgment); provided that no amount shall be payable pursuant to this Section 2.15(c) to a Defaulting Lender making so long as such Loan and accepted Lender shall be a Defaulting Lender; provided further no amounts shall accrue pursuant to this Section 2.15(c) on any overdue Loan, Reimbursement Obligation, commitment fee or other amount payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Interest shall be payable by the Borrower pursuant to subsection 2.3.
(e) Subject to the provisions of the following sentence, interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section 2.15 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Samples: Credit Agreement (Booz Allen Hamilton Holding Corp)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period day plus the Applicable Margin for Eurodollar Loans in effect for such day.
(b) Each ABR Loan shall bear interest for each day that it is outstanding at a rate per annum equal to the ABR for such day plus the Applicable Margin for ABR Loans in effect for such day.
(c) Each Swing Line Loan shall bear interest for each day that it is outstanding at a rate per annum equal to the ABR for such day plus the Applicable Margin for ABR Loans in effect for such day.
(d) Each Fixed Competitive Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Bid Rate determined for such Interest Period in accordance with Section 2.6.
(i) After the occurrence and during the continuance of an Event of Default, all Loans and Reimbursement Obligations shall bear interest at a rate per annum which is equal to (x) in the case of Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 4.1 (it being understood that in the case of Eurodollar Loans, the rate applicable thereto shall be the Eurodollar Rate then in effect until the end of the applicable Interest Period and thereafter the rate applicable thereto shall be the ABR), plus 2% or (y) in the case of Reimbursement Obligations, at a rate per annum equal to the ABR plus the Applicable Margin for ABR Loans plus 2% and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the fixed rate ABR plus the Applicable Margin plus 2%, in each case, with respect to clauses (i) and (ii) above, from the date of interest offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3non-payment until such amount is paid in full (as well after as before judgment).
(ef) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (ge) of this subsection 2.9 Section shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Samples: Credit Agreement (Media General Inc)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period plus the Applicable Margin in effect for such day.
(d) Each Fixed Rate Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(ed) Subject to the provisions of the following sentence, interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (gf) of this subsection 2.9 2.11 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Samples: Competitive Advance and Revolving Credit Facility (Delphi Automotive Systems Corp)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(db) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to ABR plus the fixed Applicable Margin.
(i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.15 plus 2% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans under the Revolving Facility plus 2%, and (ii) if all or a portion of any interest offered payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under the Revolving Facility plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (after as well as before judgment); provided that no amount shall be payable pursuant to this Section 2.15(c) to a Defaulting Lender making so long as such Loan and accepted Lender shall be a Defaulting Lender; provided further no amounts shall accrue pursuant to this Section 2.15(c) on any overdue Loan, Reimbursement Obligation, commitment fee or other amount payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Interest shall be payable by the Borrower pursuant to subsection 2.3.
(e) Subject to the provisions of the following sentence, interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section 2.15 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Samples: Credit Agreement (Covetrus, Inc.)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(db) Each Fixed Alternate Base Rate Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by Alternate Base Rate plus the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3Applicable Margin.
(ec) Subject If all or a portion of (i) the principal amount of any Loan, (ii) any interest payable thereon or (iii) any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum which is the higher of (A) the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 4.4 plus 2% and (B) the following sentenceAlternate Base Rate plus 1%, interest in each case from the date of such non-payment until such amount is paid in full (as well after as before judgment).
(d) Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section 4.4 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and .
(e) With respect to any Initial Term Loan, whether an Alternate Base Rate Loan or a Eurodollar Loan, in the Multicurrency Loans to be paid event that, on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (ordate, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (orBorrower's senior, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period long-term unsecured debt rating issued by S&P is less than BB+ and (ii) the amount of interest Borrower's senior, long-term unsecured debt rating issued by Moody's is less than Ba2 or the Borrower's senior secured debt rating xxxxxx by Moody's is less than Ba1, then on such date the Applicable Margin witx xxxxxct to Initial Term Loans that are Alternate Base Rate Loans shall be 3.25% per annum and the Applicable Margin for Initial Term Loans that are Eurodollar Loans shall be 4.50% per annum, which actually was paid during adjustment to the Applicable Margin for Initial Term Loans shall become effective on the date that such periodevent occurs and the increase shall continue until the date upon which (x) the Borrower's senior, long-term unsecured debt rating issued by S&P is equal to or greater than BB+ and (y) the Borrower's senior, long-term unsecured debt rating issued by Moody's is equal to or greater than Ba2 or the Borrower's senior secuxxx xxxt rating issued by Moody's is equal to or greater than Ba1, on which date the Applicable Xxxxxx for Initial Term Loans will return to 2.25% per annum for Alternate Base Rate Loans and 3.50% per annum for Eurodollar Loans.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period day, plus the Eurocurrency Applicable Margin.
(b) Each ABR Loan shall bear interest at a rate per annum equal to the ABR in effect from time to time.
(i) Swingline Loans shall bear interest at (A) Bank of America’s cost of funds, plus the Swingline Applicable Margin in effect for such dayor, at the Company’s option, (B) the Eurocurrency Rate applicable to Eurocurrency Loans having a 7 day Interest period, plus the Swingline Applicable Margin; and
(ii) Euro Swingline Loans shall bear interest at the Quoted Rate, plus the Swingline Applicable Margin.
(d) Each Fixed Rate Loan Loans shall bear interest at a rate per annum equal to the fixed rate of interest offered by the Lender making such Fixed Rate Loan and accepted by the Borrower Company pursuant to subsection Section 2.3.
(e) Subject (i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.20 plus 2% or (y) in the following sentencecase of Reimbursement Obligations, the rate applicable to ABR Loans plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any facility fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans plus 2% (unless such overdue amount is denominated in a Foreign Currency, in which case such overdue amount shall bear interest of a rate per annum equal to the highest rate then applicable under this Agreement to Multicurrency Loans denominated in such Foreign Currency plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment).
(f) Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (ge) of this subsection 2.9 Section 2.20 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Samples: Credit Agreement (Kennametal Inc)
Interest Rates and Payment Dates. (a) Each ABR Eurocurrency Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit that is an L/C Tranche Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (a Multicurrency Loan or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency a Domestic Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period plus the Applicable Margin in effect for Margin.
(b) Each Eurocurrency Competitive Loan shall bear interest at a rate per annum equal to the Eurocurrency Rate applicable to such dayLoan plus (or minus, as applicable) the Margin.
(c) Each ABR Loan shall bear interest at a rate per annum equal to the ABR plus the Applicable Margin.
(d) Each Fixed Rate Loan shall bear interest at the fixed rate applicable to such Loan.
(e) Each Money Market Rate Loan shall bear interest during the Interest Period applicable thereto at a rate per annum equal to the fixed rate of interest offered by the Lender making Money Market Rate applicable to such Loan and accepted by the Borrower pursuant to subsection 2.3Loan.
(ef) Subject (i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable 509265-1725-11432-13209999 thereto pursuant to the foregoing provisions of this Section plus 2% per annum or (y) in the following sentencecase of Reimbursement Obligations, the rate applicable to ABR Loans plus 2% per annum, (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any Facility Fee payable hereunder (in each case, other than any of the foregoing in connection with the Brazilian Facility) or any fees payable pursuant to the L/C Fee Letter shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount (in the case of any Reimbursement Obligations denominated in an Optional Currency, converted into Dollars on the applicable Reimbursement Date if necessary) shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans, in each case, with respect to clauses (i) and (ii) above, from the date of such nonpayment until such amount is paid in full (as well after as before judgment) and (iii) if all or a portion of any interest payable on any Loan or any Facility Fee payable hereunder in connection with the Brazilian Facility shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at the rate per annum required by the Brazilian Bank Certificates.
(g) Interest shall be payable in arrears on each Interest Payment Date; provided , provided, that (x) interest accruing pursuant to paragraph (gSection 2.19(f) of this subsection 2.9 shall be payable from time to time on demand. The amount demand and (y) interest accruing in respect of the Brazilian Facility shall be payable in accordance with and pursuant to the terms of the Brazilian Bank Certificates.
(h) All interest on U.S. Revolving Credit Loans and the Multicurrency Loans to hereunder shall be paid on any Interest Payment Date shall be in the amount Currency in which would be due and payable if the Utilization for the period for which Loan giving rise to such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such perioddenominated.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period day plus the Applicable Margin in effect for such day.
day with respect to such Loan and (dii) Each Fixed Rate Loan BA Equivalent Loans shall bear interest at a rate per annum that shall be equal to the fixed rate of interest offered by BA Rate, plus the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3Applicable Margin for BA Equivalent Loans.
(eb) Subject Each ABR Loan that is a Revolving Credit Loan made to a U.S. Borrower denominated in Dollars shall bear interest for each day that it is outstanding at a rate per annum equal to the ABR in effect for such day plus the Applicable Margin in effect for such day with respect to such Loan. Each ABR Loan that is a Revolving Credit Loan made to the Canadian Borrower denominated in Dollars shall bear interest for each day that it is outstanding at a rate per annum equal to the Canadian Base Rate in effect for such day plus the Applicable Margin in effect for such day with respect to such Loan. Each ABR Loan denominated in Canadian Dollars shall bear interest for each day that it is outstanding at a rate per annum equal to the Canadian Prime Rate in effect for such day plus the Applicable Margin in effect for such day with respect to such Loan.
(c) If all or a portion of (i) the principal amount of any Loan, (ii) any interest payable thereon or (iii) any commitment fee, letter of credit commission, letter of credit fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum which is (y) in the case of overdue principal, the rate that would otherwise be applicable thereto pursuant to the relevant foregoing provisions of this subsection 4.1 plus 2.00%, and (z) in the following sentencecase of other amounts, including overdue interest and Reimbursement Obligations, the rate described in paragraph (b) of this subsection 4.1 for ABR Loans that are Revolving Credit Loans accruing interest at the ABR (or (A) the Canadian Base Rate in the case of Revolving Credit Loans made to the Canadian Borrower denominated in Dollars and (B) Canadian Prime Rate in the case of Revolving Credit Loans denominated in Canadian Dollars) plus 2.00%, in each case from the date of such non-payment until such amount is paid in full (after as well as before judgment).
(d) Interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 4.1 shall be payable from time to time on demand. The .
(e) It is the intention of the parties hereto to comply strictly with applicable usury laws; accordingly, it is stipulated and agreed that the aggregate of all amounts which constitute interest under applicable usury laws, whether contracted for, charged, taken, reserved, or received, in connection with the indebtedness evidenced by this Agreement or any Notes, or any other document relating or referring hereto or thereto, now or hereafter existing, shall never exceed under any circumstance whatsoever the maximum amount of interest allowed by applicable usury laws.
(f) Any provision of this Agreement that would oblige a Canadian Loan Party to pay any fine, penalty or rate of interest on U.S. Revolving Credit Loans any arrears of principal or interest secured by a mortgage on real property or hypothec on immovables that has the effect of increasing the charge on arrears beyond the rate of interest payable on principal money not in arrears shall not apply to such Canadian Loan Party, which shall be required to pay interest on money in arrears at the same rate of interest payable on principal money not in arrears.
(g) If any provision of this Agreement would oblige a Canadian Loan Party to make any payment of interest or other amount payable to any Secured Party in an amount or calculated at a rate which would be prohibited by law or would result in a receipt by that Lender of “interest” at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)), then, notwithstanding such provision, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by applicable law or so result in a receipt by that Canadian Loan Party of “interest” at a “criminal rate,” such adjustment to be effected, to the extent necessary (but only to the extent necessary), as follows:
(i) first, by reducing the amount or rate of interest; and
(ii) thereafter, by reducing any fees, commissions, costs, expenses, premiums and the Multicurrency Loans other amounts required to be paid on any Interest Payment Date shall be the amount which would be due and constitute interest for purposes of section 347 of the Criminal Code (Canada).
(iii) Whenever interest or fees payable if by a Canadian Loan Party is calculated on the Utilization for the basis of a period for which such interest is paid was less than 33%. On the first Business Day following the last day actual number of days in a calendar year, each fiscal quarter rate of the Borrower interest and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay fee determined pursuant to the Administrative Agentsuch calculation is, for the ratable benefit purpose of the LendersInterest Act (Canada), an additional amount equivalent to such rate multiplied by the actual number of days in the calendar year in which such rate is to be ascertained and divided by the number of days used as the basis of such calculation. The principle of deemed reinvestment of interest equal does not apply to any interest calculation under this Agreement, and the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields. Each Canadian Loan Party confirms that it fully understands and is able to calculate the rate of interest applicable to its Obligations based on the methodology for calculating per annum rates provided for in this Agreement and each Canadian Loan Party hereby irrevocably agrees not to plead or assert, whether by way of defense or otherwise, in any proceeding relating to this Agreement or to any other Loan Documents, that the interest payable under this Agreement and the calculation thereof has not been adequately disclosed to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case Canadian Loan Parties as required pursuant to Section 4 of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and Interest Act (ii) the amount of interest which actually was paid during such periodCanada).
Appears in 1 contract
Samples: Abl Credit Agreement (Veritiv Corp)
Interest Rates and Payment Dates. (a) (i) Each ABR Base Rate Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and Adjusted Base Rate; (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Term SOFR Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Adjusted Term SOFR Rate determined for such Interest Period; (iii) each EURIBOR Loan shall bear interest for each day during each Interest Period plus with respect thereto at a rate per annum equal to the Applicable Margin in effect Adjusted EURIBO Rate for such day.
Interest Period; (div) Each Fixed Rate each XXXXX Loan shall bear interest at a rate per annum equal to the fixed Adjusted XXXXX Xxxx; and (v) each Swing Line Loan shall bear interest at a rate per annum equal to the Adjusted Daily Simple SOFR Rate.
(i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest offered at a rate per annum equal to the rate that would otherwise be applicable thereto plus 2%; and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any fee or other amount payable hereunder or under any Note or Fee Letter shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the Lender making Adjusted Base Rate plus 2%; in each case, with respect to clauses (i) and (ii) above, from the date of such Loan and accepted by the Borrower non-payment until such amount is paid in full (as well after as before judgment).
(c) Interest accruing pursuant to subsection 2.3.
(e2.9(a) Subject to the provisions of the following sentence, interest on each Revolving Credit Loan shall be payable in arrears on each Interest Payment Date; provided that interest . Interest accruing pursuant to paragraph (gsubsection 2.9(a) of this subsection 2.9 on each Swing Line Loan shall be payable in arrears on the maturity date for such Swing Line Loan. For the period from the date of such Swing Line Loan and ending on the date the Banks fund their participations in such Swing Line Loan in accordance with Section 2.19(d), such interest shall be for the sole account of the Swing Line Banks. Interest accruing pursuant to subsection 2.9(b) shall be payable on demand.
(d) Nothing contained in this Agreement or in any other Loan Document shall be deemed to establish or require the payment of interest to any Bank at a rate in excess of the maximum rate permitted by applicable law. If the amount of interest payable for the account of any Bank on any interest payment date would exceed the maximum amount permitted by applicable law to be charged by such Bank, the amount of interest payable for its account on such interest payment date shall be automatically reduced to such maximum permissible amount. In the event of any such reduction affecting any Bank, if from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) thereafter the amount of interest which payable for the account of such Bank on any interest payment date would have been payable during be less than the maximum amount permitted by applicable law to be charged by such fiscal quarter (orBank, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) then the amount of interest payable for its account on such subsequent interest payment date shall be automatically increased to such maximum permissible amount; provided that at no time shall the aggregate amount by which actually was interest paid during for the account of any Bank has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the previous sentence.
(e) In connection with the use or administration of any Benchmark, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such periodConforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. The Administrative Agent will promptly notify the Company and the Banks of the effectiveness of any Conforming Changes in connection with the use or administration of any Benchmark.
Appears in 1 contract
Samples: Credit Agreement (Western Union CO)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period plus the Applicable Margin in effect for such dayMargin.
(db) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to the fixed ABR plus the Applicable Margin.
(c) Each Swing Line Loan shall bear interest at a rate per annum equal to the ABR plus the Applicable Margin for ABR Loans.
(d) Notwithstanding the rate of interest offered by specified in this subsection 4.4 or elsewhere herein, upon the Lender making occurrence of any Event of Default and for so long thereafter as such Loan and accepted by Event of Default is continuing, at the Borrower Administrative Agent's discretion or at the request of the Required Lenders, upon notice to the Borrower, the principal balance of all Loans shall bear interest at a rate per annum which is equal to the greater of (x) the rate that would otherwise be applicable thereto pursuant to this Agreement plus 2% per annum, or (y) the aggregate of ABR plus 2% per annum. If all or a portion of (i) any interest payable on any Loan, (ii) any commitment fee or (iii) any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), any such overdue interest, commitment fee or other amount shall bear interest at a rate per annum which is the rate described in paragraph (b) of this subsection 2.3plus 2%, in each case from the date of such non-payment until such overdue interest, commitment fee or other amount is paid in full (as well after as before judgment).
(e) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that (i) interest accruing pursuant to paragraph (gsubsection 4.4(d) of this subsection 2.9 shall be payable from time to time on demand. The amount of demand and (ii) interest on U.S. Revolving Credit the Term Loans and the Multicurrency Loans to shall also be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, or such earlier date on which the Term Loans become due and payable pursuant to Section 10) and (iii) interest on the date upon which both the Commitments are terminated Revolving Loans shall also be due and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, Date (or such earlier date on which the portion thereof ending on such date) after giving effect Revolving Loans become due and payable pursuant to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such periodSection 10).
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Each Eurocurrency Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency other than a Eurocurrency Loan that is an Initial Tranche B Term Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period day plus the Applicable Margin in effect and (ii) each Eurocurrency Loan that is an Initial Tranche B Term Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to (A) the greater of (x) the Eurocurrency Rate determined for such dayday and (y) 1.00% plus (B) the Applicable Margin.
(db) (i) Each Fixed Rate ABR Loan other than an ABR Loan that is an Initial Tranche B Term Loan shall bear interest at a rate per annum equal to ABR plus the fixed Applicable Margin and (ii) each ABR Loan that is an Initial Tranche B Term Loan shall bear interest at a rate per annum equal to (A) the greater of (x) ABR and (y) 2.00% plus (B) the Applicable Margin.
(i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest offered at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.15 plus 2% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans under the Revolving Facility plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under the Revolving Facility plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non payment until such amount is paid in full (after as well as before judgment); provided that no amount shall be payable pursuant to this Section 2.15(c) to a Defaulting Lender making so long as such Loan and accepted Lender shall be a Defaulting Lender; provided further no amounts shall accrue pursuant to this Section 2.15(c) on any overdue Loan, Reimbursement Obligation, commitment fee or other amount payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Interest shall be payable by the Borrower pursuant to subsection 2.3.
(e) Subject to the provisions of the following sentence, interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section 2.15 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Samples: Credit Agreement (Booz Allen Hamilton Holding Corp)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such day plus the Applicable Margin in effect for such day.
(b) Each Daily Floating LIBOR Rate Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Daily Floating LIBOR Rate determined for such day plus the Applicable Margin in effect for such day.
(c) Each XXXXX Daily Rate Loan shall bear interest for each day at a rate per annum equal to the XXXXX Daily Rate determined for such day plus the Applicable Margin in effect for such day.
(d) Each Fixed Base Rate Loan (including each Swing Line Loan) shall bear interest for each day that it is outstanding at a rate per annum equal to the Base Rate for such day plus the Applicable Margin in effect for such day.
(e) Each Swing Line Euro Tranche Loan shall bear interest for each day that it is outstanding at a rate per annum equal to the applicable Overnight Euro Tranche Rate for such day plus the Applicable Margin in effect for such day.
(f) Each Term A-2 Loan shall bear interest for each day that it is outstanding at a fixed interest rate equal to 2.67% per annum.
(g) If all or a portion of (i) the principal amount of any Loan, (ii) any interest payable thereon or (iii) any commitment fee, letter of credit commission, Letter of Credit – BA Fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum which is equal to the fixed Default Rate from the date of such non-payment until such amount is paid in full (as well after as before judgment). While any Event of Default specified in subsection 9(f) exists, the Borrowers shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate of interest offered per annum equal at all times to the Default Rate to the fullest extent permitted by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3applicable Laws.
(eh) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (ge) of this subsection 2.9 shall be payable from time to time on demand. The .
(i) It is the intention of the parties hereto to comply strictly with applicable usury laws; accordingly, it is stipulated and agreed that the aggregate of all amounts which constitute interest under applicable usury laws, whether contracted for, charged, taken, reserved, or received, in connection with the indebtedness evidenced by this Agreement or any Notes, or any other document relating or referring hereto or thereto, now or hereafter existing, shall never exceed under any circumstance whatsoever the maximum amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date allowed by applicable usury laws.
(or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in fullj) Notwithstanding subsection 4.4(a), the Borrower shall pay to the Administrative Agent, for the ratable benefit purposes of the LendersInterest Act (Canada), an additional amount of interest equal to the difference (if any) between (i) the amount whenever a rate of interest which would have been payable during such fiscal quarter or fee rate hereunder is calculated on the basis of a year (or, the “deemed year”) that contains fewer days than the actual number of days in the case calendar year of the payment due on the Termination Datecalculation, the portion thereof ending on such date) after giving effect to rate of interest or fee rate shall be expressed as a yearly rate by multiplying such rate of interest or fee rate by the actual Utilization during such period number of days in the calendar year of calculation and dividing it by the number of days in the deemed year, (ii) the amount principle of deemed reinvestment of interest which actually was paid during such periodshall not apply to any interest calculation hereunder and (iii) the rates of interest stipulated herein are intended to be nominal rates and not effective rates or yields.
(k) Interest on any Revolving Credit Loan in an Alternative Currency advanced by the Alternative Currency Funding Fronting Lender shall be for the benefit of the Alternative Currency Funding Fronting Lender, and not any Alternative Currency Participating Lender, until the applicable Alternative Currency Participating Lender has funded its participation therein to the Alternative Currency Funding Fronting Lender.
Appears in 1 contract
Samples: Credit Agreement (Graphic Packaging International, LLC)
Interest Rates and Payment Dates. (a) Each ABR Loan Advance -------------------------------- representing Tranche A Participation Interests shall bear interest at a rate per annum determined as follows:
(i) during the Term of the Lease and ending on the initial Expiration Date, each Advance representing Tranche A Participation Interests shall bear interest at a rate per annum equal to [*] for the ABR.period commencing on the initial Funding Date and ending on the initial Expiration Date; and
(bii) The Loans comprising during the Renewal Term of the Lease, if any, each Eurodollar Rate Borrowing Advance representing Tranche A Participation Interests shall bear interest at a rate per annum equal to [*] for the period commencing on the first day of the Renewal Term and ending on the last day of the Renewal Term. [* Confidential Information] Each Advance (iother than the initial Advance) in respect of the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan Tranche B Participation Interests shall bear interest for each day during each Interest Period with respect thereto at a rate per annum for such Interest Period equal to the Eurocurrency Three Month Eurodollar Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin. The initial Advance representing Tranche B Participation Interests shall bear interest at a rate equal to the Alternate Base Rate until commencement of the initial Interest Period.
(db) Each Fixed Rate Loan If all or a portion of (i) the amount of any Advance, (ii) any interest payable thereon or (iii) any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum which is equal to the fixed rate of interest offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3Overdue Rate.
(ec) Subject to the provisions of the following sentence, interest Interest shall be payable in cash (except as provided in paragraphs (d) and (e) below) in arrears on each Interest Scheduled Payment Date; , ---------------------- provided that (i) interest accruing pursuant to paragraph (gb) of this subsection 2.9 Section -------- ------------- ------- 3.7 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period demand and (ii) each prepayment of --- Advances shall be accompanied by accrued interest to the date of such prepayment on the amount of Advances so prepaid.
(d) On each date which is three Business Days prior to any Scheduled Payment Date during the Construction Period, the Lessee shall be deemed to have requested an Advance comprised of an Interest Payment Advance pursuant to Section 3.4 and the Lessor shall be deemed to have requested a purchase pursuant ----------- to Section 3.2 of Participation Interests in such Advance in an amount equal to ----------- the aggregate amount of the Basic Rent due and payable on such date with respect to accrued interest which actually was on outstanding Advances. The Funding Date with respect to any such Interest Payment Advance and purchase of Participation Interests therein shall be the relevant Scheduled Payment Date (provided that such Advance -------- and the purchase of such Participation Interests shall be subject to satisfaction of the applicable conditions precedent set forth in Section 6) and --------- the proceeds of such payment shall be applied to pay such accrued interest. On each such Funding Date, the Property Cost shall be increased by an amount equal to the Basic Rent paid during on such perioddate with respect to such Property with the proceeds of such payment, and the Land Interest Acquisition Cost and Property Improvements Costs shall be increased by their pro rata portions of such Advance.
(e) After the Construction Period, interest accruing on the Tranche A Participation Interests shall be payable by offsetting interest accruing on the Defeasance Deposit pursuant to the Defeasance Deposit Agreement as of the applicable Payment Date.
Appears in 1 contract
Samples: Participation Agreement (Vitesse Semiconductor Corp)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period plus the Applicable Margin in effect for such dayMargin.
(db) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to the fixed ABR plus the Applicable Margin.
(c) Each Swing Line Loan shall bear interest at a rate per annum equal to the ABR plus the Applicable Margin for ABR Loans.
(d) Notwithstanding the rate of interest offered by specified in this subsection 4.4 or elsewhere herein, effective immediately upon the Lender making occurrence of any Event of Default and for so long thereafter as such Loan and accepted by Event of Default is continuing, the Borrower principal balance of all Loans shall bear interest at a rate per annum which is the rate that would otherwise be applicable thereto pursuant to this Agreement plus 2% per annum. If all or a portion of (i) any interest payable on any Loan, (ii) any commitment fee or (iii) any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), any such overdue interest, commitment fee or other amount shall bear interest at a rate per annum which is the rate described in paragraph (b) of this subsection 2.3plus 2%, in each case from the date of such non-payment until such overdue interest, commitment fee or other amount is paid in full (as well after as before judgment).
(e) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that (i) interest accruing pursuant to paragraph (gsubsection 4.4(d) of this subsection 2.9 shall be payable from time to time on demand. The amount of demand and (ii) interest on U.S. the Term Loans shall also be payable on the Term Loan Maturity Date (or such earlier date on which the Term Loans become due and payable pursuant to Section 9) and (iii) interest on the Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would also be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, or such earlier date on which the date upon which both the Commitments are terminated Revolving Loans become due and the Loans are paid in fullpayable pursuant to Section 9), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Samples: Post Petition Credit Agreement (Service Merchandise Co Inc)
Interest Rates and Payment Dates. (a) Each ABR Revolving Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit if a LIBOR Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency LIBOR Adjusted Rate determined for such Interest Period plus the Applicable Revolving Margin in effect for such day.
LIBOR Loans and (dii) Each Fixed if a Base Rate Loan shall Loan, bear interest at a rate per annum equal to the fixed Base Rate plus the Applicable Revolving Margin for Base Rate Loans.
(b) Each Multiple-Draw Term Loan shall (i) if a LIBOR Loan, bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the LIBOR Adjusted Rate plus the Applicable Term Margin for LIBOR Loans and (ii) if a Base Rate Loan, bear interest at a rate per annum equal to the Base Rate plus the Applicable Term Margin for Base Rate Loans.
(c) Each Term B Loan shall (i) if a LIBOR Loan, bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the LIBOR Adjusted Rate plus the Applicable Term Margin for LIBOR Loans and (ii) if a Base Rate Loan, bear interest at a rate per annum equal to the Base Rate plus the Applicable Term Margin for Base Rate Loans.
(d) If Event of Default shall have occurred and be continuing, all amounts outstanding shall bear interest offered by at a rate per annum which is the Lender making rate described in paragraph (a), (b) or (c) of this Section, as applicable, plus 2% from the date of the occurrence of such Loan and accepted by the Borrower pursuant to subsection 2.3Event of Default until such Event of Default is no longer continuing (after as well as before judgment).
(e) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gd) of this subsection 2.9 Section shall be payable from time to time on demand. The amount .
(f) For purposes of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between determining (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period Applicable Revolving Margin for Revolving Loans and (ii) the amount Applicable Revolving Margin for the letter of credit fees referred to in Section 2.5(e), interest rates on Revolving Loans and such fees shall be calculated on the basis of the Maximum Total Debt Ratio set forth in the most recent Covenant Compliance Certificate received by the Agent in accordance with Section 5.1(b). For accrued and unpaid interest and fees only (no changes being made for interest or fee payments previously made), changes in interest rates on Revolving Loans, or in such fees, attributable to changes in the Applicable Revolving Margin caused by changes in the Maximum Total Debt Ratio shall be calculated upon the delivery of a Covenant Compliance Certificate, and such change shall be effective (y) in the case of a Base Rate Loan or such fees, from the first day subsequent to the last day covered by the Covenant Compliance Certificate and (z) in the case of a LIBOR Loan, from the first day of the Interest Period applicable to such LIBOR Loan subsequent to the last day covered by the Covenant Compliance Certificate. If, for any reason, the Borrower shall fail to deliver a Covenant Compliance Certificate when due in accordance with Section 5.1(b), and such failure shall continue for a period of ten days, the Revolving Leverage Level shall be deemed to be Revolving Leverage Level 1 for purposes of determining the Applicable Revolving Margin on Revolving Loans or fees, as applicable, in each case retroactive to the date on which actually was paid during the Borrower should have delivered such periodCovenant Compliance Certificate and shall continue until a Covenant Compliance Certificate indicating a different Revolving Leverage Level is delivered to the Agent. Notwithstanding the foregoing, the Applicable Revolving Margin for the period from the Closing Date to and including the date on which the Agent receives the financial statements required by Section 5.1(a) with respect to the Borrower’s fiscal quarter ending December 31, 2004, shall be Revolving Leverage Level 1.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayEurodollar Rate Margin.
(db) Each Fixed Base Rate Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3Base Rate.
(ei) Subject If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the following sentencecase of Reimbursement Obligations, the rate applicable to Base Rate Loans plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any facility fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to Base Rate Loans plus 2%, in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment).
(d) Interest shall be payable in arrears on (i) with respect to any Base Rate Loan, the last day of each March, June, September and December to occur while such Loan is outstanding and the Termination Date, (ii) with respect to any Eurodollar Rate Loan having an Interest Payment Date; provided Period of three months or shorter, the last day of such Interest Period, (iii) with respect to any Eurodollar Rate Loan having an Interest Period longer than three months, each day that is three months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period and (iv) as to any Loan (other than any Revolving Credit Loan that is a Base Rate Loan and any Swingline Loan), the date of any repayment or prepayment made in respect thereof. Notwithstanding the foregoing, interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Samples: 364 Day Credit Agreement (Computer Associates International Inc)
Interest Rates and Payment Dates. (a) Each ABR Loan Eurodollar Loans shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall -------------------------------- bear interest for each day during each Interest Period with respect thereto applicable thereto, commencing on (and including) the first day of such Interest Period to, but excluding, the last day of such Interest Period, on the unpaid principal amount thereof at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period plus the Applicable Margin from time to time in effect for such dayeffect.
(db) Each Fixed Alternate Base Rate Loan Loans shall bear interest for the period from and including the date such Loans are made to, but excluding, the maturity date thereof, or to, but excluding, the conversion date if such Loans are earlier converted into Eurodollar Loans on the unpaid principal amount thereof at a rate per annum equal to the fixed rate of interest offered by Alternate Base Rate plus the Lender making such Loan and accepted by the Borrower pursuant Applicable Margin from time to subsection 2.3time in effect.
(ec) Subject to If all or a portion of (i) the provisions principal amount of any of the following sentenceLoans or (ii) any interest payable thereon shall not be paid when due (whether at the stated maturity, by acceleration or otherwise) such Loan, if a Eurodollar Loan, shall be converted into an Alternate Base Rate Loan at the end of the then-current Interest Period for said Eurodollar Loan (which conversion shall occur automatically and without need for compliance with the conditions for conversion set forth in subsection 3.2), and any such overdue amount shall, without limiting the rights of the Lenders under Section 8, bear interest (which shall be payable on demand) at a rate per annum which is 2% plus the Alternate Base Rate plus the Applicable Margin (or, in the case of a Eurodollar Loan, the Eurodollar Rate for the Interest Period plus the Applicable Margin from time to time in effect plus 2%, if higher) from the date of such non-payment until paid in full (as well after as before judgment).
(d) Except as otherwise expressly provided for in this subsection 3.5, interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (g) of this subsection 2.9 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency EurodollarTerm SOFR Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate Eurodollar RateTerm SOFR determined for such Interest Period plus the Applicable Margin in effect for such dayMargin.
(db) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to the fixed ABR plus the Applicable Margin; provided that so long as the Lenders have not been required to purchase participations in Swingline Loans pursuant to Section 2.8(c), Swingline Loans shall bear interest at a rate of per annum equal to the ABR plus the Applicable Margin minus the Commitment Fee Rate.
(i) Each Alternative Currency Daily Rate Loan shall bear interest offered by on the Lender making outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Alternative Currency Daily Rate plus the Applicable Margin; (ii) each Alternative Currency Term Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Alternative Currency Term Rate for such Loan and accepted Interest Period plus the Applicable Margin.
(d) If any amount payable by the Borrower pursuant under any Loan Document is not paid when due (after any applicable grace period), whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to subsection 2.3the Default Rate to the fullest extent permitted by Applicable Laws. Furthermore, at any time an Event of Default under Sections 8.1(a) or (f) exists, the Borrower shall pay interest on the Loans at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by Applicable Laws.
(e) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (gSection 3.5(d) of this subsection 2.9 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Term Benchmark Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Adjusted LIBO Rate determined or the Adjusted EURIBOR Rate, as applicable, for such the Interest Period plus the Applicable Margin in effect for such dayBorrowing plus the Applicable Margin.
(db) Each Fixed ABR Loan (including each Swingline Loan) shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.
(c) Each XXXXX Loan shall bear interest at a rate per annum equal to XXXXX plus the fixed Applicable Rate.
(d) (i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), all outstanding Loans and Reimbursement Obligations (whether or not overdue) shall bear interest at a rate per annum which is equal to (x) in the case of interest offered by the Lender making such Loan and accepted by Loans, the Borrower rate that would otherwise be applicable thereto pursuant to subsection 2.3the foregoing provisions of this Section 2.15 plus 2% or (y)
(1) in the case of Reimbursement Obligations in Dollars, the rate applicable to Revolving Credit Loans that are ABR Loans plus 2%, or (2) in the case of Reimbursement Obligations in an Optional Currency, the Overnight Rate for such Optional Currency plus the Applicable Margin plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any facility fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans under the relevant Facility plus 2% (in the case of overdue amounts in Dollars) or the Overnight Rate for the relevant Optional Currency plus the Applicable Margin plus 2% (in the case of an overdue amount in an Optional Currency), in each case, with respect to clauses (i) and (ii) above, from the date of such nonpayment until such amount is paid in full (as well after as before judgment).
(e) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (gd) of this subsection 2.9 Section 2.15 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Samples: Credit Agreement (CONMED Corp)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency LIBOR Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency LIBOR Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(db) Each Fixed Base Rate Loan shall bear interest at a rate per annum equal to the fixed Base Rate plus the Applicable Margin; provided, however, that notwithstanding anything to the contrary contained in this Agreement, at no time shall the interest rate applicable to Tranche B Revolving Credit Loans be less than 12% per annum.
(c) In addition to the interest payable in respect of Tranche B Revolving Credit Loans pursuant to Section 4.6(b), each Tranche B Revolving Credit Loan shall also bear interest at a rate per annum equal to 3.00% ("PIK Interest Rate"); provided, that if the Termination Date does not occur prior to September 1, 2002, the PIK Interest Rate shall increase by 1.00% per annum monthly, on the first day of each calendar month, commencing on September 1, 2002. The amount of interest offered by the Lender making such Loan and accepted by the Borrower accrued pursuant to this paragraph (c) shall be calculated monthly, on the last day of each calendar month, and such accrued amount shall be added to the principal amount of the Tranche B Revolving Credit Loans on each such last day; provided, however, that amounts added to principal pursuant to this Section 4.6(c) shall not (i) be included in determining Tranche B Available Revolving Credit Commitments and (ii) bear cash interest pursuant to Section 4.6(b) but shall bear interest at the PIK Interest Rate pursuant to this Section 4.6(c).
(d) If all or a portion of (i) any principal of any Loan, (ii) any interest payable thereon, (iii) any commitment fee, (iv) any Reimbursement Obligation or (v) any Letter of Credit fee or commission or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), the principal of the Loans, the Reimbursement Obligations and any such overdue interest, fee or other amount shall bear interest at a rate per annum which is the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this subsection 2.3plus 3%.
(e) Subject Interest, fees and expenses payable to the provisions Tranche B Lenders hereunder shall be paid out of the following sentenceInterest Escrow Account. Interest, fees and expenses payable to the Tranche A Lenders hereunder shall be paid out of the Interest Escrow Account to the extent that the amount in the Interest Escrow Account exceeds the lesser of (a) $5,000,000 and (b) the amount of fees and interest projected to be paid to the Tranche B Lenders until the Termination Date.
(f) Interest shall be payable in arrears on each Interest Payment Date; , provided that (i) interest payable pursuant to paragraph (c) of this Section 4.6 shall be payable on the Termination Date and (ii) interest accruing pursuant to paragraph (gd) of this subsection 2.9 Section 4.6 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(db) Each Fixed Alternate Base Rate Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by Alternate Base Rate plus the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3Applicable Margin.
(ec) Subject If all or a portion of (i) the principal amount of any Loan, (ii) any interest payable thereon or (iii) any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum which is the higher of (A) the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 4.4 plus 2% and (B) the following sentenceAlternate Base Rate plus 1%, interest in each case from the date of such non-payment until such amount is paid in full (as well after as before judgment). SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT
(d) Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section 4.4 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and .
(e) With respect to any Initial Term Loan, whether an Alternate Base Rate Loan or a Eurodollar Loan, in the Multicurrency Loans to be paid event that, on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (ordate, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (orBorrower's senior, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period long-term unsecured debt rating issued by S&P is less than BB+ and (ii) the amount of interest Borrower's senior, long-term unsecured debt rating issued by Xxxxx'x is less than Ba2 or the Borrower's senior secured debt rating issued by Xxxxx'x is less than Ba1, then on such date the Applicable Margin with respect to Initial Term Loans that are Alternate Base Rate Loans shall be 3.25% per annum and the Applicable Margin for Initial Term Loans that are Eurodollar Loans shall be 4.50% per annum, which actually was paid during adjustment to the Applicable Margin for Initial Term Loans shall become effective on the date that such periodevent occurs and the increase shall continue until the date upon which (x) the Borrower's senior, long-term unsecured debt rating issued by S&P is equal to or greater than BB+ and (y) the Borrower's senior, long-term unsecured debt rating issued by Xxxxx'x is equal to or greater than Ba2 or the Borrower's senior secured debt rating issued by Xxxxx'x is equal to or greater than Ba1, on which date the Applicable Margin for Initial Term Loans will return to 2.25% per annum for Alternate Base Rate Loans and 3.50% per annum for Eurodollar Loans.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(ci) Each Multicurrency Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such day plus the Applicable Margin, and (ii) each Term SOFR Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to Term SOFR determined for such Interest Period plus the Applicable Margin in effect for such dayMargin.
(dii) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by ABR plus the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3Applicable Margin.
(eiii) Subject Each Sterling Daily Rate Loan shall bear interest for each day outstanding at a rate per annum equal to the Sterling Daily Rate determined for such day plus the Applicable Margin.
(i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% and (ii) if all or a portion of (x) any interest payable on any Loan or Reimbursement Obligation, (y) any Commitment Fee or (z) any other amount payable hereunder or under any other Loan Document shall not be paid when due (whether at the following sentencestated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under the Revolving Facility plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment).
(v) Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gSection 2.14(d) of this subsection 2.9 shall be payable from time to time on demand. The amount of interest .
(vi) Interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date each Loan shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest currency in which actually each Loan was paid during such periodmade.
Appears in 1 contract
Samples: Credit Agreement (CLARIVATE PLC)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(di) Each Fixed Rate ABR Loan and each Swingline Loan shall bear interest at a rate per annum equal to the fixed ABR plus the Applicable Margin and (ii) each Local Rate Loan shall bear interest on the unpaid principal amount thereof at a rate per annum equal to the Local Rate applicable to the relevant Permitted Foreign Currency plus the Applicable Margin.
(i) If all or a portion of the principal amount of any Loan, Reimbursement Obligation, Local Loan or Acceptances shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest offered at a rate per annum equal to (x) in the case of the Loans, Local Loans or Acceptances, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.15 plus 2.00% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans under the relevant Facility plus 2.00%, and (ii) if all or a portion of any interest payable on any Loan, Reimbursement Obligation, Local Loan or Acceptance or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans if denominated in Dollars under the relevant Facility or if denominated in a Permitted Foreign Currency, the rate then applicable to Local Rate Loans, in each case, plus 2.00% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans if denominated in Dollars or the rate applicable to Local Rate Loans for the applicable Permitted Foreign Currency, in each case, under the relevant Facility plus 2.00%), in each case, with respect to clauses (i) and (ii) above, from the date of such nonpayment until such amount is paid in full (after as well as before judgment); provided, that no amount shall be payable pursuant to this Section 2.15(c) to a Defaulting Lender making so long as such Loan and accepted Lender shall be a Defaulting Lender; provided, further, that no amounts shall accrue pursuant to this Section 2.15(c) on any overdue Loan, Reimbursement Obligation, Local Loan, Acceptance, commitment fee or other amount payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Interest shall be payable by the Borrower pursuant to subsection 2.3.
(e) Subject to the provisions of the following sentence, interest shall be payable in arrears on each Interest Payment Date; provided provided, that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section 2.15 shall be payable from time to time on demand. The amount of interest Interest on U.S. Revolving Credit each Local Loan shall be payable in arrears to the relevant Local Fronting Lender in the applicable Permitted Foreign Currency (or, with respect to Local Loans and the Multicurrency Loans to be paid on any which are denominated in Dollars, in Dollars).
(e) On each Interest Payment Date (including, without limitation, each Interest Payment Date with respect to Acceptances), the Local Fronting Lender shall be deliver to the Administrative Agent, the Company and the relevant Local Borrowing Subsidiary an Interest Allocation Statement, substantially in the form of Exhibit O-2, and the Company and the relevant Local Borrowing Subsidiary shall (in the absence of manifest error) pay the amount specified therein on such Interest Payment Date.
(f) As promptly as is practicable following each date upon which would be due and payable if a Local Fronting Lender receives a payment of interest under this Agreement on account of Local Loans and/or Acceptances, such Local Fronting Lender shall convert into Dollars (at the Utilization for exchange rate then applicable to it) the period for amount equal to (i) the portion of such payment which constitutes the Applicable Margin thereon (or, with respect to each Tranche A Revolving Lender which funded the purchase of a participating interest in such Local Loan or Acceptance pursuant to Section 2.32(a), as the case may be, such Tranche A Revolving Lender’s Tranche A Revolving Percentage of the full amount of such interest payment) minus (ii) 1/4 of 1% per annum on the aggregate undiscounted face amount of the extensions of credit on account of which such interest is paid payment was less than 33%made (which unconverted amount shall be retained by such Local Fronting Lender for its own account). On the first Business Day following the last day of each fiscal quarter In consideration of the Borrower agreement of the Tranche A Revolving Lenders to purchase participating interests in the Local Loans and on the Termination Date (orAcceptances, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall each Local Fronting Lender hereby agrees to pay to the Administrative Agent, for the ratable benefit account of each Tranche A Revolving Lender, a risk participation fee in the Lenders, an additional amount of interest equal to the difference proceeds received by such Local Fronting Lender from such conversion (other than any such proceeds payable for the account of a Defaulting Lender, which proceeds shall be retained by such Local Fronting Lender for its own account) or, if any) between (i) no such conversion is required, the amount of interest which would have been payable during converted if such fiscal quarter (orinterest had been paid in a Permitted Foreign Currency; provided, however, that, in the case event that the Tranche A Revolving Lenders have funded the purchase of participating interests in the extensions of credit on account of which such interest payment was made pursuant to Section 2.32(a), such Local Fronting Lender shall instead pay to the Administrative Agent, for the account of each Tranche A Revolving Lender which has so funded such purchase, the amount equal to such Tranche A Revolving Lender’s Tranche A Revolving Percentage of the payment due proceeds received by such Local Fronting Lender from such conversion. Such amount shall be payable to the Administrative Agent in Dollars on the Termination date upon which such Local Fronting Lender receives the proceeds of such conversion. For purposes of this Section 2.15(f), interest shall be deemed to have been received by the Local Fronting Lender on account of an Acceptance on the last day of the calendar month in which such Acceptance matures.
(g) On each date upon which any Local Borrower pays interest to a Local Fronting Lender hereunder on account of any Local Loan and on each date upon which any Acceptance is created by a Local Fronting Lender for the account of a Local Borrower hereunder, such Local Borrower shall pay to such Local Fronting Lender (for its own account) a local administrative fee in the amount equal to ¼ of 1.0% per annum on the aggregate principal amount of the Local Loans with respect to which such interest is being paid or on the aggregate undiscounted face amount of such Acceptance, as the case may be.
(h) From the 2021 Notes Exchange Effective Date until such Tranche B Right is exercised and a Tranche B Term Loan is issued in respect of such Tranche B Right, each unexercised Tranche B Right shall bear interest at the same rate as any then-outstanding Tranche B Term Loans on the aggregate principal amount of Tranche B Term Loans such Tranche B Right would be entitled to receive upon exercise of such Tranche B Right (it being understood that if no Tranche B Term Loans are issued on the 2021 Notes Exchange Effective Date, all unexercised Tranche B Rights shall bear interest based upon a Eurocurrency Loan with a three month Interest Period starting on the 2021 Notes Exchange Effective Date). Such interest shall be payable to the Tranche B Administrative Agent upon each Interest Payment Date both in respect of any then-outstanding Tranche B Term Loans as well as any Tranche B Right. Interest on any Tranche B Term Loan shall be disbursed to Tranche B Lenders in accordance with this Agreement. However, the Tranche B Administrative Agent shall retain amounts in respect of Tranche B Right until first Interest Payment Date after the applicable Tranche B Rights are exercised and, upon such Interest Payment Date, the portion thereof ending on Tranche B Administrative Agent shall pay such date) after giving effect amounts to the actual Utilization during Tranche B Term Lender of record in respect of the applicable Tranche B Term Loans. If a Tranche B Right is not exercised prior to the repayment in full in cash of the Tranche B Term Facility, the Tranche B Administrative Agent shall pay all such period amounts to the Borrower and (ii) the amount Borrower shall pay such amounts to the applicable Tranche B Right Holder. In furtherance of the foregoing, all Tranche B Term Loans shall always constitute a single “borrowing” for purposes of determining interest which actually was paid during such periodand, if the Tranche B Term Loans are Eurocurrency Loans, shall always maintain the same Interest Period.
Appears in 1 contract
Samples: Asset Based Revolving Credit Agreement (Revlon Consumer Products Corp)
Interest Rates and Payment Dates. (a) Each ABR Eurodollar Loan shall bear interest at (other than a rate per annum equal to the ABR.
(bCompetitive Bid Loan) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period day plus the Applicable Margin in effect Margin. Each Eurodollar Loan comprising any Competitive Bid Borrowing shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurodollar Rate determined for such dayday plus the Spread offered by the Lender making such Loan and accepted by the relevant Borrower pursuant to Section 2.8(d).
(db) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to the ABR plus the Applicable Margin.
(c) Each Fixed Rate Loan shall bear interest at a fixed percentage rate of interest offered per annum specified by the Revolving Lender making such Fixed Rate Loan and accepted by the relevant Borrower pursuant to subsection 2.3Section 2.8(d).
(i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans under the Revolving Facility plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any facility fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under the Revolving Facility plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment).
(e) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gd) of this subsection 2.9 Section shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Eurodollar Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the ABREurodollar Rate determined for such Interest Period plus the Applicable Margin in effect for such day.
(b) The Loans comprising each Eurodollar Rate Borrowing Each ABR Loan shall bear interest for each day on which it is outstanding at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Alternate Base Rate for the Interest Period in effect for such Borrowing day, plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for on such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3day.
(c) Each Prime Rate Loan shall bear interest for each day on which it is outstanding at a rate per annum equal to the Prime Rate for such day, plus the Applicable Margin in effect on such day.
(d) Each Canadian Base Rate Loan shall bear interest for each day on which it is outstanding at a rate per annum equal to the Canadian Base Rate for such day, plus the Applicable Margin in effect on such day.
(e) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period plus the Applicable Margin in effect for such day.
(df) Each Fixed Rate Loan If all or a portion of (i) the principal amount of any Loan, (ii) any interest payable thereon or (iii) any fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the fixed rate of interest offered by the Lender making such Loan and accepted by the Borrower that would otherwise be applicable thereto pursuant to the foregoing provisions of this subsection 2.3plus 2%.
(eg) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gf) of this subsection 2.9 shall be payable from time to time on demand. The amount of .
(h) Each Money Market Rate Swing Line Loan shall bear interest on U.S. Revolving Credit Loans and during the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the interest period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest applicable thereto at a rate per annum equal to the difference (if anyapplicable Money Market Rate; provided, that any Money Market Rate Swing Line Loan in which Lenders purchase participating interests pursuant to subsection 3.5(a) between shall, from and after the date of such purchase, bear interest until the end of the interest period applicable thereto at a rate per annum equal to the Alternate Base Rate.
(i) Each Swing Line Multicurrency Loan denominated in euros or Pound Sterling shall bear interest for each day during each Interest Period with respect thereto at the amount of Swing Line Multicurrency Rate determined for such Interest Period plus the Applicable Margin then in effect for Eurodollar Loans.
(j) Each European Swing Line Multicurrency Dollar Loan shall bear interest which would have been payable for each day during each Interest Period with respect thereto at the Eurodollar Rate determined for such fiscal quarter (or, Interest Period plus the Applicable Margin then in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.for Eurodollar Loans
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Eurodollar Loan (other than Term SOFR Loans) shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the ABREurodollar Rate determined for such day plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Term SOFR Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate Adjusted Term SOFR determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(dc) Each Fixed Base Rate Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by Base Rate plus the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3Applicable Margin.
(ed) Subject Each Daily Simple RFR Loan shall bear interest at a rate per annum equal to the Adjusted Daily Simple RFR plus the Applicable Margin.
(i) If all or a portion of the principal amount of any Term Loan, Revolving Credit Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum that is equal to (x) in the case of the Term Loans and the Revolving Credit Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the following sentencecase of Reimbursement Obligations, the rate applicable to Base Rate Loans plus 2%, and (ii) if all or a portion of any interest payable on any Term Loan, Revolving Credit Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to Base Rate Loans plus 2%, in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (after as well as before judgment).
(f) Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (ge) of this subsection 2.9 Section shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Adjusted LIBO Rate determined for such Interest Period day plus the Applicable Margin in effect Margin. Each Euro Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Adjusted EURIBO Rate determined for such dayday plus the Applicable Margin.
(db) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by ABR plus the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3Applicable Margin.
(ei) Subject If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), all outstanding Loans and Reimbursement Obligations shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.16 plus 2% or (y) in the following sentencecase of Reimbursement Obligations, the rate applicable to ABR Loans under the Revolving Facility plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under the Revolving Facility plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment).
(d) Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section 2.16 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Samples: Credit Agreement (Doane Pet Care Co)
Interest Rates and Payment Dates. (a) Each ABR Eurocurrency Loan shall bear interest at a rate per annum equal to the ABR.
denominated in Dollars or Foreign Currency (bother than Euros) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(db) Each Fixed Eurocurrency Loan denominated in Euros shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the EURIBOR Rate determined for such day plus the Applicable Margin.
(c) Each ABR Loan shall bear interest at a rate per annum equal to the fixed ABR plus the Applicable Margin.
(d) Each Dollar Swingline Loan shall bear interest at a rate of interest offered by per annum equal to the Lender making such Loan and accepted by ABR plus the Borrower pursuant to subsection 2.3Applicable Margin.
(e) Subject Each Multicurrency Swingline Loan shall bear interest at a rate per annum equal to the Swingline Multicurrency Quoted Rate plus the Applicable Margin.
(i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the following sentencecase of Reimbursement Obligations, the rate applicable to ABR Loans or Eurocurrency Loans, as applicable, under the Revolving Facility plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any facility fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans plus 2% (unless such overdue amount is denominated in a Foreign Currency, in which case such overdue amount shall bear interest at a rate per annum equal to the highest rate then applicable under this Agreement to Multicurrency Loans denominated in such Foreign Currency plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment).
(g) Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Samples: Credit Agreement (Genzyme Corp)
Interest Rates and Payment Dates. (a) Each ABR Eurodollar Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall -------------------------------- bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(da) Each Fixed Rate ABR Loan shall bear interest at a rate per annum equal to the fixed ABR or, in the case of Swingline Loans, such lower rate of interest offered per annum as shall be quoted to the Borrower by the Swingline Lender making such Loan and accepted by in its sole discretion in connection with the Borrower pursuant to subsection 2.3borrowings thereof.
(ei) Subject If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue Loans and Reimbursement Obligations shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.14 plus 2% or (y) in the following sentencecase of ---- Reimbursement Obligations, the rate applicable to ABR Loans under the Revolving Facility plus 2%, and (ii) if all or a portion of any interest payable on any ---- Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate ---- to a particular Facility, the rate then applicable to ABR Loans under the Revolving Facility plus 2%), in each case, with respect to clauses (i) and (ii) ---- above, from the date of such non-payment until such amount is paid in full (as well after as before judgment).
(c) Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section -------- 2.14 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency EurocurrencyTerm SOFR Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate RateTerm SOFR determined for such Interest Period day plus the Applicable Margin in effect for such day.
day with respect to such Loan and (dii) Each Fixed Rate Loan BA Equivalent Loans shall bear interest at a rate per annum that shall be equal to the fixed rate BA Rate, plus the Applicable Margin for BA Equivalent Loans. Notwithstanding anything to the contrary set forth herein, all Loans outstanding on the Third Amendment Effective Date which are Eurocurrency Loans (as defined in this Agreement immediately before giving effect to the Third Amendment) shall be permitted to continue as Eurocurrency Loans for the duration of interest offered by such Eurocurrency Loans’ respective Interest Periods and, upon expiration of such Interest Periods, such Loans shall be converted to a Term SOFR Loan and/or an ABR Loan pursuant to, and in accordance with, the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3terms hereof.
(eb) Subject Each ABR Loan that is a Revolving Credit Loan made to a U.S. Borrower denominated in Dollars shall bear interest for each day that it is outstanding at a rate per annum AmericasActive:15540830.1218080089.6 equal to the ABR in effect for such day plus the Applicable Margin in effect for such day with respect to such Loan. Each ABR Loan that is a Revolving Credit Loan made to the Canadian Borrower denominated in Dollars shall bear interest for each day that it is outstanding at a rate per annum equal to the Canadian Base Rate in effect for such day plus the Applicable Margin in effect for such day with respect to such Loan. Each ABR Loan denominated in Canadian Dollars shall bear interest for each day that it is outstanding at a rate per annum equal to the Canadian Prime Rate in effect for such day plus the Applicable Margin in effect for such day with respect to such Loan.
(c) If all or a portion of (i) the principal amount of any Loan, (ii) any interest payable thereon or (iii) any commitment fee, letter of credit commission, letter of credit fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum which is (y) in the case of overdue principal, the rate that would otherwise be applicable thereto pursuant to the relevant foregoing provisions of this subsection 4.1 plus 2.00%, and (z) in the following sentencecase of other amounts, including overdue interest and Reimbursement Obligations, the rate described in paragraph (b) of this subsection 4.1 for ABR Loans that are Revolving Credit Loans accruing interest at the ABR (or (A) the Canadian Base Rate in the case of Revolving Credit Loans made to the Canadian Borrower denominated in Dollars and (B) Canadian Prime Rate in the case of Revolving Credit Loans denominated in Canadian Dollars) plus 2.00%, in each case from the date of such non-payment until such amount is paid in full (after as well as before judgment).
(d) Interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 4.1 shall be payable from time to time on demand. The .
(e) It is the intention of the parties hereto to comply strictly with applicable usury laws; accordingly, it is stipulated and agreed that the aggregate of all amounts which constitute interest under applicable usury laws, whether contracted for, charged, taken, reserved, or received, in connection with the indebtedness evidenced by this Agreement or any Notes, or any other document relating or referring hereto or thereto, now or hereafter existing, shall never exceed under any circumstance whatsoever the maximum amount of interest allowed by applicable usury laws.
(f) Any provision of this Agreement that would oblige a Canadian Loan Party to pay any fine, penalty or rate of interest on U.S. Revolving Credit Loans any arrears of principal or interest secured by a mortgage on real property or hypothec on immovables that has the effect of increasing the charge on arrears beyond the rate of interest payable on principal money not in arrears shall not apply to such Canadian Loan Party, which shall be required to pay interest on money in arrears at the same rate of interest payable on principal money not in arrears.
(g) If any provision of this Agreement would oblige a Canadian Loan Party to make any payment of interest or other amount payable to any Secured Party in an amount or calculated at a rate which would be prohibited by law or would result in a receipt by that Lender of “interest” at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)), then, notwithstanding such provision, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by applicable law or so result in a receipt by that Canadian Loan Party of “interest” at a “criminal rate,” such adjustment to be effected, to the extent necessary (but only to the extent necessary), as follows:
(i) first, by reducing the amount or rate of interest; and
(ii) thereafter, by reducing any fees, commissions, costs, expenses, premiums and the Multicurrency Loans other amounts required to be paid on any Interest Payment Date shall be the amount which would be due and constitute interest for purposes of section 347 of the Criminal Code (Canada). AmericasActive:15540830.1218080089.6
(iii) Whenever interest or fees payable if by a Canadian Loan Party is calculated on the Utilization for the basis of a period for which such interest is paid was less than 33%. On the first Business Day following the last day actual number of days in a calendar year, each fiscal quarter rate of the Borrower interest and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay fee determined pursuant to the Administrative Agentsuch calculation is, for the ratable benefit purpose of the LendersInterest Act (Canada), an additional amount equivalent to such rate multiplied by the actual number of days in the calendar year in which such rate is to be ascertained and divided by the number of days used as the basis of such calculation. The principle of deemed reinvestment of interest equal does not apply to any interest calculation under this Agreement, and the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields. Each Canadian Loan Party confirms that it fully understands and is able to calculate the rate of interest applicable to its Obligations based on the methodology for calculating per annum rates provided for in this Agreement and each Canadian Loan Party hereby irrevocably agrees not to plead or assert, whether by way of defense or otherwise, in any proceeding relating to this Agreement or to any other Loan Documents, that the interest payable under this Agreement and the calculation thereof has not been adequately disclosed to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case Canadian Loan Parties as required pursuant to Section 4 of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and Interest Act (ii) the amount of interest which actually was paid during such periodCanada).
Appears in 1 contract
Samples: Abl Credit Agreement (Veritiv Corp)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(db) Each Fixed Rate ABR Loan (other than a Protective Advance) shall bear interest at a rate per annum equal to the fixed ABR plus the Applicable Margin. Each Protective Advance shall bear interest at a rate of interest offered by per annum equal to the Lender making such Loan and accepted by ABR plus the Borrower pursuant to subsection 2.3Applicable Margin for Revolving Loans that are ABR Loans plus 2%.
(ei) Subject If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), all outstanding Loans and Reimbursement Obligations (whether or not overdue) shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.14 plus 2% or (y) in the following sentencecase of Reimbursement Obligations, the rate applicable to ABR Loans under the Revolving Facility plus 2% and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee, Letter of Credit fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then applicable to ABR Loans under the Revolving Facility plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (after as well as before judgment).
(d) Interest shall be payable in arrears on each Interest Payment Date; provided , provided, that interest accruing pursuant to paragraph (gc) of this subsection 2.9 Section shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Euro Cost of Funds Loan, Sterling Cost of Funds Loan and Alternate Swing Line Foreign Currency Loan shall bear interest at a rate per annum equal to the Cost of Funds for such Loan plus the Applicable Margin.
(d) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period plus the Applicable Margin in effect for such day.
(de) Each Fixed Rate Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(ef) Subject to the provisions of the following sentence, interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (gh) of this subsection 2.9 2.11 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Samples: Competitive Advance and Revolving Credit Facility (Delphi Automotive Systems Corp)
Interest Rates and Payment Dates. (a) Each ABR Eurocurrency Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan -------------------------------- shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(db) Each Fixed Base Rate Loan shall bear interest at a rate per annum equal to the fixed Base Rate plus the Applicable Margin.
(c) Each Foreign Alternate Rate Loan shall bear interest at a rate per annum equal to the Foreign Alternate Rate plus the Applicable Margin in effect at such time with respect to Base Rate Loans.
(i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), all outstanding Loans and Reimbursement Obligations (whether or not overdue) shall bear interest offered by at a rate per annum which is equal to (x) in the Lender making such Loan and accepted by case of the Borrower Loans, the rate that would otherwise be applicable thereto pursuant to subsection 2.3the foregoing provisions of this Section 3.8 plus ---- 2%, (y) in the case of Reimbursement Obligations owing in Dollars, the rate applicable to Base Rate Loans under the Revolving Credit Facility plus 2% and ---- (z) in the case of Reimbursement Obligations owing in Optional Currencies, the rate applicable to Foreign Alternate Rate Loans under the Revolving Credit Facility plus 2%, and (ii) if all or a portion of any interest payable on any Loan or ---- Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate applicable to Base Rate Loans (or, in the case of interest, fees or amounts owing on account of obligations denominated in Optional Currencies, Foreign Alternate Rate Loans) under the relevant Facility plus 2% (or, in the ---- case of fees, reimbursements or any such other amounts that do not relate to a particular Facility, the Base Rate plus 3.25%), in each case, with respect to ---- clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment).
(e) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gd) of this subsection 2.9 Section -------- 3.8 shall be payable from time to time on demand. The amount .
(f) For the purposes of interest on U.S. Revolving Credit Loans and the Multicurrency Loans Articles L 313-1 to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter L 313-6 of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full)French Code de la Consommation, the Borrower shall pay to parties hereto acknowledge that the Administrative Agent, for taux effectif global may only be determined during the ratable benefit course of the LendersLoans. By way of example, an additional amount of interest equal to the difference (if any) between taux effectif global applicable on December 19, 1997 taking into account the fees, commissions and expenses which are payable by the Borrowers and:
(i) in the amount case of a Eurocurrency Loan, assuming a base interest which would have been payable during such fiscal quarter rate of [___]% per annum (being the Eurocurrency Rate (as at December 19, 1997) for French Francs or, in the case of the payment due on Tranche B Term Loans, Dollars with an Interest Period of three months), (A) in respect of the Termination DateTranche A Term Loans would be [___]% per annum and the taux de periode would be [___]% for a period of three months, (B) in respect of the portion thereof ending on such dateTranche B Term Loans would be [___]% per annum and the taux de periode would be [___]% for a period of three months and (C) after giving effect in respect of the Revolving Credit Loans made to the actual Utilization during such Borrowing Subsidiaries (assuming that Revolving Credit Facilities were fully drawn for a period of three months) would be Loans [___]% per annum and the taux de periode would be [___]% for a period of three months;
(ii) in the amount case of a Base Rate Loan, assuming a base interest which actually was paid during such periodrate of [___]% per annum (being the Base Rate (as at December 19, 1997) for French Francs or, in the case of the Tranche B Term Loans, for a period of three months), (A) in respect of the Tranche A Term Loans would be [___]% per annum and the taux de periode would be [___]% for a period of three months, (B) in respect of the Tranche B Term Loans would be [___]% per annum and the taux de periode would be [___]% for a period of three months and (C) in respect of the Revolving Credit Loans made to the Borrowing Subsidiaries (assuming that Revolving Credit Facilities were fully drawn for a period of three months) would be Loans [___]% per annum and the taux de periode would be [___]% for a period of three months; and
(iii) in the case of a Foreign Alternate Rate Loan, assuming a base interest rate of [___]% per annum (being the Foreign Alternate Rate for Credit Suisse First Boston (as at December 19, 1997) for French Francs or, in the case of the Tranche B Term Loans, for a period of three months), (A) in respect of the Tranche A Term Loans would be [___]% per annum and the taux de periode would be [___]% for a period of three months, (B) in respect of the Tranche B Term Loans would be [___]% per annum and the taux de periode would be [___]% for a period of three months and (C) in respect of the Revolving Credit Loans made to the Borrowing Subsidiaries (assuming that Revolving Credit Facilities were fully drawn for a period of three months) would be Loans [___]% per annum and the taux de periode would be [___]% for a period of three months.
Appears in 1 contract
Interest Rates and Payment Dates. (a) Each ABR Loan LIBOR Loans shall bear interest for each day during each LIBOR Period applicable thereto, commencing on (and including) the first day of such LIBOR Period to, but excluding, the last day of such LIBOR Period, on the unpaid principal amount thereof at a rate per annum equal to the ABRLIBOR Rate determined for such LIBOR Period plus the Applicable Margin.
(b) The Index Rate Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto the period from and including the date such Loans are made to, but excluding, the maturity date thereof, or to, but excluding, the conversion date if such Loans are earlier converted into LIBOR Loans on the impaid principal amount thereof at a rate per annum equal to the Eurocurrency Index Rate determined for such Interest Period plus the Applicable Margin.
(c) Upon the occurrence and during the continuance of an Event of Default under subsection 9(A)(a) or 9(A)(f) or at the election of the Supermajority Lenders upon the occurrence and during the continuation of any other Event of Default, the Loans, interest and other obligations shall, without limiting the rights of the Lenders under Section 9, bear interest (which shall be payable on demand): (i) in the case of any Loan, at the rate (including the Applicable Margin) otherwise applicable to such Loan pursuant to this subsection 4.8 plus 2%; and (ii) in all other cases, a rate per annum (computed on the basis of the actual number of days elapsed over a year of 360 days) equal to the Index Rate and the Applicable Margin in effect for Index Rate Loans that are Revolving Credit Loans plus 2%; provided that no default interest shall accrue or be payable to a Defaulting Lender so long as such dayLender shall continue to be a Defaulting Lender.
(d) Each Fixed Rate Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by the Lender making such Loan and accepted by the Borrower pursuant to Except as otherwise expressly provided for in this subsection 2.3.
(e) Subject to the provisions of the following sentence4.8, interest shall be payable in arrears (i) for LIBOR Loans, at the end of each LIBOR Period (or, for any LIBOR Period longer than three months, at three month intervals following the first day of such LIBOR Period) and on the final maturity of the Loans, (ii) for Index Rate Loans, quarterly in arrears on the last Business Day of each Interest Payment Date; provided that interest accruing pursuant March, June, September and December and on the final maturity of the Loans, and (iii) with respect to paragraph any Loan, upon prepayment (g) other than prepayments of this subsection 2.9 shall be payable from time to time on demand. The amount of interest on U.S. Index Rate Revolving Credit Loans and that are not made in connection with the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter termination or permanent reduction of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Revolving Credit Commitments are terminated and the Loans are paid in fullor Incremental Revolving Credit Commitments), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Samples: Credit Agreement (Clearwater Analytics Holdings, Inc.)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period day plus the Applicable Margin in effect for such day and (ii) BA Equivalent Loans shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as applicable) at a rate per annum that shall be equal to the BA Rate, plus the Applicable Margin for BA Equivalent Loans.
(b) Each ABR Loan denominated in Dollars shall bear interest for each day that it is outstanding at a rate per annum equal to the ABR in effect for such day plus the Applicable Margin in effect for such day and each ABR Loan denominated in Canadian Dollars shall bear interest for each day that it is outstanding at a rate per annum equal to the Canadian Prime Rate in effect for such day plus the Applicable Margin in effect for such day.
(dc) Each Fixed Rate Loan If all or a portion of (i) the principal amount of any Loan, (ii) any interest payable thereon or (iii) any commitment fee, letter of credit commission, letter of credit fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal which is (w) in the case of overdue principal, the rate that would otherwise be applicable thereto pursuant to the fixed relevant foregoing provisions of this subsection 4.1 plus 2.00%, (x) in the case of any Reimbursement Obligation, at the rate applicable under subsection 3.5 without giving effect to the proviso thereto plus 2.00%, (y) in the case of interest offered by overdue interest, the Lender making such rate that would be otherwise applicable to principal of the related Loan and accepted by the Borrower or Reimbursement Obligation pursuant to the relevant foregoing provisions of this subsection 2.34.1 (other than clauses (w) and (x) above) plus 2.00% and (z) in the case of other amounts, the rate described in paragraph (b) of this subsection 4.1 for ABR Loans that are Revolving Credit Loans accruing interest at the ABR (or the Canadian Prime Rate in the case of Canadian Facility Revolving Credit Loans denominated in Canadian Dollars) plus 2.00%, in each case from the date of such non-payment until such amount is paid in full (after as well as before judgment).
(ed) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gc) of this subsection 2.9 4.1 shall be payable from time to time on demand. The .
(e) It is the intention of the parties hereto to comply strictly with applicable usury laws; accordingly, it is stipulated and agreed that the aggregate of all amounts which constitute interest under applicable usury laws, whether contracted for, charged, taken, reserved, or received, in connection with the indebtedness evidenced by this Agreement or any Notes, or any other document relating or referring hereto or thereto, now or hereafter existing, shall never exceed under any circumstance whatsoever the maximum amount of interest allowed by applicable usury laws.
(f) Any provision of this Agreement that would oblige a Canadian Loan Party to pay any fine, penalty or rate of interest on U.S. Revolving Credit Loans any arrears of principal or interest secured by a mortgage on real property or hypothec on immovables that has the effect of increasing the charge on arrears beyond the rate of interest payable on principal money not in arrears shall not apply to such Canadian Loan Party, which shall be required to pay interest on money in arrears at the same rate of interest payable on principal money not in arrears.
(g) If any provision of this Agreement would oblige a Canadian Loan Party to make any payment of interest or other amount payable to any Secured Party in an amount or calculated at a rate which would be prohibited by law or would result in a receipt by that Lender of “interest” at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)), then, notwithstanding such provision, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by applicable law or so result in a receipt by that Canadian Loan Party of “interest” at a “criminal rate”, such adjustment to be effected, to the extent necessary (but only to the extent necessary), as follows:
(i) first, by reducing the amount or rate of interest; and
(ii) thereafter, by reducing any fees, commissions, costs, expenses, premiums and the Multicurrency Loans other amounts required to be paid on any Interest Payment Date shall be the amount which would be due and constitute interest for purposes of section 347 of the Criminal Code (Canada).
(h) Whenever interest or fees payable if by a Canadian Loan Party is calculated on the Utilization for the basis of a period for which such interest is paid was less than 33%. On the first Business Day following the last day actual number of days in a calendar year, each fiscal quarter rate of the Borrower interest and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay fee determined pursuant to the Administrative Agentsuch calculation is, for the ratable benefit purpose of the LendersInterest Act (Canada), an additional amount equivalent to such rate multiplied by the actual number of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, days in the case calendar year in which such rate is to be ascertained and divided by the number of days used as the payment due on the Termination Date, the portion thereof ending on basis of such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such periodcalculation.
Appears in 1 contract
Samples: Abl Credit Agreement (HSI IP, Inc.)
Interest Rates and Payment Dates. (a) Each ABR Eurocurrency Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit that is an L/C Tranche Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (a Multicurrency Loan or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency a Domestic Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period plus the Applicable Margin in effect for Margin.
(b) Each Eurocurrency Competitive Loan shall bear interest at a rate per annum equal to the Eurocurrency Rate applicable to such dayLoan plus (or minus, as applicable) the Margin. 509265-1725-11432-13209999
(c) Each ABR Loan shall bear interest at a rate per annum equal to the ABR plus the Applicable Margin.
(d) Each Fixed Rate Loan shall bear interest at the fixed rate applicable to such Loan.
(e) Each Money Market Rate Loan shall bear interest during the Interest Period applicable thereto at a rate per annum equal to the fixed rate of interest offered by the Lender making Money Market Rate applicable to such Loan and accepted by the Borrower pursuant to subsection 2.3Loan.
(ef) Subject (i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% per annum or (y) in the following sentencecase of Reimbursement Obligations, the rate applicable to ABR Loans plus 2% per annum, (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any Facility Fee payable hereunder (in each case, other than any of the foregoing in connection with the Brazilian Facility) or any fees payable pursuant to the L/C Fee Letter shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount (in the case of any Reimbursement Obligations denominated in an Optional Currency, converted into Dollars on the applicable Reimbursement Date if necessary) shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans, in each case, with respect to clauses (i) and (ii) above, from the date of such nonpayment until such amount is paid in full (as well after as before judgment) and (iii) if all or a portion of any interest payable on any Loan or any Facility Fee payable hereunder in connection with the Brazilian Facility shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at the rate per annum required by the Brazilian Bank Certificates.
(g) Interest shall be payable in arrears on each Interest Payment Date; provided , provided, that (x) interest accruing pursuant to paragraph (gSection 2.19(f) of this subsection 2.9 shall be payable from time to time on demand. The amount demand and (y) interest accruing in respect of the Brazilian Facility shall be payable in accordance with and pursuant to the terms of the Brazilian Bank Certificates.
(h) All interest on U.S. Revolving Credit Loans and the Multicurrency Loans to hereunder shall be paid on any Interest Payment Date shall be in the amount Currency in which would be due and payable if the Utilization for the period for which Loan giving rise to such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such perioddenominated.
Appears in 1 contract
Samples: Revolving Credit Agreement (General Motors Financial Company, Inc.)
Interest Rates and Payment Dates. (a) Each ABR Eurodollar Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan -------------------------------- shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period plus the Applicable Margin in effect Margin.
(b) Each Base Rate Loan shall bear interest for each day on the unpaid principal amount thereof, at a rate per annum equal to the Base Rate determined for such dayday plus the Applicable Margin.
(c) Each C$ Prime Loan shall bear interest for each day on the unpaid principal amount thereof, at a rate per annum equal to the C$ Prime Rate determined for such day plus the Applicable Margin.
(d) Each Fixed Rate Loan If all or a portion of (i) any principal of any Loan, (ii) any interest payable thereon, (iii) any Acceptance Fee or any commitment fee or (iv) any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal which is (x) in the case of principal, the rate that would otherwise be applicable thereto pursuant to the fixed foregoing provisions of this subsection plus 2% or (y) in the case of any such overdue interest, Acceptance Fee or commitment fee or other amount, the rate described in paragraph (b) of interest offered by this subsection (in the Lender making case of amounts payable in US Dollars) or paragraph (c) of this subsection (in the case of amounts payable in Canadian Dollars) plus 2%, in each case from the date of such Loan and accepted by the Borrower pursuant to subsection 2.3non-payment until such overdue principal, interest, Acceptance Fee or commitment fee or other amount is paid in full (after as well as before judgment).
(e) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gd) of this -------- subsection 2.9 shall be payable from time to time on demand. The amount Interest in respect of US$ Loans (and all other amounts denominated in US$) shall be payable in US$, and interest in respect of C$ Loans (and all other amounts denominated in C$) shall be payable in C$.
(i) If any provision of this Agreement would obligate any Loan Party to make any payment of interest on U.S. Revolving Credit Loans and the Multicurrency Loans or other amount payable to be paid on any Interest Payment Date shall be the C$ Lender in an amount or calculated at a rate which would be due and payable if prohibited by law or would result in a receipt by such C$ Lender of interest at a criminal rate (as such terms are construed under the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date Criminal Code (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in fullCanada)), the Borrower then notwithstanding such ------------- provision, such amount or rate shall pay be deemed to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving adjusted with retroactive effect to the actual Utilization during maximum amount or rate of interest, as the case may be, as would not be so prohibited by law or so result in a receipt by such period and (ii) the amount C$ Lender of interest which actually was paid during at a criminal rate, such period.adjustment to be effected, to the extent necessary, as follows:
Appears in 1 contract
Samples: Credit Agreement (Pierce Leahy Corp)
Interest Rates and Payment Dates. (a) Each ABR Loan Eurodollar Loans shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall -------------------------------- bear interest for each day during each Interest Period with respect thereto applicable thereto, commencing on (and including) the first day of such Interest Period to, but excluding, the last day of such Interest Period, on the unpaid principal amount thereof at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period plus the Applicable Margin from time to time in effect for such dayeffect.
(da) Each Fixed Alternate Base Rate Loan Loans shall bear interest for the period from and including the date such Loans are made to, but excluding, the maturity date thereof, or to, but excluding, the conversion date if such Loans are earlier converted into Eurodollar Loans on the unpaid principal amount thereof at a rate per annum equal to the fixed rate of interest offered by Alternate Base Rate plus the Lender making such Loan and accepted by the Borrower pursuant Applicable Margin from time to subsection 2.3time in effect.
(eb) Subject to If all or a portion of (i) the provisions principal amount of any of the following sentenceLoans or (ii) any interest payable thereon shall not be paid when due (whether at the stated maturity, by acceleration or otherwise) such Loan, if a Eurodollar Loan, shall be converted into an Alternate Base Rate Loan at the end of the then-current Interest Period for said Eurodollar Loan (which conversion shall occur automatically and without need for compliance with the conditions for conversion set forth in subsection 3.2), and any such overdue amount shall, without limiting the rights of the Lenders under Section 8, bear interest (which shall be payable on demand) at a rate per annum which is 2% plus the Alternate Base Rate plus the Applicable Margin (or, in the case of a Eurodollar Loan, the Eurodollar Rate for the Interest Period plus the Applicable Margin from time to time in effect plus 2%, if higher) from the date of such non-payment until paid in full (as well after as before judgment).
(c) Except as otherwise expressly provided for in this subsection 3.5, interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (g) of this subsection 2.9 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Samples: Credit Agreement (Sailors Inc)
Interest Rates and Payment Dates. (a) Each ABR Eurodollar Loan shall bear interest at (computed on the basis of the actual number of days elapsed over a rate per annum equal to the ABR.
(byear of 360 days) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to (i) the Eurocurrency LIBO Rate determined for such Interest Period Period, plus (ii) the Applicable Rate.
(b) Each ABR Loan (including each Swingline Loan) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, or over a year of 360 days when the Alternate Base Rate is determined by reference to clause (b) of the definition of “Alternate Base Rate”) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin in effect for such dayRate.
(dc) Each Fixed Rate If all or a portion of (i) the principal amount of any Loan, (ii) any interest payable thereon, (iii) any Commitment Fee or (iv) any Delayed Draw Term Loan Commitment Fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity thereof or by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal which is (x) in the case of overdue principal (except as otherwise provided in clause (y) below), the rate that would otherwise be applicable thereto pursuant to the fixed foregoing provisions of this Section 2.08 plus 2.00% per annum or (y) in the case of any overdue interest, Commitment Fee, Delayed Draw Term Loan Commitment Fee or other amount, the rate described in Section 2.08(b) applicable to an ABR Revolving Loan plus 2.00% per annum, in each case from the date of interest offered by such nonpayment to (but excluding) the Lender making date on which such Loan and accepted by the Borrower pursuant to subsection 2.3amount is paid in full (after as well as before judgment).
(ed) Subject to Interest on the provisions of the following sentence, interest Loans shall be payable in arrears on each Interest Payment Date and on the Revolving Credit Maturity Date and Term Loan Maturity Date, as applicable; provided that (i) interest accruing accrued pursuant to paragraph (gc) of this subsection 2.9 Section shall be payable from time to time on demand. The amount , (ii) in the event of any repayment or prepayment of any Loan, accrued interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date principal amount repaid or prepaid shall be payable on the amount which would date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be due payable on the effective date of such conversion. Interest in respect of each Loan shall accrue from and payable if the Utilization for the period for which such interest is paid was less than 33%. On including the first Business Day following day of an Interest Period to but excluding the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such periodInterest Period.
Appears in 1 contract
Samples: Credit Agreement (Consolidated Communications Holdings, Inc.)
Interest Rates and Payment Dates. (a) Each ABR Eurodollar Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the ABREurodollar Rate determined for such Interest Period plus the Applicable Margin in effect for such day.
(b) The Loans comprising each Eurodollar Rate Borrowing Each ABR Loan shall bear interest for each day on which it is outstanding at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Alternate Base Rate for the Interest Period in effect for such Borrowing day, plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for on such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3day.
(c) Each Prime Rate Loan shall bear interest for each day on which it is outstanding at a rate per annum equal to the Prime Rate for such day, plus the Applicable Margin in effect on such day.
(d) Each Canadian Base Rate Loan shall bear interest for each day on which it is outstanding at a rate per annum equal to the Canadian Base Rate for such day, plus the Applicable Margin in effect on such day.
(e) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period plus the Applicable Margin in effect for such day.
(df) Each Fixed Rate Loan If all or a portion of (i) the principal amount of any Loan, (ii) any interest payable thereon or (iii) any fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the fixed rate of interest offered by the Lender making such Loan and accepted by the Borrower that would otherwise be applicable thereto pursuant to the foregoing provisions of this subsection 2.3plus 2%.
(eg) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gf) of this subsection 2.9 shall be payable from time to time on demand. The amount of .
(h) Each Money Market Rate Swing Line Loan shall bear interest on U.S. Revolving Credit Loans and during the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the interest period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest applicable thereto at a rate per annum equal to the difference (if anyapplicable Money Market Rate; provided, that any Money Market Rate Swing Line Loan in which Lenders purchase participating interests pursuant to subsection 3.5(a) between (i) shall, from and after the amount date of such purchase, bear interest which would have been payable during such fiscal quarter (or, in until the case end of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect interest period applicable thereto at a rate per annum equal to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such periodABR.
Appears in 1 contract
Samples: Credit and Guarantee Agreement (Lear Corp Eeds & Interiors)
Interest Rates and Payment Dates. (a) Each ABR Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Eurodollar Rate determined for such Interest Period day plus the Applicable Margin for Eurodollar Loans in effect for such day.
(b) Each ABR Loan shall bear interest for each day that it is outstanding at a rate per annum equal to the ABR for such day plus the Applicable Margin for ABR Loans in effect for such day.
(c) Each Swing Line Loan shall bear interest for each day that it is outstanding at a rate per annum equal to the ABR for such day plus the Applicable Margin for ABR Loans in effect for such day.
(d) Each Fixed Competitive Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Bid Rate determined for such Interest Period in accordance with Section 2.6.
(i) After the occurrence and during the continuance of an Event of Default, all Loans and Reimbursement Obligations shall bear interest at a rate per annum which is equal to (x) in the case of Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 4.1 (it being understood that in the case of Eurodollar Loans, the rate applicable thereto shall be the Eurodollar Rate then in effect until the end of the applicable Interest Period and thereafter the rate applicable thereto shall be the ABR plus the Applicable Margin), plus 2% or (y) in the case of Reimbursement Obligations, at a rate per annum equal to the ABR plus the Applicable Margin for ABR Loans plus 2% and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any facility fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the fixed rate ABR plus the Applicable Margin plus 2%, in each case, with respect to clauses (i) and (ii) above, from the date of interest offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3non- payment until such amount is paid in full (as well after as before judgment).
(ef) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (ge) of this subsection 2.9 Section shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such period.
Appears in 1 contract
Samples: Credit Agreement (Media General Inc)
Interest Rates and Payment Dates. (a) Each Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto (i) in the case of a Eurocurrency Loan (other than a Competitive Loan), at a rate per annum equal to the Adjusted LIBO Rate for such Interest Period plus the then Applicable Margin or (ii) in the case of a Eurocurrency Competitive Loan, at a rate per annum equal to the Adjusted LIBO Rate for such Interest Period plus (or minus, as applicable) the Competitive Loan Margin applicable to such Loan.
(b) Each ABR Loan shall bear interest at a rate per annum equal to the ABRAlternate Base Rate plus the then Applicable Margin.
(bc) The Loans comprising each Eurodollar Each Fixed Rate Borrowing Loan shall bear interest at a rate per annum equal to the Fixed Rate applicable to such Loan.
(i) in Each U.S. Base Rate Loan shall bear interest at a rate per annum equal to the case of each Eurodollar Revolving Credit Loan, the Eurodollar U.S. Base Rate for the Interest Period in effect for such Borrowing plus the then Applicable Margin and (ii) each Canadian Prime Loan shall bear interest at a rate per annum equal to the Canadian Prime Rate plus the then Applicable Margin.
(e) Each Canadian Borrower shall pay to each Canadian Lender that accepts or advances a BA Loan for such Borrower, as a condition of and at the time of such acceptance or advance, a fee at the rate of the then Applicable Margin calculated on the basis of a year of 365 days on the face amount at maturity (in the case of each Eurodollar Rate Competitive a Bankers’ Acceptance) or the principal amount (in the case of a BA Equivalent Loan, the Eurodollar Rate ) for the Interest period from and including the date of such acceptance or advance to but excluding the last day of the Contract Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3an “Acceptance Fee”).
(ci) Each Multicurrency TIIE Rate Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency TIIE Rate determined for such Interest Period plus the then Applicable Margin in effect for such day.
and (dii) Each Fixed each Peso Base Rate Loan shall bear interest at a rate per annum equal to the fixed Peso Base Rate plus the then Applicable Margin;
(g) If all or a portion of (i) any principal of any Loan, (ii) any interest payable thereon, (iii) any Facility Fee or (iv) any other amount payable hereunder (including Acceptance Fees) shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), the principal of the Loans and any such overdue interest, Facility Fee or other amount shall bear interest at a rate per annum which is (x) in the case of interest offered by principal, the Lender making such Loan and accepted by the Borrower rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this subsection 2.3plus 2% or (y) in the case of any such overdue interest, Facility Fee or other amount, the rate described in paragraph (b) of this subsection plus 2%, in each case from the date of such non-payment until such overdue principal, interest, Facility Fee or other amount is paid in full (as well after as before judgment).
(eh) Subject to the provisions of the following sentence, interest Interest on each Loan (other than a BA Loan) shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (g) of this subsection 2.9 shall be payable from time to time on demand. The amount of interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between .
(i) Notwithstanding anything to the amount of interest which would have been payable during such fiscal quarter (orcontrary contained herein, in the case no event shall a Borrower be obligated to pay interest in excess of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the maximum amount of interest which actually was paid during such periodis chargeable under applicable law.
Appears in 1 contract
Samples: Credit and Guarantee Agreement (Reebok International LTD)
Interest Rates and Payment Dates. (a) Each ABR Eurocurrency Loan shall bear interest at (computed on the basis of the actual number of days elapsed over a rate per annum equal to the ABR.
(byear of 360 days) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to to:
(i) in the case of a Eurocurrency Revolving Loan, (A) the LIBO Rate determined for such Interest Period, plus (B) the Applicable Rate;
(ii) in the case of a Eurocurrency Term B Loan, (A) the LIBO Rate determined for such Interest Period plus (B) 4.50% per annum; or
(iii) in the Applicable Margin in effect case of a Eurocurrency Term C Loan, (A) the LIBO Rate determined for such dayInterest Period plus (B) 8.00% per annum.
(db) Each Fixed ABR Loan (including each Swingline Loan) shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, or over a year of 360 days when the Alternate Base Rate is determined by reference to clause (c) of the definition of “Alternate Base Rate”) at a rate per annum equal to the Alternate Base Rate plus (i) 3.50% per annum, in the case of a Term B Loan, (ii) 7.00% per annum, in the case of a Term C Loan, or (iii) the Applicable Rate, in the case of a Revolving Loan or Swingline Loan.
(c) If all or a portion of (i) the principal amount of any Loan, (ii) any interest payable thereon or (iii) any Commitment Fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity thereof or by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal which is (x) in the case of overdue principal (except as otherwise provided in clause (y) below), the rate that would otherwise be applicable thereto pursuant to the fixed foregoing provisions of this Section 2.08 plus 2.00% per annum or (y) in the case of any overdue interest, Commitment Fee or other amount, the rate described in Section 2.08(b) applicable to an ABR Revolving Loan plus 2.00% per annum, in each case from the date of interest offered by such nonpayment to (but excluding) the Lender making date on which such Loan and accepted by the Borrower pursuant to subsection 2.3amount is paid in full (after as well as before judgment).
(ed) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date and on the Term B Loan Maturity Date, Revolving Credit Maturity Date and the Term C Loan Maturity Date; provided that (i) interest accruing accrued pursuant to paragraph (gc) of this subsection 2.9 Section shall be payable from time to time on demand. The amount , (ii) in the event of any repayment or prepayment of any Loan, accrued interest on U.S. Revolving Credit Loans and the Multicurrency Loans to be paid on any Interest Payment Date principal amount repaid or prepaid shall be payable on the amount which would date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be due payable on the effective date of such conversion. Interest in respect of each Loan shall accrue from and payable if the Utilization for the period for which such interest is paid was less than 33%. On including the first Business Day following day of an Interest Period to but excluding the last day of each fiscal quarter of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full), the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders, an additional amount of interest equal to the difference (if any) between (i) the amount of interest which would have been payable during such fiscal quarter (or, in the case of the payment due on the Termination Date, the portion thereof ending on such date) after giving effect to the actual Utilization during such period and (ii) the amount of interest which actually was paid during such periodInterest Period.
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Interest Rates and Payment Dates. (a) Each ABR Eurocurrency Loan shall bear interest at a rate per annum equal to the ABR.
(b) The Loans comprising each Eurodollar Rate Borrowing shall bear interest at a rate per annum equal to (i) in the case of each Eurodollar Revolving Credit Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin and (ii) in the case of each Eurodollar Rate Competitive Loan, the Eurodollar Rate for the Interest Period in effect for such Borrowing plus (or minus, as the case may be) the Margin offered by the Lender making such Loan and accepted by the Borrower pursuant to subsection 2.3.
(c) Each Multicurrency Loan ------------------------------------- shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period day plus the Applicable Margin in effect for such dayMargin.
(db) Each Fixed Base Rate Loan shall bear interest at a rate per annum equal to the fixed Base Rate plus the Applicable Margin.
(c) Each Foreign Alternate Rate Loan shall bear interest at a rate per annum equal to the Foreign Alternate Rate plus the Applicable Margin in effect at such time with respect to Base Rate Loans.
(i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), all outstanding Loans and Reimbursement Obligations (whether or not overdue) shall bear interest offered by at a rate per annum which is equal to (x) in the Lender making such Loan and accepted by case of the Borrower Loans, the rate that would otherwise be applicable thereto pursuant to subsection 2.3the foregoing provisions of this Section 3.8 plus ---- 2%, (y) in the case of Reimbursement Obligations owing in Dollars, the rate applicable to Base Rate Loans under the Revolving Credit Facility plus 2% and ---- (z) in the case of Reimbursement Obligations owing in Optional Currencies, the rate applicable to Foreign Alternate Rate Loans under the Revolving Credit Facility plus 2%, and (ii) if all or a portion of any interest payable on any ---- Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate applicable to Base Rate Loans (or, in the case of interest, fees or amounts owing on account of obligations denominated in Optional Currencies, Foreign Alternate Rate Loans) under the relevant Facility plus 2% (or, in the case of fees, reimbursements or any such other amounts that ---- do not relate to a particular Facility, the Base Rate plus 3.25%), in each case, ---- with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment).
(e) Subject to the provisions of the following sentence, interest Interest shall be payable in arrears on each Interest Payment Date; , provided that interest accruing pursuant to paragraph (gd) of this subsection 2.9 Section -------- 3.8 shall be payable from time to time on demand. The amount .
(f) For the purposes of interest on U.S. Revolving Credit Loans and the Multicurrency Loans Articles L313-1 to be paid on any Interest Payment Date shall be the amount which would be due and payable if the Utilization for the period for which such interest is paid was less than 33%. On the first Business Day following the last day of each fiscal quarter L313-6 of the Borrower and on the Termination Date (or, if earlier, on the date upon which both the Commitments are terminated and the Loans are paid in full)French Code de la Consommation, the Borrower shall pay parties hereto acknowledge that it is not possible to calculate precisely the Administrative Agent, for taux effectif global as the ratable benefit interest rate may vary during the course of the LendersLoans. However, an additional amount by way of interest equal to example, the difference (if any) between taux effectif global applicable on December 19, 1997 taking into account the fees, commissions and expenses which are payable by the Borrowers and:
(i) in the amount case of a Eurocurrency Loan, assuming a base interest which would have been payable during such fiscal quarter rate of 3.664% per annum (being the Eurocurrency Rate (as at December 19, 1997) for French Francs or, in the case of the payment due on Tranche B Term Loans, Dollars with an Interest Period of three months), (A) in respect of the Termination DateTranche A Term Loans would be 5.922% per annum and the taux de periode would be 5.664% for a period of three months, (B) in respect of the portion thereof ending on such dateTranche B Term Loans would be 6.174% per annum and the taux de periode would be 5.914% for a period of three months and (C) after giving effect in respect of the Revolving Credit Loans made to the actual Utilization during such Borrowing Subsidiaries (assuming that Revolving Credit Facilities were fully drawn for the entire duration of the Revolving Credit Commitment Period) would be 5.418% per annum and the taux de periode would be 5.164% for a period and of three months;
(ii) in the amount case of a Base Rate Loan, assuming a base interest which actually was paid during such periodrate of 8.5% per annum (being the Base Rate (as at December 19, 1997) for French Francs or, in the case of the Tranche B Term Loans, for a period of three months), (A) in respect of the Tranche A Term Loans would be 9.48% per annum and the taux de periode would be 9.25% for a period of three months, (B) in respect of the Tranche B Term Loans would be 9.731% per annum and the taux de periode would be 9.5% for a period of three months and (C) in respect of the Revolving Credit Loans made to the Borrowing Subsidiaries (assuming that Revolving Credit Facilities were fully drawn for the entire duration of the Revolving Credit Commitment Period) would be 9.228% per annum and the taux de periode would be 9.0% for a period of three months; and
(iii) in the case of a Foreign Alternate Rate Loan, assuming a base interest rate of 3.664% per annum (being the Foreign Alternate Rate for Credit Suisse First Boston (as at December 19, 1997) for French Francs or, in the case of the Tranche B Term Loans, for a period of three months), (A) in respect of the Tranche A Term Loans would be 4.915% per annum and the taux de periode would be 4.664% for a period of three months, (B) in respect of the Tranche B Term Loans would be 5.167% per annum and the taux de periode would be 4.914% for a period of three months and (C) in respect of the Revolving Credit Loans made to the Borrowing Subsidiaries (assuming that Revolving Credit Facilities were fully drawn for the entire duration of the Revolving Credit Commitment Period) would be 4.411% per annum and the taux de periode would be 4.164% for a period of three months.
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