Common use of Rates Applicable After Default Clause in Contracts

Rates Applicable After Default. Notwithstanding anything to the contrary contained in 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 (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 reductions in interest rates), declare that no Revolving Credit 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 (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 reductions in interest rates), declare that (a) 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 and (b) each Alternate Base Rate Advance shall bear interest at a rate per annum equal to the Alternate Base Rate in effect from time to time plus 2% per annum, provided that, during the continuance of a Default under Section 8.6 or 8.7, the interest rates set forth in clauses (a) and (b) above shall be applicable to all Revolving Credit Advances without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Samples: Assignment Agreement (Navigators Group Inc)

AutoNDA by SimpleDocs

Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 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 Borrower Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that no Revolving Credit 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 Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that (ai) 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 and annum, (bii) each Alternate Base Floating Rate Advance shall bear interest at a rate per annum equal to the Alternate Base Floating Rate in effect from time to time plus 2% per annum and (iii) the LC Fee shall be increased by 2% per annum, provided that, during the continuance of a Default under Section 8.6 7.6 or 8.77.7, the interest rates set forth in clauses (ai) and (bii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Revolving Credit Advances 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 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 9.1 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that no Revolving Credit Advance may be made as, converted into or continued as a Eurodollar Advance. During the continuance of a Default the Administrative Agent or the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 9.1 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that (ai) 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 and (bii) each Alternate Base Floating Rate Advance shall bear interest at a rate per annum equal to the Alternate Base Floating Rate in effect from time to time plus 2% per annum, ; provided that, during the continuance of a Default under Section 8.6 or 8.77.3, the interest rates set forth in clauses (ai) and (bii) above shall be applicable to all Revolving Credit Advances without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Samples: Revolving Credit Agreement (Bok Financial Corp Et Al)

Rates Applicable After Default. Notwithstanding anything to the ------------------------------ contrary contained in Section 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 Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes ----------- in interest rates), declare that no Revolving Credit Advance may be made as, converted into or continued as a Eurodollar Advance. During the continuance of a Default (including the Borrower's failure to pay any Loan at maturity) the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest ----------- rates), declare that (a) each Eurodollar Advance shall bear interest for the remainder any overdue portion of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum and (b) each Alternate Base Rate Advance Advances, fees or any other Obligations hereunder shall bear interest at a rate per annum equal to the Alternate Base Floating Rate in effect from time to time plus 2% per annum, provided that, during the continuance of a Default under Section 8.6 7.6 or 8.7----------- 7.7, the such interest rates set forth in clauses (a) and (b) above rate shall be applicable to all Revolving Credit Advances Advances, fees and other --- Obligations hereunder without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Samples: Revolving Credit Agreement (Mead Corp)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.5 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that no Revolving Credit 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.5 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that (ai) 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 the Applicable Margin from time to time in effect plus 2% per annum and (bii) each Alternate Base Floating Rate Advance shall bear interest at a rate per annum equal to the Alternate Base Floating Rate in effect from time to time plus 2% per annum and (iii) each of the Letter of Credit fees described in Section 2.17.9 shall be increased by 2% per annum, provided that, during the continuance of a Default under Section 8.6 7.6 or 8.77.7, the interest rates set forth in clauses (ai) and (bii) above and the increase in the Letter of Credit fees set forth in clause (iii) above shall be applicable to all Revolving Credit Advances without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Samples: Credit Agreement (Vectren Corp)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.8 2.10 or 2.92.11, during the continuance of a Default or Unmatured Default Default, the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that no Revolving Credit Advance Loans to Borrower may be made as, converted into or continued as a Eurodollar AdvanceLoan. During the continuance of a Default Default, the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that (a) each Eurodollar Advance Loan shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum and (b) each Alternate Base Floating Rate Advance 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, provided that, that during the continuance of a Default under Section 8.6 7.6 or 8.77.7, the interest rates set forth in clauses (a) and (b) above shall be applicable to all Revolving Credit Advances outstanding Loans to Borrower without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Samples: Term Loan Agreement (Atlantic City Electric Co)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.8 2.10, 2.11 or 2.92.12, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that no Revolving Credit Advance may be made as, converted into or continued as a Eurodollar LIBOR Advance. During the continuance of a 25 of 82 Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that (ai) each Eurodollar LIBOR 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 and (bii) each Alternate Swingline Loan and each Base Rate Advance shall bear interest at a rate per annum equal to the Alternate Base Rate in effect from time to time plus 2% per annum, provided that, during the continuance of a Default under Section 8.6 7.1.2, 7.1.6 or 8.77.1.7, the interest rates set forth in clauses (ai) and (bii) above shall be applicable to all Revolving Credit Advances without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Samples: Credit Agreement (Sei Investments Co)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that no Revolving Credit Advance may be made as, converted into or continued as a Eurodollar LIBOR Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that (ai) each Eurodollar LIBOR 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 and (bii) each Alternate Base Floating Rate Advance and all fees and other Obligations hereunder shall bear interest at a rate per annum equal to the Alternate Base Floating Rate in effect from time to time plus 2% per annum, provided that, during the continuance of a Default under Section 8.6 7.6 or 8.77.7, the interest rates set forth in clauses (ai) and (bii) above shall be applicable to all Revolving Credit Advances and on any accrued but unpaid fees and other Obligations without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Samples: Credit Agreement (Insurance Auto Auctions Inc /Ca)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.8 2.10, 2.11 or 2.92.12, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that no Revolving Credit 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that (ai) 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 and (bii) each Alternate Base Swingline Loan and each Floating Rate Advance shall bear interest at a rate per annum equal to the Alternate Base Floating Rate in effect from time to time plus 2% per annum, provided that, during the continuance of a Default under Section 8.6 7.6 or 8.77.7, the interest rates set forth in clauses (ai) and (bii) above shall be applicable to all Revolving Credit Advances without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Samples: Credit Agreement (Sei Investments Co)

Rates Applicable After Default. Notwithstanding anything to the ------------------------------ contrary contained in Section 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 Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of ----------- the Lenders to reductions changes in interest rates), declare that no Revolving Credit Advance may be made as, converted into or continued as a Eurodollar LIBOR Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous ----------- consent of the Lenders to reductions changes in interest rates), declare that (a) 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 and (b) each Alternate Base Rate Advance Loan shall bear interest at a higher rate which is two percentage points (2.00%) per annum equal to above the Alternate Base Interest Rate then in effect from time to time plus 2% per annumhereunder; provided, provided that, that -------- during the continuance of a Default under Section 8.6 7.6 or 8.77.7, the interest rates higher rate ----------- --- set forth in clauses (a) and (b) above shall be applicable to all Revolving Credit Advances Loans without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Samples: Credit Agreement (Ohio Casualty Corp)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.8 or 2.9herein, during the continuance existence of a Default or Unmatured Default Default, the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that no Revolving Credit Advance may be made as, converted into or continued as a Eurodollar Advance. During the continuance existence of a Default Default, the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that (ai) 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 and (bii) each Alternate Base Floating Rate Advance shall bear interest at a rate per annum equal to the Alternate Base Floating Rate in effect from time to time plus 2% per annum, provided that, during the continuance existence of a Default under Section 8.6 7.1.6 or 8.77.1.7, the interest rates set forth in clauses (ai) and (bii) above shall be applicable to all Revolving Credit Advances without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Samples: Assignment Agreement (Southwestern Energy Co)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in 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 Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that no Revolving Credit 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 Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that (ai) 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 and (bii) each Alternate Base Floating Rate Advance shall bear interest at a rate per annum equal to the Alternate Base Floating Rate in effect from time to time plus 2% per annum, provided that, during the continuance of a Default under Section 8.6 7.6 or 8.77.7, the interest rates set forth in clauses (ai) and (bii) above shall be applicable to all Revolving Credit Advances without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Samples: Assignment Agreement (Cardinal Health Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that no Revolving Credit Advance Portion may be made as, converted into or continued as a Eurodollar AdvancePortion. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that (a) each Eurodollar Advance shall bear interest for the remainder outstanding principal balance of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum and Loans (bwhether theretofore consisting of one or more Eurodollar Portions or Floating Rate Portions) each Alternate Base Rate Advance shall thereafter bear interest at a rate per annum equal to the Alternate Alternative Base Rate in effect from time to time time, plus 2% per annum6%, provided PROVIDED that, during the continuance of a Default under Section 8.6 7.4 or 8.77.5, the default interest rates rate set forth in clauses (a) and (b) above herein shall be applicable to all Revolving Credit Advances the Loan without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Samples: Loan Agreement (Great Lakes Reit)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.8 2.2.3, 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 Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that no Revolving Credit 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 Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that (ai) 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% four percent (4%) per annum annum, and (bii) each Alternate Base Floating Rate Advance shall bear interest at a rate per annum equal to the Alternate Base Floating Rate in effect from time otherwise applicable to time the Floating Rate Advance plus 2% four percent (4%) per annum, provided that, during the continuance of a Default under Section 8.6 7.5 or 8.77.6, the interest rates set forth in clauses (ai) and (bii) above shall be applicable to all Revolving Credit Advances without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Samples: Term Loan Agreement (Sun Communities Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that no Revolving Credit 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that (ai) each Eurodollar Advance shall bear interest for the remainder of the applicable Eurodollar Interest Period at the rate otherwise applicable to such Eurodollar Interest Period plus 23% per annum and (bii) each Alternate Base Floating Rate Advance shall bear interest at a rate per annum equal to the Alternate Base Floating Rate in effect from time to time plus 23% per annum, provided PROVIDED that, during the continuance of a Default under Section 8.6 7.6 or 8.77.7, the interest rates set forth in clauses (ai) and (bii) above shall be applicable to all Revolving Credit Advances without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Samples: Credit Agreement (Unifab International Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.8 2.10, 2.11 or 2.92.12, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Borrower (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 reductions changes in interest rates), declare that no Revolving Credit Advance may be made as, converted into or continued beyond its current term as a Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower (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 reductions changes in interest rates), declare that (ai) 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 and (bii) each Alternate Base Rate Advance shall bear interest at a rate per annum equal to the Alternate Base Rate in effect from time otherwise applicable to time the Base Rate Advance plus 2% per annum, ; provided that, during that such rates shall become applicable automatically without notice to the continuance of a Default under Section 8.6 Borrower or 8.7, the interest rates set forth in clauses (a) and (b) above shall be applicable to all Revolving Credit Advances without any 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/)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.8 2.7 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that no Revolving Credit 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that (ai) each Eurodollar Advance shall bear interest for the remainder of the applicable Eurodollar Interest Period at the rate otherwise applicable to such Eurodollar Interest Period plus 2% per annum and (bii) each Alternate Base Floating Rate Advance shall bear interest at a rate per annum equal to the Alternate Base Floating Rate in effect from time to time plus 2% per annum, provided that, during the continuance of a Default under Section 8.6 7.6 or 8.77.7, the interest rates set forth in clauses (ai) and (bii) above shall be applicable to all Revolving Credit Advances without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Samples: Assignment Agreement (Superior Energy Services Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 9.1 requiring unanimous consent of the Lenders to reductions in interest rates), declare that no Revolving Credit 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 9.1 requiring unanimous consent of the Lenders to reductions in interest rates), ) declare that (a) each 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 and (bii) each Alternate Base Rate Advance (other than those under clause (i) above) and each Swingline 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, ; provided that, during the continuance of a Default under Section 8.6 7.6 or 8.77.7, the interest rates set forth in clauses (ai) and (bii) above shall be applicable to all Revolving Credit Advances and Swingline Loans without any election or action on the part of the Agent or any Lender.. 1.13

Appears in 1 contract

Samples: Assignment Agreement (Hovnanian Enterprises Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in 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 Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that no Revolving Credit 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 Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that (ai) each (x) 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 Period, and (by) each Alternate Base Floating Rate Advance Advance, shall bear interest at a rate per annum equal to the Alternate Base Floating Rate in effect from time to time plus 2% per annum and (ii) the LC Fee shall be increased by 2% per annum, provided that, during the continuance of a Default under Section 8.6 7.6 or 8.77.7, the interest rates set forth in clauses (ai) above and the increase in the LC Fee set forth in clause (bii) above shall be applicable to all Revolving Credit Advances Extensions without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Samples: Credit Agreement (MPW Industrial Services Group Inc)

AutoNDA by SimpleDocs

Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 SECTION 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that no Revolving Credit 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 SECTION 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that (ai) 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 and (bii) each Alternate Base Floating Rate Advance shall bear interest at a rate per annum equal to the Alternate Base Floating Rate in effect from time to time plus 2% per annum, provided PROVIDED that, during the continuance of a Default under Section 8.6 SECTION 7.6 or 8.77.7, the interest rates set forth in clauses (ai) and (bii) above shall be applicable to all Revolving Credit Advances without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Samples: Credit Agreement (Ch Energy Group Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), ) declare that no Revolving Credit 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that (ai) 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 and (bii) each Alternate Base Floating Rate Advance shall bear interest at a rate per annum equal to the Alternate Base Floating Rate in effect from time to time plus 2% per annum, provided PROVIDED that, during the continuance of a Default under Section 8.6 7.6 or 8.77.7, the interest rates set forth in clauses (ai) and (bii) above shall be applicable to all Revolving Credit Advances without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Samples: Credit Agreement (Tc Pipelines Lp)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that no Revolving Credit 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that (ai) each Eurodollar Advance shall bear interest for the remainder of the applicable Eurodollar Interest Period at the rate otherwise applicable to such Eurodollar Interest Period plus 2% per annum and (bii) each Alternate Base Floating Rate Advance shall bear interest at a rate per annum equal to the Alternate Base Floating Rate in effect from time to time plus 2% per annum, provided PROVIDED that, during the continuance of a Default under Section 8.6 7.6 or 8.77.7, the interest rates set forth in clauses (ai) and (bii) above shall be applicable to all Revolving Credit Advances without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Samples: Credit Agreement (Superior Energy Services Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that no Revolving Credit Advance Portion may be made as, converted into or continued as a Eurodollar AdvancePortion. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that (a) each Eurodollar Advance shall bear interest for the remainder outstanding principal balance of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum and Loans (bwhether theretofore consisting of one or more Eurodollar Portions or Floating Rate Portions) each Alternate Base Rate Advance shall thereafter bear interest at a rate per annum equal to the Alternate Alternative Base Rate in effect from time to time time, plus 2% per annum5%, provided that, during the continuance of a Default under Section 8.6 7.4 or 8.77.5, the default interest rates rate set forth in clauses (a) and (b) above herein shall be applicable to all Revolving Credit Advances the Loan without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Samples: Loan Agreement (Great Lakes Reit)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.8 2.11 or 2.92.12, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that no Revolving Credit 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that (ai) 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 and (b) each Alternate Base Rate Advance shall bear interest at a rate per annum equal to the Alternate Base Floating Rate in effect from time to time plus based on Level IV Status (as determined in accordance with the Pricing Schedule) per annum and (ii) the LC Fee shall be increased by 2% per annum, provided that, during the continuance of a Default under Section 8.6 7.6 or 8.77.7, the interest rates set forth in clauses clause (ai) above and the increase in the LC Fee set forth in clause (bii) above shall be applicable to all Revolving Credit Advances Extensions without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Samples: Credit Agreement (SCP Pool Corp)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in 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 Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 9.1 requiring unanimous consent of the Lenders to reductions in interest rates), declare that no Revolving Credit 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 Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 9.1 requiring unanimous consent of the Lenders to reductions in interest rates), ) declare that (ai) 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 and (bii) each Alternate Base Rate Advance (other than those under clause (i) above) and each Swingline 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, ; provided that, during the continuance of a Default under Section 8.6 7.6 or 8.77.7, the interest rates set forth in clauses (ai) and (bii) above shall be applicable to all Revolving Credit Advances and Swingline Loans without any election or action on the part of the Agent or any Lender.. 2.12

Appears in 1 contract

Samples: Assignment Agreement (Hovnanian Enterprises Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.8 or 2.9, during the continuance of a Default or Unmatured Default the Required Lenders may, at their its option, by notice to the Borrower (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 reductions in interest ratesLenders), declare that no Revolving Credit Advance portion of the Loan to Borrower may be made as, converted into or continued as a Eurodollar AdvanceLoan. During the continuance of a Default Default, the Required Lenders may, at their its option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders Lender notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders Lender and all Purchasers to reductions changes in interest rates), declare that (ai) each the Loan (or any portion thereof), if bearing interest at the Eurodollar Advance Rate, shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum and (bii) each Alternate Base Rate Advance the Loan (or any portion thereof), if bearing interest at the Floating Rate, shall bear interest at a rate per annum equal to the Alternate Base Rate in effect from time to time plus 2% per annum, provided that, that during the continuance of a Default under Section 8.6 7.6 or 8.77.7 with respect to Borrower, the interest rates set forth in clauses (ai) and (bii) above shall be applicable to all Revolving Credit Advances the Outstanding Loan to Borrower without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Samples: Short Term Loan Agreement (Pepco Holdings Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 SECTION 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that no Revolving Credit 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 SECTION 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that (ai) 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 and (bii) each Alternate Base Floating Rate Advance shall bear interest at a rate per annum equal to the Alternate Base Floating Rate in effect from time to time plus 2% per annum, provided ; PROVIDED that, during the continuance of a Default under Section 8.6 SECTION 7.6 or 8.77.7, the interest rates set forth in clauses (ai) and (bii) above shall be applicable to all Revolving Credit Advances without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Samples: Credit Agreement (Kansas City Power & Light Co)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 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 Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that no Revolving Credit 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that (ai) 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 (bii) each Alternate Base Floating Rate Advance shall bear interest at a rate per annum equal to the Alternate Base Floating Rate in effect from time to time plus 2% per annum, provided that, during the continuance of a Default under Section 8.6 7.6 or 8.77.7, the interest rates set forth in clauses (ai) and (bii) above shall be applicable to all Revolving Credit Advances without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Samples: Assignment Agreement (Pioneer Standard Electronics Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that no Revolving Credit 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that (ai) 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 and (bii) each Alternate Base Floating Rate Advance shall bear interest at a rate per annum equal to the Alternate Base Floating Rate in effect from time to time plus 2% per annum, ; provided that, during the continuance of a Default under Section 8.6 7.6 or 8.77.7, the interest rates set forth in clauses (ai) and (bii) above shall be applicable to all Revolving Credit Advances without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Samples: Credit Agreement (Kansas City Power & Light Co)

Rates Applicable After Default. Notwithstanding anything to the ------------------------------ contrary contained in Section 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 Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes ----------- in interest rates), declare that no Revolving Credit Advance may be made as, converted into or continued as a Eurodollar Advance. During the continuance of a Default (including the Borrower's failure to pay any Syndicated Loan at maturity) the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes ----------- in interest rates), declare that (a) each Eurodollar Advance shall bear interest for the remainder any overdue portion of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum and (b) each Alternate Base Rate Advance Advances, fees or any other Obligations hereunder shall bear interest at a rate per annum equal to the Alternate Base Floating Rate in effect from time to time plus 2% per annum, provided that, during the continuance of a Default under Section 8.6 7.6 or 8.7----------- 7.7, the such interest rates set forth in clauses (a) and (b) above rate shall be applicable to all Revolving Credit Advances Advances, fees and other --- Obligations hereunder without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Samples: Day Credit Agreement (Mead Corp)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in 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 (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that no Revolving Credit Advance Loan may be made as, converted into or continued as a Eurodollar AdvanceLoan. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.2 8.2 requiring unanimous consent of the Lenders to reductions changes in interest rates), declare that (ai) each Eurodollar Advance Loan shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum and annum, (bii) each Alternate Base Floating Rate Advance Loan shall bear interest at a rate per annum equal to the Alternate Base Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee shall be increased by 2% per annum, provided that, during the continuance of a Default under Section 8.6 7.6 or 8.77.7, the interest rates set forth in clauses (ai) and (bii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Revolving Credit Advances Extensions without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Samples: Assignment Agreement (Franklin Covey Co)

Time is Money Join Law Insider Premium to draft better contracts faster.