Rate of Interest. Subject to the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or to the Adjusted Offshore Rate. Subject to the provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount hereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the Borrower initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. If on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then such Loan shall bear interest determined by reference to the Offshore Rate Loan with an Interest Period of, and the applicable Interest Period shall be deemed to be, one month. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and Revolving Loans shall bear interest through maturity as follows: (a) if a Base Rate Loan, then at the sum of the Base Rate plus the Applicable Base Rate Margin; or (b) if an Offshore Rate Loan, then at the sum of the Adjusted Offshore Rate plus the Applicable Offshore Rate Margin. Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the Applicable Base Rate Margin.
Appears in 1 contract
Rate of Interest. (i) Subject to the provisions of subsections 2.6 and 2.7, each Tender Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at the sum of the Base Rate PLUS 1.75% per annum.
(ii) Subject to the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or to the Adjusted Offshore Rate. Subject to the provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount hereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Eurodollar Rate. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the Borrower Company initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. If on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then such Loan shall bear interest determined by reference to the Offshore Rate Loan with an Interest Period of, and the applicable Interest Period shall be deemed to be, one month. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and the Revolving Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the Base Rate plus PLUS the Applicable Base Rate MarginMargin per annum; or
(b) if an Offshore a Eurodollar Rate Loan, then at the sum of the Adjusted Offshore Eurodollar Rate plus PLUS the Applicable Offshore Eurodollar Rate MarginMargin per annum. Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the The Applicable Base Rate MarginMargin and the Applicable Eurodollar Rate Margin shall be determined on the first day of the calendar month following the delivery of each Compliance Certificate pursuant to subsection 6.1(iv) (each a "MARGIN Determination Date"), commencing with the Compliance Certificate for the Fiscal Quarter ended June 30, 1997, by reference to such Compliance Certificate (without regard to any subsequent corrections to reflect year-end audit adjustments). The Applicable Base Rate Margin and the Applicable Eurodollar Rate Margin shall apply to all Base Rate Loans for the period from and including the Margin Determination Date to and excluding the first day of the calendar month following the delivery of the next Compliance Certificate and to all Eurodollar Rate Loans for any Interest Period commencing during the period from and including the Margin Determination Date to and excluding the first day of the calendar month following the delivery of the next Compliance Certificate; PROVIDED, HOWEVER, that (x) if Company fails to deliver any Compliance Certificate in a timely manner pursuant to subsection 6.1(iv), or (y) upon the occurrence and during the continuation of any Event of Default, the highest percentage per annum set forth in the definition of Applicable Base Rate Margin shall apply to all Base Rate Loans for the period from and including the first day of the calendar month following the date on which such Compliance Certificate was required to be delivered to and excluding the date on which Administrative Agent receives such Compliance Certificate or during the continuation of such Event of Default, as the case may be, and the highest percentage per annum set forth in the definition of Applicable Eurodollar Rate Margin shall apply to all Eurodollar Rate Loans for any Interest Period commencing during the period from and including the first day of the calendar month following the date on which such Compliance Certificate was required to be delivered to and excluding the date on which Administrative Agent receives such Compliance Certificate or during the continuation of such Event of Default, as the case may be.
Appears in 1 contract
Rate of Interest. Subject to (i) All Revolving Loans and the provisions outstanding amount of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan all other Obligations (other than Swing Loans) shall bear interest on the unpaid principal amount thereof from the date such Loans are made through maturity and such other Obligations are due and payable until paid in full, except as otherwise provided in Section 4.01(d), as follows:
(whether by acceleration A) If a Base Rate Loan or otherwise) such other Obligation, at a rate determined by reference per annum equal to the sum of (I) the Base Rate or as in effect from time to time as interest accrues, plus (II) the Applicable Base Rate Margin in effect at such time; and
(B) If a Eurodollar Rate Loan, at a rate per annum equal to the Adjusted Offshore Rate. Subject sum of (I) the Eurodollar Rate determined for the applicable Eurodollar Interest Period, plus (II) the Applicable Eurodollar Rate Margin in effect from time to the provisions of subsection 2.7, each time during such Eurodollar Interest Period.
(ii) All Swing Line Loan Loans shall bear interest on the unpaid principal amount hereof thereof from the date such Loans are made through maturity (whether by acceleration or otherwise) until paid in full, except as otherwise provided in Section 4.01(d), at a rate determined by reference per annum equal to the sum of (I) the Base Rate. Rate as in effect from time to time as interest accrues, plus (II) the Applicable Base Rate Margin in effect at such time.
(iii) The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan on the Loans shall be selected by the Borrower initially at the time a Notice of Borrowing or a Notice of Conversion/Continuation is given with respect delivered by the Borrower to such Loan pursuant to subsection 2.1Bthe Administrative Agent; provided, and however, the Borrower may not select the Eurodollar Rate as the applicable basis for determining the rate of interest rate with respect on such a Loan if (x) such Loan is to any Term Loan be made on the Closing Date or any Revolving Loan may be changed from (y) at the time to time pursuant to subsection 2.2D. of such selection an Event of Default or Default has occurred and is continuing. If on any day a Term any Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been timely delivered to the Administrative Agent in accordance with the terms of this Agreement hereof specifying the applicable basis for determining the rate of interestinterest on that day, then for that day interest on that Loan shall bear interest be determined by reference to the Base Rate. If on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then such Loan shall bear interest determined by reference to the Offshore Rate Loan with an Interest Period of, and the applicable Interest Period shall be deemed to be, one month. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and Revolving Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the Base Rate plus the Applicable Base Rate Margin; or
(b) if an Offshore Rate Loan, then at the sum of the Adjusted Offshore Rate plus the Applicable Offshore Rate Margin. Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the Applicable Base Rate Margin.
Appears in 1 contract
Rate of Interest. Subject to the provisions of subsections 2.6 The Loans and 2.7, each Term Loan and each Revolving Loan all other Obligations shall bear interest on the unpaid principal amount thereof from the date such Loans are made through maturity (whether by acceleration or otherwise) such other Obligations become due to the date paid at a rate determined by reference per annum equal to (i) in the case of Base Rate Loans and Obligations for which no other interest rate is specified, the Base Rate or plus the Applicable Base Rate Margin, and (ii) in the case of LIBOR Loans, LIBOR plus the Applicable LIBOR Margin (collectively the "Interest Rate"). Notwithstanding any other provision of this Agreement, until a LIBOR Availability Event has occurred, all Loans hereunder shall be Base Rate Loans, PROVIDED however that any LIBOR Loans outstanding as of the Third Amendment Effective Date shall remain LIBOR Loans until the end of the applicable Interest Period, at which time they shall automatically convert to the Adjusted Offshore RateBase Rate Loans. Subject to the provisions of subsection 2.7SUBSECTION 2.1(D), each Swing Line Loan Borrower shall bear interest on the unpaid principal amount hereof from the date made through maturity (designate to Agent whether by acceleration or otherwise) at a rate determined by reference to the Base Rate. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the Borrower initially a Base Rate Loan or, if available, a LIBOR Rate Loan at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan SUBSECTION 2.1(D). Such designation by Borrower may be changed from time to time pursuant to subsection 2.2D. SUBSECTION 2.2(D). If on any day a Term Loan or a Revolving portion of any Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interestinterest or if LIBOR has been specified and no LIBOR quote is available, then for that day that Loan or portion thereof shall bear interest determined by reference to the Base Rate. If on any day a Term Loan or a Revolving Loan denominated in After the occurrence and during the continuance of an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with Event of Default (i) the terms Loans and all other Obligations shall, at the option of this Agreement specifying the applicable basis for determining the rate of interestRequisite Lenders, then such Loan shall bear interest determined by reference at a rate per annum equal to the Offshore Rate Loan with an Interest Period of, and 2% plus the applicable Interest Period Rate (the "Default Rate"), (ii) each LIBOR Loan shall be deemed automatically convert to be, one month. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and Revolving Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then Loan at the sum end of the Base Rate plus the Applicable Base Rate Margin; or
any applicable Interest Period and (biii) if an Offshore Rate Loan, then at the sum of the Adjusted Offshore Rate plus the Applicable Offshore Rate Margin. Subject no Loans may be converted to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the Applicable Base Rate MarginLIBOR Loans."
Appears in 1 contract
Samples: Loan and Security Agreement (Rankin Automotive Group Inc)
Rate of Interest. Subject to the provisions of subsections 2.6 2.1B, 2.2C, 2.3E and 2.72.7H, each Tranche A Term Loan, Tranche B Term Loan and each Revolving Working Capital Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Prime Rate or to the Adjusted Offshore Rate. Subject to the provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount hereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Eurodollar Rate. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the Borrower initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B2.1B or 2.2B, and the as applicable. The basis for determining the interest rate with respect to any Tranche A Term Loan, Tranche B Term Loan or any Revolving Working Capital Loan may be changed from time to time pursuant to subsection 2.2D. 2.3D. If on any day a Tranche A Term Loan, Tranche B Term Loan or a Revolving Working Capital Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Prime Rate. If on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then such Loan shall bear interest determined by reference to the Offshore Rate Loan with an Interest Period of, and the applicable Interest Period shall be deemed to be, one month. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and Revolving The Loans shall bear interest through maturity as follows:
(ai) if a Base Rate Loan, then at a per annum rate equal to the sum of the Base Rate plus the Applicable Base Rate Margin; or;
(bii) if an Offshore a Eurodollar Rate Loan, then at a per annum rate equal to the sum of the Adjusted Offshore Eurodollar Rate plus the Applicable Offshore Eurodollar Rate Margin. Subject to the provisions of subsections 2.2E and 2.7, the ; and
(iii) if a Swing Line Loans shall bear interest through maturity Loan, then at a per annum rate equal to the sum of the Base Rate plus the Applicable Base Rate MarginMargin minus the applicable rate payable with respect to commission fees pursuant to subsection 2.4A; provided that, with respect to Working Capital Loans, Swing Line Loans and Tranche A Term Loans, the Applicable Eurodollar Rate Margin and the Applicable Base Rate Margin shall be decreased by the applicable Interest Rate Adjustment (if any) for the period commencing on the first day after which Borrower delivers a Compliance Certificate pursuant to subsection 5.1(v) with respect to financial statements delivered pursuant to subsection 5.1(ii) demonstrating that the applicable conditions for an Interest Rate Adjustment have been satisfied and ending on the day on which Borrower delivers a Compliance Certificate demonstrating that such conditions are no longer satisfied or on which Borrower is required to deliver a Compliance Certificate but fails to deliver such Compliance Certificate; provided further, notwithstanding anything to the contrary contained herein, in no event shall a Base Rate Loan bear interest at a per annum rate less than the Prime Rate or shall a Swing Line Loan bear interest at a per annum rate less than the Base Rate minus the then current rate of the commitment fee (as determined in accordance with subsection 2.4A).
Appears in 1 contract
Samples: Credit Agreement (Blue Bird Corp)
Rate of Interest. Subject to the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or to the Adjusted Offshore Eurodollar Rate. Subject to the provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount hereof thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the Borrower Company initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. If on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then such Loan shall bear interest determined by reference to the Offshore Rate Loan with an Interest Period of, and the applicable Interest Period shall be deemed to be, one month. .
(i) Subject to the provisions of subsections 2.2E and 2.7, the Tranche A Term Loans and the Revolving Loans shall bear interest through maturity as follows:
(aA) if a Base Rate Loan, then at the sum of the Base Rate plus the Applicable Tranche A Base Rate Margin; or
(bB) if an Offshore a Eurodollar Rate Loan, then at the sum of the Adjusted Offshore Eurodollar Rate plus the Applicable Offshore Tranche A Eurodollar Margin.
(ii) Subject to the provisions of subsections 2.2E and 2.7, the Tranche B Term Loans shall bear interest through maturity as follows:
(A) if a Base Rate Loan, then at the sum of the Base Rate plus the Applicable Tranche B Base Rate Margin or
(B) if a Eurodollar Rate Loan, then at the sum of the Adjusted Eurodollar Rate plus the Applicable Tranche B Eurodollar Margin. .
(iii) Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the Applicable Tranche A Base Rate Margin minus the Commitment Fee Percentage. Upon delivery of the Margin Determination Certificate by Company to Administrative Agent pursuant to subsection 6.1(xviii), the Applicable Tranche A Base Rate Margin, the Applicable Tranche A Eurodollar Margin, the Applicable Tranche B Base Rate Margin and the Applicable Tranche B Eurodollar Margin shall automatically be adjusted in accordance with such Margin Determination Certificate, such adjustment to become effective on the next succeeding Business Day following the receipt by Administrative Agent of such Margin Determination Certificate; provided that if a Margin Determination Certificate erroneously indicates an applicable margin more favorable to Company than should be afforded by the actual calculation of the Leverage Ratio, Company shall promptly pay additional interest and letter of credit fees to correct for such error.
Appears in 1 contract
Rate of Interest. Subject to All Loans and the provisions outstanding principal balance of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan all other Obligations shall bear interest on the unpaid principal amount thereof from the date such Loans are made through maturity and such other Obligations are due and payable until paid in full, except as otherwise provided in Section 4.01(d), as follows:
(whether by acceleration i) If a Floating Rate Loan or otherwise) such other Obligation, at a rate determined by reference per annum equal to the Base sum of the Floating Rate or in effect from time to time as interest accrues, plus the Adjusted Offshore Rate. Subject Applicable Floating Rate Margin in effect from time to time, plus, the provisions of subsection 2.7Mandatory Cost;
(ii) If an Overdraft Loan, each Swing Line Loan shall bear interest on the unpaid principal amount hereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference per annum equal to the Base Ratesum of the Overdraft Rate in effect from time to time as interest accrues, plus the Applicable Overdraft Rate Margin in effect from time to time; and
(iii) If a Fixed Rate Loan, at a rate per annum equal to the sum of the Fixed Rate determined for the applicable Interest Period and the applicable currency, plus the Applicable Fixed Rate Margin in effect from time to time during such Interest Period, plus, if such Fixed Rate Loan was made under the Multicurrency Facility, the Mandatory Cost. The applicable basis for determining the rate of interest on any Loan shall be initially determined in accordance with respect to any Term Loan or any Revolving Section 2.01(d). The applicable basis for determining the rate of interest on such Loan shall be selected thereafter by the relevant Borrower initially at the time a Notice of Borrowing Conversion/Continuation is given with respect delivered by such Borrower to the Administrative Agent. Notwithstanding the foregoing, such Loan pursuant to subsection 2.1B, and Borrower may not select the Fixed Rate as the applicable basis for determining the rate of interest rate with respect to any Term on such a Loan if at the time of such selection an Event of Default or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. Default would occur or has occurred and is continuing. If on any day a Term any Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been timely delivered to the Administrative Agent in accordance with the terms of this Agreement hereof specifying the applicable basis for determining the rate of interestinterest on that day, then for that day interest on that Loan shall bear interest be determined by reference to the Base applicable Floating Rate. If on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then such Loan shall bear interest determined by reference to the Offshore Rate Loan with an Interest Period of, and the applicable Interest Period shall be deemed to be, one month. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and Revolving Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the Base Rate plus the Applicable Base Rate Margin; or
(b) if an Offshore Rate Loan, then at the sum of the Adjusted Offshore Rate plus the Applicable Offshore Rate Margin. Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the Applicable Base Rate Margin.
Appears in 1 contract
Rate of Interest. Subject to All Loans and the provisions outstanding amount of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan all other Obligations shall bear interest on the unpaid principal amount thereof from the date such Loans are made through maturity and such other Obligations are due and payable until paid in full, except as otherwise provided in Section 4.01(d), as follows:
(whether by acceleration i) With respect to Revolving Loans, if a Floating Rate Loan or otherwise) such other Obligation, at a rate determined by reference per annum equal to the Base sum of (A) the Floating Rate or in effect from time to time, plus (B) the Adjusted Offshore Rate. Subject Applicable Revolver Floating Rate Margin in effect from time to the provisions of subsection 2.7time;
(ii) With respect to Revolving Loans, each Swing Line Loan shall bear interest on the unpaid principal amount hereof from the date made through maturity (whether by acceleration or otherwise) if a Fixed Rate Loan, at a rate determined by reference per annum equal to the Base Ratesum of (A) the Fixed Rate determined for the applicable Interest Period, plus (B) the Applicable Revolver Fixed Rate Margin in effect from time to time;
(iii) With respect to the Term Loan, if a Floating Rate Loan or such other Obligation, at a rate per annum equal to the sum of (A) the Floating Rate in effect from time to time, plus (B) the Applicable Term Loan Floating Rate Margin in effect from time to time; and
(iv) With respect to the Term Loan, if a Fixed Rate Loan, at a rate per annum equal to the sum of (A) the Fixed Rate determined for the applicable Interest Period, plus (B) the Applicable Term Loan Fixed Rate Margin in effect from time to time. As of the Closing Date, the Applicable Revolver Margins are as follows: Applicable Revolver Floating Rate Margin 1.00% Applicable Revolver Fixed Rate Margin 2.75% The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan on the Loans shall be selected by the Borrower initially Representative at the time a Notice of Borrowing Borrowing, or a Notice of Conversion/Continuation is given with respect delivered by Borrower Representative to such Loan pursuant to subsection 2.1Bthe Administrative Agent; provided, and however, the Borrower Representative may not select the Fixed Rate as the applicable basis for determining the rate of interest rate with respect on such a Loan if (x) such Loan is to any Term Loan be made on the Closing Date or any Revolving Loan may be changed from (y) at the time to time pursuant to subsection 2.2D. of such selection an Event of Default has occurred and is continuing. If on any day a Term any Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been timely delivered to the Administrative Agent in accordance with the terms of this Agreement hereof specifying the applicable basis for determining the rate of interestinterest on that day, then for that day interest on that Loan shall bear interest be determined by reference to the Base RateFloating Rate plus the Applicable Revolver Floating Rate Margin. If The Applicable Revolver Margins shall be adjusted (up or down) prospectively on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance quarterly basis as determined by Holdings' and its Subsidiaries' consolidated financial performance, commencing with the terms first day of this Agreement specifying the applicable basis first calendar month that occurs more than 5 days after delivery of Holdings' and its Subsidiaries' quarterly financial statements to Lenders for determining the rate of interestfiscal quarter ending August 2, then such Loan 2003. Adjustments in Applicable Revolver Margins shall bear interest be determined by reference to the Offshore following grid: ------------ --------------------------------- ----------------------------- -------------------------------- Fixed Charge Coverage Applicable Revolver Applicable Revolver Level Ratio Floating Rate Margin Fixed Rate Margin ----- ----- -------------------- ----------------- ------------ --------------------------------- ----------------------------- -------------------------------- I <1.00 1.00% 2.75% ------------ --------------------------------- ----------------------------- -------------------------------- II Less than 1.50, but > 1.00 0.75% 2.50% - ------------ --------------------------------- ----------------------------- -------------------------------- III >1.50 0.50% 2.25% - ------------ --------------------------------- ----------------------------- -------------------------------- All adjustments in the Applicable Revolver Margins after August 2, 2003 shall be implemented quarterly on a prospective basis, for each calendar month commencing at least 5 days after the date of delivery to Lenders of the quarterly unaudited or annual audited (as applicable) financial statements evidencing the need for an adjustment. Concurrently with the delivery of those financial statements, Borrower Representative shall deliver to Administrative Agent and Lenders a certificate, signed by its chief financial officer, setting forth in reasonable detail the basis for the continuance of, or any change in, the Applicable Revolver Margins. Failure to timely deliver such financial statements shall, in addition to any other remedy provided for in this Agreement, result in an increase in the Applicable Revolver Margins to the highest level set forth in the foregoing grid, until the first day of the first calendar month following the delivery of those financial statements demonstrating that such an increase is not required. If an Event of Default has occurred and is continuing at the time any reduction in the Applicable Revolver Margins is to be implemented, that reduction shall be deferred until the first day of the first calendar month following the date on which such Event of Default is waived or cured. As of the Closing Date, the Applicable Term Loan Margins shall be determined by reference to the following grids, and shall be adjusted (up or down) prospectively on a weekly basis as determined by reference to the Borrowers' most recently delivered Borrowing Base Certificate, commencing with the first day of the following week. Adjustments in Applicable Term Loan Margins shall be determined by reference to the following grid: ------------ --------------------------------- ------------------------------- ------------------------------ Applicable Applicable Level Availability Term Loan Floating Rate Margin Term Loan Fixed Rate Margin ----- ------------ ------------------------------ --------------------------- ------------ --------------------------------- ------------------------------- ------------------------------ I > $15,000,000 1.75% 3.50% - ------------ --------------------------------- ------------------------------- ------------------------------ II Less than $15,000,000, but > $10,000,000 4.00% 3.50% - ------------ --------------------------------- ------------------------------- ------------------------------ III < $10,000,000 6.00% 3.50% ------------ --------------------------------- ------------------------------- ------------------------------ With respect to any Fixed Rate Loan with an Interest Period ofthat is a Term Loan, and the applicable Interest Period shall be deemed to beon any date of determination, one month. Subject to the provisions of subsections 2.2E and 2.7if Availability is less than $15,000,000, the Term Loans and Revolving Loans such Fixed Rate Loan shall bear interest through maturity for the period during which Availability is less than $15,000,000 (each, a "Reference Period") calculated at the rate applicable to such Fixed Rate Loan as follows:
(a) determined by Administrative Agent by reference to the above grid on the Fixed Rate Determination Date for such Fixed Rate Loan plus an additional amount equal to the amount such rate is less than the rate which would otherwise be applicable to such Fixed Rate Loan if such Fixed Rate Loan were a Base Floating Rate Loan, then as such rate shall be determined by the Administrative Agent by reference to the above grid during such Reference Period; provided that, if Availability equals or exceeds $15,000,000 on any date of determination, such Fixed Rate Loan shall, until the occurrence of a new Reference Period, bear interest at the sum rate determined by reference to the above grid on the Fixed Rate Determination Date for such Fixed Rate Loan. Concurrently with the delivery of the Borrowing Base Rate plus Certificate, Borrower Representative shall deliver to Administrative Agent and Lenders a certificate, signed by its chief financial officer or its treasurer, setting forth in reasonable detail the basis for the continuance of, or any change in, the Applicable Term Loan Margins. Failure to timely deliver any Borrowing Base Rate Margin; or
(b) if Certificate shall, in addition to any other remedy provided for in this Agreement, result in an Offshore Rate Loanincrease in the Applicable Term Loan Margins to the highest level set forth in the foregoing grid, then until the first day of the week following the delivery of such Borrowing Base Certificate demonstrating that such an increase is not required. If an Event of Default has occurred and is continuing at the sum time any reduction in the Applicable Term Loan Margins is to be implemented, that reduction shall be deferred until the first day of the Adjusted Offshore Rate plus week following the Applicable Offshore Rate Margin. Subject to the provisions date on which such Event of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the Applicable Base Rate MarginDefault is waived or cured.
Appears in 1 contract
Rate of Interest. Subject to the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan (i) Loans shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or to the Adjusted Offshore Rate. Subject to the provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount hereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base LIBOR Rate. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan on Loans shall be selected by the Borrower initially at the time Borrower submits a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B2.1B of this Agreement, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time a Notice of Conversion is given pursuant to subsection 2.2D. If on any day date a Term Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall continue to bear interest determined by reference to on the Base Rate. If on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable same basis for determining the rate of interestinterest that was in effect during the prior period for that particular Loan; provided that if such period would extend beyond the Termination Date, then such Loan shall bear interest determined by reference nevertheless mature on the Termination Date, and shall also be subject to the Offshore Rate Loan with an Interest Period of, and the applicable Interest Period shall be deemed to be, one month. provisions of subsection 2.5D.
(ii) Subject to the provisions of subsections 2.2E and 2.73.1, the Term Loans and Revolving Loans shall bear interest through maturity as follows:
(a) if Whenever the Borrower selects or is deemed to have selected a Base Rate Loan, then at interest shall accrue on the sum unpaid principal balance of the Loan, at a fluctuating rate per annum equal to the Base Rate Rate, plus the Applicable Base Rate Margin. The Applicable Base Rate Margin shall be calculated by Agent in reference to the Consolidated Funded Debt to Consolidated EBITDA ratio in effect on the Interest Rate Determination Date; orprovided however that during any Interest Period, the Applicable Base Rate Margin shall be adjusted to reflect the Consolidated Funded Debt to Consolidated EBITDA ratio last reported by Borrower, and such adjustment shall be effective on the first Business Day following delivery of such report.
(b) if an Offshore Whenever the Borrower selects a LIBOR Rate Loan, then at interest shall accrue on the sum unpaid principal balance of the Loan, for the Interest Period selected by Borrower in the applicable Notice of Borrowing or Notice of Conversion, at a rate per annum equal to the Adjusted Offshore LIBOR Rate for such Interest Period, plus the Applicable Offshore LIBOR Rate Margin. Subject The Applicable LIBOR Rate Margin shall be calculated by Agent in reference to the provisions of subsections 2.2E and 2.7Consolidated Funded Debt to Consolidated EBITDA ratio in effect on the Interest Rate Determination Date; provided however that during any Interest Period, the Swing Line Loans Applicable LIBOR Rate Margin shall bear interest through maturity at be adjusted to reflect the sum Consolidated Funded Debt to Consolidated EBITDA ratio last reported by Borrower, and such adjustment shall be effective on the first Business Day following delivery of the Base Rate plus the Applicable Base Rate Marginsuch report.
Appears in 1 contract
Samples: Revolving Line of Credit Agreement (Hawaiian Telcom Holdco, Inc.)
Rate of Interest. Subject Term Loan A, Term Loan B, and any Swingline Loan shall be Base Rate Loans. Revolving Loans may be Base Rate Loans or LIBOR Loans, subject to the provisions of subsections 2.6 terms hereof. The Loans and 2.7, each Term Loan and each Revolving Loan all other Obligations shall bear interest on the unpaid principal amount thereof from the date such Loans are made through maturity (whether by acceleration or otherwise) such other Obligations become due to the date paid at a rate determined by reference per annum equal to (i) in the case of Base Rate Loans and Obligations for which no other interest rate is specified, the Base Rate or plus (a) 0.25% with respect to the Adjusted Offshore Revolving Loan, Swingline Loan and other Obligations for which no other interest rate is specified, (b) 1.0% with respect to Term Loan A and (c) 0.25% with respect to Term Loan B; and (ii) in the case of LIBOR Loans, LIBOR plus 2.75% (collectively, the "Interest Rate"). Subject to the provisions of subsection 2.72.1(E), each Swing Line Loan Borrower shall bear interest on the unpaid principal amount hereof from the date made through maturity (designate to Agent whether by acceleration or otherwise) at a rate determined by reference to the Base Rate. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the Borrower initially a Base Rate or LIBOR Rate Loan at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan 2.1(E). Such designation by Borrower may be changed from time to time pursuant to subsection 2.2D. 2.2(D). If on any day a Term Loan or a Revolving portion of any Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interestinterest or if LIBOR has been specified and no LIBOR quote is available, then for that day that Loan or portion thereof shall bear interest determined by reference to the Base Rate. If on any day a Term Loan or a Revolving Loan denominated in After the occurrence and during the continuance of an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with Event of Default (i) the terms Loans and all other Obligations shall, at the option of this Agreement specifying the applicable basis for determining the rate of interestRequisite Lenders, then such Loan shall bear interest determined by reference at a rate per annum equal to the Offshore Rate Loan with an Interest Period of, and 2% plus the applicable Interest Period Rate (the "Default Rate"), (ii) each LIBOR Loan shall be deemed automatically convert to be, one month. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and Revolving Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then Loan at the sum end of the Base Rate plus the Applicable Base Rate Margin; or
any applicable Interest Period and (biii) if an Offshore Rate Loan, then at the sum of the Adjusted Offshore Rate plus the Applicable Offshore Rate Margin. Subject no Loans may be converted to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the Applicable Base Rate MarginLIBOR Loans.
Appears in 1 contract
Rate of Interest. (i) Each Committed Lender may elect to advance Loans at the Alternative Rate by delivering an irrevocable notice to the Agent, on the Amendment Closing Date, notifying the Agent of such election (a “Notice of Alternative Rate Election”). Upon receipt of a Notice of Alternative Rate Election from any such Committed Lender, any Loan advanced by such Committed Lender on or after the Amendment Closing Date will bear interest at the Alternative Rate. For the avoidance of doubt, any Committed Lender or Conduit Lender not delivering a Notice of Alternative Rate Election on the Amendment Closing Date will be deemed to have declined such election, and any Loan advanced by such Lender on or after the Amendment Closing Date will bear interest at the Applicable Rate or the CP Rate, as applicable.
(ii) Subject to the provisions of subsections 2.6 and 2.7Section 3.05, each Term Loan and each Revolving Loan shall bear interest on the unpaid outstanding principal amount thereof from thereof, for each day (excluding the date made through maturity (whether by acceleration or otherwiselast day) during each Interest Period applicable thereto, at a rate determined by reference per annum equal to the Base Applicable Rate or the Alternative Rate, as applicable, for such day, or if any Conduit Lender shall so designate (in accordance with the definition of CP Rate) for any Loan funded and maintained by such Conduit Lender through the issuance of commercial paper, the CP Rate for such day; provided that any change to the Adjusted Offshore Rate. Subject interest rate from the CP Rate to LIBOR may occur at any time, but with respect to any Loan funded by a Conduit Lender other than any Conduit Lender administered by Bank of America, any change from LIBOR to the provisions CP Rate shall not take effect until the next succeeding Interest Period following receipt by the Borrower of subsection 2.7written notice from the Lender of such designation. Such interest shall be payable in arrears on each Settlement Date and on the Termination Date.
(iii) At any time during which an Event of Default has occurred and is continuing, each Swing Line Loan shall bear additional interest (in addition to the interest payable pursuant to Section 2.05(a)(ii)) on the outstanding principal amount thereof, for each day (excluding the last day) during each Interest Period applicable thereto, at a rate per annum equal to the Default Margin and such accrued additional interest shall be aggregated on the last day of such Interest Period (all such aggregated additional interest, the “Aggregated Default Interest”). Such Aggregated Default Interest shall bear interest on the unpaid principal outstanding amount hereof from the date made through maturity (whether by acceleration or otherwise) thereof, for each day during each Interest Period applicable thereto, at a rate determined by reference per annum equal to the Base Rate. The applicable basis for determining the rate of Aggregated Default Interest Rate and such accrued interest with respect to any Term Loan or any Revolving Loan shall be selected by aggregated on the Borrower initially at last day of such Interest Period with the time a Notice Aggregated Default Interest and shall be deemed “Aggregated Default Interest” upon such aggregation. Aggregated Default Interest and the interest thereon shall be payable in arrears on the date on which the aggregate principal amount of Borrowing is given with respect to such Loan the Loans have been paid in full pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. If on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then such Loan shall bear interest determined by reference to the Offshore Rate Loan with an Interest Period of, and the applicable Interest Period shall be deemed to be, one month. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and Revolving Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the Base Rate plus the Applicable Base Rate Margin; or
(b) if an Offshore Rate Loan, then at the sum of the Adjusted Offshore Rate plus the Applicable Offshore Rate Margin. Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the Applicable Base Rate MarginAgreement.
Appears in 1 contract
Rate of Interest. Subject to All Loans and the provisions outstanding principal balance of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan all other Obligations shall bear interest on the unpaid principal amount thereof from the date such Loans are made through maturity and such other Obligations are due and payable until paid in full, except as otherwise provided in SECTION 4.1(d), as follows:
(whether by acceleration i) If a Base Rate Loan or otherwise) an Obligation other than a Eurocurrency Rate Loan, at a rate determined by reference per annum equal to the sum of (A) the Base Rate, as in effect from time to time as interest accrues, PLUS (B) the then Applicable Margin for Base Rate or to the Adjusted Offshore Rate. Subject to the provisions of subsection 2.7Loans; and
(ii) If a Eurocurrency Rate Loan, each Swing Line Loan shall bear interest on the unpaid principal amount hereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference per annum equal to the Base Ratesum of (A) the Eurocurrency Rate determined for the applicable Interest Period, PLUS (B) the then Applicable Margin for Eurocurrency Rate Loans. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan on the Loans shall be selected by the Borrower initially at the time a Notice of Borrowing or a Notice of Conversion/Continuation is given with respect delivered by the Borrower to such Loan pursuant to subsection 2.1Bthe Administrative Agent; PROVIDED, and HOWEVER, that the Borrower may not select the Eurocurrency Rate as the applicable basis for determining the rate of interest rate with respect on such a Loan if at the time of such selection an Event of Default or a Potential Event of Default has occurred and is continuing and FURTHER PROVIDED, that from and after the occurrence of an Event of Default, each LIBOR Rate Loan then outstanding may, at the Administrative Agent's option, convert to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. a Base Rate Loan. If on any day a Term any Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been timely delivered to the Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interestinterest on that day, then for that day that Loan shall bear interest determined by reference to the Base Rate. If on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then such Loan shall bear interest determined by reference to the Offshore Rate Loan with an Interest Period of, and the applicable Interest Period Borrower shall be deemed to be, one month. Subject have submitted a Notice of Conversion/Continuation with respect to the provisions full amount of subsections 2.2E and 2.7, the Term Loans and Revolving Loans shall bear interest through maturity as follows:
(a) if such LIBOR Loan requesting a Base Rate Loan. From and after the occurrence of an Event of Default, then at the sum Administrative Agent may, or upon request of the Requisite Lenders holding Revolving Credit Tranche B Commitments shall, require that each Optional Currency Loan then outstanding be repaid by means of a Base Rate plus Borrowing in the Applicable Base Rate Margin; or
(b) if an Offshore Rate Loan, then at the sum amount of the Adjusted Offshore Rate plus the Applicable Offshore Rate Margin. Subject to the provisions Dollar Equivalent of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the Applicable Base Rate Marginsuch Optional Currency Loan.
Appears in 1 contract
Rate of Interest. Subject to the provisions of subsections 2.6 The Loans and 2.7, each Term Loan and each Revolving Loan all other Obligations ---------------- shall bear interest on the unpaid principal amount thereof from the date such Loans are made through maturity (whether by acceleration or otherwise) such other Obligations become due to the date paid at a rate determined by reference per annum equal to (i) in the case of Base Rate Loans and other Obligations for which no other interest rate is specified, the Base Rate or to plus one and one-half percent (1.50%) and (ii) in the Adjusted Offshore case of LIBOR Loans, LIBOR plus two and three quarters percent (2.75%) (the "Interest Rate. Subject to the provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount hereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate"). The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the Borrower initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B2.1(F); provided, and however, that any Loan ----------------- -------- ------- made on the Closing Date shall be a Base Rate Loan as provided in subsection 2.1(D). The basis for determining the interest rate with ----------------- respect to any Term Loan or a portion of any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. 2.2(E). If on any day a Term Loan or a Revolving portion of any Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan or portion thereof shall bear interest determined by reference to the Base Rate. If on any day After the occurrence and during the continuance of an Event of Default (i) the Loans and all other Obligations shall, at the option of Requisite Lenders, bear interest at a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect rate per annum equal to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying two percent (2%) plus the applicable basis for determining Interest Rate (the rate "Default Rate"), (ii) each LIBOR Loan shall automatically convert to a Base Rate Loan at the end of interestany applicable Interest Period and (iii) no Loans may be converted to LIBOR Loans. If the Event of Default consists of a failure to pay all amounts outstanding under the Loans on the Termination Date, then such Loan the Loans and all other Obligations shall bear interest determined by reference at the Default Rate (as increased as provided in the following proviso) from the Termination Date to and including the Offshore Rate Loan with an Interest Period ofdate the Loans are paid in full; provided, however, that for each ninety -------- ------- (90) day period that the Loans and other Obligations are not so paid (the applicable Interest Period shall be deemed first such period to becommence on the ninety-first (91st) day after the Termination Date), one month. Subject to beginning on the provisions first day of subsections 2.2E and 2.7each such period, the Term Loans and Revolving Loans Default Rate (as increased) shall bear interest through maturity increase by an additional one percent (1%) per annum; provided, further that the -------- ------- Default Rate as follows:
increased shall not exceed eighteen percent (a18%) if a Base Rate Loan, then at per annum (the sum of the Base Rate plus the Applicable Base Rate Margin; or
(b) if an Offshore Rate Loan, then at the sum of the Adjusted Offshore Rate plus the Applicable Offshore Rate Margin. Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the Applicable Base Rate Margin"Maximum Default Rate").
Appears in 1 contract
Rate of Interest. Subject to the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or to the Adjusted Offshore RateLIBOR. Subject to the provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount hereof thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the Borrower initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. If on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then such Loan shall bear interest determined by reference to the Offshore Rate Loan with an Interest Period of, and the applicable Interest Period shall be deemed to be, one month. Subject to the provisions of subsections 2.2E and 2.7, the Tranche A Term Loans, the Tranche B Term Loans and the Revolving Loans shall bear interest through maturity as follows:
(ai) if a Base Rate Loan, then at the sum of the Base Rate plus PLUS the Applicable Base Rate MarginMargin for such Type of Loans; or
(bii) if an Offshore Rate a LIBOR Loan, then at the sum of the Adjusted Offshore Rate plus LIBOR PLUS the Applicable Offshore Rate MarginLIBOR Margin for such Type of Loans. Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus PLUS the Applicable Base Rate Margin. Upon delivery of the Margin Determination Certificate by Borrower to Administrative Agent pursuant to subsection 6.1(xvi), the Applicable Base Rate Margin and Applicable LIBOR Margin shall automatically be adjusted in accordance with such Margin Determination Certificate, such adjustment to become effective on the 60th day after the end of the Fiscal Quarter to which the financial results contained in the Margin Determination Certificate relate; PROVIDED that (1) at any time a Margin Determination Certificate is not delivered at the time required pursuant to subsection 6.1(xvi), from the time such Margin Determination Certificate was required to be delivered until delivery of such Margin Determination Certificate, the Applicable Base Rate Margin shall be 2.50% for the Revolving Loans and the Tranche A Term Loans and 3.00% for the Tranche B Term Loans, and the Applicable LIBOR Margin shall be 3.50% for the Revolving Loans and the Tranche A Term Loans and 4.00% for the Tranche B Term Loans, and (2) if a Margin Determination Certificate erroneously indicates an applicable margin more favorable to Borrower than should be afforded by the actual calculation of the Consolidated Total Leverage Ratio, Borrower shall promptly pay additional interest and letter of credit fees to correct for such error.
Appears in 1 contract
Rate of Interest. (i) Each Committed Lender may elect to advance Loans at the Alternative Rate by delivering an irrevocable notice to the Agent, on the Amendment Closing Date, notifying the Agent of such election (a “Notice of Alternative Rate Election”). Upon receipt of a Notice of Alternative Rate Election from any such Committed Lender, any Loan advanced by such Committed Lender on or after the Amendment Closing Date will bear interest at the Alternative Rate. For the avoidance of doubt, any Committed Lender or Conduit Lender not delivering a Notice of Alternative Rate Election on the Amendment Closing Date will be deemed to have declined such election, and any Loan advanced by such Lender on or after the Amendment Closing Date will bear interest at the Applicable Rate or the CP Rate, as applicable.
(ii) Subject to the provisions of subsections 2.6 and 2.7Section 3.05, each Term Loan and each Revolving Loan shall bear interest on the unpaid outstanding principal amount thereof from thereof, for each day (excluding the date made through maturity (whether by acceleration or otherwiselast day) during each Interest Period applicable thereto, at a rate determined by reference per annum equal to the Base Applicable Rate or the Alternative Rate, as applicable, for such day, or if any Conduit Lender shall so designate (in accordance with the definition of CP Rate) for any Loan funded and maintained by such Conduit Lender through the issuance of commercial paper, the CP Rate for such day; provided that any change to the Adjusted Offshore Rate. Subject interest rate from the CP Rate to LIBOR may occur at any time, but any change from LIBOR to the provisions CP Rate shall not take effect until the next succeeding Interest Period following receipt by the Borrower of subsection 2.7written notice from the Lender of such designation. Such interest shall be payable in arrears on each Settlement Date and on the Termination Date.
(iii) At any time during which an Event of Default has occurred and is continuing, each Swing Line Loan shall bear additional interest (in addition to the interest payable pursuant to Section 2.05(a)(ii)) on the outstanding principal amount thereof, for each day (excluding the last day) during each Interest Period applicable thereto, at a rate per annum equal to the Default Margin and such accrued additional interest shall be aggregated on the last day of such Interest Period (all such aggregated additional interest, the “Aggregated Default Interest”). Such Aggregated Default Interest shall bear interest on the unpaid principal outstanding amount hereof from the date made through maturity (whether by acceleration or otherwise) thereof, for each day during each Interest Period applicable thereto, at a rate determined by reference per annum equal to the Base Rate. The applicable basis for determining the rate of Aggregated Default Interest Rate and such accrued interest with respect to any Term Loan or any Revolving Loan shall be selected by aggregated on the Borrower initially at last day of such Interest Period with the time a Notice Aggregated Default Interest and shall be deemed “Aggregated Default Interest” upon such aggregation. Aggregated Default Interest and the interest thereon shall be payable in arrears on the date on which the aggregate principal amount of Borrowing is given with respect to such Loan the Loans have been paid in full pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. If on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then such Loan shall bear interest determined by reference to the Offshore Rate Loan with an Interest Period of, and the applicable Interest Period shall be deemed to be, one month. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and Revolving Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the Base Rate plus the Applicable Base Rate Margin; or
(b) if an Offshore Rate Loan, then at the sum of the Adjusted Offshore Rate plus the Applicable Offshore Rate Margin. Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the Applicable Base Rate MarginAgreement.
Appears in 1 contract
Rate of Interest. Subject to All Loans and the provisions outstanding amount of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan all other Obligations shall bear interest on the unpaid principal amount thereof from the date such Loans are made through maturity and such other Obligations are due and payable until paid in full, except as otherwise provided in Section 4.01(d), as follows:
(whether by acceleration i) With respect to Revolving Loans, if a Floating Rate Loan or otherwise) such other Obligation, at a rate determined by reference per annum equal to the Base sum of (A) the Floating Rate or in effect from time to time, plus (B) the Adjusted Offshore Rate. Subject Applicable Revolver Floating Rate Margin in effect from time to the provisions of subsection 2.7time; and
(ii) With respect to Revolving Loans, each Swing Line Loan shall bear interest on the unpaid principal amount hereof from the date made through maturity (whether by acceleration or otherwise) if a Fixed Rate Loan, at a rate determined by reference per annum equal to the Base Ratesum of (A) the Fixed Rate determined for the applicable Interest Period, plus (B) the Applicable Revolver Fixed Rate Margin in effect from time to time. As of the Restated Credit Agreement Effective Date, the Applicable Revolver Margins are as follows: Applicable Revolver Floating Rate Margin 1.00% Applicable Revolver Fixed Rate Margin 2.50% The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan on the Loans shall be selected by the Borrower initially Representative at the time a Notice of Borrowing Borrowing, or a Notice of Conversion/Continuation is given with respect delivered by Borrower Representative to such Loan pursuant to subsection 2.1Bthe Administrative Agent; provided, and however, the Borrower Representative may not select the Fixed Rate as the applicable basis for determining the rate of interest rate with respect on such a Loan if (x) such Loan is to any Term Loan be made on the Closing Date or any Revolving Loan may be changed from (y) at the time to time pursuant to subsection 2.2D. of such selection an Event of Default has occurred and is continuing. If on any day a Term any Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been timely delivered to the Administrative Agent in accordance with the terms of this Agreement hereof specifying the applicable basis for determining the rate of interestinterest on that day, then for that day interest on that Loan shall bear interest be determined by reference to the Base RateFloating Rate plus the Applicable Revolver Floating Rate Margin. If The Applicable Revolver Margins shall be adjusted (up or down) prospectively on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance quarterly basis as determined by Holdings' and its Subsidiaries' consolidated financial performance, commencing with the terms first day of this Agreement specifying the applicable basis first calendar month that occurs more than 5 days after delivery of Holdings' and its Subsidiaries' quarterly financial statements to Lenders for determining the rate of interestfiscal quarter ending August 2, then such Loan 2004. Adjustments in Applicable Revolver Margins shall bear interest be determined by reference to the Offshore Rate Loan following grid: -------------- --------------------------------------- ---------------------------------- ------------------------------------- FIXED CHARGE COVERAGE RATIO APPLICABLE REVOLVER FLOATING APPLICABLE REVOLVER FIXED RATE LEVEL RATE MARGIN MARGIN -------------- --------------------------------------- ---------------------------------- ------------------------------------- I <1.50 0.75% 2.50% -------------- --------------------------------------- ---------------------------------- ------------------------------------- II >1.50 0.50% 2.25% - -------------- --------------------------------------- ---------------------------------- ------------------------------------- All adjustments in the Applicable Revolver Margins after August 2, 2004 shall be implemented quarterly on a prospective basis, for each calendar month commencing at least 5 days after the date of delivery to Lenders of the quarterly unaudited or annual audited (as applicable) financial statements evidencing the need for an adjustment. Concurrently with an Interest Period the delivery of those financial statements, Borrower Representative shall deliver to Administrative Agent and Lenders a certificate, signed by its chief financial officer, setting forth in reasonable detail the basis for the continuance of, or any change in, the Applicable Revolver Margins. Failure to timely deliver such financial statements shall, in addition to any other remedy provided for in this Agreement, result in an increase in the Applicable Revolver Margins to the highest level set forth in the foregoing grid, until the first day of the first calendar month following the delivery of those financial statements demonstrating that such an increase is not required. If an Event of Default has occurred and is continuing at the applicable Interest Period time any reduction in the Applicable Revolver Margins is to be implemented, that reduction shall be deemed to be, one month. Subject to deferred until the provisions of subsections 2.2E and 2.7, the Term Loans and Revolving Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum first day of the Base Rate plus first calendar month following the Applicable Base Rate Margin; or
(b) if an Offshore Rate Loan, then at the sum date on which such Event of the Adjusted Offshore Rate plus the Applicable Offshore Rate Margin. Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the Applicable Base Rate MarginDefault is waived or cured."
Appears in 1 contract
Rate of Interest. Subject to the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving (i) Each Loan shall bear interest on the unpaid outstanding principal amount thereof from thereof, for each day (excluding the date made through maturity (whether by acceleration or otherwiselast day) during each Interest Period applicable thereto, at a rate determined by reference per annum equal to the Base Applicable Rate for such day, or if any Conduit Lender shall so designate (in accordance with the definition of CP Rate) for any Loan funded and maintained by such Conduit Lender through the issuance of commercial paper, the CP Rate for such day; provided that any change to the Adjusted Offshore Rateinterest rate shall not take effect until the next succeeding Interest Period after such designation. Subject Such interest shall be payable in arrears on each Settlement Date and on the Termination Date.
(ii) At any time during which an Event of Default has occurred and is continuing, each Loan shall bear additional interest (in addition to the provisions interest payable pursuant to Section 2.05(a)(i)) on the outstanding principal amount thereof, for each day (excluding the last day) during each Interest Period applicable thereto, at a rate per annum equal to the Default Margin and such accrued additional interest shall be aggregated on the last day of subsection 2.7such Interest Period (all such aggregated additional interest, each Swing Line Loan the “Aggregated Default Interest”). Such Aggregated Default Interest shall bear interest on the unpaid principal outstanding amount hereof from the date made through maturity (whether by acceleration or otherwise) thereof, for each day during each Interest Period applicable thereto, at a rate determined by reference per annum equal to the Base Rate. The applicable basis for determining the rate of Aggregated Default Interest Rate and such accrued interest with respect to any Term Loan or any Revolving Loan shall be selected by aggregated on the Borrower initially at last day of such Interest Period with the time a Notice Aggregated Default Interest and shall be deemed “Aggregated Default Interest” upon such aggregation. Aggregated Default Interest and the interest thereon shall be payable in arrears on the date on which the aggregate principal amount of Borrowing is given with respect to such Loan the Loans have been paid in full pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. If on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then such Loan shall bear interest determined by reference to the Offshore Rate Loan with an Interest Period of, and the applicable Interest Period shall be deemed to be, one month. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and Revolving Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the Base Rate plus the Applicable Base Rate Margin; or
(b) if an Offshore Rate Loan, then at the sum of the Adjusted Offshore Rate plus the Applicable Offshore Rate Margin. Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the Applicable Base Rate MarginAgreement.
Appears in 1 contract
Rate of Interest. Subject to the provisions (a) If any amount of subsections 2.6 and 2.7principal of any Loan is not paid when due, each Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether at stated maturity, by acceleration or otherwise) , such amount shall thereafter bear interest at a fluctuating interest rate determined by reference per annum at all times equal to the Base Default Rate or to the Adjusted Offshore Rate. Subject to fullest extent permitted by Applicable Laws.
(b) If any amount (other than principal of any Loan) payable by the provisions Borrowers under any Credit Document is not paid when due (after the expiration of subsection 2.7any applicable grace periods), each Swing Line Loan shall bear interest on the unpaid principal amount hereof from the date made through maturity (whether at stated maturity, by acceleration or otherwise) at a rate determined by reference to the Base Rate. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the Borrower initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. If on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then such Loan shall bear interest determined by reference to the Offshore Rate Loan with an Interest Period of, and the applicable Interest Period shall be deemed to be, one month. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and Revolving Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum request of the Base Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate plus to the fullest extent permitted by Applicable Base Rate Margin; orLaws.
(bc) if During the continuance of an Offshore Event of Default under Section 9.1(f) or Section 9.1(g), the Borrowers shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by Applicable Laws.
(d) During the continuance of an Event of Default other than an Event of Default under Section 9.1(f) or Section 9.1(g), the Borrowers shall, at the request of the Required Lenders, pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by Applicable Laws.
(e) Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.
(f) In the case of any Adjusted LIBOR Rate Loan, then upon the expiration of the Interest Period in effect at the sum time the Default Rate of interest is effective, each such Adjusted LIBOR Rate Loan shall thereupon become a Base Rate Loan and shall thereafter bear interest at the Default Rate then in effect for Base Rate Loans. Payment or acceptance of the Adjusted Offshore Rate plus the Applicable Offshore Rate Margin. Subject increased rates of interest provided for in this Section 2.9 is not a permitted alternative to the provisions timely payment and shall not constitute a waiver of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum any Event of Default or otherwise prejudice or limit any rights or remedies of the Base Rate plus the Applicable Base Rate MarginAdministrative Agent or any Lender.
Appears in 1 contract
Rate of Interest. Subject to the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or to the Adjusted Offshore Rate. Subject to the provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount hereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base RateLIBOR. The applicable basis for determining the rate of interest with respect to any Term Loan or any and Revolving Loan shall be selected by the Borrower initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. If on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then such Loan shall bear interest determined by reference to the Offshore Rate Loan with an Interest Period of, and the applicable Interest Period shall be deemed to be, one month. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and Revolving Loans shall bear interest through maturity as follows:
(ai) if a Base Rate Loan, then at the sum of the Base Rate plus the Applicable Base Rate MarginMargin for such Type of Loans; or
(bii) if an Offshore Rate a LIBOR Loan, then at the sum of the Adjusted Offshore Rate LIBOR plus the Applicable Offshore Rate MarginLIBOR Margin for such Type of Loans. Subject Upon delivery of a Compliance Certificate by Borrower to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus Administrative Agent the Applicable Base Rate MarginMargin and Applicable LIBOR Margin shall automatically be adjusted in accordance with such Compliance Certificate, such adjustment to become effective on the third Business Day after delivery of such Compliance Certificate; provided that (1) at any time a Compliance Certificate is not delivered at the time required from the time such Compliance Certificate was required to be delivered until delivery of such Compliance Certificate, the Applicable Base Rate Margin shall be 1.50% for the Revolving Loans and the Applicable LIBOR Margin shall be 2.75% for the Revolving Loans, and (2) if a Compliance Certificate erroneously indicates an applicable margin more favorable to Borrower than should be afforded by the actual calculation of the Consolidated Total Leverage Ratio, Borrower shall promptly pay additional interest and letter of credit fees to correct for such error.
Appears in 1 contract
Rate of Interest. Subject to the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or to the Adjusted Offshore Rate. Subject to the provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount hereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base LIBOR Rate. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the Borrower Company initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. If on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then such Loan shall bear interest determined by reference to the Offshore Rate Loan with an Interest Period of, and the applicable Interest Period shall be deemed to be, one month. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and Revolving Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the Base Rate plus the Applicable Base Rate MarginRate; or
(b) if an Offshore a LIBOR Rate Loan, then at the sum of the Adjusted Offshore LIBOR Rate plus the Applicable Offshore LIBOR Rate MarginMargin per annum. Subject The Applicable LIBOR Rate Margin shall be determined on the Margin Determination Date by reference to the provisions most recent Compliance Certificate delivered by Company prior to such Margin Determination Date (without regard to any subsequent corrections to reflect year-end audit adjustments); provided, that until the occurrence of subsections 2.2E and 2.7the first Margin Determination Date, the Swing Line Applicable LIBOR Rate Margin shall be 1.25%. The Applicable LIBOR Rate Margin shall apply to all LIBOR Rate Loans shall bear interest through maturity at for any Interest Period commencing during the sum period from and including the Margin Determination Date to and excluding the first day of the Base calendar month following the delivery of the next Compliance Certificate; provided, however, that (x) if Company fails to deliver any Compliance Certificate in a timely manner pursuant to subsection 6.1(iii), or (y) upon the occurrence and during the continuation of any Event of Default, the highest percentage per annum set forth in the definition of Applicable LIBOR Rate plus Margin shall apply to all LIBOR Rate Loans for any Interest Period commencing during the Applicable Base Rate Marginperiod from and including the first day of the calendar month following the date on which such Compliance Certificate was required to be delivered to and excluding the date on which Agent receives such Compliance Certificate or during the continuation of such Event of Default, as the case may be.
Appears in 1 contract
Rate of Interest. Subject to the provisions of subsections Sections 2.6 and 2.7, each Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through to maturity (whether by acceleration or otherwise) of such Loan at a rate determined by reference to the Base Rate or to the Adjusted Offshore Rate. Subject to the provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount hereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base RateLIBOR. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the Borrower Company initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection Section 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection Section 2.2D. If Subject to the last proviso to the first paragraph of Section 2.2D, if on any day a Term Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. If on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then such Loan shall bear interest determined by reference to the Offshore Rate Loan with an Interest Period of, and the applicable Interest Period shall be deemed to be, one month. .
(i) Subject to the provisions of subsections Sections 2.2E and 2.7, the Term Loans shall bear interest through maturity, as follows:
(a) if a Base Rate Loan, then at a rate per annum which shall at all times be equal to the sum of the Base Rate plus the relevant Applicable Term Loan Base Rate Margin for the relevant Tranche of Term Loan, each as in effect from time to time; or
(b) if a LIBOR Loan, then at a rate per annum which shall at all times, during the Interest Period applicable thereto, be equal to the sum of LIBOR applicable to such Interest Period plus the relevant Applicable Term Loan LIBOR Margin for the relevant Tranche of Term Loan.
(ii) Subject to the provisions of Sections 2.2E and 2.7, the Revolving Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at a rate per annum which shall at all times be equal to the sum of the Base Rate plus the Applicable Revolving Base Rate Margin; or
(b) if an Offshore Rate a LIBOR Loan, then at a rate per annum which shall at all times, during the Interest Period applicable thereto, be equal to the sum of the Adjusted Offshore Rate LIBOR applicable to such Interest Period plus the Applicable Offshore Rate Margin. Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the Applicable Base Rate Revolving LIBOR Margin.
Appears in 1 contract
Samples: Credit Agreement (Alliance HealthCare Services, Inc)
Rate of Interest. Subject to the provisions of subsections Sections 2.6 and 2.7, each Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through to maturity (whether by acceleration or otherwise) of such Loan at a rate determined by reference to the Base Rate or to the Adjusted Offshore RateLIBOR. Subject to the provisions of subsection Section 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount hereof thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate. The applicable basis for determining the rate of interest with respect to any Initial Term Loan, any Revolving Loan or any Revolving Incremental Term Loan shall be selected by the Borrower Company initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection Section 2.1B, and the basis for determining the interest rate with respect to any Initial Term Loan, any Revolving Loan or any Revolving Incremental Term Loan may be changed from time to time pursuant to subsection Section 2.2D. If Subject to the last proviso to the first paragraph of Section 2.2D, if on any day a an Initial Term Loan, Revolving Loan or Incremental Term Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. If on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then such Loan shall bear interest determined by reference to the Offshore Rate Loan with an Interest Period of, and the applicable Interest Period shall be deemed to be, one month. .
(i) Subject to the provisions of subsections Sections 2.2E and 2.7, the Term Loans shall bear interest through maturity, as follows:
(a) if a Base Rate Loan, then at a rate per annum which shall at all times be equal to the sum of the Base Rate plus the relevant Applicable Term Loan Base Rate Margin for the relevant Tranche of Term Loan, each as in effect from time to time; or
(b) if a LIBOR Loan, then at a rate per annum which shall at all times, during the Interest Period applicable thereto, be equal to the sum of LIBOR applicable to such Interest Period plus the relevant Applicable Term Loan LIBOR Margin for the relevant Tranche of Term Loan.
(ii) Subject to the provisions of Sections 2.2E and 2.7, the Revolving Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at a rate per annum which shall at all times be equal to the sum of the Base Rate plus the Applicable Revolving Base Rate Margin; or
(b) if an Offshore Rate a LIBOR Loan, then at a rate per annum which shall at all times, during the Interest Period applicable thereto, be equal to the sum of the Adjusted Offshore Rate LIBOR applicable to such Interest Period plus the Applicable Offshore Rate Revolving LIBOR Margin. .
(iii) Subject to the provisions of subsections Sections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity (whether by acceleration or otherwise) at a rate per annum which shall be equal to the sum of the Base Rate plus the Applicable Revolving Base Rate MarginMargin minus the Applicable Commitment Fee Percentage.
Appears in 1 contract
Samples: Credit Agreement (Alliance HealthCare Services, Inc)
Rate of Interest. (i) Subject to the provisions of subsections 2.6 and 2.7Section 3.05, each Term Loan and each Revolving Loan shall bear interest on the unpaid outstanding principal amount thereof from thereof, for each day (excluding the date made through maturity (whether by acceleration or otherwiselast day) during each Interest Period applicable thereto, at a rate determined by reference per annum equal to the One Month LIBOR plus the applicable Facility Margin. By delivery of a Notice of Interest Period Election to the Lenders not later than three (3) Business Days prior to the first (1st) day of any Interest Period, at the election of the Borrower, the Borrower may elect that such Interest Period shall be a Corporate Base Rate or to Interest Period, instead of a One Month LIBOR Interest Period, and the Adjusted Offshore Rate. Subject to outstanding principal amount of the provisions of subsection 2.7, each Swing Line Loan Loans shall bear interest on at the unpaid principal amount hereof from Corporate Base Rate plus the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate. The applicable basis Facility Margin for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by such Interest Period; provided that, if the Borrower initially at elects a Corporate Base Rate Interest Period for the time initial Interest Period for a Notice of Borrowing is given Loan, the Borrower shall deliver the first such notice with respect to such Loan to the Lenders together with the Notice of Borrowing for such Loan. If the Borrower shall fail to deliver a timely Notice of Interest Period Election as described in the foregoing sentence, then the Interest Period as to which the Borrower has not delivered such notice shall be a One Month LIBOR Interest Period. All interest shall be payable in arrears at the end of each applicable Interest Period and on the Termination Date. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Lender so notifies the Borrower, then, so long as such Event of Default is continuing, the Loans shall accrue interest at the Corporate Base Rate plus the applicable Facility Margin.
(ii) At any time during which an Event of Default pursuant to subsection 2.1BSection 8.01(a) has occurred and is continuing, and upon request of the basis for determining the interest rate Required Lenders with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or a Revolving Loan denominated in Dollars other Event of Default that has occurred and is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interestcontinuing, then for that day that each Loan shall bear additional interest determined by reference (in addition to the Base Rateinterest payable pursuant to Section 2.05(a)(i)) on the outstanding principal amount thereof, for each day (excluding the last day) during each Interest Period applicable thereto, at a rate per annum equal to 200 basis points and such accrued additional interest shall be aggregated on the last day of such Interest Period. If on Payment or acceptance of the increased rates of interest provided for in this Section 2.05(a) is not a permitted alternative to timely payment and shall not constitute a waiver of any day a Term Loan Event of Default or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to otherwise prejudice or limit any rights or remedies of Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then such Loan shall bear interest determined by reference to the Offshore Rate Loan with an Interest Period of, and the applicable Interest Period shall be deemed to be, one month. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and Revolving Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the Base Rate plus the Applicable Base Rate Margin; or
(b) if an Offshore Rate Loan, then at the sum of the Adjusted Offshore Rate plus the Applicable Offshore Rate Margin. Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the Applicable Base Rate Marginor any Lender.
Appears in 1 contract
Samples: Loan Agreement (PBF Holding Co LLC)
Rate of Interest. INVENTORY LOAN. Interest shall accrue on the Inventory Loan and be due monthly in arrears on the first (1st) Business Day of each month, as more particularly provided in the last sentence of this paragraph, and shall be paid as provided in Section 2.4 of this Agreement. Subject to the provisions accrual of subsections 2.6 and 2.7interest on the Inventory Loan after the occurrence of a Default or Event of Default, as more particularly provided below in this clause (b), the Monthly Average Weighted Loan Balance in respect of the Inventory Loan for each Term Loan and each Revolving calendar month shall bear interest at a rate per annum equal to the Interest Rate. Interest shall be calculated under this clause (b) on the basis of actual days elapsed over a period of a 360-day year. The Inventory Loan shall bear interest as of the date of the Lender's wiring of funds thereof through the date of the receipt by the Lender of the repayment of such Loan (if the repayment of all or any portion of the Loan is received by the Lender later than 3:00 p.m. Eastern time, then interest accrual thereon shall be through the next Business Day following such receipt). After the occurrence of an Event of Default or after the Inventory Maturity Date (if the aggregate principal balance of the Inventory Loan is not paid in full on the unpaid principal amount thereof from Inventory Maturity Date), the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or to the Adjusted Offshore Rate. Subject to the provisions of subsection 2.7, each Swing Line Inventory Loan shall will bear interest on at the unpaid principal amount hereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Default Rate. The Debtor and the Lender intend to comply at all times with applicable basis for usury laws. All agreements between the Debtor and the Lender, whether now existing or hereafter arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of demand or acceleration of the maturity of any Note or otherwise, shall the interest contracted for, charged, received, paid or agreed to be paid to the Lender exceed the maximum amount permissible under applicable law, or in the absence of a maximum allowable rate under applicable law, then, 45% per annum (the "Maximum Rate"). The Lender may, in determining the Maximum Rate in effect from time to time, take advantage of any law, rule or regulation in effect from time to time available to the Lender which exempts the Lender from any limit upon the rate of interest with respect it may charge or grants to the Lender the right to charge a higher rate of interest than that otherwise permitted by applicable law. If, from any circumstance whatsoever, interest would otherwise be payable to the Lender in excess of the Maximum Rate, the interest payable to the Lender shall be reduced to the Maximum Rate; and if from any circumstance the Lender shall ever receive anything of value deemed interest by applicable law in excess of the Maximum Rate, an amount equal to any Term Loan or any Revolving Loan excessive interest shall be selected by applied to the Borrower initially at reduction of the time a Notice principal of Borrowing is given with respect the Loan and not to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate payment of interest, then for that day that Loan or if such excessive interest exceeds the unpaid balance of principal of the Loan, such excess shall bear interest determined by reference be refunded to the Base Debtor. All interest paid or agreed to be paid to the Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full period until payment in full of the principal so that the interest on the Loan for such full period shall not exceed the Maximum Rate. If on The Debtor agrees that in determining whether or not any day a Term Loan interest payment under the Security Documents exceeds the Maximum Rate, any non-principal payment (except payments specifically described in the Security Documents as "interest") including without limitation, prepayment fees and late charges, shall to the maximum extent not prohibited by law, be an expense, fee or a Revolving Loan denominated premium rather than interest. The Lender hereby expressly disclaims any intent to contract for, charge or receive interest in an Offshore Currency is outstanding with respect amount which exceeds the Maximum Rate. The provisions of this Agreement, the Notes, and all other Security Documents are hereby modified to which notice has not been delivered the extent necessary to Administrative Agent in accordance conform with the terms limitations and provisions of this Agreement specifying the applicable basis for determining the rate of interest, then such Loan shall bear interest determined by reference to the Offshore Rate Loan with an Interest Period ofparagraph, and this paragraph shall govern over all other provisions in any document or agreement now or hereafter existing. This paragraph shall never be superseded or waived unless there is a written document executed by the applicable Interest Period shall be deemed to beLender and the Debtor, one month. Subject to expressly declaring the provisions of subsections 2.2E and 2.7, the Term Loans and Revolving Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the Base Rate plus the Applicable Base Rate Margin; or
(b) if an Offshore Rate Loan, then at the sum of the Adjusted Offshore Rate plus the Applicable Offshore Rate Margin. Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the Applicable Base Rate Margin.usury limitation set forth in this
Appears in 1 contract
Samples: General Loan and Security Agreement (Mego Financial Corp)
Rate of Interest. Subject to (i) Interest shall accrue on the provisions Loan, as more particularly provided for in this clause (b), and shall be due monthly in arrears on the first day of subsections 2.6 the month following the month in respect of which such interest accrued, provided that all accrued and 2.7, each Term Loan and each Revolving Loan shall bear unpaid interest on the unpaid principal amount thereof from Maturity Date shall be due on the date made through maturity (whether by acceleration Maturity Date, subject to earlier prepayment as provided herein or otherwisein any other Loan Document. Interest shall be applied as provided in Section 2.3(a)(ii) at a rate determined by reference to the Base Rate or to the Adjusted Offshore Rateof this Agreement. Subject to the provisions accrual of subsection 2.7LOAN AND SECURITY AGREEMENT interest on the Loan after the occurrence of a Default or Event of Default, as more particularly provided in this clause (b), the Monthly Average Weighted Loan Balance in respect of the Loan for each Swing Line Loan calendar month shall bear interest on the unpaid principal amount hereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference per annum equal to the Base Interest Rate.
(ii) Interest shall be calculated under this clause (b) on the basis of actual days elapsed over a period of a 360 day year.
(iii) Each Advance shall bear interest as of the date of Lender's wiring of funds thereof through the date of the receipt by Lender of the repayment of such Advance (if the repayment of all or any portion of any Advance is received by Lender later than 1:00 pm, Eastern time, then interest accrual thereon shall be through the next Business Day following such receipt). The After the occurrence of any Default or Event of Default or after the Maturity Date (if the aggregate principal balance of the Advances and any other sums due under any Security Document or Loan Document is not paid in full on the Maturity Date), the Loan will bear interest at the Default Rate.
(iv) Whenever, subsequent to the date of this Agreement, the Prime Rate is increased or decreased, the Interest Rate shall be similarly changed without notice or demand of any kind by an amount equal to the amount of such change in the Prime Rate on and after the day of such change (subject to the Maximum Rate).
(v) Borrower and Lender intend to comply at all times with applicable basis for usury laws. All agreements between Borrower and Lender, whether now existing or hereafter arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of demand or acceleration of the maturity of the Note or otherwise, shall the interest contracted for, charged, received, paid or agreed to be paid to Lender exceed the maximum amount permissible under Applicable Law (the "MAXIMUM RATE"). Lender may, in determining the Maximum Rate in effect from time to time, take advantage of any law, rule or regulation in effect from time to time available to Lender which exempts Lender from any limit upon the rate of interest with respect it may charge or grants to Lender the right to charge a higher rate of interest than that otherwise permitted by Applicable Law. If, from any circumstance whatsoever, interest would otherwise be payable to Lender in excess of the Maximum Rate, the interest payable to Lender shall be reduced to the Maximum Rate; and if from any circumstance Lender shall ever receive anything of value deemed interest by Applicable Law in excess of the Maximum Rate, an amount equal to any Term Loan or any Revolving Loan excessive interest shall be selected by applied to the Borrower initially at reduction of the time a Notice principal of Borrowing is given with respect the Loan and not to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate payment of interest, then for that day that Loan or if such excessive interest exceeds the unpaid balance of principal of the Loan, such excess shall bear be refunded to Borrower. All interest determined by reference paid or agreed to be paid to Lender shall, to the Base extent permitted by Applicable Law, be amortized, prorated, allocated and spread throughout the full period until payment in full of the principal so that the interest on the Loan for such full period shall not exceed the Maximum Rate. If on Borrower agrees that in determining whether or not any day a Term interest payment under the Security Documents or other Loan or a Revolving Loan denominated Documents exceeds the Maximum Rate, any non-principal payment (except payments specifically described in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of Security Documents as "interest") including without limitation, then such Loan late charges, shall bear interest determined by reference to the Offshore Rate Loan with maximum extent not prohibited by law, be an Interest Period ofexpense, and the applicable Interest Period shall be deemed to be, one month. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and Revolving Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the Base Rate plus the Applicable Base Rate Margin; or
(b) if an Offshore Rate Loan, then at the sum of the Adjusted Offshore Rate plus the Applicable Offshore Rate Margin. Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the Applicable Base Rate Margin.fee or premium rather than LOAN AND SECURITY AGREEMENT
Appears in 1 contract
Samples: Inventory Loan and Security Agreement (Silverleaf Resorts Inc)
Rate of Interest. Subject to the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving (i) Each Loan shall bear interest on the unpaid outstanding principal amount thereof from the date made through maturity (whether by acceleration or otherwise) thereof, for each day during each Interest Period applicable thereto, at a rate determined by reference per annum equal to the Base Applicable Rate for such day, or if any Conduit Lender shall so designate (in accordance with the definition of CP Rate) for any Loan funded and maintained by such Conduit Lender through the issuance of commercial paper, the CP Rate for such day; provided that any change to the Adjusted Offshore Rateinterest rate shall not take effect until the next succeeding Interest Period after such designation. Subject Such interest shall be payable in arrears on each Settlement Date and on the Termination Date.
(ii) At any time during which an Event of Default has occurred and is continuing, each Loan shall bear additional interest (in addition to the provisions interest payable pursuant to Section 2.05(a)(i)) on the outstanding principal amount thereof, for each day during each Interest Period applicable thereto, at a rate per annum equal to the Default Margin and such accrued additional interest shall be aggregated on the last day of subsection 2.7such Interest Period (all such aggregated additional interest, each Swing Line Loan the "Aggregated Default Interest"). Such Aggregated Default Interest shall bear interest on the unpaid principal outstanding amount hereof from the date made through maturity (whether by acceleration or otherwise) thereof, for each day during each Interest Period applicable thereto, at a rate determined by reference per annum equal to the Base Rate. The applicable basis for determining the rate of Aggregated Default Interest Rate and such accrued interest with respect to any Term Loan or any Revolving Loan shall be selected by aggregated on the Borrower initially at last day of such Interest Period with the time a Notice Aggregated Default Interest and shall be deemed "Aggregated Default Interest" upon such aggregation. Aggregated Default Interest and the interest thereon shall be payable in arrears on the date on which the aggregate principal amount of Borrowing is given with respect to such Loan the Loans have been paid in full pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. If on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then such Loan shall bear interest determined by reference to the Offshore Rate Loan with an Interest Period of, and the applicable Interest Period shall be deemed to be, one month. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and Revolving Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the Base Rate plus the Applicable Base Rate Margin; or
(b) if an Offshore Rate Loan, then at the sum of the Adjusted Offshore Rate plus the Applicable Offshore Rate Margin. Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the Applicable Base Rate MarginAgreement."
Appears in 1 contract
Rate of Interest. Subject to the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or to the Adjusted Offshore Rate. Subject to the provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount hereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base RateLIBOR. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the Borrower initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. If on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then such Loan shall bear interest determined by reference to the Offshore Rate Loan with an Interest Period of, and the applicable Interest Period shall be deemed to be, one month. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and the Revolving Loans shall bear interest through maturity as follows:
(ai) if a Base Rate Loan, then at the sum of the Base Rate plus the Applicable Base Rate MarginMargin for such Type of Loans; or
(bii) if an Offshore Rate a LIBOR Loan, then at the sum of the Adjusted Offshore Rate LIBOR plus the Applicable Offshore Rate MarginLIBOR Margin for such Type of Loans. Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum Upon delivery of the Base Rate plus Margin Determination Certificate by Borrower to Administrative Agent pursuant to subsection 6.1(xix), the Applicable Base Rate MarginMargin and Applicable LIBOR Margin shall automatically be adjusted in accordance with such Margin Determination Certificate, such adjustment to become effective on the next succeeding Margin Reset Date; provided that (1) at any time a Margin Determination Certificate is not delivered at the time required pursuant to subsection 6.1(xix), from the time such Margin Determination Certificate was required to be delivered until delivery of such Margin Determination Certificate, with respect to Revolving Loans, the Applicable Base Rate Margin shall be 1.75% and the Applicable LIBOR Margin shall be 2.75%, and with respect to Term Loans, the Applicable Base Rate Margin shall be 0.75% and the Applicable LIBOR Margin shall be 1.75%, and (2) if a Margin Determination Certificate erroneously indicates an applicable margin (x) more favorable to Borrower than should be afforded by the actual calculation of the Consolidated Total Leverage Ratio, Borrower shall promptly pay additional interest and letter of credit fees to correct for such error, and (y) less favorable to Borrower than should be afforded by the actual calculation of the Consolidated Total Leverage Ratio, Lenders shall promptly reimburse Borrower an amount equal to such excess and letter of credit fees to correct for such error.
Appears in 1 contract
Rate of Interest. Subject to the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan All Loans shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) until paid in full at a fluctuating rate determined from time to time by reference to the Alternate Base Rate or to the Adjusted Offshore Rate. Subject to the provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount hereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base LIBO Rate. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the Borrower initially at the time a Notice of Borrowing is given with respect to such Loan by the Borrower pursuant to subsection 2.1BSection 2.02(a) or at the time a Notice of Conversion/Continuation is delivered by Borrower pursuant to Section 2.03(c); provided, and however, that Borrower may not select the Adjusted LIBO Rate as the applicable basis for determining the rate of interest rate with respect on a Loan (1) if at the time of such selection a Potential Event of Default or Event of Default exists or (2) if such a selection would be otherwise prohibited by the terms of this Agreement. If the Borrower fails to any Term Loan or any Revolving Loan may be changed from time deliver a Notice of Conversion/Continuation to time pursuant to subsection 2.2D. If on any day a Term Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to Administrative the Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, interest for all or any portion of any Eurodollar Rate Loans then for that day that Loan shall bear interest determined by reference to having the Base Rate. If on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interestsame Interest Period, then such Loan Loans, or the portion thereof for which no Notice of Conversion/Continuation shall bear interest determined by reference to the Offshore Rate Loan with an Interest Period ofhave been delivered, and the applicable Interest Period shall be deemed automatically converted to be, one monthBase Rate Loans on the last day of such Interest Period. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and Revolving Loans shall bear interest through maturity as followsinterest, subject to Section 2.03(d), at the following rates:
(ai) if a Base Rate Loan, then at a rate per annum equal to the sum of the Base Rate plus (A) the Applicable Base Rate MarginMargin and (B) the Alternate Base Rate as in effect from time to time as interest accrues; orand
(bii) if an Offshore a Eurodollar Rate Loan, then at a rate per annum equal to the sum of (A) the Applicable Eurodollar Rate Margin and (B) the Adjusted Offshore LIBO Rate plus determined for the Applicable Offshore Rate Margin. Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the Applicable Base Rate Marginapplicable Interest Period.
Appears in 1 contract
Rate of Interest. Subject to All Loans and the provisions outstanding principal balance of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan all other Obligations shall bear interest on the unpaid principal amount thereof from the date such Loans are made through maturity and such other Obligations are due and payable until paid in full, except as otherwise provided in SECTION 5.1(d), as follows:
(whether by acceleration i) If a Base Rate Loan or otherwise) such other Obligation, at a rate determined by reference per annum equal to the sum of (A) the Base Rate, as in effect from time to time as interest accrues, PLUS (B) the then Applicable Margin for Base Rate or to the Adjusted Offshore Rate. Subject to the provisions of subsection 2.7Loans; and
(ii) If a Eurodollar Rate Loan, each Swing Line Loan shall bear interest on the unpaid principal amount hereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference per annum equal to the Base Ratesum of (A) the Eurodollar Rate determined for the applicable Eurodollar Interest Period, PLUS (B) the then Applicable Margin for Eurodollar Rate Loans. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan on the Loans shall be selected by the Borrower initially at the time a Notice of Borrowing or a Notice of Conversion/Continuation is given with respect delivered by the Borrower to such Loan pursuant to subsection 2.1Bthe Payment and Disbursement Agent; PROVIDED, and HOWEVER, the Borrower may not select the Eurodollar Rate as the applicable basis for determining the rate of interest rate with respect on such a Loan if at the time of such selection an Event of Default or a Potential Event of Default would occur or has occurred and is continuing and FURTHER PROVIDED THAT, from and after the occurrence of an Event of Default or a Potential Event of Default, each Eurodollar Rate Loan then outstanding may, at the Payment and Disbursement Agent's option, convert to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. a Base Rate Loan. If on any day a Term any Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been timely delivered to Administrative the Payment and Disbursement Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interestinterest on that day, then for that day interest on that Loan shall bear interest be determined by reference to the Base Rate. If on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then such Loan shall bear interest determined by reference to the Offshore Rate Loan with an Interest Period of, and the applicable Interest Period shall be deemed to be, one month. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and Revolving Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the Base Rate plus the Applicable Base Rate Margin; or
(b) if an Offshore Rate Loan, then at the sum of the Adjusted Offshore Rate plus the Applicable Offshore Rate Margin. Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the Applicable Base Rate Margin.
Appears in 1 contract
Rate of Interest. Subject to the provisions of subsections 2.6 Sections 2.06(e) and 2.72.09(g), each Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to to, (i) if a Term Loan or Revolving Loan, the Base Lending Rate or to the Adjusted Offshore Rate. Subject to the provisions of subsection 2.7, each Eurodollar Rate and (ii) if a Swing Line Loan shall bear interest on the unpaid principal amount hereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to Loan, the Base Lending Rate. The applicable basis for determining the rate of interest with respect to any for Revolving Loans and Term Loan or any Revolving Loan Loans shall be selected by the Borrower initially at the time a Notice of Revolver Borrowing or Notice of Term Borrowing is given with respect to such Loan thereto pursuant to subsection 2.1BSection 2.01(b) or Section 2.03(b), and as the case may be. The basis for determining the interest rate with respect to any Term Revolving Loan or any Revolving Term Loan may be changed from time to time pursuant to subsection 2.2D. Section 2.06(d). If on any day a Revolving Loan or Term Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to Administrative the Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Lending Rate. If on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then such Loan shall bear interest determined by reference to the Offshore Rate Loan with an Interest Period of, and the applicable Interest Period shall be deemed to be, one month. Subject to the provisions of subsections 2.2E and 2.7, the .
(i) The Term Loans and the Revolving Loans shall bear interest through maturity as follows:
(aA) if a Base Rate Loan, then at the sum of the Base Lending Rate plus the Applicable Base Rate Margin; orand
(bB) if an Offshore a Eurodollar Rate Loan, then at the sum of the Adjusted Offshore Eurodollar Rate plus the Applicable Offshore Rate Eurodollar Margin. Subject to the provisions of subsections 2.2E and 2.7, the ;
(ii) The Swing Line Loans shall bear interest through maturity at the sum of a per annum rate equal to the Base Lending Rate plus the Applicable Base Margin minus the Commitment Fee Percentage then in effect. On the Effective Date, the Applicable Eurodollar Margin and the Applicable Base Margin shall be determined in accordance with the Leverage Ratio set forth in the Margin Rate MarginDetermination Certificate delivered by the Borrower to the Agent pursuant to Section 5.01(e). Upon delivery of any subsequent Margin Rate Determination Certificate by the Borrower to the Agent pursuant to Section 7.01(j), the Applicable Eurodollar Margin and the Applicable Base Margin shall automatically be adjusted in accordance with the Leverage Ratio set forth therein, such adjustment to become effective on the Business Day next succeeding the Business Day on which the Agent received such Margin Rate Determination Certificate.
Appears in 1 contract
Rate of Interest. Subject (i) Each Loan (or any amounts held in the Prefunding Account pursuant to a Notice of Borrowing issued by the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan Borrower as provided in Section 2.03(b) ) shall bear interest on the unpaid outstanding principal amount thereof from thereof, for each day (excluding the date made through maturity (whether by acceleration or otherwiselast day) during each Interest Period applicable thereto, at a rate determined by reference per annum equal to the Base Applicable Rate or for such day; provided that any change to the Adjusted Offshore Rateinterest rate shall not take effect until the next succeeding Interest Period after such designation. Subject Such interest shall be payable in arrears on each Settlement Date and on the Termination Date.
(ii) At any time during which an Event of Default has occurred and is continuing, each Loan shall bear additional interest (in addition to the provisions interest payable pursuant to Section 2.05(a)(i) ) on the outstanding principal amount thereof, for each day during each Interest Period applicable thereto, at a rate per annum equal to the Default Margin and such accrued additional interest shall be aggregated on the last day of subsection 2.7such Interest Period (all such aggregated additional interest, each Swing Line Loan the “ Aggregated Default Interest ”). Such Aggregated Default Interest shall bear interest on the unpaid principal outstanding amount hereof from thereof, for each day (excluding the date made through maturity (whether by acceleration or otherwiselast day) during each Interest Period applicable thereto, at a rate determined by reference per annum equal to the Base Rate. The applicable basis for determining the rate of Aggregated Default Interest Rate and such accrued interest with respect to any Term Loan or any Revolving Loan shall be selected by aggregated on the Borrower initially at last day of such Interest Period with the time a Notice Aggregated Default Interest and shall be deemed “Aggregated Default Interest” upon such aggregation. Aggregated Default Interest and the interest thereon shall be payable in arrears on the date on which the aggregate principal amount of Borrowing is given with respect to such Loan the Loans have been paid in full pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or a Revolving Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. If on any day a Term Loan or a Revolving Loan denominated in an Offshore Currency is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then such Loan shall bear interest determined by reference to the Offshore Rate Loan with an Interest Period of, and the applicable Interest Period shall be deemed to be, one month. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and Revolving Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the Base Rate plus the Applicable Base Rate Margin; or
(b) if an Offshore Rate Loan, then at the sum of the Adjusted Offshore Rate plus the Applicable Offshore Rate Margin. Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the Applicable Base Rate MarginAgreement.
Appears in 1 contract
