Rates and Payment of Interest. (a) The Obligations shall bear interest (i) if a U.S. Base Rate Loan, at the U.S. Base Rate in effect from time to time, plus the Applicable Margin; (ii) if a LIBOR Loan, at LIBOR for the applicable Interest Period, plus the Applicable Margin; (iii) if a Canadian Prime Rate Loan, at the Canadian Prime Rate in effect from time to time, plus the Applicable Margin, (iv) if a Canadian Base Rate Loan, at the Canadian Base Rate in effect from time to time, plus the Applicable Margin, (v) if a Canadian BA Rate Loan, at the Canadian BA Rate for the applicable Interest Period, plus the Applicable Margin, (vi) if any other U.S. Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when due (including, to the extent permitted by Applicable Law, interest not paid when due), at the U.S. Base Rate in effect from time to time, plus the Applicable Margin for U.S. Base Rate Loans; and (vii) if any other Canadian Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when due (including, to the extent permitted by Applicable Law, interest not paid when due), at the Canadian Prime Rate (if such Obligation is denominated in Canadian Dollars) or at the Canadian Base Rate (if such Obligation is denominated in U.S. Dollars) in effect from time to time, plus the Applicable Margin for Canadian Prime Rate Loans or Canadian Base Rate Loans, as the case may be. Interest on the Loans shall be payable in the currency (i.e., U.S. Dollars or Canadian Dollars, as the case may be) of the underlying Loan. (b) During any Event of Default under Section 11.1.1 or 11.1.5, or during any other Event of Default if Agent or Required Lenders in their discretion so elect, the Obligations accruing interest pursuant to Section 3.1.1(a) shall bear interest at the Default Rate (whether before or after any judgment). Each Borrower acknowledges that the cost and expense to Agent and Lenders due to an Event of Default are difficult to ascertain and that the Default Rate is fair and reasonable compensation for this. (c) Interest shall accrue from the date a Loan is advanced or Obligation is payable, until paid in full by Borrowers. If a Loan is repaid on the same day made, one day’s interest shall accrue. Interest accrued on the Loans shall be due and payable in arrears, (i) on the first day of each month; and (ii) on any date of prepayment, with respect to the principal amount of Loans being prepaid. In addition, interest accrued on the Canadian Revolver Loans shall be due and payable in arrears on the Canadian Revolver Commitment Termination Date, and interest accrued on the U.S. Revolver Loans shall be due and payable in arrears on the U.S. Revolver Commitment Termination Date. Interest accrued on any other Obligations shall be due and payable as provided in the Loan Documents and, if no payment date is specified, shall be due and payable on demand. Notwithstanding the foregoing, interest accrued at the Default Rate shall be due and payable on demand.
Appears in 1 contract
Samples: Loan, Security and Guaranty Agreement (Willbros Group, Inc.\NEW\)
Rates and Payment of Interest. (a) The Obligations (excluding Obligations of the type specified in clause (g) of such definition) shall bear interest (i) if a U.S. Base Rate Loan, at the U.S. Base Rate in effect from time to time, plus the Applicable Margin; (ii) if a LIBOR LIBORTerm SOFR Loan, at LIBOR LIBORTerm SOFR for the applicable Interest Period, plus the Applicable Margin; (iii) if a Canadian Prime Rate Loan, at the Canadian Prime Rate in effect from time to time, plus the Applicable Margin, (iv) if a Canadian Base Rate Loan, at the Canadian Base Rate in effect from time to time, plus the Applicable Margin, (v) if a Canadian BA Rate Loan, at the Canadian BA Rate for the applicable Interest Period, plus the Applicable Margin, (vi) if any other U.S. Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when then due and payable (including, to the extent permitted by Applicable Lawlaw, interest not paid when due), at the U.S. Base Rate in effect from time to time, plus the Applicable Margin for U.S. Base Rate Loans; (vii) if any other European Facility Obligation that is then due and payable (including, to the extent permitted by -98- law, interest not paid when due), at LIBOR in effect at such time, plus the Applicable Margin for LIBOR Revolver Loans[reserved]; and (viiviii) if any other Canadian Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when then due and payable (including, to the extent permitted by Applicable Lawlaw, interest not paid when due), at the Canadian Prime Rate (if such Obligation is denominated in Canadian Dollars) or at the Canadian Base Rate (if such Obligation is denominated in U.S. Dollars) in effect from time to time, plus the Applicable Margin for Canadian Prime Rate Loans Loans. Interest shall accrue from the date the Loan is advanced or Canadian Base Rate Loansthe Obligation is incurred or payable, as until paid by the case may beapplicable Borrower. If a Loan is repaid on the same day made, one (1) day’s interest shall accrue.
(b) Interest on the Revolver Loans shall be payable in the currency (i.e., U.S. Dollars, or Canadian Dollars or Canadian DollarsEuros, as the case may be) of the underlying Revolver Loan.
(bc) During Overdue principal, interest and other amounts not paid when due shall bear interest at the Default Rate; provided, however, that during the continuation of any Event of Default under Section 11.1.1 or 11.1.5Default, or during any other Event of Default if Agent or Required Lenders in their discretion so elect, the all Obligations accruing interest pursuant to Section 3.1.1(a) shall bear interest at the Default Rate (whether before or after any judgment); provided further, however, that upon the occurrence and during the continuance of an Event of Default under Section 11.1(a) or 11.1(i), the Default Rate shall become immediately applicable to all Obligations without any election of the Required Lenders. Each Borrower Loan Party acknowledges that the cost and expense to Agent and Lenders due to an Event of Default are difficult to ascertain and that the Default Rate is a fair and reasonable compensation for thisestimate to compensate Agent and Lenders therefor.
(cd) Interest shall accrue from the date a Loan is advanced or Obligation is payable, until paid in full by Borrowers. If a Loan is repaid on the same day made, one day’s interest shall accrue. Interest accrued on the Loans shall be due and payable in arrears, (i) for any U.S. Base Rate Loan, Canadian Base Rate Loan or Canadian Prime Rate Loan, on the first (1st) day of each month; (ii) for any LIBORTerm SOFR Loan or Canadian BA Rate Loan, on the last day of its Interest Period and (iiiii) on any date of prepayment, with respect to the principal amount of Loans being prepaid. In addition, interest accrued on the Canadian Revolver Loans shall be due and payable in arrears on the Canadian Revolver Commitment Termination Date, Date and interest accrued on the U.S. U.S./European Revolver Loans shall be due and payable in arrears on the U.S. U.S./European Revolver Commitment Termination Date. Interest accrued on any other Obligations shall be due and payable as provided in the Loan Documents and, if no payment date is specified, shall be due and payable on demand. Notwithstanding the foregoing, interest accrued at the Default Rate shall be due and payable on demand.
Appears in 1 contract
Rates and Payment of Interest. (a) The Obligations (excluding Obligations of the type specified in clause (g) of such definition) shall bear interest (i) if a U.S. Base Rate Loan, at the U.S. Base Rate in effect from time to time, plus the Applicable Margin; (ii) if a LIBOR Loan, at LIBOR for the applicable Interest Period, plus the Applicable Margin; (iii) if a Canadian Prime Rate Loan, at the Canadian Prime Rate in effect from time to time, plus the Applicable Margin, (iv) if a Canadian Base Rate Loan, at the Canadian Base Rate in effect from time to time, plus the Applicable Margin, (v) if a Canadian BA Rate Loan, at the Canadian BA Rate for the applicable Interest Period, plus the Applicable Margin, (vi) if any other U.S. Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when then due and payable (including, to the extent permitted by Applicable Lawlaw, interest not paid when due), at the U.S. Base Rate in effect from time to time, plus the Applicable Margin for U.S. Base Rate Loans; (vii) if any other European Facility Obligation that is then due and payable (including, to the extent permitted by law, interest not paid when due), at LIBOR in effect at such time, plus the Applicable Margin for LIBOR Revoler Loans; and (viiviii) if any other Canadian Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when then due and payable (including, to the extent permitted by Applicable Lawlaw, interest not paid when due), at the Canadian Prime Rate (if such Obligation is denominated in Canadian Dollars) or at the Canadian Base Rate (if such Obligation is denominated in U.S. Dollars) in effect from time to time, plus the Applicable Margin for Canadian Prime Rate Loans Loans. Interest shall accrue from the date the Loan is advanced or Canadian Base Rate Loansthe Obligation is incurred or payable, as until paid by the case may beapplicable Borrower. If a Loan is repaid on the same day made, one (1) day’s interest shall accrue.
(b) Interest on the Revolver Loans shall be payable in the currency (i.e., U.S. Dollars, Canadian Dollars or Canadian DollarsEuros, as the case may be) of the underlying Revolver Loan.
(bc) During Overdue principal, interest and other amounts not paid when due shall bear interest at the Default Rate; provided, however, that during the continuation of any Event of Default under Section 11.1.1 or 11.1.5Default, or during any other Event of Default if Agent or Required Lenders in their discretion so elect, the all Obligations accruing interest pursuant to Section 3.1.1(a) shall bear interest at the Default Rate (whether before or after any judgment); provided further, however, that upon the occurrence and during the continuance of an Event of Default under Section 11.1(a) or 11.1(i), the Default Rate shall become immediately applicable to all Obligations without any election of the Required Lenders. Each Borrower Loan Party acknowledges that the cost and expense to Agent and Lenders due to an Event of Default are difficult to ascertain and that the Default Rate is a fair and reasonable compensation for thisestimate to compensate Agent and Lenders therefor.
(cd) Interest shall accrue from the date a Loan is advanced or Obligation is payable, until paid in full by Borrowers. If a Loan is repaid on the same day made, one day’s interest shall accrue. Interest accrued on the Loans shall be due and payable in arrears, (i) for any U.S. Base Rate Loan, Canadian Base Rate Loan or Canadian Prime Rate Loan, on the first (1st) day of each month; (ii) for any LIBOR Loan or Canadian BA Rate Loan, on the last day of its Interest Period and (iiiii) on any date of prepayment, with respect to the principal amount of Loans being prepaid. In addition, interest accrued on the Canadian Revolver Loans shall be due and payable in arrears on the Canadian Revolver Commitment Termination Date, Date and interest accrued on the U.S. U.S./European Revolver Loans shall be due and payable in arrears on the U.S. U.S./European Revolver Commitment Termination Date. Interest accrued on any other Obligations shall be due and payable as provided in the Loan Documents and, if no payment date is specified, shall be due and payable on demand. Notwithstanding the foregoing, interest accrued at the Default Rate shall be due and payable on demand.
Appears in 1 contract
Samples: Loan and Security Agreement (Cooper-Standard Holdings Inc.)
Rates and Payment of Interest. (a) The Obligations shall bear interest as follows:
(i) if in the case of a U.S. Base Rate Loan, at the U.S. Base Rate in effect from time to timetime for the applicable currency, plus the Applicable Margin; Margin for such Base Rate Loan;
(ii) if in the case of a LIBOR Canadian BA Rate Loan, at LIBOR the Canadian BA Rate for the applicable Interest Period, plus the Applicable Margin; Margin for Canadian BA Rate Loans;
(iii) if in the case of a Canadian Prime Rate Loan, at the Canadian Prime Rate in effect from time to time, plus the Applicable Margin, Margin for Canadian Prime Rate Loans;
(iv) if in the case of a Canadian Base Rate LIBOR Loan, at the Canadian Base Rate in effect from time a rate equal to time, plus the Applicable Margin, (v) if a Canadian BA Rate Loan, at the Canadian BA Rate LIBOR for the applicable Interest Period, plus Period for the Applicable Margin, (vi) if any other U.S. Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when due (including, to the extent permitted by Applicable Law, interest not paid when due), at the U.S. Base Rate in effect from time to timeapplicable currency, plus the Applicable Margin for U.S. Base Rate such LIBOR Loans; and (vii) if any other Canadian Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when due (including, to the extent permitted by Applicable Law, interest not paid when due), at the Canadian Prime Rate (if such Obligation is denominated in Canadian Dollars) or at the Canadian Base Rate (if such Obligation is denominated in U.S. Dollars) in effect from time to time, plus the Applicable Margin for Canadian Prime Rate Loans or Canadian Base Rate Loans, as the case may be. Interest on the Loans shall be payable in the currency (i.e., U.S. Dollars or Canadian Dollars, as the case may be) of the underlying Loan.
(b) During any Event of Default under Section 11.1.1 or 11.1.5, or during any other Event of Default if Agent or Required Lenders in their discretion so elect, the Obligations accruing interest pursuant to Section 3.1.1(a) shall bear interest at the Default Rate (whether before or after any judgment). Each Borrower acknowledges that the cost and expense to Agent and Lenders due to an Event of Default are difficult to ascertain and that the Default Rate is fair and reasonable compensation for this.
(c) Interest shall accrue from the date a the Loan is advanced or the Obligation is becomes payable, until paid by the applicable Borrower(s), and shall in full by Borrowersno event be less than zero at any time. If a Loan is repaid on the same day made, one day’s interest shall accrue. .
(b) Interest accrued on the Loans shall be due and payable in arrears, the currency of the underlying Loan.
(c) If all or a portion of (i) on the first day of each month; and (ii) on any date of prepayment, with respect to the principal amount of Loans being prepaid. In additionany Loan or (ii) any interest payable thereon shall not be paid when due (whether at the stated maturity, interest accrued on the Canadian Revolver Loans shall be due and payable in arrears on the Canadian Revolver Commitment Termination Date, and interest accrued on the U.S. Revolver Loans shall be due and payable in arrears on the U.S. Revolver Commitment Termination Date. Interest accrued on by acceleration or otherwise) or any other Obligations amounts shall not be paid when due and payable as provided hereunder, such overdue amount shall bear interest (including post-petition interest during the pendency of any Insolvency Proceeding) at a rate per annum that is (x) in the Loan Documents andcase of overdue principal, if no payment date is specified, shall be due and payable on demand. Notwithstanding the foregoing, interest accrued at the Default Rate or (y) in the case of any overdue interest or other amounts not paid when due hereunder, to the extent permitted by Applicable Law, the Default Rate from and including the date of such non-payment to but excluding the date on which such amount is paid in full (after as well as before judgment). Payment or acceptance of the increased rates of interest provided for in this Section 3.1.1 is not a permitted alternative to timely payment of amounts due hereunder and shall be due and payable on demandnot constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Agent or any Lender.
Appears in 1 contract
Samples: Abl Credit Agreement (WillScot Mobile Mini Holdings Corp.)
Rates and Payment of Interest. (a) The Obligations shall bear interest (i) if a U.S. Base Rate Loan, at the U.S. Base Rate in effect from time to time, plus the Applicable Margin; (ii) if a LIBOR Loan, at LIBOR for the applicable Interest Period, plus the Applicable Margin; (iii) if a Canadian Prime Rate Loan, at the Canadian Prime Rate in effect from time to time, plus the Applicable Margin, (iv) if a Canadian Base Rate Loan, at the Canadian Base Rate in effect from time to time, plus the Applicable Margin, (v) if a Canadian BA Rate Loan, at the Canadian BA Rate for the applicable Interest Period, plus the Applicable Margin, (vi) if any other U.S. Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when then due and payable (including, to the extent permitted by Applicable Lawlaw, interest not paid when due), at the U.S. Base Rate in effect from time to time, plus the Applicable Margin for U.S. Base Rate Loans; and (vii) if any other Canadian Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when then due and payable (including, to the extent permitted by Applicable Lawlaw, interest not paid when due), at the Canadian Prime Rate (if such Obligation is denominated in Canadian Dollars) or at the Canadian Base Rate (if such Obligation is denominated in U.S. Dollars) in effect from time to time, plus the Applicable Margin for Canadian Prime Rate Loans or Canadian Base Rate Loans, as the case may be. Interest on the Loans shall be payable in the currency (i.e., U.S. Dollars or Canadian Dollars, as the case may be) of the underlying Loan.
(b) During any Event of Default under Section 11.1.1 or 11.1.5, or during any other Event of Default if Agent or Required Lenders in their discretion so elect, the Obligations accruing interest pursuant to Section 3.1.1(a) shall bear interest at the Default Rate (whether before or after any judgment). Each Borrower acknowledges that the cost and expense to Agent and Lenders due to an Event of Default are difficult to ascertain and that the Default Rate is fair and reasonable compensation for this.
(c) Interest shall accrue from the date a the Loan is advanced or the Obligation is becomes payable, until paid in full by Borrowersthe applicable Borrower(s). If a Loan is repaid on the same day made, one day’s interest shall accrue. .
(b) Interest accrued on the Loans shall be due and payable in arrears, (i) on the first day of each month; and (ii) on any date of prepayment, with respect to the principal amount of Loans being prepaid. In addition, interest accrued on the Canadian Revolver Loans shall be due and payable in arrears on the currency (i.e., Dollars or Canadian Dollars, as the case may be) of the underlying Revolver Commitment Termination DateLoan.
(c) During the continuation of any Event of Default, and interest accrued on the U.S. Revolver Loans shall be due and payable if Required Lenders in arrears on the U.S. Revolver Commitment Termination Date. Interest accrued on any other their discretion so elect, all Obligations shall be due and payable as provided in the Loan Documents and, if no payment date is specified, shall be due and payable on demand. Notwithstanding the foregoing, bear interest accrued at the Default Rate (whether before or after any judgment); provided, however, that upon the occurrence and during the continuance of an Event of Default under Section 11.1(a) or 11.1(f), the Default Rate shall be become immediately applicable without any election of the Required Lenders. Each Loan Party acknowledges that the cost and expense to the Agent and the Lenders due to an Event of Default are difficult to ascertain and payable on demandthat the Default Rate is a fair and reasonable estimate to compensate the Agent and the Lenders therefor.
Appears in 1 contract
Samples: Credit Agreement (Clean Harbors Inc)
Rates and Payment of Interest. (a) The Obligations outstanding portions of the Loans shall bear interest (i) if a U.S. Base Rate Loan, at the U.S. Base Rate in effect from time to time, plus the Applicable Margin; (ii) if a LIBOR Term SOFR Loan, at LIBOR Term SOFR for the applicable Interest Period, plus the Applicable Margin; (iii) if a Canadian Prime Rate Loan, at the Canadian Prime Rate in effect from time to time, plus the Applicable Margin, (iv) if a Canadian Base Rate Loan, at the Canadian Base Rate in effect from time to time, plus the Applicable Margin, and (v) if a Canadian BA Rate CDOR Loan, at the Canadian BA Rate CDOR for the applicable Interest Period, plus the Applicable Margin, ; and (vix) if any other U.S. Facility Obligation that bears interest (unless another rate with respect thereto is specified hereinother than Secured Bank Product Obligations) or is not paid when due (including, to the extent permitted by Applicable Law, interest not paid when due), it will bear interest at the U.S. Base Rate in effect from time to time, plus the Applicable Margin for U.S. Base Rate Loans; and (viiy) if any other Canadian Facility Obligation that bears interest (unless another rate with respect thereto is specified hereinother than Secured Bank Product Obligations) or is not paid when due (including, to the extent permitted by Applicable Law, interest not paid when due), it will bear interest at the Canadian Prime Rate (if such Obligation is denominated in Canadian Dollars) or at the Canadian Base Rate (if such Obligation is denominated in U.S. Dollars) in effect from time to time, plus the Applicable Margin for Canadian Prime Rate Loans or Canadian Base Rate Loans, as the case may be. Interest on the Loans shall be payable in the currency (i.e., U.S. Dollars or Canadian Dollars, as the case may be) of the underlying Loan.
(b) During an Insolvency Proceeding with respect to any Event of Default under Section 11.1.1 or 11.1.5Obligor, or during any other Event of Default if Agent or Required Lenders in their discretion so elect, the Obligations accruing interest pursuant to Section 3.1.1(a) shall bear interest US-DOCS\123034949.14 at the Default Rate (whether before or after any judgment). Each Borrower acknowledges that the cost and expense to Agent and Lenders due to an Event of Default are difficult to ascertain and that the Default Rate is fair and reasonable compensation for this.
(c) Interest shall accrue from the date a Loan is advanced or Obligation is payablenot paid when due on the unpaid portion thereof from time to time outstanding, until paid in full by Borrowers. If a Loan is repaid on the same day made, one day’s interest shall accrue. Interest accrued on the Loans shall be due and payable in arrears, (i) on the first day of each monthquarter with respect to a Base Rate Loan or a Canadian Prime Rate Loan, and on the last day of the applicable Interest Period with respect to an Interest Period Loan (except in the case of an Interest Period Loan with an Interest Period of more than three months’ duration, in which case accrued interest shall be payable on the last day of such Interest Period and, in addition, on each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period); and (ii) on any date of prepayment, with respect to the principal amount of Loans being prepaid. In addition, interest accrued on the Canadian Revolver Loans shall be due ; and payable in arrears (iii) on the Canadian Revolver Commitment Termination Date, and with respect to interest accrued on the U.S. Canadian Revolver Loans shall be due and payable in arrears on the U.S. Revolver Commitment Termination Date, with respect to interest accrued on the U.S. Revolver Loans. Interest accrued on any other Obligations shall be due and payable as provided in the Loan Documents and, if no payment date is specified, shall be due and payable on demand. Notwithstanding the foregoing, interest accrued at the Default Rate shall be due and payable on demand.
Appears in 1 contract
Rates and Payment of Interest. (a) The Obligations (excluding Obligations of the type specified in clause (g) of such definition) shall bear interest (i) if a U.S. Base Rate Loan, at the U.S. Base Rate in effect from time to time, plus the Applicable Margin; (ii) if a LIBOR Loan, at LIBOR for the applicable Interest Period, plus the Applicable Margin; (iii) if a Canadian Prime Rate Loan, at the Canadian Prime Rate in effect from time to time, plus the Applicable Margin, (iv) if a Canadian Base Rate Loan, at the Canadian Base Rate in effect from time to time, plus the Applicable Margin, (v) if a Canadian BA Rate Loan, at the Canadian BA Rate for the applicable Interest Period, plus the Applicable Margin, (vi) if any other U.S. Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when then due and payable (including, to the extent permitted by Applicable Lawlaw, interest not paid when due), at the U.S. Base Rate in effect from time to time, plus the Applicable Margin for U.S. Base Rate Loans; and (vii) if any other Canadian Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when then due and payable (including, to the extent permitted by Applicable Lawlaw, interest not paid when due), at the Canadian Prime Rate (if such Obligation is denominated in Canadian Dollars) or at the Canadian Base Rate (if such Obligation is denominated in U.S. Dollars) in effect from time to time, plus the Applicable Margin for Canadian Prime Rate Loans Loans. Interest shall accrue from the date the Loan is advanced or Canadian Base Rate Loansthe Obligation is incurred or payable, as until paid by the case may beapplicable Borrower. If a Loan is repaid on the same day made, one (1) day’s interest shall accrue.
(b) Interest on the Revolver Loans shall be payable in the currency (i.e., U.S. Dollars, Canadian Dollars or Canadian DollarsEuros, as the case may be) of the underlying Revolver Loan.
(bc) During Overdue principal, interest and other amounts not paid when due shall bear interest at the Default Rate; provided, however, that during the continuation of any Event of Default under Section 11.1.1 or 11.1.5Default, or during any other Event of Default if Agent or Required Lenders in their discretion so elect, the all Obligations accruing interest pursuant to Section 3.1.1(a) shall bear interest at the Default Rate (whether before or after any judgment); provided further, however, that upon the occurrence and during the continuance of an Event of Default under Section 11.1(a) or 11.1(i), the Default Rate shall become immediately applicable to all Obligations without any election of the Required Lenders. Each Borrower Loan Party acknowledges that the cost and expense to Agent and Lenders due to an Event of Default are difficult to ascertain and that the Default Rate is a fair and reasonable compensation for thisestimate to compensate Agent and Lenders therefor.
(cd) Interest shall accrue from the date a Loan is advanced or Obligation is payable, until paid in full by Borrowers. If a Loan is repaid on the same day made, one day’s interest shall accrue. Interest accrued on the Loans shall be due and payable in arrears, (i) for any U.S. Base Rate Loan, Canadian Base Rate Loan or Canadian Prime Rate Loan, on the first (1st) day of each month; (ii) for any LIBOR Loan or Canadian BA Rate Loan, on the last day of its Interest Period and (iiiii) on any date of prepayment, with respect to the principal amount of Loans being prepaid. In addition, interest accrued on the Canadian Revolver Loans shall be due and payable in arrears on the Canadian Revolver Commitment Termination Date, Date and interest accrued on the U.S. Revolver Loans shall be due and payable in arrears on the U.S. Revolver Commitment Termination Date. Interest accrued on any other Obligations shall be due and payable as provided in the Loan Documents and, if no payment date is specified, shall be due and payable on demand. Notwithstanding the foregoing, interest accrued at the Default Rate shall be due and payable on demand.
Appears in 1 contract
Samples: Loan and Security Agreement (Cooper-Standard Holdings Inc.)
Rates and Payment of Interest. (a) The Obligations (excluding Obligations of the type specified in clause (g) of such definition) shall bear interest (i) if a U.S. Base Rate Loan, at the U.S. Base Rate in effect from time to time, plus the Applicable Margin; (ii) if a LIBOR Term SOFR Loan, at LIBOR Term SOFR for the applicable Interest Period, plus the Applicable Margin; (iii) if a Canadian Prime Rate Loan, at the Canadian Prime Rate in effect from time to time, plus the Applicable Margin, (iv) if a Canadian Base Rate Loan, at the Canadian Base Rate in effect from time to time, plus the Applicable Margin, (v) if a Canadian BA BATerm XXXXX Rate Loan, at the Canadian BA Rate RateTerm XXXXX for the applicable Interest Period, plus the Applicable Margin, (vi) if any other U.S. Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when then due and payable (including, to the extent permitted by Applicable Lawlaw, interest not paid when due), at the U.S. Base Rate in effect from time to time, plus the Applicable Margin for U.S. Base Rate Loans; and (vii) [reserved]; and (viii) if any other Canadian Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when then due and payable (including, to the extent permitted by Applicable Lawlaw, interest not paid when due), at the Canadian Prime Rate (if such Obligation is denominated in Canadian Dollars) or at the Canadian Base Rate (if such Obligation is denominated in U.S. Dollars) in effect from time to time, plus the Applicable Margin for Canadian Prime Rate Loans Loans. Interest shall accrue from the date the Loan is advanced or Canadian Base Rate Loansthe Obligation is incurred or payable, as until paid by the case may beapplicable Borrower. If a Loan is repaid on the same day made, one (1) day’s interest shall accrue.
(b) Interest on the Revolver Loans shall be payable in the currency (i.e., U.S. Dollars or Canadian Dollars, as the case may be) of the underlying Revolver Loan.
(bc) During Overdue principal, interest and other amounts not paid when due shall bear interest at the Default Rate; provided, however, that during the continuation of any Event of Default under Section 11.1.1 or 11.1.5Default, or during any other Event of Default if Agent or Required Lenders in their discretion so elect, the all Obligations accruing interest pursuant to Section 3.1.1(a) shall bear interest at the Default Rate (whether before or after any judgment); provided further, however, that upon the occurrence and during the continuance of an Event of Default under Section 11.1(a) or 11.1(i), the Default Rate shall become immediately applicable to all Obligations without any election of the Required Lenders. Each Borrower Loan Party acknowledges that the cost and expense to Agent and Lenders due to an Event of Default are difficult to ascertain and that the Default Rate is a fair and reasonable compensation for thisestimate to compensate Agent and Lenders therefor.
(cd) Interest shall accrue from the date a Loan is advanced or Obligation is payable, until paid in full by Borrowers. If a Loan is repaid on the same day made, one day’s interest shall accrue. Interest accrued on the Loans shall be due and payable in arrears, (i) for any U.S. Base Rate Loan, Canadian Base Rate Loan or Canadian Prime Rate Loan, on the first (1st) day of each month; (ii) for any Term SOFR Loan or Canadian BATerm XXXXX Rate Loan, on the last day of its Interest Period and (iiiii) on any date of prepayment, with respect to the principal amount of Loans being prepaid. In addition, interest accrued on the Canadian Revolver Loans shall be due and payable in arrears on the Canadian Revolver Commitment Termination Date, Date and interest accrued on the U.S. Revolver Loans shall be due and payable in arrears on the U.S. Revolver Commitment Termination Date. Interest accrued on any other Obligations shall be due and payable as provided in the Loan Documents and, if no payment date is specified, shall be due and payable on demand. Notwithstanding the foregoing, interest accrued at the Default Rate shall be due and payable on demand.
Appears in 1 contract
Rates and Payment of Interest. (a) The Obligations shall bear interest as follows:
(i) if [Reserved];
(ii) in the case of a U.S. Base Rate Loan, at the U.S. Base Rate in effect from time to time, plus the Applicable Margin; Margin for such Base Rate Loan;
(iiiii) if in the case of a LIBOR Canadian BA Rate Loan, at LIBOR the Canadian BA Rate for the applicable Interest Period, plus the Applicable Margin; Margin for Canadian BA Rate Loans;
(iiiiv) if in the case of a Canadian Prime Rate Loan, at the Canadian Prime Rate in effect from time to time, plus the Applicable Margin, Margin for Canadian Prime Rate Loans;
(ivv) if in the case of a Canadian Base Rate LIBOR Revolver Loan, at the Canadian Base Rate in effect from time a rate equal to time, plus the Applicable Margin, (v) if a Canadian BA Rate Loan, at the Canadian BA Rate LIBOR for the applicable Interest Period, plus the Applicable Margin, Margin for such LIBOR Revolver Loans;
(vi) if [Reserved];
(vii) in the case of any other U.S. Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when then due and payable (including, to the extent permitted by Applicable Lawlaw, interest not paid when due), at the U.S. Base Rate in effect from time to time, plus the Applicable Margin for U.S. the related Base Rate Loans; and and
(viiviii) if in the case of any other Canadian Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when then due and payable (including, to the extent permitted by Applicable Lawlaw, interest not paid when due), at the Canadian Prime Rate (if such Obligation is denominated in Canadian Dollars) or at the Canadian Base Rate (if such Obligation is denominated in U.S. Dollars) in effect from time to time, plus the Applicable Margin for Canadian Prime Rate Loans or Canadian Base Rate Loans, as the case may be. Interest on the Loans shall be payable in the currency (i.e., U.S. Dollars or Canadian Dollars, as the case may be) of the underlying Loan.
(b) During any Event of Default under Section 11.1.1 or 11.1.5, or during any other Event of Default if Agent or Required Lenders in their discretion so elect, the Obligations accruing interest pursuant to Section 3.1.1(a) shall bear interest at the Default Rate (whether before or after any judgment). Each Borrower acknowledges that the cost and expense to Agent and Lenders due to an Event of Default are difficult to ascertain and that the Default Rate is fair and reasonable compensation for this.
(c) Interest shall accrue from the date a the Loan is advanced or the Obligation is becomes payable, until paid by the applicable Borrower(s), and shall in full by Borrowersno event be less than zero at any time. If a Loan is repaid on the same day made, one day’s interest shall accrue.
(b) Interest on the Revolver Loans shall be payable in the currency of the underlying Revolver Loan.
(c) If all or a portion of (i) the principal amount of any Loan or (ii) any interest payable thereon shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest (including post-petition interest during the pendency of any Insolvency Proceeding) at a rate per annum that is (x) in the case of overdue principal, the Default Rate or (y) in the case of any overdue interest or other amounts not paid when due hereunder, to the extent permitted by Applicable Law, the Default Rate from and including the date of such non-payment to but excluding the date on which such amount is paid in full (after as well as before judgment). Payment or acceptance of the increased rates of interest provided for in this Section 3.1.1 is not a permitted alternative to timely payment of amounts due hereunder and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Agent or any Lender.
(d) Interest accrued on the Loans shall be due and payable in arrears, (i) for any Base Rate Loan or Canadian Prime Rate Loan, quarterly on the first day of each monthJanuary, April, July and October for the preceding quarter; (ii) for any Interest Period Loan, on the last day of its Interest Period (and, if its Interest Period exceeds three months, at the end of each period of three months) and (iiiii) on any date of prepayment, with respect to the principal amount of Loans being prepaid. In addition, interest accrued on the (1) Canadian Revolver Loans shall be due and payable in arrears on the Canadian Revolver Commitment Termination Date, and interest accrued on the (2) U.S. Revolver Loans shall be due and payable in arrears on the U.S. Revolver Commitment Termination Date. Interest accrued on any other Obligations shall be due and payable as provided in the Loan Documents and, if no payment date is specified, shall be due and payable on demand. Notwithstanding the foregoing, interest accrued at the Default Rate shall be due and payable on demand.
Appears in 1 contract
Samples: Abl Credit Agreement (WillScot Corp)
Rates and Payment of Interest. (a) The Obligations shall bear interest (i) if a U.S. Base Rate Loan, at the U.S. Base Rate in effect from time to time, plus the Applicable Margin; (ii) if a LIBOR Loan, at LIBOR for the applicable Interest Period, plus the Applicable Margin; (iii) if a Canadian Prime Rate Loan, at the Canadian Prime Rate in effect from time to time, plus the Applicable Margin, (iv) if a Canadian Base Rate Loan, at the Canadian Base Rate in effect from time to time, plus the Applicable Margin, (v) if a Canadian BA Rate Loan, at the Canadian BA Rate for the applicable Interest Period, plus the Applicable Margin, (vi) if any other U.S. Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when then due and payable (including, to the extent permitted by Applicable Lawlaw, interest not paid when due), at the U.S. Base Rate in effect from time to time, plus the Applicable Margin for U.S. Base Rate Loans; and (vii) if any other Canadian Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when then due and payable (including, to the extent permitted by Applicable Lawlaw, interest not paid when due), at the Canadian Prime Rate (if such Obligation is denominated in Canadian Dollars) or at the Canadian Base Rate (if such Obligation is denominated in U.S. Dollars) in effect from time to time, plus the Applicable Margin for Canadian Prime Rate Loans or Canadian Base Rate Loans, as the case may be. Interest on the Loans shall be payable in the currency (i.e., U.S. Dollars or Canadian Dollars, as the case may be) of the underlying Loan.
(b) During any Event of Default under Section 11.1.1 or 11.1.5, or during any other Event of Default if Agent or Required Lenders in their discretion so elect, the Obligations accruing interest pursuant to Section 3.1.1(a) shall bear interest at the Default Rate (whether before or after any judgment). Each Borrower acknowledges that the cost and expense to Agent and Lenders due to an Event of Default are difficult to ascertain and that the Default Rate is fair and reasonable compensation for this.
(c) Interest shall accrue from the date a the Loan is advanced or the Obligation is becomes payable, until paid in full by Borrowersthe applicable Borrower(s). If a Loan is repaid on the same day made, one day’s interest shall accrue.
(b) Interest on the Revolver Loans shall be payable in the currency (i.e., Dollars or Canadian Dollars, as the case may be) of the underlying Revolver Loan.
(c) During the continuation of any Event of Default, if Required Lenders in their discretion so elect, all Obligations shall bear interest at the Default Rate (whether before or after any judgment); provided, however, that upon the occurrence and during the continuance of an Event of Default under Section 11.1(a) or 11.1(f), the Default Rate shall become immediately applicable without any election of the Required Lenders. Each Loan Party acknowledges that the cost and expense to the Agent and the Lenders due to an Event of Default are difficult to ascertain and that the Default Rate is a fair and reasonable estimate to compensate the Agent and the Lenders therefor.
(d) Interest accrued on the Loans shall be due and payable in arrears, (i) for any U.S. Base Rate Loan, Canadian Base Rate Loan or Canadian Prime Rate Loan, on the first day of each month; (ii) for any LIBOR Loan or Canadian BA Rate Loan, on the last day of its Interest Period and (iiiii) on any date of prepayment, with respect to the principal amount of Loans being prepaid. In addition, interest accrued on the Canadian Revolver Loans shall be due and payable in arrears on the Canadian Revolver Commitment Termination Date, and interest accrued on the U.S. Revolver Loans shall be due and payable in arrears on the U.S. Revolver Commitment Termination Date. Interest accrued on any other Obligations shall be due and payable as provided in the Loan Documents and, if no payment date is specified, shall be due and payable on demand. Notwithstanding the foregoing, interest accrued at the Default Rate shall be due and payable on demand.being
Appears in 1 contract
Samples: Credit Agreement (Clean Harbors Inc)
Rates and Payment of Interest. (a) The Obligations shall bear interest (i) if a U.S. Base Rate Loan, at the U.S. Base Rate in effect from time to time, plus the Applicable Margin; (ii) if a LIBOR Loan, at LIBOR for the applicable Interest Period, plus the Applicable Margin; (iii) if a Canadian Prime Rate Loan, at the Canadian Prime Rate in effect from time to time, plus the Applicable Margin, (iv) if a Canadian Base Rate Loan, at the Canadian Base Rate in effect from time to time, plus the Applicable Margin, (v) if a Canadian BA Rate Loan, at the Canadian BA Rate for the applicable Interest Period, plus the Applicable Margin, (vi) if any other U.S. Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when then due and payable (including, to the extent permitted by Applicable Lawlaw, interest not paid when due), at the U.S. Base Rate in effect from time to time, plus the Applicable Margin for U.S. Base Rate Loans; and (vii) if any other Canadian Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when then due and payable (including, to the extent permitted by Applicable Lawlaw, interest not paid when due), at the Canadian Prime Rate (if such Obligation is denominated in Canadian Dollars) or at the Canadian Base Rate (if such Obligation is denominated in U.S. Dollars) in effect from time to time, plus the Applicable Margin for Canadian Prime Rate Loans or Canadian Base Rate Loans, as the case may be. Interest on the Loans shall be payable in the currency (i.e., U.S. Dollars or Canadian Dollars, as the case may be) of the underlying Loan.
(b) During any Event of Default under Section 11.1.1 or 11.1.5, or during any other Event of Default if Agent or Required Lenders in their discretion so elect, the Obligations accruing interest pursuant to Section 3.1.1(a) shall bear interest at the Default Rate (whether before or after any judgment). Each Borrower acknowledges that the cost and expense to Agent and Lenders due to an Event of Default are difficult to ascertain and that the Default Rate is fair and reasonable compensation for this.
(c) Interest shall accrue from the date a the Loan is advanced or the Obligation is becomes payable, until paid in full by Borrowersthe applicable Borrower(s). If a Loan is repaid on the same day made, one day’s interest shall accrue.
(b) Interest on the Revolver Loans shall be payable in the currency (i.e., Dollars or Canadian Dollars, as the case may be) of the underlying Revolver Loan.
(c) If all or a portion of (i) the principal amount of any Loan or (ii) any interest payable thereon shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest (including post-petition interest during the pendency of any Insolvency Proceeding) at a rate per annum that is (x) in the case of overdue principal, the Default Rate or (y) in the case of any overdue interest, to the extent permitted by applicable law, the Default Rate from and including the date of such non-payment to but excluding the date on which such amount is paid in full (after as well as before judgment). Payment or acceptance of the increased rates of interest provided for in this Section 3.1.1 is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of the Agent or any Lender.
(d) Interest accrued on the Loans shall be due and payable in arrears, (i) for any U.S. Base Rate Loan, Canadian Base Rate Loan or Canadian Prime Rate Loan, quarterly on the first day of each monthJanuary, April, July and October; (ii) for any LIBOR Loan or Canadian BA Rate Loan, on the last day of its Interest Period (and, if its Interest Period exceeds three months, at the end of each period of three months) and (iiiii) on any date of prepayment, with respect to the principal amount of Loans being prepaid. In addition, interest accrued on the Canadian Revolver Loans shall be due and payable in arrears on the Canadian Revolver Commitment Termination Date, and interest accrued on the U.S. Revolver Loans shall be due and payable in arrears on the U.S. Revolver Commitment Termination Date. Interest accrued on any other Obligations shall be due and payable as provided in the Loan Documents and, if no payment date is specified, shall be due and payable on demand. Notwithstanding the foregoing, interest accrued at the Default Rate shall be due and payable on demand.
Appears in 1 contract
Samples: Loan, Security and Guarantee Agreement (South Texas Supply Company, Inc.)
Rates and Payment of Interest. (a) The Obligations (excluding Obligations of the type specified in clause (g) of such definition) shall bear interest (i) if a U.S. Base Rate Loan, at the U.S. Base Rate in effect from time to time, plus the Applicable Margin; (ii) if a LIBOR Loan, at LIBOR for the applicable Interest Period, plus the Applicable Margin; (iii) if a Canadian Prime Rate Loan, at the Canadian Prime Rate in effect from time to time, plus the Applicable Margin, (iv) if a Canadian Base Rate Loan, at the Canadian Base Rate in effect from time to time, plus the Applicable Margin, (v) if a Canadian BA Rate Loan, at the Canadian BA Rate for the applicable Interest Period, plus the Applicable Margin, (vi) if any other U.S. Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when then due and payable (including, to the extent permitted by Applicable Lawlaw, interest not paid when due), at the U.S. Base Rate in effect from time to time, plus the Applicable Margin for U.S. Base Rate Loans; (vii) if any other European Facility Obligation that is then due and payable (including, to the extent permitted by law, interest not paid when due), at LIBOR in effect at such time, plus the Applicable Margin for LIBOR Revolver Loans; and (viiviii) if any other Canadian Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when then due and payable (including, to the extent permitted by Applicable Lawlaw, interest not paid when due), at the Canadian Prime Rate (if such Obligation is denominated in Canadian Dollars) or at the Canadian Base Rate (if such Obligation is denominated in U.S. Dollars) in effect from time to time, plus the Applicable Margin for Canadian Prime Rate Loans Loans. Interest shall accrue from the date the Loan is advanced or Canadian Base Rate Loansthe Obligation is incurred or payable, as until paid by the case may beapplicable Borrower. If a Loan is repaid on the same day made, one (1) day’s interest shall accrue.
(b) Interest on the Revolver Loans shall be payable in the currency (i.e., U.S. Dollars, Canadian Dollars or Canadian DollarsEuros, as the case may be) of the underlying Revolver Loan.
(bc) During Overdue principal, interest and other amounts not paid when due shall bear interest at the Default Rate; provided, however, that during the continuation of any Event of Default under Section 11.1.1 or 11.1.5Default, or during any other Event of Default if Agent or Required Lenders in their discretion so elect, the all Obligations accruing interest pursuant to Section 3.1.1(a) shall bear interest at the Default Rate (whether before or after any judgment); provided further, however, that upon the occurrence and during the continuance of an Event of Default under Section 11.1(a) or 11.1(i), the Default Rate shall become immediately applicable to all Obligations without any election of the Required Lenders. Each Borrower Loan Party acknowledges that the cost and expense to Agent and Lenders due to an Event of Default are difficult to ascertain and that the Default Rate is a fair and reasonable compensation for thisestimate to compensate Agent and Lenders therefor.
(c) Interest shall accrue from the date a Loan is advanced or Obligation is payable, until paid in full by Borrowers. If a Loan is repaid on the same day made, one day’s interest shall accrue. Interest accrued on the Loans shall be due and payable in arrears, (i) on the first day of each month; and (ii) on any date of prepayment, with respect to the principal amount of Loans being prepaid. In addition, interest accrued on the Canadian Revolver Loans shall be due and payable in arrears on the Canadian Revolver Commitment Termination Date, and interest accrued on the U.S. Revolver Loans shall be due and payable in arrears on the U.S. Revolver Commitment Termination Date. Interest accrued on any other Obligations shall be due and payable as provided in the Loan Documents and, if no payment date is specified, shall be due and payable on demand. Notwithstanding the foregoing, interest accrued at the Default Rate shall be due and payable on demand.
Appears in 1 contract
Rates and Payment of Interest. (a) The Obligations shall bear interest (i) if a U.S. Base Rate Loan, at the U.S. Base Rate in effect from time to time, plus the Applicable Margin; (ii) if a LIBOR Term SOFR Loan, at LIBOR Term SOFR for the applicable Interest Period, plus the Applicable Margin; (iii) if a Canadian Prime Rate Loan, at the Canadian Prime Rate in effect from time to time, plus the Applicable Margin, (iv) if a Canadian Base Rate Loan, at the Canadian Base Rate in effect from time to time, plus the Applicable Margin, (v) if a Canadian BA Rate Term XXXXX Loan, at the Canadian BA Rate Term XXXXX for the applicable Interest Period, plus the Applicable Margin, (vi) if any other U.S. Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when then due and payable (including, to the extent permitted by Applicable Lawlaw, interest not paid when due), at the U.S. Base Rate in effect from time to time, plus the Applicable Margin for U.S. Base Rate Loans; and (vii)
(b) if any other Canadian Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when due (including, to the extent permitted by Applicable Law, interest not paid when due), at the Canadian Prime Rate (if such Obligation is denominated in Canadian Dollars) or at the Canadian Base Rate (if such Obligation is denominated in U.S. Dollars) in effect from time to time, plus the Applicable Margin for Canadian Prime Rate Loans or Canadian Base Rate Loans, as the case may be. Interest on the Revolver Loans shall be payable in the currency (i.e., U.S. Dollars or Canadian Dollars, as the case may be) of the underlying Revolver Loan.
(bc) During the continuation of any Event of Default under Section 11.1.1 or 11.1.5Default, or during any other Event of Default if Agent or Required Lenders in their discretion so elect, the all Obligations accruing interest pursuant to Section 3.1.1(a) shall bear interest at the Default Rate (whether before or after any judgment); provided, however, that upon the occurrence and during the continuance of an Event of Default under Section 11.1(a) or 11.1(f), the Default Rate shall become immediately applicable without any election of the Required Lenders. Each Borrower Loan Party acknowledges that the cost and expense to the Agent and the Lenders due to an Event of Default are difficult to ascertain and that the Default Rate is a fair and reasonable compensation for thisestimate to compensate the Agent and the Lenders therefor.
(c) Interest shall accrue from the date a Loan is advanced or Obligation is payable, until paid in full by Borrowers. If a Loan is repaid on the same day made, one day’s interest shall accrue. Interest accrued on the Loans shall be due and payable in arrears, (i) on the first day of each month; and (ii) on any date of prepayment, with respect to the principal amount of Loans being prepaid. In addition, interest accrued on the Canadian Revolver Loans shall be due and payable in arrears on the Canadian Revolver Commitment Termination Date, and interest accrued on the U.S. Revolver Loans shall be due and payable in arrears on the U.S. Revolver Commitment Termination Date. Interest accrued on any other Obligations shall be due and payable as provided in the Loan Documents and, if no payment date is specified, shall be due and payable on demand. Notwithstanding the foregoing, interest accrued at the Default Rate shall be due and payable on demand.
Appears in 1 contract
Samples: Credit Agreement (Clean Harbors Inc)
Rates and Payment of Interest. (ai) The Obligations shall bear interest (iA) if a U.S. Base Rate Revolver Loan, at the U.S. Base Rate in effect from time to time, plus the Applicable Margin; (iiB) if a U.S. LIBOR Loan, at LIBOR for the applicable Interest Period, plus the Applicable Margin; (iiiC) if a Canadian Prime Rate Revolver Loan, at the Canadian Prime Rate in effect from time to time, plus the Applicable Margin, ; (ivD) if a Canadian Base Rate Revolver Loan, at the Canadian Base Rate in effect from time to time, plus the Applicable Margin; (E) if a Canadian LIBOR Loan, at LIBOR for the applicable Interest Period, plus the Applicable Margin (vF) if a Canadian BA Rate Revolver Loan, at the Canadian BA Rate CDOR for the applicable Interest Period, plus the Applicable Margin, ; (viE) if any other U.S. Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when due (including, to the extent permitted by Applicable Lawlaw, interest not paid when due), at the U.S. Base Rate in effect from time to time, plus the Applicable Margin for U.S. Base Rate LoansMargin; and (viiF) if any other Canadian Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when due (including, to the extent permitted by Applicable Lawlaw, interest not paid when due), at the Canadian Prime Rate (if such Obligation is denominated in Canadian Dollars) or in effect from time to time, plus the Applicable Margin and at the Canadian Base Rate (if such Obligation is denominated in U.S. Dollars) in effect from time to time, plus the Applicable Margin for Canadian Prime Rate Loans or Canadian Base Rate Loans, as the case may be. Interest on the Loans shall be payable in the currency (i.e., U.S. Dollars or Canadian Dollars, as the case may be) of the underlying LoanMargin.
(bii) During an Insolvency Proceeding with respect to any Event of Default under Section 11.1.1 or 11.1.5Borrower, or during any other Event of Default if Agent or Required Lenders in their discretion so electelect following Agent’s notice to Borrower Agent of such election and continuing until the applicable Event of Default is waived or cured, the Obligations accruing interest pursuant to Section 3.1.1(a) shall bear interest at the Default Rate (whether before or after any judgment). Each Borrower acknowledges that the cost and expense to Agent and Lenders due to an Event of Default are difficult to ascertain and that the Default Rate is fair and reasonable compensation for this.
(ciii) Interest shall accrue from the date a Revolver Loan is advanced or Obligation is incurred or payable, until paid in full by Borrowers. If a Loan is repaid on the same day made, one day’s interest and shall accruein no event be less than zero at any time. Interest accrued on the Revolver Loans shall be due and payable in arrears, (iA) on the first day of each calendar month; and (iiB) on any date of prepayment, with respect to the principal amount of Revolver Loans being prepaid. In addition, interest accrued ; and (C) on the Canadian Revolver Loans shall be due and payable in arrears on the Canadian Revolver Commitment Termination Date, and interest accrued on the U.S. Revolver Loans shall be due and payable in arrears on the U.S. Revolver Commitment Termination Date. Interest accrued on any other Obligations shall be due and payable as provided in the Loan Documents and, if no payment date is specified, shall be due and payable on demand. Notwithstanding the foregoing, interest accrued at the Default Rate shall be due and payable on demand.
Appears in 1 contract
Samples: Loan and Security Agreement (Hydrofarm Holdings Group, Inc.)
Rates and Payment of Interest. (a) The Obligations shall bear interest as follows:
(i) if a Canadian Prime Rate Revolver Loan, at the Canadian Prime Rate in effect from time to time, plus the Applicable Margin for Canadian Prime Rate Revolver Loans;
(ii) if a Canadian BATerm CORRA Rate Revolver Loan, at the BA RateTerm CORRA for the applicable Interest Period, plus the Applicable Margin for Canadian BATerm CORRA Rate Revolver Loans;
(iii) if any other Canadian Obligation (including, to the extent permitted by law, interest not paid when due), at the Canadian Prime Rate in effect from time to time, plus the Applicable Margin for Canadian Prime Rate Revolver Loans;
(iv) if a U.S. Base Rate Revolver Loan, at the U.S. Base Rate in effect from time to time, plus the Applicable Margin; Margin for U.S. Base Rate Revolver Loans;
(iiv) if a LIBOR U.S. Term SOFR Loan, at LIBOR Term SOFR for the applicable Interest Period, plus the Applicable MarginMargin for U.S. Term SOFR Loans; (iii) if a Canadian Prime Rate Loan, at the Canadian Prime Rate in effect from time to time, plus the Applicable Margin, (iv) if a Canadian Base Rate Loan, at the Canadian Base Rate in effect from time to time, plus the Applicable Margin, (v) if a Canadian BA Rate Loan, at the Canadian BA Rate for the applicable Interest Period, plus the Applicable Margin, and
(vi) if any other U.S. Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when due (including, to the extent permitted by Applicable Lawlaw, interest not paid when due), at the U.S. Base Rate in effect from time to time, plus the Applicable Margin for U.S. Base Rate Revolver Loans; and (vii) if any other Canadian Facility Obligation that bears interest (unless another rate with respect thereto is specified herein) or is not paid when due (including, to the extent permitted by Applicable Law, interest not paid when due), at the Canadian Prime Rate (if such Obligation is denominated in Canadian Dollars) or at the Canadian Base Rate (if such Obligation is denominated in U.S. Dollars) in effect from time to time, plus the Applicable Margin for Canadian Prime Rate Loans or Canadian Base Rate Loans, as the case may be. Interest on the Loans shall be payable in the currency (i.e., U.S. Dollars or Canadian Dollars, as the case may be) of the underlying Loan.
(b) During an Insolvency Proceeding with respect to any Event of Default under Section 11.1.1 or 11.1.5Borrower, or during any other Event of Default if Agent or Required Lenders in their discretion so elect, the Obligations accruing interest pursuant to Section 3.1.1(a) shall bear interest at the Default Rate (whether before or after any judgment). Each Borrower acknowledges that the cost and expense to Agent and Lenders due to an Event of Default are difficult to ascertain and that the Default Rate is fair and reasonable compensation for this.
(c) Interest shall accrue from the date a Revolver Loan is advanced or other Obligation is payable, until paid in full by Borrowers. If a Loan is repaid on the same day made, one day’s interest shall accrue. Interest accrued on the Revolver Loans shall be due and payable in arrears, (i) (A) in the case of Floating Rate Loans, on the first day of each monthmonth or (B) in the case of Interest Period Loans, on the last day of each Interest Period; provided that in the case of Interest Period Loans with an Interest Period equal to or greater than (3) months in duration, interest shall be due and payable at three (3) month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period; (ii) on any date of prepayment, with respect to the principal amount of Revolver Loans being prepaid. In addition, interest accrued ; and (iii) on the Canadian Revolver Loans shall be due and payable in arrears on the Canadian Revolver Commitment Termination Date, and interest accrued on the U.S. Revolver Loans shall be due and payable in arrears on the U.S. Revolver Commitment Termination Date. Interest accrued on any other Obligations shall be due and payable as provided in the Loan Documents and, if no payment date is specified, shall be due and payable on demand. Notwithstanding the foregoing, interest accrued at the Default Rate shall be due and payable on demand.
Appears in 1 contract
Samples: Loan Agreement (Guess Inc)
Rates and Payment of Interest. (a) The Obligations outstanding portions of the Loans shall bear interest (i) if a U.S. Base Rate Loan, at the U.S. Base Rate in effect from time to time, plus the Applicable Margin; (ii) if a LIBOR Loan, at LIBOR for the applicable Interest Period, plus the Applicable Margin; (iii) if a Canadian Prime Rate Loan, at the Canadian Prime Rate in effect from time to time, plus the Applicable Margin, (iv) if a Canadian Base Rate Loan, at the Canadian Base Rate in effect from time to time, plus the Applicable Margin, and (v) if a Canadian BA Rate CDOR Loan, at the Canadian BA Rate CDOR for the applicable Interest Period, plus the Applicable Margin, ; and (vix) if any other U.S. Facility Obligation that bears interest (unless another rate with respect thereto is specified hereinother than Secured Bank Product Obligations) or is not paid when due (including, to the extent permitted by Applicable Law, interest not paid when due), it will bear interest at the U.S. Base Rate in effect from time to time, plus the Applicable Margin for U.S. Base Rate Loans; and (viiy) if any other Canadian Facility Obligation that bears interest (unless another rate with respect thereto is specified hereinother than Secured Bank Product Obligations) or is not paid when due (including, to the extent permitted by Applicable Law, interest not paid when due), it will bear interest at the Canadian Prime Rate (if such Obligation is denominated in Canadian Dollars) or at the Canadian Base Rate (if such Obligation is denominated in U.S. Dollars) in effect from time to time, plus the Applicable Margin for Canadian Prime Rate Loans or Canadian Base Rate Loans, as the case may be. Interest on the Loans shall be payable in the currency (i.e., U.S. Dollars or Canadian Dollars, as the case may be) of the underlying Loan.
(b) During an Insolvency Proceeding with respect to any Event of Default under Section 11.1.1 or 11.1.5Obligor, or during any other Event of Default if Agent or Required Lenders in their discretion so elect, the Obligations accruing interest pursuant to Section 3.1.1(a) shall bear interest at the Default Rate (whether before or after any judgment). Each Borrower acknowledges that the cost and expense to Agent and Lenders due to an Event of Default are difficult to ascertain and that the Default Rate is fair and reasonable compensation for this.
(c) Interest shall accrue from the date a Loan is advanced or Obligation is payablenot paid when due on the unpaid portion thereof from time to time outstanding, until paid in full by Borrowers. If a Loan is repaid on the same day made, one day’s interest shall accrue. Interest accrued on the Loans shall be due and payable in arrears, (i) on the first day of each monthquarter with respect to a Base Rate Loan or a Canadian Prime Rate Loan, and on the last day of the applicable Interest Period with respect to an Interest Period Loan (except in the case of an Interest Period Loan with an Interest Period of more than three months' duration, in which case accrued interest shall be payable on the last day of such Interest Period and, in addition, on each day prior to the last day of such Interest Period that occurs at intervals of three months' duration after the first day of such Interest Period); and (ii) on any date of prepayment, with respect to the principal amount of Loans being prepaid. In addition, interest accrued on the Canadian Revolver Loans shall be due ; and payable in arrears (iii) on the Canadian Revolver Commitment Termination Date, and with respect to interest accrued on the U.S. Canadian Revolver Loans shall be due and payable in arrears on the U.S. Revolver Commitment Termination Date, with respect to interest accrued on the U.S. Revolver Loans. Interest accrued on any other Obligations shall be due and payable as provided in the Loan Documents and, if no payment date is specified, shall be due and payable on demand. Notwithstanding the foregoing, interest accrued at the Default Rate shall be due and payable on demand.
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