Interim Interest. If any Issuing Bank makes any LC Disbursement, unless the Borrower reimburses such LC Disbursement in full on the date such LC Disbursement has been made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable), at the rate per annum then applicable to Initial Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class); provided that if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.05, Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand).
Appears in 10 contracts
Samples: First Lien Credit Agreement (Waystar Holding Corp.), First Lien Credit Agreement (Waystar Holding Corp.), First Lien Credit Agreement (Waystar Holding Corp.)
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loans; provided that that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (ef) of this Section 2.05, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (ef) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on within two Business Days of demand or, if no demand has been made, within two Business Days of the date on which the Borrower is required to reimburse reimburses the applicable LC Disbursement in full full. If any Revolving Lender shall not have made its Applicable Percentage of such LC Disbursement available to the Administrative Agent as provided in clause (andf) above, thereaftersuch Revolving Lender shall agree to pay interest on such amount, for each day from and including the date such amount is required to be paid at a rate determined by the Administrative Agent in accordance with banking industry rules or practices on demand)interbank compensation.
Appears in 10 contracts
Samples: Credit Agreement (Vacasa, Inc.), Credit Agreement (Vacasa, Inc.), Credit Agreement (EverCommerce Inc.)
Interim Interest. If any an Issuing Bank makes shall make any LC L/C Disbursement, then, unless the U.S. Borrower reimburses shall reimburse such LC L/C Disbursement in full on the date such LC L/C Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC L/C Disbursement is made to but excluding the date that the U.S. Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)L/C Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loans; provided that that, if such L/C Disbursement is not reimbursed by the U.S. Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.052.13(d) shall apply; provided, further, that, in the case of a L/C Disbursement made under a Foreign Currency Letter of Credit, the amount of interest due with respect thereto shall (i) in the case of any L/C Disbursement that is reimbursed on or before the date such L/C Disbursement is required to be reimbursed under paragraph (e) of this Section, (A) be payable in the applicable Foreign Currency and (B) bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Bank to be the cost to such Issuing Bank of funding such L/C Disbursement plus the Applicable Margin applicable to Eurocurrency Revolving Loans at such time and (ii) in the case of any L/C Disbursement that is reimbursed after the date such L/C Disbursement is required to be reimbursed under paragraph (e) of this Section, (A) be payable in Dollars, (B) accrue interest on the Dollar Equivalent, determined using the Exchange Rates calculated as of the date such L/C Disbursement was made, of such L/C Disbursement, (C) bear interest at the rate per annum then applicable to ABR Revolving Loans and (D) Section 2.13(c2.13(d) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any U.S. Revolving Facility Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such U.S. Revolving Facility Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 8 contracts
Samples: Credit Agreement (TRW Automotive Holdings Corp), Credit Agreement (TRW Automotive Holdings Corp), Credit Agreement (TRW Automotive Holdings Corp)
Interim Interest. If any Issuing Bank makes the LC Issuer shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made (or, if notice of such LC Disbursement is given later than 1:00 p.m., New York City time, on the date of such LC Disbursement, then from and including the next Business Day) to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial Revolving Loans that are ABR Loans (or, to Floating Rate plus the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Applicable Margin; provided that that, if the Borrower fails to reimburse such LC Disbursement within five Business Days of the date when due pursuant to paragraph (e) of this Section 2.05Section, Section 2.13(c) then the unpaid amount thereof shall applybear interest, for each day from and including the date when due to and including the date that the Borrower reimburses such LC Disbursement, at the Floating Rate plus the Applicable Margin plus 2% per annum. Interest accrued pursuant to this paragraph shall be for the account of the LC Issuer with respect to the applicable Issuing BankLetter of Credit, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank LC Issuer shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 6 contracts
Samples: Credit Agreement (Moneygram International Inc), Credit Agreement (Moneygram International Inc), Credit Agreement (Moneygram International Inc)
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial (x) in the case of an LC Disbursement denominated in dollars, ABR Revolving Loans that are ABR Loans and (or, to y) in the extent case of the participation in such an LC Disbursement by any that is not denominated in dollars, Eurocurrency Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loans; provided that that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (ef) of this Section 2.05, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (ef) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on within two Business Days of demand or, if no demand has been made, within two Business Days of the date on which the Borrower is required to reimburse reimburses the applicable LC Disbursement in full full. If any Revolving Lender shall not have made its Applicable Percentage of such LC Disbursement available to the Administrative Agent as provided in clause (andf) above, thereaftersuch Revolving Lender shall agree to pay interest on such amount, for each day from and including the date such amount is required to be paid at a rate determined by the Administrative Agent in accordance with banking industry rules or practices on demand)interbank compensation.
Appears in 6 contracts
Samples: First Lien Credit Agreement (First Advantage Corp), First Lien Credit Agreement (First Advantage Corp), First Lien Credit Agreement (First Advantage Corp)
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses Borrowers shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses Borrowers reimburse such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial (x) in the case of an LC Disbursement denominated in dollars, ABR Revolving Loans that are ABR Loans and (or, to y) in the extent case of the participation in such an LC Disbursement by any that is not denominated in dollars, Eurocurrency Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loans; provided that that, if the Borrower fails Borrowers fail to reimburse such LC Disbursement when due pursuant to paragraph (ef) of this Section 2.05, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (ef) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on within two Business Days of demand or, if no demand has been made, within two Business Days of the date on which the Borrower is required to Borrowers reimburse the applicable LC Disbursement in full full. If any Revolving Lender shall not have made its Applicable Percentage of such LC Disbursement available to the Administrative Agent as provided in clause (andf) above, thereaftereach of such Revolving Lender shall agree to pay interest on such amount, for each day from and including the date such amount is required to be paid at a rate determined by the Administrative Agent in accordance with banking industry rules or practices on demand)interbank compensation.
Appears in 6 contracts
Samples: First Lien Credit Agreement (New Whale Inc.), Credit Agreement (New Whale Inc.), First Lien Credit Agreement (Endeavor Group Holdings, Inc.)
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement Disbursement, (or i) in the date on which such case of any LC Disbursement is reimbursed with denominated in US Dollars and at all times following the proceeds conversion to US Dollars of Loans, as applicable)an LC Disbursement made in a Designated Foreign Currency pursuant to paragraph (e) of this Section, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans Loans, and (or, to the extent of the participation in ii) if such LC Disbursement by any Revolving Lender is made in a Designated Foreign Currency, at all times prior to its conversion to US Dollars pursuant to paragraph (e) of another Classthis Section, the at a rate per annum then reasonably determined by the applicable Issuing Bank to represent the cost to such Issuing Bank of funding such LC Disbursement plus the Applicable Margin applicable to the Eurodollar Revolving Loans of at such other Class)time; provided that that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c2.14(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 5 contracts
Samples: Credit Agreement (Huntington Ingalls Industries, Inc.), Credit Agreement (Huntington Ingalls Industries, Inc.), Credit Agreement (Huntington Ingalls Industries, Inc.)
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the Parent Borrower reimburses (or the Subsidiary that is jointly and severally liable with respect to the Letter of Credit in question) shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, including by financing such payment obligation with an ABR Loan in accordance with paragraph (e) of this Section (or, if such date is not a Business Day, on or prior to the next Business Day), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Parent Borrower (or such Subsidiary) reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loans; provided that that, if the Parent Borrower (or such Subsidiary) fails to reimburse such LC Disbursement when due (including by financing such payment obligation with an ABR Loan) pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c2.11(d) shall apply; and provided, further, that, in the case of an LC Disbursement made under an Alternative Currency Letter of Credit, the amount of interest due with respect thereto shall accrue on the Dollar Equivalent, calculated using the Exchange Rate at the time such LC Disbursement was made, of such LC Disbursement. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 5 contracts
Samples: Credit Agreement (Ralph Lauren Corp), Credit Agreement (Ralph Lauren Corp), Credit Agreement (Ralph Lauren Corp)
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans (orLoans, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Classprovided that, the rate per annum then applicable to the Revolving Loans of such other Class); provided that if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.05Section, then Section 2.13(c) shall apply, provided further that, in the case of an LC Disbursement made under an Alternative Currency Letter of Credit, the amount of interest due with respect thereto shall (i) in the case of any such LC Disbursement that is permitted to be reimbursed and is reimbursed in the relevant Alternative Currency, (A) be payable in the applicable Alternative Currency and (B) bear interest at a rate equal to the rate reasonably determined by such Issuing Bank to be the cost to such Issuing Bank of funding such LC Disbursement plus the Applicable Margin applicable to Eurodollar Loans at such time and (ii) otherwise (A) be payable in dollars, (B) accrue on the Dollar Equivalent, calculated using the Exchange Rates on the date such LC Disbursement was made, of such LC Disbursement and (C) bear interest at the rate per annum then applicable to ABR Revolving Loans, subject to Section 2.13(c). Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 4 contracts
Samples: Credit Agreement (On Semiconductor Corp), Credit Agreement (On Semiconductor Corp), Credit Agreement (On Semiconductor Corp)
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof (which, in the case of an LC Disbursement not denominated in dollars, shall be expressed in dollars in the amount of the Dollar Equivalent thereof) shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses reimburse such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loans; provided that that, if the Borrower fails fail to reimburse such LC Disbursement when due pursuant to paragraph (ef) of this Section 2.05, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (ef) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on within two Business Days of demand or, if no demand has been made, within two Business Days of the date on which the Borrower is required to reimburse the applicable LC Disbursement in full full. If any Revolving Lender shall not have made its Applicable Percentage of such LC Disbursement available to the Administrative Agent as provided in clause (andf) above, thereaftersuch Revolving Lender shall agree to pay interest on such amount, for each day from and including the date such amount is required to be paid at a rate determined by the Administrative Agent in accordance with banking industry rules or practices on demand)interbank compensation.
Appears in 4 contracts
Samples: Credit Agreement (Amc Entertainment Holdings, Inc.), Credit Agreement (Amc Entertainment Holdings, Inc.), Credit Agreement (Amc Entertainment Holdings, Inc.)
Interim Interest. If any an Issuing Bank makes Lender shall make any LC Disbursement, then, unless the relevant Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the such Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR Domestic Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loans; provided that that, if the such Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c2.14(c) shall apply; provided further that, in the case of an LC Disbursement made under an Alternative Currency Letter of Credit, the amount of interest due with respect thereto shall (i) in the case of any LC Disbursement that is reimbursed on or before the Business Day immediately succeeding such LC Disbursement, (A) be payable in the applicable Alternative Currency and (B) if not reimbursed on the date of such LC Disbursement, bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Lender to be the cost to such Issuing Lender of funding such LC Disbursement plus the Applicable Margin applicable to Eurocurrency Revolving Loans at such time and (ii) in the case of any LC Disbursement that is reimbursed after the Business Day immediately succeeding such LC Disbursement (A) be payable in Dollars, (B) accrue on the Dollar Equivalent, calculated using the Exchange Rates on the date such LC Disbursement was made, of such LC Disbursement and (C) bear interest at the rate per annum then applicable to ABR Revolving Loans, subject to Section 2.14(c). Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing BankLender, except that interest accrued on and after the date of payment by any Domestic Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank Lender shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 4 contracts
Samples: Credit Agreement (SPX Corp), Credit Agreement (SPX Corp), Credit Agreement (SPX Corp)
Interim Interest. If any Issuing Bank makes the Letter of Credit Issuer shall make any LC Disbursement, then, unless the US Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the US Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial Base Rate Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loans; provided that that, if the US Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c2.14(c) shall apply; provided further that, in the case of any LC Disbursement made under a Canadian Dollar Letter of Credit, the amount of interest due with respect thereto shall (i) in the case of any LC Disbursement that is reimbursed on or before the Business Day immediately succeeding such LC Disbursement, (A) be payable in Canadian Dollars and (B) bear interest at the rate per annum then applicable to Canadian Prime Rate Loans, subject to Section 2.14(c), and (ii) in the case of any LC Disbursement that is reimbursed after the Business Day immediately succeeding such LC Disbursement, (A) be payable in US Dollars, (B) accrue on the US Dollar Equivalent, calculated using the Spot Exchange Rate on the date such LC Disbursement was made, of such LC Disbursement and (C) bear interest at the rate per annum then applicable to Base Rate Revolving Loans, subject to Section 2.14(c). Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing BankLetter of Credit Issuer, except that interest accrued on and after the date of payment by any US Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank the Letter of Credit Issuer shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 4 contracts
Samples: Credit Agreement (Compass Minerals International Inc), Credit Agreement (Compass Minerals International Inc), Credit Agreement (Compass Minerals International Inc)
Interim Interest. If any an Issuing Bank makes Lender shall make any LC Disbursement, then, unless the relevant Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the such Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR Domestic Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loans; provided that that, if the such Borrower fails to reimburse such LC Disbursement (including any interim interest incurred in connection with such LC Disbursement pursuant to this paragraph) when due pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c2.15(c) shall apply; provided further that, in the case of an LC Disbursement made under an Alternative Currency Letter of Credit, the amount of interest due with respect thereto shall (i) in the case of any LC Disbursement that is reimbursed on or before the Business Day immediately succeeding such LC Disbursement, (A) be payable in an amount equal to the Dollar Equivalent, calculated using the applicable Exchange Rate on the date such LC Disbursement is made, of such LC Disbursement and (B) if not reimbursed on the date of such LC Disbursement, bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Lender to be the cost to such Issuing Lender of funding such LC Disbursement plus the Applicable Rate applicable to Eurocurrency Revolving Loans at such time and (ii) in the case of any LC Disbursement that is reimbursed after the Business Day immediately succeeding such LC Disbursement (A) be payable in Dollars, (B) accrue on the Dollar Equivalent, calculated using the Exchange Rates on the date such LC Disbursement was made, of such LC Disbursement and (C) bear interest at the rate per annum then applicable to ABR Revolving Loans, subject to Section 2.15(c). Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing BankLender, except that interest accrued on and after the date of payment by any Domestic Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank Lender shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 4 contracts
Samples: Credit Agreement (SPX Corp), Credit Agreement (SPX Corp), Credit Agreement (SPX Corp)
Interim Interest. If any Issuing Bank makes shall make any LC Disbursement, then, unless the applicable Co-Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the such Co-Borrower reimburses such LC Disbursement Disbursement, (or the date on which such i) in respect of LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursements denominated in dollars, at the rate per annum then applicable to Initial Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans that are ABR Loans of such other Class) and (ii) in the case of a LC Disbursement denominated in an Alternative Currency, (A) in the case of any LC Disbursement that is reimbursed on or before the date such LC Disbursement is required to be reimbursed under paragraph (f) of this Section 2.05, a rate per annum determined by the applicable Issuing Bank (which determination will be conclusive absent manifest error) to represent its cost of funds plus the Applicable Rate used to determine interest applicable to Initial Revolving Loans that are Eurodollar Revolving Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the Applicable Rate used to determine interest applicable to the Revolving Loans that are Eurodollar Revolving Loans of such other Class) (which interest shall be payable in such currency) and (B) in the case of any LC Disbursement that is reimbursed after the date such LC Disbursement is required to be reimbursed under paragraph (f) of this Section 2.05, the rate per annum then applicable to Initial Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans that are ABR Loans of such other Class) (which interest shall be payable in dollars); provided that that, if the such Co-Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (ef) of this Section 2.05, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (ef) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on demand or, if no demand has been made, on the date on which the such Co-Borrower is required to reimburse reimburses the applicable LC Disbursement in full (and, thereafter, on demand)full.
Appears in 3 contracts
Samples: Second Amendment (Graftech International LTD), Credit Agreement (Graftech International LTD), Credit Agreement (Graftech International LTD)
Interim Interest. If any Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans (orLoans, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class); provided that if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph clause (e) of this Section 2.05, then Section 2.13(c2.12(c) shall apply, provided further that, in the case of any LC Disbursement made under an Alternative Currency Letter of Credit, the amount of interest due with respect thereto shall (i) in the case of any LC Disbursement that is reimbursed on or before the Business Day immediately succeeding such LC Disbursement, (A) be payable in the applicable Alternative Currency and (B) bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Bank to be the cost to such Issuing Bank of funding such LC Disbursement plus the Applicable Margin applicable to Eurodollar Loans at such time and (ii) in the case of any LC Disbursement that is reimbursed after the Business Day immediately succeeding such LC Disbursement, (A) be payable in dollars, (B) accrue on the Dollar Equivalent, calculated using the Exchange Rates on the date such LC Disbursement was made, of such LC Disbursement and (C) bear interest at the rate per annum then applicable to ABR Revolving Loans, subject to Section 2.12(c). Interest accrued pursuant to this paragraph clause shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph clause (e) of this Section 2.05 to reimburse such the Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 3 contracts
Samples: Second Amendment and Joinder Agreement (Seagate Technology PLC), Credit Agreement (Seagate Technology PLC), Credit Agreement (Seagate Technology PLC)
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement in full, at (or i) in the date on which such case of any LC Disbursement is reimbursed with denominated in dollars, and at all times following the proceeds of Loans, as applicable), at the rate per annum then applicable conversion to Initial Revolving Loans that are ABR Loans (or, to the extent dollars of the participation in such reimbursement obligation with respect to any LC Disbursement by any Revolving Lender made in a Permitted Existing LC Foreign Currency pursuant to paragraph (e) of another Classthis Section, the rate per annum then applicable to the ABR Revolving Loans and (ii) in the case of such other Class)an LC Disbursement denominated in any Permitted Foreign Currency or, prior to its conversion to dollars pursuant to paragraph (e) of this Section, in any Permitted Letter of Credit Foreign Currency, a rate per annum determined by the applicable Issuing Bank (which determination will be conclusive absent manifest error) to represent its cost of funds plus the Applicable Rate used to determine interest applicable to Eurocurrency Revolving Loans; provided that that, if the Borrower fails to reimburse such LC Disbursement in full when due pursuant to paragraph (e) of this Section 2.05Section, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment payment, and shall be payable on demand or, if no demand has been made, on the date on which the Borrower is required to reimburse reimburses the applicable LC Disbursement in full (and, thereafter, on demand)full.
Appears in 3 contracts
Samples: Credit Agreement (Arconic Corp), Credit Agreement (Arconic Inc.), Credit Agreement (Arconic Rolled Products Corp)
Interim Interest. (i) If any Issuing Bank makes any Dollar LC Disbursement, then, unless the Lead Borrower reimburses such Dollar LC Disbursement in full on the date such Dollar LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such Dollar LC Disbursement is made to but excluding the date that the Lead Borrower reimburses such Dollar LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable that would apply to Initial such amount if such amount were a Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class); Loan; provided that if the Lead Borrower fails to reimburse such Dollar LC Disbursement when due pursuant to paragraph (e) of this Section 2.05, then Section 2.13(c2.13(f) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Dollar Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Dollar Revolving Lender to the extent of such payment and shall be payable on the date on which the Lead Borrower is required to reimburse the applicable Dollar LC Disbursement in full (and, thereafter, on demand).
(ii) If any Issuing Bank makes any Multicurrency LC Disbursement, then, unless the Lead Borrower reimburses such Multicurrency LC Disbursement in full on the date such Multicurrency LC Disbursement is made, the unpaid amount thereof plus, in respect of any Letter of Credit denominated in an Alternative Currency other than Canadian Dollars, Euros or Pounds Sterling, an additional amount equal to the amount required to convert U.S. Dollars received into the currency of the unreimbursed Multicurrency LC Disbursement, shall bear interest, for each day from and including the date such Multicurrency LC Disbursement is made to but excluding the date that the Lead Borrower reimburses such Multicurrency LC Disbursement, at the rate per annum that would apply to such amount if such amount were a Revolving ABR Loan; provided that if the Lead Borrower fails to reimburse such Multicurrency LC Disbursement when due pursuant to paragraph (e) of this Section 2.05, then Section 2.13(f) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Multicurrency Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Multicurrency Revolving Lender to the extent of such payment and shall be payable on the date on which the Lead Borrower is required to reimburse the applicable Multicurrency LC Disbursement in full (and, thereafter, on demand),
Appears in 3 contracts
Samples: Credit Agreement (SB/RH Holdings, LLC), Credit Agreement (SB/RH Holdings, LLC), Credit Agreement (SB/RH Holdings, LLC)
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof (or, in the case of clause (iii)(B) below, the Dollar Equivalent of such amount, determined in accordance with paragraph (e) of this Section) shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement in full, at (or i) in the date on which such case of any LC Disbursement is reimbursed with the proceeds of Loans, as applicable), at the rate per annum then applicable to Initial Revolving Loans that are ABR Loans (or, to the extent of the participation denominated in such LC Disbursement by any Revolving Lender of another Classdollars, the rate per annum then applicable to the ABR Revolving Loans (and payable in dollars), (ii) in the case of an LC Disbursement denominated in Euros or Pounds Sterling, a rate per annum determined by the applicable Issuing Bank (which determination will be conclusive absent manifest error) to represent its cost of funds plus the Applicable Rate used to determine interest applicable to Eurocurrency Revolving Loans or EURIBOR Revolving Loans (and payable in such currency) and (iii) in the case of an LC Disbursement denominated in any Permitted Foreign Currency other Classthan Euros and Pounds Sterling, (A) in the case of any LC Disbursement that is reimbursed on or before the date such LC Disbursement is required to be reimbursed under paragraph (e) of this Section, a rate per annum determined by the applicable Issuing Bank (which determination will be conclusive absent manifest error) to represent its cost of funds plus the Applicable Rate used to determine interest applicable to Eurocurrency Revolving Loans or EURIBOR Revolving Loans (and payable in such currency) and (B) in the case of any LC Disbursement that is reimbursed after the date such LC Disbursement is required to be reimbursed under paragraph (e) of this Section, the rate per annum then applicable to ABR Revolving Loans (and payable in dollars); provided that that, if the Borrower fails to reimburse such LC Disbursement in full when due pursuant to paragraph (e) of this Section 2.05Section, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment payment, and shall be payable on demand or, if no demand has been made, on the date on which the Borrower is required to reimburse reimburses the applicable LC Disbursement in full (and, thereafter, on demand)full.
Appears in 3 contracts
Samples: Credit Agreement (Vectrus, Inc.), Credit Agreement (Vectrus, Inc.), Credit Agreement (Vectrus, Inc.)
Interim Interest. If any Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses applicable obligor Borrower, or a Guarantor on its behalf, shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the such Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another same Class, the rate per annum then applicable to the Revolving Loans of such other Class); provided that that, if the Borrower such applicable obligor Borrower, or a Guarantor on its behalf, fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.052.04, then Section 2.13(c2.11(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 2.04 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment payment.
(i) Replacement of an Issuing Bank. Any Issuing Bank may be replaced at any time by written agreement among the Company, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of an Issuing Bank. At the time any such replacement shall become effective, the applicable obligor Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.10(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the replaced Issuing Bank under this Agreement with respect to Letters of Credit issued by it thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed, when applicable, to refer to such successor or, when applicable, to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)issue additional Letters of Credit.
Appears in 3 contracts
Samples: Credit Agreement (El Paso Natural Gas Co), Credit Agreement (El Paso Corp/De), Credit Agreement (Southern Natural Gas Co)
Interim Interest. If any the Issuing Bank makes shall make any LC DisbursementDisbursement (i) in respect of any Letter of Credit denominated in dollars, then, unless the Parent Borrower reimburses or any applicable Foreign Subsidiary Borrower, as the case may be, shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Parent Borrower or any applicable Foreign Subsidiary Borrower, as the case may be, reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans and (orii) in respect of any Letter of Credit denominated in an LC Foreign Currency, to then, unless the extent of Parent Borrower or any applicable Foreign Subsidiary Borrower, as the participation in case may be, shall reimburse such LC Disbursement by in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Parent Borrower or any Revolving Lender of another Classapplicable Foreign Subsidiary Borrower, as the case may be, reimburses such LC Disbursement, at the rate per annum then applicable to Foreign Currency Loans in the Revolving Loans applicable Foreign Currency with an Interest Period of such other Class)three months’ duration; provided that that, if the Parent Borrower or any applicable Foreign Subsidiary Borrower, as the case may be, fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.052.05(e), then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (eSection 2.05(e) of this Section 2.05 to reimburse such the Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 3 contracts
Samples: Replacement Facility Amendment (Trimas Corp), Incremental Facility Agreement (Trimas Corp), Credit Agreement (Trimas Corp)
Interim Interest. If any Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans (orLoans, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class); provided that if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph clause (e) of this Section 2.05, then Section 2.13(c2.12(c) shall apply, provided further that, in the case of any LC Disbursement made under an Alternative Currency Letter of Credit, the amount of interest due with respect thereto shall (i) in the case of any LC Disbursement that is reimbursed on or before the Business Day immediately succeeding such LC Disbursement, (A) be payable in the applicable Alternative Currency and (B) bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Bank to be the cost to such Issuing Bank of funding such LC Disbursement plus the Applicable Margin applicable to SOFR Loans at such time and (ii) in the case of any LC Disbursement that is reimbursed after the Business Day immediately succeeding such LC Disbursement, (A) be payable in dollars, (B) accrue on the Dollar Equivalent, calculated using the Exchange Rates on the date such LC Disbursement was made, of such LC Disbursement and (C) bear interest at the rate per annum then applicable to ABR Revolving Loans, subject to Section 2.12(c). Interest accrued pursuant to this paragraph clause shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph clause (e) of this Section 2.05 to reimburse such the Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 3 contracts
Samples: Credit Agreement (Seagate Technology Holdings PLC), Credit Agreement (Seagate Technology Holdings PLC), Credit Agreement (Seagate Technology Holdings PLC)
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the applicable Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the applicable Borrower (or any other account party) reimburses such LC Disbursement Disbursement, at (or 1) in the date on which such case of a Revolving LC Disbursement is reimbursed with the proceeds of Loans, as applicable), at the rate per annum then applicable to Initial Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another ClassDollars, the rate per annum then applicable to the Base Rate Revolving Loans and (2) in the case of a Revolving LC Disbursement in Sterling, the rate per annum that would be applicable to a Eurocurrency Term Loan denominated in such currency with a one month Interest Period commencing on the date of such other Class)LC Disbursement; provided that that, if the a Borrower fails to reimburse (or cause another account party to reimburse) such LC Disbursement when due pursuant to paragraph (e) of this Section 2.052.04(e), then Section 2.13(c2.11(c) shall applyapply from such due date until such reimbursement is made. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing BankBank making such LC Disbursement, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (eSection 2.04(e)(ii) of this Section 2.05 to reimburse such an Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and payment. If the LC Facility Issuing Bank shall be payable on make any LC Disbursement, then, unless the date on which the U.S. Borrower is required to shall reimburse the applicable such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date the U.S. Borrower reimburses such LC Disbursement, at the rate per annum that would be applicable to Eurocurrency Term Loans with a one month Interest Period commencing on the date of such LC Disbursement; provided that, if the U.S. Borrower fails to reimburse (andor cause another account party to reimburse) such LC Disbursement when due pursuant to Section 2.04(e), thereafter, on demand)then the resulting payment from the Credit Linked Deposit Account shall be deemed to be an LC Facility Term Loan as set forth in Section 2.04(e)(iii) above.
Appears in 2 contracts
Samples: Forbearance Agreement and Third Amendment to Credit Agreement (Hawker Beechcraft Notes Co), Credit Agreement (Hawker Beechcraft Quality Support Co)
Interim Interest. If any an Issuing Bank makes or the LC Facility Issuing Bank, as applicable, shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower (or any other account party) reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at (1) in the rate per annum then applicable to Initial case of a Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another ClassDisbursement, the rate per annum then applicable to the ABR Revolving Loans and (2) in the case of an LC Facility LC Disbursement, the rate per annum that would be applicable to Eurodollar Term Loans with a one month Interest Period commencing on the date of such other Class)LC Disbursement; provided that that, if the Borrower fails to reimburse (or cause another account party to reimburse) such LC Disbursement when due pursuant to paragraph (e) of this Section 2.052.06(e), then Section 2.13(c2.08(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank making such LC Disbursement or the LC Facility Issuing Bank, as applicable, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (eSection 2.06(e)(ii) of this Section 2.05 to reimburse such an Issuing Bank or from the LC Facility Deposit of any LC Facility Lender pursuant to Section 2.06(e)(iii) to reimburse the LC Facility Issuing Bank, as applicable, shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 2 contracts
Samples: Credit Agreement (Rural Metro Corp /De/), Credit Agreement (Rural Metro Corp /De/)
Interim Interest. If any an Applicable Issuing Bank makes shall make any LC DisbursementDisbursement in respect of any Letter of Credit issued for the account of a Borrower within a Borrower Group (including, with respect to U.S. Borrowers, those Letters of Credit with respect to which the Company is the co-applicant with a Subsidiary of the Company), then, unless the Borrowers within such Borrower reimburses Group shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrowers within such Borrower reimburses Group reimburse such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial Revolving ABR Loans that are ABR Revolving Loans (orin the case of any such Letter of Credit issued for the account of a U.S. Borrower), to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Canadian Base Rate Loans that are Revolving Loans (in the case of any such other ClassLetter of Credit denominated in Dollars that is issued for the account of a Canadian Borrower) or Canadian Prime Rate Loans that are Revolving Loans (in the case of any such Letter of Credit denominated in Canadian Dollars that issued for the account of a Canadian Borrower); provided that that, if the Borrowers within a Borrower fails Group fail to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c2.13(f) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Applicable Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Applicable Issuing Bank shall be for the account of such Revolving Applicable Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 2 contracts
Samples: Credit Agreement (ATD Corp), Credit Agreement (American Tire Distributors Holdings, Inc.)
Interim Interest. If any the Issuing Bank makes shall make any LC Disbursement, then, unless the Cayman Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Cayman Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans (orLoans, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Classprovided that, the rate per annum then applicable to the Revolving Loans of such other Class); provided that if the Cayman Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.05Section, then Section 2.13(c) shall apply, provided further that, in the case of an LC Disbursement made under an Alternative Currency Letter of Credit, the amount of interest due with respect thereto shall (i) in the case of any LC Disbursement that is reimbursed on or before the Business Day immediately succeeding such LC Disbursement, (A) be payable in the applicable Alternative Currency and (B) bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Bank to be the cost to such Issuing Bank of funding such LC Disbursement plus the Applicable Margin applicable to Eurodollar Loans at such time and (ii) in the case of any LC Disbursement that is reimbursed after the Business Day immediately succeeding such LC Disbursement (A) be payable in dollars, (B) accrue on the Dollar Equivalent, calculated using the Exchange Rates on the date such LC Disbursement was made, of such LC Disbursement and (C) bear interest at the rate per annum then applicable to ABR Revolving Loans, subject to Section 2.13(c). Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such the Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 2 contracts
Samples: Credit Agreement (Seagate Technology Malaysia Holding Co Cayman Islands), Credit Agreement (Veritas Software Technology Corp)
Interim Interest. If any the LC Facility Issuing Bank makes shall make any LC Facility LC Disbursement, then, unless the Borrower reimburses Borrowers shall reimburse such LC Facility LC Disbursement in full on the date such LC Facility LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Facility LC Disbursement is made to but excluding the date that the Borrower reimburses Borrowers reimburse such LC Disbursement (or the date on which such Facility LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate sum of (i) Adjusted LIBO Rate for an Interest Period of thirty (30) days, plus (ii) 2.25%, plus (iii) 2% per annum then applicable to Initial Revolving Loans that are ABR Loans (or, net of any LC Facility Participation Fees paid for such period but only if and to the extent paid on that portion of the participation in Credit-Linked Deposits used to fund such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other ClassFacility LC Disbursement); provided that if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.05, Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be payable on demand (and, in any event, on the Term Loan Maturity Date) and paid to the account specified by the Administrative Agent for the account of the applicable LC Facility Issuing Bank, except that interest accrued on and after the date of payment by from the Credit-Linked Deposit of any Revolving LC Facility Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such the LC Facility Issuing Bank shall be for the account of such Revolving LC Facility Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 2 contracts
Samples: Credit Agreement (Dennys Corp), Credit Agreement (Dennys Corp)
Interim Interest. If any Issuing Bank makes shall make any LC Disbursement, then, unless the applicable Borrower reimburses shall reimburse such LC Disbursement in full on the later of (i) the date when such LC Disbursement has been madeis made and (ii) the date upon which the Borrower receives notice of such LC Disbursement pursuant to paragraph (g) above (such later date, the “Interest Commencement Date”), the unpaid amount thereof shall bear interest, for each day from and including the Interest Commencement Date to but excluding the date that reimbursement of such LC Disbursement is made due pursuant to paragraph (e) of this Section at the rate provided in Section 2.12 with respect to (v) in the case of LC Disbursements denominated in US Dollars, ABR Revolving Loans, (w) in the case of LC Disbursements denominated in Canadian Dollars, Canadian Prime Rate Revolving Loans, (x) in the case of LC Disbursements denominated in Pounds Sterling or Euros, Eurodollar Revolving Loans using the LIBO Rate in effect on such day (or if such day is not a Business Day, the immediately preceding Business Day) for a deposit in Pound Sterling or Euros, as applicable, with a maturity of one month, (y) in the case of LC Disbursements denominated in Hong Kong Dollars, HIBO Rate Revolving Loans using the HIBO Rate in effect on such day (or if such day is not a Business Day, the immediately preceding Business Day) for a deposit in Hong Kong Dollars with a maturity of one month and (z) in the case of LC Disbursements denominated in any other Permitted Foreign Currency, Eurodollar Revolving Loans or Loans of such other Type as set forth in the applicable effective Additional Currency Agreement, Incremental Facility Agreement or Local Facility Amendment and, if not so reimbursed on the date due pursuant to paragraph (e) of this Section, then from and including such date so due to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable provided in Section 2.12(g) with respect to Initial such Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class); provided that if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.05, Section 2.13(c) shall applyLoans. Interest accrued pursuant to this paragraph shall be for the account of the applicable such Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 Section, to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 2 contracts
Samples: Amendment and Restatement Agreement (L Brands, Inc.), Amendment and Restatement Agreement (L Brands, Inc.)
Interim Interest. If any Issuing Bank makes any LC Disbursement, unless the applicable Borrower reimburses such LC Disbursement in full on the date such LC Disbursement has been made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the applicable Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable), at the rate per annum then applicable to Initial Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans that are ABR Loans of such other Class); provided that if the applicable Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.05, Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the applicable Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand).
Appears in 2 contracts
Samples: Credit Agreement (Certara, Inc.), Credit Agreement (Certara, Inc.)
Interim Interest. If any Issuing Bank makes Lender shall make any LC Disbursement, then, unless the Borrower reimburses Company shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement reimbursement is reimbursed with the proceeds of Loans, as applicable), due and payable at the rate per annum then applicable to Initial Revolving Loans that are ABR Loans (or, to and such interest shall be due and payable on the extent of the participation in date when such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)reimbursement is payable; provided that that, if the Borrower Company fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c2.11(c) shall apply; provided, further that, in the case of an LC Disbursement made under a Letter of Credit in an Alternative Currency, the amount of interest due with respect thereto shall (i) in the case of any LC Disbursement that is reimbursed on the Business Day immediately succeeding such LC Disbursement, (A) be payable in the applicable Alternative Currency and (B) if not reimbursed on the date of such LC Disbursement, bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Lender to be the cost to such Issuing Lender of funding such LC Disbursement plus the Applicable Rate applicable to Eurocurrency Loans at such time and (ii) in the case of any LC Disbursement that is reimbursed after the Business Day immediately succeeding such LC Disbursement (A) be payable in Dollars, (B) accrue on the Dollar Equivalent of such LC Disbursement and (C) bear interest as provided above. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing BankLender, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank Lender shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 2 contracts
Samples: Credit Agreement (Sherwin Williams Co), Credit Agreement (Sherwin Williams Co)
Interim Interest. (i) If an Issuing Lender shall make any Issuing Bank makes any Financial LC Disbursement, then, unless the Parent Borrower reimburses shall reimburse such Financial LC Disbursement in full on the date such Financial LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such Financial LC Disbursement is made to but excluding the date that the Parent Borrower reimburses such Financial LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR Domestic Revolving Loans; provided that, if the Parent Borrower fails to reimburse such Financial LC Disbursement (including any interim interest incurred in connection with such Financial LC Disbursement pursuant to this paragraph) when due pursuant to paragraph (e)(i) of this Section, then Section 2.15(c) shall apply; provided further that, in the case of a Financial LC Disbursement made under an Alternative Currency Letter of Credit, the amount of interest due with respect thereto shall (i) in the case of any Financial LC Disbursement that is reimbursed on or before the Business Day immediately succeeding such Financial LC Disbursement, (A) be payable in an amount equal to the Dollar Equivalent, calculated using the applicable Exchange Rate on the date such Financial LC Disbursement is made, of such Financial LC Disbursement and (B) if not reimbursed on the date of such Financial LC Disbursement, bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Lender to be the cost to such Issuing Lender of funding such Financial LC Disbursement plus the Applicable Rate applicable to Eurocurrency Revolving Loans that are ABR Loans at such time and (or, to ii) in the extent case of the participation in such any Financial LC Disbursement by any Revolving Lender that is reimbursed after the Business Day immediately succeeding such Financial LC Disbursement (A) be payable in Dollars, (B) accrue on the Dollar Equivalent, calculated using the Exchange Rates on the date such Financial LC Disbursement was made, of another Class, such Financial LC Disbursement and (C) bear interest at the rate per annum then applicable to the ABR Revolving Loans of such other ClassLoans, subject to Section 2.15(c); provided that if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.05, Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing BankLender, except that interest accrued on and after the date of payment by any Domestic Revolving Lender pursuant to paragraph (ee)(i) of this Section 2.05 to reimburse such Issuing Bank Lender shall be for the account of such Revolving Lender to the extent of such payment and payment.
(ii) If an Issuing Lender shall be payable on make any Non-Financial LC Disbursement, then, unless the date on which the relevant Borrower is required to shall reimburse the applicable such Non-Financial LC Disbursement in full on the date such Non-Financial LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such Non-Financial LC Disbursement is made to but excluding the date that such Borrower reimburses such Non-Financial LC Disbursement, at the rate per annum then applicable to ABR Global Revolving Loans; provided that, if such Borrower fails to reimburse such Non-Financial LC Disbursement (andincluding any interim interest incurred in connection with such Non-Financial LC Disbursement pursuant to this paragraph) when due pursuant to paragraph (e)(ii) of this Section, thereafterthen Section 2.15(c) shall apply; provided further that, in the case of a Non-Financial LC Disbursement made under an Alternative Currency Letter of Credit, the amount of interest due with respect thereto shall (i) in the case of any Non-Financial LC Disbursement that is reimbursed on demandor before the Business Day immediately succeeding such Non-Financial LC Disbursement, (A) be payable in an amount equal to the Dollar Equivalent, calculated using the applicable Exchange Rate on the date such Non-Financial LC Disbursement is made, of such Non-Financial LC Disbursement and (B) if not reimbursed on the date of such Non-Financial LC Disbursement, bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Lender to be the cost to such Issuing Lender of funding such Non-Financial LC Disbursement plus the Applicable Rate applicable to Eurocurrency Revolving Loans at such time and (ii) in the case of any Non-Financial LC Disbursement that is reimbursed after the Business Day immediately succeeding such Non-Financial LC Disbursement (A) be payable in Dollars, (B) accrue on the Dollar Equivalent, calculated using the Exchange Rates on the date such Non-Financial LC Disbursement was made, of such Non-Financial LC Disbursement and (C) bear interest at the rate per annum then applicable to ABR Global Revolving Loans, subject to Section 2.15(c). Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Lender, except that interest accrued on and after the date of payment by any Global Revolving Lender pursuant to paragraph (e)(ii) of this Section to reimburse such Issuing Lender shall be for the account of such Lender to the extent of such payment.
Appears in 2 contracts
Samples: Credit Agreement (SPX Corp), Credit Agreement (SPX Corp)
Interim Interest. If any the LC Facility Issuing Bank makes shall make any LC Facility Disbursement, then, unless the Borrower reimburses shall reimburse such LC Facility Disbursement in full on the date such LC Facility Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Facility Disbursement is made to but excluding the date that the Borrower (or any other account party) reimburses such LC Facility Disbursement (or the date on which such LC Facility Disbursement is reimbursed deemed to have converted into an LC Facility Term Loan pursuant to subsection 2.6(e)(iii), (x) with respect to the proceeds portion of Loans, as applicable)such LC Facility Disbursement constituting LC Facility Exposure of Tranche A LC Facility Lenders, at the rate per annum then that would be applicable to Initial Revolving Tranche A Term Loans hereunder that are ABR Eurocurrency Loans with a one month Interest Period commencing on the date of such LC Facility Disbursement and (or, y) with respect to the extent portion of the participation in such LC Facility Disbursement by any Revolving Lender constituting LC Facility Exposure of another ClassTranche B LC Facility Lenders, at the rate per annum then that would be applicable to Tranche B Term Loans hereunder that are Eurocurrency Loans with a one month Interest Period commencing on the Revolving Loans date of such other Class)LC Facility Disbursement; provided that that, if the Borrower fails to reimburse (or cause another account party to reimburse) such LC Facility Disbursement when due pursuant to paragraph (e) of this Section 2.05subsection 2.6(e), Section 2.13(cthen, unless such LC Facility Disbursement is converted into an LC Facility Term Loan pursuant to subsection 2.6(e)(iii), subsection 3.1(c) shall applyapply from such due date until such reimbursement is made. Interest accrued pursuant to this paragraph subsection 2.6(h) shall be for the account of the applicable LC Facility Issuing Bank, Bank except that interest accrued on and after the date of payment by any Revolving LC Facility Lender pursuant to paragraph (esubsection 2.6(e)(ii) of this Section 2.05 to reimburse such the LC Facility Issuing Bank shall be for the account of such Revolving LC Facility Lender to the extent of such payment and shall be payable on payment.
(i) Replacement of the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)Facility Issuing Bank; Additional LC Facility Issuing Bank.
Appears in 2 contracts
Samples: Credit Agreement (Servicemaster Co), Credit Agreement (Servicemaster Co)
Interim Interest. If any the Issuing Bank makes Lender shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse (including by a Borrowing) such LC Disbursement in full on not later than the first Business Day following the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans (orLoans; provided, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Classthat, the rate per annum then applicable to the Revolving Loans of such other Class); provided that if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c) 2.08 shall apply; provided further that, in the case of a Revolving LC Disbursement made under a Revolving Letter of Credit in an Alternative Currency, the amount of interest due with respect thereto shall (i) in the case of any Revolving LC Disbursement that is reimbursed on the Business Day immediately succeeding such Revolving LC Disbursement, (A) be payable in the applicable Alternative Currency and (B) if not reimbursed on the date of such Revolving LC Disbursement, bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Lender to be the cost to such Issuing Lender of funding such Revolving LC Disbursement plus the Applicable Margin applicable to Eurodollar Revolving Loans at such time and (ii) in the case of any Revolving LC Disbursement that is reimbursed after the Business Day immediately succeeding such Revolving LC Disbursement (A) be payable in Dollars, (B) accrue on the Dollar Amount of such Revolving LC Disbursement and (C) bear interest as provided above. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing BankLender, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (ee)(A) of this Section 2.05 or from the Credit-Linked Deposit of any Credit-Linked Deposit Lender pursuant to paragraph (e)(B) of this Section to reimburse such the Issuing Bank Lender shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 2 contracts
Samples: First Lien Revolving Credit and Guaranty Agreement (Delta Air Lines Inc /De/), First Lien Revolving Credit and Guaranty Agreement (Delta Air Lines Inc /De/)
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement Disbursement, (or i) in the date on which such case of any LC Disbursement is reimbursed with denominated in US Dollars and at all times following the proceeds conversion to US Dollars of Loans, as applicable)an LC Disbursement made in a Designated Foreign Currency pursuant to paragraph (e) of this Section, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans Loans, and (or, to the extent of the participation in ii) if such LC Disbursement by any Revolving Lender is made in a Designated Foreign Currency, at all times prior to its conversion to US Dollars pursuant to paragraph (e) of another Classthis Section, the at a rate per annum then reasonably determined by the applicable Issuing Bank to represent the cost to such Issuing Bank of funding such LC Disbursement plus the Applicable Margin applicable to the Eurodollar Revolving Loans of at such other Class)time; provided that that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c2.13(d) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment payment, and shall be payable on demand or, if no demand has been made, on the date on which the Borrower is required to reimburse reimburses the applicable LC Disbursement in full (and, thereafter, on demand)full.
Appears in 2 contracts
Samples: Credit Agreement (Northrop Grumman Corp /De/), Credit Agreement (Northrop Grumman Corp /De/)
Interim Interest. If any an Applicable Issuing Bank makes shall make any LC DisbursementDisbursement in respect of any Letter of Credit issued for the account of a Borrower within a Borrower Group (including, with respect to U.S. Borrowers, those Letters of Credit with respect to which the Company is the co-applicant with a Subsidiary of the Company), then, unless the Borrowers within such Borrower reimburses Group shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrowers within such Borrower reimburses Group reimburse such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial Revolving ABR Loans that are ABR Revolving Loans (orin the case of any such Letter of Credit issued for the account of a U.S. Borrower), to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Canadian Base Rate Loans that are Revolving Loans (in the case of any such other ClassLetter of Credit denominated in Dollars that is issued for the account of a Canadian Borrower) or Canadian Prime Rate Loans that are Revolving Loans (in the case of any such Letter of Credit denominated in Canadian Dollars that issued for the account of a Canadian Borrower); provided that that, if the Borrowers within a Borrower fails Group fail to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c2.13(hi) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Applicable Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Applicable Issuing Bank shall be for the account of such Revolving Applicable Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 2 contracts
Samples: Credit Agreement (ATD Corp), Credit Agreement (ATD Corp)
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the applicable Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the such Borrower reimburses such LC Disbursement in full, at (or i) in the date on which such case of any LC Disbursement is reimbursed with the proceeds of Loans, as applicable), at the rate per annum then applicable to Initial Revolving Loans that are ABR Loans (or, to the extent of the participation denominated in such LC Disbursement by any Revolving Lender of another ClassUS Dollars, the rate per annum then applicable to the ABR Revolving Loans and (ii) in the case of such other Class)an LC Disbursement denominated in any Alternative Currency, a rate per annum determined by the applicable Issuing Bank (which determination will be conclusive absent manifest error) to represent its cost of funds plus the Applicable Rate used to determine interest applicable to LIBOR Revolving Loans or EURIBOR Revolving Loans; provided that if the such Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (ef) of this Section 2.05Section, Section 2.13(c2.13(e) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (ef) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment payment, and shall be payable on demand or, if no demand has been made, on the date on which the Borrower is required to reimburse reimburses the applicable LC Disbursement in full (and, thereafter, on demand)full.
Appears in 2 contracts
Samples: Credit Agreement (Verisign Inc/Ca), Credit Agreement (Verisign Inc/Ca)
Interim Interest. If any Issuing Bank makes the LC Issuer shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made (or, if notice of such LC Disbursement is given later than 1:00 p.m., New York City time, on the date of such LC Disbursement, then from and including the next Business Day) to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial Revolving Loans that are ABR Loans (or, to Floating Rate plus the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Applicable Margin; provided that that, if the Borrower fails to reimburse such LC Disbursement within five Business Days of the date when due pursuant to paragraph (ev) of this Section 2.05Section, Section 2.13(c) then the unpaid amount thereof shall applybear interest, for each day from and including the date when due to and including the date that the Borrower reimburses such LC Disbursement, at the Floating Rate plus the Applicable Margin plus 2% per annum. Interest accrued pursuant to this paragraph shall be for the account of the LC Issuer with respect to the applicable Issuing BankLetter of Credit, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (ev) of this Section 2.05 to reimburse such Issuing Bank LC Issuer shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 2 contracts
Samples: Credit Agreement (Moneygram International Inc), Credit Agreement (Moneygram International Inc)
Interim Interest. If any the Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans (orLoans, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Classprovided that, the rate per annum then applicable to the Revolving Loans of such other Class); provided that if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.05Section, then Section 2.13(c) shall apply, provided further that, in the case of an LC Disbursement made under an Alternative Currency Letter of Credit, the amount of interest due with respect thereto shall (i) in the case of any such LC Disbursement that is permitted to be reimbursed and is reimbursed in the relevant Alternative Currency, (A) be payable in the applicable Alternative Currency and (B) bear interest at a rate equal to the rate reasonably determined by the Issuing Bank to be the cost to such Issuing Bank of funding such LC Disbursement plus the Applicable Margin applicable to Eurodollar Loans at such time and (ii) otherwise (A) be payable in dollars, (B) accrue on the Dollar Equivalent, calculated using the Exchange Rates on the date such LC Disbursement was made, of such LC Disbursement and (C) bear interest at the rate per annum then applicable to ABR Revolving Loans, subject to Section 2.13(c). Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such the Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 2 contracts
Samples: Credit Agreement (On Semiconductor Corp), Credit Agreement (On Semiconductor Corp)
Interim Interest. If any Issuing Bank makes shall make any LC DisbursementL/C Disbursement in respect of a Letter of Credit, then, unless the Borrower reimburses shall reimburse such LC L/C Disbursement in full on the date such LC Disbursement has been madedate, the unpaid amount thereof shall bear interestinterest for the account of such Issuing Bank, for each day from and including the date of such LC Disbursement is made L/C Disbursement, to but excluding the earlier of the date that of payment by the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, interest shall commence to accrue thereon as applicableprovided in Section 2.02(f), at the rate per annum then applicable that would apply to Initial Revolving Loans that are such amount if such amount were an ABR Loans Loan.
(or, i) Resignation or Removal of any Issuing Bank; Additional Issuing Banks. Any Issuing Bank may resign at any time by giving 180 days' prior written notice to the extent of the participation in such LC Disbursement by any Revolving Lender of another ClassAdministrative Agent, the rate per annum then applicable to Lenders and the Revolving Loans of such other Class); provided that if Borrower, and may be removed at any time by the Borrower fails by notice to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.05, Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except the Administrative Agent and the Lenders. The Borrower may appoint additional Issuing Banks reasonably satisfactory to the Administrative Agent, and upon the acceptance of any appointment as an Issuing Bank hereunder by a Lender that interest shall agree to serve as an Issuing Bank, such successor shall succeed to and become vested with all the interests, rights and obligations of an Issuing Bank; provided, however, that there shall not be more than three Issuing Banks at any time. Upon resignation or removal, an Issuing Bank shall be discharged from its obligations to issue additional Letters of Credit hereunder. At the time such resignation or removal shall become effective, the Borrower shall pay all accrued on and unpaid Issuing Bank Fees due to such Issuing Bank. The acceptance of any appointment as an Issuing Bank hereunder by a Lender shall be evidenced by an agreement entered into by such Lender, in a form satisfactory to the Borrower and the Administrative Agent, and, from and after the effective date of payment by such agreement, (i) such Lender shall have all the rights and obligations of an Issuing Bank under this Agreement and the other Loan Documents and (ii) references herein and in the other Loan Documents to the term "Issuing Bank" shall be deemed to refer to such additional Issuing Bank and to any Revolving Lender pursuant previously appointed Issuing Bank, or to paragraph (e) such successor and all previously appointed Issuing Banks, as the context shall require. After the resignation or removal of this Section 2.05 to reimburse an Issuing Bank hereunder, such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement and the other Loan Documents with respect to Letters of Credit issued by it prior to such resignation or removal, but shall not be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)issue additional Letters of Credit.
Appears in 2 contracts
Samples: Credit Agreement (Oak Industries Inc), Credit Agreement (Oak Industries Inc)
Interim Interest. If any the Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans (orLoans, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class); provided that if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.05, then Section 2.13(c2.12(c) shall apply; provided further that, in the case of any LC Disbursement made under an Alternative Currency Letter of Credit, the amount of interest due with respect thereto shall (i) in the case of any LC Disbursement that is reimbursed on or before the Business Day immediately succeeding such LC Disbursement, (A) be payable in the applicable Alternative Currency and (B) bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Bank to be the cost to such Issuing Bank of funding such LC Disbursement plus the Applicable Margin applicable to Eurodollar Loans at such time and (ii) in the case of any LC Disbursement that is reimbursed after the Business Day immediately succeeding such LC Disbursement, (A) be payable in dollars, (B) accrue on the Dollar Equivalent, calculated using the Exchange Rates on the date such LC Disbursement was made, of such LC Disbursement and (C) bear interest at the rate per annum then applicable to ABR Revolving Loans, subject to Section 2.12(c). Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such the Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 2 contracts
Samples: Credit Agreement (Seagate Technology), Credit Agreement (Seagate Technology)
Interim Interest. If any an Issuing Bank makes Lender shall make any LC Disbursement, then, unless the relevant Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the such Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR Domestic Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loans; provided that that, if the such Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c2.15(c) shall apply; provided further that, in the case of an LC Disbursement made under an Alternative Currency Letter of Credit, the amount of interest due with respect thereto shall (i) in the case of any LC Disbursement that is reimbursed on or before the Business Day immediately succeeding such LC Disbursement, (A) be payable in the applicable Alternative Currency and (B) if not reimbursed on the date of such LC Disbursement, bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Lender to be the cost to such Issuing Lender of funding such LC Disbursement plus the Applicable Margin applicable to Eurocurrency Revolving Loans at such time and (ii) in the case of any LC Disbursement that is reimbursed after the Business Day immediately succeeding such LC Disbursement (A) be payable in Dollars, (B) accrue on the Dollar Equivalent, calculated using the Exchange Rates on the date such LC Disbursement was made, of such LC Disbursement and (C) bear interest at the rate per annum then applicable to ABR Revolving Loans, subject to Section 2.15(c). Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing BankLender, except that interest accrued on and after the date of payment by any Domestic Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank Lender shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 2 contracts
Samples: Credit Agreement (SPX Corp), Credit Agreement (SPX Corp)
Interim Interest. If any Issuing Bank makes shall make any LC DisbursementDisbursement in respect of a Company Letter of Credit, then, unless the Borrower reimburses Company shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower Company reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans (or, to or in the extent of the participation in case such LC Disbursement by is denominated in a Foreign Currency, at the Overnight Foreign Currency Rate for such Agreed Currency plus the then effective Applicable Rate with respect to Eurocurrency Revolving Loans); provided that, if the Company fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.13(e) shall apply. If any Revolving Lender Issuing Bank shall make any LC Disbursement in respect of another Classa Canadian Letter of Credit, then, unless the applicable Canadian Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that such Canadian Borrower reimburses such LC Disbursement, at the rate per annum then applicable to the Canadian Base Rate Revolving Loans of such other Class)Loans; provided that that, if the such Canadian Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c2.13(e) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable such Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 2 contracts
Samples: Credit Agreement (Watsco Inc), Credit Agreement (Watsco Inc)
Interim Interest. If any the applicable Issuing Bank makes Lender shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse (including by a Borrowing) such LC Disbursement in full on not later than the first Business Day following the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loans; provided that that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c) 2.08 shall apply; provided further that, in the case of an LC Disbursement made under a Letter of Credit in an Alternative Currency, the amount of interest due with respect thereto shall (i) in the case of any LC Disbursement that is reimbursed on the Business Day immediately succeeding such LC Disbursement, (A) be payable in the applicable Alternative Currency and (B) if not reimbursed on the date of such LC Disbursement, bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Lender to be the cost to such Issuing Lender of funding such LC Disbursement plus the Applicable Margin applicable to Eurodollar Revolving Loans at such time and (ii) in the case of any LC Disbursement that is reimbursed after the Business Day immediately succeeding such LC Disbursement (A) be payable in Dollars, (B) accrue on the Dollar Amount of such LC Disbursement and (C) bear interest as provided above. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing BankLender, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph clause (e) of this Section 2.05 2.02 to reimburse such the applicable Issuing Bank Lender shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 2 contracts
Samples: Credit and Guaranty Agreement (Delta Air Lines Inc /De/), Credit and Guaranty Agreement (Delta Air Lines Inc /De/)
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the applicable Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof (determined in accordance with the definition thereof) shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the applicable Borrower reimburses such LC Disbursement Disbursement, (or i) in the date on which such case of any LC Disbursement is reimbursed with denominated in US Dollars, and at all times following the proceeds conversion to US Dollars of Loans, as applicable)any LC Disbursement made in an Alternative Currency pursuant to paragraph (e) or (l) of this Section, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans and (or, to the extent of the participation in ii) if such LC Disbursement by any Revolving Lender is made in an Alternative Currency, at all times prior to its conversion to US Dollars pursuant to paragraph (e) or (l) of another Classthis Section, at a rate equal to the rate per annum then reasonably determined by the applicable Issuing Bank to be the cost to such Issuing Bank of funding such LC Disbursement plus the Applicable Rate applicable to the Eurocurrency Revolving Loans of at such other Class)time; provided that that, if the applicable Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.05Section, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be paid to the Administrative Agent for the account of such Revolving Lender to the extent of such payment payment, and shall be payable on demand or, if no demand has been made, on the date on which the applicable Borrower is required to reimburse reimburses the applicable LC Disbursement in full (and, thereafter, on demand)full.
Appears in 2 contracts
Samples: Credit Agreement (TripAdvisor, Inc.), Credit Agreement (TripAdvisor, Inc.)
Interim Interest. If any the Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loans; provided that that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c) 2.07 shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such the Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment payment.
(i) Replacement of the Issuing Bank and Additional Issuing Banks.
(i) The Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Revolving Lenders of any such replacement of the Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be payable on the date on which the Borrower is required to reimburse issue additional Letters of Credit.
(ii) The Borrower may, at any time and from time to time with the applicable LC Disbursement consent of the Administrative Agent (which consent shall not be unreasonably withheld or delayed) and such Lender, designate one or more additional Lenders (not to exceed three (3) such Lenders at any time) to act as an issuing bank under the terms of this Agreement. Any Lender designated as an issuing bank pursuant to this paragraph (i)(ii) shall be deemed to be an “Issuing Bank” (in full (addition to being a Lender) in respect of Letters of Credit issued or to be issued by such Lender, and, thereafterwith respect to such Letters of Credit, on demand)such term shall thereafter apply to the other Issuing Bank and such Lender.
Appears in 2 contracts
Samples: Revolving Loan Credit Agreement (CDW Finance Corp), Revolving Loan Credit Agreement (CDW Corp)
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial (x) in the case of an LC Disbursement denominated in dollars, ABR Revolving Loans that are ABR Loans and (or, to y) in the extent case of the participation in such an LC Disbursement by any that is not denominated in dollars, EURIBOR Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loans; provided that that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (ef) of this Section 2.05, then Section 2.13(c2.13(d) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (ef) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on within two Business Days of demand or, if no demand has been made, within two Business Days of the date on which the Borrower is required to reimburse reimburses the applicable LC Disbursement in full full. If any Revolving Lender shall not have made its Applicable Percentage of such LC Disbursement available to the Administrative Agent as provided in clause (andf) above, thereaftersuch Revolving Lender shall agree to pay interest on such amount, for each day from and including the date such amount is required to be paid at a rate determined by the Administrative Agent in accordance with banking industry rules or practices on demand)interbank compensation.
Appears in 1 contract
Samples: Credit Agreement (N-Able, Inc.)
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the applicable Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof (determined in accordance with the definition thereof) shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the applicable Borrower reimburses such LC Disbursement Disbursement, (or i) in the date on which such case of any LC Disbursement is reimbursed with denominated in US Dollars, and at all times following the proceeds conversion to US Dollars of Loans, as applicable)any LC Disbursement made in any other LC Currency pursuant to paragraph (f) or (l) of this Section, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans and (or, to the extent of the participation in ii) if such LC Disbursement by any Revolving Lender is made in an LC Currency other than US Dollars, at all times prior to its conversion to US Dollars pursuant to paragraph (f) or (l) of another Classthis Section, at a rate equal to the rate per annum then reasonably determined by the applicable Issuing Bank to be the cost to such Issuing Bank of funding such LC Disbursement (which determination shall be conclusive absent manifest error, it being understood that such Issuing Bank may deem the applicable Alternative Currency Overnight Rate to represent such cost of funding) plus the Applicable Rate applicable to the LIBOR Revolving Loans of at such other Class)time; provided that that, if the applicable Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (ef) of this Section, then Section 2.05, Section 2.13(c2.10(d) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand).[[3851767]]
Appears in 1 contract
Samples: Credit Agreement (Westinghouse Air Brake Technologies Corp)
Interim Interest. If any Issuing Bank makes Lender shall make any LC Disbursement, then, unless the Borrower reimburses Company shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement reimbursement is reimbursed with the proceeds of Loans, as applicable), due and payable at the rate per annum then applicable to Initial Revolving Loans that are ABR Loans (or, to and such interest shall be due and payable on the extent of the participation in date when such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)reimbursement is payable; provided that that, if the Borrower Company fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c2.11(f) shall apply; provided, further that, in the case of an LC Disbursement made under a Letter of Credit in an Alternative Currency, the amount of interest due with respect thereto shall (i) in the case of any LC Disbursement that is reimbursed on the Business Day immediately succeeding such LC Disbursement, (A) be payable in the applicable Alternative Currency and (B) if not reimbursed on the date of such LC Disbursement, bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Lender to be the cost to such Issuing Lender of funding such LC Disbursement plus the Applicable Rate applicable to Term SOFR Loans at such time and (ii) in the case of any LC Disbursement that is reimbursed after the Business Day immediately succeeding such LC Disbursement (A) be payable in Dollars, (B) accrue on the Dollar Equivalent of such LC Disbursement and (C) bear interest as provided above. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing BankLender, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank Lender shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 1 contract
Interim Interest. If any Issuing Bank makes the LC Issuer shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made (or, if notice of such LC Disbursement is given later than 1:00 p.m., New York City time, on the date of such LC Disbursement, then from and including the next Business Day) to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial Revolving Loans that are ABR Loans (or, to Floating Rate plus the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Applicable Margin; provided that that, if the Borrower fails to reimburse such LC Disbursement within five Business Days of the date when due pursuant to paragraph (e) of this Section 2.05Section, Section 2.13(c) then the unpaid amount thereof shall apply. Interest accrued pursuant to this paragraph shall be bear interest, for the account of the applicable Issuing Bank, except that interest accrued on each day from and after including the date of payment by any Revolving Lender pursuant when due to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on including the date on which that the Borrower is required to reimburse reimburses such LC Disbursement, at the applicable LC Disbursement in full (and, thereafter, on demand).Floating Rate plus the Applicable Margin plus 2% per
Appears in 1 contract
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the Applicable Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Applicable Borrower reimburses such LC Disbursement Disbursement, (or i) in the date on which such case of any LC Disbursement is reimbursed made in Dollars, and at all times following the conversion to Dollars of the reimbursement obligation with the proceeds respect to any LC Disbursement made in Euro or Sterling pursuant to paragraph (e) or (k) of Loans, as applicable)this Section 2.05, at the rate per annum then applicable to Initial Base Rate Revolving Loans that are ABR Loans and (orii) in the case of any LC Disbursement made in Euro or Sterling, at all times prior to the extent conversion of the participation in such LC Disbursement by any Revolving Lender reimbursement obligation with respect thereto to Dollars pursuant to paragraph (e) or (k) of another Classthis Section 2.05, at a rate equal to the rate per annum then applicable Swingline Foreign Currency Overnight Rate plus the Applicable Margin used to determine interest applicable to the Revolving Loans of such other Class)Eurocurrency Rate Loans; provided that that, if the Applicable Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.05, then Section 2.13(c2.12(g) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Global Tranche Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment payment, and shall be payable on demand or, if no demand has been made, on the date on which the Applicable Borrower is required to reimburse reimburses the applicable LC Disbursement in full (and, thereafter, on demand)full.
Appears in 1 contract
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the applicable Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof (determined in accordance with the definition thereof) shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the applicable Borrower reimburses such LC Disbursement Disbursement, (or i) in the date on which such case of any LC Disbursement is reimbursed with denominated in US Dollars, and at all times following the proceeds conversion to US Dollars of Loans, as applicable)any LC Disbursement made in any other LC Currency pursuant to paragraph (f) or (l) of this Section, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans and (or, to the extent of the participation in ii) if such LC Disbursement by any Revolving Lender is made in an LC Currency other than US Dollars, at all times prior to its conversion to US Dollars pursuant to paragraph (f) or (l) of another Classthis Section, at a rate equal to the rate per annum then reasonably determined by the applicable Issuing Bank to be the cost to such Issuing Bank of funding such LC Disbursement (which determination shall be conclusive absent manifest error, it being understood that such Issuing Bank may deem the applicable Alternative Currency Overnight Rate to represent such cost of funding) plus the Applicable Rate applicable to the Term SOFR Revolving Loans of at such other Class)time; provided that that, if the applicable Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (ef) of this Section, then Section 2.05, Section 2.13(c2.10(e) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (ef) of this Section 2.05 to reimburse such Issuing Bank shall be paid to the Administrative Agent for the account of such Revolving Lender to the extent of such payment payment, and shall be payable on demand or, if no demand has been made, on the date on which the applicable Borrower is required to reimburse reimburses the applicable LC Disbursement in full (and, thereafter, on demand)full.
Appears in 1 contract
Samples: Amendment and Restatement Agreement (Westinghouse Air Brake Technologies Corp)
Interim Interest. If any Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans (orLoans, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class); provided that if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph clause (e) of this Section 2.05, then Section 2.13(c2.12(c) shall apply, provided further that, in the case of any LC Disbursement made under an Alternative Currency Letter of Credit, the amount of interest due with respect thereto shall (i) in the case of any LC Disbursement that is reimbursed on or before the Business Day immediately succeeding such LC Disbursement, (A) be payable in the applicable Alternative Currency and (B) bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Bank to be the cost to such Issuing Bank of funding such LC Disbursement plus the Applicable Margin applicable to Eurodollar Loans at such time and (ii) in the case of any LC Disbursement that is reimbursed after the Business Day immediately succeeding such LC Disbursement, (A) be payable in dollars, (B) accrue on the Dollar Equivalent, calculated using the Exchange Rates on the date such LC Disbursement was made, of such LC Disbursement and (C) bear interest at the rate per annum then applicable to ABR Revolving Loans, subject to Section 2.12(c). Interest accrued pursuant to this paragraph clause shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph clause (e) of this Section 2.05 to reimburse such the Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand).payment. 4156-0326-0209
Appears in 1 contract
Samples: Fifth Amendment and Joinder Agreement (Seagate Technology Holdings PLC)
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the applicable Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof (determined in accordance with the definition thereof) shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the applicable Borrower reimburses such LC Disbursement Disbursement, (or i) in the date on which such case of any LC Disbursement is reimbursed with denominated in US Dollars, and at all times following the proceeds conversion to US Dollars of Loans, as applicable)any LC Disbursement made in any other LC Currency pursuant to paragraph (f) or (l) of this Section, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans and (or, to the extent of the participation in ii) if such LC Disbursement by any Revolving Lender is made in an LC Currency other than US Dollars, at all times prior to its conversion to US Dollars pursuant to paragraph (f) or (l) of another Classthis Section, at a rate equal to the rate per annum then reasonably determined by the applicable Issuing Bank to be the cost to such Issuing Bank of funding such LC Disbursement (which determination shall be conclusive absent manifest error, it being understood that such Issuing Bank may deem the applicable Alternative Currency Overnight Rate to represent such cost of funding) plus the Applicable Rate applicable to the LIBOR Revolving Loans of at such other Class)time; provided that that, if the applicable Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (ef) of this Section, then Section 2.05, Section 2.13(c2.10(d) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (ef) of this Section 2.05 to reimburse such Issuing Bank shall be paid to the Administrative Agent for the account of such Revolving Lender to the extent of such payment payment, and shall be payable on demand or, if no demand has been made, on the date on which the applicable Borrower is required to reimburse reimburses the applicable LC Disbursement in full (and, thereafter, on demand)full.
Appears in 1 contract
Samples: Credit Agreement (Westinghouse Air Brake Technologies Corp)
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses Borrowers shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses Borrowers reimburse such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loans; provided that that, if the Borrower fails Borrowers fail to reimburse such LC Disbursement when due pursuant to paragraph (ef) of this Section 2.05, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (ef) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on within two Business Days of demand or, if no demand has been made, within two Business Days of the date on which the Borrower is required to Borrowers reimburse the applicable LC Disbursement in full full. If any Revolving Lender shall not have made its Applicable Percentage of such LC Disbursement available to the Administrative Agent as provided in clause (andf) above, thereaftersuch Revolving Lender shall agree to pay interest on such amount, for each day from and including the date such amount is required to be paid at a rate determined by the Administrative Agent in accordance with banking industry rules or practices on demand)interbank compensation.
Appears in 1 contract
Interim Interest. If any an Issuing Bank makes or the LC Facility Issuing Bank, as applicable, shall make any LC Disbursement, then, unless the applicable Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower (or any other account party) reimburses such LC Disbursement Disbursement, at (or 1) in the date on which such case of a Revolving LC Disbursement is reimbursed with the proceeds of Loans, as applicable), at the rate per annum then applicable to Initial Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another ClassDollars, the rate per annum then applicable to Base Rate Revolving Loans, (2) in the case of a Revolving Loans LC Disbursement in Canadian Dollars, the rate per annum then applicable to Canadian Base Rate Revolving Loans, (3) in the case of Revolving LC Disbursements in any currency other than Dollars or Canadian Dollars, the rate per annum that would be applicable to a Eurocurrency Rate Term Loan denominated in such currency with a one month Interest Period commencing on the date of such other Class)LC Disbursement, and (4) in the case of the portion of any LC Facility LC Disbursement a rate per annum equal to the Applicable Rate plus the Eurocurrency Rate for Dollars for a one month Interest Period commencing on the date of such LC Disbursement; provided that that, if the a Borrower fails to reimburse (or cause another account party to reimburse) such LC Disbursement when due pursuant to paragraph (e) of this Section 2.052.04(e), then Section 2.13(c2.11(c) shall applyapply from such due date until such reimbursement is made. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank making such LC Disbursement or the LC Facility Issuing Bank, as applicable, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (eSection 2.04(e)(ii) of this Section 2.05 to reimburse such an Issuing Bank or from the LC Facility Deposit of any LC Facility Lender pursuant to Section 2.04(e)(iii) to reimburse the LC Facility Issuing Bank, as applicable, shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 1 contract
Interim Interest. If any Issuing Bank makes shall make any LC Disbursement, then, unless the applicable Borrower reimburses shall reimburse such LC Disbursement in full on the later of (i) the date when such LC Disbursement has been madeis made and (ii) the date upon which the Borrower receives notice of such LC Disbursement pursuant to paragraph (g) above (such later date, the “Interest Commencement Date”), the unpaid amount thereof shall bear interest, for each day from and including the Interest Commencement Date to but excluding the date that reimbursement of such LC Disbursement is made due pursuant to paragraph (e) of this Section at the rate provided in Section 2.12(a) with respect to (w) in the case of LC Disbursements denominated in US Dollars, ABR Revolving Loans, (x) in the case of LC Disbursements denominated in Canadian Dollars, Canadian Prime Rate Revolving Loans, (y) in the case of LC Disbursements denominated in Pounds Sterling, Eurodollar Loans and (z) in the case of LC Disbursements denominated in any other Permitted Foreign Currency, Eurodollar Loans or Loans of such other Type as set forth in the applicable effective Additional Currency Agreement, Incremental Facility Agreement or Local Facility Amendment and, if not so reimbursed on the date due pursuant to such paragraph (e), then from and including such date so due to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable provided in Section 2.12(e) with respect to Initial such Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class); provided that if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.05, Section 2.13(c) shall applyLoans. Interest accrued pursuant to this paragraph shall be for the account of the applicable such Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 Section, to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 1 contract
Samples: Amendment and Restatement Agreement (L Brands, Inc.)
Interim Interest. If any the applicable Issuing Bank makes Lender shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse (including by a Borrowing) such LC Disbursement in full on not later than the first Business Day following the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans under the applicable Revolving Facility (or, or with respect to the extent of LC Tranche Facility, as if Revolving Loans were available thereunder in the participation same manner as provided for in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable Section 2.04 with respect to the 2026 Revolving Loans of such other ClassFacility); provided that that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c) 2.08 shall apply; provided further that, in the case of an LC Disbursement made under a Letter of Credit in an Alternative Currency, the amount of interest due with respect thereto shall (i) in the case of any LC Disbursement that is reimbursed on the Business Day immediately succeeding such LC Disbursement, (A) be payable in the applicable Alternative Currency and (B) if not reimbursed on the date of such LC Disbursement, bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Lender to be the cost to such Issuing Lender of funding such LC Disbursement plus the Applicable Margin applicable to Letters of Credit under the applicable Revolving Facility at such time and (ii) in the case of any LC Disbursement that is reimbursed after the Business Day immediately succeeding such LC Disbursement (A) be payable in Dollars, (B) accrue on the Dollar Amount of such LC Disbursement and (C) bear interest as provided above. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing BankLender, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph clause (e) of this Section 2.05 2.02 to reimburse such the applicable Issuing Bank Lender shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 1 contract
Interim Interest. If any Issuing Bank makes any LC Disbursement, then, unless the applicable Borrower reimburses such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the applicable Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial (a) in the case of Letters of Credit denominated in Dollars, Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of the applicable Class, (b) in the case of Letters of Credit denominated in Canadian Dollars, Revolving Loans that are Canadian Prime Rate Revolving Loans of the applicable Class and (c) in the case of Letters of Credit denominated in Euros, Sterling or any Alternate Currency, Revolving Loans denominated in such other currency that are LIBO Rate Revolving Loans of the applicable Class); provided that if the applicable Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.05, then Section 2.13(c2.13(e) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the applicable Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand).
(i) Replacement or Resignation of an Issuing Bank or Addition of New Issuing Banks.
(i) Any Issuing Bank may be replaced with the consent of the Administrative Agent (not to be unreasonably withheld or delayed) at any time by written agreement among the Borrowers, the Administrative Agent and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of an Issuing Bank. At the time any such replacement becomes effective, the Borrowers shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b)(ii). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of any Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. Any Borrower may, at any time and from time to time with the consent of the Administrative Agent (which consent shall not be unreasonably withheld or delayed) and the relevant Lender, designate one or more additional Lenders to act as an issuing bank under the terms of this Agreement. Any Lender designated as an issuing bank pursuant to this paragraph (i) who agrees in writing to such designation shall be deemed to be an “Issuing Bank” (in addition to being a Lender) in respect of Letters of Credit issued or to be issued by such Lender, and, with respect to such Letters of Credit, such term shall thereafter apply to the other Issuing Bank and such Lender.
(ii) Notwithstanding anything to the contrary contained herein, each Issuing Bank may, upon ten days’ prior written notice to the Lead Borrower, each other Issuing Bank and the Lenders, resign as Issuing Bank, which resignation shall be effective as of the date referenced in such notice (but in no event less than ten days after the delivery of such written notice); it being understood that in the event of any such resignation, any Letter of Credit then outstanding shall remain outstanding (irrespective of whether any amounts have been drawn at such time). In the event of any such resignation as an Issuing Bank, the Lead Borrower shall be entitled to appoint any Lender that accepts such appointment in writing as successor Issuing Bank. Upon the acceptance of any appointment as Issuing Bank hereunder, the successor Issuing Bank shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Issuing Bank, and the retiring Issuing Bank shall be discharged from its duties and obligations in such capacity hereunder.
Appears in 1 contract
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the applicable Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the applicable Borrower reimburses such LC Disbursement Disbursement, (or i) in the date on which such case of any LC Disbursement is reimbursed with denominated in US Dollars, and at all times following the proceeds conversion to US Dollars of Loans, as applicable)an LC Disbursement made in an Alternative Currency pursuant to paragraph (e) of this Section, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans (orLoans; provided that, if the Company fails to the extent of the participation in reimburse such LC Disbursement by any Revolving Lender when due pursuant to paragraph (e) of another Classthis Section, then Section 2.12(e) shall apply and (ii) if such LC Disbursement is made in an Alternative Currency, at all times prior to its conversion to US Dollars pursuant to paragraph (e) of this Section, at a rate equal to the rate per annum then reasonably determined by the applicable Issuing Bank to be the cost to such Issuing Bank of funding such LC Disbursement plus the Applicable Rate applicable to the LIBOR Revolving Loans of or EURIBOR Revolving Loans, as the case may be, at such other Class)time; provided that that, if the applicable Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c2.12(e) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Applicable Agent, for the account of the applicable Issuing Bank, Bank (except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be paid to the Applicable Agent for the account of such Revolving Lender pro rata to the extent of such payment payment), and shall be payable on demand or, if no demand has been made, on the date on which the applicable Borrower is required to reimburse reimburses the applicable LC Disbursement in full (and, thereafter, on demand)full.
Appears in 1 contract
Samples: Five Year Revolving Credit Facility Agreement (Albany International Corp /De/)
Interim Interest. (i) If any Issuing Bank makes any Dollar LC Disbursement, then, unless the Lead Borrower reimburses such Dollar LC Disbursement in full on the date such Dollar #94168740v7#95106251v8 LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such Dollar LC Disbursement is made to but excluding the date that the Lead Borrower reimburses such Dollar LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable that would apply to Initial such amount if such amount were a Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loan; provided that if the Lead Borrower fails to reimburse such Dollar LC Disbursement when due pursuant to paragraph (e) of this Section 2.05, then Section 2.13(c2.13(f) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Dollar Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Dollar Revolving Lender to the extent of such payment and shall be payable on the date on which the Lead Borrower is required to reimburse the applicable Dollar LC Disbursement in full (and, thereafter, on demand).
(ii) If any Issuing Bank makes any Multicurrency LC Disbursement, then, unless the Lead Borrower reimburses such Multicurrency LC Disbursement in full on the date such Multicurrency LC Disbursement is made, the unpaid amount thereof plus, in respect of any Letter of Credit denominated in an Alternative Currency other than Canadian Dollars, Euros or Pounds Sterling, an additional amount equal to the amount required to convert U.S. Dollars received into the currency of the unreimbursed Multicurrency LC Disbursement, shall bear interest, for each day from and including the date such Multicurrency LC Disbursement is made to but excluding the date that the Lead Borrower reimburses such Multicurrency LC Disbursement, at the rate per annum that would apply to such amount if such amount were a Revolving ABR Loan; provided that if the Lead Borrower fails to reimburse such Multicurrency LC Disbursement when due pursuant to paragraph (e) of this Section 2.05, then Section 2.13(f) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Multicurrency Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Multicurrency Revolving Lender to the extent of such payment and shall be payable on the date on which the Lead Borrower is required to reimburse the applicable Multicurrency LC Disbursement in full (and, thereafter, on demand),
Appears in 1 contract
Interim Interest. (i) If any a USD Tranche Issuing Bank makes shall make any USD Tranche LC Disbursement, then, unless the Borrower reimburses shall reimburse such USD Tranche LC Disbursement in full on the date such USD Tranche LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such USD Tranche LC Disbursement is made to but excluding the date that the Borrower reimburses such USD Tranche LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR USD Tranche Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loans; provided that that, if the Borrower fails to reimburse such USD Tranche LC Disbursement when due pursuant to paragraph (ef) of this Section 2.05, then Section 2.13(c2.13(d) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable USD Tranche Issuing Bank, except that interest accrued on and after the date of payment by any USD Tranche Revolving Lender pursuant to paragraph (ef) of this Section 2.05 to reimburse such USD Tranche Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on demand or, if no demand has been made, on the date on which the Borrower is required to reimburse reimburses the applicable USD Tranche LC Disbursement in full.
(ii) If a Multicurrency Tranche Issuing Bank shall make any Multicurrency Tranche LC Disbursement, then, unless the Borrower shall reimburse such Multicurrency Tranche LC Disbursement in full on the date such Multicurrency Tranche LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such Multicurrency Tranche LC Disbursement is made to but excluding the date that the Borrower reimburses such Multicurrency Tranche LC Disbursement, at the rate per annum then applicable to ABR Multicurrency Tranche Revolving Loans; provided that, if the Borrower fails to reimburse such Multicurrency Tranche LC Disbursement when due pursuant to paragraph (andf) of this Section 2.05, thereafterthen Section 2.13(d) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Multicurrency AMERICAS 107903477 Tranche Issuing Bank, except that interest accrued on and after the date of payment by any Multicurrency Tranche Revolving Lender pursuant to paragraph (f) of this Section 2.05 to reimburse such Multicurrency Tranche Issuing Bank shall be for the account of such Lender to the extent of such payment and shall be payable on demand or, if no demand has been made, on demand)the date on which the Borrower reimburses the applicable Multicurrency Tranche LC Disbursement in full.
Appears in 1 contract
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial (x) in the case of an LC Disbursement denominated in dollars, ABR Revolving Loans that are ABR Loans and (or, to y) in the extent case of the participation in such an LC Disbursement by any that is not denominated in dollars, EurocurrencyTerm SOFR Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loans; provided that that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (ef) of this Section 2.05, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (ef) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on within two Business Days of demand or, if no demand has been made, within two Business Days of the date on which the Borrower is required to reimburse reimburses the applicable LC Disbursement in full full. If any Revolving Lender shall not have made its Applicable Percentage of such LC Disbursement available to the Administrative Agent as provided in clause (andf) above, thereaftersuch Revolving Lender shall agree to pay interest on such amount, for each day from and including the date such amount is required to be paid at a rate determined by the Administrative Agent in accordance with banking industry rules or practices on demand)interbank compensation.
Appears in 1 contract
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the applicable Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof (determined in accordance with the definition thereof) shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the applicable Borrower reimburses such LC Disbursement Disbursement, (or i) in the date on which such case of any LC Disbursement is reimbursed with denominated in US Dollars, and at all times following the proceeds conversion to US Dollars of Loans, as applicable)any LC Disbursement made in any other LC Currency pursuant to paragraph (f) or (l) of this Section, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans and (or, to the extent of the participation in ii) if such LC Disbursement by any Revolving Lender is made in an LC Currency other than US Dollars, at all times prior to its conversion to US Dollars pursuant to paragraph (f) or (l) of another Classthis Section, at a rate equal to the rate per annum then reasonably determined by the applicable Issuing Bank to be the cost to such Issuing Bank of funding such LC Disbursement (which determination shall be conclusive absent manifest error) plus the Applicable Rate applicable to the Term SOFR Revolving Loans of at such other Class)time; provided that that, if the applicable Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (ef) of this Section, then Section 2.05, Section 2.13(c2.10(e) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (ef) of this Section 2.05 to reimburse such Issuing Bank shall be paid to the Administrative Agent for the account of such Revolving Lender to the extent of such payment payment, and shall be payable on demand or, if no demand has been made, on the date on which the applicable Borrower is required to reimburse reimburses the applicable LC Disbursement in full (and, thereafter, on demand)full.
Appears in 1 contract
Samples: Credit Agreement (Trimble Inc.)
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the applicable Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the applicable Borrower reimburses such LC Disbursement Disbursement, (or i) in the date on which such case of any LC Disbursement is reimbursed with denominated in US Dollars, and at all times following the proceeds conversion to US Dollars of Loans, as applicable)anany LC Disbursement made in an Alternative Currency pursuant to paragraph (e) or (l) of this Section, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans and (or, to the extent of the participation in ii) if such LC Disbursement by any Revolving Lender is made in an Alternative Currency, at all times prior to its conversion to US Dollars pursuant to paragraph (e) or (l) of another Classthis Section, at a rate equal to the rate per annum then reasonably determined by the applicable Issuing Bank to be the cost to such Issuing Bank of funding such LC Disbursement plus the Applicable Rate applicable to the Eurocurrency Revolving Loans of at such other Class)time; provided that that, if the applicable Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.05Section, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be paid by the applicable Borrower to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be paid by the applicable Borrower to the Administrative Agent for the account of such Revolving Lender to the extent of such payment payment, and shall be payable on demand or, if no demand has been made, on the date on which the applicable Borrower is required to reimburse reimburses the applicable LC Disbursement in full (and, thereafter, on demand)full.
Appears in 1 contract
Samples: Credit Agreement (Expedia, Inc.)
Interim Interest. If any an Issuing Bank makes or the LC Facility Issuing Bank, as applicable, shall make any LC Disbursement, then, unless the applicable Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower (or any other account party) reimburses such LC Disbursement Disbursement, at (or 1) in the date on which such case of a Revolving LC Disbursement is reimbursed with the proceeds of Loans, as applicable), at the rate per annum then applicable to Initial Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another ClassDollars, the rate per annum then applicable to Base Rate Revolving Loans, (2) in the case of a Revolving Loans LC Disbursement in Canadian Dollars, the rate per annum then applicable to Canadian Base Rate Revolving Loans, (3) in the case of Revolving LC Disbursements in any currency other than Dollars or Canadian Dollars, the rate per annum that would be applicable to a Eurocurrency Rate Term Loan denominated in such currency with a one month Interest Period commencing on the date of such other Class)LC Disbursement, and (4) in the case of the portion of any LC Facility LC Disbursement a rate per annum equal to the Applicable Rate plus the Eurocurrency Rate for Dollars for a one month Interest Period commencing on the date of such LC Disbursement; provided that that, if the a Borrower fails to reimburse (or cause another account party to reimburse) such LC Disbursement when due pursuant to paragraph (e) of this Section 2.052.04(e), then Section 2.13(c2.11(c) shall applyapply from such due date until such reimbursement is made. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank making such LC Disbursement or the LC Facility Issuing Bank, as applicable, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (eSection 2.04(e)(ii) of this Section 2.05 to reimburse such an Issuing Bank or from the LC Facility Deposit of any LC Facility Lender pursuant to Section 2.04(e)(iii) to reimburse the LC Facility Issuing Bank, as applicable, shall be for the account of such Revolving Lender to the extent of such payment payment.
(i) Replacement of Issuing Banks and the LC Facility Issuing Bank; Limitation on obligations of LC Facility Agent, Issuing Banks and LC Facility Issuing Bank to Act in Such Capacities.
(i) An Issuing Bank may be replaced at any time by written agreement among the U.S. Borrower, the Agent, the replaced Issuing Bank and the successor Issuing Bank. The Agent shall notify the Revolving Lenders of any such replacement of an Issuing Bank. At the time any such replacement shall become effective, each Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.10. From and after the effective date of any such replacement, (1) the successor Issuing Bank shall have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (2) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be payable required to issue additional Letters of Credit or to amend or extend any previously issued Letters of Credit.
(ii) The LC Facility Issuing Bank may be replaced at any time by written agreement among the U.S. Borrower, the Agent, the replaced LC Facility Issuing Bank and the successor LC Facility Issuing Bank. The Agent shall notify the LC Facility Lenders of any such replacement of the LC Facility Issuing Bank. At the time any such replacement shall become effective, each Borrower shall pay all unpaid fees accrued for the account of the replaced LC Facility Issuing Bank pursuant to Section 2.10(c). From and after the effective date of any such replacement, (1) the successor LC Facility Issuing Bank shall have all the rights and obligations of the LC Facility Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (2) references herein to the term “LC Facility Issuing Bank” shall be deemed to refer to such successor or to any previous LC Facility Issuing Bank, or to such successor and all previous LC Facility Issuing Banks, as the context shall require. After the replacement of the LC Facility Issuing Bank hereunder, the replaced LC Facility Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of the LC Facility Issuing Bank under this Agreement with respect to LC Facility Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional LC Facility Letters of Credit or to amend or extend any previously issued Letters of Credit.
(iii) Notwithstanding anything in this Agreement to the contrary, (i) the LC Facility Agent, and the LC Facility Issuing Bank, by notice to the Borrower, shall have the right to decline to act in such capacity for any LC Facility Deposits established after the Second Restatement Effective Date with a LC Facility Maturity Date that is after the LC-2 Facility Maturity Date and (ii) each Issuing Bank shall each have the right, by notice to the Borrower to decline to act as an Issuing Bank for any New Revolving Facility established following the Second Restatement Effective Date with a Scheduled Termination Date after the Scheduled Termination Date for the Revolving Facilities in effect on the date on which Second Restatement Effective Date. In the event any LC Facility Agent, LC Issuing Bank or Issuing Bank declines to act in such capacity, the Borrower is required may, with the consent of the replacement LC Facility Agent, LC Issuing Bank or Issuing Bank, as applicable, appoint a financial institution reasonably satisfactory to reimburse the applicable Administrative Agent to act in such capacity for such New LC Disbursement in full (andFacility Deposits or Revolving Facility, thereafter, on demand)as applicable.
Appears in 1 contract
Interim Interest. If any Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial Revolving Loans that are ABR Loans (orLoans, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class); provided that if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.05, then Section 2.13(c2.12(c) shall apply; provided further that, in the case of any LC Disbursement made under an Alternative Currency Letter of Credit, the amount of interest due with respect thereto shall (i) in the case of any LC Disbursement that is reimbursed on or before the Business Day immediately succeeding such LC Disbursement, (A) be payable in the applicable Alternative Currency and (B) bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Bank to be the cost to such Issuing Bank of funding such LC Disbursement plus the Applicable Margin applicable to Eurodollar Loans at such time and (ii) in the case of any LC Disbursement that is reimbursed after the Business Day immediately succeeding such LC Disbursement, (A) be payable in dollars, (B) accrue on the Dollar Equivalent, calculated using the Exchange Rates on the date such LC Disbursement was made, of such LC Disbursement and (C) bear interest at the rate per annum then applicable to ABR Loans, subject to Section 2.12(c). Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 1 contract
Interim Interest. If any an Issuing Bank makes shall make any LC L/C Disbursement, then, unless the Borrower reimburses shall reimburse such LC L/C Disbursement in full on the date such LC L/C Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC L/C Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)L/C Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are (in the event of Revolving L/C Disbursements) or at the ABR plus the Synthetic L/C Applicable Margin applicable to ABR Revolving Loans (or, to in the extent event of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other ClassSynthetic L/C Disbursements); provided that provided, that, if such L/C Disbursement is not reimbursed by the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.05Section, then Section 2.13(c) shall apply; provided further that, in the case of an L/C Disbursement made under a Letter of Credit in an Alternative Currency, the amount of interest due with respect thereto shall (i) in the case of any L/C Disbursement that is reimbursed on the Business Day immediately succeeding such L/C Disbursement, (A) be payable in the applicable Alternative Currency and (B) if not reimbursed on the date of such L/C Disbursement, bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Lender to be the cost to such Issuing Lender of funding such L/C Disbursement plus the Applicable Margin applicable to Eurocurrency Revolving Loans (in the event of Revolving L/C Disbursements) or plus the Synthetic L/C Applicable Margin applicable to Eurocurrency Revolving Loans (in the event of Synthetic L/C Disbursement) at such time and (ii) in the case of any L/C Disbursement that is reimbursed after the Business Day immediately succeeding such L/C Disbursement
(A) be payable in Dollars, (B) accrue on the Dollar Amount of such L/C Disbursement and (C) bear interest as provided above. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Facility Lender pursuant to paragraph (ee)(i) of this Section 2.05 or from the Credit-Linked Deposit Account pursuant to paragraph (e)(ii) of this Section to reimburse such Issuing Bank shall be for the account of such Revolving Facility Lender or Synthetic L/C Lender, as applicable, to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 1 contract
Interim Interest. If any the Issuing Bank makes shall make any LC Disbursement, then, unless the U.S. Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the U.S. Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial Revolving Loans that are ABR Loans (or, to the extent of the participation in i) if such LC Disbursement by any is denominated in Dollars, ABR Revolving Lender of another ClassLoans, and (ii) if such LC Disbursement is denominated in a Foreign Currency, the rate per annum then applicable reasonably determined by the Applicable Agent to be the Revolving Loans cost to it of funding such other Class)amount; provided that that, if the U.S. Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c2.13(d) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such the Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment payment.
(i) Replacement of the Issuing Bank. The Issuing Bank may be replaced at any time by written agreement among the U.S. Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank. At the time any such replacement shall become effective, the U.S. Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)issue additional Letters of Credit.
Appears in 1 contract
Samples: Credit Agreement (Miller Herman Inc)
Interim Interest. If any (a) an Issuing Bank makes shall make any U.S. LC Disbursement, then, unless the Borrower reimburses shall reimburse such U.S. LC Disbursement in full on the date such U.S. LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such U.S. LC Disbursement is made to but excluding the date that the Borrower reimburses such U.S. LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR U.S. Revolving Loans Loans, (b) an Issuing Bank shall make any Xxxxxxxx XX Disbursement denominated in Sterling, then, unless the Borrower shall reimburse such Xxxxxxxx XX Disbursement in full on the date such Xxxxxxxx XX Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such Xxxxxxxx XX Disbursement is made to but excluding the date that are ABR Loans (orthe Borrower reimburses such Xxxxxxxx XX Disbursement, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, at the rate per annum then applicable to the Eurodollar Sterling Revolving Loans with an Interest Period of one month and (c) an Issuing Bank shall make any Xxxxxxxx XX Disbursement denominated in dollars, then, unless the Borrower shall reimburse such other Class)Xxxxxxxx XX Disbursement in full on the date such Xxxxxxxx XX Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such Xxxxxxxx XX Disbursement is made to but excluding the date that the Borrower reimburses such Xxxxxxxx XX Disbursement, at the rate per annum then applicable to ABR Revolving Loans; provided that that, in each case, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (ef) of this Section 2.05Section, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any applicable Revolving Lender pursuant to paragraph (ef) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on demand or, if no demand has been made, on the date on which the Borrower is required to reimburse reimburses the applicable LC Disbursement in full (and, thereafter, on demand)full.
Appears in 1 contract
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the applicable Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof (determined in accordance with the definition thereof) shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the applicable Borrower reimburses such LC Disbursement Disbursement, (or i) in the date on which such case of any LC Disbursement is reimbursed with denominated in US Dollars, and at all times following the proceeds conversion to US Dollars of Loans, as applicable)any LC Disbursement made in any other LC Currency pursuant to paragraph (f) or (l) of this Section, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans and (or, to the extent of the participation in ii) if such LC Disbursement by any Revolving Lender is made in an LC Currency other than US Dollars, at all times prior to its conversion to US Dollars pursuant to paragraph (f) or (l) of another Classthis Section, at a rate equal to the rate per annum then reasonably determined by the applicable Issuing Bank to be the cost to such Issuing Bank of funding such LC Disbursement (which determination shall be conclusive absent manifest error) plus the Applicable Rate applicable to the LIBOR Revolving Loans of at such other Class)time; provided that that, if the applicable Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (ef) of this Section, then Section 2.05, Section 2.13(c2.10(d) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (ef) of this Section 2.05 to reimburse such Issuing Bank shall be paid to the Administrative Agent for the account of such Revolving Lender to the extent of such payment payment, and shall be payable on demand or, if no demand has been made, on the date on which the applicable Borrower is required to reimburse reimburses the applicable LC Disbursement in full (and, thereafter, on demand)full.
Appears in 1 contract
Samples: Credit Agreement (Trimble Inc.)
Interim Interest. If any Issuing Bank makes any LC Disbursement, then, unless the applicable Borrower reimburses such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the applicable Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial (a) in the case of Letters of Credit denominated in Dollars, Revolving Loans that are ABR Revolving Loans (or, to the extent or Canadian Base Rate Borrowings of the participation in such LC Disbursement by any Revolving Lender of another applicable Class, (b) in the rate per annum then applicable to case of Letters of Credit issued on account of the Canadian Borrower denominated in Canadian Dollars, Revolving Loans that are Canadian Prime Rate Revolving Loans of the applicable Class and (c) in the case of Letters of Credit denominated in any Alternate Currency, Revolving Loans denominated in such other currency that are Alternate Currency Term Rate Revolving Loans 133208524_1 of the applicable Class); provided that if the applicable Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph clause (e) of this Section 2.05, then Section 2.13(c2.13(e) shall apply. Interest accrued pursuant to this paragraph clause (h) shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph clause (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the applicable Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand). Replacement or Resignation of an Issuing Bank or Addition of New Issuing Banks. Any Issuing Bank may be replaced with the consent of the Administrative Agent (not to be unreasonably withheld or delayed) at any time by written agreement among the Lead Borrower, the Administrative Agent and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of an Issuing Bank. At the time any such replacement becomes effective, the Borrowers shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b)(ii). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of any Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. The Lead Borrower may, at any time and from time to time with the consent of the Administrative Agent (which consent shall not be unreasonably withheld or delayed) and the relevant Lender, designate one or more additional Lenders to act as an issuing bank under the terms of this Agreement. Any Lender designated as an issuing bank pursuant to this clause (i) who agrees in writing to such designation shall be deemed to be an “Issuing Bank” (in addition to being a Lender) in respect of Letters of Credit issued or to be issued by such Xxxxxx, and, with respect to such Letters of Credit, such term shall thereafter apply to the other Issuing Bank and such Lender. Notwithstanding anything to the contrary contained herein, each Issuing Bank may, upon ten (10) days’ prior written notice to the Lead Borrower, each other Issuing Bank and the Lenders, resign as Issuing Bank, which resignation shall be effective as of the date referenced in such notice (but in no event less than ten (10) days after the delivery of such written notice); it being understood that in the event of any such resignation, any Letter of Credit then outstanding shall remain outstanding (irrespective of whether any amounts have been drawn at such time). In the event of any such resignation as an Issuing Bank, the Lead Borrower shall be entitled to appoint any Lender that accepts such appointment in writing as successor Issuing Bank. Upon the acceptance of any appointment as Issuing Bank hereunder, the successor Issuing Bank shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Issuing Bank, and the retiring Issuing Bank shall be discharged from its duties and obligations in such capacity hereunder. Cash Collateralization. If any Event of Default exists, then on the Business Day that the Borrowers receive notice from the Administrative Agent at the direction of the Required Lenders demanding the deposit of Cash collateral pursuant to this clause (j), the applicable North American Borrower shall deposit, in an interest bearing account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders of the applicable Class (the “LC Collateral Account”), an amount in Cash equal to 101% of the LC Exposure as of such date (minus the amount then on deposit in the LC Collateral Account); provided that the obligation to deposit such Cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence 133208524_1 of any Event of Default with respect to the applicable Borrower described in Section 7.01(f) or (g). Any such deposit under clause (i) above shall be held by the Administrative Agent as collateral for the payment and performance of the applicable Obligations of the relevant North American Borrower in accordance with the provisions of this clause (j). The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account, and the North American Borrowers hereby grant the Administrative Agent, for the benefit of the Secured Parties, a First Priority security interest in the LC Collateral Account. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the applicable Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the North American Borrowers for the LC Exposure at such time or, if the maturity of the Initial Revolving Loans has been accelerated (but subject to the consent of the Required Lenders) be applied to satisfy other Secured Obligations in respect of the Initial Revolving Facility. If any Borrower is required to provide an amount of Cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (together with all interest and other earnings with respect thereto, to the extent not applied as aforesaid) shall be returned to the applicable Borrower promptly but in no event later than three (3) Business Days after such Event of Default has been cured or waived.
Appears in 1 contract
Interim Interest. If any the applicable Issuing Bank makes Lender shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse (including by a Borrowing) such LC Disbursement in full on not later than the first Business Day following the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans under the applicable Revolving Facility (or, or with respect to the extent of LC Tranche Facility, as if Revolving Loans were available thereunder in the participation same manner as provided for in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable Section 2.04 with respect to the 3-Year Revolving Loans of such other ClassFacility); provided that that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c) 2.08 shall apply; provided further that, in the case of an LC Disbursement made #90303017v26 under a Letter of Credit in an Alternative Currency, the amount of interest due with respect thereto shall (i) in the case of any LC Disbursement that is reimbursed on the Business Day immediately succeeding such LC Disbursement, (A) be payable in the applicable Alternative Currency and (B) if not reimbursed on the date of such LC Disbursement, bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Lender to be the cost to such Issuing Lender of funding such LC Disbursement plus the Applicable Margin applicable to Eurodollar Revolving Loans under the applicable Revolving Facility at such time (or with respect to the LC Tranche Facility, as if Revolving Loans were available thereunder in the same manner as provided for in Section 2.04 with respect to the 3-Year Revolving Facility) and (ii) in the case of any LC Disbursement that is reimbursed after the Business Day immediately succeeding such LC Disbursement (A) be payable in Dollars, (B) accrue on the Dollar Amount of such LC Disbursement and (C) bear interest as provided above. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing BankLender, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph clause (e) of this Section 2.05 2.02 to reimburse such the applicable Issuing Bank Lender shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 1 contract
Interim Interest. If any an Issuing Bank makes Lender shall make any LC ---------------- Disbursement, then, unless the relevant Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the such Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR Domestic Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loans; provided that that, if the such Borrower fails to reimburse such LC Disbursement -------- when due pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c2.14(c) shall apply; provided further that, in the case of an LC Disbursement made under an -------- ------- Alternative Currency Letter of Credit, the amount of interest due with respect thereto shall (i) in the case of any LC Disbursement that is reimbursed on or before the Business Day immediately succeeding such LC Disbursement, (A) be payable in the applicable Alternative Currency and (B) if not reimbursed on the date of such LC Disbursement, bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Lender to be the cost to such Issuing Lender of funding such LC Disbursement plus the Applicable Margin applicable to Eurocurrency Revolving Loans at such time and (ii) in the case of any LC Disbursement that is reimbursed after the Business Day immediately succeeding such LC Disbursement (A) be payable in dollars, (B) accrue on the Dollar Equivalent, calculated using the Exchange Rates on the date such LC Disbursement was made, of such LC Disbursement and (C) bear interest at the rate per annum then applicable to ABR Revolving Loans, subject to Section 2.14(c). Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing BankLender, except that interest accrued on and after the date of payment by any Domestic Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank Lender shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 1 contract
Samples: Credit Agreement (SPX Corp)
Interim Interest. If any the Issuing Bank makes for any Letter of Credit shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loans; provided that if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c2.11(b) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable such Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment payment.
(i) Replacement of an Issuing Bank. Any Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Revolving Lenders of any such replacement of an Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit then outstanding and issued by it prior to such replacement, but shall not be payable on the date on which the Borrower is required to reimburse issue additional Letters of Credit. Any Issuing Bank may resign at any time by giving thirty (30) days’ prior notice to the applicable LC Disbursement in full (andAdministrative Agent, thereafterthe Lenders and the Borrower. After the resignation of an Issuing Bank hereunder, on demand)the retiring Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement and the other Loan Documents with respect to Letters of Credit issued by it prior to such resignation, but shall not be required to issue additional Letters of Credit or to extend, reinstate, renew or increase any existing Letter of Credit.
Appears in 1 contract
Interim Interest. If any the applicable Issuing Bank makes Lender shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse (including by a Borrowing) such LC Disbursement in full on not later than the first Business Day following the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans under the applicable Revolving Facility (or, or with respect to the extent of LC Tranche Facility, as if Revolving Loans were available thereunder in the participation same manner as provided for in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable Section 2.04 with respect to the 2024 Revolving Loans of such other ClassFacility); provided that that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e(e) of this Section 2.05Section, Section 2.13(c) then Section 2.08 shall apply; provided further that, in the case of an LC Disbursement made under a Letter of Credit in an Alternative Currency, the amount of interest due with respect thereto shall (i) in the case of any LC Disbursement that is reimbursed on the Business Day immediately succeeding such LC Disbursement, (A) be payable in the applicable Alternative Currency and (B) if not reimbursed on the date of such LC Disbursement, bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Lender to be the cost to such Issuing Lender of funding such LC Disbursement plus (x) solely in the case of the 2025 Non-Consenting Revolving Commitments, the Applicable Margin applicable to Eurodollar Revolving Loans under the 2025 Revolving Facility at such time and (ii) other than in the case of the 2025 Non-Consenting Revolving Commitments, the Applicable Margin applicable to Letters of Credit under the applicable Revolving Facility at such time (or with respect to the LC Tranche Facility, as if Revolving Loans were available thereunder in the same manner as provided for in Section 2.04 with respect to the 2024 Revolving Facility) and (ii) in the case of any LC Disbursement that is reimbursed after the Business Day immediately succeeding such LC Disbursement (A) be payable in Dollars, (B) accrue on the Dollar Amount of such LC Disbursement and (C) bear interest as provided above. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing BankLender, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (eclause (e) of this Section 2.05 Section 2.02 to reimburse such the applicable Issuing Bank Lender shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 1 contract
Interim Interest. If any an Issuing Bank makes shall make any LC L/C Disbursement, then, unless the Borrower reimburses shall reimburse such LC L/C Disbursement in full on the date such LC L/C Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC L/C Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)L/C Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are (in the event of Revolving L/C Disbursements) or at the ABR plus the Synthetic L/C Applicable Margin applicable to ABR Revolving Loans (or, to in the extent event of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other ClassSynthetic L/C Disbursements); provided that provided, that, if such L/C Disbursement is not reimbursed by the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.05Section, then Section 2.13(c) shall apply; provided further that, in the case of an L/C Disbursement made under a Letter of Credit in an Alternative Currency, the amount of interest due with respect thereto shall (i) in the case of any L/C Disbursement that is reimbursed on the Business Day immediately succeeding such L/C Disbursement, (A) be payable in the applicable Alternative Currency and (B) if not reimbursed on the date of such L/C Disbursement, bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Lender to be the cost to such Issuing Lender of funding such L/C Disbursement plus the Applicable Margin applicable to Eurocurrency Revolving Loans (in the event of Revolving L/C Disbursements) or plus the Synthetic L/C Applicable Margin applicable to Eurocurrency Revolving Loans (in the event of Synthetic L/C Disbursement) at such time and (ii) in the case of any L/C Disbursement that is reimbursed after the Business Day immediately succeeding such L/C Disbursement (A) be payable in Dollars, (B) accrue on the Dollar Amount of such L/C Disbursement and (C) bear interest as provided above. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Facility Lender pursuant to paragraph (ee)(i) of this Section 2.05 or from the Credit-Linked Deposit Account pursuant to paragraph (e)(ii) of this Section to reimburse such Issuing Bank shall be for the account of such Revolving Facility Lender or Synthetic L/C Lender, as applicable, to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 1 contract
Interim Interest. (i) If any a USD Tranche Issuing Bank makes shall make any USD Tranche LC Disbursement, then, unless the Borrower reimburses shall reimburse such USD Tranche LC Disbursement in full on the date such USD Tranche LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such USD Tranche LC Disbursement is made to but excluding the date that the Borrower reimburses such USD Tranche LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR USD Tranche Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loans; provided that that, if the Borrower fails to reimburse such USD Tranche LC Disbursement when due pursuant to paragraph (ef) of this Section 2.05, then Section 2.13(c2.13(d) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable USD Tranche Issuing Bank, except that interest accrued on and after the date of payment by any USD Tranche Revolving Lender pursuant to paragraph (ef) of this Section 2.05 to reimburse such USD Tranche Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on demand or, if no demand has been made, on the date on which the Borrower is required to reimburse reimburses the applicable USD Tranche LC Disbursement in full.
(ii) If a Multicurrency Tranche Issuing Bank shall make any Multicurrency Tranche LC Disbursement, then, unless the Borrower shall reimburse such Multicurrency Tranche LC Disbursement in full on the date such Multicurrency Tranche LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such Multicurrency Tranche LC Disbursement is made to but excluding the date that the Borrower reimburses such Multicurrency Tranche LC Disbursement, at the rate per annum then applicable to ABR Multicurrency Tranche Revolving Loans; provided that, if the Borrower fails to reimburse such Multicurrency Tranche LC Disbursement when due pursuant to paragraph (andf) of this Section 2.05, thereafterthen Section 2.13(d) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Multicurrency Tranche Issuing Bank, except that interest accrued on and after the date of payment by any Multicurrency Tranche Revolving Lender pursuant to paragraph (f) of this Section 2.05 to reimburse such Multicurrency Tranche Issuing Bank shall be for the account of such Lender to the extent of such payment and shall be payable on demand or, if no demand has been made, on demand)the date on which the Borrower reimburses the applicable Multicurrency Tranche LC Disbursement in full.
Appears in 1 contract
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the applicable Revolving Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof (determined in accordance with the definition thereof) shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the applicable Borrower reimburses such LC Disbursement Disbursement, (or i) in the date on which such case of any LC Disbursement is reimbursed with denominated in US Dollars, and at all times following the proceeds conversion to US Dollars of Loans, as applicable)any LC Disbursement made in an Alternative Currency pursuant to paragraph (e) or (l) of this Section, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans and (or, to the extent of the participation in ii) if such LC Disbursement by any Revolving Lender is made in an Alternative Currency, at all times prior to its conversion to US Dollars pursuant to paragraph (e) or (l) of another Classthis Section, at a rate equal to the rate per annum then reasonably determined by the applicable Issuing Bank to be the cost to such Issuing Bank of funding such LC Disbursement plus the Applicable Rate applicable to the Eurocurrency Revolving Loans of at such other Class)time; provided that that, if the applicable Revolving Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c2.14(c) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be paid to the Administrative Agent for the account of such Revolving Lender to the extent of such payment payment, and shall be payable on demand or, if no demand has been made, on the date on which the applicable Revolving Borrower is required to reimburse reimburses the applicable LC Disbursement in full (and, thereafter, on demand)full.
Appears in 1 contract
Samples: Credit Agreement (TripAdvisor, Inc.)
Interim Interest. (i) If any a USD Tranche Issuing Bank makes shall make any USD Tranche LC Disbursement, then, unless the Borrower reimburses shall reimburse such USD Tranche LC Disbursement in full on the date such USD Tranche LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such USD Tranche LC Disbursement is made to but excluding the date that the Borrower reimburses such USD Tranche LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR USD Tranche Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loans; provided that that, if the Borrower fails to reimburse such USD Tranche LC Disbursement when due pursuant to paragraph (ef) of this Section 2.05, then Section 2.13(c2.13(e) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable USD Tranche Issuing Bank, except that interest accrued on and after the date of payment by any USD Tranche Revolving Lender pursuant to paragraph (ef) of this Section 2.05 to reimburse such USD Tranche Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on demand or, if no demand has been made, on the date on which the Borrower is required to reimburse reimburses the applicable USD Tranche LC Disbursement in full.
(ii) If a Multicurrency Tranche Issuing Bank shall make any Multicurrency Tranche LC Disbursement, then, unless the Borrower shall reimburse such Multicurrency Tranche LC Disbursement in full on the date such Multicurrency Tranche LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such Multicurrency Tranche LC Disbursement is made to but excluding the date that the Borrower reimburses such Multicurrency Tranche LC Disbursement, at the rate per annum then applicable to ABR Multicurrency Tranche Revolving Loans; provided that, if the Borrower fails to reimburse such Multicurrency Tranche LC Disbursement when due pursuant to paragraph (andf) of this Section 2.05, thereafterthen Section 2.13(e) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Multicurrency Tranche Issuing Bank, except that interest accrued on and after the date of payment by any Multicurrency Tranche Revolving Lender pursuant to paragraph (f) of this Section 2.05 to reimburse such Multicurrency Tranche Issuing Bank shall be for the account of such Lender to the extent of such payment and shall be payable on demand or, if no demand has been made, on demand)the date on which the Borrower reimburses the applicable Multicurrency Tranche LC Disbursement in full.
Appears in 1 contract
Interim Interest. If any an Issuing Bank makes shall make any LC L/C Disbursement, then, unless the Borrower reimburses shall reimburse such LC L/C Disbursement in full on the date such LC L/C Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC L/C Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)L/C Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are (in the event of Revolving L/C Disbursements) or at the ABR plus the Synthetic L/C Applicable Margin applicable to ABR Revolving Loans (or, to in the extent event of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other ClassSynthetic L/C Disbursements); provided that provided, that, if such L/C Disbursement is not reimbursed by the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.05Section, then Section 2.13(c) shall apply; provided further that, in the case of an L/C Disbursement made under a Letter of Credit in an Alternative Currency, the amount of interest due with respect thereto shall (i) in the case of any L/C Disbursement that is reimbursed on the Business Day immediately succeeding such L/C Disbursement, (A) be payable in the applicable Alternative Currency and (B) if not reimbursed on the date of such L/C Disbursement, bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Lender to be the cost to such Issuing Lender of funding such L/C Disbursement plus the Applicable Margin applicable to EurocurrencyTerm Benchmark Revolving Loans (in the event of Revolving L/C Disbursements) or plus the Synthetic L/C Applicable Margin applicable to Eurocurrency Revolving Loans (in the event of Synthetic L/C Disbursement) at such time and (ii) in the case of any L/C Disbursement that is reimbursed after the Business Day immediately succeeding such L/C Disbursement (A) be payable in Dollars, (B) accrue on the Dollar Amount of such L/C Disbursement and (C) bear interest as provided above. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Facility Lender pursuant to paragraph (ee)(i) of this Section 2.05 or from the Credit-Linked Deposit Account pursuant to paragraph (e)(ii) of this Section to reimburse such Issuing Bank shall be for the account of such Revolving Facility Lender or Synthetic L/C Lender, as applicable, to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 1 contract
Samples: Amendment to Credit Agreement (Anywhere Real Estate Group LLC)
Interim Interest. If any an Applicable Issuing Bank makes shall make any LC DisbursementDisbursement in respect of any Letter of Credit issued for the account of a Borrower within a Borrower Group (including, with respect to U.S. Borrowers, those Letters of Credit with respect to which the Company is the co-applicant with a Subsidiary of the Company), then, unless the Borrowers within such Borrower reimburses Group shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrowers within such Borrower reimburses Group reimburse such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial Revolving ABR Loans that are ABR Revolving Loans (orin the case of any such Letter of Credit issued for the account of a U.S. Borrower), to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Canadian Base Rate Loans that are Revolving Loans (in the case of any such other ClassLetter of Credit denominated in Dollars that is issued for the account of a Canadian Borrower) or Canadian Prime Rate Loans that are Revolving Loans (in the case of any such Letter of Credit denominated in Canadian Dollars that issued for the account of a Canadian Borrower); provided that that, if the Borrowers within a Borrower fails Group fail to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c2.13(fh) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Applicable Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Applicable Issuing Bank shall be for the account of such Revolving Applicable Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 1 contract
Samples: Credit Agreement (American Tire Distributors Holdings, Inc.)
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed refinanced or deemed to be refinanced with ABR Revolving Loans as provided in Section 2.05), (i) in the proceeds case of Loans, as applicable)any LC Disbursement denominated in US Dollars and at all times following the conversion to US Dollars of an LC Disbursement made in a Designated Foreign Currency pursuant to paragraph (e) of this Section, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans Loans, and (or, to the extent of the participation in ii) if such LC Disbursement by any Revolving Lender is made in a Designated Foreign Currency, at all times prior to its conversion to US Dollars pursuant to paragraph (e) of another Classthis Section, the at a rate per annum then reasonably determined by the applicable Issuing Bank to represent the cost to such Issuing Bank of funding such LC Disbursement plus the Applicable Margin applicable to the Eurodollar Revolving Loans of at such other Class)time; provided that that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section (and unless such LC Disbursement is deemed to be refinanced with ABR Revolving Loans as provided in Section 2.05), then Section 2.13(c2.12(d) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment payment, and shall be payable on demand or, if no demand has been made, on the date on which the Borrower is required to reimburse reimburses the applicable LC Disbursement in full (and, thereafter, on demand)full.
Appears in 1 contract
Interim Interest. If any the applicable Issuing Bank makes Lender shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse (including by a Borrowing) such LC Disbursement in full on not later than the first Business Day following the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans (or, to under the extent of the participation in such LC Disbursement by any applicable Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Facility; provided that that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e(e) of this Section 2.05Section, Section 2.13(c) then Section 2.08 shall apply; provided further that, in the case of an LC Disbursement made under a Letter of Credit in an Alternative Currency, the amount of interest due with respect thereto shall (i) in the case of any LC Disbursement that is reimbursed on the Business Day immediately succeeding such LC Disbursement, (A) be payable in the applicable Alternative Currency and (B) if not reimbursed on the date of such LC Disbursement, bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Lender to be the cost to such Issuing Lender of funding such LC Disbursement plus the Applicable Margin applicable to Eurodollar Revolving Loans under the applicable Revolving Facility at such time and (ii) in the case of any LC Disbursement that is reimbursed after the Business Day immediately succeeding such LC Disbursement (A) be payable in Dollars, (B) accrue on the Dollar Amount of such LC Disbursement and (C) bear interest as provided above. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing BankLender, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (eclause (e) of this Section 2.05 Section 2.02 to reimburse such the applicable Issuing Bank Lender shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 1 contract
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the applicable Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof (determined in accordance with the definition thereof) shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the applicable Borrower reimburses such LC Disbursement Disbursement, (or i) in the date on which such case of any LC Disbursement is reimbursed with denominated in US Dollars, and at all times following the proceeds conversion to US Dollars of Loans, as applicable)any LC Disbursement made in any other LC Currency pursuant to paragraph (f) or (l) of this Section, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans and (or, to the extent of the participation in ii) if such LC Disbursement by any Revolving Lender is made in an LC Currency other than US Dollars, at all times prior to its conversion to US Dollars pursuant to paragraph (f) or (l) of another Classthis Section, at a rate equal to the rate per annum then reasonably determined by the applicable Issuing Bank to be the cost to such Issuing Bank of funding such LC Disbursement (which determination shall be conclusive absent manifest error, it being understood that such Issuing Bank may deem the applicable Alternative Currency Overnight Rate to represent such cost of funding) plus the Applicable Rate applicable to the LIBOR Revolving Loans of at such other Class)time; provided that that, if the applicable Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (ef) of this Section, then Section 2.05, Section 2.13(c2.10(e) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (ef) of this Section 2.05 to reimburse such Issuing Bank shall be paid to the Administrative Agent for the account of such Revolving Lender to the extent of such payment payment, and shall be payable on demand or, if no demand has been made, on the date on which the applicable Borrower is required to reimburse reimburses the applicable LC Disbursement in full (and, thereafter, on demand)full.
Appears in 1 contract
Samples: Credit Agreement (Westinghouse Air Brake Technologies Corp)
Interim Interest. If any Issuing Bank makes the LC Issuer shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made (or, if notice of such LC Disbursement is given later than 1:00 p.m., New York City time, on the date of such LC Disbursement, then from and including the next Business Day) to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Floating Rate; provided that that, if the Borrower fails to reimburse such LC Disbursement within five Business Days of the date when due pursuant to paragraph (ev) of this Section 2.05Section, Section 2.13(c) then the unpaid amount thereof shall applybear interest, for each day from and including the date when due to and including the date that the Borrower reimburses such LC Disbursement, at the Floating Rate plus 2% per annum. Interest accrued pursuant to this paragraph shall be for the account of the LC Issuer with respect to the applicable Issuing BankLetter of Credit, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (ev) of this Section 2.05 to reimburse such Issuing Bank LC Issuer shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 1 contract
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial (x) in the case of an LC Disbursement denominated in dollars, ABR Revolving Loans that are ABR Loans and (or, to y) in the extent case of the participation in such an LC Disbursement by any that is not denominated in dollars, Eurocurrency Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loans; provided that that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (ef) of this Section 2.05, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (ef) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on within two Business Days of demand or, if no demand has been made, within two Business Days of the date on which the Borrower is required to reimburse reimburses the applicable LC Disbursement in full full. If any Revolving Lender shall not have made its Applicable Percentage of such LC Disbursement available to the Administrative Agent as provided in clause (andf) above, thereaftersuch Revolving Lender shall agree to pay interest on such amount, for each day from and including the date such amount is required to be paid at a rate determined by the Administrative Agent in accordance with banking industry rules or practices on demand).interbank compensation. -66- US-DOCS\114614260.17
Appears in 1 contract
Interim Interest. If any Issuing Bank makes Lender shall make any LC Disbursement, then, unless the Borrower reimburses Company shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement reimbursement is reimbursed with the proceeds of Loans, as applicable), due and payable at the rate per annum then applicable to Initial Revolving Loans that are ABR Loans (or, to and such interest shall be due and payable on the extent of the participation in date when such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)reimbursement is payable; provided that that, if the Borrower Company fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c2.11(d) shall apply; provided, further that, in the case of an LC Disbursement made under a Letter of Credit in an Alternative Currency, the amount of interest due with respect thereto shall (i) in the case of any LC Disbursement that is reimbursed on the Business Day immediately succeeding such LC Disbursement, (A) be payable in the applicable Alternative Currency and (B) if not reimbursed on the date of such LC Disbursement, bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Lender to be the cost to such Issuing Lender of funding such LC Disbursement plus the Applicable Rate applicable to Term SOFR Loans at such time and (ii) in the case of any LC Disbursement that is reimbursed after the Business Day immediately succeeding such LC Disbursement (A) be payable in Dollars, (B) accrue on the Dollar Equivalent of such LC Disbursement and (C) bear interest as provided above. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing BankLender, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank Lender shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 1 contract
Interim Interest. If any Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses Borrowers shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear accrue interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses Borrowers reimburse such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial Base Rate Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loans; provided that if the Borrower fails Borrowers fail to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.05, Section 2.13(c2.14(e) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such the applicable Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment payment.
(i) Replacement of the Issuing Bank. Any Issuing Bank may be replaced at any time by written agreement among the Borrower Representative, the Administrative Agent and the successor Issuing Bank. The Administrative Agent shall notify the Revolving Lenders of any such replacement of an Issuing Bank. At the time any such replacement shall become effective, the Borrowers shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.13(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be payable on the date on which the Borrower is required deemed to reimburse the applicable LC Disbursement in full (andrefer to such successor or to any previous Issuing Bank, thereafter, on demand).or to such successor 63
Appears in 1 contract
Interim Interest. (i) If any Issuing Bank makes any Dollar LC Disbursement, then, unless the Lead Borrower reimburses such Dollar LC Disbursement in full on the date such Dollar LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such Dollar LC Disbursement is made to but excluding the date that the Lead Borrower reimburses such Dollar LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable that would apply to Initial such amount if such amount were a Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loan; provided that if the Lead Borrower fails to reimburse such Dollar LC Disbursement when due pursuant to paragraph (e) of this Section 2.05, then Section 2.13(c2.13(f) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Dollar Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Dollar Revolving Lender to the extent of such payment and shall be payable on the date on which the Lead Borrower is required to reimburse the applicable Dollar LC Disbursement in full (and, thereafter, on demand).
(ii) If any Issuing Bank makes any Multicurrency LC Disbursement, then, unless the Lead Borrower reimburses such Multicurrency LC Disbursement in full on the date such Multicurrency LC Disbursement is made, the unpaid amount thereof plus, in respect of any Letter of Credit denominated in an Alternative Currency other than Canadian Dollars, Euros or Pounds Sterling, an additional amount equal to the amount required to convert U.S. Dollars received into the currency of the unreimbursed Multicurrency LC Disbursement, shall bear interest, for each day from and including the date such Multicurrency LC Disbursement is made to but excluding the date that the Lead Borrower reimburses such Multicurrency LC Disbursement, at the rate per annum that would apply to such amount if such amount were a Revolving ABR Loan; provided that if the Lead Borrower fails to reimburse such Multicurrency LC Disbursement when due pursuant to paragraph (e) of this Section 2.05, then Section 2.13(f) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Multicurrency Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Multicurrency Revolving Lender to the extent of such payment and shall be payable on the date on which the Lead Borrower is required to reimburse the applicable Multicurrency LC Disbursement in full (and, thereafter, on demand),
Appears in 1 contract
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses Borrowers shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses Borrowers reimburse such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial (x) in the case of an LC Disbursement denominated in dollars, ABR Revolving Loans that are ABR Loans and (or, to y) in the extent case of the participation in such an LC Disbursement by any that is not denominated in dollars, Eurocurrency Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loans; provided that that, if the Borrower fails Borrowers fail to reimburse such LC Disbursement when due pursuant to paragraph (ef) of this Section 2.05, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Term Loan A/Revolver Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (ef) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on within two Business Days of demand or, if no demand has been made, within two Business Days of the date on which the Borrower is required to Borrowers reimburse the applicable LC Disbursement in full full. If any Revolving Lender shall not have made its Applicable Percentage of such LC Disbursement available to the Term Loan A/Revolver Administrative Agent as provided in clause (andf) above, thereaftersuch Revolving Lender shall agree to pay interest on such amount, for each day from and including the date such amount is required to be paid at a rate determined by the Term Loan A/Revolver Administrative Agent in accordance with banking industry rules or practices on demand)interbank compensation.
Appears in 1 contract
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or if the Borrower shall have elected or been deemed to have elected to fund such reimbursement as an LC Loan, the date on which the Administrative Agent reimburses such LC Disbursement is reimbursed with the proceeds of Loans, as applicableDisbursement), at the rate Eurodollar Rate for the Interest Period at the time in effect for the Credit-Linked Deposits plus 5.75% per annum then applicable (subject to Initial Revolving Loans that are ABR Loans a reduction from 5.75% to 5.00% from and after the Rate Reduction Date (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Classif any)); provided that that, if the Borrower fails to reimburse such LC Disbursement (directly or through an LC Loan) when due pursuant to paragraph PARAGRAPH (e) of this Section 2.05Section, Section 2.13(cthen such LC Disbursement shall thereafter bear interest at the rate specified in SECTION 2.10(c) shall applyuntil such payment is made. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by from the Credit-Linked Deposit of any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such an Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 1 contract
Samples: Credit Agreement (Aquila Inc)
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial (x) in the case of an LC Disbursement denominated in dollars, ABR Revolving Loans that are ABR Loans and (or, to y) in the extent case of the participation in such an LC Disbursement by any that is not denominated in dollars, Term SOFR Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loans; provided that that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (ef) of this Section 2.05, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (ef) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on within two Business Days of demand or, if no demand has been made, within two Business Days of the date on which the Borrower is required to reimburse reimburses the applicable LC Disbursement in full full. If any Revolving Lender shall not have made its Applicable Percentage of such LC Disbursement available to the Administrative Agent as provided in clause (andf) above, thereaftersuch Revolving Lender shall agree to pay interest on such amount, for each day from and including the date such amount is required to be paid at a rate determined by the Administrative Agent in accordance with banking industry rules or practices on demand)interbank compensation.
Appears in 1 contract
Interim Interest. If any an Issuing Bank makes shall make any LC L/C Disbursement, then, unless the U.S. Borrower reimburses shall reimburse such LC L/C Disbursement in full on the date such LC L/C Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC L/C Disbursement is made to but excluding the date that the U.S. Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)L/C Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement made by any 2014 U.S. Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Facility Lenders; provided that that, if such L/C Disbursement is not reimbursed by the U.S. Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.052.13(d) shall apply; provided, further, that, in the case of a L/C Disbursement made under a Foreign Currency Letter of Credit, the amount of interest due with respect thereto shall (i) in the case of any L/C Disbursement that is reimbursed on or before the date such L/C Disbursement is required to be reimbursed under paragraph (e) of this Section, (A) be payable in the applicable Foreign Currency and (B) bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Bank to be the cost to such Issuing Bank of funding such L/C Disbursement plus the Applicable Margin applicable to Eurocurrency Revolving Loans made by 2014 U.S. Revolving Facility Lenders at such time and (ii) in the case of any L/C Disbursement that is reimbursed after the date such L/C Disbursement is required to be reimbursed under paragraph (e) of this Section, (A) be payable in Dollars, (B) accrue interest on the Dollar Equivalent, determined using the Exchange Rates calculated as of the date such L/C Disbursement was made, of such L/C Disbursement, (C) bear interest at the rate per annum then applicable to ABR Revolving Loans made by 2014 U.S. Revolving Facility Lenders and (D) Section 2.13(c2.13(d) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any U.S. Revolving Facility Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such U.S. Revolving Facility Lender to the extent of such payment (and each U.S. Revolving Facility Lender shall be payable entitled to the same rate of interest on the date on which the Borrower is required to reimburse its participation as the applicable LC Disbursement Issuing Bank is entitled to in full (andrespect of such L/C Disbursement, thereafter, on demandregardless of whether such Lender is a 2012 U.S. Revolving Facility Lender or a 2014 U.S. Revolving Facility Lender).
Appears in 1 contract
Interim Interest. (i) If any Issuing Bank makes any Dollar LC Disbursement, then, unless the Lead Borrower reimburses such Dollar LC Disbursement in full on the date such Dollar LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such Dollar LC Disbursement is made to but excluding the date that the Lead Borrower reimburses such Dollar LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable that would apply to Initial such amount if such amount were a Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loan; provided that if the Lead Borrower fails to reimburse such Dollar LC Disbursement when due pursuant to paragraph (e) of this Section 2.05, then Section 2.13(c2.13(f) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Dollar -98- #96942867v160458181 #96942867v1
(ii) If any Issuing Bank makes any Multicurrency LC Disbursement, then, unless the Lead Borrower reimburses such Multicurrency LC Disbursement in full on the date such Multicurrency LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such Multicurrency LC Disbursement is made to but excluding the date that the Lead Borrower reimburses such Multicurrency LC Disbursement, at the rate per annum that would apply to such amount if such amount were a Revolving ABR Loan; provided that if the Lead Borrower fails to reimburse such Multicurrency LC Disbursement when due pursuant to paragraph (e) of this Section 2.05, then Section 2.13(f) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Multicurrency Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Multicurrency Revolving Lender to the extent of such payment and shall be payable on the date on which the Lead Borrower is required to reimburse the applicable Multicurrency LC Disbursement in full (and, thereafter, on demand), (i) Replacement or Resignation of an Issuing Bank or Addition of New Issuing Banks.
Appears in 1 contract
Interim Interest. (i) If any Issuing Bank makes any Dollar LC Disbursement, then, unless the Lead Borrower reimburses such Dollar LC Disbursement in full on the date such Dollar LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such Dollar LC Disbursement is made to but excluding the date that the Lead
(ii) If any Issuing Bank makes any Multicurrency LC Disbursement, then, unless the Lead Borrower reimburses such Multicurrency LC Disbursement (or in full on the date on which such Multicurrency LC Disbursement is reimbursed with made, the proceeds of Loansunpaid amount thereof shall bear interest, as applicable)for each day from and including the date such Multicurrency LC Disbursement is made to but excluding the date that the Lead Borrower reimburses such Multicurrency LC Disbursement, at the rate per annum then applicable that would apply to Initial such amount if such amount were a Revolving Loans that are ABR Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Loan; provided that if the Lead Borrower fails to reimburse such Multicurrency LC Disbursement when due pursuant to paragraph (e) of this Section 2.05, then Section 2.13(c2.13(f) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Multicurrency Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Multicurrency Revolving Lender to the extent of such payment and shall be payable on the date on which the Lead Borrower is required to reimburse the applicable Multicurrency LC Disbursement in full (and, thereafter, on demand).
Appears in 1 contract
Interim Interest. If any Issuing Bank makes any LC Disbursement, unless the Borrower reimburses Revolving Borrowers reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses Revolving Borrowers reimburse such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable), at the rate per annum then applicable to Initial Revolving Loans that are ABR Loans or Canadian Primer Rate Loans, as applicable (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class); provided that if the Borrower fails Revolving Borrowers fail to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.052.05(e), then Section 2.13(c2.13(d) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Borrower is Revolving Borrowers are required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand).
Appears in 1 contract
Samples: Credit Agreement (Nuvei Corp)
Interim Interest. If any an Issuing Bank makes shall make any LC L/C Disbursement, then, unless the Borrower reimburses shall reimburse such LC L/C Disbursement in full on the date such LC L/C Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC L/C Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)L/C Disbursement, at the rate per annum then applicable to Initial ABR Revolving Loans that are ABR Loans (orLoans; provided, to the extent of the participation in that, if such LC L/C Disbursement is not reimbursed by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class); provided that if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.05Section, then Section 2.13(c) shall apply; provided further that, in the case of an L/C Disbursement made under a Letter of Credit in an Alternative Currency, the amount of interest due with respect thereto shall (i) in the case of any L/C Disbursement that is reimbursed on the Business Day immediately succeeding such L/C Disbursement, (A) be payable in the applicable Alternative Currency and (B) if not reimbursed on the date of such L/C Disbursement, bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Lender to be the cost to such Issuing Lender of funding such L/C Disbursement plus the Applicable Margin applicable to Eurocurrency Revolving Loans at such time and (ii) in the case of any L/C Disbursement that is reimbursed after the Business Day immediately succeeding such L/C Disbursement (A) be payable in Dollars, (B) accrue on the Dollar Amount of such L/C Disbursement and (C) bear interest as provided above. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Facility Lender pursuant to paragraph (ee)(i) of this Section 2.05 or from the Credit-Linked Deposit Account pursuant to paragraph (e)(ii) of this Section to reimburse such Issuing Bank shall be for the account of such Revolving Facility Lender or Synthetic L/C Lender, as applicable, to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 1 contract
Samples: Credit Agreement (NRT Settlement Services of Missouri LLC)
Interim Interest. If any the LC Facility Issuing Bank makes shall make any LC Facility Disbursement, then, unless the Borrower reimburses shall reimburse such LC Facility Disbursement in full on the date such LC Facility Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Facility Disbursement is made to but excluding the date that the Borrower (or any other account party) reimburses such LC Facility Disbursement (or the date on which such LC Facility Disbursement is reimbursed with the proceeds of Loans, as applicabledeemed to have converted into an LC Facility Term Loan pursuant to subsection 2.6(e)(iii), at the rate per annum then that would be applicable to Initial Revolving Term Loans hereunder that are ABR Eurocurrency Loans (or, to with a one month Interest Period commencing on the extent date of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class)Facility Disbursement; provided that that, if the Borrower fails to reimburse (or cause another account party to reimburse) such LC Facility Disbursement when due pursuant to paragraph (e) of this Section 2.05subsection 2.6(e), Section 2.13(cthen, unless such LC Facility Disbursement is converted into an LC Facility Term Loan pursuant to subsection 2.6(e)(iii), subsection 3.1(c) shall applyapply from such due date until such reimbursement is made. Interest accrued pursuant to this paragraph subsection 2.6(h) shall be for the account of the applicable LC Facility Issuing Bank, Bank except that interest accrued on and after the date of payment by any Revolving LC Facility Lender pursuant to paragraph (esubsection 2.6(e)(ii) of this Section 2.05 to reimburse such the LC Facility Issuing Bank shall be for the account of such Revolving LC Facility Lender to the extent of such payment and shall be payable on payment.
(i) Replacement of the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)Facility Issuing Bank; Additional LC Facility Issuing Bank.
Appears in 1 contract
Samples: Credit Agreement (Servicemaster Co)
Interim Interest. If any the Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable)Disbursement, at the rate per annum then applicable to Initial Revolving Term Benchmark Loans that are ABR Loans denominated in Dollars having an Interest Period of one month’s duration (or, to the extent of the participation in if such LC Disbursement by any Revolving Lender of another Classis denominated in an Agreed Foreign Currency (other than Pounds Sterling, Swiss Francs or, following a Benchmark Transition Event with respect to Term XXXXX, Canadian Dollars), the rate per annum then applicable to Term Benchmark Loans for such Agreed Foreign Currency having an Interest Period of one month’s duration for the Revolving applicable Currency or, if such LC Disbursement is denominated in Pounds Sterling, Swiss Francs or, following a Benchmark Transition Event with respect to Term XXXXX, Canadian Dollars, the rate per annum then applicable to RFR Loans of such other Classfor the applicable Currency); provided that that, if the Borrower fails to reimburse such LC Disbursement within two (2) Business Days following the date when due pursuant to paragraph (e) Section 2.04(f), then the provisions of this Section 2.05, Section 2.13(c2.11(d) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Multicurrency Lender pursuant to paragraph (eSection 2.04(f) of this Section 2.05 to reimburse such the Issuing Bank shall be for the account of such Revolving Multicurrency Lender to the extent of such payment and shall be payable on the date on which the Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand)payment.
Appears in 1 contract
Samples: Senior Secured Credit Agreement (Barings BDC, Inc.)
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof (or, in the case of clause (iii)(B) below, the Dollar Equivalent of such amount, determined in accordance with paragraph (e) of this Section) shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement in full, at (or i) in the date on which such case of any LC Disbursement is reimbursed with the proceeds of Loans, as applicable), at the rate per annum then applicable to Initial Revolving Loans that are ABR Loans (or, to the extent of the participation denominated in such LC Disbursement by any Revolving Lender of another Classdollars, the rate per annum then applicable to the ABR Revolving Loans (and payable in dollars); (ii) in the case of an LC Disbursement denominated in Euros, a rate per annum determined by the applicable Issuing Bank (which determination will be conclusive absent manifest error) to represent its cost of funds plus the Applicable Rate used to determine interest applicable to Eurocurrency Revolving Loans or EURIBOR Revolving Loans (and payable in Euros) and (iii) in the case of an LC Disbursement denominated in any Permitted Foreign Currency other than Euros, (A) in the case of any LC Disbursement that is reimbursed on or before the date such other ClassLC Disbursement is required to be reimbursed under paragraph (e) of this Section, a rate per annum determined by the applicable Issuing Bank (which determination will be conclusive absent manifest error) to represent its cost of funds plus the Applicable Rate used to determine interest applicable to Eurocurrency Revolving Loans or EURIBOR Revolving Loans (and payable in such currency) and (B) in the case of any LC Disbursement that is reimbursed after the date such LC Disbursement is required to be reimbursed under paragraph (e) of this Section, the rate per annum then applicable to ABR Revolving Loans (and payable in dollars); provided that that, if the Borrower fails to reimburse such LC Disbursement in full when due pursuant to paragraph (e) of this Section 2.05Section, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment payment, and shall be payable on demand or, if no demand has been made, on the date on which the Borrower is required to reimburse reimburses the applicable LC Disbursement in full (and, thereafter, on demand)full.
Appears in 1 contract
Samples: Credit Agreement (Chemours Co)
Interim Interest. If any an Issuing Bank makes shall make any LC Disbursement, then, unless the Borrower reimburses Company shall reimburse such LC Disbursement in full on the date such LC Disbursement has been is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower Company reimburses such LC Disbursement Disbursement, at (or i) in the date on which such case of an LC Disbursement is reimbursed with the proceeds of Loans, as applicable), at the rate per annum then applicable to Initial Revolving Loans that are ABR Loans denominated in US Dollars (or, to the extent of the participation in such including any LC Disbursement by denominated in any Revolving Lender Designated Foreign Currency that has been converted into an obligation in US Dollars as provided in paragraph (e) of another Classthis Section), the rate per annum then applicable to the ABR Revolving Loans and (ii) in the case of an LC Disbursement denominated in any Designated Foreign Currency prior to such other Class)conversion into an obligation in US Dollars, the rate determined by the Issuing Bank to represent its cost of funds plus the Applicable Rate at the time in effect for LIBOR Borrowings or EURIBOR Borrowings; provided that if that, at all times after the Borrower Company fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section 2.05Section, Section 2.13(c2.12(d) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse such the Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment payment, and shall be payable on demand or, if no demand has been made, on the date on which the Borrower is required to reimburse Company reimburses the applicable LC Disbursement in full (and, thereafter, on demand)full.
Appears in 1 contract
Samples: Credit Agreement (Waters Corp /De/)