Common use of Payments Not at End of Interest Period Clause in Contracts

Payments Not at End of Interest Period. If the Borrowers make any -------------------------------------- payment of principal with respect to any Adjusted Libor Rate Loan on any day other than the last day of the Interest Period applicable to such Adjusted Libor Rate Loan, the Borrowers shall reimburse the Bank on demand the Consequential Loss incurred by the Bank as a result of the timing of such payment. A certificate of the Bank setting forth the basis for the determination of the amount of Consequential Loss shall be delivered to the Borrowers and shall, in the absence of manifest error, be conclusive and binding. Any conversion of an Adjusted Libor Rate Loan to a different Interest Option on any day other than the last day of the Interest Period for such Adjusted Libor Rate Loan shall be deemed a payment for purposes of this Section.

Appears in 2 contracts

Samples: Security Agreement (Us Legal Support Inc), Security Agreement (Us Legal Support Inc)

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Payments Not at End of Interest Period. If the Borrowers make any -------------------------------------- payment of principal with respect to any Adjusted Libor LIBOR Rate Loan on any day other than the last day of the Interest Period applicable to such Adjusted Libor LIBOR Rate Loan, the Borrowers shall reimburse the Bank Lenders on demand the Consequential Loss incurred by the Bank Lenders as a result of the timing of such payment. A certificate of the Bank a Lender setting forth the basis for the determination of the amount of Consequential Loss shall be delivered to the Borrowers and shall, in the absence of manifest error, be conclusive and binding. Any conversion of an Adjusted Libor LIBOR Rate Loan to a different Interest Option on any day other than the last day of the Interest Period for such Adjusted Libor LIBOR Rate Loan shall be deemed a payment for purposes of this Section.

Appears in 1 contract

Samples: Credit Agreement (Innovative Valve Technologies Inc)

Payments Not at End of Interest Period. If the Borrowers make any -------------------------------------- payment of principal with respect to any Adjusted Libor LIBOR Rate Loan on any day other than the last day of the Interest Period applicable to such Adjusted Libor LIBOR Rate Loan, the Borrowers shall reimburse the Bank Lenders on demand the Consequential Loss incurred by the Bank Lenders as a result of the timing of such payment. A certificate of the Bank Agent setting forth the basis for the determination of the amount of Consequential Loss shall be delivered to the Borrowers and shall, in the absence of manifest error, be conclusive and binding. Any conversion of an Adjusted Libor LIBOR Rate Loan to a different Interest Option on any day other than the last day of the Interest Period for such Adjusted Libor LIBOR Rate Loan shall be deemed a payment for purposes of this Section.

Appears in 1 contract

Samples: Credit Agreement (Innovative Valve Technologies Inc)

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Payments Not at End of Interest Period. If the Borrowers make Borrower makes any -------------------------------------- payment of principal with respect to any Adjusted Libor LIBOR Rate Loan on any day other than the last day of the Interest Period applicable to such Adjusted Libor LIBOR Rate Loan, the Borrowers shall Borrower will reimburse the Bank on demand the Consequential Loss incurred by the Bank as a result of the timing of such payment. A certificate of the Bank setting forth the basis for the determination of the amount of Consequential Loss shall be delivered to the Borrowers Borrower and shall, in the absence of manifest error, be conclusive and binding. Any conversion of an Adjusted Libor LIBOR Rate Loan to a different Interest Option on any day other than the last day of the Interest Period for such Adjusted Libor Rate Loan shall be deemed a payment for purposes of this Section.

Appears in 1 contract

Samples: Credit Agreement (Innovative Valve Technologies Inc)

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