Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7, 2.8 or 2.9, during the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower, declare that no Advance may be made as, converted into or continued as a Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower, declare that (i) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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 LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 2% per annum, provided that during the continuance of a Default under Sections 7(g) or 7(h), the interest 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 Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
Appears in 14 contracts
Samples: Credit Agreement, Credit Agreement, Credit Agreement
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7, 2.8 Section 2.2.3 or 2.9Section 2.2.4, during the continuance of a Default or Unmatured Default, the Required Lenders may, at their option, by notice to the BorrowerBorrower (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 as a Eurodollar Advance. During the continuance of a Default Default, the Required Lenders may, at their option, by notice to the BorrowerBorrower (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) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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) each LIBOR Market Index the Letter of Credit Fee Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 21.5% per annum, provided that that, during the continuance of a Default under Sections 7(g) Section 7.7 or 7(h)7.8, the interest rates set forth in clauses (i), (ii) and (iiiii) above and the increase in the LC Letter of Credit Fee Rate set forth in clause (iviii) above shall be applicable to all applicable Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
Appears in 4 contracts
Samples: Credit Agreement (Madison Gas & Electric Co), Credit Agreement (Madison Gas & Electric Co), Credit Agreement (Madison Gas & Electric Co)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7, 2.8 or 2.9, during the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower, declare that no Advance may be made as, converted into or continued as a Eurodollar SOFR Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower, declare that (i) each Eurodollar SOFR Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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 annum, (iii) each LIBOR SOFR Market Index Rate Advance shall bear interest at a the rate per annum equal otherwise applicable to the LIBOR such SOFR Market Index Rate Advance in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 2% per annum, provided that during the continuance of a Default under Sections 7(g) or 7(h), the interest 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 Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
Appears in 3 contracts
Samples: Credit Agreement (Idaho Power Co), Credit Agreement (Idaho Power Co), Credit Agreement
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7, 2.8 Section 2.02(c) or 2.9Section 2.02(d), during the continuance of a Default or an Event of Default the Required Lenders Majority Banks may, at their option, by notice to the BorrowerCompany (which notice may be revoked at the option of the Majority Banks notwithstanding any provision of Section 10.01 requiring unanimous consent of the Banks to changes in interest rates), declare that no Advance may be made as, converted into or continued as a Eurodollar Advance. During If any Advance is not paid at maturity, whether by acceleration or otherwise, the continuance of a Default the Required Lenders Majority Banks may, at their option, by notice to the BorrowerCompany (which notice may be revoked at the option of the Majority Banks notwithstanding any provision of Section 10.01 requiring unanimous consent of the Banks to changes in interest rates), declare that (i) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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 otherwise applicable to time such Floating Rate Advance plus 2% per annum and (iii) each LIBOR Market Index Rate Advance shall bear interest at a the rate per annum equal applicable to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Letter of Credit Fee shall be increased by 2% per annum, provided that during the continuance of a Default under Sections 7(g) or 7(h), the interest 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 Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
Appears in 2 contracts
Samples: Credit Agreement (Mdu Resources Group Inc), Credit Agreement (Mdu Resources Group Inc)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7, 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 Borrower, declare that no Advance may be made as, converted into or continued as a Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower, declare that (i) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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) each LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 2% per annum, provided that during the continuance of a Default under Sections 7(g) or 7(h), the interest rates set forth in clauses (i), (ii) and (iiiii) above and the increase in the LC Fee set forth in clause (iviii) above shall be applicable to all Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
Appears in 2 contracts
Samples: Credit Agreement (Idaho Power Co), Credit Agreement (Idaho Power Co)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7, 2.8 Section 2.09 or 2.92.10, during the continuance of a Default or on and after the Required Lenders maythirtieth day of a continuing Unmatured Default, at their option, by notice to the Borrower, declare that no Advance may be made as, converted into or continued as a Eurodollar Advance. During the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the BorrowerBorrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.03 requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) each outstanding Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus two percent (2% %) per annum, (ii) each Floating Rate Advance and each Swing Loan shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus two percent (2% per annum (iii%) each LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iviii) the LC Fee shall be increased by two percent (2% %) per annum; provided that, provided that during the continuance of a Default under Sections 7(g) Section 7.06 or 7(h)7.07, the interest rates set forth in clauses (i), (ii) and (iiiii) above and the increase in the LC Fee set forth in clause (iviii) above shall be applicable to all Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
Appears in 2 contracts
Samples: Credit Agreement (Miller Mechanical Contractors Inc), Credit Agreement (American Plumbing & Mechanical Inc)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7, SECTION 2.8 or 2.9, during the continuance of a Default the Required Lenders may, at their option, by notice to the BorrowerBorrower (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 as a Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the BorrowerBorrower (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) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at a rate per annum equal to the rate Eurodollar Rate otherwise applicable to such Interest Period plus 2% per annum, annum and (ii) each Floating Base 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 LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Base Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 2% per annumprovided that, provided that during the continuance of a Default under Sections 7(g) SECTION 7.6 or 7(h)7.7, the interest rates set forth in clauses (i), (ii) and (iii) above and the increase in the LC Fee set forth in clause (ivii) above shall be applicable to all Credit Extensions Advances without any election or action on the part of the Administrative Agent or any Lender.
Appears in 2 contracts
Samples: Credit Agreement (Houghton Mifflin Co), Credit Agreement (Houghton Mifflin Co)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7Section 2.8, 2.8 2.9 or 2.92.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the BorrowerBorrower (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 as a Eurodollar Advance. During the continuance of a Default the Required Lenders mayunder Section 7.1, at their option, by notice 7.6 (relating to the Borrower) or 7.7 (relating to the Borrower) and without any election or action on the part of the Agent or any Lender, declare that (i) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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) each LIBOR Market Index Rate Advance the LC Fee shall bear interest at be increased to a rate per annum equal to the LIBOR Market Index Rate Applicable Margin used to determine the interest applicable to Eurodollar Loans in effect from time to time plus 2% per annum, and (iv) provided that the Required Lenders may, at their option revoke such increase notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates or the LC Fee shall be increased by 2% per annum, provided that during the continuance of a Default under Sections 7(g) or 7(h), the interest 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 Credit Extensions without any election or action on the part of the Administrative Agent or any LenderFee.
Appears in 2 contracts
Samples: Credit Agreement (Pinnacle West Capital Corp), Credit Agreement (Pinnacle West Capital Corp)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7Section 2.9, 2.8 Section 2.10 or 2.9Section 2.11, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Borrower, declare that no Advance may be made as, converted into or continued as a Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower, declare that (i) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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) each LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 2% per annum, provided that that, during the continuance of a Default under Sections 7(g) Section 10.6 or 7(h)Section 10.7, the interest rates set forth in clauses (i), (ii) and (iiiii) above and the increase in the LC Fee set forth in clause (iviii) above shall be applicable to all Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
Appears in 2 contracts
Samples: Credit Agreement (Cimarex Energy Co), Credit Agreement (Cimarex Energy Co)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7, 2.8 Section 2.02(c) or 2.9Section 2.02(d), during the continuance of a Default or an Event of Default the Required Lenders Majority Banks may, at their option, by notice to the BorrowerCompany (which notice may be revoked at the option of the Majority Banks notwithstanding any provision of Section 10.01 requiring unanimous consent of the Banks to changes in interest rates), declare that no Advance may be made as, converted into or continued as a Eurodollar Advance. During If any Advance is not paid at maturity, whether by acceleration or otherwise, the continuance of a Default the Required Lenders Majority Banks may, at their option, by notice to the BorrowerCompany (which notice may be revoked at the option of the Majority Banks notwithstanding any provision of Section 10.01 requiring unanimous consent of the Banks to changes in interest rates), declare that (i) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum, (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 such Base Rate Advance plus 2% per annum and (iii) each LIBOR Market Index Rate Advance shall bear interest at a the rate per annum equal applicable to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Letter of Credit Fee shall be increased by 2% per annum, provided that during the continuance of a Default under Sections 7(g) or 7(h), the interest 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 Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
Appears in 2 contracts
Samples: Credit Agreement (Mdu Resources Group Inc), Credit Agreement (Mdu Resources Group Inc)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7Section 2.4, 2.8 2.8, 2.9, 2.10 or 2.92.11, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the BorrowerBorrower (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 as a Eurodollar Eurocurrency Advance. During the continuance of a Default Default, unless waived by the Required Lenders mayLenders, at their option, by notice to the Borrower, declare that (i) each Eurodollar Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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 annum, (iii) each LIBOR Market Index Rate Advance the LC Fee shall be increased by 2% per annum and (iv) all overdue interest, other fees and other amounts shall bear interest at a rate per annum equal to the LIBOR Market Index Floating Rate then in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 2% per annum, provided that during the continuance of a Default under Sections 7(g) or 7(h), the interest 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 Credit Extensions each case without any election or action on the part of the Administrative Agent or any Lender.
Appears in 2 contracts
Samples: Credit Agreement (Viad Corp), Credit Agreement (Viad Corp)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7, SECTION 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 BorrowerBorrower (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 as a Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the BorrowerBorrower (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 (ia) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum, annum and (iib) each Floating Rate ABR 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 LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Alternate Base Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 2% per annumPROVIDED that, provided that during the continuance of a Default under Sections 7(g) SECTION 7.4, 7.5 or 7(h)7.6, the interest rates set forth in clauses (i), (iia) and (iii) above and the increase in the LC Fee set forth in clause (ivb) above shall be applicable to all Credit Extensions Advances without any election or action on the part of the Administrative Agent or any Lender.
Appears in 2 contracts
Samples: Credit Agreement (State Auto Financial Corp), Credit Agreement (State Auto Financial Corp)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7, Section 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 Borrower, declare that no Advance may be made as, converted into or continued as a Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower, declare that (i) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (but calculated as if the highest Applicable Margin was then in effect) 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 (but calculated as if the highest Applicable Margin was then in effect) plus 2% per annum and (iii) each LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be calculated as if the highest Applicable Margin was then in effect and increased by 2% per annum, provided that that, during the continuance of a Default under Sections 7(g) Section 7.6 or 7(h)7.7, the interest rates set forth in clauses (i), (ii) and (iiiii) above and the increase in the LC Fee set forth in clause (iviii) above shall be applicable to all Credit Extensions without any election or action on the part of the Administrative Agent or any Lender, subject in all events to the limitations of the Maximum Rate.
Appears in 2 contracts
Samples: Credit Agreement (Centex Construction Products Inc), Credit Agreement (Centex Construction Products Inc)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7, Section 2.8 or 2.9, during the continuance of a Default or Unmatured Default the Required Lenders Bank may, at their its option, by notice to the Borrower, declare that no Advance may be made as, converted into or continued as a Eurodollar Advance. During the continuance of a Default the Required Lenders Bank may, at their its option, by notice to the Borrower, declare that (i) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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) each LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 2% per annum, provided that that, during the continuance of a Default under Sections 7(g) Section 7.6 or 7(h)7.7, the interest rates set forth in clauses (i), (ii) and (iiiii) above and the increase in the LC Fee set forth in clause (iviii) above shall be applicable to all Credit Extensions without any election or action on the part of the Administrative Agent or any LenderBank.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7, 2.8 Section 2.9 or 2.92.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the BorrowerBorrower (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 as a Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the BorrowerBorrower (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) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum, (ii) each Floating Rate Advance and each Swing Line Loan in any Eligible Currency 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) each LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 2% per annum, provided that that, during the continuance of a Default under Sections 7(g) Section 7.6 or 7(h)7.7, the interest rates set forth in clauses (i), (ii) and (iiiii) above and the increase in the LC Fee set forth in clause (iviii) above shall be applicable to all Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Samples: Credit Agreement (Pioneer Standard Electronics Inc)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7, 2.8 Section 2.9 or 2.92.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the BorrowerBorrower (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 as a Eurodollar EurodollarTerm Benchmark Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the BorrowerBorrower (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) each Eurodollar EurodollarTerm Benchmark Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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) each LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 2% per annum, provided that that, during the continuance of a Default under Sections 7(g) Section 7.6 or 7(h)7.7, the interest rates set forth in clauses (i), (ii) and (iiiii) above and the increase in the LC Fee set forth in clause (iviii) above shall be applicable to all Credit Extensions 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 Sections 2.7, 2.8 Section 2.9 or 2.92.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Borrower, Parent declare that no Advance may be made as, converted into or continued at the end of the applicable Interest Period as a Eurodollar Eurocurrency Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the BorrowerParent, declare that (ia) each Eurodollar Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum, (iib) 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 LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (ivc) the LC Fee shall be increased by 2% per annum, provided that that, during the continuance of a Default under Sections 7(g) Section 7.6 or 7(h)7.7, the interest rates set forth out in clauses (i), (iia) and (iiib) above above, and the increase in the LC Fee set forth in clause (ivc) above above, shall be applicable to all Credit Extensions without any election or action on the part of the Administrative Agent or any Lender. Any notice given by Required Lenders under this Section 2.13 may be revoked by Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7, Section 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 BorrowerBorrowers, declare that no Advance may be made as, converted into or continued as a Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the BorrowerBorrowers, declare that (i) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (but calculated as if the highest Applicable Margin was then in effect) 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 (but calculated as if the highest Applicable Margin was then in effect) plus 2% per annum and (iii) each LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be calculated as if the highest Applicable Margin was then in effect and increased by 2% per annum, provided that that, during the continuance of a Default under Sections 7(g) Section 7.6 or 7(h)7.7, the interest rates set forth in clauses (i), (ii) and (iiiii) above and the increase in the LC Fee set forth in clause (iviii) above shall be applicable to all Credit Extensions without any election or action on the part of the Administrative Agent or any Lender, subject in all events to the limitations of the Maximum Rate.
Appears in 1 contract
Samples: Credit Agreement (Centex Construction Products Inc)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7, SECTION 2.8 or 2.9, during the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower, declare that no Advance may be made as, converted into or continued as a Eurodollar AdvanceAdvance (except with the consent of the Agent and the Required Lenders) when any Default or Unmatured Default has occurred and is continuing. During the continuance of a Default the Required Lenders may, at their option, by notice to the BorrowerBorrower (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 (ia) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate Eurodollar Rate otherwise applicable to such Interest Period plus 21% per annum, (iib) each Floating Alternate Base Rate Advance shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus 21% per annum (iii) each LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (ivc) the LC Fee shall be increased by 21% per annumannum PROVIDED that, provided that during the continuance of a Default under Sections 7(g) SECTION 7.6 or 7(h)7.7, the interest rates set forth in clauses (i), (iia) and (iiib) above and the increase in the LC Fee set forth in clause (ivc) above shall be applicable to all Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Samples: 364 Day Credit Agreement (Aon Corp)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7, Section 2.8 or 2.9, during the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower, declare that no Advance may be made as, converted into or continued as a Eurodollar AdvanceEurocurrency Advance in Dollars. During the continuance of a Default the Required Lenders may, at their option, by notice to the BorrowerBorrower (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) each Eurodollar Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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) each LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal the letter of credit fee payable pursuant to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee Section 2.4.5 shall be increased by 2% per annumannum above the fee otherwise applicable, provided that that, during the continuance of a Default under Sections 7(g) Section 7.6 or 7(h)7.7, the interest rates and letter of credit fee 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 Credit Extensions Advances and Letters of Credit, respectively, 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 Sections 2.7Section 2.4, 2.8 2.8, 2.9, 2.10 or 2.92.11, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the BorrowerBorrower (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 as a Eurodollar Advance. During the continuance of a Default Default, unless waived by the Required Lenders mayLenders, at their option, by notice to the Borrower, declare that (i) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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 annum, (iii) each LIBOR Market Index Rate Advance the LC Fee shall be increased by 2% per annum and (iv) all overdue interest, other fees and other amounts shall bear interest at a rate per annum equal to the LIBOR Market Index Floating Rate then in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 2% per annum, provided that during the continuance of a Default under Sections 7(g) or 7(h), the interest 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 Credit Extensions each case without any election or action on the part of the Administrative Agent or any Lender.. Table of Contents
Appears in 1 contract
Samples: Credit Agreement (Viad Corp)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7, 2.8 or 2.9, during the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower, declare that no Advance may be made as, converted into or continued as a Eurodollar EurodollarSOFR Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower, declare that (i) each Eurodollar EurodollarSOFR Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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 annum, (iii) each LIBOR LIBORSOFR Market Index Rate Advance shall bear interest at a athe rate per annum equal to the LIBOR LIBORotherwise applicable to such SOFR Market Index Rate Advance in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 2% per annum, provided that during the continuance of a Default under 39 15524773v115524773v5 Sections 7(g) or 7(h), the interest 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 Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Samples: Credit Agreement (Idaho Power Co)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7Section 2.2.3, 2.8 Section 2.2.4 or 2.92.8, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Borrower, declare that no Ratable Advance may be made as, converted into or continued as a Eurodollar Ratable Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower, declare that (i) each Eurodollar Fixed Rate Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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 otherwise applicable to time the Floating Rate Advance plus 2% per annum and (iii) each LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 2% per annum, provided that that, during the continuance of a Default under Sections 7(g) Section 7.6 or 7(h)7.7, the interest rates set forth in clauses (i), (ii) and (iiiii) above and the increase in the LC Fee set forth in clause (iviii) above shall be applicable to all Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Samples: Credit Agreement (Amli Residential Properties Trust)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7, Section 2.8 or 2.9, during the continuance of a Default or Unmatured Default the Required Lenders Bank may, at their its option, by notice to the Borrower, declare that no Advance may be made as, converted into or continued as a Eurodollar Eurocurrency Advance. During the continuance of a Default the Required Lenders Bank may, at their its option, by notice to the Borrower, declare that (i) each Eurodollar Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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) each LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 2% per annum, provided that that, during the continuance of a Default under Sections 7(g) Section 7.6 or 7(h)7.7, the interest rates set forth in clauses (i), (ii) and (iiiii) above and the increase in the LC Fee set forth in clause (iviii) above shall be applicable to all Credit Extensions without any election or action on the part of the Administrative Agent or any LenderBank.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7Section 2.2.3, 2.8 Section 2.2.4 or 2.92.8, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Borrower, declare that no Ratable Advance may be made as, converted into or continued as a Eurodollar Ratable Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower, declare that (i) each Eurodollar Fixed Rate Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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 otherwise applicable to time the Floating Rate Advance plus 2% per annum and (iii) each LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 2% per annum, provided that PROVIDED that, during the continuance of a Default under Sections 7(g) Section 7.6 or 7(h)7.7, the interest rates set forth in clauses (i), (ii) and (iiiii) above and the increase in the LC Fee set forth in clause (iviii) above shall be applicable to all Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Samples: Credit Agreement (Amli Residential Properties Trust)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7, 2.8 or 2.9, during the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower, declare that no Advance may be made as, converted into or continued as a Eurodollar EurodollarSOFR Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower, declare that (i) each Eurodollar EurodollarSOFR Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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 annum, (iii) each LIBOR LIBORSOFR Market Index Rate Advance shall bear interest at a athe rate per annum equal to the LIBOR LIBORotherwise applicable to such SOFR Market Index Rate Advance in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 2% per annum, provided that during the continuance of a Default under Sections 7(g) or 7(h), the interest 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 Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Samples: Credit Agreement (Idaho Power Co)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7, Section 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 BorrowerBorrower (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 as a Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the BorrowerBorrower (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) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 23% 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 23% per annum and (iii) each LIBOR Market Index Rate Advance interest on the Term Loan and Installment Loan shall bear interest at a rate per annum equal to the LIBOR Market Index Rate interest rate then in effect from time to time thereunder plus 2% per annum, and (iv) the LC Fee shall be increased by 23% per annum, provided that that, during the continuance of a Default under Sections 7(g) Section 7.6 or 7(h)7.7, the interest 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 Credit Extensions Advances without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Samples: Loan Agreement (Amrep Corp)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7, 2.8 Section 2.9 or 2.92.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Borrower, Parent declare that no Advance may be made as, converted into or continued at the end of the applicable Interest Period as a Eurodollar Eurocurrency Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the BorrowerParent, declare that (ia) each Eurodollar Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum, (iib) 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 LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (ivc) the LC Fee shall be increased by 2% per annum, provided that that, during the continuance of a Default under Sections 7(g) Section 7.6 or 7(h)7.7, the interest rates set forth out in clauses (i), (iia) and (iiib) above above, and the increase in the LC Fee set forth in clause (ivc) above above, shall be applicable to all Credit Extensions without any election or action on the part of the Administrative Agent or any Lender. Any notice given by Required Lenders under this Section 2.13 may be revoked by Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7Section 2.4, 2.8 2.8, 2.9, 2.10 or 2.92.11, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the BorrowerBorrower (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 as a Eurodollar Advance. During the continuance of a Default Default, unless waived by the Required Lenders mayLenders, at their option, by notice to the Borrower, declare that (i) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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 annum, (iii) each LIBOR Market Index Rate Advance the LC Fee shall be increased by 2% per annum and (iv) all overdue interest, other fees and other amounts shall bear interest at a rate per annum equal to the LIBOR Market Index Floating Rate then in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 2% per annum, provided that during the continuance of a Default under Sections 7(g) or 7(h), the interest 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 Credit Extensions each case without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Samples: Credit Agreement (Viad Corp)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7Section 2.8, 2.8 2.9 or 2.92.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the BorrowerBorrower (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 as a Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the BorrowerBorrower (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) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus two percent (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 two percent (2% %) per annum and (iii) each LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by two percent (2% %) per annum, provided that that, during the continuance of a Default under Sections 7(gSection 7.1(vi) or 7(h7.1(vii), the interest rates set forth in clauses (i), (ii) and (iiiii) above and the increase in the LC Fee set forth in clause (iviii) above shall be applicable to all Credit Extensions 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 Sections 2.7, Section 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 Borrower, declare that no Advance may be made as, converted into or continued as a Eurodollar Eurocurrency Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower, declare that (i) each Eurodollar Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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) each LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 2% per annum, provided that that, during the continuance of a Default under Sections 7(g) Section 7.7, 7.8 or 7(h)7.9, the interest rates set forth in clauses (i), (ii) and (iiiii) above and the increase in the LC Fee set forth in clause (iviii) above shall be applicable to all Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Samples: Credit Agreement (Qad Inc)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.70, 2.8 2.9 or 2.92.10, during the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower, declare that no Advance may be made as, converted into or continued as a Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower, declare that (i) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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 LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 2% per annum, provided that during the continuance of a Default under Sections 7(g6(g) or 7(h6(h), the interest 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 Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Samples: Credit Agreement (Idacorp Inc)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7, 2.8 Section 2.9 or 2.92.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the BorrowerCompany (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 as a Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the BorrowerCompany (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) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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) each LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 2% per annum, provided that that, during the continuance of a Default under Sections 7(g) Section 7.6 or 7(h)7.7, the interest rates set forth in clauses (i), (ii) and (iiiii) above and the increase in the LC Fee set forth in clause (iviii) above shall be applicable to all Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Samples: Credit Agreement (Kaydon Corp)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7, 2.8 Section 2.9 or 2.92.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Borrower, declare that no Advance may be made as, converted into or continued as a Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower, declare that (i) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (but calculated as if the highest Applicable Margin was then in effect) 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 (but calculated as if the highest Applicable Margin was then in effect) plus 2% per annum and (iii) each LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be calculated as if the highest Applicable Margin was then in effect and increased by 2% per annum, provided that that, during the continuance of a Default under Sections 7(g) Section 7.6 or 7(h)7.7, the interest rates set forth in clauses (i), (ii) and (iiiii) above and the increase in the LC Fee set forth in clause (iviii) above shall be applicable to all Credit Extensions without any election or action on the part of the Administrative Agent or any Lender, subject in all events to the limitations of the Maximum Rate.
Appears in 1 contract
Samples: Credit Agreement (Centex Construction Products Inc)
Rates Applicable After Default. Notwithstanding anything to the ------------------------------ contrary contained in Sections 2.7, 2.8 Section 2.9 or 2.92.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the BorrowerBorrowers, declare that no Advance may be made as, converted into or continued as a Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the BorrowerBorrowers, declare that (i) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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) each LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 2% per annum, provided that that, during the continuance of a Default under Sections 7(g) Section 7.6 or 7(h)7.7, the interest rates set forth in clauses (i), (ii) and (iiiii) above and the increase in the LC Fee set forth in clause (iviii) above shall be applicable to all Credit Extensions 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 Sections 2.7, Section 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 BorrowerCompany (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 as a Eurodollar Eurocurrency Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the BorrowerCompany (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) each Eurodollar Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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 LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iviii) the LC Fee shall be increased by 2% per annum, provided that that, during the continuance of a Default under Sections 7(g) Section 7.6 or 7(h)7.7, the interest rates set forth in clauses (i), (ii) and (iiiii) above and the increase in the LC Fee set forth in the clause (iviii) above shall be applicable to all Credit Extensions 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 Sections Section 2.7, 2.8 or 2.92.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice from the Agent to the BorrowerBorrower (which notice may be revoked at the option of the Required Lenders by notice from the Agent to the Borrower 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 as a Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the BorrowerBorrower (which notice may be revoked at the option of the Required Lenders by notice from the Agent to the Borrower notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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 (iii) each LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 2% per annum, provided that that, during the continuance of a Default under Sections 7(g) Section 7.6 or 7(h)7.7, the interest rates set forth in clauses (i), (ii) and (iii) above and the increase in the LC Fee set forth in clause (ivii) above shall be applicable to all Credit Extensions 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 Sections 2.7Section 2.8, 2.8 2.9 or 2.92.10, during the continuance of a Default the Required Lenders may, at their option, by notice to the BorrowerBorrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) no Advance may be made as, converted into or continued as a Eurodollar AdvanceAdvance with an Interest Period greater than one month or (ii) all Eurodollar Advances shall convert to Floating Rate Advances. During the continuance of a Default the Required Lenders may, at their option, by notice to the BorrowerBorrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that that, to the extent permitted by law, (i) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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 (iii) each LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 2% per annum, provided that that, during the continuance of a Default under Sections 7(g) Section 8.6 or 7(h)8.7, the interest rates set forth in clauses (i), (ii) and (iii) above and the increase in the LC Fee set forth in clause (ivii) above shall be applicable to all Credit Extensions Advances without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Samples: Senior Term Second Lien Secured Credit Agreement (Quest Resource Corp)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7Section 2.2.3, 2.8 Section 2.2.4 or 2.92.8, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the BorrowerBorrower (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 as a Eurodollar Ratable Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the BorrowerBorrower (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) each Eurodollar Fixed Rate Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% four percent (4%) per annum, (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 plus 2% per annum (iii) each LIBOR Market Index the Floating Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% four percent (4%) per annum, and (iviii) the LC Fee shall be increased by 2% four percent (4%) per annum, provided that that, during the continuance of a Default under Sections 7(g) Section 7.5 or 7(h)7.6, the interest 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 Credit Extensions 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 Sections 2.7, 2.8 Section 2.2.3 or 2.9Section 2.2.4, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the BorrowerBorrower (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 as a Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the BorrowerBorrower (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) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum, (ii) each Floating Rate Advance (and any Eurodollar Advance which is not paid at the end of the applicable Interest Period) 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) each LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee Rate shall be increased by 2% per annum, provided that that, during the continuance of a Default under Sections 7(g) Section 7.6 or 7(h)7.7, the interest rates set forth in clauses (i), (ii) and (iiiii) above and the increase in the LC Fee Rate set forth in clause (iviii) above shall be applicable to all applicable Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
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Samples: Credit Agreement (Portland General Electric Co /Or/)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Sections 2.7, 2.8 or 2.9, during the continuance of a Default the Required Lenders 12640621v 24740.0002 44 may, at their option, by notice to the Borrower, declare that no Advance may be made as, converted into or continued as a Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower, declare that (i) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period 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 LIBOR Market Index Rate Advance shall bear interest at a rate per annum equal to the LIBOR Market Index Rate in effect from time to time plus 2% per annum, and (iv) the LC Fee shall be increased by 2% per annum, provided that during the continuance of a Default under Sections 7(g) or 7(h), the interest 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 Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
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Samples: Credit Agreement (Idaho Power Co)