Common use of Interest Rates, Interest Payments and Default Interest Clause in Contracts

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans as follows: (a) Subject to paragraph (c) below, each Eurodollar Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (A) the Adjusted Eurodollar Rate for such Interest Period plus (B) the Applicable Margin. (b) Subject to paragraph (c) below, each Base Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (A) the Base Rate plus (B) the Applicable Margin. (c) Upon the occurrence and during the continuance of any Event of Default, each Advance shall, at the option of the Agent or at the direction of the Majority Banks, bear interest until paid in full at a rate equal to 2.00% plus the rate that would otherwise be applicable to such Advance (the “Default Rate”). (d) Interest shall be payable (i) with respect to each Eurodollar Rate Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (ii) with respect to any Eurodollar Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on the last day of each calendar quarter included in such Interest Period; (iii) with respect to any Base Rate Advance, on the last day of each month; (iv) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (v) on the Revolving Loan Termination Date; provided, that interest under paragraph (c) of this Section shall be payable on demand.

Appears in 3 contracts

Samples: Credit Agreement (Life Time Fitness Inc), Credit Agreement (Life Time Fitness Inc), Credit Agreement (Life Time Fitness Inc)

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Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans Advances as follows: (a) Subject to paragraph (c) below, each Each Eurodollar Rate Advance on the Revolving Loan shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (Ai) the Adjusted Eurodollar Rate for such Interest Period Period, plus (Bii) the Applicable Revolving Margin. (b) Subject to paragraph (c) below, each Base Each Reference Rate Advance on the Revolving Loan shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (Ai) the Base Rate Reference Rate, plus (Bii) the Applicable Revolving Margin. (c) Upon Each Eurodollar Rate Advance on the occurrence and Term Loan shall bear interest on the unpaid principal amount thereof during the continuance Interest Period applicable thereto at a rate per annum equal to the sum of any Event (i) the Adjusted Eurodollar Rate for such Interest Period, plus (ii) the Applicable Term Margin. (d) Each Reference Rate Advance on the Term Loan shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of Default(i) the Reference Rate, each plus (ii) the Applicable Term Margin. (e) Any Advance shallnot paid when due, whether at the option of the Agent date scheduled therefor or at the direction of the Majority Banksearlier upon acceleration, shall bear interest until paid in full at the Default Rate, which shall be (i) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance during such Interest Period plus 2.0%, and (ii) otherwise, at a rate per annum equal to the “Default Rate”)sum of the rate otherwise applicable to such Advance plus 2.0% per annum. (df) Interest shall be payable (i) with respect to each Eurodollar Rate Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (ii) with respect to any Eurodollar Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on the last day of each calendar quarter included in such Interest Period; (iii) with respect to any Base Reference Rate Advance, on the last day of each month; (iviii) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (v) with respect to all Advances, on the Revolving Loan Termination Date; provided, provided that interest under paragraph Section 3.3 (ce) of this Section shall be payable on demand.

Appears in 3 contracts

Samples: Credit and Security Agreement (Wsi Industries Inc), Credit and Security Agreement (Wsi Industries Inc), Credit and Security Agreement (Wsi Industries Inc)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans and the Term Loans as follows: (a) a. Subject to paragraph (c) below, each Eurodollar Rate Eurocurrency Advance shall bear interest on the unpaid principal amount thereof of such Loan during the Interest Period applicable thereto that applies to such Loan at a rate per annum equal to the sum of (A) the Adjusted Eurodollar Eurocurrency Rate for such Interest Period plus (B) the Applicable Margin. (b) b. Subject to paragraph (c) below, each Base Rate Advance shall bear interest on the unpaid principal amount thereof of such Loan at a varying rate per annum equal to the sum of (A) the Base Rate plus (B) the Applicable Margin. (c) Upon c. Notwithstanding anything to the occurrence and contrary in Section 2.3, 2.6, or this Section 2.7, during the continuance existence of any Event of Default, each Agent or the Majority Lenders have the right, at their option, by notice to Company (which notice may be revoked at the option of the party who gave it, notwithstanding the provisions in Section 9.1 that require unanimous consent of the Lenders to reduce interest rates), to declare that no Advance shallmay be made as, converted into, or continued as a Eurocurrency Advance. During the existence of any Event of Default, at the option of the Agent or at the direction of the Majority BanksLenders, by notice to Company (which notice may be revoked at the option of the party who gave it, notwithstanding any provision of this Agreement requiring unanimous consent of the Lenders to reduce interest rates), (i) each Advance in an Agreed Currency other than U.S. Dollars shall be converted to an Advance in the Approximate Equivalent Amount in U.S. Dollars, notwithstanding any Multicurrency Tranche Lender’s Multicurrency Tranche Commitment, (ii) each Eurocurrency Advance shall bear interest until paid in full for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum, (iii) each Base Rate Advance shall bear interest at a rate per annum equal to the Base Rate in effect from time to time plus 2.00% plus per annum, and (iv) the LC Fee shall be increased by 2.00% per annum, provided that, during the existence of an Event of Default under Section 7.1.e or 7.1.f, the interest rates set forth in clauses (ii) and (iii) above and the increase in the LC Fee set forth in clause (iv) above shall apply to all Credit Extensions without any election or action on the part of Agent or any Lender. After an Event of Default has been cured or waived, the interest rate applicable to Advances and the LC Fee shall revert to the rates that then apply in the absence of an Event of Default. The interest rate that would otherwise be applicable applies under this Section 2.7.c to such each Advance (during the existence of an Event of Default is the “Default Rate”)” with respect to that Advance. (d) d. Interest shall be is payable (i) with respect to each Eurodollar Rate Eurocurrency Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable theretothat applies to such Advance; (ii) with respect to any Eurodollar Rate Eurocurrency Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto that applies to such Advance and on the last day of each calendar quarter included in three-month interval during such Interest Period; (iii) with respect to any Base Rate Advance, on the last day of each month; (iv) with respect to all Advances, upon any permitted prepayment prepayment, whether by acceleration or otherwise (on the amount prepaid); and (v) on the Revolving Loan Facility Termination Date; provided, provided that interest under paragraph (c) of this Section shall be is payable on demand.

Appears in 2 contracts

Samples: Credit Agreement (Life Time Fitness, Inc.), Credit Agreement (Life Time Fitness, Inc.)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans as follows: (a) Subject to paragraph (c) below, each Eurodollar Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (Ai) the Adjusted Eurodollar Rate for such Interest Period Period, plus (Bii) the Applicable Margin. (b) Subject to paragraph (c) below, each Base Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (A) the Base Rate plus (B) the Applicable MarginRate. (c) Upon the occurrence and during the continuance of any Event of Default, each Advance shall, at the option of the Agent or at the direction of the Majority Banks, bear interest until paid in full (i) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance during such Interest Period plus 2.0%, and (ii) otherwise, at a rate per annum equal to the “Default sum of (1) the Base Rate”), plus (2) 2.0%. (d) Interest shall be payable (i) with respect to each Eurodollar Rate Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (ii) with respect to any Eurodollar Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on each day that would have been the last day of each calendar quarter included in the Interest Period for such Advance had successive Interest PeriodPeriods of three months duration been applicable to such Advance; (iii) with respect to any Base Rate Advance, on the last day of each monthquarter; (iv) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (v) with respect to all Advances, on the Revolving Loan Termination Date; provided, provided that interest under paragraph Section 2.4 (c) of this Section shall be payable on demand.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Alleghany Corp /De), 364 Day Revolving Credit Agreement (Alleghany Corp /De)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans as follows: (a) Subject to paragraph (cSection 2.5(c) belowand Section 2.10, each Eurodollar Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (Ai) the Adjusted Eurodollar Rate for such Interest Period Period, plus (Bii) the Applicable Margin. (b) Subject to paragraph (cSection 2.5(c) belowand Section 2.10, each Base Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (A) the Base Rate plus (B) the Applicable MarginRate. (c) Upon the occurrence and during the continuance of any Event of Default, each Advance shall, at the option of the Agent or at the direction of the Majority Banks, bear interest until paid in full (i) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance during such Interest Period plus 2.0%, and (ii) otherwise, at a rate per annum equal to the “Default sum of (1) the Base Rate”), plus (2) 2.0%. (d) Interest shall be payable (i) with respect to each Eurodollar Rate Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (ii) with respect to any Eurodollar Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on each day that would have been the last day of each calendar quarter included in the Interest Period for such Advance had successive Interest PeriodPeriods of three months duration been applicable to such Advance; (iii) with respect to any Base Rate Advance, on the last day of each monthquarter; (iv) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (v) with respect to all Advances, on the Revolving Loan Termination Date; provided, provided that interest under paragraph Section 2.5 (c) of this Section shall be payable on demand.

Appears in 2 contracts

Samples: 364 Day Revolving Credit Agreement (Alleghany Corp /De), Revolving Credit Agreement (Alleghany Corp /De)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans as follows: (a) Subject to paragraph (c) below, each Eurodollar Rate LIBOR Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (Ai) the Adjusted Eurodollar Rate LIBOR for such Interest Period Period, plus (Bii) the Applicable Margin. (b) Subject to paragraph (c) below, each Base Reference Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (A) the Base Rate plus (B) the Applicable MarginReference Rate. (c) Upon the occurrence and during the continuance of any Event of DefaultAny Advance not paid when due, each Advance shall, whether at the option of the Agent date scheduled therefor or at the direction of the Majority Banksearlier upon acceleration, shall bear interest until paid in full (i) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance during such Interest Period plus 2.0%, and (ii) otherwise, at a varying rate per annum equal to the “Default sum of (1) the Reference Rate”), plus (2) two percent (2.0%) per annum. (d) Interest shall be payable (i) with respect to each Eurodollar Rate LIBOR Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (ii) with respect to any Eurodollar Rate each LIBOR Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on each day that would have been the last day of the Interest Period for such Advance had successive Interest Periods of three months duration been applicable to each calendar quarter included in such Interest PeriodAdvance; (iii) with respect to any Base Reference Rate Advance, on the last day of each month; (iv) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (v) with respect to all Advances, on the Revolving Loan Termination Date; provided, provided that interest under paragraph Section 2.5 (c) of this Section shall be payable on demand.

Appears in 2 contracts

Samples: Credit Agreement (Nash Finch Co), Credit Agreement (Nash Finch Co)

Interest Rates, Interest Payments and Default Interest. (a) The Revolving Loans. Interest shall accrue and be payable on the Revolving Loans as follows: (ai) Subject to paragraph (ciii) below, each Eurodollar Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (A) the Adjusted Eurodollar Rate for such Interest Period Period, plus (B) the Applicable Margin. (bii) Subject to paragraph (ciii) below, each Base Prime Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (A) the Base Rate Prime Rate, plus (B) the Applicable Margin. (ciii) Upon the occurrence and during the continuance of any Event of Default, each Advance shall, at the option of the Agent or at the direction of the Majority Banks, bear interest until paid in full at a rate per annum equal to 2.00% plus the higher of (A) the rate that would otherwise be applicable to such Advance but for the provisions of this clause (iii) plus 2.0% and (B) the “Default Rate”)Prime Rate plus 2.0%. (div) Interest shall be payable (iA) with respect to each Eurodollar Rate Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (iiB) with respect to any Eurodollar Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on each day that would have been the last day of each calendar quarter included in the Interest Period for such Advance had successive Interest PeriodPeriods of three months duration been applicable to such Advance; (iiiC) with respect to any Base Prime Rate Advance, on the last day of each month; (ivD) upon any permitted prepayment of a Eurodollar Rate Advance (on the amount prepaid); (E) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (v) on the Revolving Loan Termination Date; provided, provided that interest under paragraph (ca)(iii) of this Section shall be payable on demand.

Appears in 2 contracts

Samples: Credit Agreement (Cabelas Inc), Credit Agreement (Cabelas Inc)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans as follows: (a) Subject to paragraph (cd) below, each Eurodollar Committed Loan that is a Eurocurrency Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (Ai) the Adjusted Eurodollar Eurocurrency Rate for such Interest Period plus (Bii) the Applicable Margin. (b) Subject to paragraph (cd) below, each Base Committed Loan that is a Prime Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (Ai) the Base Prime Rate plus (Bii) the Applicable Margin. (c) Each Bid Loan shall bear interest on the outstanding principal amount thereof from the date of the making of such Bid Loan at a per annum rate equal to the Adjusted Eurocurrency Rate plus (or minus) the Eurocurrency Bid Margin, or at the Absolute Rate, as the case may be. (d) Upon the occurrence and during the continuance continuation of any Event of Default, each Advance shall, at the option of the Agent Majority Lenders (or, in the case of any Event of Default under Sections 6.1(a), (e), (f) or at (g), automatically upon and during the direction continuation of the Majority Banksany such Event of Default), thereafter bear interest until paid in full (or until the corresponding Event of Default is waived in writing by the Majority Lenders), whether at the date scheduled therefor or earlier upon acceleration, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance (the “Default Rate”)plus 2.00%. (de) Interest accrued to the day of payment shall be payable (i) with respect to each Eurodollar Offshore Rate Advance Loan having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (ii) with respect to any Eurodollar Offshore Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on each day that would have been the last day of each calendar quarter included in the Interest Period for such Advance had successive Interest PeriodPeriods of three months duration been applicable to such Advance; (iii) with respect to any Base Prime Rate AdvanceAdvance and any Absolute Rate Bid Loans, on the last first day of each month; and (iv) with respect to all AdvancesLoans, upon any permitted prepayment (on the amount prepaid); and (v) on the Revolving Loan Termination Date; provided, provided that interest under paragraph (cSection 2.5(c) of this Section shall be payable on demand.

Appears in 2 contracts

Samples: 5 Year Revolving Credit Agreement, 5 Year Revolving Credit Agreement (Best Buy Co Inc)

Interest Rates, Interest Payments and Default Interest. (a) The Revolving Loans. Interest shall accrue and be payable on the Revolving Loans as follows: (ai) Subject to paragraph (ciii) below, each Eurodollar Rate LIBOR Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (A) the Adjusted Eurodollar LIBO Rate for such Interest Period plus (B) the Applicable Margin. (bii) Subject to paragraph (ciii) below, each Base Prime Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (A) the Base Prime Rate plus (B) the Applicable Margin. (ciii) Upon the occurrence and during the continuance of any Event of Default, each Advance shall, at the option of the Agent or at the direction of the Majority BanksAgent, bear interest until paid in full at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance (the “Default Rate”)plus 2.00%. (div) Interest shall be payable (iA) with respect to each Eurodollar Rate Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (ii) with respect to any Eurodollar Rate Advance having an Interest Period greater than three monthsLIBOR Advance, on the last day of the Interest Period applicable thereto and and, if such Interest Period is longer than three months, on each day that would have been the last day of each calendar quarter included in the Interest Period for such Advance had successive Interest PeriodPeriods of three months duration been applicable to such Advance; (iiiB) with respect to any Base Prime Rate Advance, on the last day of each month; (ivC) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (vD) with respect to all Advances that are Revolving Loans, on the Revolving Loan Termination Date; provided, however, that interest under paragraph (cSection 2.5(a)(iii) of this Section shall be payable on demand.

Appears in 2 contracts

Samples: Credit Agreement (Dolan Media CO), Credit Agreement (Dolan Media CO)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans Advances as follows: (a) Subject to paragraph (c) below, each Each Eurodollar Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (Ai) the Adjusted Eurodollar Rate for such Interest Period Period, plus (Bii) the Applicable Margin. (b) Subject to paragraph (c) below, each Base Each Reference Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (Ai) the Base Rate Reference Rate, plus (Bii) the Applicable Margin. (c) Upon the occurrence and during the continuance of any Event of DefaultAny Advance not paid when due, each Advance shall, whether at the option of the Agent date scheduled therefor or at the direction of the Majority Banksearlier upon acceleration, shall bear interest until paid in full (i) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance during such Interest Period plus 2.0%, and (ii) otherwise, at a rate per annum equal to the “Default sum of (A) the Reference Rate”), plus (B) the Applicable Margin for Reference Rate Advances, plus (C) 2.0%. (d) Interest shall be payable (i) with respect to each Eurodollar Rate Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (ii) with respect to any Eurodollar Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on each day that would have been the last day of each calendar quarter included in the Interest Period for such Advance had successive Interest PeriodPeriods of three months duration been applicable to such Advance; (iii) with respect to any Base Reference Rate Advance, on the last fifteenth (15) day of each monthmonth beginning January 15, 1996; (iv) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (v) with respect to all Advances, on the Revolving Loan Termination Date; provided, provided that interest under paragraph Section 3.3 (c) of this Section shall be payable on demand.

Appears in 2 contracts

Samples: Credit and Security Agreement (Cryenco Sciences Inc), Credit and Security Agreement (Cryenco Sciences Inc)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans as follows: (ai) Subject to paragraph (ciii) below, each Eurodollar Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (A) the Adjusted Eurodollar Rate for such Interest Period Period, plus (B) the Applicable Margin. (bii) Subject to paragraph (ciii) below, each Base Reference Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (A) the Base Rate Reference Rate, plus (B) the Applicable Margin. (ciii) Upon the occurrence and during the continuance of any Event of Default, each Any Advance which is not paid when due shall, at the option of the Agent or at the direction of the Majority Banks, bear interest until paid in full at the 'Default Rate,' which shall be (A) during the balance of any Interest Period applicable to an outstanding Eurodollar Rate Advance, a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance during such Interest Period plus 2%, and (B) otherwise, a rate per annum equal to the “Default sum of (1) the Reference Rate”), plus (2) the Applicable Margin for Reference Rate Advances, plus (3) 2%. (div) Interest shall be payable (iA) with respect to each Eurodollar Rate Advance having an Interest Period of three months or lessAdvance, on the last day of the Interest Period applicable thereto; (iiB) with respect to any Eurodollar Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on the last day of each calendar quarter included in such Interest Period; (iii) with respect to any Base Reference Rate Advance, on the last day of each month; (ivC) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (vD) with respect to all Advances, on the Revolving Loan Termination Date; provided, provided that interest under paragraph Section 1.6 (ciii) of this Section shall be payable on demand. (v) Revolving Commitment Fees, Letter of Credit Fees and interest on Loans shall be computed on the basis of actual days elapsed and a year of 360 days.

Appears in 1 contract

Samples: Credit Facility (Osmonics Inc)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans as follows: (a) Subject to paragraph (c) below, each Each Eurodollar Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (Ai) the Adjusted Eurodollar Rate for such Interest Period plus PLUS (Bii) the Applicable Margin. (b) Subject to paragraph (c) below, each Base Each Reference Rate Advance shall bear interest on the unpaid principal amount thereof at a varying floating rate per annum equal to the sum of (Ai) the Base Reference Rate plus PLUS (Bii) the Applicable Margin. (c) Upon Each Swing-Line Loan shall bear interest on the occurrence and during unpaid principal amount thereof at a floating rate per annum equal to the continuance of any Event of DefaultSwing-Line Rate. (d) Any Advance or Swing-Line Loan not paid when due, each Advance shall, whether at the option of the Agent date scheduled therefor or at the direction of the Majority Banksearlier upon acceleration, shall bear interest until paid in full (i) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance during such Interest Period PLUS 2.0%, and (ii) otherwise, at a rate per annum equal to the “Default Rate”)sum of the Reference Rate PLUS the Applicable Margin PLUS 2.00%. (de) Interest accrued through each date of payment shall be payable (i) with respect to each Eurodollar Rate Advance having an Interest Period of three months or lessAdvance, on the last day of the Interest Period applicable thereto; (ii) with respect to any Eurodollar Reference Rate Advance having an Interest Period greater than three monthsand each Swing-Line Loan, on the last day of the Interest Period applicable thereto and on the last first day of each calendar quarter included in such Interest Periodmonth; and (iii) with respect to any Base Rate Advanceall Advances and Swing-Line Loans, on the last day of each month; (iv) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (v) on the Revolving Loan Termination Date; provided, PROVIDED that interest under paragraph (cSection 2.06(d) of this Section shall also be payable on demand. (f) Interest payments received by the Agent shall be applied first, to accrued, unpaid interest on the Swing-Line Note then due and payable, and second, to accrued, unpaid interest on the Revolving Notes then due and payable.

Appears in 1 contract

Samples: Credit Agreement (Best Buy Co Inc)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans as follows: (a) Subject to paragraph subparagraph (c) below, each Eurodollar Rate LIBOR Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (Ai) the Adjusted Eurodollar LIBOR Rate for such Interest Period Period, plus (Bii) the Applicable Margin. (b) Subject to paragraph subparagraph (c) below, each Base Rate Advance shall bear interest on the unpaid principal amount thereof at a varying variable rate per annum equal to the sum of (Ai) the Base Rate Rate, plus (Bii) the Applicable Margin. (c) Upon the occurrence and during the continuance continuation of any Event of Default, each Advance shall, at the option of the Agent or at Required Lenders, as notified to the direction of the Majority BanksBorrower, bear interest until paid in full at a rate equal to 2.00% plus (i) during the rate that would otherwise be balance of any Interest Period applicable to such Advance and in any event until such Event of Default is cured or waived in accordance herewith, at a rate per annum equal to the sum of the rate applicable to such Advance during such Interest Period plus 2.0%, and (ii) otherwise, at a rate per annum equal to the “Default sum of (1) the Base Rate”), plus (2) the Applicable Margin for Base Rate Advances, plus (3) 2.0%. (d) Interest shall be payable (i) with respect to each Eurodollar Rate LIBOR Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; , (ii) with respect to any Eurodollar Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on the last day of each calendar quarter included in such Interest Period; (iii) with respect to any Base Rate Advance, on the last day of each month; , and (iviii) with respect to all Advanceseach Advance, upon any permitted prepayment (on the Applicable Termination Date for the related Loan (or, if earlier, the date on which the amount prepaidof such Advance is otherwise due hereunder); and (v) on the Revolving Loan Termination Date; provided, provided that interest under paragraph (cSection 2.7(c) of this Section shall be payable on demand.

Appears in 1 contract

Samples: Credit Agreement (Northwest Airlines Corp)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans as follows: (a) Subject to paragraph (c) below, each Eurodollar Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (Ai) the Adjusted Eurodollar Rate for such Interest Period Period, plus (Bii) the Applicable Margin. (b) Subject to paragraph (c) below, each Base Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (Ai) the Base Rate Rate, plus (Bii) the Applicable Margin. (c) Upon the occurrence and during the continuance of any Event of DefaultAny Advance not paid when due, each Advance shall, whether at the option of the Agent date scheduled therefor or at the direction of the Majority Banksearlier upon acceleration, shall bear interest until paid in full (i) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance during such Interest Period plus 2.0%, and (ii) otherwise, at a rate per annum equal to the “Default sum of (1) the Base Rate”), plus (2) the Applicable Margin for Base Rate Advances, plus (3) 2.0%. (d) Interest shall be payable (i) with respect to each Eurodollar Rate Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (ii) with respect to any Eurodollar Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on each day that would have been the last day of each calendar quarter included in the Interest Period for such Advance had successive Interest PeriodPeriods of three months duration been applicable to such Advance; (iii) with respect to any Base Rate Advance, on the last day of each monthcalendar quarter; (iv) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (v) with respect to all Advances, on the Revolving Loan Termination Date; provided, provided that interest under paragraph (cSection 2.5(c) of this Section shall be payable on demand.

Appears in 1 contract

Samples: Employment Agreement (Damark International Inc)

Interest Rates, Interest Payments and Default Interest. (a) The Revolving Loans and Swingline Loans. Interest shall accrue and be payable on the Revolving Loans and Swingline Loans as follows: (ai) Subject to paragraph (ciii) below, each Eurodollar Eurocurrency Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (A) the Adjusted Eurodollar Eurocurrency Rate for such Interest Period Period, plus (B) the Applicable Margin. (bii) Subject to paragraph (ciii) below, each Base Prime Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (A) the Base Rate Prime Rate, plus (B) the Applicable Margin. (ciii) Upon the occurrence and during the continuance of any Event of Default, each Advance and each Swingline Loan shall, at the option of the Agent or the Required Banks after written notice thereof to the Borrower’s Agent (or, upon the occurrence and during the continuance of any Event of Default under Section 7.1(f) or (g), each Advance and each Swingline Loan shall automatically), bear interest until paid in full (A) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to the sum of the rate applicable to such Advance during such Interest Period plus 2.0%, and (B) otherwise, at a rate per annum equal to the sum of (1) the Prime Rate, plus (2) the Applicable Margin for Prime Rate Advances, plus (3) 2.0%. (iv) Interest shall be payable (A) with respect to each Eurocurrency Rate Advance having an Interest Period of three months or less on the last day of the Interest Period applicable thereto; (B) with respect to any Eurocurrency Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on each day that would have been the last day of the Interest Period for such Advance had successive Interest Periods of three months duration been applicable to such Advance; (C) with respect to any Prime Rate Advance, on the last day of each month; (D) with respect to all Revolving Loans, upon any permitted prepayment (on the amount prepaid); and (E) with respect to all Revolving Loans and Swingline Loans, on the Termination Date; provided that interest under Section 2.6(a)(iii) shall be payable on demand. (b) The Term Loans. Interest shall accrue and be payable on the Term Loans as follows: (i) Subject to paragraph (iii) below, each Eurocurrency Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (A) the Adjusted Eurocurrency Rate for such Interest Period, plus (B) the Applicable Margin. (ii) Subject to paragraph (iii) below, each Prime Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (A) the Prime Rate, plus (B) the Applicable Margin. (iii) Upon the occurrence and during the continuance of any Event of Default, each Advance shall, at the option of the Agent or at the direction Required Banks after written notice thereof to the Borrower’s Agent (or, upon the occurrence and during the continuance of the Majority Banksany Event of Default under Section 7.1(f) or (g), each Advance shall automatically), bear interest until paid in full (A) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance during such Interest Period plus 2.0%, and (B) otherwise, at a rate per annum equal to the “Default sum of (1) the Prime Rate”), plus (2) the Applicable Margin for Prime Rate Advances, plus (3) 2.0%. (div) Interest shall be payable (iA) with respect to each Eurodollar Eurocurrency Rate Advance having an Interest Period of three months or less, less on the last day of the Interest Period applicable thereto; (iiB) with respect to any Eurodollar Eurocurrency Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on each day that would have been the last day of each calendar quarter included in the Interest Period for such Advance had successive Interest PeriodPeriods of three months duration been applicable to such Advance; (iiiC) with respect to any Base Prime Rate Advance, on the last day of each month; and (ivD) with respect to all AdvancesTerm Loans, upon any permitted prepayment (on the amount prepaid); and (v) on the Revolving Term Loan Termination Date; provided, provided that interest under paragraph (cSection 2.6(b)(iii) of this Section shall be payable on demand. (c) The Term Loans (Foreign Currency). Interest shall accrue and be payable on the Term Loans (Foreign Currency) as follows: (i) Subject to paragraph (iii) below, each Eurocurrency Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (A) the Adjusted Eurocurrency Rate for such Interest Period, plus (B) the Applicable Margin. (ii) Subject to paragraph (iii) below, each Prime Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (A) the Prime Rate, plus (B) the Applicable Margin. (iii) Upon the occurrence and during the continuance of any Event of Default, each Advance shall, at the option of the Agent or the Required Banks after written notice thereof to the Borrower’s Agent (or, upon the occurrence and during the continuance of any Event of Default under Section 7.1(f) or (g), each Advance shall automatically), bear interest until paid in full (A) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to the sum of the rate applicable to such Advance during such Interest Period plus 2.0%, and (B) otherwise, at a rate per annum equal to the sum of (1) the Prime Rate, plus (2) the Applicable Margin for Prime Rate Advances, plus (3) 2.0%. (iv) Interest shall be payable (A) with respect to each Eurocurrency Rate Advance having an Interest Period of three months or less on the last day of the Interest Period applicable thereto; (B) with respect to any Eurocurrency Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on each day that would have been the last day of the Interest Period for such Advance had successive Interest Periods of three months duration been applicable to such Advance; (C) with respect to any Prime Rate Advance, on the last day of each month; and (D) with respect to all Term Loans (Foreign Currency), on the Term Loan Termination Date; provided that interest under Section 2.6(b)(iii) shall be payable on demand.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Commercial Vehicle Group, Inc.)

Interest Rates, Interest Payments and Default Interest. (a) The Revolving Loans. Interest shall accrue and be payable on the Revolving Loans as follows: (a) i. Subject to paragraph (ciii) below, each Eurodollar LIBOR Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (A) the Adjusted Eurodollar LIBOR Rate for such Interest Period Period, plus (B) the Applicable Revolving Loan Margin. (b) ii. Subject to paragraph (ciii) below, each Base Prime Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (A) the Base Rate Prime Rate, plus (B) the Applicable Revolving Loan Margin. (c) iii. Upon the occurrence and during the continuance of any Event of Default, each Advance shall, at the option of the Agent or at the direction of the Majority Banks, bear interest until paid in full (A) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance during such Interest Period plus 2.0%, and (B) otherwise, at a rate per annum equal to the “Default sum of (1) the Prime Rate”), plus (2) the Applicable Revolving Loan Margin for Prime Rate Advances, plus (3) 2.0%. (d) iv. Interest shall be payable (iA) with respect to each Eurodollar LIBOR Rate Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (iiB) with respect to any Eurodollar LIBOR Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on each day that would have been the last day of each calendar quarter included in the Interest Period for such Advance had successive Interest PeriodPeriods of three months duration been applicable to such Advance; (iiiC) with respect to any Base Prime Rate Advance, on the last day of each month; (ivD) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (vE) with respect to all Advances, on the Revolving Loan Termination Date; provided, provided that interest under paragraph (ca)(iii) of this Section shall be payable on demand.

Appears in 1 contract

Samples: Credit Agreement (Lecg Corp)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans as follows: (a) Subject to paragraph (c) below, each Loan that is a Eurodollar Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (Ai) the Adjusted Eurodollar Rate for such Interest Period plus (Bii) the Applicable Margin. (b) Subject to paragraph (c) below, each Base Loan that is a Prime Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (Ai) the Base Prime Rate plus (Bii) the Applicable Margin. (c) Upon the occurrence and during the continuance continuation of any payment Event of DefaultDefault in respect of any Advance, each the past due Advance shall, at the option of the Agent Majority Lenders (or, in the case of any Event of Default under Sections 6.1(a), (e), (f) or at (g), automatically upon and during the direction continuation of the Majority Banksany such Event of Default), thereafter bear interest until paid in full (or until the corresponding Event of Default is waived in writing by the Majority Lenders), whether at the date scheduled therefor or earlier upon acceleration, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance (the “Default Rate”)plus 2.00%. (d) Interest accrued to the day of payment shall be payable (i) with respect to each Eurodollar Offshore Rate Advance having an Interest Period of three months or lessLoan, on the last day of the Interest Period applicable thereto; (ii) with respect to any Eurodollar Prime Rate Advance having an Interest Period greater than three monthsAdvance, on the last day of the Interest Period applicable thereto and on the last first day of each calendar quarter included in such Interest Periodmonth; and (iii) with respect to any Base Rate Advanceall Loans, on the last day of each month; (iv) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (v) on the Revolving Loan Termination Date; provided, provided that interest under paragraph (cSection 2.5(c) of this Section shall be payable on demand.

Appears in 1 contract

Samples: Revolving Credit Agreement (Best Buy Co Inc)

Interest Rates, Interest Payments and Default Interest. (a) The Revolving Loans. Interest shall accrue and be payable on the Revolving Loans as follows: (ai) Subject to paragraph (civ) below, each Eurodollar LIBOR Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (A) the Adjusted Eurodollar LIBOR Rate for such Interest Period Period, plus (B) the Applicable Margin; provided that, any LIBOR Rate Advance made or continued during the two (2) month period ending on the Termination Date shall bear interest at the LIBOR Index Rate. (bii) Subject to paragraph (civ) below, each Quoted Rate Advance shall bear interest on the unpaid principal amount thereof at a rate per annum equal to the Quoted Rate. (iii) Subject to paragraph (iv) below, each Base Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (A) the Base Rate Rate, plus (B) the Applicable Margin. (civ) Upon the occurrence and during the continuance of any Event of Default, each Advance in respect of the Revolving Loans shall, at the option of the Agent or at the direction of the Majority BanksRevolving Lenders, bear interest until paid in full at a rate per annum equal to 2.00% plus the rate that would otherwise be applicable to such Advance (the “Default Rate”). (dv) Interest shall be payable (iA) with respect to each Eurodollar LIBOR Rate Advance having an Interest Period of three months or lessAdvance, on the last day of the Interest Period applicable thereto; thereto (ii) with respect to and, in the case of any Eurodollar LIBOR Rate Advance having an Interest Period greater than three months, on the last three month anniversary of the first day of such Interest Period); provided that, with respect to each LIBOR Rate Advance made during the Interest Period applicable thereto and two (2) month period ending on the last Termination Date, interest shall be payable, in arrears, on the twentieth (20th) day of each calendar quarter included in such Interest Periodmonth; (iiiB) with respect to any Base Rate Advance or Quoted Rate Advance, on the last twentieth (20th) day of each month; (ivC) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (vD) with respect to all Advances, on the Revolving Loan Termination Date; provided, provided that interest under paragraph (ca)(iv) of this Section shall be payable on demand.

Appears in 1 contract

Samples: Credit Agreement (Golden Oval Eggs LLC)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans as follows: (a) Subject to paragraph (cd) below, each Eurodollar Rate LIBOR Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (Ai) the Adjusted Eurodollar Rate LIBOR (Reserve Adjusted) for such Interest Period Period, plus (Bii) the Applicable Margin. (b) Subject to paragraph (cd) below, each Base Prime Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (Ai) the Base Rate Prime Rate, plus or minus, as applicable, (Bii) the Applicable Margin. (c) Subject to paragraph (d) below, each Daily Floating LIBOR Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (i) the Daily Floating LIBOR Rate, plus (ii) the Applicable Margin. (d) Upon the occurrence and during the continuance of any Event of Default, each Advance shall, at the option of the Agent or at the direction of the Majority Required Banks, bear interest until paid in full (i) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance during such Interest Period plus 2.00%, or (ii) otherwise, at a rate per annum equal to the “Default Rate”)Prime Rate plus 2.00%. (de) Interest shall be payable (i) with respect to each Eurodollar Rate LIBOR Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (ii) with respect to any Eurodollar Rate LIBOR Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on each day that would have been the last day of each calendar quarter included in the Interest Period for such Advance had successive Interest PeriodPeriods of three months duration been applicable to such Advance; (iii) with respect to any Base Prime Rate Advance, on the last day of each month; (iv) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (vE) with respect to all Advances, on the Revolving Loan Termination Date; provided, provided that interest under paragraph (cSection 2.6(d) of this Section shall be payable on demand.

Appears in 1 contract

Samples: Credit Agreement (Marten Transport LTD)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans as follows: (a) Subject to paragraph (cd) belowbelow and to Section 2.23, each Eurodollar Rate Term SOFR Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (A) the Adjusted Eurodollar Rate for such Interest Period plus (B) the Applicable MarginTerm SOFR Rate. (b) Subject to paragraph (cd) below, each Base Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (A) the Base Rate plus (B) the Applicable MarginRate. (c) Subject to paragraph (d) below and to Section 2.23, each Daily Term SOFR Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the Daily Term SOFR Rate. (d) Upon the occurrence and during the continuance of any Event of Default, each Advance shall, at the option of the Agent or at the direction of the Majority Required Banks, bear interest until paid in full (i) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance during such Interest Period plus 2.00%, or (ii) otherwise, at a rate per annum equal to the “Default Rate”)Prime Rate plus 2.00%. (de) Interest shall be payable (i) with respect to each Eurodollar Rate Term SOFR Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (ii) with respect to any Eurodollar Rate Term SOFR Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on each day that would have been the last day of each calendar quarter included in the Interest Period for such Advance had successive Interest PeriodPeriods of three months duration been applicable to such Advance; (iii) with respect to any Base Rate Advance, on the last day of each month; (iv) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (vE) with respect to all Advances, on the Revolving Loan Termination Date; provided, provided that interest under paragraph (cSection 2.6(d) of this Section shall be payable on demand.

Appears in 1 contract

Samples: Credit Agreement (Marten Transport LTD)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans as follows: (a) Subject to paragraph (cd) below, each Fixed Eurodollar Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (Ai) the Adjusted Fixed Eurodollar Rate for such Interest Period Period, plus (Bii) the Applicable Margin. (b) Subject to paragraph (cparagraph(d) below, each Base Floating Eurodollar Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (A) the Base i)the Adjusted Floating Eurodollar Rate plus (Bii)the Applicable Margin. (c) Subject to paragraph (d) below, each Reference Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (i) the Reference Rate, plus (ii) the Applicable Margin. (cd) Upon the occurrence and during the continuance of any Event of Default, each Any Advance not paid when due (including on acceleration) shall, at the option of the Agent or at the direction of the Majority BanksBank, bear interest until paid in full (i) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance during such Interest Period plus 2.0%, and (ii) otherwise, at a rate per annum equal to the “Default sum of (1) the Reference Rate”), plus (2) the Applicable Margin for Reference Rate Advances, plus (3) 2.0%. (de) Interest shall be payable (i) with respect to each Fixed Eurodollar Rate Advance having an Interest Period of three months sixty days or less, on the last day of the Interest Period applicable thereto; (ii) with respect to any each Reference Rate Advance and Floating Eurodollar Rate Advance having an Interest Period greater than three monthsAdvance, on the last day of the Interest Period applicable thereto and monthly in arrears on the last day of each calendar quarter included in such Interest Periodmonth; (iii) with respect to any Base Rate Advance, on the last day of each month; (iv) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (v) iv)with respect to all Advances, on the Revolving Loan Termination Date; provided, provided that interest under paragraph (cSection2.5(d) of this Section shall be payable on demand.

Appears in 1 contract

Samples: Credit Agreement (Piper Jaffray Companies Inc)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans Term Loan as follows: (a) Subject to paragraph (c) below, each Eurodollar Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (Ai) the Adjusted Eurodollar Rate for such Interest Period Period, plus (Bii) the Applicable Margin. (b) Subject to paragraph (c) below, below each Base Reference Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (Ai) the Base Rate Reference Rate, plus (Bii) the Applicable Margin. (c) Upon the occurrence and during the continuance of any Event of DefaultAny Advance not paid when due, each Advance shall, whether at the option of the Agent date scheduled therefor or at the direction of the Majority Banksearlier upon acceleration, shall bear interest until paid in full (i) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance during such Interest Period plus 2.0%, and (ii) otherwise, at a rate per annum equal to the “Default sum of (1) the Reference Rate”), plus (2) the Applicable Margin for Reference Rate Advances, plus (3) 2.0%. (d) Interest shall be payable (i) with respect to each Eurodollar Rate Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (ii) with respect to any Eurodollar Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on the last day of each calendar quarter included in such Interest Period; (iii) with respect to any Base Reference Rate Advance, on the last day of each month; (iviii) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (viv) with respect to all Advances, on the Revolving earlier of the date on which the unpaid principal amount of the Term Loan Termination Dateis paid in full or Maturity; provided, provided that interest under paragraph Section 2.5 (c) of this Section shall be payable on demand.

Appears in 1 contract

Samples: Loan Agreement (Piper Jaffray Companies Inc)

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Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans as follows: (a) Subject to paragraph (c) below, each Eurodollar Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (Ai) the Adjusted Eurodollar Rate for such Interest Period Period, plus (Bii) the Applicable Margin. (b) Subject to paragraph (c) below, each Base Reference Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (Ai) the Base Rate Reference Rate, plus (Bii) the Applicable Margin. (c) Upon the occurrence and during the continuance of any Event of Default, each Advance shall, at the option of the Agent or at the direction of the Majority Banks, bear interest until paid in full (i) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance during such Interest Period plus 2.0%, and (ii) otherwise, at a rate per annum equal to the “Default sum of (1) the Reference Rate”), plus (2) the Applicable Margin for Reference Rate Advances, plus (3) 2.0%. (d) Interest shall be payable (i) with respect to each Eurodollar Rate Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (ii) with respect to any Eurodollar Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on each day that would have been the last day of each calendar quarter included in the Interest Period for such Advance had successive Interest PeriodPeriods of three months duration been applicable to such Advance; (iii) with respect to any Base Reference Rate Advance, on the last day of each month; (iv) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (v) with respect to all Advances, on the Revolving Loan Termination Date; provided, provided that interest under paragraph Section 2.5 (c) of this Section shall be payable on demand.

Appears in 1 contract

Samples: Credit Agreement (Graco Inc)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans as follows: (a) Subject to paragraph (c) below, each Eurodollar Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (Ai) the Adjusted Eurodollar Rate for such Interest Period Period, plus (Bii) the Applicable Margin. (b) Subject to paragraph (c) below, each Base Reference Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (A) the Base Rate plus (B) the Applicable MarginReference Rate. (c) Upon the occurrence and during the continuance of any Event of Default, each Advance shall, at the option of the Agent or at the direction of the Majority Banks, bear interest until paid in full (i) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance during such Interest Period plus 2.0%, and (ii) otherwise, at a rate per annum equal to the “Default Rate”)Reference Rate plus 2.0%. (d) Interest shall be payable (i) with respect to each Eurodollar Rate Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (ii) with respect to any Eurodollar Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on each day that would have been the last day of each calendar quarter included in the Interest Period for such Advance had successive Interest PeriodPeriods of three months duration been applicable to such Advance; (iii) with respect to any Base Reference Rate Advance, on the last day of each month; (iv) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (vE) with respect to all Advances, on the Revolving Loan Termination Date; provided, provided that interest under paragraph Section 2.5 (c) of this Section shall be payable on demand. (e) Interest on all or a portion (in increments of not less than $5,000,000) of the Revolving Notes may be converted at the request of the Borrower and with the consent and approval of all of the Banks to a fixed rate per annum from the conversion date (which shall be a date on which no Eurodollar Rate Advances are outstanding with respect to the portion being so converted) to a Business Day not later than the Termination Date, which fixed rate per annum shall be determined by the Banks, in which case the Banks and the Borrower will enter such amendments as the Banks and the Agent deem reasonably necessary to effect such conversion.

Appears in 1 contract

Samples: Credit Agreement (Marten Transport LTD)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans as follows: (ai) Subject to paragraph (ciii) below, each Eurodollar Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (A) the Adjusted Eurodollar Rate for such Interest Period Period, plus (B) the Applicable Margin. (bii) Subject to paragraph (ciii) below, each Base Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (A) the Base Rate Rate, plus (B) the Applicable Margin. (ciii) Upon the occurrence and during the continuance continuation of any Event of Default, each Advance shall, at the option of the Agent or at the direction of the Majority Banks, bear interest until paid in full at the "Default Rate," which shall be (A) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance during such Interest Period plus 2.0%, and (B) otherwise, at a rate per annum equal to the “Default sum of (1) the Base Rate”), plus (2) the Applicable Margin for Base Rate Advances, plus (3) 2.0%. (div) Interest shall be payable (iA) with respect to each Eurodollar Rate Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (iiB) with respect to any Eurodollar Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on each day that would have been the last day of each calendar quarter included in the Interest Period for such Advance had successive Interest PeriodPeriods of three months duration been applicable to such Advance; (iiiC) with respect to any Base Rate Advance, on the last day of each month; (ivD) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (vE) with respect to all Advances, on the Revolving Loan Termination Date; provided, provided that interest under paragraph Section 2.5 (ca) of this Section (iii) shall be payable on demandupon written demand by the Agent.

Appears in 1 contract

Samples: Credit Agreement (Panther Transport Inc)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans as follows: (a) Subject to paragraph (c) below, each Eurodollar Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (Ai) the Adjusted Eurodollar Rate for such Interest Period Period, plus (Bii) the Applicable Margin. (b) Subject to paragraph (d) below, each Negotiated Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the applicable Negotiated Rate. (c) Subject to paragraph (c) below, each Base Reference Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (Ai) the Base Rate Reference Rate, plus (Bii) the Applicable Margin. (cd) Upon the occurrence and during the continuance of any Event of Default, each Advance shall, at the option of the Agent or at the direction of the Majority BanksBank, bear interest until paid in full at a rate per annum equal to 2.00% the sum of (i) the Reference Rate, plus (ii) the rate that would otherwise be applicable to such Advance Applicable Margin for Reference Rate Advances, plus (the “Default Rate”)iii) 2.0%. (de) Commencing September 30, 1999, Interest shall be payable (i) with respect to each Eurodollar Advance, on each March 31, June 30, September 30 and December 31 and, in the case of a Fixed Rate Advance having an Interest Period of three months or lessAdvance, on the last day of the Interest Period applicable thereto; (ii) with respect to any Eurodollar Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on the last day of each calendar quarter included in such Interest Period; (iii) with respect to any Base Rate Advance, on the last day of each month; (iv) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (viii) with respect to all Advances under the Revolving Note, on the Revolving Loan Termination Maturity Date; provided, provided that interest under paragraph Section 2.6 (cd) of this Section shall be payable on demand.

Appears in 1 contract

Samples: Credit Agreement (California Community Bancshares Inc)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans as follows: (ai) Subject to paragraph (ciii) below, each Eurodollar Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (A) the Adjusted Eurodollar Rate for such Interest Period Period, plus (B) the Applicable Margin. (bii) Subject to paragraph (ciii) below, each Base Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (A) the Base Rate Rate, plus (B) the Applicable Margin. (ciii) Upon the occurrence and during the continuance continuation of any Event of Default, each Advance shall, at the option of the Agent or at the direction of the Majority BanksLenders, bear interest until paid in full at the "Default Rate," which shall be (A) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance during such Interest Period plus 2.0%, and (B) otherwise, at a rate per annum equal to the “Default sum of (1) the Base Rate”), plus (2) the Applicable Margin for Base Rate Advances, plus (3) 2.0%. (div) Interest shall be payable (iA) with respect to each Eurodollar Rate Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (iiB) with respect to any Eurodollar Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on each day that would have been the last day of each calendar quarter included in the Interest Period for such Advance had successive Interest PeriodPeriods of three months duration been applicable to such Advance; (iiiC) with respect to any Base Rate Advance, on the last day of each month; (ivD) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (vE) with respect to all Advances, on the Revolving Loan Termination Date; provided, provided that interest under paragraph Section 2.5 (ciii) of this Section shall be payable on demandupon written demand by the Agent.

Appears in 1 contract

Samples: Credit Agreement (Omega Cabinets LTD)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans as follows: (a) Subject to paragraph (cd) below, each Eurodollar Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (Ai) the Adjusted Eurodollar Rate for such Interest Period Period, plus (Bii) the Applicable Margin. (b) Subject to paragraph (cd) below, each Base Negotiated Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the applicable Negotiated Rate. (c) Subject to paragraph (d) below, each Reference Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (Ai) the Base Rate Reference Rate, plus (Bii) the Applicable Margin. (cd) Upon the occurrence and during the continuance of any Event of Default, each Advance shall, at the option of the Agent or at the direction of the Majority BanksBank, bear interest until paid in full at a rate per annum equal to 2.00% the sum of (i) the Reference Rate, plus (ii) the rate that would otherwise be applicable to such Advance Applicable Margin for Reference Rate Advances, plus (the “Default Rate”)iii) 2.0%. (de) Interest shall be payable (i) with respect to each Eurodollar Advance, on each March 31, June 30, September 30 and December 31 and, in the case of a Fixed Rate Advance having an Interest Period of three months or lessAdvance, on the last day of the Interest Period applicable thereto; (ii) with respect to any Eurodollar Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on the last day of each calendar quarter included in such Interest Period; (iii) with respect to any Base Rate Advance, on the last day of each month; (iv) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (viii) with respect to all Advances under the Revolving Note, on the Revolving Loan Termination Maturity Date; providedand (iv) with respect to all Advances under the Term Note, on the Term Maturity Date; provided that interest under paragraph (cSection 2.6(d) of this Section shall be payable on demand.

Appears in 1 contract

Samples: Credit Agreement (RTW Inc /Mn/)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans Advances as follows: (a) Subject to paragraph (c) below, each Each Eurodollar Rate Advance on the Revolving Loan shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (Ai) the Adjusted Eurodollar Rate for such Interest Period Period, plus (Bii) the Applicable Margin. (b) Subject to paragraph (c) below, each Base Each Reference Rate Advance on the Revolving Loan shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (Ai) the Base Rate Reference Rate, plus (Bii) the Applicable Margin. (c) Upon the occurrence and during the continuance happening of any Event of Default, each Advance on the Revolving Loan shall, at the option of the Agent or at the direction of the Majority BanksLender, bear interest until paid in full (i) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance during such Interest Period plus 2.0%, and (ii) otherwise, at a rate per annum equal to the “Default sum of (A) the Reference Rate”), plus (B) the Applicable Margin for Reference Rate Advances, plus (C) 2.0%. (d) Interest on the Revolving Loan shall be payable (i) with respect to each Eurodollar Rate Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (ii) with respect to any Eurodollar Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on each day that would have been the last day of each calendar quarter included in the Interest Period for such Advance had successive Interest PeriodPeriods of three months duration been applicable to such Advance; (iii) with respect to any Base Reference Rate Advance, on the last day of each month; (iv) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (v) with respect to all Advances on the Revolving Loan Termination Maturity Date; provided, provided that interest under paragraph Section S3 (c) of this Section shall be payable on demand.

Appears in 1 contract

Samples: Credit Agreement (Rimage Corp)

Interest Rates, Interest Payments and Default Interest. (a) The Revolving 364-Day Loans. Interest shall accrue and be payable on the Revolving 364-Day Loans as follows: (ai) Subject to paragraph (c) belowSection 2.5(a)(iii), each Eurodollar Rate Advance comprising a portion of the Revolving 364-Day Loans shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (A) the Adjusted Eurodollar Rate for such Interest Period Period, plus (B) the Applicable MarginMargin applicable to Revolving 364-Day Loans. (bii) Subject to paragraph (c) belowSection 2.5(a)(iii), each Base Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (A) the Base Rate plus (B) the Applicable MarginRate. (ciii) Upon the occurrence and during the continuance of any Event of Default, each Advance comprising a portion of the Revolving 364-Day Loans shall, at the option of the Agent or at the direction of the Majority BanksLenders, bear interest until paid in full (A) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance during such Interest Period plus 2.0%, and (B) thereafter, at a rate per annum equal to the “Default sum of (1) the Base Rate”), plus (2) 2.0%. (div) Interest shall be payable (iA) with respect to each such Eurodollar Rate Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (iiB) with respect to any such Eurodollar Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on each day that would have been the last day of each calendar quarter included in the Interest Period for such Advance had successive Interest PeriodPeriods of three months duration been applicable to such Advance; (iiiC) with respect to any such Base Rate Advance, on the last day of each month; (ivD) with respect to all such Eurodollar Rate Advances, upon any permitted prepayment (on the amount prepaid); and (vE) with respect to all such Advances, on the Revolving Loan 364-Day Termination Date; provided, provided that interest under paragraph Section 2.5 (ca)(iii) of this Section shall be payable on demand. (b) The Revolving 3-Year Loans. Interest shall accrue and be payable on the Revolving 3-Year Loans as follows: (i) Subject to Section 2.5(b)(iii), each Eurodollar Rate Advance comprising a portion of the Revolving 3-Year Loans shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (A) the Adjusted Eurodollar Rate for such Interest Period, plus (B) the Applicable Margin applicable to Revolving 3-Year Loans. (ii) Subject to Section 2.5(b)(iii), each Base Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the Base Rate. (iii) Upon the occurrence and during the continuance of any Event of Default, each Advance comprising a portion of the Revolving 3-Year Loans shall, at the option of the Majority Lenders, bear interest until paid in full (A) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to the sum of the rate applicable to such Advance during such Interest Period plus 2.0%, and (B) otherwise, at a rate per annum equal to the sum of (1) the Base Rate, plus (2) 2.0%. (iv) Interest shall be payable (A) with respect to each such Eurodollar Rate Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (B) with respect to any such Eurodollar Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on each day that would have been the last day of the Interest Period for such Advance had successive Interest Periods of three months duration been applicable to such Advance; (C) with respect to any such Base Rate Advance, on the last day of each month; (D) with respect to all such Eurodollar Rate Advances, upon any permitted prepayment (on the amount prepaid); and (E) with respect to all such Advances, on the Revolving 3-Year Termination Date; provided that interest under Section 2.5 (a)(iii) shall be payable on demand.

Appears in 1 contract

Samples: Credit Agreement (Reliastar Financial Corp)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans as follows: (a) Subject to paragraph (cd) belowbelow and to Section 2.23, each Eurodollar Rate Term SOFR Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (A) the Adjusted Eurodollar Rate for such Interest Period plus (B) the Applicable MarginTerm SOFR Rate. (b) Subject to paragraph (cd) below, each Base Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (A) the Base Rate plus (B) the Applicable MarginRate. (c) Subject to paragraph (d) below and to Section 2.23, each Daily Term SOFR Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the Daily Term SOFR Rate. (d) Upon the occurrence and during the continuance of any Event of Default, each Advance shall, at the option of the Agent or at the direction of the Majority Required Banks, bear interest until paid in full (i) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance during such Interest Period plus 2.00%, or (ii) otherwise, at a rate per annum equal to the “Default Rate”)Prime Rate plus 2.00%. (de) Interest shall be payable (i) with respect to each Eurodollar Rate Term SOFR Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (ii) with respect to any Eurodollar Rate Term SOFR Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on each day that would have been the last day of each calendar quarter included in the Interest Period for such Advance had successive Interest PeriodPeriods of three months duration been applicable to such Advance; (iii) with respect to any Base Rate Advance, on the last day of each month; (iv) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (vE) with respect to all Advances, on the Revolving Loan Termination Date; provided, provided that interest under paragraph (cSection 2.6(d) of this Section shall be payable on demand."

Appears in 1 contract

Samples: Credit Agreement (Marten Transport LTD)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans as follows: (a) Subject to paragraph (c) below, each Eurodollar Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (Ai) the Adjusted Eurodollar Rate for such Interest Period Period, plus (Bii) the Applicable Margin. (b) Subject to paragraph (c) below, each Base Prime Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (Ai) the Base Rate Prime Rate, plus (Bii) the Applicable Margin. (c) Upon the occurrence and during the continuance of any Event of Default, each Advance shall, at the option of the Agent or at the direction of the Majority Banks, bear interest until paid in full (i) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance during such Interest Period plus 2.0%, and (ii) otherwise, at a rate per annum equal to the “Default sum of (A) the Prime Rate”), plus (B) the Applicable Margin for Prime Rate Advances, plus (C) 2.0%. (d) Interest shall be payable (i) with respect to each Eurodollar Rate Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (ii) with respect to any Eurodollar Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on each day that would have been the last day of each calendar quarter included in the Interest Period for such Advance had successive Interest PeriodPeriods of three months duration been applicable to such Advance; (iii) with respect to any Base Prime Rate Advance, on the last day of each month; (iv) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (v) with respect to all Advances, on the Revolving Loan Termination Date; provided, provided that interest under paragraph (cSection 2.4(c) of this Section shall be payable on demand.

Appears in 1 contract

Samples: Credit Agreement (Norstan Inc)

Interest Rates, Interest Payments and Default Interest. (a) The Revolving Loans. Interest shall accrue and be payable on the Revolving Loans as follows: (ai) Subject to paragraph (civ) below, each Eurodollar LIBOR Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (A) the Adjusted Eurodollar LIBOR Rate for such Interest Period Period, plus (B) the Applicable Margin. (bii) Subject to paragraph (civ) below, each Quoted Rate Advance shall bear interest on the unpaid principal amount thereof at a rate per annum equal to the Quoted Rate. (iii) Subject to paragraph (iv) below, each Base Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (A) the Base Rate Rate, plus (B) the Applicable Margin. (civ) Upon the occurrence and during the continuance of any Event of Default, each Advance in respect of the Revolving Loans shall, at the option of the Agent or at the direction of the Majority BanksRevolving Lenders, bear interest until paid in full at a rate per annum equal to 2.00% plus the rate that would otherwise be applicable to such Advance (the “Default Rate”). (dv) Interest shall be payable (iA) with respect to each Eurodollar LIBOR Rate Advance having an Interest Period of three months or lessAdvance, on the last day of the Interest Period applicable thereto; thereto (ii) with respect to and, in the case of any Eurodollar LIBOR Rate Advance having an Interest Period greater than three months, on the last three month anniversary of the first day of the Interest Period applicable thereto and on the last day of each calendar quarter included in such Interest Period); (iiiB) with respect to any Base Rate Advance or Quoted Rate Advance, on the last twentieth (20th) day of each month; (ivC) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (vD) with respect to all Advances, on the Revolving Loan Termination Date; provided, provided that interest under paragraph (ca)(iv) of this Section shall be payable on demand.

Appears in 1 contract

Samples: Credit Agreement (Golden Oval Eggs LLC)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans as follows: (a) Subject to paragraph (c) below, each Eurodollar Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (Ai) the Adjusted Eurodollar Rate for such Interest Period plus (Bii) the Applicable Margin. (b) Subject to paragraph (c) below, each Base Prime Rate Advance shall bear interest on the unpaid principal amount thereof at a varying floating rate per annum equal to the sum of (Ai) the Base Prime Rate plus (Bii) the Applicable Margin. (c) Upon the occurrence and during the continuance continuation of any Event of Default, each Advance shall, at the option of the Agent Majority Banks (or, in the case of any Event of Default under Sections 6.1(a), (e), (f) or at (g), automatically upon and during the direction continuation of the Majority Banksany such Event of Default), bear interest until paid in full (or until the corresponding Event of Default is waived in writing by the Majority Banks), whether at the date scheduled therefor or earlier upon acceleration, shall bear interest as follows: (i) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance during such Interest Period plus 2.0%, and (ii) otherwise, at a rate per annum equal to the “Default Rate”)sum of the Prime Rate plus the Applicable Margin plus 2.00%. (d) Interest accrued to the day of payment shall be payable (iA) with respect to each Eurodollar Rate Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (iiB) with respect to any Eurodollar Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on each day that would have been the last day of each calendar quarter included in the Interest Period for such Advance had successive Interest PeriodPeriods of three months duration been applicable to such Advance; (iiiC) with respect to any Base Prime Rate Advance, on the last first day of each month; and (ivD) with respect to all AdvancesLoans, upon any permitted prepayment (on the amount prepaid); and (v) on the Revolving Loan Termination Date; provided, provided that interest under paragraph (cSection 2.5(c) of this Section shall be payable on demand. (e) Interest payments received by the Agent shall be applied to accrued, unpaid interest on the Revolving Notes, as applicable, as may then be due and payable.

Appears in 1 contract

Samples: Credit Agreement (Best Buy Co Inc)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans as follows: (a) Subject to paragraph (c) below, each Each Eurodollar Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (Ai) the Adjusted Eurodollar Rate for such Interest Period plus (Bii) the Applicable Margin. (b) Subject to paragraph (c) below, each Base Each Reference Rate Advance shall bear interest on the unpaid principal amount thereof at a varying floating rate per annum equal to the sum of (Ai) the Base Reference Rate plus PLUS (Bii) the Applicable Margin. (c) Upon the occurrence and during the continuance of any Event of DefaultAny Advance not paid when due, each Advance shall, whether at the option of the Agent date scheduled therefor or at the direction of the Majority Banksearlier upon acceleration, shall bear interest until paid in full (i) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to 2.00% plus the sum of the rate that would otherwise be applicable to such Advance during such Interest Period PLUS 2.0%, and (ii) otherwise, at a rate per annum equal to the “Default Rate”)sum of the Reference Rate PLUS the Applicable Margin PLUS 2.00%. (d) Interest accrued through each date of payment shall be payable (i) with respect to each Eurodollar Rate Advance having an Interest Period of three months or lessAdvance, on the last day of the Interest Period applicable thereto; (ii) with respect to any Eurodollar Rate Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto and on the last day of each calendar quarter included in such Interest Period; (iii) with respect to any Base Reference Rate Advance, on the last first day of each month; and (iviii) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (v) on the Revolving Loan Termination Date; provided, PROVIDED that interest under paragraph (cSection 2.05(c) of this Section shall also be payable on demand. (e) Interest payments received by the Agent shall be applied to accrued, unpaid interest on the Revolving Notes then due and payable.

Appears in 1 contract

Samples: Credit Agreement (Best Buy Co Inc)

Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Revolving Loans as follows: (a) a. Subject to paragraph (c) below, each Eurodollar Rate Eurocurrency Advance shall bear interest on the unpaid principal amount thereof of such Revolving Loan during the Interest Period applicable thereto that applies to such Revolving Loan at a rate per annum equal to the sum of (A) the Adjusted Eurodollar Eurocurrency Rate for such Interest Period plus (B) the Applicable Margin. (b) b. Subject to paragraph (c) below, each Base Rate Advance shall bear interest on the unpaid principal amount thereof of such Revolving Loan at a varying rate per annum equal to the sum of (A) the Base Rate plus (B) the Applicable Margin. (c) Upon c. Notwithstanding anything to the occurrence and contrary in Section 2.3, 2.6, or this Section 2.7, during the continuance existence of any Default or Event of Default, Agent or the Majority Lenders have the right, at their option, by notice to Company (which notice may be revoked at the option of the party who gave it, notwithstanding the provisions in Section 9.1 that require unanimous consent of the Lenders to reduce interest rates), declare that no Advance may be made as, converted into, or continued as a Eurocurrency Advance. During the existence of any Event of Default, each Advance shall, at the option of the Agent or at the direction of the Majority BanksLenders, by notice to Company (which notice may be revoked at the option of the party who gave it, notwithstanding any provision of this Agreement requiring unanimous consent of the Lenders to reduce interest rates), declare that (i) each Advance in an Agreed Currency other than U.S. Dollars shall be converted to an Advance in the Approximate Equivalent Amount in U.S. Dollars, notwithstanding any Multicurrency Tranche Lender’s Multicurrency Tranche Commitment, (ii) each Eurocurrency Advance shall bear interest until paid in full for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum, (iii) each Base Rate Advance shall bear interest at a rate per annum equal to the Base Rate in effect from time to time plus 2.00% plus per annum, and (iv) the LC Fee shall be increased by 2.00% per annum, provided that, during the existence of an Event of Default under Section 7.1.e or 7.1.f, the interest rates set forth in clauses (ii) and (iii) above and the increase in the LC Fee set forth in clause (iv) above shall apply to all Credit Extensions without any election or action on the part of Agent or any Lender. After an Event of Default has been cured or waived, the interest rate applicable to Advances and the LC Fee shall revert to the rates that then apply in the absence of an Event of Default. The interest rate that would otherwise be applicable applies under this Section 2.7.c to such each Advance (during the existence of an Event of Default is the “Default Rate”)” with respect to that Advance. (d) d. Interest shall be is payable (i) with respect to each Eurodollar Rate Eurocurrency Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable theretothat applies to such Advance; (ii) with respect to any Eurodollar Rate Eurocurrency Advance having an Interest Period greater than three months, on the last day of the Interest Period applicable thereto that applies to such Advance and on the last day of each calendar quarter included in three-month interval during such Interest Period; (iii) with respect to any Base Rate Advance, on the last day of each month; (iv) with respect to all Advances, upon any permitted prepayment prepayment, whether by acceleration or otherwise (on the amount prepaid); and (v) on the Revolving Loan Facility Termination Date; provided, provided that interest under paragraph (c) of this Section shall be is payable on demand.

Appears in 1 contract

Samples: Credit Agreement (Life Time Fitness, Inc.)

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