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Common use of Successor Rate Clause in Contracts

Successor Rate. (i) The Administrative Agent will promptly (in one or more notices) notify the Borrower and each Lender of the implementation of any Successor Rate. (ii) Any Successor Rate shall be applied in a manner consistent with market practice; provided, that, to the extent such market practice is not administratively feasible for the 0000-0000-0000 v.7 Administrative Agent, then such Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. (iii) Notwithstanding anything else herein, if, at any time, any Successor Rate as so determined would otherwise be less than zero percent (0.0%) per annum, then the Successor Rate will be deemed to equal zero percent (0.0%) per annum for all purposes of this Agreement and the other Loan Documents. (iv) In connection with the implementation of a Successor Rate, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement; provided, that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming Changes to the Borrower and the Lenders reasonably promptly after such amendment becomes effective.

Appears in 1 contract

Samples: Credit Agreement (Powell Industries Inc)

Successor Rate. (i) If the Successor Rate is Daily Simple SOFR, all interest payments will continue to be payable on a quarterly basis. The Administrative Agent will promptly (in one or more notices) notify the Borrower and each Lender of the implementation of any Successor Rate. (ii) . Any Successor Rate shall be applied in a manner consistent with market practice; provided, that, provided that to the extent such market practice is not administratively feasible for the 0000-0000-0000 v.7 Administrative Agent, then such Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. (iii) . Notwithstanding anything else herein, if, if at any time, time any Successor Rate as so determined would otherwise be less than zero percent (0.03.0%) per annum, then the Successor Rate will be deemed to equal zero percent (0.0%) per annum be 3.0% for all the purposes of this Agreement and the other Loan Documents. (iv) . In connection with the implementation of a Successor Rate, the Administrative Agent will have the right to make Conforming Changes from time to time time, in consultation with the Borrower, and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement; provided, provided that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming Changes to the Borrower and the Lenders reasonably promptly after such amendment becomes effective.

Appears in 1 contract

Samples: Credit Agreement (Ameresco, Inc.)

Successor Rate. (i) If the Successor Rate is Daily Simple SOFR plus the SOFR Adjustment, all interest payments will be payable on a quarterly basis. The Administrative Agent will promptly (in one or more notices) notify the Borrower and each Lender of the implementation of any Successor Rate. (ii) . Any Successor Rate shall be applied in a manner consistent with market practice; provided, that, provided that to the extent such market practice is not administratively feasible for the 0000-0000-0000 v.7 Administrative Agent, then such Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. (iii) . Notwithstanding anything else herein, if, if at any time, time any Successor Rate as so determined would otherwise be less than zero percent (0.0%) per annumzero%, then the Successor Rate will be deemed to equal zero percent (0.0%) per annum be zero% for all the purposes of this Agreement and the other Loan Documents. (iv) . In connection with the implementation of a Successor Rate, the Administrative Agent will have the right to make Conforming Changes from time to time time, in consultation with the Borrower, and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement; provided, provided that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming Changes to the Borrower and the Lenders reasonably promptly after such amendment becomes effective. For purposes of this Section 3.03, those Lenders that either have not made, or do not have an obligation under this Agreement to make, the relevant Loans in the relevant Alternative Currency shall be excluded from any determination of Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Ameresco, Inc.)

Successor Rate. (i) The Administrative Agent will promptly (in one or more notices) notify the Borrower and each Lender of the implementation of any Successor Rate. (ii) . Any Successor Rate shall be applied in a manner consistent with market practice; provided, that, provided that to the extent such market practice is not administratively feasible for the 0000-0000-0000 v.7 Administrative Agent, then such Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. (iii) . Notwithstanding anything else herein, if, if at any time, time any Successor Rate as so determined would otherwise be less than zero percent (0.00.00%) per annum, then the Successor Rate will be deemed to equal zero percent (0.0%) per annum be 0.00% for all the purposes of this Agreement and the other Loan Documents. (iv) . In connection with the implementation of a Successor Rate, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement; provided, provided that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming Changes to the Borrower and the Lenders reasonably promptly after such amendment becomes effective. This Section 3.03(e) shall supersede any provisions in Section 10.01 to the contrary. (f) For purposes of this Section 3.03, those Lenders that either have not made, or do not have an obligation under this Agreement to make, the relevant Loans in the relevant Alternative Currency shall be excluded from any determination of Required Lenders with respect to the replacement of the Relevant Rate for such Alternative Currency.

Appears in 1 contract

Samples: Credit Agreement (Healthpeak Properties, Inc.)

Successor Rate. (i) The Administrative Agent will promptly (in one or more notices) notify the Borrower and each Lender of the implementation of any Successor Rate. (ii) . Any Successor Rate shall be applied in a manner consistent with market practice; provided, that, provided that to the extent such market practice is not administratively feasible for the 0000-0000-0000 v.7 Administrative Agent, then such Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. (iii) . Notwithstanding anything else herein, if, if at any time, time any Successor Rate as so determined would otherwise be less than zero percent (0.0%) per annumzero, then the Successor Rate will be deemed to equal be zero percent (0.0%) per annum for all the purposes of this Agreement and the other Loan Documents. (iv) . In connection with the implementation of a Successor Rate, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement; provided, provided that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming Changes to the Borrower and the Lenders reasonably promptly after such amendment becomes effective. For purposes of this Section 3.03, those Lenders that either have not made, or do not have an obligation under this Agreement to make, the relevant Loans in Dollars or the relevant Alternative Currency shall be excluded from any determination of Required Lenders.

Appears in 1 contract

Samples: Credit Agreement (Guidewire Software, Inc.)