Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate. (b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. (c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. (e) All computations of interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.
Appears in 3 contracts
Samples: Credit Agreement, Credit Agreement (Dell Technologies Inc), Credit Agreement (Dell Technologies Inc)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.13 or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph clause (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender2.13.
(d) Accrued interest on each Loan (for ABR Loans, accrued through the last day of the prior calendar quarter) shall be payable in arrears on each Interest Payment Date for such LoanLoan and upon termination of the Commitments; provided, provided that (i) interest accrued pursuant to paragraph clause (c) of this Section 2.13 shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that (x) interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate shall be made computed on the basis of a year of 365 days (or 366 daysdays in a leap year), as or (y) or, in the case may beof interest in respect of Loans denominated in Alternative Currencies as to which market practice differs from the foregoing, in accordance with such market practice, and actual days elapsed. All other computations of fees and interest in each case shall be made payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(f) For the purposes of the Interest Act (Canada), (i) whenever a rate of interest or fee rate hereunder is calculated on the basis of a 360-day year (the “deemed year”) that contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest or fee rate shall be expressed as a yearly rate by multiplying such rate of interest or fee rate by the actual number of days in the calendar year of calculation and actual dividing it by the number of days elapsed in the deemed year, (which results in more fees or interest, as applicable, being paid than if computed on ii) the basis principle of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and deemed reinvestment of interest shall not accrue on a Loan, apply to any interest calculation hereunder and (iii) the rates of interest stipulated herein are intended to be nominal rates and not effective rates or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest erroryields.
Appears in 3 contracts
Samples: Credit Agreement (Datto Holding Corp.), Credit Agreement (Jamf Holding Corp.), Credit Agreement (Ping Identity Holding Corp.)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid at all times when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses listed in paragraph (a), (b), (h) or (ib) of Section 7.01Article VII has occurred hereunder and is continuing, such all overdue amount amounts outstanding hereunder shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other overdue amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 3 contracts
Samples: Revolving Credit Agreement, Revolving Credit Agreement (Zynga Inc), Revolving Credit Agreement (Zynga Inc)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable RateMargin.
(b) The Loans comprising each Eurocurrency LIBOR Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Notwithstanding the foregoing, if any upon the occurrence and during the continuance of a Specified Default upon delivery of notice thereof by the Administrative Agent, principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% per annum two percent (2.0%) plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or 2.12 and (ii) in the case of any other amountamounts, 2.00% per annum two percent (2.0%) plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender2.12.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section 2.12 shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan of any Lender (other than a prepayment of an ABR Loan prior to the end of the Revolving Availability Period with respect to such Lender), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency LIBOR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations of interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Rate) hereunder shall be made computed on the basis of a year of 365 360 days (or 366 days, as 365/366 days in the case may beof ABR Loans), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 3 contracts
Samples: Superpriority Debtor in Possession Credit Agreement (Great Atlantic & Pacific Tea Co Inc), Superpriority Debtor in Possession Credit Agreement, Superpriority Debtor in Possession Credit Agreement
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and upon termination of the Commitments, provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 3 contracts
Samples: Credit Agreement (E TRADE FINANCIAL Corp), Credit Agreement (E TRADE FINANCIAL Corp), Credit Agreement (E Trade Financial Corp)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 3 contracts
Samples: Credit Agreement (Blackstone Group L.P.), Bridge Credit Agreement (Brown Forman Corp), Credit Agreement (Bellsouth Corp)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and, in the case of Revolving Loans, upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 3 contracts
Samples: Credit Agreement (Northwest Natural Holding Co), 364 Day Credit Agreement (Inergy L P), Credit Agreement (Parexel International Corp)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Revolving Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment prepayment, and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or Adjusted LIB0 Rate shall accrue on each Loan for be determined by the day on which the Loan is madeAgent, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.
Appears in 3 contracts
Samples: Credit Agreement (Topps Co Inc), Credit Agreement (Topps Co Inc), Credit Agreement (Topps Co Inc)
Interest. (a) The Until the earlier to occur of the Rollover Date and a Demand Failure Event, the Loans comprising each ABR Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate plus lesser of (i) the Applicable Rate.
(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable RateRate at such time and (ii) the Total Cap.
(b) From and after the earliest to occur of the Rollover Date and a Demand Failure Event, the Loans shall bear interest at a rate per annum equal to the Total Cap at such time.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs clauses of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lenderthe “Default Rate”).
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, ; provided that (i) interest accrued pursuant to paragraph clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event case of any conversion of any Eurocurrency Loan prior to the end of the current exchanged for an Exchange Note other than on an Interest Period thereforPayment Date, accrued interest on such Loan shall be payable on the effective date of such conversionexchange.
(e) All computations of interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Rate) hereunder shall be made computed on the basis of a year of 365 360 days and the actual number of days elapsed (or, from and after the occurrence of the Rollover Date or 366 daysa Demand Failure Event, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual of 360 days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis consisting of a 365-day year12 months of 30 days). Interest The applicable LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent in accordance with the provisions of an interest rate or fee hereunder this Agreement, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 3 contracts
Samples: Interim Loan Agreement (Constellation Brands, Inc.), Interim Loan Agreement (Constellation Brands, Inc.), Interim Loan Agreement (Constellation Brands, Inc.)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, ; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan at a time that other Loans remain outstanding), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The Alternate Base Rate and the Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 3 contracts
Samples: Credit Agreement (Dentsply International Inc /De/), Credit Agreement (Dentsply International Inc /De/), Credit Agreement (Dentsply International Inc /De/)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Eurocurrency Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by any of the Borrower Borrowers hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, upon the final maturity thereof and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations of interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Rate) hereunder shall be made computed on the basis of a year of 360 days, except that (i) interest on Borrowings denominated in Sterling shall be computed on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All (ii) interest on Borrowings denominated in any other computations of fees and Foreign Currency for which it is required by applicable law or customary to compute interest shall be made on the basis of a 360-day year of 365 days or, if required by applicable law or customary, 366 days in a leap year, shall be computed on such basis, and actual days elapsed (which results in more fees or interest, as applicable, being paid than if iii) interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a 365-day year of 365 days (or 366 days in a leap year). Interest , and in each case shall accrue on each Loan be payable for the actual number of days elapsed (including the first day on which but excluding the Loan is made, and last day). The applicable Alternate Base Rate or Adjusted Eurocurrency Rate shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 3 contracts
Samples: Credit Agreement (Argo Group International Holdings, Ltd.), Credit Agreement (Argo Group International Holdings, Ltd.), Credit Agreement (Argo Group International Holdings, Ltd.)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable RateMargin.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan pursuant to Section 2.11(a) prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 3 contracts
Samples: Credit Agreement (Alleghany Corp /De), Credit Agreement (Alleghany Corp /De), Credit Agreement (Alleghany Corp /De)
Interest. (a) The Revolving Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Revolving Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by upon the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, occurrence and during the continuance of an a Specified Event of Default under clauses (a)and, (b)at the request of Required Lenders, (h) or (i) any other Event of Section 7.01Default, such all overdue amount amounts outstanding hereunder shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other overdue amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 3 contracts
Samples: Revolving Credit Agreement (Netflix Inc), Revolving Credit Agreement (Netflix Inc), Revolving Credit Agreement (Netflix Inc)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Term SOFR Borrowing shall bear interest at the Adjusted LIBO Rate Term SOFR for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) The Loans comprising each Daily Simple SOFR Borrowing (if such Type of Borrowing is applicable pursuant to Section 3.02) shall bear interest at the Adjusted Daily Simple SOFR plus the Applicable Rate.
(d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower Company hereunder is not paid when duedue and payable, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, to the fullest extent permitted by applicable law, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan or any interest on any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(de) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, ; provided that (i) interest accrued pursuant to paragraph (cd) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Term SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. All interest shall be payable in US Dollars.
(ef) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 daysdays in a leap year), as the case may beand, and actual days elapsed. All other computations of fees and interest in each case, shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if including the first day but excluding the last day). All interest hereunder on any Loan shall be computed on a daily basis based upon the basis outstanding principal amount of a 365-day year)such Loan as of the applicable date of determination. Interest The applicable Alternate Base Rate, Adjusted Term SOFR or Daily Simple SOFR shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 3 contracts
Samples: Term Loan Agreement (V F Corp), Term Loan Agreement (V F Corp), Term Loan Agreement (V F Corp)
Interest. (a) The Loans comprising constituting each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising constituting each Eurocurrency Eurodollar Borrowing shall bear interest interest, at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower Borrowers hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and, in the case of Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 3 contracts
Samples: Credit Agreement (Dennys Corp), Credit Agreement (Dennys Corp), Credit Agreement (Dennys Corp)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Term SOFR Borrowing shall bear interest at the Adjusted LIBO Rate Term SOFR for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.13 or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph clause (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender2.13.
(d) Accrued interest on each Loan (for ABR Loans, accrued through the last day of the prior calendar quarter) shall be payable in arrears on each Interest Payment Date for such LoanLoan and upon termination of the Commitments; provided, provided that (i) interest accrued pursuant to paragraph clause (c) of this Section 2.13 shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Term SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The Alternate Base Rate or Adjusted Term SOFR shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Roku, Inc), Credit Agreement (ExlService Holdings, Inc.)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate ABR plus the Applicable RateMargin.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount fees payable by the Borrower Borrowers hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of of, or interest on, any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amountfees, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender(in each case, the “Default Rate”).
(d) Accrued interest on each Loan shall be payable in arrears (i) on each Interest Payment Date for such Loan, (ii) in the case of Revolver Loans, upon termination of the applicable Revolver Commitments, and (iii) in the case of Term Loans, on each Term Loan Maturity Date and any other date on which a payment of principal is required pursuant to Section 2.11(b); provided that (iA) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (iiB) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iiiC) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Eurodollar Loan shall be payable on the effective date of such conversion.
(e) All computations of interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Rate) hereunder shall be made computed on the basis of a year of 365 or 366 three hundred sixty (360) days, as except that interest computed by reference to the case may be, and actual days elapsed. All other computations of fees and interest ABR at times when the ABR is based on the Prime Rate shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a year of three hundred sixty-five (365) days (or three hundred sixty-day six (366) days in a leap year). Interest , and in each case shall accrue on each Loan be payable for the actual number of days elapsed (including the first day on which but excluding the Loan is madelast day). The applicable ABR, and Eurodollar Base Rate or Eurodollar Rate shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
(f) In the event that any Compliance Certificate or related information for any period delivered pursuant to Section 5.04 is inaccurate while the Loans are outstanding or the Revolver Commitments are in effect, and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for such period than the Applicable Margin actually used to determine the interest rate for such period, then (a) the Borrowers shall promptly deliver to the Administrative Agent a corrected Compliance Certificate for such period, (b) the Applicable Margin for such period shall be retroactively determined based on the Total Leverage Ratio as set forth in the corrected Compliance Certificate and (c) if the Interest Payment Date for such period has already occurred, the Borrowers shall promptly pay to the Administrative Agent (for the account of the Lenders during such period or their successors and permitted assigns) the accrued additional interest owing as a result of such increased or decreased Applicable Margin for such period. This Section 2.14(f) shall not limit the rights of the Administrative Agent under this Section 2.14 or Article VII.
Appears in 2 contracts
Samples: Credit Agreement, Credit Agreement (Ollie's Bargain Outlet Holdings, Inc.)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and shall be payable for each Loan upon reduction of the Total Commitment to zero; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: First Lien Credit Agreement (Goodyear Tire & Rubber Co /Oh/), First Lien Credit Agreement (Goodyear Tire & Rubber Co /Oh/)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency LIBOR Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.. * INDICATES CONFIDENTIAL TREATMENT REQUESTED
(c) Notwithstanding the foregoing, foregoing if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum [ * ] plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued All accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, provided ; PROVIDED that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand[ * ], (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount of such Loan repaid or prepaid shall be payable on the date of such repayment or prepayment and prepayment, or (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined in accordance with this Agreement by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Jato Communications Corp), Credit Agreement (Jato Communications Corp)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(ba) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(cb) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower Company hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(dc) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any a Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(ed) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Kla Tencor Corp), Incremental Facility, Extension and Amendment Agreement (Kla Tencor Corp)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, when required to be prepaid, upon acceleration acceleration, or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum (two percent) plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum (two percent) plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and on the Termination Date; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for be determined by the day on which the Loan is madeAgent, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Amb Property Corp), Credit Agreement (Amb Property Lp)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable RateMargin.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder under any Loan Document is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, ; (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment prepayment; and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations of If the Guarantor is legally not permitted to make payments it is otherwise required to make pursuant to Section 9.05, then the interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Rate) amounts due under this Section shall be made calculated as follows: (i) the amount due pursuant to Section 2.11(c) and (d) plus (ii) an amount (which shall be due and payable under this Section on the basis of a year of 365 or 366 daysdate such payment pursuant to Section 9.05 would otherwise have been required to be made) equal to such amount that would otherwise be required to be paid by the Guarantor pursuant to Section 9.05 (and, as the case may beafter payment thereof, and actual days elapsed. All other computations of fees and interest such amount shall be made on the basis of a 360-day year deemed no longer due and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day yearpayable under Section 9.05). Interest In such case, the Guarantor shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject send to Section 2.18, bear interest for one day. Each determination by the Administrative Agent the original or a certified copy of an interest rate a receipt, with respect to any withholding tax paid, issued by the relevant Government Authority or fee hereunder shall be conclusive and binding for all purposes, absent manifest errorother evidence of such payment reasonably satisfactory to the Administrative Agent within thirty (30) days after such payment.
Appears in 2 contracts
Samples: Five Year Senior Unsecured Revolving Credit Agreement (ADT Corp), Five Year Senior Unsecured Revolving Credit Agreement (Tyco International LTD)
Interest. (a) The Loans comprising each ABR Borrowing shall bear Commencing on the date of issuance, this Note will accrue interest on the unpaid principal amount thereof at the Alternate Base Interest Rate plus specified in, and subject to adjustment as provided in, the Applicable Rate.
(b) Purchase Agreement. Interest on this Note shall be computed based on a 360-day year and actual days elapsed, and all PIK Interest on this Note shall be compounded quarterly on the first day of each calendar quarter. Cash interest on this Note shall be payable monthly in arrears on each Interest Payment Date commencing on December 1, 2009 by wire transfer of immediately available funds to one or more accounts designated by the Payee. The Loans comprising each Eurocurrency Borrowing records of the Payee shall, absent manifest error, be conclusive evidence of the outstanding principal balance of this Note, including all PIK Interest added to the principal amount thereof and the compounding thereof, but any failure of the Payee to record, or any error in so recording, any such amount on the Payee’s records shall bear interest at not limit or otherwise affect the Adjusted LIBO Rate for obligations of the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any Maker under this Note to make all payments of principal of or and interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid thereon when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of . If an Event of Default under clauses has occurred and is continuing, from and after the date such Event of Default has occurred the entire outstanding unpaid principal balance of this Note and any unpaid interest from time to time in default shall (a), (b), (hboth before and after acceleration and entry of judgment) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgmentpayable in cash on demand, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be Interest Rate payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
1.1 of the Purchase Agreement plus three percent (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan3%); provided, provided however, that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in upon the event of any repayment cessation or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date cure of such repayment or prepayment and (iii) Event of Default, if no other Event of Default is then continuing, this Note shall again bear interest at the applicable Interest Rate as set forth in Section 1.1 of the event Purchase Agreement. The obligations of any conversion of any Eurocurrency Loan prior the Maker to pay interest under this Note are subject in all events to the end provisions of Section 1.6 of the current Purchase Agreement relating to Excess Interest Period therefor, accrued interest on such Loan shall be payable on and the effective date of such conversionMaximum Rate.
(e) All computations of interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Senior Subordinated Note Purchase and Security Agreement (Physicians Formula Holdings, Inc.), Note (Physicians Formula Holdings, Inc.)
Interest. (a) The ABR Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) Rate with respect to ABR Loans. The Eurodollar Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing Loan plus the Applicable RateRate with respect to Eurodollar Loans.
(b) [Intentionally Omitted.]
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower Company hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.23 or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender2.23.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and on the Commitment Expiration Date; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the Commitment Expiration Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Five Year Unsecured Revolving Credit and Letter of Credit Facility Agreement (Validus Holdings LTD), Three Year Unsecured Letter of Credit Facility Agreement (Validus Holdings LTD)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the interest rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and, in the case of Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Amtrust Financial Services, Inc.), Credit Agreement
Interest. (a) The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Blackstone Group L.P.), Credit Agreement (Blackstone Group L.P.)
Interest. (a) The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if at any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of time an Event of Default under clauses (a)has occurred and is continuing, (b), (h) or (i) of Section 7.01, such overdue amount all outstanding Loans and other Obligations shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Revolving Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and on the Maturity Date, and, in the case of Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Revolving Credit and Term Loan Agreement (Healthcare Trust of America Holdings, LP), Revolving Credit and Term Loan Agreement (Healthcare Trust of America, Inc.)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.13 or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph clause (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender2.13.
(d) Accrued interest on each Loan (for ABR Loans, accrued through the last day of the prior calendar quarter) shall be payable in arrears on each Interest Payment Date for such LoanLoan and upon termination of the Commitments; provided, provided that (i) interest accrued pursuant to paragraph clause (c) of this Section 2.13 shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Sailpoint Technologies Holdings, Inc.), Credit Agreement (ExlService Holdings, Inc.)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, to the fullest extent permitted by applicable law, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and upon termination of the Commitments, provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations of interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Rate) hereunder shall be made computed on the basis of a year of 365 or 366 days, as the 360 days and in each case may be, and actual days elapsed. All other computations of fees and interest shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent in accordance with the terms of an interest rate or fee hereunder this Agreement, and such determination shall be conclusive and binding for all purposes, prima facie evidence thereof absent manifest error.
(f) Notwithstanding anything to the contrary herein, the Borrower may elect, in each case with the consent of the Lenders to be given or withheld in their absolute discretion, to defer the cash payment of interest on any Loan until a date to be agreed upon by the Borrower and the Lenders. In the event that the Borrower makes such an election and the Lenders so consent, the rate of interest on such Loan for the period of such deferral shall be increased by an amount to be agreed between the Borrower and the Lenders (which amount shall in no event be less than 3%) over the rate otherwise applicable to such Loan. The Lenders shall promptly notify the Administrative Agent of any such consent or agreement.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Memc Electronic Materials Inc), Revolving Credit Agreement (Memc Electronic Materials Inc)
Interest. (a) The Borrower agrees to pay cash interest (“Cash Interest”) in respect of the unpaid principal amount of the Loans comprising each ABR from the date of Borrowing shall bear interest at thereof until the Alternate Base Rate plus the Applicable Rate.
maturity thereof (b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable whether by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in during the case of overdue principal of any Loanperiod from the Effective Date until the Escrow Release Date, 2.0012% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or and (ii) in from and after the case Escrow Release Date, 13%.
(b) In addition to the payment of any other amountCash Interest pursuant to preceding clause (a), 2.00% the Borrower shall, during the period from the Effective Date until the Escrow Release Date, pay additional interest on the Loans at a rate per annum plus equal to 3.0% “in kind”, with the rate applicable amount of interest accruing pursuant to ABR this clause (b) being added to the outstanding principal amount of the Loans as provided in paragraph (a) of this Sectionon each Quarterly Payment Date occurring during such period; provided that no in the event the Borrower provides written notice thereof to the Administrative Agent prior to 11:00 A.M. (New York City time) at least two Business Days prior to the relevant Quarterly Payment Date, the Borrower may pay in cash interest accrued pursuant to this clause (b) that is payable on such Quarterly Payment Date. Such paid-in-kind interest (“PIK Interest”) shall be deemed paid, and the principal amount of the Loans as so increased shall be deemed “Loans” hereunder and under the other Credit Documents for all purposes and shall thereafter accrue interest in accordance with the terms of this Agreement.
(c) Overdue principal and, to the extent permitted by law, overdue interest in respect of each Loan and all other overdue amounts payable hereunder and under any other Credit Document shall bear interest at a rate per annum equal to the rate which is 2% in excess of the rate then borne by the Loans. Interest that accrues under this Section 2.07(b) shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lenderon demand.
(d) Accrued (and theretofore unpaid) interest on each Loan Loans shall be payable (i) quarterly in arrears on each Interest Quarterly Payment Date for such Loan, provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demandDate, (ii) in on the event date of any repayment or prepayment of any Loan, accrued interest (on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment prepaid) and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period thereforat maturity (whether by acceleration or otherwise) and, accrued interest after such maturity, on such Loan shall be payable on the effective date of such conversiondemand.
(e) All computations of interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Endeavour International Corp), Credit Agreement (Endeavour International Corp)
Interest. (a) The Term Loans comprising each ABR Base Rate Borrowing shall bear interest at the Alternate Base Rate plus the Applicable RateMargin.
(b) The Term Loans comprising each Eurocurrency Term SOFR Borrowing shall bear interest at the Adjusted LIBO Rate Term SOFR for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Term Loan or any fee fees or other amount payable by the any Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Term Loan, 2.002% per annum plus the rate otherwise applicable to such Term Loan as provided in the preceding paragraphs clauses of this Section 2.13 or (ii) in the case of any other overdue amount, 2.002% per annum plus the rate applicable to ABR Base Rate Loans as provided in paragraph clause (a) of this SectionSection 2.13; provided provided, that no amount this clause (c) shall be payable not apply to any Event of Default that has been waived by the Lenders pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender9.08.
(d) Accrued interest on each Term Loan shall be payable in arrears (i) on each Interest Payment Date for such LoanTerm Loan and (ii) on the applicable Term Facility Maturity Date; provided, provided that (iA) interest accrued pursuant to paragraph clause (c) of this Section 2.13 shall be payable on demand, (iiB) in the event of any repayment or prepayment of any Term Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iiiC) in the event of any conversion of any Eurocurrency Term SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Term Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO RateBase Rate (including Base Rate Loans determined with reference to the “prime rate”) shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Base Rate or Term SOFR shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Term Loan Credit Agreement (Adient PLC), Term Loan Credit Agreement (Adient PLC)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable RateMargin.
(b) The Loans comprising each Eurocurrency LIBOR Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Notwithstanding the foregoing, if any upon the occurrence and during the continuance of a Specified Default, at the written election of the Required Lenders, principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% per annum two percent (2.0%) plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or 2.13 and (ii) in the case of any other amountamounts, 2.00% per annum two percent (2.0%) plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender2.13.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section 2.13 shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan of any Lender (other than a prepayment of an ABR Loan prior to the end of the Availability Period with respect to such Lender), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency LIBOR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations of interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Rate) hereunder shall be made computed on the basis of a year of 365 360 days (or 366 days, as 365/366 days in the case may beof ABR Loans), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Great Atlantic & Pacific Tea Co Inc), Credit Agreement (Great Atlantic & Pacific Tea Co Inc)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Wellcare Health Plans, Inc.), Credit Agreement (Wellcare Health Plans, Inc.)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the either Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall shall, on and after the date the Required Lenders so request, bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable by the Borrowers in arrears on each Interest Payment Date for each such Loan, ; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the Maturity Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Term Loan Agreement (Freeport McMoran Copper & Gold Inc), Term Loan Agreement (Freeport McMoran Copper & Gold Inc)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable RateMargin.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002.0% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002.0% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender3.07(a).
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and upon termination of the Aggregate Commitments; provided, provided that that, (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Revolving Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations of interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Eurodollar Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; provided, provided that that, any Loan that is repaid on the same day on which it is made shall, subject to Section 2.183.12(a), bear interest for one day. Each determination The applicable Alternate Base Rate or Eurodollar Rate shall be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Zimmer Biomet Holdings, Inc.), Credit Agreement (Zimmer Biomet Holdings, Inc.)
Interest. (a) The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Applicable Rate for the Interest Period in effect for such Borrowing plus the Applicable Ratewith respect thereto.
(c) [Reserved]
(d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(de) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and, in the case of Revolving Loans, upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (cd) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(ef) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Almost Family Inc), Credit Agreement (Almost Family Inc)
Interest. (a) The Adjusted Base Rate Borrowings and Swingline Loans comprising each ABR Borrowing shall bear interest at the Alternate Adjusted Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Borrowing Eurodollar Borrowings shall bear interest at the Adjusted LIBO LIBOR Rate for the Interest Period in effect for such Borrowing plus the Applicable RateBorrowing.
(c) Notwithstanding the foregoing, if any an Event of Default has occurred and is continuing, then, so long as such Event of Default is continuing, all principal of or and interest on any each Loan or any and each fee or and other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting LenderAdjusted Base Rate.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and with respect to Revolving Loans, on the Maturity Date, and, with respect to Swingline Loans, on the Swingline Maturity Date, provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, and (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Base Rate at times when the Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Base Rate or LIBOR Rate shall accrue on each Loan for be determined by the day on which the Loan is madeAgent, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest clearly demonstrable error.
(f) Any payment of principal, interest or fees due upon any of the Loans which is received by the Agent more than fifteen (15) calendar days after its due date shall incur a late payment charge equal to five percent (5%) of the amount of the payment due. All late payment charges shall be payable upon the demand of the Agent. The existence of the right by the Lenders to receive a late payment charge shall not be deemed to constitute a grace period or provide any right to the Borrower to make a payment other than on such payment’s scheduled due date.
Appears in 2 contracts
Samples: Credit Agreement (Lecroy Corp), Credit Agreement (Lecroy Corp)
Interest. (a) The Loans comprising each ABR Borrowing Each Base Rate Loan shall bear interest on the outstanding principal amount thereof for each day at a rate per annum equal to the Alternate Base Rate plus the Applicable RateMargin.
(b) The Loans comprising each Eurocurrency Borrowing Each Eurodollar Rate Loan shall bear interest on the outstanding principal amount for each Interest Period applicable thereto at a rate per annum equal to the Adjusted LIBO Eurodollar Rate for the such Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Notwithstanding the foregoing, if upon the occurrence of any Event of Default, for so long as such Event of Default shall be continuing, the principal of or and interest on each Loan shall, without further notice in the case of any Event of Default pursuant to Section 8.01(a), Section 8.01(f) or Section 8.01(g), and upon notice from the Agent (upon the instruction of the Required Lenders) in the case of any other Event of Default, bear interest, after as well as before judgment to the extent permitted by law, at a rate per annum equal to 2% plus the rate otherwise applicable to such Loan or as provided in the preceding subsections of this Section. In addition, if any fee or other amount (other than principal or interest on any Loan) payable by the Borrower hereunder Company pursuant to any Loan Document is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgmentjudgment to the extent permitted by law, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002.0% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) subsections of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest Interest on each Loan shall be payable paid in arrears on each Interest Payment Date for such Loan, ; provided that (i) interest accrued pursuant to paragraph (cSection 2.09(c) of this Section shall be payable on demanddemand of the Agent (upon the instruction of the Required Lenders), (ii) in the event of upon any repayment or prepayment of any Loan, interest accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of upon any conversion of any Eurocurrency a Eurodollar Rate Loan prior to before the end of the current Interest Period therefor, interest accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations of interest for ABR Loans (including ABR Loans determined by reference Anything herein to the Adjusted LIBO Rate) shall be made on contrary notwithstanding, the basis obligations of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or Company to any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee Lender hereunder shall be conclusive subject to the limitation that payments of interest shall not be required for any period for which interest is computed hereunder to the extent (but only to the extent) that contracting for or receiving such payment by such Lender would be contrary to the provisions of any law applicable to such Lender limiting the highest rate of interest that may be lawfully contracted for, charged or received by such Lender, and binding for all purposes, absent manifest errorin such event the Company shall pay such Lender interest at the highest rate permitted by applicable law.
Appears in 2 contracts
Samples: Credit Agreement (Conseco Inc), Credit Agreement (Conseco Inc)
Interest. (a) The Loans comprising Borrower shall pay interest on each ABR Borrowing shall bear interest Note from the Purchase Date on the outstanding principal amount thereof at the Alternate Base per annum interest rate equal to Interest Rate plus as determined on the Applicable Ratemost recent Interest Rate Determination Date. The Collateral Agent shall give notice to the Borrower and the Purchasers of the Interest Rate on each Interest Rate Determination Date.
(b) The Loans comprising Interest on the outstanding principal balance of each Eurocurrency Borrowing Note shall bear be due and payable (i) on each Interest Rate Determination Date, in arrears, until the entire principal amount of the Notes plus interest thereon is paid in full, and (ii) on each date when all or any amount of the unpaid principal balance of each such Note shall be due (whether at maturity, by acceleration, prepayment or otherwise), but only to the Adjusted LIBO Rate for extent accrued and only with respect of the Interest Period in effect for such Borrowing plus the Applicable Rateprincipal amount being paid.
(c) Notwithstanding Interest on the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount Notes and fees shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations of interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made computed on the basis of a 360-day year and the actual number of days elapsed elapsed.
(which results d) If the Borrower shall default in more fees the payment of any principal of or interestinterest on any Note, as applicableby acceleration or otherwise (after expiration of all applicable grace periods), being then, until such defaulted amount shall have been paid than if computed on the basis of a 365-day year). Interest in full, all such overdue amounts shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination by (after as well as before judgment) at a rate per annum equal to the Administrative Agent of an interest rate Interest Rate plus 10.00% per annum (the “Default Rate”).
(e) Nothing contained in this Agreement or fee hereunder the Notes shall be conclusive deemed to establish or require the payment of interest to the Purchasers at a rate in excess of the maximum rate permitted by applicable law. In the event that the rate of interest required to be paid under this Agreement or the Notes exceeds the maximum rate permitted by applicable law, the rate of interest required to be paid hereunder and binding for all purposes, absent manifest errorunder the Notes shall be automatically reduced to the maximum rate permitted by applicable law and any amounts collected in excess of the permissible amount shall be deemed a prepayment of principal of the Notes.
Appears in 2 contracts
Samples: Note Purchase Agreement (Depomed Inc), Note Purchase Agreement (Depomed Inc)
Interest. (a) The Term Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Term Loans comprising each Eurocurrency LIBO Rate Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Term Loan or any fee or other amount payable by the Borrower Borrowers hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, to the fullest extent permitted by law, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal or interest of any Term Loan, 2.002.0% per annum plus the rate otherwise applicable to such Term Loan as provided in the preceding paragraphs of this Section Section, or (ii) in the case of any other amount, 2.002.0% per annum plus the rate applicable to Term Loans that are ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Term Loan shall be payable in arrears on each Interest Payment Date for such Loan, Term Loan and upon the Maturity Date; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Term Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency LIBO Rate Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Term Loan Credit Agreement (Party City Holdco Inc.), Term Loan Credit Agreement (Am-Source, LLC)
Interest. (a) The Loans comprising Borrowers agree to pay interest in respect of the outstanding principal amount of each ABR Loan made to the Borrowers from, and including, the date of the Borrowing thereof to, but excluding, the date such Loan is paid in full, at a rate per annum which shall bear interest at all times be equal to the Alternate Base sum of the LIBO Rate plus the Applicable RateMargin. Accrued (and theretofore unpaid) interest shall be payable (i) in arrears on each Interest Payment Date, (ii) on the date of any prepayment (on the amount prepaid), and (iii) at maturity (whether by acceleration or otherwise) and, after such maturity, on demand.
(b) The Loans comprising each Eurocurrency Borrowing shall bear interest Notwithstanding anything herein to the contrary, at any time following the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, occurrence and during the continuance of an Event of Default under clauses Section 10.1 (a)including, without limitation, a failure to pay when due amounts declared due and payable in accordance with Article X following an Event of Default) all amounts then due (b)including, without limitation and to the extent permitted by Applicable Law, overdue interest in respect of each Loan) shall, in each case, bear interest at the Default Rate and such Default Rate shall be fixed for Interest Periods of such duration as shall be selected by the Administrative Agent which Interest Periods shall not be longer than one (h1) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of month. Interest which accrues under this Section or (ii2.9(b) in the case of any other amount, 2.00% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(con demand.
(c) to a Defaulting Lender so long as Upon each Interest Determination Date, the Administrative Agent shall determine the LIBO Rate and shall promptly notify the Borrowers and the Banks thereof. Each such Lender shall determination shall, absent manifest error, be a Defaulting Lenderfinal and conclusive and binding on all parties hereto.
(d) Accrued interest on each If S&P publicly announces a change in the Rating of Gerdau, the Applicable Margin due for the Interest Period for any Loan during which the rating change occurred shall be payable in arrears on each Interest Payment Date for such Loan, provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations of interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination calculated by the Administrative Agent on a pro rata basis according to the definition of an interest rate or fee hereunder shall be conclusive Applicable Margin and binding for all purposes, absent manifest errorbased on the number of days during such Interest Period that the original Rating was in effect and the number of days during such Interest Period that the new Rating was in effect.
Appears in 2 contracts
Samples: Senior Export and Working Capital Facility Agreement (Gerdau Ameristeel Corp), Senior Export and Working Capital Facility Agreement (Gerdau Ameristeel Corp)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate ABR plus the Applicable RateMargin.
(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee Fees or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided provided, that no amount this paragraph (c) shall be payable not apply to any Event of Default that has been waived by the Lenders pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender10.08.
(d) Accrued interest on each Loan shall be payable in arrears (i) on each Interest Payment Date for such LoanLoan and (ii) on the applicable Term Facility Maturity Date; provided, provided that (iA) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (iiB) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iiiC) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) ABR shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable ABR or Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Norwegian Cruise Line Holdings Ltd.), Credit Agreement (Norwegian Cruise Line Holdings Ltd.)
Interest. (a) The Loans comprising each ABR Base Rate Borrowing shall bear interest for each day at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the each Interest Period in effect for such Borrowing at the Adjusted LIBO Rate for such Interest Period, plus the Applicable Rate.
(c) Notwithstanding the foregoing, (i) if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (iA) in the case of overdue principal of any Loan, 2.002% per annum plus the rate that otherwise would be applicable to such Loan as provided in the preceding paragraphs subsections of this Section or (iiB) in the case of any other amount, 2.002% plus the Base Rate; and (ii) upon notice to the Borrower from the Lender upon and during the continuance of an Event of Default, and continuing for so long as an Event of Default exists (but without duplication of the interest accruing pursuant to clause (i), above), interest on the Loans shall bear interest, after as well as before judgment, at a rate per annum equal to 2% plus the rate that otherwise would be applicable to ABR Loans such Loan as provided in paragraph (a) the preceding subsections of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest Interest accrued on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Commitment; provided that (i) interest accrued pursuant to paragraph (cSection 2.12(c) of this Section shall be payable on demand, (ii) in the event upon any repayment of any repayment or Loan (except a prepayment of any Loana Base Rate Revolving Loan before the end of the Revolving Availability Period), interest accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of upon any conversion of any Eurocurrency a Eurodollar Loan prior to before the end of the current Interest Period thereforthere for, interest accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder will be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) shall Base Rate at times when the Base Rate is based on the Prime Rate will be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and in each case will be payable for the actual days elapsed. All other computations number of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest Each applicable Base Rate or Adjusted LIBO Rate shall accrue on each Loan for be determined by the day on which the Loan is madeLender, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each its determination by the Administrative Agent of an interest rate or fee hereunder shall thereof will be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (National Penn Bancshares Inc), Credit Agreement (United Community Financial Corp)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate4.00%.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate5.00%.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and, in the case of Revolving Loans, upon termination of the Commitments therefor; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Harris Interactive Inc), Credit Agreement (Harris Interactive Inc)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and, in the case of Revolving Loans and Multiple Advance Term Loans, upon termination of the Commitments therefor; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Harris Interactive Inc), Credit Agreement (Harris Interactive Inc)
Interest. (a) The Loans comprising each ABR Borrowing Each Base Rate Loan shall bear interest at the Alternate Base Rate plus the Applicable RateBasis.
(b) The Loans comprising each Eurocurrency Borrowing Each LIBOR Loan shall bear interest at the Adjusted LIBO Rate LIBOR Basis for the Interest Period in effect for such Borrowing plus the Applicable RateLoan.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the occurrence and continuance of an Event of Default under clauses (a)Default, (b)the Administrative Agent may, (h) at its option, or shall, at the request of the Required Lenders, by notice to the Borrower Representative, declare that: (i) of Section 7.01, such overdue amount all Acquisition Loans and Revolving Loans shall bear interest, after as well as before judgment, interest at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus above the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or Acquisition Loans; and (ii) in the case of any other amount, 2.00Term Loan and the Real Estate Loan shall bear interest at 5% per annum plus above the rate otherwise applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting LenderLoan.
(d) Accrued Borrowers shall pay accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the applicable maturity date of such Loan, ; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency LIBOR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations of interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Rate) hereunder shall be made computed on the basis of a year consisting of (i) in the case of Base Rate Loans, 365 or 366 days, as the case may be, or (ii) in the case of LIBOR Loans, 360 days; and in each instance under (i) and (ii) above, shall be payable for the actual number of days elapsed. All other computations of fees and interest The applicable Base Rate or LIBOR Basis shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
(f) If, for any fiscal quarter, the Consolidated Leverage Ratio set forth in the Compliance Certificate with respect to the applicable Test Period shall be determined to have been incorrectly reported, then at the Required Lender’s election, the Applicable Margins may be retroactively adjusted to reflect any higher rate that would have been applicable had the Consolidated Leverage Ratio been correctly reported on such Compliance Certificate. The Borrowers shall pay on demand the unpaid interest that should have been paid had the correct Applicable Margins been in effect for the interest periods affected thereby.
Appears in 2 contracts
Samples: Credit Agreement (Smith & Wesson Holding Corp), Credit Agreement (Smith & Wesson Holding Corp)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable RateMargin.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00including interest and fees, 2% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Pegasus Systems Inc), Credit Agreement (Pegasus Solutions Inc)
Interest. (a) The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (LHC Group, Inc), Credit Agreement (Wellcare Health Plans, Inc.)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate4.00%.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate4.00%.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and, in the case of Revolving Loans, upon termination of the Commitments therefor; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Harris Interactive Inc), Credit Agreement (Harris Interactive Inc)
Interest. (a) The Term Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Term Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Term Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Term Loan, 2.002% per annum plus the rate otherwise applicable to such Term Loan as provided in the preceding paragraphs clauses of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Term Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender2.12(a).
(d) Accrued interest on each Term Loan shall be payable in arrears on each Interest Payment Date for such Term Loan, ; provided that (i) interest accrued pursuant to paragraph (cSection 2.12(c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanTerm Loan (other than a prepayment of an ABR Term Loan prior to the Maturity Date) , accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Term Loan prior to the end of the current Interest Period therefor, accrued interest on such Term Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Term Loan Agreement (Reynolds American Inc), Term Loan Agreement (Reynolds American Inc)
Interest. (a) The Loans comprising each ABR Base Rate Borrowing shall bear interest for each day at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the each Interest Period in effect for such Borrowing at the Adjusted LIBO Rate for such Interest Period, plus the Applicable Rate.
(c) Each Swingline Loan shall bear interest for each day at the rate per annum equal to (i) the rate determined by the Swingline Lender to be its cost of funds in respect of such Swingline Loan, plus (ii) plus the Applicable Rate for Eurodollar Borrowings then in effect.
(d) Notwithstanding the foregoing, (i) if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (iA) in the case of overdue principal of any Loan, 2.002% per annum plus the rate that otherwise would be applicable to such Loan as provided in the provisions of this Section or (B) in the case of any other amount, 2% plus the Alternate Base Rate; and (ii) upon notice to the Borrower from the Administrative Agent upon and during the continuance of an Event of Default, and continuing for so long as an Event of Default exists (but without duplication of the interest accruing pursuant to clause (i), above), interest on the Loans shall bear interest, after as well as before judgment, at a rate per annum equal to 2% plus the rate that otherwise would be applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) subsections of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(de) Accrued interest Interest accrued on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (cSection 2.13(d) of this Section shall be payable on demand, (ii) in the event upon any repayment of any repayment or Loan (except a prepayment of any Loana Base Rate Revolving Loan before the end of the Revolving Availability Period), interest accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of upon any conversion of any Eurocurrency a Eurodollar Loan prior to before the end of the current Interest Period thereforthere for, interest accrued interest on such Loan shall be payable on the effective date of such conversion.
(ef) All computations interest hereunder will be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) shall Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate will be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and in each case will be payable for the actual days elapsed. All other computations number of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest Each applicable Alternate Base Rate or Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder shall Agent, and its determination thereof will be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (State Auto Financial CORP), Credit Agreement (State Auto Financial Corp)
Interest. (a) The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the applicable Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Eagle Materials Inc), Credit Agreement (Eagle Materials Inc)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, then such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to the Default Rate; provided, that for the full term of the debt evidenced hereby the interest rate produced by the aggregate of all sums paid or agreed to be paid hereunder for the use, forbearance or detention of the debt evidenced hereby (i) in the case of overdue principal of any Loanincluding, 2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of but not limited to, all interest contemplated by this Section or (ii2.13) in shall not exceed the case of any other amount, 2.00% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting LenderCeiling Rate.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, provided Loan and upon termination of the Commitments; PROVIDED that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, ; (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate and/or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
(f) Notwithstanding any provision to the contrary contained in this Agreement or any of the other Loan Documents, in no case or event shall the aggregate of (i) all interest on the unpaid balance of any of the debt evidenced hereby, accrued or paid from the date hereof, and (ii) the aggregate of any other amounts accrued or paid pursuant to this Agreement or any of the other Loan Documents, which in either case, under applicable laws are or may be deemed to constitute interest upon the debt evidenced hereby from the date hereof, ever exceed the Ceiling Rate. In this connection, Borrower, Administrative Agent and Lenders stipulate and agree that it is their common and overriding intent to contract in strict compliance with applicable usury laws (including Chapter 1D). In furtherance thereof, none of the terms of this Agreement or any of the other Loan Documents shall ever be construed to create a contract to pay, as consideration for the use, forbearance or detention of money, interest at a rate in excess of the Ceiling Rate. Borrower or other parties now or hereafter becoming liable for payment of the debt evidenced hereby shall never be liable for interest in excess of the Ceiling Rate. If, for any reason whatever, the interest paid or received on any debt evidenced hereby during its full term produces a rate that exceeds the Ceiling Rate, the holder of the instrument evidencing such debt shall credit against the principal of such debt evidenced hereby (or, if such debt evidenced hereby shall have been paid in full, shall refund to the payor of such interest) such portion of said interest as shall be necessary to cause the interest paid to produce a rate equal to the Ceiling Rate. All sums paid or agreed to be paid for the use, forbearance or detention of the debt evidenced hereby shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread in equal parts throughout the full term of this Agreement, so that the interest rate is uniform throughout the full term of this Agreement. The provisions of this paragraph shall control all agreements, whether now or hereafter existing and whether written or oral, among Borrower and Lenders.
Appears in 2 contracts
Samples: Credit Agreement (United Surgical Partners International Inc), Credit Agreement (United Surgical Partners International Inc)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) [Reserved]
(d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower Company hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002.0% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002.0% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(de) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided, provided that (i) interest accrued pursuant to paragraph (cd) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(ef) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO RateAlternate Base Rate at time when the Alternate Base Rate is based on clause (a) of the first sentence of the definition of Alternate Base Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Term Loan Credit Agreement (Bristol Myers Squibb Co), Term Loan Credit Agreement (Bristol Myers Squibb Co)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and, in the case of Revolving Loans, upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (cSection 2.11(c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed (subject to Section 9.15) on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Fisher Communications Inc), Credit Agreement (Fisher Communications Inc)
Interest. (a) The Loans comprising unpaid principal amount of each ABR Borrowing Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Alternate Base Rate Applicable Margin for ABR Loans plus the Applicable RateABR, in each case, in effect from time to time.
(b) The Loans comprising unpaid principal amount of each Eurocurrency Borrowing LIBOR Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Adjusted LIBO Rate Applicable Margin for the Interest Period in effect for such Borrowing LIBOR Loans plus the Applicable relevant Adjusted LIBOR Rate.
(c) Notwithstanding Automatically upon the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, occurrence and during the continuance continuation of an Event of Default under clauses (a), (b), (h) Section 11.1 or Section 11.5 hereto if all or a portion of (i) the principal amount of Section 7.01any Loan or (ii) any interest payable thereon or any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest, after as well as before judgment, interest at a rate per annum equal to (ithe “Default Rate”) that is (x) in the case of overdue principal of any Loanprincipal, the rate that would otherwise be applicable thereto plus 2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (iiy) in the case of any other overdue amount, including overdue interest, to the extent permitted by applicable law, the rate described in Section 2.8(a) for the applicable Class plus 2.00% per annum plus from the rate applicable date of such non‑payment to ABR Loans the date on which such amount is paid in full (after as provided in paragraph (a) well as before judgment). Upon the occurrence and during the continuance of this Section; provided that no any Event of Default, other than any Event of Default under Section 11.1 or Section 11.5 hereto, at the Required Lenders’ discretion, any overdue amount shall bear interest at the Default Rate. Such interest shall be payable pursuant by the Borrower on demand of the Administrative Agent or, if not sooner demanded, on the next Initial Term Loan Repayment Date and shall accrue from the occurrence of such Event of Default (or, in the case of any Event of Default, other than any Event of Default under Section 11.1 or Section 11.5 hereto, if later, from the election of the Required Lenders to this Section 2.13(crequire the payment of interest at the Default Rate) until the earliest of (i) waiver of the applicable Event of Default, (ii) agreement by the Administrative Agent to a Defaulting Lender so long as such Lender shall be a Defaulting Lenderrescind the charging of interest at the Default Rate, and (iii) payment in full of the Obligations.
(d) Accrued interest Interest on each Loan shall accrue from and including the date of any Borrowing to but excluding the date of any repayment thereof and shall be payable in arrears on each Interest Payment Date for such Loan, provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations of interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, Dollars; provided that any Loan that is repaid on the same day date on which it is made shall, subject to Section 2.18, shall bear interest for one day. Each determination by Except as provided below, interest shall be payable (i) in respect of each ABR Loan, quarterly in arrears on the Administrative Agent last Business Day of each fiscal quarter of the Borrower, (ii) in respect of each LIBOR Loan, on the last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three‑month intervals after the first day of such Interest Period, and (iii) in respect of each Loan, (A) on any prepayment in respect thereof, (B) at maturity (whether by acceleration or otherwise), and (C) after such maturity, on demand.
(e) All computations of interest rate or fee hereunder shall be made in accordance with Section 5.5.
(f) The Administrative Agent, upon determining the interest rate for any Borrowing of LIBOR Loans, shall promptly notify the Borrower and the relevant Lenders thereof. Each such determination shall, absent clearly demonstrable error, be final and conclusive and binding for on all purposes, absent manifest errorparties hereto.
Appears in 2 contracts
Samples: Credit Agreement (Del Frisco's Restaurant Group, Inc.), Credit Agreement (Del Frisco's Restaurant Group, Inc.)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Term SOFR Borrowing shall bear interest at the Adjusted LIBO Rate Term SOFR for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) The Loans comprising each Daily Simple SOFR Borrowing, if applicable pursuant to Section 2.15, shall bear interest at the Adjusted Daily Simple SOFR plus the Applicable Rate.
(d) [Reserved.]
(e) [Reserved.]
(f) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower Company hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan or any interest on any Loan, 2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum plus the highest rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(dg) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and on the Maturity Date applicable to such Loan, ; provided that (i) interest accrued pursuant to paragraph (cf) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Term SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(eh) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest shall accrue on each Loan for the day on which the Loan is madeThe applicable Alternate Base Rate, and shall not accrue on a LoanAdjusted Term SOFR or, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject if applicable pursuant to Section 2.182.15, bear interest for one day. Each determination Adjusted Daily Simple SOFR shall be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Term Credit Agreement (Broadridge Financial Solutions, Inc.), Term Credit Agreement (Broadridge Financial Solutions, Inc.)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable RateMargin.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and on the Maturity Date; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the Maturity Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Term Loan Credit Agreement (Applied Materials Inc /De), Term Loan Credit Agreement (Applied Materials Inc /De)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable RateMargin.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and, in the case of Loans, upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Benchmark Electronics Inc), Credit Agreement (Benchmark Electronics Inc)
Interest. (a) The Loans comprising each ABR Borrowing (including each Swing Line Loan) shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid at all times when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses listed in paragraph (a), (b), (h) or (i) of Section 7.01Article VIII has occurred hereunder and is continuing, such all overdue amount amounts outstanding hereunder shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other overdue amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(f) The Borrower agrees to pay to each Issuing Bank, with respect to drawings honored under any Letter of Credit issued by such Issuing Bank, interest on the Dollar Equivalent paid by such Issuing Bank in respect of each such honored drawing from the date such drawing is honored to but excluding the date such amount is reimbursed by or on behalf of the Borrower at a rate equal to (i) for the period from the applicable Disbursement Date to but excluding the applicable Reimbursement Date, the rate of interest otherwise payable hereunder with respect to Revolving Loans that are ABR Loans, and (ii) thereafter, a rate which results is 2% per annum in more fees or interest, as applicable, being paid than if excess of the rate of interest otherwise payable hereunder with respect to Revolving Loans that are ABR Loans.
(g) Interest payable pursuant to Section 2.12(f) shall be computed on the basis of a 365-365/366 day year). Interest shall accrue on each Loan year for the day actual number of days elapsed in the period during which it accrues, and shall be payable on demand or, if no demand is made, on the date on which the Loan related drawing under a Letter of Credit is made, and reimbursed in full. In the event any Issuing Bank shall not accrue on a Loan, have been reimbursed by Lenders for all or any portion thereofof any honored drawing, such Issuing Bank shall distribute to the Administrative Agent, for the day account of each Lender which has paid all amounts payable by it under Section 2.4(d) with respect to such honored drawing, such Lender’s Applicable Percentage of any interest received by such Issuing Bank in respect of that portion of such honored drawing so reimbursed by such Lender for the period from the date on which such Issuing Bank was so reimbursed by such Lender to but excluding the Loan or date on which such portion of such honored drawing is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination reimbursed by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest errorBorrower.
Appears in 2 contracts
Samples: Revolving Credit and Guaranty Agreement (Dropbox, Inc.), Revolving Credit and Guaranty Agreement (Dropbox, Inc.)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate ABR plus the Applicable RateMargin.
(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee Fees or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002.0% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs clauses of this Section 2.13 or (ii) in the case of any other amountamount payable by the Borrower, 2.002.0% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this SectionSection 2.13; provided provided, that no amount this clause (c) shall be payable not apply to any Event of Default that has been waived by the Lenders pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender9.08.
(d) Accrued interest on each Loan shall be payable in arrears (i) on each Interest Payment Date for such LoanLoan and (ii) in the case of Loans in respect of any Class, provided upon termination of the Commitments in respect of such Class; provided, that (ix) interest accrued pursuant to paragraph (c) of this Section 2.13 shall be payable on demand, (iiy) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) ABR at times when the ABR is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable ABR, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Senior Secured Term Loan Agreement (Hexion Inc.), Senior Secured Debtor in Possession Term Loan Agreement (Momentive Performance Materials Inc.)
Interest. (a) The Term Loans comprising each that are ABR Borrowing Loans shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Rate5.25%.
(b) The Term Loans comprising each Eurocurrency Borrowing that are Eurodollar Loans shall bear interest at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing borrowing plus the Applicable Rate6.25%.
(c) Revolving Loans that are ABR Loans shall bear interest at a rate per annum equal to the Alternate Base Rate plus 4.25%.
(d) Revolving Loans that are Eurodollar Loans shall bear interest at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such borrowing plus 5.25%.
(e) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by (i) automatically upon the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, occurrence and during the continuance of an Event of Default under clauses (aSection 7.01(a), Section 7.01(c) (bbut only as to a breach of Section 5.02(a), (h) or Section 7.01(g) and (ii) upon the occurrence and during the continuance of any Event of Default not specified in clause ((i) above, upon the request of Section 7.01the Majority Lenders, all Loans outstanding at such overdue amount time shall bear interest, after as well as before judgment, at the rate then applicable to such Loans, plus the Applicable Margin, if any, plus an additional 3.00%, but in no event to exceed the Highest Lawful Rate, and any other Obligations shall bear interest at a rate per annum equal to the interest rate in effect from time to time pursuant to clause (ic) in the case of overdue principal of any Loanabove, 2.00as applicable, plus 3.00% per annum plus (the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender“Default Rate”).
(df) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph clause (ce) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. Accrued interest on the amount of all other Obligations shall be payable on demand from time to time as such Obligation becomes due and payable (whether by acceleration or otherwise).
(eg) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Unit Corp), Credit Agreement (Unit Corp)
Interest. (a) The Loans comprising Borrower shall pay interest on the unpaid principal amount of each ABR Borrowing Loan owing by such Borrower to the Lenders from the date of such Loan until such principal amount shall bear interest be paid in full at a rate per annum equal at all times during each Interest Period for such Loan to the Alternate Base sum of (x) the Yen LIBO Rate for such Interest Period for such Loan plus (y) the Applicable RateMargin.
(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, upon the occurrence and during the continuance of any Event of Default, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower Borrowers hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of or interest on any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs paragraph (a) of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(dc) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Commitment; provided that (i) interest accrued pursuant to paragraph (cb) of this Section shall be payable on demand, demand and (ii) in the event of any repayment or prepayment of any Loan, Loan accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment prepayment. For the avoidance of doubt, it is understood and (iii) agreed that interest will not be double counted in the event respect of any conversion of any Eurocurrency Loan prior to additional days included at the end of the current an Interest Period thereforas a result of an extension thereof due to the operation of the proviso contained in the definition of “Interest Payment Date” contained in Section 1.01, accrued such that interest on for such Loan shall be payable on extended days will accrue only in the effective date of Interest Period to which such conversionextended days have been added and not any subsequent Interest Period.
(ed) All computations of interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Rate) hereunder shall be made computed on the basis of a year of 365 or 366 days, as 360 days for the case may be, and actual number of days elapsed(including the first day but excluding the last day) occurring in the period for which such interest is payable. All other computations of fees and interest The applicable Yen LIBO Rate shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination reasonably determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error. In calculating interest owed hereunder, the Administrative Agent shall calculate the interest owed to each Lender individually (based on the then current outstanding principal amount of Loan owed to such Lender), rounded down to the nearest whole Yen (on a Lender by Lender basis), which will then be aggregated and provided to the Borrower.
(e) All interest paid or payable pursuant to this Section shall be paid in JPY.
Appears in 2 contracts
Samples: Credit Agreement (Teva Pharmaceutical Industries LTD), Credit Agreement (Teva Pharmaceutical Industries LTD)
Interest. (a) The Loans comprising Each Loan (including each ABR Borrowing Swingline Loan) shall bear interest at the Alternate Base Short-Term Funding Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate[Reserved].
(c) Notwithstanding If at any time after the foregoingoccurrence and during the continuance of any Event of Default under Section 6.01, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interestinterest (in the case of any unpaid fee or other amount payable by the Borrower hereunder (other than principal of or interest on any Loan), upon election of the Required Lenders), after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Short-Term Funding Rate Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph paragraph
(ce) of this Section shall be payable on demand, demand and (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversionprepayment.
(ef) All computations of interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Rate) hereunder shall be made computed on the basis of a year of 365 or 366 360 days, as the case may beand in each case, and actual days elapsed. All other computations of fees and interest shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest Any change in the interest rate on a Loan shall accrue become effective as of the opening of business on each Loan for the day on which the Loan is made, and such change becomes effective. The Short-Term Funding Rate shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Robinhood Markets, Inc.), Credit Agreement (Robinhood Markets, Inc.)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or and (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or Adjusted LIBO Rate shall accrue on each Loan for be determined by the day on which the Loan is madeCo-Administrative Agent, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Five Year Revolving Credit Agreement (Land O Lakes Inc), Five Year Credit Agreement (Land O Lakes Inc)
Interest. (a) The Loans comprising each ABR Borrowing -------- shall bear interest at the Alternate Base Rate plus the Applicable Rate5.00%.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate6.00%.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue overDue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section -------- shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Revolving Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Auger Ulysses G Ii), Credit Agreement (Cais Internet Inc)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate ABR plus the Applicable RateMargin.
(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee fees or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided provided, that no amount this paragraph (c) shall be payable not apply to any Event of Default that has been waived by the Lenders pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender10.08.
(d) Accrued interest on each Loan shall be payable in arrears (i) on each Interest Payment Date for such LoanLoan and (ii) on the Term A Facility Maturity Date and Term A-1 Facility Maturity Date, provided as applicable; provided, that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) ABR at times when the ABR is based on the prime rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable ABR, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Term Loan Agreement (Realogy Group LLC), Term Loan Agreement (Realogy Group LLC)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the a Borrower hereunder is not paid when duedue (following the expiration of any grace period specified in Section 7.01), whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01and remains unpaid, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section above or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lenderabove.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, ; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and prepayment, (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversionconversion and (iv) all accrued interest shall be payable upon termination of the Commitments.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans computed by reference to the Alternate Base Rate (including ABR Loans determined by reference to the Adjusted LIBO Rate) shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
(f) If any Lender shall be required under the regulations of the Board to maintain reserves with respect to liabilities or assets consisting of, or including, Eurocurrency Liabilities (as defined in Regulation D of the Board), each Borrower shall pay to the Administrative Agent for the account of such Lender, additional interest on the unpaid principal amount of each Eurodollar Loan made to such Borrower by such Lender, from the later of the date of such Loan or the date such Lender was required to maintain such reserves until such Loan is paid in full, at an interest rate per annum equal to the remainder obtained by subtracting (i) the LIBO Rate for the Interest Period for such Loan from (ii) the rate obtained by multiplying the LIBO Rate as referred to in clause (i) above by the Statutory Reserve Rate applicable to such Lender for such Interest Period. Such additional interest shall be determined by such Lender and notified to the applicable Borrower (with a copy to the Administrative Agent) not later than five Business Days before the next Interest Payment Date for such Eurodollar Loan, and such additional interest so notified to such Borrower by any Lender shall be payable to the Administrative Agent for the account of such Lender on each Interest Payment Date for such Eurodollar Loan.
Appears in 2 contracts
Samples: Amendment and Restatement Agreement (Medtronic Inc), Amendment and Restatement Agreement
Interest. (a) The Loans comprising Except as otherwise provided in Section 2.4(b) or Section 2.4(f) hereof, (i) the unpaid amount of each ABR Borrowing Ordinary Warehousing Advance, each Home Equity Advance and each Second Mortgage Advance, other than an Advance against an RFC Mortgage Loan, shall bear interest interest, from the date of such Advance, until paid in full, at the Alternate Base Floating Rate, (ii) the unpaid amount of each High LTV Advance, other than an Advance against an RFC Mortgage Loan, shall bear interest, from the date of such High LTV Advance until paid in full, at the High LTV Rate, (iii) the unpaid amount of each Uncommitted Advance shall bear interest, from the date of such Advance until paid in full, at the Uncommitted Rate, (iv) the unpaid amount of each Nonconforming Advance, other than Advance against an RFC Mortgage Loan, shall bear interest, from the date of such Advance until paid in full, at the Nonconforming Rate, (v) the unpaid amount of each Advance made against a Title I Mortgage Loan or a HUD 203 (K) Mortgage Loan shall bear interest, from the date of such Advance until paid in full, at the Home Improvement Rate plus and (vii) the Applicable unpaid amount of each Advance made against an RFC Mortgage Loan shall bear interest, from the date of such Advance until paid in full, at the RFC Rate.
(b) The Loans comprising Except as otherwise provided in Section 2.4(f), the unpaid amount of each Eurocurrency Borrowing shall Advance against an Aged Mortgage Loan shall, in the sole discretion of the Lender, bear interest from the date such Pledged Mortgage becomes an Aged Mortgage Loan until paid in full at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Aged Rate.
(c) Notwithstanding The Company is entitled to receive a benefit in the foregoingform of an "Earnings Credit" on the portion of the Eligible Balances maintained in time deposit accounts with a Designated Bank, and the Company is entitled to receive a benefit in the form of an "Earnings Allowance" on the portion of the Eligible Balances maintained in demand deposit accounts with a Designated Bank. Any Earnings Allowance shall be used first and any Earnings Credit shall be used second as a credit against accrued Designated Bank Charges, any other Miscellaneous Charges and fees, including, but not limited to Commitment Fees, Non-Usage Fees and Warehousing Fees, and may be used, at the Lender's option, to reduce accrued interest. Any Earnings Allowance not used during the month in which the benefit was received shall be accumulated for use and must be used within six (6) months of the month in which the benefit was received. Any Earnings Credit not used during the month in which the benefit was received shall be used to provide a cash benefit to the Company.' The Lender's determination of the Earnings Credit and the Earnings Allowance for any month shall be determined by the Lender in its sole discretion and shall be conclusive and binding absent manifest error. In no event shall the benefit received by the Company exceed the Depository Benefit. Either party hereto may terminate the benefits provided for in this Section effective immediately upon Notice to the other party, if the terminating party shall have determined (which determination shall be conclusive and binding absent manifest error) at any principal of time that any applicable law, rule, regulation, order or interest on any Loan decree or any fee interpretation or other amount payable administration thereof by any governmental authority charged with the Borrower hereunder is interpretation or administration thereof, or compliance by such party with any request or directive (whether or not paid when due, whether at stated maturity, upon acceleration or otherwise, during having the continuance force of an Event of Default under clauses (a), (b), (h) or (ilaw) of Section 7.01any such authority, shall make it unlawful or impossible for such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal party to (i) continue to offer or receive the benefits provided for in the case of overdue principal of any Loan, 2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan Interest shall be payable in arrears on each Interest Payment Date for such Loan, provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations of interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made computed on the basis of a 360-day year and applied to the actual number of days elapsed in each interest calculation period and shall be payable monthly in arrears, on the first day of each month, commencing with the first month following the Closing Date and on the Maturity Date.
(which results in more fees or intereste) If, for any reason, no interest is due on an Advance, the Company agrees to pay to the Lender an administrative fee equal to one day of interest on such Advance at the rate applicable to such Advances under the applicable section hereof, as in effect on the date of such Advance. Administrative and other fees shall be due and payable in the same manner as interest is due and payable hereunder.
(f) Upon Notice to the Company, after the occurrence and during the continuation of an Event of Default, the unpaid amount of each Advance shall bear interest until paid in full at a per annum rate of interest (the "Default Rate") equal to four percent (4%) in excess of the rate of interest otherwise applicable to such Advance pursuant to any other subsection of this Section 2.4 or, if no rate is applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or highest rate then applicable to any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest erroroutstanding Advances.
Appears in 2 contracts
Samples: Warehousing Credit and Security Agreement (Mortgage Com Inc), Warehousing Credit and Security Agreement (Mortgage Com Inc)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest in the case of a Eurodollar Loan, at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Shamrock Logistics Lp), Credit Agreement (Valero L P)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and, in the case of Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement, Credit Agreement (American Equity Investment Life Holding Co)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Eurocurrency Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration acceleration, by mandatory prepayment or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and upon termination of the Commitments, provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the applicable Maturity Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or Adjusted Eurocurrency Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Term Loan Agreement (Tyson Foods Inc), Term Loan Agreement (Tyson Foods Inc)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable RateMargin.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002.000% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs (a) and (b) of this Section or (ii) in the case of any other amount, 2.002.000% per annum plus the rate applicable to ABR Loans Borrowings as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and the Maturity Date; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Eurodollar Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder in accordance with the terms hereof, and such determination shall be conclusive and binding for all purposes, presumed correct absent manifest error.
Appears in 2 contracts
Samples: 364 Day Term Loan Agreement (Weatherford International Ltd./Switzerland), 364 Day Term Loan Agreement (Weatherford International Ltd./Switzerland)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum plus the rate applicable to ABR Loans Borrowings as provided in paragraph (a) of this Section; provided that no amount shall accrue or be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Second Lien Credit Agreement (NEP Group, Inc.), Second Lien Credit Agreement (NEP Group, Inc.)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, to the fullest extent permitted by applicable law, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and upon termination of the Commitments, provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations of interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Rate) hereunder shall be made computed on the basis of a year of 365 or 366 days, as the 360 days and in each case may be, and actual days elapsed. All other computations of fees and interest shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent in accordance with the terms of an interest rate or fee hereunder this Agreement, and such determination shall be conclusive and binding for all purposes, prima facie evidence thereof absent manifest error.
(f) Notwithstanding anything to the contrary herein, the Borrower may elect, in each case with the consent of the Required Lenders to be given or withheld in their absolute discretion, to defer the cash payment of interest on any Loan until a date to be agreed upon by the Borrower and the Required Lenders. In the event that the Borrower makes such an election and the Required Lenders so consent, the rate of interest on such Loan for the period of such deferral shall be increased by an amount to be agreed between the Borrower and the Required Lenders (which amount shall in no event be less than 3%) over the rate otherwise applicable to such Loan. The Lenders shall promptly notify the Administrative Agent of any such consent or agreement.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Memc Electronic Materials Inc), Revolving Credit Agreement (Memc Electronic Materials Inc)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) [Reserved.]
(d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (aSection 7.01(a), (b), (h) or (i) of has occurred and is continuing, all overdue Obligations (which shall include all Obligations following an acceleration under Section 7.01, such overdue amount including an automatic acceleration) shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(de) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, ; provided that (i) interest accrued pursuant to paragraph (cd) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(ef) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate and Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Amendment and Restatement Agreement (Cooper Companies Inc), Amendment and Restatement Agreement (Cooper Companies Inc)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, to the extent permitted by applicable law, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Revolving Commitment Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate and Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Wright Express CORP), Credit Agreement (Wright Express CORP)
Interest. (a) The Term Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate ABR plus the Applicable Rate.
(b) The Term Loans comprising each Eurocurrency SOFR Borrowing shall bear interest at the Adjusted LIBO Rate SOFR for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Term Loan or any fee or other amount payable by the Borrower Borrowers hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, to the fullest extent permitted by law, after as well as before judgment, until such amounts are paid, at a rate per annum equal to (i) in the case of overdue principal or interest of any Term Loan, 2.002.0% per annum plus the rate otherwise applicable to such Term Loan as provided in the preceding paragraphs of this Section Section, or (ii) in the case of any other amount, 2.002.0% per annum plus the rate applicable to Term Loans that are ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Term Loan shall be payable in arrears on each Interest Payment Date for such Loan, Term Loan and upon the Termination Date; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Term Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Term Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to ABR at times when ABR is based on the Adjusted LIBO Rate) Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable ABR or SOFR shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder in accordance with the terms hereof, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Term Loan Credit Agreement (Party City Holdco Inc.), Restructuring Support Agreement (Party City Holdco Inc.)
Interest. (a) The Loans comprising Each Loan related to a LIBOR Advance shall bear interest during each ABR Borrowing Rent Period at a rate equal to the sum of (i) the Adjusted LIBO Rate for such Rent Period, computed using the actual number of days elapsed and a 360 day year, plus (ii) the Applicable Margin per annum; each Loan related to a Base Rate Advance shall bear interest at a rate equal to the Alternate sum of (i) the Base Rate in effect from time to time, computed using the actual number of days elapsed and a 360 day year, plus (ii) the Applicable RateMargin per annum.
(b) The If all or a portion of the principal amount of or interest on the Loans comprising each Eurocurrency Borrowing shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall, without limiting the rights of the Lenders under Section 5, bear interest at the Adjusted LIBO Rate for Overdue Rate, in each case from the Interest Period date of nonpayment until paid in effect for such Borrowing plus the Applicable Ratefull (as well after as before judgment).
(c) Notwithstanding the foregoing, if Interest accruing on each Loan with respect to any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, Leased Property during the continuance Construction Term of an Event such Leased Property shall be added to the principal amount of Default under clauses such Loan from time to time. Following the date each Loan is made (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) with respect to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued Construction Land Interest, the Construction Term Expiration Date), interest on each such Loan shall be payable in arrears on each Interest Payment Date for such Loan, provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversionwith respect thereto.
(ed) All computations of Any change in the interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Rate) shall be made rate on the basis Loans resulting from a change in the Base Rate shall become effective as of a year the opening of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made business on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which such Base Rate changes as provided in the Loan is made, and shall not accrue on a Loan, or any portion definition thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Loan Agreement (Concord Efs Inc), Loan Agreement (Concord Efs Inc)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable RateMargin.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO LIBOR Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Committed Amounts; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBOR Rate or LIBOR Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(f) In the event that any financial statements delivered pursuant to this Agreement, or any certificate delivered pursuant to Section 5.01(c), is shown to be inaccurate (regardless of whether this Agreement or the Committed Amounts are in more fees effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin and/or a higher Unused Fee on Committed Amount for any period (an “Applicable Period”) than the Applicable Margin or interestUnused Fee on Committed Amount, as applicable, being paid than if computed applied for such Applicable Period, then (i) the Borrower shall immediately deliver to the Administrative Agent a correct certificate in the form of the certificate described in Section 5.01(c), (ii) such higher Applicable Margin and/or higher Unused Fee on the basis of a 365-day year). Interest Committed Amount shall accrue on each Loan for the day on which the Loan is madebe applied to such Applicable Period, and (iii) the Borrower shall not accrue immediately pay to the Administrative Agent the accrued additional interest and expense owing as a result of such increased Applicable Margin and Unused Fee on a LoanCommitted Amount for such Applicable Period, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination payment shall be promptly applied by the Administrative Agent in accordance with Section 7.02. This Section 2.13(f) shall not limit the rights of an interest rate the Administrative Agent and the other Secured Parties with respect to Section 2.13(c) or fee hereunder shall be conclusive and binding for all purposes, absent manifest errorArticle VII.
Appears in 2 contracts
Samples: Credit Agreement (Genesis Energy Lp), Credit Agreement (Genesis Energy Lp)
Interest. (a) The [Reserved].
(b) Subject to Sections 2.15 and 2.22, the Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus greater of (x) the Applicable Rate.
(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin and (y) the Rate Floor, but shall not exceed the Rate Cap (plus, for the avoidance of doubt, payments made in respect thereof pursuant to Section 2.18 and increases pursuant to Section 2.14(c) and amounts owed in respect of the Registration Rights Agreement).
(c) Notwithstanding the foregoing, if any principal foregoing (and notwithstanding the interest provisions of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwiseSection 2.15), during the continuance of an Event of Default under clauses (a)Default, (b), (h) or (i) of Section 7.01, such overdue amount the Loans shall bear interest, and any other overdue amounts shall, to the extent permitted by law, bear interest, in each case after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan the Loans as provided in the preceding paragraphs of this Section or (ii) in the case of any other amountSection 2.15, 2.00% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lenderapplicable.
(d) Accrued interest on each Loan shall be payable in arrears (i) on each Interest Payment Date for such Loan, (ii) in the case of Bridge Loans, on the Bridge Loan Maturity Date and (iii) in the case of Rollover Loans or an Exchange Date and/or, on the Rollover Loan Maturity Date; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest errorprima facie evidence thereof.
Appears in 2 contracts
Samples: Senior Subordinated Bridge Loan Agreement (Loral Space & Communications Inc.), Senior Bridge Loan Agreement (Loral Space & Communications Inc.)
Interest. (a) The Loans comprising Subject to subsections 1.3(c) and 1.3(d), each ABR Borrowing Loan shall bear interest at on the Alternate Base Rate plus outstanding principal amount thereof from the Applicable Rate.
(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid date when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, made at a rate per annum equal to (i) the LIBOR plus the Applicable Margin. Each determination of an interest rate by Agent shall be conclusive and binding on the Borrower and the Lenders in the case absence of overdue principal of any Loan, 2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations of interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapseddemonstrable error. All other computations of fees and interest payable under this Agreement shall be made on the basis of a 360-day year and actual days elapsed elapsed. Interest and fees shall accrue during each period during which interest or such fees are computed from the first day thereof to, but excluding, the last day thereof.
(which results b) Interest on each Loan shall be paid in more fees or interest, as applicable, being paid than if computed arrears on the basis of a 365-day year)each Interest Payment Date. Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid also be paid on the same day Commitment Termination Date.
(c) Automatically while any Event of Default exists, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the Loans until such Event of Default has been cured or waived in accordance with the terms of this Agreement, at a rate per annum which it is made shall, subject determined by adding two percent (2.0%) per annum to Section 2.18, bear rate otherwise in effect. All such interest for one dayshall be payable on demand of Agent or the Required Lenders. Each determination by The Borrower shall notify the Administrative Agent and the Lenders within three (3) Business Days after a Responsible Officer becoming aware of an Event of Default and the requirement of paying interest at a rate or fee as required under this Section 1.3(c).
(d) Anything herein to the contrary notwithstanding, the obligations of the Borrower hereunder shall be conclusive subject to the limitation that payments of interest shall not be required, for any period for which interest is computed hereunder, to the extent (but only to the extent) that contracting for or receiving such payment by the respective Lender would be contrary to the provisions of any law applicable to such Lender limiting the highest rate of interest which may be lawfully contracted for, charged or received by such Lender, and binding in such event the Borrower shall pay such Lender interest at the highest rate permitted by applicable law (“Maximum Lawful Rate”); provided, however, that if at any time thereafter the rate of interest payable hereunder is less than the Maximum Lawful Rate, the Borrower shall continue to pay interest hereunder at the Maximum Lawful Rate until such time as the total interest received by Agent, on behalf of Lenders, is equal to the total interest that would have been received had the interest payable hereunder been (but for all purposes, absent manifest errorthe operation of this paragraph) the interest rate payable since the Effective Date as otherwise provided in this Agreement.
Appears in 2 contracts
Samples: Debtor in Possession Credit Agreement (GSE Holding, Inc.), Dip Credit Agreement
Interest. (a) The Loans comprising Borrower shall pay interest on the unpaid principal amount of each ABR Borrowing Note from the Issue Date of such Note until the principal amount thereof shall bear interest be paid in full at a rate per annum at all times equal to the Alternate Base Rate plus Interest Rate. Interest shall be payable in respect of any Note (or portion thereof) on the Applicable RateMaturity Dates, as provided in Section 2.3, with respect to such Note (or portion thereof), or if earlier, upon the prepayment date for such Note (or portion thereof). Interest shall be calculated on the basis of a three hundred sixty-five (365) day year for actual days elapsed.
(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at Upon the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, occurrence and during the continuance of an Event any Remedy Event, all outstanding principal amounts of Default under clauses (a)the Notes and, (b)to the greatest extent permitted by law, (h) or (i) of Section 7.01all interest accrued on the Notes and all other Obligations hereunder, such overdue amount shall bear interest, after as well as before judgment, interest at a rate per annum equal to the Interest Rate plus two percent (i) 2%), and, in the case of overdue principal of any Loaneach case, 2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued default interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand. To the greatest extent permitted by law, interest shall continue to accrue after the filing by or against the Borrower of any petition seeking any relief in bankruptcy or under any law pertaining to insolvency or debtor relief.
(iic) Nothing contained in this Agreement shall be deemed to establish or require the payment of interest to the Buyer at a rate in excess of the maximum rate permitted by applicable law. If the amount of interest payable to the Buyer would exceed the maximum amount permitted by applicable law, the amount of interest payable shall be automatically reduced to such maximum permissible amount. In the event of any repayment or prepayment such reduction, if from time to time thereafter the amount of interest payable to the Buyer on any Loandate would be less than the maximum amount permitted by applicable law, accrued then the amount of interest payable to it on the principal amount repaid or prepaid such subsequent payment date shall be payable on the date of automatically increased to such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations of interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paidmaximum permissible amount, provided that any Loan that is repaid on at no time shall the same day on aggregate amount by which it is made shall, subject interest paid for the account of the Buyer has been increased pursuant to Section 2.18, bear this sentence exceed the aggregate amount by which interest paid for one day. Each determination by its account has theretofore been reduced pursuant to the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest errorprevious sentence.
Appears in 2 contracts
Samples: Note Purchase Agreement (Acquicor Management LLC), Note Purchase Agreement (Acquicor Management LLC)
Interest. (a) The Loans comprising each ABR Borrowing (including each Protective Advance) shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Revolving Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any a Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Pandora Media, Inc.), Credit Agreement (Pandora Media, Inc.)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section, (ii) in the case of any fee payable pursuant to Section 2.12(b)(i), 2% plus the rate otherwise applicable to such fee as provided in such Section or (iiiii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and, in the case of Revolving Loans, upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined i) computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may be, days in a leap year) and actual days elapsed. All other computations of fees and interest (ii) for Borrowings denominated in British Pounds Sterling shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-year of 365 days, and in each case shall be payable for the actual number of days elapsed (including the first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Heidrick & Struggles International Inc), Credit Agreement (Heidrick & Struggles International Inc)
Interest. (a) The Loans comprising each ABR Base Rate Borrowing shall bear interest at the Alternate Base Rate in effect from time to time plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Eurocurrency Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, at any time (x) an Event of Default has occurred and is continuing under clauses (h) or (i) of Article 7 or (y) if any principal of or interest on any the Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, then such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any the Loan, 2.002% per annum plus the rate otherwise applicable to such the Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00upon the request of the Required Lenders, 2% per annum plus the rate applicable to ABR Base Rate Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender(the “Default Rate”).
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and on the Maturity Date applicable to such Loan (or such earlier date on which the Loans become due and payable pursuant to Article 7); provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loanthe Loans, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Base Rate shall be made computed on the basis of a year of 365 days (or 366 daysdays in a leap year) and, as the case may bein each case, and actual days elapsed. All other computations of fees and interest shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Base Rate or Eurocurrency Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent in accordance with the provisions of an interest rate or fee hereunder this Agreement, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Bridge Credit Agreement (Mylan N.V.), Bridge Credit Agreement (Mylan N.V.)
Interest. Subject to the terms of Section 10.05,
(a) The Loans comprising each ABR CBFR Borrowing shall bear interest at a rate per annum equal to the Alternate Base CB Floating Rate plus the Applicable Rate, provided that such rate shall never exceed the Highest Lawful Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate, provided that such rate shall never exceed the Highest Lawful Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a)has occurred and is continuing, (b)the Loans and Obligations shall, (h) or (i) of Section 7.01to the extent permitted by applicable Law, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to the lesser of (i) in the case of overdue principal of any Loan, 2.00Highest Lawful Rate and (ii) 3.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and upon termination of the Revolving Credit Commitment, as applicable; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Loan), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations Subject to Section 10.05, all interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable CB Floating Rate, Adjusted LIBO Rate, LIBO Rate and Adjusted One Month LIBOR Rate shall accrue on each Loan for the day on which the Loan is madebe determined by Lender, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Loan Agreement (Del Frisco's Restaurant Group, Inc.), Loan Agreement (Del Frisco's Restaurant Group, Inc.)
Interest. (a) The Loans comprising each ABR Borrowing Interest shall bear interest accrue to the Holder on the aggregate unconverted and then outstanding principal amount of this Note, at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal rate of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate twelve and one half percent (12.5%) per annum equal to paid in cash (ithe “Cash Interest”) in the case of overdue principal of any Loan, 2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations of interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made calculated on the basis of a 360-day year and actual days elapsed shall accrue and compound daily commencing on the Original Issue Date until payment in full of the outstanding principal (which results in more fees or conversion to the extent applicable), together with all accrued and unpaid interest, as applicableincluding Accrued PIK Interest, being liquidated damages and other amounts which may become due hereunder, has been made and (ii) one percent (1%) per annum paid than if computed in kind (the “PIK Interest”), calculated on the basis of a 365360-day yearyear and shall accrue commencing on the Original Issue Date until payment in full of the outstanding principal (or conversion to the extent applicable), together with all accrued and unpaid interest, including Accrued PIK Interest, liquidated damages and other amounts which may become due hereunder, has been made. Following an Event of Default, until such Event of Default has been cured, Cash Interest shall accrue on each Loan for at the day on which lesser of (i) the Loan is made, rate of seventeen and shall not accrue on a Loanone half percent (17.5%) per annum, or any portion thereof(ii) the maximum amount permitted by law (the lesser of clause (i) or (ii), for the “Default Interest Rate”) and PIK Interest shall continue to accrue. In the event that such Event of Default is subsequently cured, the adjustment referred to in the preceding sentence shall cease to be effective as of the calendar day on which immediately following the Loan or date of such portion is paid, cure; provided that any Loan that is repaid on the same day on which it is made shall, subject interest as calculated and unpaid at the Default Interest Rate during the continuance of such Event of Default shall continue to Section 2.18, bear interest for one day. Each determination by apply to the Administrative Agent extent relating to the days after the occurrence of an interest rate or fee hereunder shall be conclusive such Event of Default through and binding for all purposes, absent manifest errorincluding the date of such cure of such Event of Default.
Appears in 2 contracts
Samples: Convertible Security Agreement (Emmaus Life Sciences, Inc.), Convertible Security Agreement (Emmaus Life Sciences, Inc.)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be is payable in arrears on each Interest Payment Date for such Loan, Loan and on the Maturity Date; provided that (iA) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (iiB) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iiiC) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period thereforLoan, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Frontier Corp /Ny/), Credit Agreement (Frontier Corp /Ny/)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable RateMargin.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO LIBOR Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Committed Amounts; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBOR Rate or LIBOR Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(f) In the event that any financial statements delivered pursuant to this Agreement, or any certificate delivered pursuant to Section 5.01(d), is shown to be inaccurate (regardless of whether this Agreement or the Committed Amounts are in more fees effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin and/or a higher Unused Fee on Committed Amount for any period (an “Applicable Period”) than the Applicable Margin or interestUnused Fee on Committed Amount, as applicable, being paid than if computed applied for such Applicable Period, then (i) the Borrower shall immediately deliver to the Administrative Agent a correct certificate in the form of the certificate described in Section 5.01(d), (ii) such higher Applicable Margin and/or higher Unused Fee on the basis of a 365-day year). Interest Committed Amount shall accrue on each Loan for the day on which the Loan is madebe applied to such Applicable Period, and (iii) the Borrower shall not accrue immediately pay to the Administrative Agent the accrued additional interest and expense owing as a result of such increased Applicable Margin and Unused Fee on a LoanCommitted Amount for such Applicable Period, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination payment shall be promptly applied by the Administrative Agent in accordance with Section 7.02. This Section 2.13(f) shall not limit the rights of an interest rate the Administrative Agent and the other Secured Parties with respect to Section 2.13(c) or fee hereunder shall be conclusive and binding for all purposes, absent manifest errorArticle VII.
Appears in 2 contracts
Samples: Credit Agreement (Genesis Energy Lp), Credit Agreement (Genesis Energy Lp)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Base Rate at times when the Base Rate is based on the prime rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Base Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Term Loan Credit Agreement (Nasdaq Stock Market Inc), Term Loan Credit Agreement (Nasdaq Stock Market Inc)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid at all times when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses listed in paragraph (a), (b), (h) or (ib) of Section 7.01Article 7 has occurred hereunder and is continuing, such all overdue amount amounts outstanding hereunder shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other overdue amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and, with respect to the Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan that is a Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations The Borrower agrees to pay to the Issuing Bank, with respect to drawings honored under any Letter of Credit, interest on the amount paid by the Issuing Bank in respect of each such honored drawing from the date such drawing is honored to but excluding the date such amount is reimbursed by or on behalf of the Borrower at a rate equal to (i) for the period from the date such drawing is honored to but excluding the applicable Reimbursement Date, the rate of interest for otherwise payable hereunder with respect to Revolving Loans that are ABR Loans, and (ii) thereafter, a rate which is 2% per annum in excess of the rate of interest otherwise payable hereunder with respect to Revolving Loans that are ABR Loans or Eurodollar Loans (including ABR Loans determined as applicable).
(f) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 daysdays in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent or the Issuing Bank, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Revolving Credit Agreement and Incremental Agreement (Palantir Technologies Inc.), Revolving Credit Agreement (Palantir Technologies Inc.)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable RateMargin.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, ; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and prepayment, (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion, and (iv) a portion of the interest, not to exceed 2.50% per annum, accrued during and after the first fiscal quarter commencing after the first anniversary of the Closing Date for which the Consolidated Fixed Charge Coverage Ratio (determined on a trailing four-quarter basis ending with such quarter) is less than 1.25 to 1.00, may be paid at the Borrower’s option (as notified to the Administrative Agent in writing at least three Business Days prior to each relevant Interest Payment Date) through an increase in the principal amount of the Loans equal to the amount of such interest (the “PIK Interest Amount”).
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest demonstrable error.
Appears in 2 contracts
Samples: Loan Agreement (Dex Media, Inc.), Loan Agreement (Supermedia Inc.)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
(f) The Loans comprising Swingline Loans shall bear interest at the LIBO Rate plus the Eurodollar Margin.
Appears in 2 contracts
Samples: Credit Agreement (Natural Resource Partners Lp), Credit Agreement (Natural Resource Partners Lp)
Interest. (a) The ABR Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Eurodollar Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the applicable Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Revolving Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and, in the case of Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving Loan prior to the end of the Revolving Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (SPX Corp), Credit Agreement (SPX Corp)
Interest. (a) The Loans comprising unpaid principal amount of each ABR Borrowing Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Alternate Base Rate Applicable Margin in effect from time to time plus the Applicable RateABR in effect from time to time.
(b) The Loans comprising unpaid principal amount of each Eurocurrency Borrowing Term SOFR Rate Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin in effect from time to time plus the Adjusted LIBO Term SOFR Rate for the Interest Period in effect for such Borrowing plus the Applicable Ratefrom time to time.
(c) Notwithstanding If all or a portion of the foregoing, if any principal amount of or interest on any Loan or any fee interest payable thereon or any fees or other amount payable by the Borrower amounts due hereunder is shall not be paid when due, due (whether at the stated maturity, upon by acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, interest (including post-petition interest in any proceeding under the Bankruptcy Code or other applicable bankruptcy laws) at a rate per annum equal to that is (i) in the case of overdue principal of any Loanprincipal, 2.00% per annum plus the rate that would otherwise be applicable to such Loan as provided in the preceding paragraphs of this Section thereto plus 2% or (ii) in the case of any overdue interest, fees or other amountamounts due hereunder, 2.00% per annum plus to the extent permitted by Applicable Law, the rate applicable to ABR Loans as provided described in paragraph Section 2.8 (a) plus 2% from and including the date of this Section; provided that no such non-payment to but excluding the date on which such amount is paid in full (after as well as before judgment). All such interest shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lenderon demand.
(d) Accrued interest Interest on each Loan shall accrue from and including the date of any Borrowing to but excluding the date of any repayment thereof and shall be payable in arrears on each Interest Payment Date for such LoanDollars and, except as provided that below, shall be payable (i) interest accrued pursuant to paragraph (c) in respect of this Section shall be payable each ABR Loan, quarterly in arrears on demandthe last Business Day of each March, June, September and December, (ii) in the event respect of any repayment or prepayment of any each Term SOFR Rate Loan, accrued interest on the principal amount repaid or prepaid shall be payable last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three-month intervals after the date first day of such repayment or prepayment Interest Period, and (iii) in respect of each Loan (except, in the event case of prepayments, any conversion of ABR Loan), on any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable prepayment (on the effective date of amount prepaid), at maturity (whether by acceleration or otherwise) and, after such conversion.
(e) All computations of interest for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO Rate) shall be made maturity, on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, demand; provided that any Loan that is repaid on the same day date on which it is made shall, subject to Section 2.18, shall bear interest for one day. Each determination by the Administrative Agent .
(e) All computations of an interest rate or fee hereunder shall be made in accordance with Section 5.5.
(f) The Administrative Agent, upon determining the interest rate for any Borrowing of Term SOFR Rate Loans, shall promptly notify the Borrower and the relevant Lenders thereof. Each such determination shall, absent clearly demonstrable error, be final and conclusive and binding for on all purposesparties hereto.
(g) Except as otherwise provided herein, absent manifest errorwhenever any payment hereunder or under the other Credit Documents shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest or commitment or letter of credit fee or commission, as the case may be.
Appears in 2 contracts
Samples: Eighth Amendment (LPL Financial Holdings Inc.), Seventh Amendment (LPL Financial Holdings Inc.)
Interest. (a) The Loans comprising each ABR Base Rate Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO LIBOR Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% per annum plus the rate applicable to ABR Base Rate Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender2.10.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section 2.10 shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of a Base Rate Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Base Rate at times when the Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Base Rate or Adjusted LIBOR Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: 364 Day Revolving Credit Agreement (Cme Group Inc.), 364 Day Revolving Credit Agreement (Cme Group Inc.)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and upon termination of all of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Polo Ralph Lauren Corp), Credit Agreement (Polo Ralph Lauren Corp)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurocurrency Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate0.35%.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the any Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clauses (a), (b), (h) or (i) of Section 7.01, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.10 or (ii) in the case of any other amount, 2.002% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender2.10.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, Loan and on the Commitment Expiration Date; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the Commitment Expiration Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable Alternate Base Rate or Adjusted LIBO Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Credit Agreement (Quanta Capital Holdings LTD), Credit Agreement (Quanta Capital Holdings LTD)
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate ABR plus the Applicable RateMargin.
(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Eurocurrency Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Notwithstanding the foregoing, if For so long as any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default shall have occurred and be continuing under clauses (aSection 7.01(b), (bc), (h) or (i), upon notice of the Administrative Agent (at the direction of the Required Lenders) of Section 7.01to the Lead Borrower, such (i) any overdue amount Loan shall bear interest, after as well as before judgment, interest at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amountoverdue amount (including, 2.00% but not limited to, fees to be paid under the Loan Documents), such other overdue amount shall bear interest at a rate per annum equal to 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears (i) on each Interest Payment Date for such Loan, provided (ii) on the earlier of (A) the termination of all of the Commitments and (B) the Maturity Date and (iii) on the date of each prepayment or repayment of such Loans; provided, that (ix) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (iiy) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iiiz) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations interest hereunder shall be computed on the basis of a year of 360 days, except that interest for ABR Loans (including ABR Loans determined computed by reference to the Adjusted LIBO Rate) ABR shall be made computed on the basis of a year of 365 days (or 366 days, as the case may bedays in a leap year), and actual days elapsed. All other computations of fees and interest in each case shall be made on payable for the basis actual number of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on including the basis of a 365-first day yearbut excluding the last day). Interest The applicable ABR, Adjusted Eurocurrency Rate or Eurocurrency Rate shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination be determined by the Administrative Agent of an interest rate or fee hereunder Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.
Appears in 2 contracts
Samples: Abl Credit Agreement (Claire's Holdings LLC), Abl Credit Agreement (Claire's Holdings LLC)
