13Interest. (a) The Loans comprising ABR Borrowings (including Swingline Loans) shall bear interest at the Alternate Base Rate plus the Applicable Rate. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. (c) Each Protective Advance and each Overadvance shall bear interest at the Alternate Base Rate plus the Applicable Rate for Revolving Loans plus 2%. (d) Notwithstanding the foregoing, during the occurrence and continuance of an Event of 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 9.02 requiring the consent of “each Lender affected thereby” for reductions in interest rates), declare that (i) all Loans shall bear interest at 2% plus the rate otherwise applicable to such Loans as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount outstanding hereunder, such amount shall accrue at 2% plus the rate applicable to such fee or other obligation as provided hereunder. (e) Accrued interest on each Loan (for ABR Loans, accrued through the last day of the prior calendar month) shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (d) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. (f) All interest hereunder shall be computed on the basis of a year of three hundred sixty (360) days, except that interest computed by reference to the Alternate Base Rate shall be computed on the basis of a year of three hundred sixty-five (365) days (or three hundred sixty-six (366) days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Sources: Credit Agreement (Cactus, Inc.)
13Interest. (a) The Loans comprising each ABR Borrowings (including Swingline Loans) Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest interest, at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Each Protective Advance and each Overadvance shall bear interest at the Alternate Base Rate plus the Applicable Rate for Revolving Loans plus 2%.
(d) Notwithstanding the foregoing, during if any principal of or interest on any Loan or any fee or other amount payable by the occurrence and continuance of an Event of DefaultBorrower hereunder is not paid when due, the Administrative Agent whether at stated maturity, upon acceleration or the Required Lenders mayotherwise, such overdue amount shall bear interest, after as well as before judgment, at their option, by notice a rate per annum equal to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.02 requiring the consent of “each Lender affected thereby” for reductions in interest rates), declare that (i) all Loans shall bear interest at in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loans Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount outstanding hereunderamount, such amount shall accrue at 2% plus the rate applicable to such fee or other obligation ABR Loans as provided hereunderin paragraph (a) of this Section.
(ed) Accrued interest on each Loan (for ABR Loans, accrued through the last day of the prior calendar month) shall be payable in arrears on each Interest Payment Date for such Loan and and, in the case of Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (dc) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(fe) All interest hereunder shall be computed on the basis of a year of three hundred sixty (360) 360 days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of three hundred sixty-five (365) 365 days (or three hundred sixty-six (366) 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Sources: Credit Agreement (Virtusa Corp)
13Interest. (a) The Loans comprising each ABR Borrowings Borrowing (including each Swingline LoansLoan) shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurodollar Term SOFR Borrowing shall bear interest at the Adjusted LIBO Rate Term SOFR for the Interest Period in effect for such Borrowing plus the Applicable Rate..
(c) Each Protective Advance and each Overadvance shall bear interest at the Alternate Base Rate plus the Applicable Rate for Revolving Loans plus 2%.
(d) Notwithstanding the foregoing, during if any principal of or interest on any Loan or any fee or other amount payable by the occurrence and continuance of an Event of DefaultBorrower hereunder is not paid when due, the Administrative Agent whether at stated maturity, upon acceleration or the Required Lenders mayotherwise, such overdue amount shall bear interest, after as well as before judgment, at their option, by notice a rate per annum equal to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.02 requiring the consent of “each Lender affected thereby” for reductions in interest rates), declare that (i) all Loans shall bear interest at 2in the case of overdue principal of any Loan or an unreimbursed LC Disbursement, 2.00% per annum plus the rate otherwise applicable to such Loans Loan as provided in the preceding paragraphs of this Section or in Section 2.05(i) or (ii) in the case of any other amount outstanding hereunderamount, such amount shall accrue at 22.00% per annum plus the rate applicable to such fee or other obligation ABR Revolving Loans as provided hereunderin paragraph (a) of this Section; provided that no amount of interest in excess of that provided for under paragraphs (a) and (b) of this Section shall accrue or be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(ed) Accrued interest on each Loan (for ABR Loans, accrued through the last day of the prior calendar month) shall be payable in arrears on each Interest Payment Date for such Loan and and, in the case of Revolving Loans of any Class, upon termination of the Commitments; Revolving Commitments of such Class, provided that (i) interest accrued pursuant to paragraph (dc) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability PeriodMaturity Date applicable thereto), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Term SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(fe) All interest hereunder shall be computed on the basis of a year of three hundred sixty (360) 360 days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of three hundred sixty-five (365) 365 days (or three hundred sixty-six (366) 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate Adjusted Term SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
13Interest. (a) The Loans comprising each ABR Borrowings Borrowing (including each Swingline LoansLoan) shall bear interest at the Alternate Base Rate plus the Applicable RateMargin.
(b) The Loans comprising each Eurodollar Term SOFR Borrowing shall bear interest at the Adjusted LIBO Rate Term SOFR for the Interest Period in effect for such Borrowing plus the Applicable Rate▇▇▇▇▇▇; provided that if Term SOFR shall be determined pursuant to clause (a)(ii) of the definition thereof, each such Loan shall be deemed to bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to Daily Simple SOFR for each day such Loan remains outstanding plus the Applicable Margin.
(c) Each Protective Advance and each Overadvance shall bear interest at the Alternate Base Rate plus the Applicable Rate for Revolving Loans plus 2%.
(d) Notwithstanding the foregoing, during if (x) any principal of or interest on any Loan or any fee payable by the occurrence Borrower hereunder is not paid when due (after the expiration of any applicable grace period), whether at stated maturity, upon acceleration or otherwise or (y) an Event of Default under Section 7.01(h) or (i) has occurred and continuance is continuing, such overdue amount (which, in the case of an Event of Default, the Administrative Agent Default under Section 7.01(h) 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 9.02 requiring the consent of “each Lender affected thereby” for reductions in interest rates), declare that (i) all Loans shall be deemed to include the entire outstanding amount of the Loans) shall bear interest, after as well as before judgment, to the fullest extent permitted by law, at a rate per annum equal to (i) in the case of overdue principal or interest at 2of any Loan, 2.00% plus the rate otherwise applicable to such Loans as provided then borne by (in the preceding paragraphs case of this Section such principal) such Borrowings or (in the case of interest) the Borrowings to which such overdue amount relates or (ii) in the case of any other amount outstanding hereunderamounts, such amount shall accrue at 22.00% plus the rate applicable to such fee or other obligation ABR Loans as provided hereunderin paragraph (a) of this Section; provided that no default rate shall accrue on the Loans of a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(ed) Accrued interest on each Loan (for ABR Loans, accrued through the last day of the prior calendar month) shall be payable in arrears on each Interest Payment Date for such Loan and and, in the case of Revolving Loans, upon termination of the applicable Revolving Commitments; , provided that (i) interest accrued pursuant to paragraph (dc) of this Section shall be payable on written demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Revolving Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Term SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(fe) All interest hereunder shall be computed on the basis of a year of three hundred sixty (360) 360 days, except that interest computed by reference to the Alternate Base Rate shall be computed on the basis of a year of three hundred sixty-five (365) 365 days (or three hundred sixty-six (366) 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The 123 applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate Adjusted Term SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Sources: First Lien Credit Agreement (GoodRx Holdings, Inc.)
13Interest. (a) The Loans comprising each ABR Borrowings (including Swingline Loans) Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurodollar EurocurrencySOFR Borrowing shall bear interest at the Adjusted LIBO Rate RateTerm SOFR for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Each Protective Advance and each Overadvance shall bear interest at the Alternate Base Rate plus the Applicable Rate for Revolving Loans plus 2%.
(d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the occurrence and continuance of an Event of Default, the Administrative Agent or the Required Lenders may, at their option, by notice to the Borrower Default under clauses (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.02 requiring the consent of “each Lender affected thereby” for reductions in interest ratesa), declare that (b), (h) or (i) all Loans of Section 7.01, such overdue amount shall bear interest interest, after as well as before judgment, at 2a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% per annum plus the rate otherwise applicable to such Loans Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount outstanding hereunder(including overdue interest), such amount shall accrue at 22.00% per annum plus the rate applicable to ABR Revolving Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such fee Lender shall be a Defaulting Lender; provided, further, that no amounts shall accrue pursuant to this Section 2.13(c) on any overdue amount, reimbursement obligation in respect of any LC Disbursement or other obligation amount payable to a Defaulting Lender so long as provided hereundersuch Lender shall be a Defaulting Lender; provided, further, that such amounts shall be payable to any non-Defaulting Lender which assumes the obligations of a Defaulting Lender pursuant to Section 2.22(a)(iv).
(ed) Accrued interest on each Loan (for ABR Loans, accrued through the last day of the prior calendar month) shall be payable in arrears on each Interest Payment Date for such Loan and and, in the case of Revolving Loans, upon termination of the Revolving Commitments; , provided that (i) interest accrued pursuant to paragraph (dc) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Revolving Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar EurocurrencySOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(fe) All computations of interest hereunder for ABR Loans (including ABR Loans determined by reference to the Adjusted LIBO RateTerm SOFR) shall be computed made on the basis of a year of three hundred sixty (360) 365 or 366 days, except that as the case may be, and actual days elapsed. All other computations of fees and interest computed by reference to the Alternate Base Rate shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a year of three hundred sixty365-five (365) days (or three hundred sixty-six (366) days in a leap day year). Interest shall accrue on each Loan for the day on which the Loan is made, and in each case shall be payable not accrue on a Loan, or any portion thereof, for the actual number of days elapsed (including day on which the first Loan or such portion is paid, provided that any Loan that is repaid on the same day but excluding the last on which it is made shall, subject to Section 2.18, bear interest for one day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined Each determination by the Administrative Agent, and such determination Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.
Appears in 1 contract
Sources: Credit Agreement (Amc Entertainment Holdings, Inc.)
13Interest. (a) The Loans comprising each ABR Borrowings (including Swingline Loans) Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurodollar Term Benchmark Borrowing shall bear interest at the Adjusted LIBO Term SOFR Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Each Protective Advance and each Overadvance RFR Loan shall bear interest at a rate per annum equal to the Alternate Base Rate Adjusted Daily Simple SOFR plus the Applicable Rate for Revolving Loans plus 2%Rate.
(d) Notwithstanding the foregoing, during if any principal of or interest on any Loan or any fee or other amount payable by the occurrence and continuance of an Event of DefaultBorrower hereunder is not paid when due, the Administrative Agent whether at stated maturity, upon acceleration or the Required Lenders mayotherwise, such overdue amount shall bear interest, after as well as before judgment, at their option, by notice a rate per annum equal to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.02 requiring the consent of “each Lender affected thereby” for reductions in interest rates), declare that (i) all Loans shall bear interest at in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loans Loan as provided in the preceding paragraphs of this Section 2.13 or (ii) in the case of any other amount outstanding hereunderamount, such amount shall accrue at 2% plus the rate applicable to such fee or other obligation ABR Loans that are Term Loans as provided hereunderin clause (a) of this Section 2.13.
(e) Accrued interest on each Loan (for ABR Loans, accrued through the last day of the prior calendar month) shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the CommitmentsLoan; provided that (i) interest accrued pursuant to paragraph (dSection 2.13(d) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Loan prior to the end of the Availability Period)Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Term Benchmark Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(f) All interest hereunder shall be computed on the basis of a year of three hundred sixty (360) 360 days, except that interest computed by reference to the Alternate Base Rate only at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of three hundred sixty-five (365) 365 days (or three hundred sixty-six (366) 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The A determination of the applicable Alternate Base Rate, Adjusted LIBO Rate Term SOFR Rate, Term SOFR Rate, Adjusted Daily Simple SOFR or LIBO Rate Daily Simple SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Sources: Credit Agreement (Harmony Biosciences Holdings, Inc.)
13Interest. (a) The Loans comprising each ABR Borrowings (including Swingline Loans) Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurodollar Term Benchmark Borrowing shall bear interest in the case of a Term Benchmark Revolving Loan, at the Adjusted LIBO Term SOFR Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Each Protective Advance and each Overadvance RFR Loan shall bear interest at a rate per annum equal to the Alternate Base Rate Adjusted Daily Simple SOFR plus the Applicable Rate for Revolving Loans plus 2%.Rate. ANTERO CREDIT AGREEMENT
(d) Notwithstanding the foregoing, during if any principal of or interest on any Loan or any fee or other amount payable by the occurrence and continuance of an Event of DefaultBorrower hereunder is not paid when due, the Administrative Agent whether at stated maturity, upon acceleration or the Required Lenders mayotherwise, such overdue amount shall bear interest, after as well as before judgment, at their option, by notice a rate per annum equal to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.02 requiring the consent of “each Lender affected thereby” for reductions in interest rates), declare that (i) all Loans shall bear interest at in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loans Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount outstanding hereunderamount, such amount shall accrue at 2% plus the rate applicable to such fee or other obligation ABR Loans as provided hereunderin paragraph (a) of this Section.
(e) Accrued interest on each Loan (for ABR Loans, accrued through the last day of the prior calendar month) shall be payable in arrears on each Interest Payment Date for such Loan and and, in the case of Revolving Loans, upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (d) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Term Benchmark Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(f) All interest Interest computed by reference to the Term SOFR Rate or Daily Simple SOFR hereunder shall be computed on the basis of a year of three hundred sixty (360) 360 days, except that interest . Interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of three hundred sixty-five (365) 365 days (or three hundred sixty-six (366) 366 days in a leap year), and in . In each case interest shall be payable for the actual number of days elapsed (including the first day but excluding the last day). All interest hereunder on any Loan shall be computed on a daily basis based upon the outstanding principal amount of such Loan as of the applicable date of determination. The applicable Alternate Base Rate, Adjusted LIBO Rate Term SOFR Rate, Term SOFR Rate, Adjusted Daily Simple SOFR or LIBO Rate Daily Simple SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
13Interest. (a) The Loans comprising each ABR Borrowings (including Swingline Loans) Borrowing shall bear interest at the Alternate Base Rate ABR plus the Applicable RateMargin.
(b) The Loans comprising each Eurodollar Term Benchmark Borrowing shall bear interest at the Adjusted LIBO Term SOFR Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Each Protective Advance and each Overadvance Swingline Loan shall bear interest at the Alternate Base Rate plus the Applicable Rate for Revolving Loans plus 2%as determined in accordance with Section 2.04.
(d) Notwithstanding the foregoing, during if any principal of or interest on any Loan or any fee or other amount payable by the occurrence and continuance of an Event of DefaultBorrower hereunder is not paid when due, the Administrative Agent whether at stated maturity, upon acceleration or the Required Lenders mayotherwise, such overdue amount shall bear interest, after as well as before judgment, at their option, by notice a rate per annum equal to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.02 requiring the consent of “each Lender affected thereby” for reductions in interest rates), declare that (i) all Loans shall bear interest at in the case of overdue amounts of any Loan, 2% plus the rate otherwise applicable to such Loans Loan as provided in the preceding paragraphs clauses of this Section 2.13 or (ii) in the case of any other amount outstanding hereunderoverdue amount, such amount shall accrue at 2% plus the rate applicable to such fee or other obligation ABR Loans as provided hereunderin clause (a) of this Section 2.13; provided, that this clause (d) shall not apply to any Event of Default that has been waived by the Lenders pursuant to Section 9.08.
(e) Accrued interest on each Loan (for ABR Loans, accrued through the last day of the prior calendar month) shall be payable in arrears (i) on each Interest Payment Date for such Loan and Loan, (ii) in the case of Revolving Facility Loans, upon termination of the Commitmentsapplicable Revolving Facility Commitments and (iii) in the case of the Term Loans, on the applicable Term Facility Maturity Date; provided provided, that (iA) interest accrued pursuant to paragraph clause (d) of this Section 2.13 shall be payable on demand, (iiB) in the event of any repayment or prepayment of any Loan (other than a prepayment of a Revolving Facility Loan that is an ABR Loan prior to the end of the Availability Periodthat is not made in conjunction with a permanent commitment reduction), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iiiC) in the event of any conversion of any Eurodollar Term Benchmark Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(f) All computations of interest hereunder shall be computed for ABR Loans when the ABR is based on the basis of a year of three hundred sixty (360) days, except that interest computed by reference to the Alternate Base Prime Rate shall be computed on the basis of a year of three hundred sixty-five (365) 365 days (or three hundred sixty-six (366) 366 days in a leap year), ) and in all other computations of fees and interest hereunder (including interest computed by reference to the Term SOFR Rate) shall be computed on the basis of a year of 360 days. In each case interest shall be payable for the actual number of days elapsed (including the first day but excluding the last day). All interest hereunder on any Loan shall be computed on a daily basis based upon the outstanding principal amount of such Loan as of the applicable date of determination. The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate ABR and Term Benchmark shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
13Interest. (a) The Loans comprising each ABR Borrowings (including Swingline Loans) Borrowing shall bear interest at the Alternate Base Rate ABR plus the Applicable RateMargin.
(b) The Loans comprising each Eurodollar Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Each Protective Advance and each Overadvance shall bear interest at the Alternate Base Rate plus the Applicable Rate for Revolving Loans plus 2%.
(d) Notwithstanding the foregoing, during (x) upon the occurrence and continuance during the continuation of an Event of DefaultDefault (other than an Event of Default described in Section 7.01(b), the Administrative Agent 7.01(c), 7.01(h) or the Required Lenders may7.01(i))), at their option, by notice to the Borrower (which notice may be revoked at the option election of the Required Lenders notwithstanding Lenders, and (y) upon the occurrence of any provision Event of Default described in Section 9.02 requiring the consent of “each Lender affected thereby” for reductions in interest rates7.01(b), declare that 7.01(c), 7.01(h) or 7.01(i)), automatically, the principal amount of all Loans outstanding and, to the extent permitted by applicable law, any interest payments on the Loans or any fees or other amounts owed hereunder, shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of the principal amount of all Loans shall bear interest at 2outstanding, 2.00% plus the rate otherwise applicable to such Loans Loan as provided in the preceding paragraphs clauses of this Section 2.13, or (ii) in the case of any other amount outstanding owed hereunder, such amount shall accrue at 22.00% plus the rate applicable to such fee or other obligation ABR Loans as provided hereunderin clause (a) of this Section; provided, that this clause (c) shall not apply to any Event of Default that has been waived by the Lenders pursuant to Section 9.08.
(ed) Accrued interest on each Loan (for ABR Loans, accrued through the last day of the prior calendar month) shall be payable in arrears (i) on each Interest Payment Date for such Loan and Loan, (ii) in the case of Revolving Facility Loans, upon termination of the Commitmentsapplicable Revolving Facility Commitments and (iii) in the case of the Term Loans, on the applicable Term Facility Maturity Date; provided provided, that (iA) interest accrued pursuant to paragraph clause (dc) of this Section 2.13 shall be payable on demand, (iiB) in the event of any repayment or prepayment of any Loan (other than a prepayment of a Revolving Facility Loan that is an ABR Loan prior to the end of the Availability Periodthat is not made in conjunction with a permanent commitment reduction), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iiiC) in the event of any conversion of any Eurodollar Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion..
(fe) All interest hereunder shall be computed on the basis of a year of three hundred sixty (360) 360 days, except that interest computed by reference to the Alternate Base ABR at times when the ABR is based on the Prime Rate shall be computed on the basis of a year of three hundred sixty-five (365) 365 days (or three hundred sixty-six (366) 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base RateABR, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(f) In each case, subject to the Subordination Terms and Section 7.02:
(i) With respect to each Interest Payment Date occurring on or prior to July 29, 2021, the Borrower may, at its option, elect to pay interest on the Loans on such Interest Payment Date (A) entirely in cash (“Cash Interest”), (B) entirely by increasing the outstanding principal amount of the Loans (“PIK Interest”) or (C) a portion as Cash Interest and a portion as PIK Interest. The Borrower must elect the form of interest payment with respect to each Interest Payment Date occurring on or prior to July 29, 2021 by delivering a notice to the Administrative Agent at least one Business Day prior to the applicable Interest Payment Date; provided that in the absence of such election, interest on the Loans shall be payable as PIK Interest.
(ii) With respect to each Interest Payment Date occurring during the period commencing after July 29, 2021 and ending on or prior to December 31, 2022 (the “PIK End Date”), interest on the Loans shall be payable on such Interest Payment Date solely as Cash Interest; provided that if Liquidity determined on a pro forma basis after giving effect to the payment of any Cash Interest on the Loans on such Interest Payment Date would be less than $45,000,000, then interest on the Loans payable on such Interest Payment Date shall be payable as follows: (x) interest on the Loans shall be payable as Cash Interest to the extent (if any) that Liquidity determined on a pro forma basis after giving effect to the payment of such Cash Interest on the Loans would not be less than $45,000,000 and (y) with respect to any remaining interest on the Loans after giving effect to clause (x), the Borrower may, at its option, elect to pay such remaining interest on the Loans (A) entirely as Cash Interest, (B) entirely as PIK Interest or (C) a portion as Cash Interest and a portion as PIK Interest; provided, further, that the Borrower shall deliver to the Administrative Agent at least one Business Day prior to the applicable Interest Payment Date a certificate signed by a Financial Officer of the Borrower setting forth the pro forma calculation of Liquidity in reasonable detail and, in the case of clause (y) of the immediately preceding proviso, electing the form of interest payment with respect to such Interest Period (provided that in the absence of such election, interest on the Loans shall be payable as PIK Interest to the extent permitted under this Section 2.13(f)(ii)).
(iii) With respect to each Interest Payment Date occurring after the PIK End Date, interest on the Loans shall be payable on such Interest Payment Date solely as Cash Interest.
(iv) Any Cash Interest paid pursuant to this Section 2.13(f) on any Interest Payment Date shall be applied so that the aggregate amount of such Cash Interest payment is allocated among the Term B Loans, the Term B-1 Loans and the Term B-2 Loans (and the Revolving Facility Loans to the extent interest thereon is payable on such Interest Payment Date), pro rata based on the aggregate principal amount of outstanding Term B Loans, Term B-1 Loans and the Term B-2 Loans (and the Revolving Facility Loans to the extent interest thereon is payable on such Interest Payment Date).
Appears in 1 contract
13Interest. (a) The Loans comprising each ABR Borrowings (including Swingline Loans) Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurodollar Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Each Protective Advance and each Overadvance shall bear interest at the Alternate Base Rate plus the Applicable Rate for Revolving Loans plus 2%.
(d) Notwithstanding the foregoing, during if any principal of or interest on any Loan or any fee or other amount payable by the occurrence and continuance of an Event of DefaultBorrower hereunder is not paid when due, the Administrative Agent whether at stated maturity, upon acceleration or the Required Lenders mayotherwise, such overdue amount shall bear interest, after as well as before judgment, at their option, by notice a rate per annum equal to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.02 requiring the consent of “each Lender affected thereby” for reductions in interest rates), declare that (i) all Loans shall bear interest at in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loans Loan as provided in the preceding paragraphs of this Section 2.13 or (ii) in the case of any other amount outstanding hereunderamount, such amount shall accrue at 2% plus the rate applicable to such fee or other obligation ABR Loans as provided hereunderin clause (a) of this Section 2.13.
(ed) Accrued interest on each Loan (for ABR Loans, accrued through the last day of the prior calendar monthquarter) shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided provided, that (i) interest accrued pursuant to paragraph clause (dc) of this Section 2.13 shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(fe) All interest hereunder shall be computed on the basis of a year of three hundred sixty (360) 360 days, except that (x) interest computed by reference to the Alternate Base Rate shall be computed on the basis of a year of three hundred sixty-five (365) 365 days (or three hundred sixty-six (366) 366 days in a leap year), or (y) or, in the case of interest in respect of Loans denominated in Alternative Currencies as to which market practice differs from the foregoing, in accordance with such market practice, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(f) For the purposes of the Interest Act (Canada), (i) whenever a rate of interest or fee rate hereunder is calculated on the basis of a year (the “deemed year”) that contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest or fee rate shall be expressed as a yearly rate by multiplying such rate of interest or fee rate by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year, (ii) the principle of deemed reinvestment of interest shall not apply to any interest calculation hereunder and (iii) the rates of interest stipulated herein are intended to be nominal rates and not effective rates or yields.
Appears in 1 contract
13Interest. (a) The Loans comprising each ABR Borrowings (including Swingline Loans) Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest interest, at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Each Protective Advance and each Overadvance shall bear interest at the Alternate Base Rate plus the Applicable Rate for Revolving Loans plus 2%.
(d) Notwithstanding the foregoing, during if any principal of or interest on any Loan or any fee or other amount payable by the occurrence and continuance of an Event of DefaultBorrower hereunder is not paid when due, the Administrative Agent whether at stated maturity, upon acceleration or the Required Lenders mayotherwise, such overdue amount shall bear interest, after as well as before judgment, at their option, by notice a rate per annum equal to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.02 requiring the consent of “each Lender affected thereby” for reductions in interest rates), declare that (i) all Loans shall bear interest at in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loans Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount outstanding hereunderamount, such amount shall accrue at 2% plus the rate applicable to such fee or other obligation ABR Loans as provided hereunderin paragraph (a) of this Section.
(ed) Accrued interest on each Loan (for ABR Loans, accrued through the last day of the prior calendar month) shall be payable in arrears on each Interest Payment Date for such Loan and and, in the case of Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (d) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(fe) All interest hereunder shall be computed on the basis of a year of three hundred sixty (360) 360 days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of three hundred sixty-five (365) 365 days (or three hundred sixty-six (366) 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇, Adjusted LIBO ▇▇▇▇▇▇▇▇ ▇▇▇▇ Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Sources: Credit Agreement (Virtusa Corp)
13Interest. (a) The Loans comprising ABR Borrowings (including Swingline Loans) shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b1) The Loans comprising each Eurodollar ABR Borrowing shall (including each Swingline Loan) will bear interest at the ABR plus the Applicable Margin.
(2) The Loans comprising each SOFR Borrowing will bear interest at the Adjusted LIBO Rate Term SOFR for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c3) Each Protective Advance and each Overadvance shall bear interest at the Alternate Base Rate plus the Applicable Rate for Revolving Loans plus 2%.
(d) Notwithstanding the foregoing, during Following the occurrence and continuance during the continuation of an a Specified Event of Default, the Administrative Agent or applicable Borrowers will pay interest on overdue amounts hereunder at a rate per annum equal to (a) in the Required Lenders maycase of overdue principal of any Loan, 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 9.02 requiring the consent of “each Lender affected thereby” for reductions in interest rates), declare that (i) all Loans shall bear interest at 22.00% plus the rate otherwise applicable to such Loans Loan as provided in the preceding paragraphs of this Section 2.13 or (iib) in the case of overdue interest or any other amount outstanding hereunderoverdue amount, such amount shall accrue at 22.00% plus the rate applicable to such fee or other obligation ABR Loans as provided hereunderin clause (1) of this Section 2.13.
(e4) Accrued interest on each Loan (for ABR Loans, accrued through the last day of the prior calendar month) shall will be payable by the applicable Borrowers, in arrears (a) on each Interest Payment Date for such Loan Loan; (b) on the applicable Maturity Date; and (c) upon termination of the Commitments; provided that that:
(i) interest accrued pursuant to paragraph (d3) of this Section shall 2.13 will be payable on demand, ;
(ii) in the event of any repayment or prepayment of any Loan (other than a prepayment repayment of an ABR Revolving Loan or Swingline Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall will be payable on the date of such repayment or prepayment and repayment; and
(iii) in the event of any conversion of any Eurodollar SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall will be payable on the effective date of such conversion.
(f) All interest hereunder shall be computed on the basis of a year of three hundred sixty (360) days, except that interest computed by reference to the Alternate Base Rate shall be computed on the basis of a year of three hundred sixty-five (365) days (or three hundred sixty-six (366) days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract
Sources: Loan Agreement (Ulta Beauty, Inc.)
13Interest. (a) The Loans comprising ABR Borrowings (including Swingline Loans) shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b1) The Loans comprising each Eurodollar ABR Borrowing shall (including each Swingline Loan) will bear interest at the ABR plus the Applicable Margin.
(2) The Loans comprising each SOFR Borrowing will bear interest at the Adjusted LIBO Rate Term SOFR for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c3) Each Protective Advance and each Overadvance shall bear interest at the Alternate Base Rate plus the Applicable Rate for Revolving Loans plus 2%.
(d) Notwithstanding the foregoing, during Following the occurrence and continuance during the continuation of an a Specified Event of Default, the Administrative Agent or applicable Borrowers will pay interest on overdue amounts hereunder at a rate per annum equal to (a) in the Required Lenders maycase of overdue principal of any Loan, 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 9.02 requiring the consent of “each Lender affected thereby” for reductions in interest rates), declare that (i) all Loans shall bear interest at 22.00% plus the rate otherwise applicable to such Loans Loan as provided in the preceding paragraphs of this Section 2.13 or (iib) in the case of overdue interest or any other amount outstanding hereunderoverdue amount, such amount shall accrue at 22.00% plus the rate applicable to such fee or other obligation ABR Loans as provided hereunderin clause (1) of this Section 2.13.
(e4) Accrued interest on each Loan (for ABR Loans, accrued through the last day of the prior calendar month) shall will be payable by the applicable Borrowers, in arrears (a) on each Interest Payment Date for such Loan Loan; (b) on the applicable Maturity Date; and (c) upon termination of the Commitments; provided that that:
(i) interest accrued pursuant to paragraph (d3) of this Section shall 2.13 will be payable on demand, ;
(ii) in the event of any repayment or prepayment of any Loan (other than a prepayment repayment of an ABR Revolving Loan or Swingline Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall will be payable on the date of such repayment or prepayment and repayment; and
(iii) in the event of any conversion of any Eurodollar SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall will be payable on the effective date of such conversion.
(f5) All interest hereunder shall will be computed on the basis of a year of three hundred sixty (360) 360 days, except that interest computed by reference to the Alternate Base Rate shall ABR at times when the ABR is based on the prime rate will be computed on the basis of a year of three hundred sixty-five (365) 365 days (or three hundred sixty-six (366) 366 days in a leap year), and and, in each case shall case, will be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, ABR or Adjusted LIBO Rate or LIBO Rate shall Term SOFR will be determined by the Administrative Agent, and such determination shall will be conclusive absent manifest error..
Appears in 1 contract
Sources: Loan Agreement (Ulta Beauty, Inc.)
13Interest. (a) The Loans comprising each ABR Borrowings (including Swingline Loans) Borrowing shall bear interest at the Alternate Base Rate ABR plus the Applicable RateMargin.
(b) The Loans comprising each Eurodollar Term Benchmark Borrowing shall bear interest at the Adjusted LIBO Term SOFR Rate for the Interest Period in effect for such Borrowing plus the Applicable RateMargin.
(c) Each Protective Advance and each Overadvance Swingline Loan shall bear interest at the Alternate Base Rate plus the Applicable Rate for Revolving Loans plus 2%as determined in accordance with Section 2.04.
(d) Notwithstanding the foregoing, during if any principal of or interest on any Loan or any fee or other amount payable by the occurrence and continuance of an Event of DefaultBorrower hereunder is not paid when due, the Administrative Agent whether at stated maturity, upon acceleration or the Required Lenders mayotherwise, such overdue amount shall bear interest, after as well as before judgment, at their option, by notice a rate per annum equal to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.02 requiring the consent of “each Lender affected thereby” for reductions in interest rates), declare that (i) all Loans shall bear interest at in the case of overdue amounts of any Loan, 2% plus the rate otherwise applicable to such Loans Loan as provided in the preceding paragraphs clauses of this Section 2.13 or (ii) in the case of any other amount outstanding hereunderoverdue amount, such amount shall accrue at 2% plus the rate applicable to such fee or other obligation ABR Loans as provided hereunderin clause (a) of this Section 2.13; provided, that this clause (d) shall not apply to any Event of Default that has been waived by the Lenders pursuant to Section 9.08.
(e) Accrued interest on each Loan (for ABR Loans, accrued through the last day of the prior calendar month) shall be payable in arrears (i) on each Interest Payment Date for such Loan and Loan, (ii) in the case of Revolving Facility Loans, upon termination of the Commitmentsapplicable Revolving Facility Commitments and (iii) in the case of the Term Loans, on the applicable Term Facility Maturity Date; provided provided, that (iA) interest accrued pursuant to paragraph clause (d) of this Section 2.13 shall be payable on demand, (iiB) in the event of any repayment or prepayment of any Loan (other than a prepayment of a Revolving Facility Loan that is an ABR Loan prior to the end of the Availability Periodthat is not made in conjunction with a permanent commitment reduction), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iiiC) in the event of any conversion of any Eurodollar Term Benchmark Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(f) All computations of interest hereunder shall be computed for ABR Loans when the ABR is based on the basis of a year of three hundred sixty (360) days, except that interest computed by reference to the Alternate Base Prime Rate shall be computed on the basis of a year of three hundred sixty-five (365) 365 days (or three hundred sixty-six (366) 366 days in a leap year), ) and in all other computations of fees and interest hereunder (including interest computed by reference to the Term SOFR Rate) shall be computed on the basis of a year of 360 days. In each case interest shall be payable for the actual number of days elapsed (including the first day but excluding the last day). All interest hereunder on any Loan shall be computed on a daily basis based upon the outstanding principal amount of such Loan as of the applicable date of determination. The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate ABR and Term Benchmark shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 1 contract