Interest Rates and Payments. (a) Interest shall be charged and paid on the Loan from the date of the initial advance until the Loan is paid at a rate equal to the LIBO Rate plus two hundred fifty basis points (2.5%), to be adjusted at the beginning of each Interest Period. (b) Interest shall be computed on the basis of a 360-day year counting the actual number of days elapsed, and shall be due and payable without notice on each Interest Payment Date. (c) Notwithstanding the foregoing, upon the occurrence of an Event of Default interest may be charged at the Default Rate as defined and set forth in the Note if the Bank so elects, regardless of whether the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration of the maturity of the outstanding principal of the Note. All such interest shall be paid at the time of and as a condition precedent to the curing of any such default to the extent any right to cure is given. (d) The Borrower shall pay to Bank, if and so long as Bank shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid principal amount of the Loan, from such time as Bank is so required to maintain reserves until said principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) the LIBO Rate for the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereof. (e) From time to time, the Bank shall send the Borrower statements of all amounts due hereunder which statements, absent manifest error, shall be considered correct and conclusively binding on the Borrower unless the Borrower notifies the Bank to the contrary within one hundred eighty (180) days of its receipt of any statement to which it objects. All sums payable to the Bank hereunder shall be paid in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day shall be deemed to have been received on the next Business Day. (f) The entire principal balance of the Loan, together with all interest accrued thereon, shall be due and payable in full on the Loan Termination Date. (g) All agreements herein made are expressly limited so that in no event whatsoever shall the interest and loan charges agreed to be paid to the Bank for the use of the money advanced or to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to time, then, ipso facto, the obligation to pay such interest and/or loan charges shall be reduced to the maximum amounts collectible under applicable laws in effect from time to time, and any amounts collected by the Bank that exceeds such maximum amounts shall be applied to the reduction of the principal balance of the Loan and/or refunded to Borrower so that at no time shall the interest or loan charges paid or payable in respect of the Loan exceed the maximum amounts permitted from time to time by applicable law. This provision shall control every other provision herein and in any and all other agreements and instruments now existing or hereafter arising between Borrower and the Bank with respect to the Loan.
Appears in 4 contracts
Samples: Loan and Security Agreement (Symbion Inc/Tn), Loan and Security Agreement (Symbion Inc/Tn), Loan and Security Agreement (Symbion Inc/Tn)
Interest Rates and Payments. (a) Interest shall be charged and paid on the Loan from the date of the initial advance until the Loan is paid at a rate equal to the LIBO Rate plus two hundred fifty basis points (2.5%), to be adjusted at the beginning of each Interest Period.
(b) Interest shall be computed on the basis of a 360-day year counting the actual number of days elapsed, and shall be due and payable without notice on each Interest Payment Date.
(c) Notwithstanding the foregoing, upon the occurrence of an Event of Default interest may be charged at the Default Rate as defined and set forth in the Note if the Bank so elects, regardless of whether the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration of the maturity of the outstanding principal of the Note. All such interest shall be paid at the time of and as a condition precedent to the curing of any such default to the extent any right to cure is given.
(d) The Borrower shall pay to Bank, if and so long as Bank shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid principal amount of the Loan, from such time as Bank is so required to maintain reserves until said principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) the LIBO Rate for the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereof.
(e) From time to time, the Bank shall send the Borrower statements of all amounts due hereunder which statements, absent manifest error, shall be considered correct and conclusively binding on the Borrower unless the a Borrower notifies the Bank to the contrary within one hundred eighty (180) days of its receipt of any statement to which it objects. All sums payable to the Bank hereunder shall be paid in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day shall be deemed to have been received on the next Business Day.
(f) The entire principal balance of the Loan, together with all interest accrued thereon, shall be due and payable in full on the Loan Termination Date.
(g) All agreements herein made are expressly limited so that in no event whatsoever shall the interest and loan charges agreed to be paid to the Bank for the use of the money advanced or to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to time, then, ipso facto, the obligation to pay such interest and/or loan charges shall be reduced to the maximum amounts collectible under applicable laws in effect from time to time, and any amounts collected by the Bank that exceeds such maximum amounts shall be applied to the reduction of the principal balance of the Loan and/or refunded to Borrower so that at no time shall the interest or loan charges paid or payable in respect of the Loan exceed the maximum amounts permitted from time to time by applicable law. This provision shall control every other provision herein and in any and all other agreements and instruments now existing or hereafter arising between among Borrower and the Bank with respect to the Loan.
(h) Borrower has elected to authorize Bank to effect payment of sums due under this Note by means of debiting account number 0037-8063-0409. This authorization shall not affect the obligation ox Xxxxxxxx xx pay such sums when due, without notice, if there are insufficient funds in such account to make such payment in full on the due date thereof, or if Bank fails to debit the account.
Appears in 4 contracts
Samples: Loan Agreement (Symbion Inc/Tn), Loan Agreement (Symbion Inc/Tn), Loan Agreement (Symbion Inc/Tn)
Interest Rates and Payments. (a) Interest Each Revolving Credit Loan shall be charged bear interest prior to maturity at a rate per annum equal to such of the following as the Borrower, at its option, shall select in accordance with Section 3.2: (i) the Prime Rate plus Applicable Margin, which rate shall fluctuate as and paid on when said Prime Rate or said Applicable Margin shall change, or (ii) the Loan from LIBOR Rate plus Applicable Margin, determined in the case of LIBOR Loans as of the date of the initial advance until commencement of the applicable Interest Period. Accrued interest on all Prime Loans shall be payable monthly in arrears on the first day of each month, commencing on the first such date after such Revolving Credit Loan is paid at a rate equal made. Accrued interest on all LIBOR Loans shall be payable in arrears on the last day of the Interest Period applicable to each such LIBOR Loan, and if any such Interest Period exceeds three months, all accrued and unpaid interest shall be due and payable on the LIBO Rate plus two hundred fifty basis points (2.5%)date three months following the commencement of such Interest Period as well. In addition, to all accrued interest on all Revolving Credit Loans shall be adjusted at payable on the beginning last day of each Interest Periodthe Term hereof, whether by reason of acceleration or otherwise.
(b) Interest shall be computed on the basis of a 360-day year counting the actual number of days elapsed, and shall be due and payable without notice on each Interest Payment Date.
(c) Notwithstanding the foregoing, upon After the occurrence of an Event of Default Default, the principal balance of and, to the extent permitted by law, any overdue interest may be charged on any Prime Loan shall bear interest, payable on demand, for each day until paid, at a rate per annum equal to Three and Three-Fourths Percent (3.75%) over and above the Prime Rate, fluctuating as and when said Prime Rate shall change. After the occurrence of an Event of Default, the principal balance of and, to the extent permitted by law, any overdue interest on any LIBOR Loan shall bear interest, payable on demand, for each day during the applicable Interest Period until paid, at a rate per annum equal to the sum of Three Percent (3.00%) plus the LIBOR Rate plus Applicable Margin for such LIBOR Loan, and after the expiration of such Interest Period, such Revolving Credit Loan shall thereafter bear interest at the Default Rate as defined default rate applicable to Prime Loans under the preceding sentence. From and set forth in the Note if the Bank so elects, regardless of whether the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration of after the maturity of the outstanding Notes, whether by reason of acceleration or otherwise, the unpaid principal balance of each Revolving Credit Loan shall bear interest until paid, payable on demand, at a rate per annum equal to Three and Three-Fourths Percent (3.75%) over and above the Note. All such interest Prime Rate, fluctuating as aforesaid.
(c) Interest shall be paid computed with respect to all Revolving Credit Loans on an actual day, 360-day year basis. Each Prime Loan shall be for a principal amount of Five Hundred Thousand Dollars ($500,000.00) or any larger multiple of Twenty-Five Thousand Dollars ($25,000.00). Each LIBOR Loan shall be for a principal amount of Two Million Five Hundred Thousand Dollars ($2,500,000.00) or any larger multiple of One Hundred Thousand Dollars ($100,000.00), and the Borrower shall be permitted to have no more than ten (10) LIBOR Loans outstanding at the time of and as a condition precedent to the curing of any such default to the extent any right to cure is givenone time.
(d) The Borrower Agent shall pay to Bank, if and so long as Bank shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid principal amount of the Loan, from such time as Bank is so required to maintain reserves until said principal amount is paid in full, at an determine each interest rate per annum equal at all times applicable to the remainder obtained Revolving Credit Loans hereunder as selected by subtracting (i) the LIBO Rate for the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereof.
(e) From time to time, the Bank shall send the Borrower statements of all amounts due hereunder which statements, absent manifest error, shall be considered correct and conclusively binding on the Borrower unless the Borrower notifies the Bank to the contrary within one hundred eighty (180) days of its receipt of any statement to which it objects. All sums payable to the Bank hereunder shall be paid in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day shall be deemed to have been received on the next Business Day.
(f) The entire principal balance of the Loan, together with all interest accrued thereon, shall be due and payable in full on the Loan Termination Date.
(g) All agreements herein made are expressly limited so that in no event whatsoever shall the interest and loan charges agreed to be paid to the Bank for the use of the money advanced or to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to time, then, ipso facto, the obligation to pay such interest and/or loan charges shall be reduced to the maximum amounts collectible under applicable laws in effect from time to time, and any amounts collected by the Bank that exceeds such maximum amounts shall be applied to the reduction of the principal balance of the Loan and/or refunded to Borrower so that at no time shall the interest or loan charges paid or payable in respect of the Loan exceed the maximum amounts permitted from time to time by applicable law. This provision shall control every other provision herein and in any and all other agreements and instruments now existing or hereafter arising between Borrower and the Bank with respect to the Loan.Section
Appears in 1 contract
Samples: Credit Agreement (Shaw Group Inc)
Interest Rates and Payments. (a) Interest shall be charged and paid on the Loan from the date of the initial advance until the Loan is paid at a rate equal to the LIBO Rate plus two hundred fifty basis points (2.5%), to be adjusted at the beginning of each Interest Period.[RESERVED]
(b) Interest shall be computed on the basis of a 360-day year counting the actual number of days elapsed, and shall be due and payable without notice on each Interest Payment Date.[RESERVED]
(c) Notwithstanding Interest on the foregoingRevolving Loans, upon Term Loan A, Term Loan B and Term Loan C shall accrue at a fixed annual rate of Seven and One-Half Percent (7.50%). Interest on the occurrence of an Event of Default interest may be charged at the Default Rate as defined and set forth in the Note if the Bank so elects, regardless of whether the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration of the maturity of the outstanding principal of the Note. All such interest Revolving Loans shall be paid at in consecutive quarterly installments due and payable on each February 10, May 10, August 10, and November 10 and on the time last day of the Revolving Credit Period, with the first installment due and payable on August 10, 2009. Interest on each Term Loan shall be paid in consecutive quarterly installments due and payable on each February 10, May 10, August 10, and November 10 and on the maturity dates of the Term Notes, with the first installment due and payable on August 10, 2009. On the date of this Agreement, Borrower shall pay Lender $434,521.53, representing all accrued but unpaid interest as a condition precedent to of the curing of any such default to date hereof on the extent any right to cure is givenPurchased Notes and on the Secured Demand Notes.
(d) The In no contingency or event whatsoever shall the aggregate of all amounts deemed interest hereunder or under any Note and charged or collected pursuant to the terms of this Agreement or any other Transaction Documents exceed the highest rate permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable thereto. If such a court determines that any amount of interest charged or received hereunder or under the other Transaction Documents is in excess of the highest applicable rate, any such excess shall be applied to any other obligations then due and payable by the Borrower shall pay to Bankunder the Transaction Documents, whether principal, interest, fees or otherwise, and the remainder of such excess interest, if and so long as Bank any, shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid principal amount of the Loan, from such time as Bank is so required to maintain reserves until said principal amount is paid in full, at an interest rate per annum equal at all times refunded to the remainder obtained Borrower, and such rate shall automatically be reduced to the maximum rate permitted by subtracting (i) the LIBO Rate for the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereoflaw.
(e) From time After the maturity of any Loan, whether by reason of acceleration or otherwise, or upon the occurrence of any Default or Event of Default, interest shall accrue on such Loan and shall be payable on demand on the entire outstanding principal balance thereof at an annual rate equal to time, Five Percent (5.0%) over and above the Bank then existing rate(s). All payments shall send be applied first to the Borrower statements payment of all amounts due hereunder which statementsaccrued and unpaid interest, absent with the balance, if any, to be applied to the payment of principal. Lender’s internal records of applicable interest rates shall be determinative in the absence of manifest error, shall be considered correct and conclusively binding on the Borrower unless the Borrower notifies the Bank to the contrary within one hundred eighty (180) days of its receipt of any statement to which it objects. All sums payable to the Bank hereunder shall be paid in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day shall be deemed to have been received on the next Business Day.
(f) The entire principal balance Borrower shall have the right to prepay any Revolving Loan in whole or in part at any time, provided: (i) all billed/due and unpaid interest shall accompany such prepayment; (ii) there is no Default or Event of Default at the time of prepayment and immediately after the making of the Loan, together with prepayment there is no Default or Event of Default; and (iii) all interest accrued thereon, prepayments shall be due credited and payable in full on applied to the Loan Termination Dateprincipal amount.
(g) All agreements herein made are expressly limited so that Borrower shall have the right to prepay the Term Loan A, Term Loan B or Term Loan C in whole or in part at any time, provided: (i) all billed/due and unpaid interest shall accompany such prepayment; (ii) there is no event whatsoever shall Default or Event of Default at the interest time of prepayment and loan charges agreed to be paid to immediately after the Bank for the use making of the money advanced prepayment there is no Default or to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect Event of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to time, then, ipso facto, the obligation to pay such interest and/or loan charges Default; (iii) all prepayments shall be reduced to the maximum amounts collectible under applicable laws in effect from time to time, credited and any amounts collected by the Bank that exceeds such maximum amounts shall be applied to the reduction installments of principal in inverse order of their stated maturity, and (iv) such prepayment is in an amount of at least $100,000 or if less the principal entire aggregate remaining balance of principal and accrued interest outstanding on the Term Loan and/or refunded to Borrower so that at no time shall the interest A, Term Loan B or loan charges paid or payable in respect of the Term Loan exceed the maximum amounts permitted from time to time by applicable law. This provision shall control every other provision herein and in any and all other agreements and instruments now existing or hereafter arising between Borrower and the Bank with respect to the LoanC, as applicable.
Appears in 1 contract
Interest Rates and Payments. (a) a. Interest shall be charged and paid accrue on the Loan aggregate principal balance from the date of the initial advance until the Loan is paid time to time outstanding hereunder at a rate equal to (i) *** per annum or (ii) *** per annum in the LIBO Rate plus two hundred fifty basis points (2.5%)event of a termination of the Management Agreement for any reason other than a material breach by Lender thereunder, to be adjusted at the beginning of in each Interest Period.
(b) case compounded quarterly. Interest shall be computed on the basis of a year with three hundred sixty (360-day year counting ) days, and the actual number of days elapsed, .
b. All payments by Borrower hereunder and under the Loan Documents shall be due and payable without notice on each Interest Payment Date.
(c) Notwithstanding the foregoing, upon the occurrence of an Event of Default interest may be charged made to Lender at the Default Rate as defined and its address set forth in Section 8.10 in United States dollars and in immediately available funds on the Note if the Bank so elects, regardless date on which such payment shall be due. *** Certain confidential portions of whether the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration this exhibit were omitted by means of redacting a portion of the maturity text. Copies of the exhibit containing the redacted portions have been filed separately with the Securities and Exchange Commission subject to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act.
c. Subject to Section 2.3(e), until the Amortization Commencement Date, all interest accrued and unpaid on the aggregate outstanding principal balance of the Loans shall be added to and become a part of the outstanding principal of the Note. All such interest shall be paid at the time of and as a condition precedent to the curing of any such default to the extent any right to cure is given.
(d) The Borrower shall pay to Bank, if and so long as Bank shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid principal amount of the Loan, from such time Loans on and as Bank is so required to maintain reserves until said principal amount is paid in full, at an interest rate per annum equal at all times of the last day of each calendar quarter and on and as of the day immediately prior to the remainder obtained by subtracting Amortization Commencement Date (i) such amount outstanding on the LIBO Rate for day immediately prior to the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereof.
(e) From time to timeAmortization Commencement Date, the Bank shall send the Borrower statements of all amounts due hereunder which statements, absent manifest error, shall be considered correct and conclusively binding on the Borrower unless the Borrower notifies the Bank “Final Principal Amount”). Notwithstanding anything foregoing to the contrary within one hundred eighty (180) days of its receipt of contrary, any statement to which it objects. All sums payable to the Bank hereunder shall be paid in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day shall be deemed to have been received on the next Business Day.
(f) The entire principal balance of the Loan, together with all interest accrued thereon, shall be due and payable in full on the Loan Termination Date.
(g) All agreements herein made are expressly limited so that in no event whatsoever shall the interest and loan charges agreed is added to be paid to the Bank for the use of the money advanced or to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to time, then, ipso facto, the obligation to pay such interest and/or loan charges shall be reduced to the maximum amounts collectible under applicable laws in effect from time to time, and any amounts collected by the Bank that exceeds such maximum amounts shall be applied to the reduction of the principal balance of the Loans (i) shall not count against the Loan and/or refunded Commitment Amount; (ii) shall not be deemed made to Borrower for purposes of determining whether Loans made to Borrower exceed the Loan Commitment Amount, the Build-Out Sub-Limit or the Acquisition Sub-Limit and (iii) shall no longer be deemed “unpaid” at the time so that at no time added.
d. On the tenth (10th) day following the Amortization Commencement Date and on each quarterly anniversary of such tenth (10th) day, Borrower shall the interest or loan charges paid or payable in respect pay principal installments equal to one-sixteenth (1/16) of the Final Principal Amount together with interest installments equal to the amount of the unpaid interest accrued on the outstanding Final Principal Amount until the Maturity Date, at which time the entire remaining balance of principal and accrued interest together with all other amounts due and owing under the Loan exceed Documents to the maximum amounts permitted from time to time by applicable law. This provision extent not paid shall control every other provision herein be due and payable.
e. On and after the making of any Loan hereunder, within 30 days following the last Business Day of each quarter in Borrower’s fiscal year, any and all other agreements and instruments now existing or hereafter arising between Excess Cash of Guarantor, Borrower and the Bank Borrower Subsidiaries shall be paid to Lender and shall be credited in accordance with respect Section 2.2(d).
f. As long as any payment of principal or interest due under this Credit Agreement, the Note or any of the other Loan Documents remains past due (whether at the stated maturity, by acceleration or otherwise) for five (5) days or more, such overdue amount shall accrue interest at a rate (the “Default Rate”) equal to the Loanlesser of (i) *** per annum and (ii) the maximum rate permitted by Applicable Law, from the date of such non-payment until such overdue amount and such interest is paid in full (whether after or before Judgment). Any amounts paid pursuant to this Section 2.3(f) shall be credited in accordance with Section 2.2(d).
Appears in 1 contract
Samples: Credit Agreement (DISH Network CORP)
Interest Rates and Payments. (a) Interest Each Loan (other than a Loan to be made in an Optional Currency or a Swingline Loan) shall be charged bear interest prior to maturity at a rate per annum equal to such of the following as the Borrowers, at their option, shall select in accordance with Section 3.5: (i) the Prime Rate plus the Applicable Margin, which rate shall fluctuate as and paid on when said Prime Rate or said Applicable Margin shall change, or (ii) the Loan from LIBOR Rate plus the Applicable Margin, determined in the case of LIBOR Loans as of the date of the initial advance until commencement of the applicable Interest Period. Each LIBOR Loan is paid made in an Optional Currency shall bear interest prior to maturity at a rate per annum equal to the LIBO LIBOR Rate plus two hundred fifty basis points (2.5%)the Applicable Margin, determined as of the date of the commencement of the applicable Interest Period. Each Swingline Loan shall bear interest prior to maturity at a rate per annum equal to the Prime Rate plus the Applicable Margin, which rate shall fluctuate as and when said Prime Rate or Applicable Margin shall change. Accrued interest on all Prime Loans shall be adjusted at payable monthly in arrears on the beginning first day of each calendar month during the Term, commencing on the first such date after such Loan is made. Accrued interest on all LIBOR Loans shall be payable in arrears on the last day of the Interest PeriodPeriod applicable to each such LIBOR Loan, and if any such Interest Period exceeds three months, all accrued and unpaid interest shall be due and payable on the date three months following the commencement of such Interest Period as well. Interest on the principal amount of each Loan made in an Optional Currency shall be paid by the Borrowers in such Optional Currency. In addition, all accrued interest on all Loans shall be payable on the last day of the Term hereof, whether by reason of acceleration or otherwise.
(b) Upon the occurrence and during the continuance of an Event of Default, the principal balance of and, to the extent permitted by law, any overdue interest on any Prime Loan shall bear interest, payable on demand, for each day until paid, at a rate per annum equal to Two Percent (2.00%) over and above the Prime Rate, fluctuating as and when said Prime Rate shall change. Upon the occurrence and during the continuance of an Event of Default, the principal balance of and, to the extent permitted by law, any overdue interest on any LIBOR Loan shall bear interest, payable on demand, for each day during the applicable Interest shall be computed on Period until paid, at a rate per annum equal to the basis sum of a 360-day year counting Two Percent (2.00%) plus the actual number of days elapsedLIBOR Rate plus the Applicable Margin for such LIBOR Loan, and after the expiration of such Interest Period, such Loan shall be due thereafter bear interest at the default rate applicable to Prime Loans under the preceding sentence. From and after the maturity of the Notes, whether by reason of acceleration or otherwise, the unpaid principal balance of each Loan shall bear interest until paid, payable without notice on each Interest Payment Datedemand, at a rate per annum equal to Two Percent (2.00%) over and above the Prime Rate, fluctuating as aforesaid.
(c) Notwithstanding the foregoing, upon the occurrence of an Event of Default interest may be charged at the Default Rate as defined and set forth in the Note if the Bank so elects, regardless of whether the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration of the maturity of the outstanding principal of the Note. All such interest Interest shall be paid computed with respect to all Loans on an actual day, 360-day year basis. The Borrowers shall be permitted to have no more than six (6) LIBOR Loans outstanding at the time of and as a condition precedent to the curing of any one time, whether such default to the extent any right to cure is givenLIBOR Loans shall constitute Revolving Credit Loans or Acquisition Revolving Credit Loans.
(d) The Borrower Agent (or Mercantile, in the event of Swingline Loans) shall pay determine each interest rate applicable to Bankthe Loans hereunder as selected by Borrowers pursuant to Section 3.5. Agent shall give prompt notice to Borrowers and the Lenders by telephone, if telecopy, telex or cable of each rate of interest so determined, and so long as Bank its determination thereof shall be required under regulations conclusive in the absence of manifest error. Agent shall, at the request of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar LiabilitiesBorrowers, additional interest on the unpaid principal amount of the Loan, from such time as Bank is so required to maintain reserves until said principal amount is paid in full, at an interest rate per annum equal at all times deliver to the remainder obtained Borrowers a statement showing the computations used by subtracting (i) Agent in determining the LIBO Rate for the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereofLIBOR Rate.
(e) From time to time, A portion of the Bank shall send interest payable by the Borrower statements Borrowers in respect of all amounts due hereunder which statements, absent manifest error, shall be considered correct and conclusively binding on the Borrower unless the Borrower notifies the Bank each LIBOR Loan denominated in an Optional Currency in an amount equal to the contrary within one hundred eighty (180) days amount of its receipt of any statement to interest which it objects. All sums payable to the Bank hereunder shall be paid would have accrued on such Loan had such Loan been a LIBOR Loan denominated in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day Dollars shall be deemed to have been received be paid by the Borrowers to Agent for the account of each Lender, to be distributed ratably to the Lenders on the next Business Day.
(f) date of such interest payment. The entire principal balance of such interest payment (the Loan, together with all interest accrued thereon, "Hedging Fee") shall be due and payable in full on retained by the Loan Termination Date.
(g) All agreements herein made are expressly limited so that in no event whatsoever shall the interest and loan charges agreed to be paid Agent as compensation to the Bank Agent for the use cost of the money advanced or such foreign currency hedging mechanisms it may elect to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to timeutilize, thenif any, ipso facto, the obligation to pay such interest and/or loan charges shall be reduced to the maximum amounts collectible under applicable laws in effect from time to time, and any amounts collected by the Bank that exceeds such maximum amounts shall be applied to the reduction of the principal balance of the Loan and/or refunded to Borrower so that at no time shall the interest or loan charges paid or payable in respect of the Loan exceed the maximum amounts permitted from time to time by applicable law. This provision shall control every other provision herein and in any and all other agreements and instruments now existing or hereafter arising between Borrower and the Bank connection with respect to the LoanLoans denominated in an Optional Currency.
Appears in 1 contract
Interest Rates and Payments. (a) a. Interest shall be charged and paid accrue on the Loan aggregate principal balance from the date of the initial advance until the Loan is paid time to time outstanding hereunder at a rate equal to the LIBO Rate plus two hundred fifty basis points Fourteen Percent (2.514.00%)) per annum, to be adjusted at the beginning of each Interest Periodcompounded quarterly.
(b) Interest b. All payments by Borrower hereunder and under the Loan Documents shall be computed on the basis of a 360-day year counting the actual number of days elapsed, and shall be due and payable without notice on each Interest Payment Date.
(c) Notwithstanding the foregoing, upon the occurrence of an Event of Default interest may be charged made to Lender at the Default Rate as defined and its address set forth in Section 8.10 in United States dollars and in immediately available funds on the Note if date on which such payment shall be due.
c. Subject to Section 2.3(d), until the Bank so electsMaturity Date, regardless of whether all interest accrued and unpaid on the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration aggregate outstanding principal balance of the maturity Loans shall be added to and become a part of the outstanding principal of the Note. All such interest shall be paid at the time of and as a condition precedent to the curing of any such default to the extent any right to cure is given.
(d) The Borrower shall pay to Bank, if and so long as Bank shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid principal amount of the Loan, from such time Loans on and as Bank is so required to maintain reserves until said principal amount is paid in full, at an interest rate per annum equal at all times of the last day of each calendar quarter. Notwithstanding anything foregoing to the remainder obtained by subtracting (i) the LIBO Rate for the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Periodcontrary, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereof.
(e) From time to time, the Bank shall send the Borrower statements of all amounts due hereunder which statements, absent manifest error, shall be considered correct any and conclusively binding on the Borrower unless the Borrower notifies the Bank to the contrary within one hundred eighty (180) days of its receipt of any statement to which it objects. All sums payable to the Bank hereunder shall be paid in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day shall be deemed to have been received on the next Business Day.
(f) The entire principal balance of the Loan, together with all interest accrued thereon, shall be due and payable in full on the Loan Termination Date.
(g) All agreements herein made are expressly limited so that in no event whatsoever shall the interest and loan charges agreed is added to be paid to the Bank for the use of the money advanced or to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to time, then, ipso facto, the obligation to pay such interest and/or loan charges shall be reduced to the maximum amounts collectible under applicable laws in effect from time to time, and any amounts collected by the Bank that exceeds such maximum amounts shall be applied to the reduction of the principal balance of the Loans (i) shall not count against the Loan and/or refunded Commitment Amount, (ii) shall not be deemed made to Borrower so that at no time shall the interest or loan charges paid or payable in respect for purposes of determining whether Loans made to Borrower exceed the Loan exceed Commitment Amount, the maximum amounts permitted from Build-Out Sub-Limit or the Acquisition Sub-Limit and (iii) shall no longer be deemed “unpaid” at the time to time by applicable law. This provision shall control every other provision herein so added.
d. On and after the making of any Loan hereunder, within 30 days following the last Business Day of each quarter in Borrower’s fiscal year, any and all other agreements and instruments now existing or hereafter arising between Excess Cash of Guarantor, Borrower and the Bank Borrower Subsidiaries shall be paid to Lender and shall be credited in accordance with respect Section 2.2(d).
e. On the Maturity Date, Borrower shall pay the entire remaining balance of principal and accrued interest together with all other amounts due and owing under the Loan Documents.
f. As long as any payment of principal or interest due under this Credit Agreement, the Note or any of the other Loan Documents remains past due (whether at the stated maturity, by acceleration or otherwise) for five (5) days or more, such overdue amount shall accrue interest at a rate (the “Default Rate”) equal to the Loanlesser of (i) Sixteen Percent (16%) per annum and (ii) the maximum rate permitted by Applicable Law, from the date of such non-payment until such overdue amount and such interest is paid in full (whether after or before Judgment). Any amounts paid pursuant to this Section 2.3(f) shall be credited in accordance with Section 2.2(d).
Appears in 1 contract
Interest Rates and Payments. (a) Interest Each Reducing Revolver Loan shall be charged bear interest prior to maturity at a rate per annum equal to such of the following as the Borrower, at its option, shall select in accordance with Section 3.2: (i) the Prime Rate plus Applicable Margin, which rate shall fluctuate as and paid on when said Prime Rate or said Applicable Margin shall change, or (ii) the Loan from LIBOR Rate plus Applicable Margin, determined in the case of LIBOR Loans as of the date of the initial advance until commencement of the applicable Interest Period. Accrued interest on all Prime Loans shall be payable quarterly in arrears on the first day of each calendar quarter, commencing on the first such date after such Loan is paid at a rate equal made. Accrued interest on all LIBOR Loans shall be payable in arrears on the last day of the Interest Period applicable to each such LIBOR Loan, and if any such Interest Period exceeds three months, all accrued and unpaid interest shall be due and payable on the LIBO Rate plus two hundred fifty basis points (2.5%)date three months following the commencement of such Interest Period as well. In addition, to all accrued interest on all Loans shall be adjusted at payable on the beginning last day of each Interest Periodthe Term hereof, whether by reason of acceleration or otherwise.
(b) Interest shall be computed on the basis of a 360-day year counting the actual number of days elapsed, and shall be due and payable without notice on each Interest Payment Date.
(c) Notwithstanding the foregoing, upon After the occurrence of an Event of Default Default, the principal balance of and, to the extent permitted by law, any overdue interest may be charged on any Prime Loan shall bear interest, payable on demand, for each day until paid, at a rate per annum equal to Three and One-Fourth Percent (3.25%) over and above the Prime Rate, fluctuating as and when said Prime Rate shall change. After the occurrence of an Event of Default, the principal balance of and, to the extent permitted by law, any overdue interest on any LIBOR Loan shall bear interest, payable on demand, for each day during the applicable Interest Period until paid, at a rate per annum equal to the sum of Two Percent (2.00%) plus the LIBOR Rate plus Applicable Margin for such LIBOR Loan, and after the expiration of such Interest Period, such Loan shall thereafter bear interest at the Default Rate as defined default rate applicable to Prime Loans under the preceding sentence. From and set forth in the Note if the Bank so elects, regardless of whether the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration of after the maturity of the outstanding Notes, whether by reason of acceleration or otherwise, the unpaid principal balance of each Loan shall bear interest until paid, payable on demand, at a rate per annum equal to Three and One-Fourth Percent (3.25%) over and above the Note. All such interest Prime Rate, fluctuating as aforesaid.
(c) Interest shall be paid computed with respect to all Loans on an actual day, 360-day year basis. Each LIBOR Loan shall be for a principal amount of Five Hundred Thousand Dollars ($500,000.00) or any larger multiple of Two Hundred Fifty Thousand Dollars ($250,000.00). The Borrower shall be permitted to have no more than twelve (12) LIBOR Loans outstanding at the time of and as a condition precedent to the curing of any such default to the extent any right to cure is givenone time.
(d) The Borrower Agent shall pay to Bank, if and so long as Bank shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid principal amount of the Loan, from such time as Bank is so required to maintain reserves until said principal amount is paid in full, at an determine each interest rate per annum equal at all times applicable to the remainder obtained Loans hereunder as selected by subtracting (i) the LIBO Rate for the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereof.
(e) From time to time, the Bank shall send the Borrower statements of all amounts due hereunder which statements, absent manifest error, shall be considered correct and conclusively binding on the Borrower unless the Borrower notifies the Bank to the contrary within one hundred eighty (180) days of its receipt of any statement to which it objects. All sums payable to the Bank hereunder shall be paid in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day shall be deemed to have been received on the next Business Day.
(f) The entire principal balance of the Loan, together with all interest accrued thereon, shall be due and payable in full on the Loan Termination Date.
(g) All agreements herein made are expressly limited so that in no event whatsoever shall the interest and loan charges agreed to be paid to the Bank for the use of the money advanced or to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to time, then, ipso facto, the obligation to pay such interest and/or loan charges shall be reduced to the maximum amounts collectible under applicable laws in effect from time to time, and any amounts collected by the Bank that exceeds such maximum amounts shall be applied to the reduction of the principal balance of the Loan and/or refunded to Borrower so that at no time shall the interest or loan charges paid or payable in respect of the Loan exceed the maximum amounts permitted from time to time by applicable law. This provision shall control every other provision herein and in any and all other agreements and instruments now existing or hereafter arising between Borrower and the Bank with respect to the Loan.Section
Appears in 1 contract
Samples: Credit Agreement (Staffmark Inc)
Interest Rates and Payments. (a) Interest shall be charged and paid on the principal balance of each Revolving Credit Loan from the date of the initial advance until the Loan is paid shall accrue at a an annual rate equal to the LIBO Rate Applicable Margin plus the greater of (i) 0 % and (ii) the one - month LIBOR rate quoted by Lender from Reuters Screen LIBOR 0 I Page or any successor thereto, which may be designated by Lender as provided below and which shall be that one month LIBOR rate in effect two hundred fifty basis points (2.5%)( 2 ) New York Banking Days prior to the Reprice Date, adjusted for any reserve requirement and any subsequent costs arising from a change in government regulation, such rate rounded up to the nearest one - sixteenth percent and such rate to be adjusted at reset monthly on each Reprice Date . Lender's internal records of applicable interest rates (including without limitation, but only after thirty ( 30 ) days' prior notice of same is provided by Lender to Borrower, Lender's designation of any successor interest rate index if the beginning rate index described above shall become temporarily unavailable or shall cease to exist) shall be determinative in the absence of each Interest Period.
manifest error . (b) After maturity of the Revolving Credit Loans, whether by reason of acceleration or otherwise, interest shall continue to accrue on each Revolving Credit Loan and be payable on demand on the entire outstanding principal balance thereof at an annual rate equal to 2 % over and above the otherwise applicable interest rate . Interest on each Revolving Credit Loan shall be computed payable quarterly in arrears on the basis last day of a 360-day year counting the actual number of days elapsedeach Fiscal Quarter, and shall be due and payable without notice on each Interest Payment Date.
(c) Notwithstanding the foregoing, upon the occurrence of an Event of Default interest may be charged at the Default Rate as defined and set forth in the Note if the Bank so elects, regardless of whether the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration of the maturity of the outstanding principal Revolving Credit Loans, whether by reason of the Noteacceleration or otherwise . All such interest payments shall be paid at the time of and as a condition precedent applied first to the curing payment of any such default to all accrued and unpaid interest, with the extent any right to cure is given.
(d) The Borrower shall pay to Bankbalance, if and so long as Bank shall be required under regulations of the Board of Governors of the Federal Reserve System any, to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid principal amount of the Loan, from such time as Bank is so required to maintain reserves until said principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) the LIBO Rate for the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereof.
(e) From time to time, the Bank shall send the Borrower statements of all amounts due hereunder which statements, absent manifest error, shall be considered correct and conclusively binding on the Borrower unless the Borrower notifies the Bank to the contrary within one hundred eighty (180) days of its receipt of any statement to which it objects. All sums payable to the Bank hereunder shall be paid in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day shall be deemed to have been received on the next Business Day.
(f) The entire principal balance of the Loan, together with all interest accrued thereon, shall be due and payable in full on the Loan Termination Date.
(g) All agreements herein made are expressly limited so that in no event whatsoever shall the interest and loan charges agreed to be paid to the Bank for the use of the money advanced or to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to time, then, ipso facto, the obligation to pay such interest and/or loan charges shall be reduced to the maximum amounts collectible under applicable laws in effect from time to time, and any amounts collected by the Bank that exceeds such maximum amounts shall be applied to the reduction payment of the principal balance of the Loan and/or refunded to Borrower so that at no time shall the interest or loan charges paid or payable in respect of the Loan exceed the maximum amounts permitted from time to time by applicable law. This provision shall control every other provision herein and in any and all other agreements and instruments now existing or hereafter arising between Borrower and the Bank with respect to the Loan.
Appears in 1 contract
Samples: Revolving Credit Agreement (Simmons First National Corp)
Interest Rates and Payments. (a) a. Interest shall be charged and paid accrue on the Loan aggregate principal balance from the date of the initial advance until the Loan is paid time to time outstanding hereunder at a rate equal to the LIBO Rate plus two hundred fifty basis points Nine and One-Half Percent (2.59.5%)) per annum, to be adjusted compounded annually at the beginning end of each Interest Periodcalendar year.
(b) Interest b. All payments by Borrower hereunder and under the Loan Documents shall be computed on the basis of a 360-day year counting the actual number of days elapsed, and shall be due and payable without notice on each Interest Payment Date.
(c) Notwithstanding the foregoing, upon the occurrence of an Event of Default interest may be charged made to Lender at the Default Rate as defined and its address set forth in Section 8.10 in United States dollars and in immediately available funds on the Note if date on which such payment shall be due.
c. Subject to Section 2.3(e), until the Bank so electsAmortization Commencement Date, regardless of whether all interest accrued and unpaid on the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration aggregate outstanding principal balance of the maturity Loans shall be added to and become a part of the outstanding principal of the Note. All such interest shall be paid at the time of and as a condition precedent to the curing of any such default to the extent any right to cure is given.
(d) The Borrower shall pay to Bank, if and so long as Bank shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid principal amount of the Loan, from such time Loans on and as Bank is so required to maintain reserves until said principal amount is paid in full, at an interest rate per annum equal at all times of the last day of each calendar year and on and as of the day immediately prior to the remainder obtained by subtracting Amortization Commencement Date (i) such amount outstanding on the LIBO Rate for day immediately prior to the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereof.
(e) From time to timeAmortization Commencement Date, the Bank shall send the Borrower statements of all amounts due hereunder which statements, absent manifest error, shall be considered correct and conclusively binding on the Borrower unless the Borrower notifies the Bank “Final Principal Amount”). Notwithstanding anything foregoing to the contrary within one hundred eighty (180) days of its receipt of contrary, any statement to which it objects. All sums payable to the Bank hereunder shall be paid in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day shall be deemed to have been received on the next Business Day.
(f) The entire principal balance of the Loan, together with all interest accrued thereon, shall be due and payable in full on the Loan Termination Date.
(g) All agreements herein made are expressly limited so that in no event whatsoever shall the interest and loan charges agreed is added to be paid to the Bank for the use of the money advanced or to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to time, then, ipso facto, the obligation to pay such interest and/or loan charges shall be reduced to the maximum amounts collectible under applicable laws in effect from time to time, and any amounts collected by the Bank that exceeds such maximum amounts shall be applied to the reduction of the principal balance of the Loan and/or refunded Loans (i) shall not count against the Working Capital Sub-Limit, (ii) shall not be deemed made to Borrower for purposes of determining whether Loans made to Borrower pursuant to Working Capital Loan Requests exceed the Working Capital Sub-Limit and (iii) shall no longer be deemed “unpaid” at the time so that at no time added.
d. On the Amortization Commencement Date and on each quarterly anniversary thereof, Borrower shall the interest or loan charges paid or payable in respect pay principal installments equal to one-twelfth (1/12) of the Final Principal Amount together with interest installments equal to the amount of the unpaid interest accrued on the outstanding Final Principal Amount until the Maturity Date, at which time the entire remaining balance of principal and accrued interest together with all other amounts due and owing under the Loan exceed Documents to the maximum amounts permitted from time to time by applicable law. This provision extent not paid shall control every other provision herein be due and payable.
e. Within thirty (30) days following the last Business Day of each quarter in Borrower’s fiscal year, any and all other agreements and instruments now existing or hereafter arising between Excess Cash of Borrower and the Bank Borrower Subsidiaries shall be paid to Lender and shall be credited in accordance with respect Section 2.2(c).
f. As long as any payment of principal or interest due under this Credit Agreement, the Note or any of the other Loan Documents remains past due (whether at the stated maturity, by acceleration or otherwise) for five (5) days or more, such overdue amount shall accrue interest at a rate (the “Default Rate”) equal to the Loanlesser of (i) Eleven and One-Half Percent (11.5%) per annum and (ii) the maximum rate permitted by Applicable Law, from the date of such non-payment until such overdue amount and such interest is paid in full (whether after or before Judgment). Any amounts paid pursuant to this Section 2.3(f) shall be credited in accordance with Section 2.2(c).
Appears in 1 contract
Interest Rates and Payments. (a) Interest shall be charged and paid on the Loan from the date of the initial advance until the Loan is paid at a rate equal to the LIBO Rate plus two hundred fifty basis points (2.5%), to be adjusted at the beginning of each Interest Period.
(b) Interest shall be computed on the basis of a 360-day year counting the actual number of days elapsed, and shall be due and payable without notice on each Interest Payment Date.
(c) Notwithstanding the foregoing, upon the occurrence of an Event of Default interest may be charged at the Default Rate as defined and set forth in the Note if the Bank so elects, regardless of whether the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration of the maturity of the outstanding principal of the Note. All such interest shall be paid at the time of and as a condition precedent to the curing of any such default to the extent any right to cure is given.
(d) The Borrower shall pay to Bank, if and so long as Bank shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid principal amount of the Loan, from such time as Bank is so required to maintain reserves until said principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) the LIBO Rate for the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereof.
(e) From time to time, the Bank shall send the Borrower statements of all amounts due hereunder which statements, absent manifest error, shall be considered correct and conclusively binding on the Borrower unless the a Borrower notifies the Bank to the contrary within one hundred eighty (180) days of its receipt of any statement to which it objects. All sums payable to the Bank hereunder shall be paid in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day shall be deemed to have been received on the next Business Day.
(f) The entire principal balance of the Loan, together with all interest accrued thereon, shall be due and payable in full on the Loan Termination Date.
(g) All agreements herein made are expressly limited so that in no event whatsoever shall the interest and loan charges agreed to be paid to the Bank for the use of the money advanced or to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to time, then, ipso facto, the obligation to pay such interest and/or loan charges shall be reduced to the maximum amounts collectible under applicable laws in effect from time to time, and any amounts collected by the Bank that exceeds such maximum amounts shall be applied to the reduction of the principal balance of the Loan and/or refunded to Borrower so that at no time shall the interest or loan charges paid or payable in respect of the Loan exceed the maximum amounts permitted from time to time by applicable law. This provision shall control every other provision herein and in any and all other agreements and instruments now existing or hereafter arising between among Borrower and the Bank with respect to the Loan.
(h) Borrower has elected to authorize Bank to effect payment of sums due under this Note by means of debiting account number 0000-0000-0000. This authorization shall not affect the obligation of Borrower to pay such sums when due, without notice, if there are insufficient funds in such account to make such payment in full on the due date thereof, or if Bank fails to debit the account.
Appears in 1 contract
Samples: Loan Agreement (Symbion Inc/Tn)
Interest Rates and Payments. (a) Interest Each Revolving Credit Loan shall be charged bear interest prior to maturity at a rate per annum equal to such of the following as the Borrower, at its option, shall select in accordance with Section 3.3: (i) the Base Rate plus Applicable Margin, which rate shall fluctuate as and paid on when said Base Rate or said Applicable Margin shall change, or (ii) the Loan from LIBOR Rate plus Applicable Margin, determined in the case of LIBOR Loans as of the date of the initial advance until commencement of the applicable Interest Period. Each Swing Loan is paid shall bear interest prior to maturity at a rate per annum equal to the LIBO Base Rate plus two hundred fifty basis points (2.5%)Applicable Margin, to which rate shall fluctuate as and when said Base Rate or said Applicable Margin shall change. Accrued interest on all Base Rate Loans shall be adjusted at payable quarterly in arrears on the beginning first day of each calendar quarter, commencing on the first such date after such Loan is made. Accrued interest on all LIBOR Loans shall be payable in arrears on the last day of the Interest PeriodPeriod applicable to each such LIBOR Loan, and if any such Interest Period exceeds three months, all accrued and unpaid interest shall be due and payable on the date three months following the commencement of such Interest Period as well. In addition, all accrued interest on all Loans shall be payable on the last day of the Term hereof, whether by reason of acceleration or otherwise. Each Alternate Currency Loan shall bear interest on the outstanding principal amount thereof at a rate per annum set forth in the applicable Alternate Currency Addendum.
(b) Interest shall be computed on the basis of a 360-day year counting the actual number of days elapsed, and shall be due and payable without notice on each Interest Payment Date.
(c) Notwithstanding the foregoing, upon After the occurrence of an Event of Default Default, the principal balance of and, to the extent permitted by law, any overdue interest may be charged on any Base Rate Loan shall bear interest, payable on demand, for each day until paid, at a rate per annum equal to Two Percent (2.00%) over and above the Base Rate plus Applicable Margin, fluctuating as and when said Base Rate shall change. After the occurrence of an Event of Default, the principal balance of and, to the extent permitted by law, any overdue interest on any LIBOR Loan shall bear interest, payable on demand, for each day during the applicable Interest Period until paid, at a rate per annum equal to the sum of Two Percent (2.00%) plus the LIBOR Rate plus Applicable Margin for such LIBOR Loan, and after the expiration of such Interest Period, such Loan shall thereafter bear interest at the Default default rate applicable to Base Rate as defined Loans under the preceding sentence. After the occurrence of an Event of Default, the principal balance of, and, to the extent permitted by law, any overdue interest on any Alternate Currency Loan shall bear interest, payable upon demand, for each day until paid at the rate per annum equal to two percent (2.00%) plus the interest rate applicable to such Alternate Currency Loan immediately prior to the Event of Default. From and set forth in the Note if the Bank so elects, regardless of whether the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration of after the maturity of the outstanding Notes, whether by reason of acceleration or otherwise, the unpaid principal balance of each Loan shall bear interest until paid, payable on demand, at a rate per annum equal to Two Percent (2.00%) over and above the Note. All such interest Base Rate, fluctuating as aforesaid.
(c) Interest shall be paid computed with respect to all Loans (other than Alternate Currency Loans in Sterling) on an actual day, 360-day year basis. Alternate Currency Loans in Sterling shall be calculated on a 365 or 366 day year basis. Each Revolving Credit Loan which is a Base Rate Loan shall be for a principal amount of One Million Dollars ($1,000,000.00) or any larger multiple of One Hundred Thousand Dollars ($100,000.00). Each LIBOR Loan shall be for a principal amount of Two Million Five Hundred Thousand Dollars ($2,500,000.00) or any larger multiple of Five Hundred Thousand Dollars ($500,000.00). The Borrower shall be permitted to have no more than twelve (12) LIBOR Loans outstanding at the time of and as a condition precedent to the curing of any such default to the extent any right to cure is givenone time.
(d) The Borrower Administrative Agent shall pay to Bank, if and so long as Bank shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid principal amount of the Loan, from such time as Bank is so required to maintain reserves until said principal amount is paid in full, at an determine each interest rate per annum equal at all times applicable to the remainder obtained Loans hereunder as selected by subtracting (i) the LIBO Rate for the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereof.
(e) From time to time, the Bank shall send the Borrower statements of all amounts due hereunder which statements, absent manifest error, shall be considered correct and conclusively binding on the Borrower unless the Borrower notifies the Bank to the contrary within one hundred eighty (180) days of its receipt of any statement to which it objects. All sums payable to the Bank hereunder shall be paid in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day shall be deemed to have been received on the next Business Day.
(f) The entire principal balance of the Loan, together with all interest accrued thereon, shall be due and payable in full on the Loan Termination Date.
(g) All agreements herein made are expressly limited so that in no event whatsoever shall the interest and loan charges agreed to be paid to the Bank for the use of the money advanced or to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to time, then, ipso facto, the obligation to pay such interest and/or loan charges shall be reduced to the maximum amounts collectible under applicable laws in effect from time to time, and any amounts collected by the Bank that exceeds such maximum amounts shall be applied to the reduction of the principal balance of the Loan and/or refunded to Borrower so that at no time shall the interest or loan charges paid or payable in respect of the Loan exceed the maximum amounts permitted from time to time by applicable law. This provision shall control every other provision herein and in any and all other agreements and instruments now existing or hereafter arising between Borrower and the Bank with respect to the Loan.Section
Appears in 1 contract
Samples: Credit Agreement (Staffmark Inc)
Interest Rates and Payments. (a) Interest Each Loan (other than a Loan to be made in an Optional Currency or a Swingline Loan) shall be charged bear interest prior to maturity at a rate per annum equal to such of the following as the Borrowers, at their option, shall select in accordance with Section 3.4: (i) the Prime ----------- Rate plus the Applicable Margin, which rate shall fluctuate as and paid on when said Prime Rate or said Applicable Margin shall change, or (ii) the Loan from LIBOR Rate plus the Applicable Margin, determined in the case of LIBOR Loans as of the date of the initial advance until commencement of the applicable Interest Period. Each LIBOR Loan is paid made in an Optional Currency shall bear interest prior to maturity at a rate per annum equal to the LIBO LIBOR Rate plus two hundred fifty basis points (2.5%)the Applicable Margin, determined as of the date of the commencement of the applicable Interest Period. Each Swingline Loan shall bear interest prior to maturity at a rate per annum equal to the Prime Rate plus the Applicable Margin, which rate shall fluctuate as and when said Prime Rate or Applicable Margin shall change. Accrued interest on all Prime Loans shall be adjusted at payable monthly in arrears on the beginning first day of each calendar month during the Term, commencing on the first such date after such Loan is made. Accrued interest on all LIBOR Loans shall be payable in arrears on the last day of the Interest PeriodPeriod applicable to each such LIBOR Loan, and if any such Interest Period exceeds three months, all accrued and unpaid interest shall be due and payable on the date three months following the commencement of such Interest Period as well. Interest on the principal amount of each Loan made in an Optional Currency shall be paid by the Borrowers in such Optional Currency. In addition, all accrued interest on all Loans shall be payable on the last day of the Term hereof, whether by reason of acceleration or otherwise.
(b) Upon the occurrence and during the continuance of an Event of Default, the principal balance of and, to the extent permitted by law, any overdue interest on any Prime Loan shall bear interest, payable on demand, for each day until paid, at a rate per annum equal to Two Percent (2.00%) over and above the Prime Rate, fluctuating as and when said Prime Rate shall change. Upon the occurrence and during the continuance of an Event of Default, the principal balance of and, to the extent permitted by law, any overdue interest on any LIBOR Loan shall bear interest, payable on demand, for each day during the applicable Interest shall be computed on Period until paid, at a rate per annum equal to the basis sum of a 360-day year counting Two Percent (2.00%) plus the actual number of days elapsedLIBOR Rate plus the Applicable Margin for such LIBOR Loan, and after the expiration of such Interest Period, such Loan shall be due thereafter bear interest at the default rate applicable to Prime Loans under the preceding sentence. From and after the maturity of the Notes, whether by reason of acceleration or otherwise, the unpaid principal balance of each Loan shall bear interest until paid, payable without notice on each Interest Payment Datedemand, at a rate per annum equal to Two Percent (2.00%) over and above the Prime Rate, fluctuating as aforesaid.
(c) Notwithstanding the foregoing, upon the occurrence of an Event of Default interest may be charged at the Default Rate as defined and set forth in the Note if the Bank so elects, regardless of whether the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration of the maturity of the outstanding principal of the Note. All such interest Interest shall be paid computed with respect to all Loans on an actual day, 360-day year basis. The Borrowers shall be permitted to have no more than six (6) LIBOR Loans outstanding at the time of and as a condition precedent to the curing of any such default to the extent any right to cure is givenone time.
(d) The Borrower Agent (or Firstar, in the event of Swingline Loans) shall pay determine each interest rate applicable to Bankthe Loans hereunder as selected by Borrowers pursuant to Section 3.4. Agent shall give ----------- prompt notice to Borrowers and the Lenders by telephone, if telecopy, telex or cable of each rate of interest so determined, and so long as Bank its determination thereof shall be required under regulations conclusive in the absence of manifest error. Agent shall, at the request of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar LiabilitiesBorrowers, additional interest on the unpaid principal amount of the Loan, from such time as Bank is so required to maintain reserves until said principal amount is paid in full, at an interest rate per annum equal at all times deliver to the remainder obtained Borrowers a statement showing the computations used by subtracting (i) Agent in determining the LIBO Rate for the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereofLIBOR Rate.
(e) From time to time, A portion of the Bank shall send interest payable by the Borrower statements Borrowers in respect of all amounts due hereunder which statements, absent manifest error, shall be considered correct and conclusively binding on the Borrower unless the Borrower notifies the Bank each LIBOR Loan denominated in an Optional Currency in an amount equal to the contrary within one hundred eighty (180) days amount of its receipt of any statement to interest which it objects. All sums payable to the Bank hereunder shall be paid would have accrued on such Loan had such Loan been a LIBOR Loan denominated in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day Dollars shall be deemed to have been received be paid by the Borrowers to Agent for the account of each Lender, to be distributed ratably to the Lenders on the next Business Day.
(f) date of such interest payment. The entire principal balance of such interest payment (the Loan, together with all interest accrued thereon, "HEDGING FEE") shall be due and payable in full on retained by the Loan Termination Date.
(g) All agreements herein made are expressly limited so that in no event whatsoever shall the interest and loan charges agreed to be paid Agent as compensation to the Bank Agent for the use cost of the money advanced or such foreign currency hedging mechanisms it may elect to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to timeutilize, thenif any, ipso facto, the obligation to pay such interest and/or loan charges shall be reduced to the maximum amounts collectible under applicable laws in effect from time to time, and any amounts collected by the Bank that exceeds such maximum amounts shall be applied to the reduction of the principal balance of the Loan and/or refunded to Borrower so that at no time shall the interest or loan charges paid or payable in respect of the Loan exceed the maximum amounts permitted from time to time by applicable law. This provision shall control every other provision herein and in any and all other agreements and instruments now existing or hereafter arising between Borrower and the Bank connection with respect to the LoanLoans denominated in an Optional Currency.
Appears in 1 contract
Interest Rates and Payments. (a) Interest shall be charged and paid on the Loan from the date of the initial advance until the Loan is paid at a rate equal to the LIBO Rate plus two hundred fifty basis points (2.5%), to be adjusted at the beginning of each Interest Period.
(b) Interest shall be computed on the basis of a 360-day year counting the actual number of days elapsed, and shall be due and payable without notice on each Interest Payment Date.
(c) Notwithstanding the foregoing, upon the occurrence of an Event of Default interest may be charged at the Default Rate as defined and set forth in the Note if the Bank so elects, regardless of whether the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration of the maturity of the outstanding principal of the Note. All such interest shall be paid at the time of and as a condition precedent to the curing of any such default to the extent any right to cure is given.
(d) The Borrower shall pay to Bank, if and so long as Bank shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid principal amount of the Loan, from such time as Bank is so required to maintain reserves until said principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) the LIBO Rate for the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereof.
(e) From time to time, the Bank shall send the Borrower statements of all amounts due hereunder which statements, absent manifest error, shall be considered correct and conclusively binding on the Borrower unless the Borrower notifies the Bank to the contrary within one hundred eighty (180) days of its receipt of any statement to which it objects. All sums payable to the Bank hereunder shall be paid in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day shall be deemed to have been received on the next Business Day.
(f) The entire principal balance of the Loan, together with all interest accrued thereon, shall be due and payable in full on the Loan Termination Date.
(g) All agreements herein made are expressly limited so that in no event whatsoever shall the interest and loan charges agreed to be paid to the Bank for the use of the money advanced or to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to time, then, ipso facto, the obligation to pay such interest and/or loan charges shall be reduced to the maximum amounts collectible under applicable laws in effect from time to time, and any amounts collected by the Bank that exceeds such maximum amounts shall be applied to the reduction of the principal balance of the Loan and/or refunded to Borrower so that at no time shall the interest or loan charges paid or payable in respect of the Loan exceed the maximum amounts permitted from time to time by applicable law. This provision shall control every other provision herein and in any and all other agreements and instruments now existing or hereafter arising between Borrower and the Bank with respect to the Loan.
(h) Borrower has elected to authorize Bank to effect payment of sums due under this Note by means of debiting Borrower's account number ______________________________. This authorization shall not affect the obligation of Borrower to pay such sums when due, without notice, if there are insufficient funds in such account to make such payment in full on the due date thereof, or if Bank fails to debit the account.
Appears in 1 contract
Interest Rates and Payments. (a) a. Interest shall be charged and paid accrued on the Loan aggregate principal balance from time to time outstanding under the First Amended Credit Agreement at a rate equal to twelve percent (12%) per annum from the date of the initial advance thereunder until March 31, 2018, and interest shall accrue on the Loan is paid aggregate principal balance from time to time outstanding hereunder at a rate equal to of six percent (6%) per annum from March 31, 2018, through the LIBO Rate plus two hundred fifty basis points (2.5%)remaining term of the Loan, to be adjusted at the beginning of in each Interest Period.
(b) case compounded quarterly. Interest shall be computed on the basis of a year with three hundred sixty (360-day year counting ) days, and the actual number of days elapsed, .
b. All payments by Borrower hereunder and under the Loan Documents shall be due and payable without notice on each Interest Payment Date.
(c) Notwithstanding the foregoing, upon the occurrence of an Event of Default interest may be charged made to Lender at the Default Rate as defined and its address set forth in Section 8.10 in United States dollars and in immediately available funds on the Note if date on which such payment shall be due.
c. All interest accrued and unpaid on the Bank so elects, regardless of whether the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration aggregate outstanding principal balance of the maturity Loans shall be added to and become a part of the outstanding principal of the Note. All such interest shall be paid at the time of and as a condition precedent to the curing of any such default to the extent any right to cure is given.
(d) The Borrower shall pay to Bank, if and so long as Bank shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid principal amount of the Loan, from such time Loans on and as Bank is so required to maintain reserves until said principal amount is paid in full, at an interest rate per annum equal at all times of the last day of each calendar quarter. Notwithstanding anything foregoing to the remainder obtained by subtracting (i) the LIBO Rate for the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Periodcontrary, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereof.
(e) From time to time, the Bank shall send the Borrower statements of all amounts due hereunder which statements, absent manifest error, shall be considered correct any and conclusively binding on the Borrower unless the Borrower notifies the Bank to the contrary within one hundred eighty (180) days of its receipt of any statement to which it objects. All sums payable to the Bank hereunder shall be paid in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day shall be deemed to have been received on the next Business Day.
(f) The entire principal balance of the Loan, together with all interest accrued thereon, shall be due and payable in full on the Loan Termination Date.
(g) All agreements herein made are expressly limited so that in no event whatsoever shall the interest and loan charges agreed is added to be paid to the Bank for the use of the money advanced or to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to time, then, ipso facto, the obligation to pay such interest and/or loan charges shall be reduced to the maximum amounts collectible under applicable laws in effect from time to time, and any amounts collected by the Bank that exceeds such maximum amounts shall be applied to the reduction of the principal balance of the Loans (i) shall not count against the Loan and/or refunded Commitment Amount; (ii) shall not be deemed made to Borrower for purposes of determining whether Loans made to Borrower exceed the Loan Commitment Amount, the Build‑Out Sub‑Limit or the Acquisition Sub‑Limit and (iii) shall no longer be deemed “unpaid” at the time so that at no time added.
d. On the Maturity Date, the entire balance of principal and accrued interest together with all other amounts due and owing under the Loan Documents to the extent not paid shall be due and payable.
e. [Intentionally omitted].
f. [Intentionally omitted]. *** Certain confidential portions of this exhibit were omitted by means of redacting a portion of the interest text. Copies of the exhibit containing the redacted portions have been filed separately with the Securities and Exchange Commission subject to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act.
g. Any present or loan charges paid future debt, liability or payable obligation Borrower or any Borrower Subsidiary now or hereafter owes to Lender under any Loan and any of the rights and remedies of Lender under this Credit Agreement shall remain in respect full force and effect, and Lender and its Affiliates reserve any and all rights and remedies they may have under any one or more of the Loan exceed Documents in accordance with Applicable Law; provided, however, that, in the maximum amounts permitted from event that at any time to time a demand is made by applicable law. This provision shall control every other provision herein and the FCC in any and all other agreements and instruments now existing or hereafter arising between Borrower and accordance with Section 1(c) of the Bank Guaranty with respect to a Guaranteed Obligation (as defined in the LoanGuaranty) or in accordance with Section 2 of the Guaranty with respect to any amount avoided, rescinded or recovered, and DISH fails to make timely payment pursuant to the Guaranty, then, from that time until such time as payment is made in full to the FCC (and only during such period), any indebtedness of Borrower now or hereafter held by Lender, whether directly or indirectly through any one or more of its Affiliates, shall be subordinated in right of payment to such Guaranteed Obligations (as defined in the Guaranty), and any such indebtedness collected or received by Lender after any such Guaranteed Obligation (as defined by the Guaranty) has become due from Borrower, and any amount paid to Lender or DISH on account of any subrogation, reimbursement, indemnification or contribution rights referred to in Section 9(a) of the Guaranty shall be held in trust for the FCC and shall promptly be paid over to the FCC to be credited and applied against the Guaranteed Obligations (as defined in the Guaranty); provided that, without affecting, impairing or limiting in any manner the liability of DISH under any other provision of the Guaranty, any payment on such indebtedness received by Lender or DISH at any other time shall be permitted and need not be held in trust for or paid over to the FCC. Lender, Borrower and Guarantor hereby acknowledge and agree that the FCC is an intended third-party beneficiary of this Credit Agreement with respect to, and with the right to enforce, such subordination pursuant to this Section 2.3(g). Furthermore, Borrower and its Affiliates hereby acknowledges and agree that it and its Affiliates will not assert waiver, estoppel, laches, or any similar claim related to the failure of Lender or any of its Affiliates to exercise any claims, rights or remedies in the event such subordination is in effect or otherwise and that any statute of limitations or similar limitation will be tolled during any period in which subordination pursuant to this Section 2.3(g) is in effect.
Appears in 1 contract
Samples: Credit Agreement (DISH Network CORP)
Interest Rates and Payments. (a) Interest shall be charged and paid on the principal balance of each Loan from the date of the initial advance until the Loan is paid shall accrue at a an annual rate equal to the LIBO Rate Applicable Margin plus the greater of (i) 0% and (ii) the one-month LIBOR rate quoted by Lender from Reuters Screen LIBOR01 Page or any successor thereto, which may be designated by Lender as provided below, which shall be that one-month LIBOR rate in effect two hundred fifty basis points (2.5%)2) New York Banking Days prior to the Reprice Date, adjusted for any reserve requirement and any subsequent costs arising from a change in government regulation, such rate rounded up to the nearest one-sixteenth percent and such rate to be adjusted at the beginning of reset monthly on each Interest PeriodReprice Date.
(b) After maturity of the Loans, whether by reason of acceleration or otherwise, interest shall continue to accrue on each Loan and be payable on demand on the entire outstanding principal balance thereof at an annual rate equal to 2% over and above the otherwise applicable interest rate. Interest on each Loan shall be computed payable quarterly in arrears on each March 31, June 30, September 30 and December 31, and on the basis last day of a 360-day year counting the actual number Revolving Credit Loans and on the Term Loan Maturity Date, whether by reason of days elapsed, and acceleration or otherwise. All payments shall be due applied first to the payment of all accrued and payable unpaid interest, with the balance, if any, to be applied to the payment of principal. Lender’s internal records of applicable interest rates (including without notice on each Interest Payment Datelimitation Lender’s designation of any successor interest rate index if the rate index described above shall become temporarily unavailable or shall cease to exist) shall be determinative in the absence of manifest error.
(c) Notwithstanding Borrower shall have the foregoingright to prepay each Loan in whole or in part at any time, upon the occurrence of an provided that: (i) all billed/due and unpaid interest shall accompany such prepayment; (ii) there is no Default or Event of Default interest may be charged at the Default Rate as defined and set forth in the Note if the Bank so elects, regardless of whether the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration of the maturity of the outstanding principal of the Note. All such interest shall be paid at the time of prepayment; and as a condition precedent (iii) all prepayments shall be credited and applied to the curing installments of any such default to principal in the extent any right to cure is giveninverse order of their stated maturity.
(d) The Borrower Lender’s internal records of applicable interest rates (including without limitation Lender’s designation of any successor interest rate index if the rate index described above shall pay to Bank, if and so long as Bank become temporarily unavailable) shall be required under regulations determinative in the absence of manifest error. Notwithstanding the Board of Governors of foregoing, in the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid principal amount of the Loan, from such time as Bank is so required to maintain reserves until said principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting event Lender determines (which determination shall be conclusive absent manifest error) that (i) the LIBO Rate for interest rate applicable to each Loan is not ascertainable or does not adequately and fairly reflect the Interest Period from cost of making or maintaining such advances and such circumstances are unlikely to be temporary, (ii) ICE Benchmark Administration (or any Person that takes over the administration of such rate) discontinues its administration and publication of interest settlement rates for deposits in Dollars, or (iii) the supervisor for the administrator of such interest settlement rate obtained by dividing or a Regulatory Agency having jurisdiction over Lender has made a public statement identifying a specific date after which such interest settlement rate shall no longer be used for determining interest rates for loans, then Lender shall determine an alternate rate of interest to the LIBO Rate by one-month LIBOR rate that gives due consideration to the then prevailing market convention for determining a percentage equal rate of interest for comparable Lender-originated commercial loans in the United States at such time, and, if necessary, Lender and Borrower shall enter into an amendment to 100% minus the Eurodollar Rate Reserve Percentage for this Agreement to reflect such Interest Period, payable on each date on which alternate rate of interest is payableand such other related changes to this Agreement as may be applicable. Such additional alternate rate shall be adjusted for any reserve requirement and any subsequent costs arising from a change in government regulation. Until an alternate rate of interest shall be determined by Bank who in accordance with this Section 2.03(d), interest on each Loan shall notify Borrower thereof.
(eaccrue at the Prime Rate plus the Applicable Margin. If the alternate rate of interest determined pursuant to this Section 2.03(d) From time to time, the Bank shall send the Borrower statements of all amounts due hereunder which statements, absent manifest error, shall be considered correct and conclusively binding on the Borrower unless the Borrower notifies the Bank to the contrary within one hundred eighty (180) days of its receipt of any statement to which it objects. All sums payable to the Bank hereunder shall be paid in immediately available funds prior to 12:00 noonless than zero, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day rate shall be deemed to have been received on be zero for the next Business Daypurposes of this Agreement.
(f) The entire principal balance references to “Revolving Credit Loans” in Section 2.04 (General Provisions as to Payments) of the Loan, together Agreement are deleted and replaced with all interest accrued thereon, shall be due and payable in full on the Loan Termination Date“Loans.”
(g) All agreements herein made are expressly limited so The last sentence of Section 5.09 (Risk-Based Capital Adequacy Guidelines) of the Agreement is deleted and replaced with the following. In addition, Borrower will cause Subsidiary Bank to maintain at all times a “well-capitalized” (or its equivalent) rating under the FDIC Capital Guidelines; provided, that regardless of the requirements set forth in no event whatsoever the Holding Company Guidelines or the FDIC Guidelines, (a) Borrower shall the interest at all times have a risk-based capital of at least 11.25% (as calculated under 00 XXX Xxxx 000, Xxxxxxxx X) and loan charges agreed to be paid (b) Subsidiary Bank shall at all times have total risk based capital (as calculated under 12 C.F.R. §325.103(b)(1)(i)), of at least 10.50%.
(h) The following is added to the Bank for the use end of Section 5.15 (Utilization of Loan Proceeds) of the money advanced or to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect Agreement: The proceeds of the Term Loan shall exceed be used by Borrower solely to fund the maximum amounts collectible under applicable laws Aggregate Cash Consideration (defined in effect from time to time, then, ipso facto, the obligation to pay such interest and/or loan charges shall be reduced to Trinity Acquisition Agreement).
(i) The last sentence of Section 7 (Events of Default) of the maximum amounts collectible under applicable laws in effect from time to timeAgreement is deleted and replaced with the following: THEN, and any amounts collected by in each such event (other than an event described in Sections 7.06, 7.07, or 7.08), Lender may declare the Bank that exceeds such maximum amounts shall be applied to the reduction of the entire outstanding principal balance of and all accrued and unpaid interest on the Note and the Term Loan and/or refunded Note issued under this Agreement and all other amounts payable by Borrower hereunder to Borrower so that at no time be immediately due and payable, whereupon all of such outstanding principal balance and accrued and unpaid interest and all such other amounts shall the interest become and be immediately due and payable, without presentment, demand, protest or loan charges paid or payable in respect further notice of the Loan exceed the maximum amounts permitted from time to time any kind, all of which are hereby expressly waived by applicable law. This provision shall control every other provision herein Borrower, and in Lender may exercise any and all other agreements rights and instruments now existing remedies which it may have under any of the other Loan Documents or hereafter arising between Borrower under applicable law; provided, however, that upon the occurrence of any event described in Sections 7.06, 7.07, or 7.08, the entire outstanding principal balance of and all accrued and unpaid interest on the Note and the Bank with respect Term Loan Note issued under this Agreement and all other amounts payable by Borrower hereunder shall automatically become immediately due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by Borrower, and Lender may exercise any and all other rights and remedies which it may have under any of the other Loan Documents or under applicable law.
(j) The following is added to the Loan.Agreement as Section 8.22 (Divisions):
Appears in 1 contract
Samples: Loan Agreement (Enterprise Financial Services Corp)
Interest Rates and Payments. (a) a. Interest shall be charged and paid accrue on the Loan aggregate principal balance from the date of the initial advance until the Loan is paid time to time outstanding hereunder at a rate equal to Twelve Percent (12.00%) per annum, compounded quarterly.
b. All payments by Borrower hereunder and under the LIBO Rate plus two hundred fifty basis points (2.5%)Loan Documents shall be made to Lender, at its address set forth in Section 8.10 in immediately available funds on the date on which such payment shall be due.
c. Until the Amortization Commencement Date, all interest accrued on the aggregate outstanding principal balance of the Loans shall be added to be adjusted at and become a part of the beginning outstanding principal amount of the Loans on and as of the last day of each Interest Periodcalendar quarter and on and as of the day immediately prior to the Amortization Commencement Date (such amount outstanding on the day immediately prior to the Amortization Commencement Date, the "FINAL PRINCIPAL AMOUNT"). Notwithstanding anything foregoing to the contrary any and all interest that is added to the principal balance of the Loans shall not count against the Loan Commitment Amount.
d. On each quarterly anniversary of the Amortization Commencement Date Borrower shall pay principal installments equal to one-sixteenth (b1/16) Interest shall be computed of the Final Principal Amount together with interest installments equal to the amount of the unpaid interest accrued on the basis outstanding Final Principal Amount until the Maturity Date, at which time the entire remaining balance of a 360-day year counting principal and accrued interest together with all other amounts due and owing under the actual number of days elapsed, and Loan Documents to the extent not paid shall be due and payable without notice on each Interest Payment Datepayable.
(c) e. Notwithstanding the foregoing, upon the occurrence of an Event of Default interest may be charged at the Default Rate as defined and set forth in the Note if the Bank so elects, regardless of whether the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration of the maturity of the outstanding principal of the Note. All such interest shall be paid at the time of and as a condition precedent provision hereof to the curing of any such default to the extent any right to cure is given.
(d) The Borrower shall pay to Bankcontrary, if and so long as Bank shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid all outstanding principal amount of the Loan, from such time as Bank is so required to maintain reserves until said principal amount is paid in full, at an Loans and accrued interest rate per annum equal at all times to the remainder obtained by subtracting (i) the LIBO Rate for the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereof.
(e) From time to time, the Bank shall send the Borrower statements of all amounts due hereunder which statements, absent manifest error, shall be considered correct and conclusively binding on the Borrower unless the Borrower notifies the Bank to the contrary within one hundred eighty (180) days of its receipt of any statement to which it objects. All sums payable to the Bank hereunder shall be paid in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day shall be deemed to have been received on the next Business Day.
(f) The entire principal balance of the Loanthereon, together with all interest accrued thereonother amounts due and owing under the Loan Documents to the extent not paid, shall be due and payable in full on upon the Loan Termination Date.
termination (g) All agreements herein made are expressly limited so that in no event whatsoever shall following the interest and loan charges agreed to be paid to the Bank for the use expiration of the money advanced or to be advanced applicable notice period) of the Management Agreement by Borrower pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to time, then, ipso facto, the obligation to pay such interest and/or loan charges shall be reduced to the maximum amounts collectible under applicable laws in effect from time to time, and any amounts collected by the Bank that exceeds such maximum amounts shall be applied to the reduction of the principal balance of the Loan and/or refunded to Borrower so that at no time shall the interest or loan charges paid or payable in respect of the Loan exceed the maximum amounts permitted from time to time by applicable law. This provision shall control every other provision herein and in any and all other agreements and instruments now existing or hereafter arising between Borrower and the Bank with respect to the Loan.Section 10.2(a)(v)
Appears in 1 contract
Interest Rates and Payments. (a) a. Interest shall be charged and paid accrue on the Loan aggregate principal balance from the date of the initial advance until the Loan is paid time to time outstanding hereunder at a rate equal to (i) *** per annum or (ii) *** per annum in the LIBO Rate plus two hundred fifty basis points (2.5%)event of termination of the Management Agreement for any reason other than a material breach by Lender thereunder, to be adjusted at the beginning of in each Interest Period.
(b) case compounded quarterly. Interest shall be computed on the basis of a year with three hundred sixty (360-day year counting ) days, and the actual number of days elapsed, . *** Certain confidential portions of this exhibit were omitted by means of redacting a portion of the text. Copies of the exhibit containing the redacted portions have been filed separately with the Securities and Exchange Commission subject to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act.
b. All payments by Borrower hereunder and under the Loan Documents shall be due and payable without notice on each Interest Payment Date.
(c) Notwithstanding the foregoing, upon the occurrence of an Event of Default interest may be charged made to Lender at the Default Rate as defined and its address set forth in Section 8.10 in United States dollars and in immediately available funds on the Note if date on which such payment shall be due.
c. Subject to Section 2.3(e), until the Bank so electsAmortization Commencement Date, regardless of whether all interest accrued and unpaid on the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration aggregate outstanding principal balance of the maturity Loans shall be added to and become a part of the outstanding principal of the Note. All such interest shall be paid at the time of and as a condition precedent to the curing of any such default to the extent any right to cure is given.
(d) The Borrower shall pay to Bank, if and so long as Bank shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid principal amount of the Loan, from such time Loans on and as Bank is so required to maintain reserves until said principal amount is paid in full, at an interest rate per annum equal at all times of the last day of each calendar quarter and on and as of the day immediately prior to the remainder obtained by subtracting Amortization Commencement Date (i) such amount outstanding on the LIBO Rate for day immediately prior to the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereof.
(e) From time to timeAmortization Commencement Date, the Bank shall send the Borrower statements of all amounts due hereunder which statements, absent manifest error, shall be considered correct and conclusively binding on the Borrower unless the Borrower notifies the Bank “Final Principal Amount”). Notwithstanding anything foregoing to the contrary within one hundred eighty (180) days of its receipt of contrary, any statement to which it objects. All sums payable to the Bank hereunder shall be paid in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day shall be deemed to have been received on the next Business Day.
(f) The entire principal balance of the Loan, together with all interest accrued thereon, shall be due and payable in full on the Loan Termination Date.
(g) All agreements herein made are expressly limited so that in no event whatsoever shall the interest and loan charges agreed is added to be paid to the Bank for the use of the money advanced or to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to time, then, ipso facto, the obligation to pay such interest and/or loan charges shall be reduced to the maximum amounts collectible under applicable laws in effect from time to time, and any amounts collected by the Bank that exceeds such maximum amounts shall be applied to the reduction of the principal balance of the Loans (i) shall not count against the Loan and/or refunded Commitment Amount; (ii) shall not be deemed made to Borrower for purposes of determining whether Loans made to Borrower exceed the Loan Commitment Amount, the Build-Out Sub-Limit or the Acquisition Sub-Limit and (iii) shall no longer be deemed “unpaid” at the time so that at no time added.
d. On the tenth (10th) day following the Amortization Commencement Date and on each quarterly anniversary of such tenth (10th) day, Borrower shall the interest or loan charges paid or payable in respect pay principal installments equal to one-sixteenth (1/16) of the Final Principal Amount together with interest installments equal to the amount of the unpaid interest accrued on the outstanding Final Principal Amount until the Maturity Date, at which time the entire remaining balance of principal and accrued interest together with all other amounts due and owing under the Loan exceed Documents to the maximum amounts permitted from time to time by applicable law. This provision extent not paid shall control every other provision herein be due and payable.
e. On and after the making of any Loan hereunder, within 30 days following the last Business Day of each quarter in Borrower’s fiscal year, any and all other agreements and instruments now existing or hereafter arising between Excess Cash of Guarantor, Borrower and the Bank Borrower Subsidiaries shall be paid to Lender and shall be credited in accordance with respect Section 2.2(d).
f. As long as any payment of principal or interest due under this Credit Agreement, the Note or any of the other Loan Documents remains past due (whether at the stated maturity, by acceleration or otherwise) for five (5) days or more, such overdue amount shall accrue interest at a rate (the “Default Rate”) equal to the Loanlesser of (i) *** per annum and (ii) the maximum rate permitted by Applicable Law, from the date of such non-payment until such overdue amount and such interest is paid in full (whether after or before Judgment). Any amounts paid pursuant to this Section 2.3(f) shall be credited in accordance with Section 2.2(d).
Appears in 1 contract
Samples: Credit Agreement (DISH Network CORP)
Interest Rates and Payments. (a) Interest So long as no Event of Default has occurred and is continuing, each Revolving Credit Loan shall be charged and paid on the Loan from the date of the initial advance until the Loan is paid bear interest prior to maturity at a rate per annum equal to the LIBO Prime Rate plus two hundred fifty basis points Applicable Margin, which rate shall fluctuate as and when said Prime Rate or said Applicable Margin shall change. Accrued interest on all Revolving Credit Loans shall be payable monthly in arrears on the tenth (2.5%), to be adjusted at the beginning 10th) day of each Interest Periodcalendar month, commencing on the first such date after such Loan is made. In addition, all accrued interest on all Loans shall be payable on the last day of the Term hereof, whether by reason of acceleration or otherwise.
(b) So long as no Event of Default has occurred and is continuing, each Swing Line Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Swing Line Loan is made until it becomes due, at a rate per annum equal to the Prime Rate plus Applicable Margin, which rate shall fluctuate as and when said Prime Rate or said Applicable Margin shall change. Accrued interest on all Swing Line Loans shall be payable monthly in arrears on the tenth (10th) day of each calendar month, commencing on the first such date after such Swing Line Loan is made. In addition, all accrued interest on all Swing Line Loans shall be payable on the last day of the Term hereof, whether by reason of acceleration or otherwise.
(c) At the option of the Required Lenders, after the occurrence and during the continuance of an Event of Default, the principal balance of and, to the extent permitted by law, any overdue interest on any Revolving Credit Loan shall bear interest, payable on demand, for each day until paid, at a rate per annum equal to Three and Three-Fourths Percent (3.75%) over and above the Prime Rate, fluctuating as and when said Prime Rate shall change, and (ii) any Swing Line Loan shall bear interest, payable on demand, for each day until paid, at a rate per annum equal to Three and Three-Fourths Percent (3.75%) over and above the Prime Rate, fluctuating as and when said Prime Rate shall change. From and after the maturity of the Notes, whether by reason of acceleration or otherwise, the unpaid principal balance of each Loan shall bear interest until paid, payable on demand, at a rate per annum equal to Three and Three-Fourths Percent (3.75%) over and above the Prime Rate, fluctuating as aforesaid.
(d) Interest with respect to all Loans shall be computed on the basis of a 360-day year counting of 360 days and paid for the actual number of days elapsed, and shall be due and payable without notice on each Interest Payment Date.
elapsed (c) Notwithstanding including the foregoing, upon first day but excluding the occurrence of an Event of Default interest may be charged at the Default Rate as defined and set forth in the Note if the Bank so elects, regardless of whether the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration of the maturity of the outstanding principal of the Note. All such interest shall be paid at the time of and as a condition precedent to the curing of any such default to the extent any right to cure is given.
(d) The Borrower shall pay to Bank, if and so long as Bank shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid principal amount of the Loan, from such time as Bank is so required to maintain reserves until said principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) the LIBO Rate for the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereoflast day).
(e) From time The Agent shall determine each interest rate applicable to timethe Loans hereunder as selected by Borrowers pursuant to Section 3.2. The Agent shall give prompt notice to Borrowers and the Lenders by telephone, telecopy, telex or cable of each rate of interest so determined, and its determination thereof shall be conclusive in the Bank shall send the Borrower statements absence of all amounts due hereunder which statements, absent manifest error, shall be considered correct and conclusively binding on the Borrower unless the Borrower notifies the Bank to the contrary within one hundred eighty (180) days of its receipt of any statement to which it objects. All sums payable to the Bank hereunder shall be paid in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day shall be deemed to have been received on the next Business Day.
(f) The entire principal balance Regardless of any provision contained in any Transaction Document, neither Agent nor any Lender shall ever be entitled to contract for, charge, take, reserve, receive, or apply, as interest on all or any part of the LoanBorrowers’ Obligations, together with all interest accrued thereonany amount in excess of the Maximum Rate, and, if Agent or Lenders ever do so, then such excess shall be due deemed a partial prepayment of principal and payable in full on the Loan Termination Date.
(g) All agreements herein made are expressly limited so that in no event whatsoever shall the interest treated hereunder as such and loan charges agreed to be paid to the Bank for the use of the money advanced or to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to time, then, ipso facto, the obligation to pay such interest and/or loan charges remaining excess shall be reduced to the maximum amounts collectible under applicable laws in effect from time to time, and any amounts collected by the Bank that exceeds such maximum amounts shall be applied to the reduction of the principal balance of the Loan and/or refunded to Borrower so that at no time shall the interest or loan charges paid or payable in respect of the Loan exceed the maximum amounts permitted from time to time by applicable lawBorrowers. This provision shall control every other provision herein and in any and all other agreements and instruments now existing or hereafter arising between Borrower and the Bank with respect to the Loan.In determining if
Appears in 1 contract
Samples: Loan Agreement (Virbac Corp)
Interest Rates and Payments. (a) Interest Each Revolving Credit Loan shall be charged bear interest prior to maturity at a rate per annum equal to such of the following as the Borrower, at its option, shall select in accordance with Section 3.3: (i) the Base Rate plus Applicable Margin, which rate shall fluctuate as and paid on when said Base Rate or said Applicable Margin shall change, or (ii) the Loan from LIBOR Rate plus Applicable Margin, determined in the case of LIBOR Loans as of the date of the initial advance until commencement of the applicable Interest Period. Each Swing Loan is paid shall bear interest prior to maturity at a rate per annum equal to the LIBO Base Rate plus two hundred fifty basis points (2.5%)Applicable Margin, to which rate shall fluctuate as and when said Base Rate or said Applicable Margin shall change. Accrued interest on all Base Rate Loans shall be adjusted at payable quarterly in arrears on the beginning first day of each calendar quarter, commencing on the first such date after such Loan is made. Accrued interest on all LIBOR Loans shall be payable in arrears on the last day of the Interest PeriodPeriod applicable to each such LIBOR Loan, and if any such Interest Period exceeds three months, all accrued and unpaid interest shall be due and payable on the date three months following the commencement of such Interest Period as well. In addition, all accrued interest on all Loans shall be payable on the last day of the Term hereof, whether by reason of acceleration or otherwise.
(b) Interest shall be computed on the basis of a 360-day year counting the actual number of days elapsed, and shall be due and payable without notice on each Interest Payment Date.
(c) Notwithstanding the foregoing, upon After the occurrence of an Event of Default Default, the principal balance of and, to the extent permitted by law, any overdue interest may be charged on any Base Rate Loan shall bear interest, payable on demand, for each day until paid, at a rate per annum equal to Two Percent (2.00%) over and above the Base Rate, fluctuating as and when said Base Rate shall change. After the occurrence of an Event of Default, the principal balance of and, to the extent permitted by law, any overdue interest on any LIBOR Loan shall bear interest, payable on demand, for each day during the applicable Interest Period until paid, at a rate per annum equal to the sum of Two Percent (2.00%) plus the LIBOR Rate plus Applicable Margin for such LIBOR Loan, and after the expiration of such Interest Period, such Loan shall thereafter bear interest at the Default default rate applicable to Base Rate as defined Loans under the preceding sentence. From and set forth in the Note if the Bank so elects, regardless of whether the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration of after the maturity of the outstanding Notes, whether by reason of acceleration or otherwise, the unpaid principal balance of each Loan shall bear interest until paid, payable on demand, at a rate per annum equal to Two Percent (2.00%) over and above the Note. All such interest Base Rate, fluctuating as aforesaid.
(c) Interest shall be paid computed with respect to all Loans on an actual day, 360-day year basis. Each Revolving Credit Loan which is a Base Rate Loan shall be for a principal amount of One Million Dollars ($1,000,000.00) or any larger multiple of One Hundred Thousand Dollars ($100,000.00). Each LIBOR Loan shall be for a principal amount of Two Million Five Hundred Thousand Dollars ($2,500,000.00) or any larger multiple of Five Hundred Thousand Dollars ($500,000.00). The Borrower shall be permitted to have no more than twelve (12) LIBOR Loans outstanding at the time of and as a condition precedent to the curing of any such default to the extent any right to cure is givenone time.
(d) The Borrower Administrative Agent shall pay to Bank, if and so long as Bank shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid principal amount of the Loan, from such time as Bank is so required to maintain reserves until said principal amount is paid in full, at an determine each interest rate per annum equal at all times applicable to the remainder obtained Loans hereunder as selected by subtracting (i) the LIBO Rate for the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereof.
(e) From time to time, the Bank shall send the Borrower statements of all amounts due hereunder which statements, absent manifest error, shall be considered correct and conclusively binding on the Borrower unless the Borrower notifies the Bank to the contrary within one hundred eighty (180) days of its receipt of any statement to which it objects. All sums payable to the Bank hereunder shall be paid in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day shall be deemed to have been received on the next Business Day.
(f) The entire principal balance of the Loan, together with all interest accrued thereon, shall be due and payable in full on the Loan Termination Date.
(g) All agreements herein made are expressly limited so that in no event whatsoever shall the interest and loan charges agreed to be paid to the Bank for the use of the money advanced or to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to time, then, ipso facto, the obligation to pay such interest and/or loan charges shall be reduced to the maximum amounts collectible under applicable laws in effect from time to time, and any amounts collected by the Bank that exceeds such maximum amounts shall be applied to the reduction of the principal balance of the Loan and/or refunded to Borrower so that at no time shall the interest or loan charges paid or payable in respect of the Loan exceed the maximum amounts permitted from time to time by applicable law. This provision shall control every other provision herein and in any and all other agreements and instruments now existing or hereafter arising between Borrower and the Bank with respect to the Loan.Section
Appears in 1 contract
Samples: Credit Agreement (Staffmark Inc)
Interest Rates and Payments. (a) a. Interest shall be charged and paid accrued on the Loan aggregate principal balance from time to time outstanding under the date of the initial advance until the Loan is paid First Amended Credit Agreement at a rate equal to twelve percent (12%) *** Certain confidential portions of this exhibit were omitted by means of redacting a portion of the LIBO Rate plus two hundred fifty basis points (2.5%), text. Copies of the exhibit containing the redacted portions have been filed separately with the Securities and Exchange Commission subject to be adjusted at a request for confidential treatment pursuant to Rule 24b-2 under the beginning of each Interest PeriodSecurities Exchange Act.
(b) Interest b. All payments by Borrower hereunder and under the Loan Documents shall be computed on the basis of a 360-day year counting the actual number of days elapsed, and shall be due and payable without notice on each Interest Payment Date.
(c) Notwithstanding the foregoing, upon the occurrence of an Event of Default interest may be charged made to Lender at the Default Rate as defined and its address set forth in Section 8.10 in United States dollars and in immediately available funds on the Note if date on which such payment shall be due.
c. All interest accrued and unpaid on the Bank so elects, regardless of whether the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration aggregate outstanding principal balance of the maturity Loans shall be added to and become a part of the outstanding principal of the Note. All such interest shall be paid at the time of and as a condition precedent to the curing of any such default to the extent any right to cure is given.
(d) The Borrower shall pay to Bank, if and so long as Bank shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid principal amount of the Loan, from such time Loans on and as Bank is so required to maintain reserves until said principal amount is paid in full, at an interest rate per annum equal at all times of the last day of each calendar quarter. Notwithstanding anything foregoing to the remainder obtained by subtracting (i) the LIBO Rate for the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Periodcontrary, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereof.
(e) From time to time, the Bank shall send the Borrower statements of all amounts due hereunder which statements, absent manifest error, shall be considered correct any and conclusively binding on the Borrower unless the Borrower notifies the Bank to the contrary within one hundred eighty (180) days of its receipt of any statement to which it objects. All sums payable to the Bank hereunder shall be paid in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day shall be deemed to have been received on the next Business Day.
(f) The entire principal balance of the Loan, together with all interest accrued thereon, shall be due and payable in full on the Loan Termination Date.
(g) All agreements herein made are expressly limited so that in no event whatsoever shall the interest and loan charges agreed is added to be paid to the Bank for the use of the money advanced or to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to time, then, ipso facto, the obligation to pay such interest and/or loan charges shall be reduced to the maximum amounts collectible under applicable laws in effect from time to time, and any amounts collected by the Bank that exceeds such maximum amounts shall be applied to the reduction of the principal balance of the Loans (i) shall not count against the Loan and/or refunded Commitment Amount; (ii) shall not be deemed made to Borrower for purposes of determining whether Loans made to Borrower exceed the Loan Commitment Amount, the Build-Out Sub-Limit, or the Acquisition Sub-Limit and (iii) shall no longer be deemed “unpaid” at the time so that at no time added.
d. On the Maturity Date, the entire balance of principal and accrued interest together with all other amounts due and owing under the Loan Documents to the extent not paid shall be due and payable.
e. [Intentionally omitted]
f. [Intentionally omitted]
g. Any present or future debt, liability or obligation Borrower or any Borrower Subsidiary now or hereafter owes to Lender under any Loan and any of the interest rights and remedies of Lender under this Credit Agreement shall remain in full force and effect, and Lender and its Affiliates reserve any and all rights and remedies they may have under any one or loan charges paid or payable in respect more of the Loan exceed Documents in accordance with Applicable Law; provided however that, in the maximum amounts permitted from event that at any time to time a demand is made by applicable law. This provision shall control every other provision herein and the FCC in any and all other agreements and instruments now existing or hereafter arising between Borrower and accordance with Section 1(c) of the Bank Guaranty with respect to a Guaranteed Obligation (as defined in the LoanGuaranty) or in accordance with Section 2 of the Guaranty with respect to any amount avoided, rescinded or recovered, and DISH fails to make timely payment pursuant to the Guaranty, then, from that time until such time as payment is made in full to the FCC (and only during such period), any indebtedness of Borrower now or hereafter held by Lender, whether directly or indirectly through any one or more of its Affiliates, shall be subordinated in right of payment to such Guaranteed Obligations (as defined in the Guaranty), and any such indebtedness collected or received by Lender after any such Guaranteed Obligation has become due from Borrower, and any amount paid to Lender or DISH on account of any subrogation, reimbursement, indemnification or contribution rights referred to in Section 9(a) of the Guaranty shall be held in trust for the FCC and shall promptly be paid over to the FCC to be credited and applied against the Guaranteed Obligations; provided that, without affecting, impairing or limiting in any manner the liability of DISH under any other provision of the *** Certain confidential portions of this exhibit were omitted by means of redacting a portion of the text. Copies of the exhibit containing the redacted portions have been filed separately with the Securities and Exchange Commission subject to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act. Guaranty, any payment on such indebtedness received by Lender or DISH at any other time shall be permitted and need not be held in trust for or paid over to the FCC. Lender, Borrower and Guarantor hereby acknowledge and agree that the FCC is an intended third-party beneficiary of this Credit Agreement with respect to, and with the right to enforce, such subordination pursuant to this Section 2.3(g). Furthermore, Borrower and its Affiliates hereby acknowledge and agree that it and its Affiliates will not assert waiver, estoppel, laches, or any similar claim related to the failure of Lender or any of its Affiliates to exercise any claims, rights or remedies in the event such subordination is in effect or otherwise and that any statute of limitations or similar limitation will be tolled during any period in which subordination pursuant to this Section 2.3(g) is in effect.
Appears in 1 contract
Samples: Credit Agreement (DISH Network CORP)
Interest Rates and Payments. (a) Interest shall be charged and paid on the principal balance of each Revolving Credit Loan from the date of the initial advance until the Loan is paid shall accrue at a an annual rate equal to the LIBO Rate Applicable Margin plus the greater of (i) 0% and (ii) the one-month LIBOR rate quoted by Lender from Reuters Screen LIBOR01 Page or any successor thereto, which shall be that one-month LIBOR rate in effect two hundred fifty basis points (2.5%)2) New York Banking Days prior to the Reprice Date, adjusted for any reserve requirement and any subsequent costs arising from a change in government regulation, such rate rounded up to the nearest one-sixteenth percent and such rate to be adjusted at the beginning of reset monthly on each Interest PeriodReprice Date.
(b) After maturity of the Revolving Credit Loans, whether by reason of acceleration or otherwise, interest shall continue to accrue on each Revolving Credit Loan and be payable on demand on the entire outstanding principal balance thereof at an annual rate equal to 2% over and above the otherwise applicable interest rate. Interest on each Revolving Credit Loan shall be computed payable quarterly in arrears on the basis of a 360-day year counting the actual number of days elapsedeach March 31, June 30, September 30 and December 31, and at the maturity of the Revolving Credit Loans, whether by reason of acceleration or otherwise. All payments shall be due applied first to the payment of all accrued and payable without notice on each Interest Payment Dateunpaid interest, with the balance, if any, to be applied to the payment of principal. Lender’s internal records of applicable interest rates shall be determinative in the absence of manifest error.
(c) Notwithstanding Borrower shall have the foregoingright to prepay the Revolving Credit Loans in whole or in part at any time, upon the occurrence of an provided that: (i) all billed/due and unpaid interest shall accompany such prepayment; (ii) there is no Default or Event of Default interest may be charged at the Default Rate as defined and set forth in the Note if the Bank so elects, regardless of whether the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration of the maturity of the outstanding principal of the Note. All such interest shall be paid at the time of prepayment; and as a condition precedent to the curing of any such default to the extent any right to cure is given.
(diii) The Borrower shall pay to Bank, if and so long as Bank all prepayments shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid principal amount of the Loan, from such time as Bank is so required to maintain reserves until said principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) the LIBO Rate for the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereof.
(e) From time to time, the Bank shall send the Borrower statements of all amounts due hereunder which statements, absent manifest error, shall be considered correct credited and conclusively binding on the Borrower unless the Borrower notifies the Bank to the contrary within one hundred eighty (180) days of its receipt of any statement to which it objects. All sums payable to the Bank hereunder shall be paid in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day shall be deemed to have been received on the next Business Day.
(f) The entire principal balance of the Loan, together with all interest accrued thereon, shall be due and payable in full on the Loan Termination Date.
(g) All agreements herein made are expressly limited so that in no event whatsoever shall the interest and loan charges agreed to be paid to the Bank for the use of the money advanced or to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to time, then, ipso facto, the obligation to pay such interest and/or loan charges shall be reduced to the maximum amounts collectible under applicable laws in effect from time to time, and any amounts collected by the Bank that exceeds such maximum amounts shall be applied to the reduction installments of principal in the principal balance inverse order of the Loan and/or refunded to Borrower so that at no time shall the interest or loan charges paid or payable in respect of the Loan exceed the maximum amounts permitted from time to time by applicable law. This provision shall control every other provision herein and in any and all other agreements and instruments now existing or hereafter arising between Borrower and the Bank with respect to the Loantheir stated maturity.
Appears in 1 contract
Samples: Loan Agreement (Enterprise Financial Services Corp)
Interest Rates and Payments. (a) The Loan will bear interest at the --------------------------- Contract Rate in effect from time to time as set forth in the Note, and, in addition, the Loan shall bear Additional Accrued Interest shall be charged and paid as set forth in the Note. Interest on the Loan from the date of the initial advance until the Loan is paid at a rate equal to the LIBO Rate plus two hundred fifty basis points (2.5%), to be adjusted at the beginning of each Interest Period.
(b) Interest shall be computed on the principal balance of the Loan from time to time on a basis of a 360-day year counting year, but shall be charged for the actual number of days within the period elapsed, . From and shall be due and payable without notice on each Interest Payment Date.
after the earlier to occur of (ci) Notwithstanding the foregoing, upon the occurrence of an any Event of Default or (ii) Maturity, the interest may rate under the Loan shall be charged at the Default Rate. The Contract Rate as defined and shall be determined from time to time by Lender in the manner set forth in the Note if the Bank so elects, regardless of whether the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration of the maturity of the outstanding principal of the Note. All such interest shall be paid at the time of and as a condition precedent to the curing of any such default to the extent any right to cure is given.
(d) The Borrower shall pay to Bank, if and so long as Bank shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid principal amount of the Loan, from such time as Bank is so required to maintain reserves until said principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) the LIBO Rate for the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereof.
(e) From time to time, the Bank shall send the Borrower statements of all amounts due hereunder which statementsand, absent manifest error, such determination shall be considered correct conclusive and conclusively binding on Borrower. Borrower shall make payments of interest and principal (including without limitation, all regularly scheduled payments of Base Rate Interest, all Scheduled Principal Payments and Excess Cash Flow Payments, and all payments of Accrual Rate Interest and Additional Accrued Interest) at the time and in the manner set forth in the Note; provided, however, that Lender hereby agrees to waive payment of Additional Accrued Interest if (i) Borrower unless repays the Borrower notifies the Bank to the contrary within one hundred eighty (180) days of its receipt of any statement to which it objects. All sums payable to the Bank hereunder shall be paid in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day shall be deemed to have been received on the next Business Day.
(f) The entire principal balance of the Loan, together with all interest accrued thereon, shall be due and payable Indebtedness in full on or before the Loan Termination Date.
Maturity Date (gwith the exception of any payment made following the acceleration of the Indebtedness by Lender consequent to any Event of Default) All agreements herein made are expressly limited so that in no event whatsoever shall or (ii) (x) Net House Profit for the interest period from June 13, 2000 through and loan charges agreed to be paid including June 12, 2001 is greater than or equal to the Bank NOI Threshold Amount for said period and (y) the cumulative Net House Profit for the use of period from the money advanced date hereof through and including June 12, 2001 is greater than or to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to time, then, ipso facto, the obligation to pay such interest and/or loan charges shall be reduced equal to the maximum amounts collectible under applicable laws in effect from time to time, and any amounts collected by the Bank that exceeds such maximum amounts shall be applied to the reduction of the principal balance of the Loan and/or refunded to Borrower so that at no time shall the interest or loan charges paid or payable in respect of the Loan exceed the maximum amounts permitted from time to time by applicable law. This provision shall control every other provision herein and in any and all other agreements and instruments now existing or hereafter arising between Borrower and the Bank with respect to the LoanCumulative NOI Threshold Amount for said period.
Appears in 1 contract
Samples: Loan Agreement (Mutual Benefit Chicago Marriott Suite Hotel Partners L P)
Interest Rates and Payments. (a) a. Interest shall be charged and paid accrued on the Loan aggregate principal balance from time to time outstanding under the First Amended Credit Agreement at a rate equal to twelve percent (12%) per annum from the date of the initial advance thereunder until the Loan is paid Effective Date and shall accrue at a rate equal to of six percent (6%) per annum from the LIBO Rate plus two hundred fifty basis points (2.5%)Effective Date through the remaining term of the Loan, to be adjusted at the beginning of in each Interest Period.
(b) case compounded quarterly. Interest shall be computed on the basis of a year with three hundred sixty (360-day year counting ) days, and the actual number of days elapsed, .
b. All payments by Borrower hereunder and under the Loan Documents shall be due and payable without notice on each Interest Payment Date.
(c) Notwithstanding the foregoing, upon the occurrence of an Event of Default interest may be charged made to Lender at the Default Rate as defined and its address set forth in Section 8.10 in United States dollars and in immediately available funds on the Note if date on which such payment shall be due.
c. All interest accrued and unpaid on the Bank so elects, regardless of whether the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration aggregate outstanding principal balance of the maturity Loans shall be added to and become a part of the outstanding principal of the Note. All such interest shall be paid at the time of and as a condition precedent to the curing of any such default to the extent any right to cure is given.
(d) The Borrower shall pay to Bank, if and so long as Bank shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid principal amount of the Loan, from such time Loans on and as Bank is so required to maintain reserves until said principal amount is paid in full, at an interest rate per annum equal at all times of the last day of each calendar quarter. Notwithstanding anything foregoing to the remainder obtained by subtracting (i) the LIBO Rate for the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Periodcontrary, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereof.
(e) From time to time, the Bank shall send the Borrower statements of all amounts due hereunder which statements, absent manifest error, shall be considered correct any and conclusively binding on the Borrower unless the Borrower notifies the Bank to the contrary within one hundred eighty (180) days of its receipt of any statement to which it objects. All sums payable to the Bank hereunder shall be paid in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day shall be deemed to have been received on the next Business Day.
(f) The entire principal balance of the Loan, together with all interest accrued thereon, shall be due and payable in full on the Loan Termination Date.
(g) All agreements herein made are expressly limited so that in no event whatsoever shall the interest and loan charges agreed is added to be paid to the Bank for the use of the money advanced or to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to time, then, ipso facto, the obligation to pay such interest and/or loan charges shall be reduced to the maximum amounts collectible under applicable laws in effect from time to time, and any amounts collected by the Bank that exceeds such maximum amounts shall be applied to the reduction of the principal balance of the Loans (i) shall not count against the Loan and/or refunded Commitment Amount; (ii) shall not be deemed made to Borrower so that at no time for purposes of determining whether Loans made to Borrower exceed the Loan *** Certain confidential portions of this exhibit were omitted by means of redacting a portion of the text. Copies of the exhibit containing the redacted portions have been filed separately with the Securities and Exchange Commission subject to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act.
d. On the Maturity Date, the entire balance of principal and accrued interest together with all other amounts due and owing under the Loan Documents to the extent not paid shall be due and payable.
e. [Intentionally omitted].
f. [Intentionally omitted].
g. Any present or future debt, liability or obligation Borrower or any Borrower Subsidiary now or hereafter owes to Lender under any Loan and any of the interest rights and remedies of Lender under this Credit Agreement shall remain in full force and effect, and Lender and its Affiliates reserve any and all rights and remedies they may have under any one or loan charges paid or payable in respect more of the Loan exceed Documents in accordance with Applicable Law; provided however that, in the maximum amounts permitted from event that at any time to time a demand is made by applicable law. This provision shall control every other provision herein and the FCC in any and all other agreements and instruments now existing or hereafter arising between Borrower and accordance with Section 1(c) of the Bank Guaranty with respect to a Guaranteed Obligation (as defined in the LoanGuaranty) or in accordance with Section 2 of the Guaranty with respect to any amount avoided, rescinded or recovered, and DISH fails to make timely payment pursuant to the Guaranty, then, from that time until such time as payment is made in full to the FCC (and only during such period), any indebtedness of Borrower now or hereafter held by Lender, whether directly or indirectly through any one or more of its Affiliates, shall be subordinated in right of payment to such Guaranteed Obligations (as defined in the Guaranty), and any such indebtedness collected or received by Lender after any such Guaranteed Obligation (as defined by the Guaranty) has become due from Borrower, and any amount paid to Lender or DISH on account of any subrogation, reimbursement, indemnification or contribution rights referred to in Section 9(a) of the Guaranty shall be held in trust for the FCC and shall promptly be paid over to the FCC to be credited and applied against the Guaranteed Obligations (as defined in the Guaranty); provided that, without affecting, impairing or limiting in any manner the liability of DISH under any other provision of the Guaranty, any payment on such indebtedness received by Lender or DISH at any other time shall be permitted and need not be held in trust for or paid over to the FCC. Lender, Borrower and Guarantor hereby acknowledge and agree that the FCC is an intended third-party beneficiary of this Credit Agreement with respect to, and with the right to enforce, such subordination pursuant to this Section 2.3(g). Furthermore, Borrower and its Affiliates hereby acknowledges and agree that it and its Affiliates will not assert waiver, estoppel, laches, or any similar claim related to the failure of Lender or any of its Affiliates to exercise any claims, rights or remedies in the event such subordination is in effect or otherwise and that any statute of limitations or similar limitation will be tolled during any period in which subordination pursuant to this Section 2.3(g) is in effect.
Appears in 1 contract
Samples: Credit Agreement (DISH Network CORP)
Interest Rates and Payments. (a) Interest shall be charged and paid on the Loan from the date of the initial advance until the Loan is paid at a rate equal to the LIBO Rate plus two hundred fifty basis points (2.5%), to be adjusted at the beginning of each Interest PeriodTerm Rate.
(b) Interest shall be computed on the basis of a 360-day year counting the actual number of days elapsed, and shall be due and payable without notice on payable, subject to the Subordination Agreement, upon the earlier of (i) each Interest Payment DateDecember 31 occurring after the date hereof, or (ii), upon demand by the Lender.
(c) Notwithstanding the foregoing, upon the occurrence of an Event of Default and during the continuation thereof, interest may be charged at the Default Rate as defined and set forth in the Note if the Bank Lender so elects, regardless of whether the Bank Lender has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration of the maturity of the outstanding principal of the Note. All such interest shall be paid at the time of and as a condition precedent to the curing of any such default to the extent any right to cure is given.
(d) The Borrower shall pay to Bank, if and so long as Bank shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid principal amount of the Loan, from such time as Bank is so required to maintain reserves until said principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) the LIBO Rate for the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereof.
(e) From time to time, the Bank Lender shall send the Borrower statements of all amounts due hereunder which statements, absent manifest error, shall be considered correct and conclusively binding on the Borrower unless the Borrower notifies the Bank Lender to the contrary within one hundred eighty (180) days of its receipt of any statement to which it objects. All sums payable to the Bank Lender hereunder shall be paid in immediately available funds prior to 12:00 noon, Nashville time, noon eastern standard time on the date when such sums are due and payable. Any amounts received by the Bank Lender after 12:00 noon Nashville eastern standard time on any Business Day shall be deemed to have been received on the next Business Day.
(fe) The Subject to Section 2.6, the entire principal balance of the Loan, together with all interest accrued thereonthereon and all other amounts owing which constitute the Obligations, shall be due and payable in full on the earlier of (1) the Loan Termination Date, or (2) demand by the Lender.
(gf) All agreements herein made are expressly limited so that in no event whatsoever shall the interest and loan charges agreed to be paid to the Bank Lender for the use of the money advanced or to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to time, then, ipso facto, the obligation to pay such interest and/or loan charges shall be reduced to the maximum amounts collectible under applicable laws in effect from time to time, and any amounts collected by the Bank Lender that exceeds such maximum amounts shall be applied to the reduction of the principal balance of the Loan and/or refunded to Borrower so that at no time shall the interest or loan charges paid or payable in respect of the Loan exceed the maximum amounts permitted from time to time by applicable law. This provision shall control every other provision herein and in any and all other agreements and instruments now existing or hereafter arising between Borrower and the Bank Lender with respect to the Loan.
Appears in 1 contract
Interest Rates and Payments. (a) Interest shall be charged and paid on the Loan from the date of the initial advance until the Loan is paid at a rate equal to the LIBO Rate plus two hundred fifty basis points (2.5%), to be adjusted at the beginning of each Interest Period.
(b) Interest shall be computed on the basis of a 360-day year counting the actual number of days elapsed, and shall be due and payable without notice on each Interest Payment Date.
(c) Notwithstanding the foregoing, upon the occurrence of an Event of Default interest may be charged at the Default Rate as defined and set forth in the Note if the Bank so elects, regardless of whether the Bank has elected to exercise any other remedies under Section 8 hereof, including, without limitation, acceleration of the maturity of the outstanding principal of the Note. All such interest shall be paid at the time of and as a condition precedent to the curing of any such default to the extent any right to cure is given.
(d) The Borrower shall pay to Bank, if and so long as Bank shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurodollar Liabilities, additional interest on the unpaid principal amount of the Loan, from such time as Bank is so required to maintain reserves until said principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) the LIBO Rate for the Interest Period from (ii) the rate obtained by dividing the LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period, payable on each date on which interest is payable. Such additional interest shall be determined by Bank who shall notify Borrower thereof.
(e) From time to time, the Bank shall send the Borrower statements of all amounts due hereunder which statements, absent manifest error, shall be considered correct and conclusively binding on the Borrower unless the a Borrower notifies the Bank to the contrary within one hundred eighty (180) days of its receipt of any statement to which it objects. All sums payable to the Bank hereunder shall be paid in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Bank after 12:00 noon Nashville time on any Business Day shall be deemed to have been received on the next Business Day.
(f) The entire principal balance of the Loan, together with all interest accrued thereon, shall be due and payable in full on the Loan Termination Date.
(g) All agreements herein made are expressly limited so that in no event whatsoever shall the interest and loan charges agreed to be paid to the Bank for the use of the money advanced or to be advanced pursuant to this Agreement exceed the maximum amounts collectible under applicable laws in effect from time to time. If for any reason whatsoever the interest or loan charges paid or contracted to be paid in respect of the Loan shall exceed the maximum amounts collectible under applicable laws in effect from time to time, then, ipso facto, the obligation to pay such interest and/or loan charges shall be reduced to the maximum amounts collectible under applicable laws in effect from time to time, and any amounts collected by the Bank that exceeds such maximum amounts shall be applied to the reduction of the principal balance of the Loan and/or refunded to Borrower so that at no time shall the interest or loan charges paid or payable in respect of the Loan exceed the maximum amounts permitted from time to time by applicable law. This provision shall control every other provision herein and in any and all other agreements and instruments now existing or hereafter arising between among Borrower and the Bank with respect to the Loan.
(h) Borrower has elected to authorize Bank to effect payment of sums due under this Note by means of debiting account number 003782866886. This authorization shall not affect the obligation of Borrower to pay such sums when due, without notice, if there are insufficient funds in such account to make such payment in full on the due date thereof, or if Bank fails to debit the account.
Appears in 1 contract
Samples: Loan Agreement (Symbion Inc/Tn)
