Computation of Fees and Interest. (a) All computations of interest for Base Rate Loans when the Base Rate is determined by LaSalle’s “reference rate” shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more interest being paid than if computed on the basis of a 365/366-day year); provided, that computations of interest for Alternative Currency Loans will be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed if that is the market standard for the applicable Offshore Currency. Interest and fees shall accrue during each period during which interest or such fees are computed from the first day thereof to the last day thereof. (b) For purposes of determining utilization of each Lender’s Commitment in order to calculate the non-use fee due under subsection 2.11(b) and whether or not the utilization-based additions to the Base Rate and the Applicable Margin are applicable, the amount of any outstanding Revolving Loan which is an Offshore Currency Loan on any date shall be determined based upon the Dollar Equivalent amount as of the most recent Computation Date with respect to such Offshore Currency Loan. (c) Each determination of an interest rate or a Dollar Equivalent amount by the Co-Administrative Agent shall be conclusive and binding on the Company and the Lenders in the absence of manifest error. The Co-Administrative Agent will, at the request of the Company or any Lender, deliver to the Company or the Lender, as the case may be, a statement showing the quotations used by the Co-Administrative Agent in determining any interest rate or Dollar Equivalent amount.
Appears in 2 contracts
Computation of Fees and Interest. (a) All computations of interest for Base Rate Loans when the Base Rate is determined by LaSalle’s “reference rate” and of fees shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest for Offshore Rate Loans shall be made on the basis of a 360-day year and actual days elapsed (which results in more interest being paid than if computed on the basis of a 365/366365-day year); provided, that computations of interest for Alternative Currency Loans will be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed if that is the market standard for the applicable Offshore Currency. Interest and fees shall accrue during each period during which interest or such fees are computed from the first day thereof to the last day thereof.
(b) For purposes of determining utilization of each Lender’s Bank's Commitment in order to calculate the non-use commitment fee due under subsection 2.11(b) and whether or not the utilization-based additions to the Base Rate and the Applicable Margin are applicable2.12(b), the amount of any outstanding Revolving Loan which is an Offshore Currency Loan on any date shall be determined based upon the Dollar Equivalent amount as of the most recent Computation Date with respect to such Offshore Currency Loan.
(c) Each determination of an interest rate or a Dollar Equivalent amount by the Co-Administrative Agent shall be conclusive and binding on the Company and the Lenders rebuttably presumptive evidence thereof in the absence of manifest error. The Co-Administrative Agent will, at the request of the Company or any LenderBank, deliver to the Company or the LenderBank, as the case may be, a statement showing the quotations used by the Co-Administrative Agent in determining any interest rate or Dollar Equivalent amount.
(d) If any Reference Bank's Commitment terminates (other than on termination of all the Commitments), or for any reason whatsoever such Reference Bank ceases to be a Bank hereunder, such Reference Bank shall thereupon cease to be a Reference Bank, and the Offshore Rate shall be determined on the basis of the rates as notified by the remaining Reference Bank(s). In such event, the Company (with the consent of the Agent) may designate another Bank as a Reference Bank hereunder.
(e) Each Reference Bank shall use its best efforts to furnish quotations of rates to the Agent as contemplated hereby. If any of the Reference Banks fails to supply such rates to the Agent upon its request, the rate of interest shall be determined on the basis of the quotations of the remaining Reference Bank(s).
Appears in 2 contracts
Sources: Multicurrency Credit Agreement (Payless Shoesource Holdings Inc), Credit Agreement (Payless Shoesource Inc)
Computation of Fees and Interest. (a) All -------------------------------- computations of interest for Base Rate Committed Loans when the Base Rate is determined by LaSalle’s “BofA's "reference rate” " shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of interest and fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more interest being paid than if computed on the basis of a 365/366-day year); provided, that computations of interest for Alternative Currency Loans will be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed if that is the market standard for the applicable Offshore Currencyelapsed. Interest and fees shall accrue during each period during which such interest or such fees are computed from the first day thereof to the last day thereof.
(b) For purposes of determining utilization of each Lender’s Commitment in order to calculate the non-use fee due under subsection 2.11(b) and whether or not the utilization-based additions to the Base Rate and the Applicable Margin are applicable, the amount of any outstanding Revolving Loan which is an Offshore Currency Loan on any date shall be determined based upon the Dollar Equivalent amount as of the most recent Computation Date with respect to such Offshore Currency Loan.
(c) Each determination of an interest rate or a Dollar Equivalent amount by the Co-Administrative Agent shall be conclusive and binding on the Company and the Lenders in the absence of manifest error. The Co-Administrative Agent will, at the request of the Company or any Lender, deliver to the Company or the such Lender, as the case may be, a statement showing the quotations used by the Co-Administrative Agent in determining any interest rate or Dollar Equivalent amountand the resulting interest rate.
(c) If for any reason whatsoever a Reference Lender ceases to be a Lender hereunder, such Reference Lender shall thereupon cease to be a Reference Lender, and the Offshore Rate shall be determined on the basis of the rates as notified by the remaining Reference Lenders.
(d) Each Reference Lender shall use its best efforts to furnish quotations of rates to the Administrative Agent as contemplated hereby. If any of the Reference Lenders fails to supply such rates to the Administrative Agent upon its request, the Offshore Rate shall be determined on the basis of the quotations of the remaining Reference Lender(s).
Appears in 1 contract
Computation of Fees and Interest. (a) All computations of interest for Base Rate Committed Loans when the Base Rate is determined by LaSalle’s “reference rate” shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of interest and fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more interest being paid than if computed on the basis of a 365/366365-day year); provided, that computations of interest for Alternative Currency Loans will be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed if that is the market standard for the applicable Offshore Currency. Interest and fees shall accrue during each period during which interest or such fees are computed from the first day thereof to the last day thereof.
(b) For purposes of determining utilization of each Lender’s Commitment in order to calculate the non-use fee due under subsection 2.11(b) and whether or not the utilization-based additions to the Base Rate and the Applicable Margin are applicable, the amount of any outstanding Revolving Loan which is an Offshore Currency Loan on any date shall be determined based upon the Dollar Equivalent amount as of the most recent Computation Date with respect to such Offshore Currency Loan.
(c) Each determination of an interest rate or a Dollar Equivalent amount by the Co-Administrative Agent shall be conclusive and binding on the Company and the Lenders Banks in the absence of manifest error. The Co-Administrative Agent will, at the request of the Company or any LenderBank, deliver to the Company or the LenderBank, as the case may be, a statement showing the quotations used by the Co-Administrative Agent in determining any interest rate.
(c) The Agent will, with reasonable promptness, notify the Company and the Banks of each determination of the LIBO Rate; provided that any failure to do so shall not relieve the Company of any liability hereunder or provide the basis for any Event of Default or any claim against the Agent. Any change in the interest rate payable on the Offshore Rate Committed Loans or Dollar Equivalent amountin the Facility Fees or Utilization Fees payable under Section 2.12 resulting from a change in the Company’s senior unsecured long-term debt ratings shall become effective and shall apply to any such Loans then outstanding or to such fees as of the opening of business on the day on which such change in the Company’s debt ratings becomes effective. The Agent will with reasonable promptness notify the Company and the Banks of the effective date and the amount of each such change, provided that any failure to do so shall not relieve the Company of any liability hereunder or provide the basis for any Event of Default or any claim against the Agent.
Appears in 1 contract
Computation of Fees and Interest. (a) All computations of interest -------------------------------- for Base Rate Loans when the Base Rate is determined by LaSalle’s “BofA's "reference rate” " shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more interest being paid than if computed on the basis of a 365/366365-day year); provided, that computations of interest for Alternative Currency Loans will be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed if that is the market standard for the applicable Offshore Currency. Interest and fees shall accrue during each period during which interest or such fees are computed from the first day thereof to the last day thereof.
(b) For purposes of determining utilization of each Lender’s Commitment in order to calculate the non-use fee due under subsection 2.11(b) and whether or not the utilization-based additions to the Base Rate and the Applicable Margin are applicable, the amount of any outstanding Revolving Loan which is an Offshore Currency Loan on any date shall be determined based upon the Dollar Equivalent amount as of the most recent Computation Date with respect to such Offshore Currency Loan.
(c) Each determination of an interest rate or a Dollar Equivalent amount by the Co-Administrative Agent shall be conclusive and binding on the Company and the Lenders Banks in the absence of manifest error. The Co-Administrative Agent will.
(c) If any Reference Bank's Commitment terminates (other than on termination of all the Commitments), at or for any reason whatsoever the request Reference Bank ceases to be a Bank hereunder, that Reference Bank shall thereupon cease to be a Reference Bank, and the Offshore Rate shall be determined on the basis of the Company or any Lender, deliver rates as notified by the remaining Reference Banks.
(d) Each Reference Bank shall use its best efforts to furnish quotations of rates to the Company or Agent as contemplated hereby. If any of the LenderReference Banks fails to supply such rates to the Agent upon its request, as the case may be, a statement showing rate of interest shall be determined on the basis of the quotations used by of the Co-Administrative Agent in determining any interest rate or Dollar Equivalent amountremaining Reference Banks.
Appears in 1 contract
Sources: Credit Agreement (McKesson Corp)
Computation of Fees and Interest. (a) All computations of interest for Base Rate Loans when the (including Base Rate is Loans determined by LaSalle’s “reference rate” to Term SOFR) and facility fees shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of interest and fees and interest under this Agreement shall be made on the basis of a 360-day year and actual days elapsed (elapsed, which results in more interest or fees, as applicable, being paid than if computed on the basis of a 365/366365-day year); provided, provided that computations of interest for Alternative Currency Loans will be made on if the Administrative Agent reasonably determines that a different basis of a year of 365 or 366 days, as the case may be, and actual days elapsed if that computation is the market standard convention for the applicable Offshore a particular Alternative Currency, such different basis shall be used. Interest and fees shall accrue during each period during which interest or such fees are computed from the first day thereof to the last day thereof.
(b) For purposes The Administrative Agent will, with reasonable promptness, notify the Company and the Banks of the interest rate applicable to any Interest Period for Eurocurrency Rate Loans and Term SOFR Loans upon determination of such interest rate; provided that any failure to do so shall not relieve the Company of any liability hereunder or provide the basis for any claim against the Administrative Agent. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Company and the Banks of any change in Bank of America’s prime rate used in determining utilization of each Lender’s Commitment in order to calculate the non-use fee due under subsection 2.11(b) and whether or not the utilization-based additions to the Base Rate and promptly following the Applicable Margin are applicable, the amount public announcement of any outstanding Revolving Loan which is an Offshore Currency Loan on any date shall be determined based upon the Dollar Equivalent amount as of the most recent Computation Date with respect to such Offshore Currency Loanchange.
(c) Each determination of an interest rate or a Dollar Equivalent amount by the Co-Administrative Agent pursuant hereto shall be conclusive and binding on the Company and the Lenders Banks in the absence of manifest error. The Co-Administrative Agent will, at the request of the Company or any LenderBank, deliver to the Company or the LenderBank, as the case may be, a statement showing the quotations used by the Co-Administrative Agent in determining any interest rate or Dollar Equivalent amountrate.
Appears in 1 contract
Sources: Credit Agreement (General Mills Inc)
Computation of Fees and Interest. (a) All computations of interest for Drafts and Bankers' Acceptances and for Base Rate Loans when the Base Rate is determined by LaSalle’s “BofA's "reference rate” " shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more interest being paid than if computed on the basis of a 365/366365-day year); provided, that computations of interest for Alternative Currency Loans will be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed if that is the market standard for the applicable Offshore Currency. Interest and fees shall accrue during each period during which interest or such fees are computed from the first day thereof to the last day thereof.
(b) For purposes of determining utilization of each Lender’s Commitment in order to calculate the non-use fee due under subsection 2.11(b) and whether or not the utilization-based additions to the Base Rate and the Applicable Margin are applicable, the amount of any outstanding Revolving Loan which is an Offshore Currency Loan on any date shall be determined based upon the Dollar Equivalent amount as of the most recent Computation Date with respect to such Offshore Currency Loan.
(c) Each determination of an interest rate or a Dollar Equivalent amount by the Co-Agent or the Canadian Administrative Agent shall be conclusive and binding on the Company each Borrower and the Lenders Banks in the absence of manifest error.
(c) If any Reference Bank's Commitment terminates (other than on termination of all the Commitments), or for any reason whatsoever the Reference Bank ceases to be a Bank hereunder, that Reference Bank shall thereupon cease to be a Reference Bank, and the Offshore Rate shall be determined on the basis of the rates as notified by the remaining Reference Banks.
(d) Each Reference Bank shall use its best efforts to furnish quotations of rates to the Agent as contemplated hereby. If any of the Reference Banks fails to supply such rates to the Agent upon its request, the rate of interest shall be determined on the basis of the quotations of the remaining Reference Banks.
(e) For purposes of disclosure pursuant to the Interest Act (Canada), the parties hereto acknowledge that:
(i) The nominal yearly rate of interest to which any rate of interest based on the Offshore Rate or the Canadian Prime Rate is equivalent may be determined by multiplying the rate otherwise determined hereunder by a fraction, the numerator of which is the number of days in the calendar year in which the period for which interest at such rate is payable under this Agreement and the denominator of which is 360;
(ii) The nominal yearly discount rate to which the Effective Discount Rate is equivalent may be determined by multiplying the rate otherwise determined hereunder by a fraction, the numerator of which is the number of days in the calendar year in which the Effective Discount Rate is applied in respect of any Drafts or Bankers' Acceptances issued under this Agreement and the denominator of which is 365. All calculations of interest or discount hereunder shall be made on the basis of the nominal rates of interest or discount determined hereunder and the parties agree that the principle of deemed reinvestment shall not apply. The Co-Administrative Agent will, at parties hereto acknowledge that there is a material distinction between nominal and effective rates of interest or discount and that they are capable of making the request calculations necessary to calculate and compare such rates. The parties hereto further acknowledge that any rate expressed in the definitions of the Company or any Lender, deliver Offshore Rate and Canadian Prime Rate shall be deemed to the Company or the Lender, be expressed therein as the case may be, a statement showing the quotations used by the Co-Administrative Agent in determining any interest nominal rate or Dollar Equivalent amount"per annum."
Appears in 1 contract
Sources: Credit Agreement (McKesson Hboc Inc)
Computation of Fees and Interest. (a) All computations of interest for Base Rate Loans when the Base Rate is determined by LaSalle’s “BofA's "reference rate” " shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more interest being paid than if computed on the basis of a 365/366-day year); provided, that computations of interest for Alternative Currency Loans will be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed if that is the market standard for the applicable Offshore Currencyelapsed. Interest and fees shall accrue during each period during which interest or such fees are computed from the first day thereof to the last day thereof.
(b) For purposes of determining utilization of each Lender’s Commitment in order to calculate the non-use fee due under subsection 2.11(b) and whether or not the utilization-based additions to the Base Rate and the Applicable Margin are applicable, the amount of any outstanding Revolving Loan which is an Offshore Currency Loan on any date shall be determined based upon the Dollar Equivalent amount as of the most recent Computation Date with respect to such Offshore Currency Loan.
(c) Each determination of an interest rate or a Dollar Equivalent amount by the Co-Administrative Paying Agent shall be conclusive and binding on the Company Borrowers and the Lenders in the absence of manifest error. The Co-Administrative Paying Agent will, at the request of the Company either Borrower or any Lender, deliver to the Company such Borrower or the Lender, as the case may be, such Lender a statement showing the quotations used by the Co-Administrative Paying Agent in determining any interest rate or Dollar Equivalent amountand the resulting interest rate.
(c) If for any reason whatsoever a Reference Lender ceases to be a Lender hereunder, such Reference Lender shall thereupon cease to be a Reference Lender, and the Offshore Rate shall be determined on the basis of the rates as notified by the remaining Reference Lender.
(d) Each Reference Lender shall use its best efforts to furnish quotations of rates to the Paying Agent as contemplated hereby. If either Reference Lender fails to supply such rates to the Paying Agent upon its request, the Offshore Rate shall be determined on the basis of the quotations of the remaining Reference Lender.
Appears in 1 contract
Computation of Fees and Interest. (a) All computations of interest for Base Rate Loans when the Base Rate is determined by LaSalle’s “BofA's "reference rate” " shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more interest being paid than if computed on the basis of a 365/366365-day year); provided, that computations of interest for Alternative Currency Loans will be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed if that is the market standard for the applicable Offshore Currency. Interest and fees shall accrue during each period during which interest or such fees are computed from the first day thereof to the last day thereof.
(b) For purposes of determining utilization of each Lender’s Commitment in order to calculate the non-use fee due under subsection 2.11(b) and whether or not the utilization-based additions to the Base Rate and the Applicable Margin are applicable, the amount of any outstanding Revolving Loan which is an Offshore Currency Loan on any date shall be determined based upon the Dollar Equivalent amount as of the most recent Computation Date with respect to such Offshore Currency Loan.
(c) Each determination of an interest rate or a Dollar Equivalent amount by the Co-Administrative Agent shall be conclusive and binding on the Company and the Lenders Banks in the absence of manifest error. The Co-Administrative Agent will, at the request of the Company or any LenderBank, deliver to the Company or the LenderBank, as the case may be, a statement showing the quotations used by the Co-Administrative Agent in determining any interest rate and the resulting interest rate.
(c) If any Reference Bank's Commitment terminates (other than on termination of all the Commitments), or Dollar Equivalent amountfor any reason whatsoever the Reference Bank ceases to be a Bank hereunder, that Reference Bank shall thereupon cease to be a Reference Bank, and the Offshore Rate shall be determined on the basis of the rates as notified by the remaining Reference Banks.
(d) Each Reference Bank shall use its best efforts to furnish quotations of rates to the Agent as contemplated hereby. If any of the Reference Banks fails to supply such rates to the Agent upon its request, the rate of interest shall be determined on the basis of the quotations of the remaining Reference Bank(s).
Appears in 1 contract
Sources: Credit Agreement (Safeco Corp)
Computation of Fees and Interest. (a) All computations of -------------------------------- interest for Base Rate Loans when the Base Rate is determined by LaSalle’s “MGT's "reference rate” " shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of interest and fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more interest being paid than if computed on the basis of a 365/366-day year); provided, that computations of interest for Alternative Currency Loans will be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed if that is the market standard for the applicable Offshore Currencyelapsed. Interest and fees shall accrue during each period during which such interest or such fees are computed from the first day thereof to the last day thereof.
(b) For purposes of determining utilization of each Lender’s Commitment in order to calculate the non-use fee due under subsection 2.11(b) and whether or not the utilization-based additions to the Base Rate and the Applicable Margin are applicable, the amount of any outstanding Revolving Loan which is an Offshore Currency Loan on any date shall be determined based upon the Dollar Equivalent amount as of the most recent Computation Date with respect to such Offshore Currency Loan.
(c) Each determination of an interest rate or a Dollar Equivalent amount by the Co-Administrative Agent shall be conclusive and binding on the Company and the Lenders in the absence of manifest error. The Co-Administrative Agent will, at the request of the Company or any Lender, deliver to the Company or the such Lender, as the case may be, a statement showing the quotations used by the Co-Administrative Agent in determining any interest rate or Dollar Equivalent amountand the resulting interest rate.
(c) If for any reason whatsoever a Reference Lender ceases to be a Lender hereunder, such Reference Lender shall thereupon cease to be a Reference Lender, and the Company and the Administrative Agent may designate any other Lender (so long as such Lender has consented thereto) as a Reference Lender (if being understood that unless and until a new Reference Lender is so designated, the Offshore Rate shall be determined on the basis of the rates as notified by the remaining Reference Lender).
(d) Each Reference Lender shall use its best efforts to furnish quotations of rates to the Administrative Agent as contemplated hereby. If any of the Reference Lenders fails to supply such rates to the Administrative Agent upon its request, the Offshore Rate shall be determined on the basis of the quotations of the remaining Reference Lender(s).
Appears in 1 contract
Computation of Fees and Interest. (a) All computations of interest for Base Rate Loans when the Base Rate is determined by LaSalle’s “Bank of America's "reference rate” " shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more interest being paid than if computed on the basis of a 365/366365-day year); provided, that computations of interest for Alternative Currency Loans will be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed if that is the market standard for the applicable Offshore Currency. Interest and fees shall accrue during each period during which interest or such fees are computed from the first day thereof to the last day thereof.
(b) For purposes of determining utilization of each Lender’s Commitment in order to calculate the non-use fee due under subsection 2.11(b) and whether or not the utilization-based additions to the Base Rate and the Applicable Margin are applicable, the amount of any outstanding Revolving Loan which is an Offshore Currency Loan on any date shall be determined based upon the Dollar Equivalent amount as of the most recent Computation Date with respect to such Offshore Currency Loan.
(c) Each determination of an interest rate or a Dollar Equivalent amount and any fees referenced in Section 2.10 by the Co-Administrative Agent shall be conclusive and binding on the Company and the Lenders Banks in the absence of manifest error. The Co-Administrative Agent will, at the request of the Company or any LenderBank, deliver to the Company or the Lendersuch Bank, as the case may be, a statement showing the quotations used by the Co-Administrative Agent in determining any interest rate and the resulting interest rate.
(c) The Agent will, with reasonable promptness, notify the Company and the Banks of each determination of an Offshore Rate; provided that any failure to do so shall not relieve the Company of any liability hereunder or Dollar Equivalent amountprovide the basis for any claim against the Agent.
(d) If the Reference Bank's Commitment terminates (other than on termination of all the Commitments), or for any reason whatsoever the Reference Bank ceases to be a Bank hereunder, the Reference Bank shall thereupon cease to be a Reference Bank, and the Offshore Rate shall be determined on the basis of the rates as notified by the Required Banks.
Appears in 1 contract
Computation of Fees and Interest. (a) All computations of interest for Base Rate Committed Loans when the Base Rate is determined by LaSalle’s “reference rate” shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of interest and fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more interest being paid than if computed on the basis of a 365/366365-day year); provided, that computations of interest for Alternative Currency Loans will be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed if that is the market standard for the applicable Offshore Currency. Interest and fees shall accrue during each period during which interest or such fees are computed from the first day thereof to the last day thereof.
(b) For purposes of determining utilization of each Lender’s Commitment in order to calculate the non-use fee due under subsection 2.11(b) and whether or not the utilization-based additions to the Base Rate and the Applicable Margin are applicable, the amount of any outstanding Revolving Loan which is an Offshore Currency Loan on any date shall be determined based upon the Dollar Equivalent amount as of the most recent Computation Date with respect to such Offshore Currency Loan.
(c) Each determination of an interest rate or a Dollar Equivalent amount by the Co-Administrative Agent shall be conclusive and binding on the Company and the Lenders Banks in the absence of manifest error. The Co-Administrative Agent will, at the request of the Company or any LenderBank, deliver to the Company or the LenderBank, as the case may be, a statement showing the quotations used by the Co-Administrative Agent in determining any interest rate.
(c) The Agent will, with reasonable promptness, notify the Company and the Banks of each determination of the LIBO Rate; provided that any failure to do so shall not relieve the Company of any liability hereunder or provide the basis for any Event of Default or any claim against the Agent. Any change in the interest rate payable on the Offshore Rate Committed Loans or Dollar Equivalent amountin the facility fees payable under Section 2.12(b) resulting from a change in the Company’s senior unsecured long-term debt ratings shall become effective and shall apply to any such Loans then outstanding or to such fees as of the opening of business on the day on which such change in the Company’s debt ratings becomes effective. The Agent will with reasonable promptness notify the Company and the Banks of the effective date and the amount of each such change, provided that any failure to do so shall not relieve the Company of any liability hereunder or provide the basis for any Event of Default or any claim against the Agent.
Appears in 1 contract
Computation of Fees and Interest. (a) All computations of interest for payable in respect of Base Rate Loans when (to the extent determined by reference to the Base Rate is determined by LaSalle’s “reference rate” Rate) and fees with respect to Letters of Credit (except issuance and negotiation fees in respect of Commercial Letters of Credit, which are flat) shall be made on the basis of the actual number of days elapsed in a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest under this Agreement and the other Credit Documents shall be made on the basis of a 360-day year and the actual number of days elapsed (which results in more interest being paid than if computed on the basis of a 365/366-day year); provided, that computations of interest for Alternative Currency Loans will be made on the basis of a year of 365 or 366 360 days, as the case may be, and actual days elapsed if that is the market standard for the applicable Offshore Currency. Interest and fees shall accrue during each period during which interest or such fees are computed from and including the first day thereof to but excluding the last day thereof. For the purposes of this Agreement and the other Credit Documents, whenever interest is calculated on the basis of a year of 360 days, each rate of interest determined pursuant to such calculation expressed as an annual nominal rate for the purposes of the Interest Act (Canada) is equivalent to such rate as so determined multiplied by the number of days in the calendar year in which the same is to be ascertained and divided by 360. The Parties further agree that for the purposes of the Interest Act (Canada), (i) the principle of deemed reinvestment of interest shall not apply to any interest calculation under this Agreement or the other Credit Documents, and (ii) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.
(b) For purposes of determining utilization The Agent shall, as soon as practicable, notify the Company and the Banks of each Lender’s Commitment determination of a Eurodollar Rate; provided, however, that any failure to do so shall not relieve any Borrower or any Bank of any liability under this Agreement or any other Credit Document. Any change in order to calculate the non-use fee due under subsection 2.11(b) and whether interest rate on a Loan resulting from a change in the Eurodollar Reserve Percentage, Eurocurrency Liabilities or not the utilization-based additions to the Base Rate shall become effective as of the opening of business on the day on which such change in the Eurodollar Reserve Percentage, Eurocurrency Liabilities or the Base Rate shall become effective. The Agent shall, as soon as practicable, notify the Company and the Applicable Margin are applicable, Banks of the effective date and the amount of each such change; provided, however, that any outstanding Revolving Loan which is an Offshore Currency Loan on failure to do so shall not relieve any date shall be determined based upon the Dollar Equivalent amount as Borrower or any Bank of the most recent Computation Date with respect to such Offshore Currency Loanany liability under this Agreement or any other Credit Document.
(c) Each determination of an interest rate or a Dollar Equivalent amount by the Co-Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Company Borrowers and the Lenders Banks in the absence of manifest error. The Co-Administrative Agent will, at the request of the Company or any Lender, deliver to the Company or the Lender, as the case may be, a statement showing the quotations used by the Co-Administrative Agent in determining any interest rate or Dollar Equivalent amount.
Appears in 1 contract
Computation of Fees and Interest. (a) All computations of interest for Base Rate Loans when the Base Rate is determined by LaSalle’s “BofA's "reference rate” " shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more interest being paid than if computed on the basis of a 365/366365-day year); provided, that computations of interest for Alternative Currency Loans will be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed if that is the market standard for the applicable Offshore Currency. Interest and fees shall accrue during each period during which interest or such fees are computed from the first day thereof to the last day thereof.
(b) For purposes of determining utilization of each Lender’s Commitment in order to calculate the non-use fee due under subsection 2.11(b) and whether or not the utilization-based additions to the Base Rate and the Applicable Margin are applicable, the amount of any outstanding Revolving Loan which is an Offshore Currency Loan on any date shall be determined based upon the Dollar Equivalent amount as of the most recent Computation Date with respect to such Offshore Currency Loan.
(c) Each determination of an interest rate or a Dollar Equivalent amount by the Co-Administrative Agent shall be conclusive and binding on the Company each Borrower and the Lenders Banks in the absence of manifest error. The Co-Administrative Agent will, at the request of the Company or any LenderBank, deliver to the Company or the LenderBank, as the case may be, a statement showing the quotations used by the Co-Administrative Agent in determining any interest rate and the resulting interest rate.
(c) If any Reference Bank's Commitment terminates (other than on termination of all the Commitments), or Dollar Equivalent amountfor any reason whatsoever the Reference Bank ceases to be a Bank hereunder, that Reference Bank shall thereupon cease to be a Reference Bank, and the Offshore Rate shall be determined on the basis of the rates as notified by the remaining Reference Banks.
(d) Each Reference Bank shall use its best efforts to furnish quotations of rates to the Agent as contemplated hereby. If any of the Reference Banks fails to supply such rates to the Agent upon its request, the rate of interest shall be determined on the basis of the quotations of the remaining Reference Bank(s).
Appears in 1 contract
Computation of Fees and Interest. (a) All computations of interest for Base Rate Loans when the Base Rate is determined by LaSalle’s “'s "reference rate” " shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more interest being paid than if computed on the basis of a 365/366-day year); providedPROVIDED, that computations of interest for Alternative Alterative Currency Loans will be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed if that is the market standard for the applicable Offshore Currency. Interest and fees shall accrue during each period during which interest or such fees are computed from the first day thereof to the last day thereof.
(b) For purposes of determining utilization of each Lender’s 's Commitment in order to calculate the non-use commitment fee due under subsection SUBSECTION 2.11(b) and whether or not the utilization-based additions to the Base Rate and the Applicable Margin are applicable, the amount of any outstanding Revolving Loan which is an Offshore Currency Loan on any date shall be determined based upon the Dollar Equivalent amount as of the most recent Computation Date with respect to such Offshore Currency Loan.
(c) Each determination of an interest rate or a Dollar Equivalent amount by the Co-Administrative Agent shall be conclusive and binding on the Company and the Lenders in the absence of manifest error. The Co-Administrative Agent will, at the request of the Company or any Lender, deliver to the Company or the Lender, as the case may be, a statement showing the quotations used by the Co-Administrative Agent in determining any interest rate or Dollar Equivalent amount.
Appears in 1 contract
Sources: Credit Agreement (Regis Corp)
Computation of Fees and Interest. (a) All -------------------------------- computations of interest for Base Rate Committed Loans (and Swing Line Loans bearing interest at the Base Rate) when the Base Rate is determined by LaSalle’s “BofA's "reference rate” " shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of interest and fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more interest being paid than if computed on the basis of a 365/366-day year); provided, that computations of interest for Alternative Currency Loans will be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed if that is the market standard for the applicable Offshore Currencyelapsed. Interest and fees shall accrue during each period during which such interest or such fees are computed from the first day thereof to the last day thereof.
(b) For purposes of determining utilization of each Lender’s Commitment in order to calculate the non-use fee due under subsection 2.11(b) and whether or not the utilization-based additions to the Base Rate and the Applicable Margin are applicable, the amount of any outstanding Revolving Loan which is an Offshore Currency Loan on any date shall be determined based upon the Dollar Equivalent amount as of the most recent Computation Date with respect to such Offshore Currency Loan.
(c) Each determination of an interest rate or a Dollar Equivalent amount by the Co-Administrative Agent shall be conclusive and binding on the Company and the Lenders in the absence of manifest error. The Co-Administrative Agent will, at the request of the Company or any Lender, deliver to the Company or the such Lender, as the case may be, a statement showing the quotations used by the Co-Administrative Agent in determining any interest rate or Dollar Equivalent amountand the resulting interest rate.
(c) If for any reason whatsoever a Reference Lender ceases to be a Lender hereunder, such Reference Lender shall thereupon cease to be a Reference Lender, and the Offshore Rate shall be determined on the basis of the rates as notified by the remaining Reference Lenders.
(d) Each Reference Lender shall use its best efforts to furnish quotations of rates to the Administrative Agent as contemplated hereby. If any of the Reference Lenders fails to supply such rates to the Administrative Agent upon its request, the Offshore Rate shall be determined on the basis of the quotations of the remaining Reference Lender(s).
Appears in 1 contract
Computation of Fees and Interest. (a) All computations of interest for Base Rate Committed Loans and Swingline Loans bearing interest based on the Base Rate when the Base Rate is determined by LaSalle’s “BofA's "reference rate” " shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more interest being paid than if computed on the basis of a 365/366365-day year); provided, that computations of interest for Alternative Currency Loans will be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed if that is the market standard for the applicable Offshore Currency. Interest and fees shall accrue during each period during which interest or such fees are computed from the first day thereof to the last day thereof. The Agent will provide to the Company a statement of the amount of interest due on each Interest Payment Date and such other dates that interest is due hereunder and a statement of the amount of fees due on each date that fees are due hereunder; provided that the failure of the Agent to provide any such statement shall not limit or otherwise affect the Company's obligations hereunder or under any Note.
(b) For purposes of determining utilization of each Lender’s Commitment in order to calculate the non-use fee due under subsection 2.11(b) and whether or not the utilization-based additions to the Base Rate and the Applicable Margin are applicable, the amount of any outstanding Revolving Loan which is an Offshore Currency Loan on any date shall be determined based upon the Dollar Equivalent amount as of the most recent Computation Date with respect to such Offshore Currency Loan.
(c) Each determination of an interest rate or a Dollar Equivalent amount by the Co-Administrative Agent shall be conclusive and binding on the Company Company, the Banks and the Lenders Designated Bidders in the absence of manifest error.
(c) If any Reference Bank's Commitment terminates (other than on termination of all the Commitments), or for any reason whatsoever any Reference Bank ceases to be a Bank hereunder, that Reference Bank shall thereupon cease to be a Reference Bank. The Co-Administrative Agent willshall promptly appoint another Bank (which Bank shall be approved by the Company) as a replacement Reference Bank for the terminated Reference Bank. Until the appointment of such replacement Reference Bank, at the request Offshore Rate and LIBOR Rate shall be determined on the basis of the Company or any Lender, deliver rates as notified by the remaining Reference Bank.
(d) Each Reference Bank shall use its best efforts to furnish quotations of rates to the Company or Agent as contemplated hereby. If any of the LenderReference Banks fails to supply such rates to the Agent upon its request, as the case may be, a statement showing rate of interest shall be determined on the basis of the quotations used by of the Co-Administrative Agent in determining any interest rate or Dollar Equivalent amountremaining Reference Bank.
Appears in 1 contract
Computation of Fees and Interest. (a) All computations of facility fees under Section 2.12 (b) and interest for Base Rate Committed Loans when the Base Rate is determined by LaSalle’s “BofA's "reference rate” " shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more interest being paid than if computed on the basis of a 365/366365-day year); provided, that computations of interest for Alternative Currency Loans will be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed if that is the market standard for the applicable Offshore Currency. Interest and fees shall accrue during each period during which interest or such fees are computed from the first day thereof to the last day thereof.
(b) For purposes of determining utilization of each Lender’s Commitment in order to calculate the non-use fee due under subsection 2.11(b) and whether or not the utilization-based additions to the Base Rate and the Applicable Margin are applicable, the amount of any outstanding Revolving Loan which is an Offshore Currency Loan on any date shall be determined based upon the Dollar Equivalent amount as of the most recent Computation Date with respect to such Offshore Currency Loan.
(c) Each determination of an interest rate or a Dollar Equivalent amount by the Co-Administrative Agent shall be conclusive and binding on the Company and the Lenders Banks in the absence of manifest error. The Co-Administrative Agent will, at the request of the Company or any LenderBank, deliver to the Company or the LenderBank, as the case may be, a statement showing the quotations used by the Co-Administrative Agent in determining any interest rate rate.
(c) If any Reference Bank's Commitment terminates (other than on termination of all the Commitments), or Dollar Equivalent amountfor any reason whatsoever the Reference Bank ceases to be a Bank hereunder, that Reference Bank shall thereupon cease to be a Reference Bank. In such event, the Company shall promptly designate a replacement Reference Bank from among the Banks with the consent of the Agent (which consent shall not be unreasonably withheld).
(d) Each Reference Bank shall use its best efforts to furnish quotations of rates to the Agent as contemplated
Appears in 1 contract
Sources: Credit Agreement (Deluxe Corp)
Computation of Fees and Interest. (a) All computations of interest for Base Rate Loans when the (including Base Rate is Loans determined by LaSalle’s “reference rate” to the Eurocurrency Rate) and facility fees shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of interest and fees and interest under this Agreement shall be made on the basis of a 360-day year and actual days elapsed (elapsed, which results in more interest or fees, as applicable, being paid than if computed on the basis of a 365/366365-day year); provided, provided that computations of interest for Alternative Currency Loans will be made on if the Administrative Agent reasonably determines that a different basis of a year of 365 or 366 days, as the case may be, and actual days elapsed if that computation is the market standard convention for the applicable Offshore a particular Alternative Currency, such different basis shall be used. Interest and fees shall accrue during each period during which interest or such fees are computed from the first day thereof to the last day thereof.
(b) For purposes The Administrative Agent will, with reasonable promptness, notify the Company and the Banks of the interest rate applicable to any Interest Period for Eurocurrency Rate Loans upon determination of such interest rate; provided that any failure to do so shall not relieve the Company of any liability hereunder or provide the basis for any claim against the Administrative Agent. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Company and the Banks of any change in Bank of America’s prime rate used in determining utilization of each Lender’s Commitment in order to calculate the non-use fee due under subsection 2.11(b) and whether or not the utilization-based additions to the Base Rate and promptly following the Applicable Margin are applicable, the amount public announcement of any outstanding Revolving Loan which is an Offshore Currency Loan on any date shall be determined based upon the Dollar Equivalent amount as of the most recent Computation Date with respect to such Offshore Currency Loanchange.
(c) Each determination of an interest rate or a Dollar Equivalent amount by the Co-Administrative Agent pursuant hereto shall be conclusive and binding on the Company and the Lenders Banks in the absence of manifest error. The Co-Administrative Agent will, at the request of the Company or any LenderBank, deliver to the Company or the LenderBank, as the case may be, a statement showing the quotations used by the Co-Administrative Agent in determining any interest rate or Dollar Equivalent amountrate.
Appears in 1 contract
Computation of Fees and Interest. (a) All computations of interest for Base Rate Committed Loans when the Base Rate is determined by LaSalle’s “reference rate” shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of interest and fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more interest being paid than if computed on the basis of a 365/366365-day year); provided, that computations of interest for Alternative Currency Loans will be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed if that is the market standard for the applicable Offshore Currency. Interest and fees shall accrue during each period during which interest or such fees are computed from the first day thereof to the last day thereof.
(b) For purposes of determining utilization of each Lender’s Commitment in order to calculate the non-use fee due under subsection 2.11(b) and whether or not the utilization-based additions to the Base Rate and the Applicable Margin are applicable, the amount of any outstanding Revolving Loan which is an Offshore Currency Loan on any date shall be determined based upon the Dollar Equivalent amount as of the most recent Computation Date with respect to such Offshore Currency Loan.
(c) Each determination of an interest rate or a Dollar Equivalent amount by the Co-Administrative Agent shall be conclusive and binding on the Company and the Lenders Banks in the absence of manifest error. The Co-Administrative Agent will, at the request of the Company or any LenderBank, deliver to the Company or the LenderBank, as the case may be, a statement showing the quotations used by the Co-Administrative Agent in determining any interest rate.
(c) The Agent will, with reasonable promptness, notify the Company and the Banks of each determination of the LIBO Rate; provided that any failure to do so shall not relieve the Company of any liability hereunder or provide the basis for any Event of Default or any claim against the Agent. Any change in the interest rate payable on the Offshore Rate Loans or Dollar Equivalent amountin the Commitment Fees payable under Section 2.12 resulting from a change in the Company's senior unsecured long-term debt ratings shall become effective and shall apply to any such Loans then outstanding or to such fees as of the opening of business on the day on which such change in the Company's debt ratings becomes effective. The Agent will with reasonable promptness notify the Company and the Banks of the effective date and the amount of each such change, provided that any failure to do so shall not relieve the Company of any liability hereunder or provide the basis for any Event of Default or any claim against the Agent.
Appears in 1 contract