Rates Applicable After Default. Notwithstanding anything to the contrary contained in this Agreement, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Advance. Upon and during the continuance of any Default, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.
Appears in 6 contracts
Samples: Credit Agreement (Kelly Services Inc), Credit Agreement (Kelly Services Inc), Credit Agreement (Kelly Services Inc)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this Agreement, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the then current Interest Period) as a Eurocurrency Advance, provided that, notwithstanding the foregoing, any outstanding Foreign Currency Advance may be continued for an Interest Period not to exceed one month after such notice to the Borrowers by the Required Lenders. Upon and during the continuance of any DefaultDefault under Section 7.2 with respect to principal, interest or fees, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, and (ii) each Floating Rate Advance and any other amount due under this Agreement shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time Floating Rate Loans plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above in clauses (i) and (ii) shall be applicable to all Advances without any election or action on the part of the Administrative Agent or any Lender.
Appears in 6 contracts
Samples: Credit Agreement (DIEBOLD NIXDORF, Inc), Credit Agreement (DIEBOLD NIXDORF, Inc), Incremental Amendment (DIEBOLD NIXDORF, Inc)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.10, 2.11 or 2.12, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the beyond its current Interest Period) term as a Eurocurrency LIBOR Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency LIBOR Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate ABR Advance shall bear interest at a rate per annum equal to the Floating ABR Rate in effect from time otherwise applicable to time the ABR Advance plus 2% per annum, annum and (iii) the LC Facility Letter of Credit Fee payable with respect to each Facility LC shall be increased increase by 2% per annum annum; provided that, upon that such rates and during increase in the continuance Facility Letter of any acceleration for any reason of any of Credit Fee shall become applicable automatically without notice to the Obligations, the interest rate set forth above shall be applicable to all Advances without any Borrower or an election or action on by the part of the Administrative Agent or any LenderLender if a Default occurs under Section 8.7 or Section 8.8, or a Default occurs relating to the payment of principal or interest, unless waived by the Required Lenders.
Appears in 4 contracts
Samples: Revolving Credit Agreement (Duke Realty Corp), Revolving Credit Agreement (Duke Realty Corp), Revolving Credit Agreement (Duke Realty Corp)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8, 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance denominated in Dollars may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency AdvanceAdvance and no Advance denominated in an Agreed Currency other than Dollars may have an Interest Period longer than one (1) month. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum and (iv) any other amount due and payable hereunder (including interest and fees) shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee and other amounts set forth in clause (iii) and (iv) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.
Appears in 3 contracts
Samples: Credit Agreement (Actuant Corp), Credit Agreement (Actuant Corp), Credit Agreement (Actuant Corp)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementArticle II, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during If the continuance principal portion of any DefaultAdvance is not paid at maturity, whether by acceleration or otherwise, the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time the Floating Rate Advance plus 2% per annum. If any payment of interest, and fees or other amounts is not paid when due hereunder, whether by acceleration or otherwise, the Required Lenders may, at their option, by notice to the Borrower (iiiwhich notice may be revoked at the option of the Required Lenders notwithstanding Section 8.2) declare that such amounts shall bear interest at the LC Fee payable with respect to each Facility LC shall be increased by Floating Rate plus 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any Lenderannum.
Appears in 3 contracts
Samples: 364 Day Credit Agreement (Arvinmeritor Inc), 364 Day Credit Agreement (Arvinmeritor Inc), Revolving Credit Agreement (Arvinmeritor Inc)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.2, during the continuance of a Default or Unmatured Default (except for (a) Unmatured Defaults that will be cured, and that the Borrower certifies will be cured, by the use of the proceeds of Revolving Credit Loans that the Borrower has requested hereunder or by the issuance, amendment or extension of a Letter of Credit that the Borrower has requested hereunder or (b) Unmatured Defaults (other than the failure to pay any Obligation hereunder) that are not reasonably likely to have a Material Adverse Effect and that the Borrower certifies that it reasonably expects to cure before the date on which the same becomes a Default) the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders adversely affected thereby to changes a reduction in an interest ratesrate under a Revolving Credit Facility), declare that no Advance Loan may be made as, converted into or continued (after the expiration of the current then applicable Interest PeriodPeriod therefor) as a Eurocurrency AdvanceFixed Rate Loan. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Advance Fixed Rate Loan shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period Fixed Rate Loan plus 2% per annum and (with ii) each ABR Loan shall bear interest at the Applicable Margin automatically adjusted rate per annum otherwise applicable to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) such ABR Loan plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 8.5 or 8.6, the interest rate rates set forth in clauses (i) and (ii) above shall be applicable to all Advances applicable Revolving Credit Loans without any election or action on the part of the Administrative Agent or any Lender.
Appears in 3 contracts
Samples: Credit Agreement (Horton D R Inc /De/), Credit Agreement (Horton D R Inc /De/), Credit Agreement (Horton D R Inc /De/)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this Agreement, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the then current Interest Period) as a Fixed Rate Advance, provided that, notwithstanding the foregoing, any outstanding Eurocurrency AdvanceAdvance may be continued for an Interest Period not to exceed one month after such notice to the Borrowers by the Required Lenders. Upon and during the continuance of any Default, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Fixed Rate Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possibleprovided in the definition of Applicable Margin, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, and (ii) each Floating Rate Advance and any other amount due under this Agreement shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time Floating Rate Loans plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above in clauses (i) and (ii) shall be applicable to all Advances without any election or action on the part of the Administrative Agent or any Lender.
Appears in 2 contracts
Samples: Loan Agreement (Myers Industries Inc), Loan Agreement (Myers Industries Inc)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this Agreement, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the then current Interest Period) as a Fixed Rate Advance, provided that, notwithstanding the foregoing, any outstanding Eurocurrency AdvanceAdvance may be continued for an Interest Period not to exceed one month after such notice to the Borrowers by the Required Lenders. Upon and during the continuance of any DefaultDefault under Section 7.2, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Fixed Rate Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, and (ii) each Floating Rate Advance and any other amount due under this Agreement shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time Floating Rate Loans plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above in clauses (i) and (ii) shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.
Appears in 2 contracts
Samples: Loan Agreement (Diebold Inc), Loan Agreement (Diebold Inc)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.2.3 or Section 2.2.4, during the continuance of a Default or Unmatured Default Default, the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Term Benchmark Advance. Upon and during During the continuance of any a Default, the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Term Benchmark Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 21.5% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time time, plus 2the Base Rate Margin, plus 1.5% per annum and/or (iii) the Letter of Credit Fee Rate shall be increased by 1.5% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.7 or 7.8, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the Letter of Credit Fee Rate set forth in clause (iii) above shall be applicable to all Advances applicable Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
Appears in 2 contracts
Samples: Credit Agreement (Madison Gas & Electric Co), Credit Agreement (Madison Gas & Electric Co)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSECTION 2.2.3 or 2.2.4, during the continuance of a Default or Unmatured Default with respect to any Borrower, the Required Lenders may, at their option, by notice to the Company such Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section SECTION 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Ratable Advance to such Borrower may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Ratable Advance. Upon and during During the continuance of any Defaulta Default with respect to such Borrower, the Required Lenders may, at their option, by notice to the Company such Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section SECTION 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (ia) each Eurocurrency Fixed Rate Advance made to such Borrower shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (iib) each Floating Rate ABR Advance made to such Borrower shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided PROVIDED that, upon and during the continuance of a Default with respect to any acceleration for any reason of any of the ObligationsBorrower under SECTION 7.6 or 7.7, the interest rate rates set forth in clauses (a) and (b) above shall be applicable to all Advances of all Borrowers without any election or action on the part of the Agent or any Lender.
Appears in 2 contracts
Samples: Credit Agreement (Nationwide Financial Services Inc/), 364 Day Credit Agreement (Nationwide Financial Services Inc/)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.2.3 or Section 2.2.4, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance Revolving Loan may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency AdvanceEurodollar Loan. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance Eurodollar Loan shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus 2% per annum, (ii) each Floating Rate Loan shall bear interest at a rate per annum equal to the Alternate Base Rate in effect from time to time plus 2% per annum, (iii) each LIBOR Market Index Rate Loan shall bear interest at a rate per annum equal to the Alternate Base Rate in effect from time to time plus 2% per annum and (iiiiv) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum; provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i), (ii) and (iii) above and the increase in the LC Fee set forth in clause (iv) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
Appears in 2 contracts
Samples: Credit Agreement (Puget Sound Energy Inc), Credit Agreement (Puget Sound Energy Inc)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this Agreement, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the then current Interest Period) as a Eurocurrency Advance. Upon and during the continuance of any DefaultDefault under Section 7.2 with respect to principal, interest or fees, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate Advance and any other amount due under this Agreement shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time Floating Rate Loans plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum ; provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above in clauses (i) and (ii) shall be applicable to all Advances without any election or action on the part of the Administrative Agent or any Lender.
Appears in 2 contracts
Samples: Bridge Credit Agreement (Diebold Inc), Bridge Credit Agreement (Diebold Inc)
Rates Applicable After Default. Notwithstanding anything to ------------------------------ the contrary contained in this AgreementSection 2.3 or 2.5, during the continuance of a Default or Unmatured Event of Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.6(a) requiring unanimous consent of the Lenders to changes in interest rates), declare that no Syndicated Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any an Event of Default, the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.6(a) requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (ix) each Eurocurrency Fixed Rate Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (iiy) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iiiz) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum, provided that, upon and that during the continuance of any acceleration for any reason an Event of any of the ObligationsDefault under Section 7.1(h) or (i), the interest rate rates and fees set forth above in the preceding clauses (x), (y) and (z) shall be applicable to all Advances Credit Extensions without any election or action on the part of the Administrative Agent or any Lenderthe Lenders.
Appears in 2 contracts
Samples: Credit Agreement (National Data Corp), Credit Agreement (Global Payments Inc)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementArticle II, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Fixed Rate Advance. Upon and during If the continuance principal portion of any DefaultAdvance is not paid at maturity, whether by acceleration or otherwise, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Fixed Rate Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time the Floating Rate Advance plus 2% per annum. If any payment of interest, and fees or other amounts is not paid when due hereunder, whether by acceleration or otherwise, the Required Lenders may, at their option, by notice to the Company (iiiwhich notice may be revoked at the option of the Required Lenders notwithstanding Section 8.2) declare that such amounts shall bear interest at the LC Fee payable with respect to each Facility LC shall be increased by Floating Rate plus 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any Lenderannum.
Appears in 2 contracts
Samples: 5 Year Revolving Credit Agreement (Arvinmeritor Inc), Revolving Credit Agreement (Arvinmeritor Inc)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) no Advance Borrowing denominated in Dollars may be made as, converted into or continued as a Fixed Rate Borrowing, (after ii) unless repaid, each Eurocurrency Borrowing denominated in Dollars shall be converted to a Floating Rate Borrowing at the expiration end of the current Interest PeriodPeriod applicable thereto and (iii) as no Borrowing denominated in a Eurocurrency AdvanceQualified Foreign Global Currency having an Interest Period in excess of one month may be made or continued. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance Fixed Rate Borrowing shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate Advance Borrowing shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time the Floating Rate Borrowing plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.
Appears in 2 contracts
Samples: Credit Agreement (DDR Corp), Credit Agreement (Developers Diversified Realty Corp)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this Agreement, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the then current Interest Period) as a Eurocurrency Term Benchmark Advance. Upon and during the continuance of any DefaultDefault under Section 7.2 with respect to principal, interest or fees, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Term Benchmark Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, and (ii) each Floating Rate Advance and any other amount due under this Agreement shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time Floating Rate Loans plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above in clauses (i) and (ii) shall be applicable to all Advances without any election or action on the part of the Administrative Agent or any Lender.
Appears in 2 contracts
Samples: Senior Secured Superpriority Debtor in Possession Term Loan Credit Agreement (DIEBOLD NIXDORF, Inc), Senior Secured Superpriority Debtor in Possession Term Loan Credit Agreement (DIEBOLD NIXDORF, Inc)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8 or 2.9, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period lesser of (with x) the Eurodollar Rate calculated by adding the Applicable Margin automatically adjusted to for Level VI (as set forth on the highest amount possible, notwithstanding where the Applicable Margin would otherwise be setPricing Schedule) plus 2% per annumannum and (y) the Highest Lawful Rate, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the lesser of (x) the Floating Rate in effect from time to time calculated by adding the Applicable Margin for Level VI plus 2% per annum, annum and (y) the Highest Lawful Rate and (iii) the LC Fee payable with respect to each Facility LC shall be calculated by using the Applicable Margin for Level VI increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.
Appears in 2 contracts
Samples: Credit Agreement (Shaw Group Inc), Credit Agreement (Shaw Group Inc)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8 or 2.9, during no Advance may be made as, converted into or continued as a Term SOFR Advance or Eurocurrency Advance (except with the consent of the Administrative Agent and the Required Lenders) when any Default or Unmatured Default has occurred and is continuing. During the continuance of a Default under Section 7.2, the Administrative Agent or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Administrative Agent or the Required Lenders Lenders, as applicable, notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no (a) the overdue amount of each Term SOFR Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Advance. Upon and during the continuance of any Default, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate Term SOFR Rate or Eurocurrency Rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (iib) the overdue amount of each Floating Alternate Base Rate Advance shall bear interest at a rate per annum equal to the Floating Rate Alternate Base Rate, in effect from time to time plus 2% per annum and (c) the overdue amount of each XXXXX Advance shall bear interest at a rate per annum equal to XXXXX in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum ; provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (a) through (c) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
Appears in 2 contracts
Samples: Credit Agreement (Aon PLC), Credit Agreement (Aon PLC)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) no Advance Borrowing may be made as, converted into or continued as a Fixed Rate Borrowing and (after ii) unless repaid, each Eurocurrency Borrowing shall be converted to a Floating Rate Borrowing at the expiration end of the current Interest Period) as a Eurocurrency AdvancePeriod applicable thereto. Upon and during During the continuance of any a Default, the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance Fixed Rate Borrowing shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate Advance Borrowing shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time the Floating Rate Borrowing plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Samples: Credit Agreement (DDR Corp)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8, 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum and (iv) any other amount due and payable hereunder (including interest and fees) shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee and other amounts set forth in clause (iii) and (iv) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Samples: Credit Agreement (Actuant Corp)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.10 or 2.11, during the continuance of a Default or Unmatured Default with respect to a Borrower, (a) the Required Lenders may, at their option, by notice to the Company such Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance to such Borrower may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency AdvanceEurodollar Advance and (b) the Swingline Lender may, at its option, declare that no Swingline Loans shall be made to such Borrower. Upon and during During the continuance of any Defaulta Default with respect to a Borrower, the Required Lenders may, at their option, by notice to the Company such Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance to such Borrower shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance and each Swingline Loan to such Borrower shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus 2% per annum, annum and (iii) the LC Fee Rate payable with respect to each Facility LC by such Borrower shall be increased by 2% per annum annum, provided that, upon and that during the continuance of a Default under Section 7.6 or 7.7 with respect to any acceleration for any reason of any of the ObligationsBorrower, the interest rate rates set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.in clauses (i) and
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this Agreement, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Advance. Upon and during the continuance of any Default, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, and (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Samples: Loan Agreement (Kelly Services Inc)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8, 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Defaulta Default arising under Section 7.2, the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (ia) the overdue portion of each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (iib) the overdue portion of each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, annum and (iiic) the LC Fee payable with respect overdue portion of any other amount due hereunder shall bear interest at a rate per annum equal to each Facility LC shall be increased by the rate otherwise required hereby from time to time plus 2% per annum annum; provided that, upon and during that such additional interest shall only be payable until the continuance of any acceleration for any reason of any earlier of the Obligations, (a) the interest rate set forth above shall be applicable to all Advances without any election waiver or action on the part cure of the Agent applicable Default, (b) agreement of the Required Lenders to rescind the charging of such additional interest after Default or any Lender(c) payment in full of the overdue amount.
Appears in 1 contract
Samples: Credit Agreement (Unitrin Inc)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this Agreement, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the then current Interest Period) as a Eurocurrency Advance, provided that, notwithstanding the foregoing, any outstanding Foreign Currency Advance may be continued for an Interest Period not to exceed one month after such notice to the Borrowers by the Required Lenders. Upon and during the continuance of any DefaultDefault under Section 7.2 with respect to principal, interest or fees, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, and (ii) each Floating Rate Advance and any other amount due under this Agreement shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time Floating Rate Loans plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.in clauses (i) and
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the ------------------------------ contrary contained in this AgreementSection 2.9 or 2.10, during the continuance of a Default ----------- ---- or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the ----------- Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the beyond its current Interest Period) term as a Eurocurrency LIBOR Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring ----------- unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency LIBOR Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate ABR Advance shall bear interest at a rate per annum equal to the Floating Adjusted ABR Rate in effect from time otherwise applicable to time the ABR Advance plus 2% per annum, and annum (iii) each such rate being a "Default Rate"); provided that such rates ------------ shall become applicable automatically without notice to the LC Fee payable Borrower if a Default occurs under Section 8.7 or Section 8.8 with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election Borrower or action on the part of the Agent or any Lender----------- ----------- a Guarantor.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9 or 2.10, during the continuance of a Default or Unmatured Default Default, the Required Lenders may, at their option, by written notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the beyond its current Interest Period) term as a Eurocurrency LIBOR Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by prior written notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency LIBOR Advance shall bear interest for the remainder of the applicable LIBOR Interest Period at the rate otherwise applicable to such LIBOR Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annumannum until such Default shall have been cured, (ii) each Floating Rate Prime Advance shall bear interest at a rate per annum equal to the Floating Adjusted Prime Rate in effect from time otherwise applicable to time the Prime Advance plus 2% per annum, annum until such Default shall have been cured and (iii) the LC Facility Letter of Credit Fee payable with respect to each Facility LC shall be increased by equal to the LIBOR Applicable Margin plus 2% per annum %; provided that, upon and during that such rates shall become applicable automatically without notice to the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election Borrower if a Default occurs under Section 8.7 or action on the part of the Agent or any LenderSection 8.8.
Appears in 1 contract
Samples: Unsecured Revolving Credit Agreement (Centerpoint Properties Trust)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.6 or 2.7, during the continuance of a Default or Unmatured Default the Administrative Agent, acting at the direction of the Required Lenders may, at their its option, by notice to all the Company Borrowers (which notice may be revoked at the option of the Administrative Agent, acting at the direction of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency an Advance. Upon and during During the continuance of any Defaulta Default the Administrative Agent, acting at the direction of the Required Lenders may, at their option, by notice to all the Company Borrowers (which notice may be revoked at the option of the Administrative Agent, acting at the direction of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth above shall be applicable to all Advances without any election or action on the part of the Administrative Agent or any Lender. In such event, after the conclusion of such Interest Period, interest shall be computed on all Advances under the Euro Facility and the UK Facility on the basis of successive one month Eurocurrency Interest Periods plus the per annum rate of 2.00%. In such event, the outstanding Canada Facility Loans will automatically convert in accordance with the terms of Section 2.7.3 and shall bear interest at the rate otherwise applicable thereto after giving effect to such conversion plus the per annum rate of 2.00%.
Appears in 1 contract
Samples: Revolving Credit Agreement (Richardson Electronics LTD/De)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.10 or 2.11, during the continuance of a Default or Unmatured Default with respect to a Borrower, (a) the Required Lenders may, at their option, by notice to the Company such Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance to such Borrower may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency AdvanceEurodollar Advance and (b) the Swingline Lender may, at its option, declare that no Swingline Loans shall be made to such Borrower. Upon and during During the continuance of any Defaulta Default with respect to a Borrower, the Required Lenders may, at their option, by notice to the Company such Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance to such Borrower shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance and each Swingline Loan to such Borrower shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus 2% per annum, annum and (iii) the LC Fee Rate payable with respect to each Facility LC by such Borrower shall be increased by 2% per annum annum, provided that, upon and that during the continuance of a Default under Section 7.6 or 7.7 with respect to any acceleration for any reason of any of the ObligationsBorrower, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee Rate set forth in clause (iii) above shall be applicable to all Advances Outstanding Credit Extensions to such Borrower without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Samples: Fourth Amendment to Second Amended and Restated Credit Agreement (Baltimore Gas & Electric Co)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this Agreement, during the continuance of a Default or Unmatured Default Default, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Term Benchmark Advance. Upon and during the continuance of any Default, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Term Benchmark Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Term Benchmark Advance during the Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, (iii) each RFR Advance shall bear interest at the rate otherwise applicable to such RFR Advance plus 2% per annum, and (iiiiv) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of a Default (including the Borrower’s failure to pay any Default, Loan at maturity) the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance the Advances, all fees or any other Obligations hereunder shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) Floating Rate plus 2% per annum, annum and (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum; provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the such interest rate and such increase in the LC Fee set forth above shall be applicable to all Advances Credit Extensions, Advances, fees and other Obligations hereunder without any election or action on the part of the Agent Administrative Agent, any LC Issuer or any Lender.
Appears in 1 contract
Samples: Credit Agreement (Blueknight Energy Partners, L.P.)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this Agreement, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the then current Interest Period) as a Eurocurrency Term Benchmark Advance. Upon and during the continuance of any DefaultDefault under Section 7.2 with respect to principal, interest or fees, the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Term Benchmark Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, and (ii) each Floating Rate Advance and any other amount due under this Agreement shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time Floating Rate Loans plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above in clauses (i) and (ii) shall be applicable to all Advances without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementArticle II, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance Loan may be made as, converted into or continued (after the expiration of the current Eurodollar Interest Period) as a Eurocurrency AdvanceEurodollar Loan. Upon and during the continuance of If any DefaultLoan is not paid at maturity, whether by acceleration or otherwise, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) declare that (i) each Eurocurrency Advance Eurodollar Loan shall bear interest (including interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding relating to the Company, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) for the remainder of the applicable Eurodollar Interest Period at the rate per annum otherwise applicable to such Eurodollar Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate Advance Loan shall bear interest (including interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding relating to the Company, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time Floating Rate Loans plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) no Advance Borrowing may be made as, converted into or continued as a Term SOFR Borrowing and (after ii) unless repaid, each Term SOFR Borrowing shall be converted to a Base Rate Borrowing at the expiration end of the current Interest Period) as Period applicable thereto. During the continuance of a Eurocurrency Advance. Upon and Default described in Sections 7.1, 7.2, 7.7 or 7.8 or, at the option of the Required Lenders during the continuance of any Default, the Required Lenders may, at their option, other Default by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) declare that ), (i) each Eurocurrency Advance Term SOFR Borrowing shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus two percent (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set2%) plus 2% per annum, annum and (ii) each Floating Base Rate Advance Borrowing and Daily Simple SOFR Borrowing shall bear interest at a rate per annum equal to the Floating Rate in effect from time interest rate otherwise applicable to time such Borrowing plus 2% per annum. If any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, and (iii) the LC Fee payable with respect to each Facility LC whether at stated maturity, upon acceleration or otherwise, such overdue amount shall be increased by 2% bear interest, after as well as before judgment, at a rate per annum provided that, upon and during equal to (i) in the continuance case of overdue principal of any acceleration for any reason Loan, two percent (2%) plus the rate otherwise applicable to such Loan or (ii) in the case of any of other amount, two percent (2%) plus the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any LenderBase Rate Loans.
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Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.7 or 2.8, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.1 requiring unanimous consent of the Lenders to changes reductions in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Fixed Rate Advance. Upon and during the continuance of If any DefaultDefault occurs under Section 7.6 or 7.7 or if any Advance is not paid at maturity, the Required Lenders maywhether by acceleration or otherwise, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate Advance (other than those under clause (i) above) shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus 2% per annum. During the continuance of any other Default the Required Lenders may, and at their option, by notice to the Borrower (iiiwhich notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.1 requiring unanimous consent of the Lenders to reductions in interest rates), declare that (i) each Eurodollar Advance shall bear interest for the LC Fee payable with respect remainder of the applicable Interest Period at the rate otherwise applicable to each Facility LC shall be increased by such Interest Period plus 2% per annum provided that, upon and during (ii) each Advance (other than those under clause (i) above) shall bear interest at a rate per annum equal to the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any LenderAlternate Base Rate plus 2% per annum.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the ------------------------------ contrary contained in this AgreementSection 2.2.3 or Section 2.2.4, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Ratable Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Ratable Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Fixed Rate Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable Alternate Base Rate in effect from time to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) time plus 2% per annum, annum and (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus 2% per annum, annum and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.10 or 2.11, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the beyond its current Interest Period) term as a Eurocurrency LIBOR Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency LIBOR Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate ABR Advance shall bear interest at a rate per annum equal to the Floating ABR Rate in effect from time otherwise applicable to time the ABR Advance plus 2% per annum, annum and (iii) the LC Facility Letter of Credit Fee payable with respect to each Facility LC shall be increased increase by 2% per annum annum; provided that, upon that such rates and during increase in the continuance Facility Letter of any acceleration for any reason of any of Credit Fee shall become applicable automatically without notice to the Obligations, the interest rate set forth above shall be applicable to all Advances without any Borrower or an election or action on by the part of the Administrative Agent or any LenderLender if a Default occurs under Section 8.7 or Section 8.8, or a Default occurs relating to the payment of principal or interest unless waived by the Required Lenders.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8 or 2.9, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency LIBOR Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (ia) each Eurocurrency LIBOR Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (iib) each Floating Rate ABR Advance shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.4, 7.5 or 7.6, the interest rate rates set forth in clauses (a) and (b) above shall be applicable to all Advances without any election or action on the part of the Agent or any Lender. The exercise and enjoyment by the Lenders of any right under this Section 2.11 shall not be construed to waive any Default or Unmatured Default or limit or otherwise affect any right or remedy of the Lenders or the Agent by reason thereof.
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Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) no Advance Borrowing may be made as, converted into or continued as a Fixed Rate Borrowing and (after ii) unless repaid, each Eurocurrency Borrowing shall be converted to a Floating Rate Borrowing at the expiration end of the current Interest Period) as a Eurocurrency AdvancePeriod applicable thereto. Upon and during During the continuance of any a Default, the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance Fixed Rate Borrowing shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate Advance Borrowing shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time the Floating Rate Borrowing plus 2% per annum. If any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, and whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (iiii) in the LC Fee payable with respect to each Facility LC shall be increased by case of overdue principal of any Loan, 2% per annum provided that, upon and during plus the continuance rate otherwise applicable to such Loan or (ii) in the case of any acceleration for any reason of any of other amount, 2% plus the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any LenderFloating Rate Loans.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) no Advance Borrowing denominated in Dollars may be made as, converted into or continued as a Fixed Rate Borrowing, (after ii) unless repaid, each Eurocurrency Borrowing denominated in Dollars shall be converted to a Floating Rate Borrowing at the expiration end of the current Interest PeriodPeriod applicable thereto and (iii) as no Borrowing denominated in a Eurocurrency AdvanceQualified Foreign Global Currency having an Interest Period in excess of one month may be made or continued. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance Fixed Rate Borrowing shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate Advance Borrowing shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time the Floating Rate Borrowing plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Samples: Credit Agreement (Developers Diversified Realty Corp)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) no Advance Borrowing may be made as, converted into or continued as a LIBOR Rate Borrowing and (after ii) unless repaid, each Eurocurrency Borrowing shall be converted to a Floating Rate Borrowing at the expiration end of the current Interest Period) as a Eurocurrency AdvancePeriod applicable thereto. Upon and during During the continuance of any a Default, the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance LIBOR Rate Borrowing shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate Advance Borrowing shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time the Floating Rate Borrowing plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Samples: Credit Agreement (Retail Value Inc.)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 0, 0 or 0, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 0 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any a Default, the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 0 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 0 or 0, the interest rate rates set forth in clauses (i) and (ii) above shall be applicable to all Advances without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Samples: Senior Term Credit Agreement (Clayton Williams Energy Inc /De)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this Agreement, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the then current Interest Period) as a Eurocurrency Fixed Rate Advance, provided that, notwithstanding the foregoing, any outstanding Multicurrency Advance may be continued for an Interest Period not to exceed one month after such notice to the Borrowers by the Required Lenders. Upon and during the continuance of any DefaultDefault under Section 7.2, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Fixed Rate Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, and (ii) each Floating Rate Advance and any other amount due under this Agreement shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time Floating Rate Loans plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above in clauses (i) and (ii) shall be applicable to all Advances without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Samples: Credit Agreement (Diebold Inc)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.3.5 or 2.3.6, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Committed Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Committed Advance. Upon and during During the continuance of any Default, a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Fixed Rate Advance shall bear interest for the remainder of the applicable Interest Period at the sum of the rate otherwise applicable to such Fixed Rate Advance during such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the sum of the Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above shall be applicable to all Advances without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.10, 2.11 or 2.12, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the beyond its current Interest Period) term as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Base Rate Advance shall bear interest at a rate per annum equal to the Floating Base Rate in effect from time otherwise applicable to time the Base Rate Advance plus 2% per annum, and (iii) ; provided that such rates shall become applicable automatically without notice to the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any Borrower or an election or action on by the part of the Administrative Agent or any LenderLender if a Default occurs under Section 8.7 or Section 8.8, or a Default occurs relating to the payment of principal or interest unless waived by the Required Lenders.
Appears in 1 contract
Samples: Term Loan Agreement (Duke Realty Limited Partnership/)