Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing or after acceleration of the Obligations as a result of an Event of Default, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, at a rate per annum equal to: (a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect; (b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; (c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation; (d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and (e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 4 contracts
Sources: Credit Agreement (Global Medical REIT Inc.), Credit Agreement (Global Medical REIT Inc.), Credit Agreement (Global Medical REIT Inc.)
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of acceleration, (x) the Obligations as a result of an Event of Default, the Borrower Borrowers shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligationsat a rate per annum equal to, and (y) with respect to any outstanding Letter of Credit, the Borrowers shall pay letter Letter of credit fees, in each case, Credit fees at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum of two percent (2.0% %) plus the Applicable Margin plus the Base Rate from time to time in effectrate otherwise applicable thereto under Section 1 or 2 hereof, respectively;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of two percent (2.0% %) plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% two percent (2%) plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Eurocurrency Loan, the sum of two percent (2.0%) plus the rate otherwise applicable thereto under Section 1 hereof; and
(d) for any Reimbursement Obligation, the sum of two percent (2.0% %) plus the amounts due rate otherwise applicable thereto under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;1.2; and
(de) for any Letter of Credit, the sum of two percent (2.0% %) plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 4.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultacceleration, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerCompany (which notice may be revoked at the direction of the Required Lenders notwithstanding any provision of Section 14.12 requiring the unanimous consent of the Lenders to reduce interest rates). Interest accruing accrued pursuant to this Section 1.9 3.2 shall be paid payable on demand of the Administrative Agent at the request or with the consent of the Required Lendersdemand.
Appears in 4 contracts
Sources: Multicurrency Credit Agreement (Gallagher Arthur J & Co), Multicurrency Credit Agreement, Multicurrency Credit Agreement (Gallagher Arthur J & Co)
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing (subject to the proviso below) or after acceleration of the Obligations as a result of an Event of Default, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, letter of credit fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, Obligations at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus plus, in the rate case of interest any Eurodollar Loan, the Applicable Margin applicable thereto plus, in effect thereon the case of any Eurodollar Loan, the Adjusted LIBOR applicable at the time of such default Event of Default, or, in the case of any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the Swing Line Lender’s Quoted Rate applicable to such Swing Loan, in each case, until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii1.3(b) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit L/C Participation Fee (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on the demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 4 contracts
Sources: Credit Agreement (American Finance Trust, Inc), Credit Agreement (American Finance Trust, Inc), Credit Agreement (American Finance Trust, Inc)
Default Rate. Notwithstanding anything to (1) Default interest shall be paid as follows:
(A) If any amount due on the contrary contained hereinMortgage Loan (other than amounts due on the Maturity Date) remains past due for thirty (30) days or more, while interest on such unpaid amount(s) shall accrue from the date payment is due at the Default Rate and shall be payable upon demand by Lender.
(B) If any Event principal, Accrued Interest or other Indebtedness due on the Mortgage Loan is not paid in full on the Maturity Date, then interest shall accrue at the Default Rate on all such unpaid amounts from the Maturity Date until fully paid and shall be payable upon demand by Lender. Absent a demand by Lender, any such amounts shall be payable by Borrower in the same manner as provided for the payment of Default is continuing or after acceleration of the Obligations as a result of an Event of Default, the Borrower shall pay interest (after as well as before entry of judgment thereon to Monthly Debt Service Payments. To the extent permitted by applicable law, interest shall also accrue at the Default Rate on any judgment obtained by Lender against Borrower in connection with the Mortgage Loan.
(2) on the principal amount of all outstanding Loans Borrower acknowledges and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, at a rate per annum equal toagrees that:
(aA) for any Base Rate Loan or any Swing Loan bearing interest based on its failure to make timely payments will cause Lender to incur additional expenses in servicing and processing the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit)Mortgage Loan; and
(eB) for in connection with any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time failure to time timely pay all amounts due in effect; provided, however, that in the absence of an acceleration respect of the Obligations as a result Mortgage Loan on the Maturity Date, or during the time that any Monthly Debt Service Payment or other payment due on the Mortgage Loan is delinquent for more than thirty (30) days:
(i) Lender’s risk of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election nonpayment of the Administrative Agent, acting at the request or with the consent Mortgage Loan will be materially increased;
(ii) Lender’s ability to meet its other obligations and to take advantage of other investment opportunities will be adversely impacted;
(iii) Lender will incur additional costs and expenses arising from its loss of the Required Lendersuse of the amounts due;
(iv) it is extremely difficult and impractical to determine such additional costs and expenses;
(v) Lender is entitled to be compensated for such additional risks, with written notice costs and expenses; and
(vi) the increase from the Interest Rate to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand Default Rate represents a fair and reasonable estimate of the Administrative Agent at additional risks, costs and expenses Lender will incur by reason of Borrower’s delinquent payment and the request or additional compensation Lender is entitled to receive for the increased risks of nonpayment associated with a delinquency on the consent of Mortgage Loan (taking into account all circumstances existing on the Required LendersEffective Date).
Appears in 4 contracts
Sources: Multifamily Loan and Security Agreement (Independence Realty Trust, Inc), Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.), Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.)
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower Borrowers shall pay interest (after as well as before entry of judgment thereon to the extent permitted by lawLaw) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, letter of credit fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Canadian Prime Rate Loan, the sum of 2.0% plus the Applicable Margin plus the Canadian Prime Rate from time to time in effect;
(c) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line LenderAdministrative Agent’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(cd) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 2.3 with respect to interest on such Reimbursement Obligation;
(de) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 2.12 with respect to such Letter of Credit); and
(ef) for any other amount owing hereunder not covered by clauses (a) through (de) above, the sum of 2.02% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultpursuant to Section 8.2 or 8.3, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrowerrelevant Borrower (which election may be retroactively effective to the date of such Event of Default). Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 3 contracts
Sources: Multicurrency Credit Agreement (Fenix Parts, Inc.), Multicurrency Credit Agreement (Fenix Parts, Inc.), Multicurrency Credit Agreement (Fenix Parts, Inc.)
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing or after acceleration of the Obligations as a result of exists under Section 9.1(a)(i), 9.1(b) (with respect to an Event of DefaultDefault arising under Section 8.23), 9.1(j) or 9.1(k) or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, fees at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base RateLoan, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted RateLoan, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 2.3 with respect to interest on such Reimbursement Obligation;; and
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee L/C Participation Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration pursuant to Section 9.2 or 9.3, the application of the Obligations as a result of an Event of Default, this Section to any outstanding obligations and any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 3 contracts
Sources: Credit Agreement (Envestnet, Inc.), Credit Agreement (Envestnet, Inc.), Credit Agreement (Envestnet, Inc.)
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing or after acceleration of the Obligations as a result of an Event of Default, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, letter of credit fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base RateLoan, the sum of 2.03.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted RateLoan, the sum of 2.03.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.03.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.03.0% plus the amounts due under Section 1.3(b)(iii) 1.3 with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.03.0% plus the amounts due under this Agreement with respect to interest on such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.03.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 3 contracts
Sources: Credit Agreement (Umh Properties, Inc.), Credit Agreement (Umh Properties, Inc.), Credit Agreement (Umh Properties, Inc.)
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the each Borrower shall pay pay, after written notice from the Administrative Agent, interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligationsowed by it under the Loan Documents, and shall pay letter of credit fees, in each case, fees from the date of such Event of Default or acceleration at a rate per annum equal to:
(a) for any U.S. Base Rate Loan or any Swing Loan bearing interest based on the U.S. Base Rate, the sum of 2.0% plus the Applicable Margin plus the U.S. Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted RateLoan, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for U.S. Base Rate Loans plus the U.S. Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 1.3 with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and;
(e) for any other amount owing hereunder not covered by clauses CAD Base Rate Loan or any Swing Loan bearing interest based on the CAD Base Rate, the sum of 2% plus the Applicable Margin plus the CAD Base Rate from time to time in effect; and
(af) through (d) abovefor any CAD CDOR Loan, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for CAD Base Rate Loans plus the CAD Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations or a Principal Payment Default (as a result of an Event of Defaultdefined below), any interest adjustments pursuant to this Section 1.9 shall only be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrowers. Interest accruing pursuant to If any principal amount of any Loan or Reimbursement Obligation is not paid when due (a “Principal Payment Default”) such principal amount shall bear interest at the rates specified in subsections (a) through (f) above until paid in full. While any Event of Default exists or after acceleration, interest as adjusted under this Section 1.9 1.10 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 3 contracts
Sources: Credit Agreement (Smucker J M Co), Credit Agreement (Smucker J M Co), Credit Agreement (Smucker J M Co)
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, letter of credit fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Swingline Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Swingline Loan bearing interest at the Swing Line Swingline Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 2.3 with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.02% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultpursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 3 contracts
Sources: Credit Agreement (Willdan Group, Inc.), Credit Agreement (Willdan Group, Inc.), Credit Agreement (Willdan Group, Inc.)
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing or after acceleration of the Obligations as a result of an Event of Default, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, letter of credit fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, Obligations at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 1.3 with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to interest on such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 3 contracts
Sources: Credit Agreement (American Finance Trust, Inc), Credit Agreement (American Realty Capital - Retail Centers of America, Inc.), Credit Agreement (American Realty Capital - Retail Centers of America, Inc.)
Default Rate. Notwithstanding anything Subject to Section 9.2, (i) immediately upon the contrary contained herein, while any Event of Default is continuing or after acceleration of occurrence and during the Obligations as a result continuance of an Event of Default under Section 9.1(a), or 9.1(e), or (ii) at the election of the Required Lenders, upon the occurrence and during the continuance of any other Event of Default:
(A) the Borrowers shall no longer have the option to request Alternative Currency Revolving Credit Loans, the Borrower shall pay interest LIBOR Rate Loans, Swingline Loans or Letters of Credit;
(after as well as before entry of judgment thereon to the extent permitted by lawB) on the principal amount of all outstanding LIBOR Rate Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and denominated in Dollars shall pay letter of credit fees, in each case, bear interest at a rate per annum equal to:
of two percent (a2%) for any Base Rate Loan or any Swing Loan bearing interest based on in excess of the Base Rate, the sum of 2.0% plus rate (including the Applicable Margin plus the Base Margin) then applicable to LIBOR Rate from time to time Loans denominated in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Dollars until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable thereto and, thereafter, to Base Rate Loans;
(C) all outstanding LIBOR Rate Loans denominated in an Alternative Currency shall bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to LIBOR Rate Loans denominated in such Alternative Currency;
(D) all outstanding Base Rate Loans shall bear interest at a rate per annum equal to two percent (2%) in excess of the sum of 2.0% plus rate (including the Applicable Margin for Margin) then applicable to Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit)Loans; and
(eE) for all other Obligations arising hereunder or under any other amount owing hereunder not covered by clauses Loan Document shall bear interest at a rate per annum equal to two percent (a2%) through in excess of the rate (d) above, the sum of 2.0% plus including the Applicable Margin Margin) applicable to such other Obligation (provided, that if no rate for such other Obligation is set forth herein or in such other Loan Document, then such Obligation shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans plus the Base Rate from time Loans). Interest shall continue to time in effect; provided, however, that in the absence of an acceleration of accrue on the Obligations as a result after the filing by or against any Borrower of an Event of Defaultany petition seeking any relief in bankruptcy or under any act or law pertaining to insolvency or debtor relief, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agentwhether state, acting at the request federal or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lendersforeign.
Appears in 3 contracts
Sources: Credit Agreement (Owens Corning), Credit Agreement (Owens Corning), Credit Agreement (Owens Corning)
Default Rate. Notwithstanding anything to the contrary contained hereinclauses (a) and (b) above, while any if (i) an Event of Default specified in Section 9.1(a), Section 9.1(b), Section 9.1(g) or Section 9.1(h) has occurred and is continuing or after acceleration of the Obligations as a result of continuing, (ii) if an Event of DefaultDefault specified in Section 9.1(d) (solely with respect to noncompliance with Section 8.4) or Section 9.1(e) (solely with respect to an Event of Default caused by a failure to deliver the financial statements required by Section 6.1) has occurred and has been continuing for thirty (30) days or (iii) otherwise at the request of the Required Lenders if any other Event of Default has occurred and is continuing, then at the request of the Required Lenders, the Borrower Borrowers shall pay interest interest, in each case (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, L/C Participation Fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, owing by it at a rate per annum equal to:
(ai) for any Base Rate Loan or and any Swing Loan bearing interest based on at the Base Rate, the sum of 2.02.00% per annum plus the Applicable Margin plus the Base Rate from time to time in effect;
(bii) for any Eurodollar LIBOR Rate Loan or and any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.02.00% per annum plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(ciii) for any Reimbursement Obligation, the sum of 2.02.00% plus the amounts due under Section 1.3(b)(iii) 3.5 with respect to interest on such Reimbursement Obligation;
(div) for any Letter of Credit, the sum of 2.02.00% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee L/C Participation Fee due under Section 2.1 3.3 with respect to such Letter of Credit); and
(ev) for any other amount owing hereunder not covered by clauses (ai) through (div) above, the sum of 2.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 3 contracts
Sources: Credit Agreement (Fortegra Group, LLC), Credit Agreement (Fortegra Group, LLC), Credit Agreement (Tiptree Inc.)
Default Rate. Notwithstanding anything to the contrary contained herein, while (1) Default interest shall be paid as follows:
(A) If any Event of Default is continuing or after acceleration of the Obligations as a result amount due in respect of an Event Advance (other than amounts due on the Maturity Date) remains past due for thirty (30) days or more, interest on such unpaid amount(s) shall accrue from the date payment is due at the Default Rate and shall be payable upon demand by Lender.
(B) If any Indebtedness due is not paid in full on the applicable Maturity Date, then interest shall accrue at the Default Rate on all such unpaid amounts from such Maturity Date until fully paid and shall be payable upon demand by Lender. Absent a demand by Lender, any such amounts shall be payable by Borrower in the same manner as provided for the payment of Default, the Borrower shall pay interest (after as well as before entry of judgment thereon to Monthly Debt Service Payments. To the extent permitted by lawApplicable Law, interest shall also accrue at the Default Rate on any judgment obtained by Lender against Borrower in connection with the Advances. To the extent Borrower or any other Person is vested with a right of redemption, interest shall continue to accrue at the Default Rate during any redemption period until such time as the Mortgaged Property has been redeemed.
(2) on the principal amount of all outstanding Loans Borrower acknowledges and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, at a rate per annum equal toagrees that:
(aA) for any Base Rate Loan or any Swing Loan bearing interest based on its failure to make timely payments will cause Lender to incur additional expenses in servicing and processing the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit)Advances; and
(eB) for in connection with any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time failure to time timely pay all amounts due in effect; provided, however, that in the absence respect of an acceleration Advance on the applicable Maturity Date, or during the time that any amount due in respect of an Advance is delinquent for more than thirty (30) days:
(i) Lender’s risk of nonpayment of the Obligations as a result Advance will be materially increased;
(ii) Lender’s ability to meet its other obligations and to take advantage of an Event of Default, any adjustments pursuant to this Section 1.9 shall other investment opportunities will be made at the election adversely impacted;
(iii) Lender will incur additional costs and expenses arising from its loss of the Administrative Agent, acting at the request or with the consent use of the Required Lendersamounts due;
(iv) it is extremely difficult and impractical to determine such additional costs and expenses;
(v) Lender is entitled to be compensated for such additional risks, with written notice costs, and expenses; and
(vi) the increase from the Interest Rate to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand Default Rate represents a fair and reasonable estimate of the Administrative Agent at additional risks, costs, and expenses Lender will incur by reason of Borrower’s delinquent payment and the request or additional compensation Lender is entitled to receive for the increased risks of nonpayment associated with a delinquency on the consent of Advance (taking into account all circumstances existing on the Required Lendersapplicable Effective Date).
Appears in 2 contracts
Sources: Master Credit Facility Agreement (Steadfast Apartment REIT, Inc.), Master Credit Facility Agreement (Brookdale Senior Living Inc.)
Default Rate. Notwithstanding anything to the contrary contained herein, while any If an Event of Default has occurred and is continuing or after acceleration of the Obligations as a result of an Event of Defaultany Reimbursement Obligation, any principal or interest on any Loan or any fee or other amount payable by the Borrower or any Guarantor hereunder or under any other Credit Document not being paid when due, whether at stated maturity, upon acceleration or otherwise, the Borrower shall agrees to pay on demand, interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other such overdue amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, at a rate per annum equal to:
(a) for any Base Loan, the lesser of (i) the Highest Lawful Rate Loan or any Swing Loan bearing interest based on the Base Rate, and (ii) the sum of 2.0% plus (x) two percent (2%) per annum and (y) a rate per annum equal to (A) until the Applicable Margin plus end of the Base Rate from time to time Interest Period for such Loan in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest effect at the Swing Line Lender’s Quoted Ratetime of such default, the sum of 2.0% plus the rate of interest (inclusive of the Applicable Margin) in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, and (B) thereafter, at a rate per annum equal to the sum of 2.0% the Adjusted Daily Simple SOFR from time to time in effect and the Applicable Margin;
(b) for any unpaid Reimbursement Obligations, the lesser of (i) the Highest Lawful Rate and (ii) the sum of two percent (2%) per annum and (x) in the case of any Reimbursement Obligations payable in Dollars, the Adjusted Daily Simple SOFR from time to time in effect plus the Applicable Margin for Base Rate Loans plus RFR Loans, or (y) in the Base Rate case of any Reimbursement Obligations payable in any currency other than Dollars, the interest rate (inclusive of the Applicable Margin) that would otherwise then be applicable under this Agreement to a Term Benchmark Loan for an Interest Period of one (1) month as from time to time in effect;effect (but not less than such interest rate in effect at the time such payment was due); and
(c) for any Reimbursement Obligationfee or other amount payable by any Credit Party hereunder or under any other Credit Document, the lesser of (i) the Highest Lawful Rate and (ii) the sum of 2.0% plus two percent (2%) per annum and the amounts due under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate Adjusted Daily Simple SOFR from time to time in effecteffect plus the Applicable Margin. It is the intention of the Agents and the Lenders to conform strictly to usury laws applicable to them. Accordingly, if the transactions contemplated hereby or any Loan or other Obligation would be usurious as to any of the Lenders under laws applicable to it (including the laws of the United States and the State of New York or any other jurisdiction whose laws may be mandatorily applicable to such Lender notwithstanding the other provisions of this Agreement, the Notes or any other Credit Document), then, in that event, notwithstanding anything to the contrary in this Agreement, the Notes or any other Credit Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under laws applicable to such Lender that is contracted for, taken, reserved, charged or received by such Lender under this Agreement, the Notes or any other Credit Document or otherwise shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited by such Lender on the principal amount of the Loans or to the Reimbursement Obligations (or, if the principal amount of the Loans and all Reimbursement Obligations shall have been paid in full, refunded by such Lender to the Borrower); provided, however, that and (ii) in the absence event that the maturity of the Loans is accelerated by reason of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agentholder or holders thereof resulting from any Event of Default hereunder or otherwise, acting at or in the request event of any required or with permitted prepayment, then such consideration that constitutes interest under laws applicable to such Lender may never include more than the consent Highest Lawful Rate, and excess interest, if any, provided for in this Agreement, the Notes, any other Credit Document or otherwise shall be automatically canceled by such Lender as of the Required Lendersdate of such acceleration or prepayment and, with written notice if theretofore paid, shall be credited by such Lender on the principal amount of the Loans or to the Reimbursement Obligations (or if the principal amount of the Loans and all Reimbursement Obligations shall have been paid in full, refunded by such Lender to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders).
Appears in 2 contracts
Sources: Senior Secured Revolving Credit Agreement (Seadrill LTD), Senior Secured Revolving Credit Agreement
Default Rate. Notwithstanding anything to (i) Immediately upon the contrary contained herein, while any Event of Default is continuing or after acceleration of occurrence and during the Obligations as a result continuance of an Event of Default under Section 8.1(a), (b), (f) or (g), or (ii) at the election of the Lender, upon the occurrence and during the continuance of any other Event of Default, (i) the Borrower shall pay interest no longer have the option to request SOFR Loans or Letters of Credit, (after as well as before entry of judgment thereon to the extent permitted by lawii) on the principal amount of all outstanding Daily Simple SOFR Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Daily Simple SOFR Loans until the applicable Interest Payment Date and thereafter at a rate equal to:
to two percent (a2%) for any in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loan or any Swing Loan bearing Loans, (iii) all outstanding Term SOFR Loans shall bear interest based on at a rate per annum of two percent (2%) in excess of the Base Rate, the sum of 2.0% plus rate (including the Applicable Margin plus the Base Rate from time Margin) then applicable to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Term SOFR Loans until the end of the applicable Interest Period Period, and thereafter at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable thereto andto Base Rate Loans, thereafter, (D) all outstanding Base Rate Loans and other Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the sum of 2.0% plus rate (including the Applicable Margin for Margin) then applicable to Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due or such other Obligations arising hereunder or under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses Loan Document and (aE) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 all accrued and unpaid interest shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid due and payable on demand of the Administrative Agent at Lender. Interest shall continue to accrue on the request Obligations after the filing by or with against the consent Borrower of the Required Lendersany petition seeking any relief in bankruptcy or under any Debtor Relief Law.
Appears in 2 contracts
Sources: Credit Agreement (Atrion Corp), Credit Agreement (Atrion Corp)
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, fees at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line LenderAdministrative Agent’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 1.3 with respect to interest on such Reimbursement Obligation;; and
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Applicable Margin for Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee Fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultacceleration, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 2 contracts
Sources: Credit Agreement (Smart Balance, Inc.), Credit Agreement (Smart Balance, Inc.)
Default Rate. Notwithstanding anything to If any payment of principal on any Term Loan is not made when due after the contrary contained herein, while any Event of Default is continuing or after acceleration expiration of the Obligations grace period therefor provided in Section 7.1(a) (whether by acceleration or otherwise), such Term Loan shall bear interest (computed on the basis of a year of 360, 365 or 366 days, as a result of an Event of Defaultapplicable, and actual days elapsed) after any such grace period expires until such principal then due is paid in full, which the Borrower shall agrees to pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each casedemand, at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on Loan, the Base lesser of (i) the Highest Lawful Rate, or (ii) the sum of 2.0% plus the Applicable Margin two percent (2%) per annum plus the Base Rate from time to time in effect;effect (but not less than the Base Rate in effect at the time such payment was due); and
(b) for any Eurodollar Loan or any Swing Loan bearing interest at Loan, the Swing Line Lender’s Quoted lesser of (i) the Highest Lawful Rate, or (ii) the sum of 2.0% two percent (2%) per annum plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto for such Eurodollar Loan and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans two percent (2%) per annum plus the Base Rate, in each case from time to time in effect (but not less than the Base Rate in effect at the time such payment was due). It is the intention of the Administrative Agent and the Lenders to conform strictly to usury laws applicable to them. Accordingly, if the transactions contemplated hereby or any Term Loan or other Obligation would be usurious as to any of the Lenders under laws applicable to it (including the laws of the United States of America and the State of New York or any other jurisdiction whose laws may be mandatorily applicable to such Lender notwithstanding the other provisions of this Agreement, the Notes or any other Credit Document), then, in that event, notwithstanding anything to the contrary in this Agreement, the Notes or any other Credit Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under laws applicable to such Lender that is contracted for, taken, reserved, charged or received by such Lender under this Agreement, the Notes or any other Credit Document or otherwise shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited by such Lender on the principal amount of the Term Loans (or, if the principal amount of the Term Loans shall have been paid in full, refunded by such Lender to the Borrower); and (ii) in the event that the maturity of the Term Loans is accelerated by reason of an election of the holder or holders thereof resulting from any Event of Default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest under laws applicable to such Lender may never include more than the Highest Lawful Rate, and excess interest, if any, provided for in this Agreement, the Notes, any other Credit Document or otherwise shall be automatically canceled by such Lender as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by such Lender on the principal amount of the Term Loans (or if the principal amount of the Term Loans shall have been paid in full, refunded by such Lender to the Borrower). To the extent that the Texas Finance Code, Chapters 302 and 303, are relevant to the Administrative Agent and the Lenders for the purpose of determining the Highest Lawful Rate, the Administrative Agent and the Lenders hereby elect to determine the applicable rate ceiling under such Chapter by the indicated (weekly) rate ceiling from time to time in effect;
(c) for any Reimbursement Obligation, subject to their right subsequently to change such method in accordance with applicable law. In the event the Term Loans are paid in full by the Borrower prior to the full stated term of the Term Loans and the interest received from the actual period of the existence of the Term Loans exceeds the Highest Lawful Rate, the sum of 2.0% plus Lenders shall refund to the amounts due under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, Borrower the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 excess or shall be made at credit the election amount of the Administrative Agent, acting at excess against amounts owing under the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand Term Loans and none of the Administrative Agent at or the request or with the consent Lenders shall be subject to any of the Required Lenderspenalties provided by law for contracting for, taking, reserving, charging or receiving interest in excess of the Highest Lawful Rate.
Appears in 2 contracts
Sources: Term Credit Agreement (Transocean Inc), Term Credit Agreement (Transocean Inc)
Default Rate. Notwithstanding anything to Upon the contrary contained herein, while occurrence and during the continuation of any Event of Default is continuing or after acceleration of Default, until the Obligations as a result of an time when such Event of DefaultDefault shall have been cured or waived in writing by the Requisite Lenders or all the Lenders (as may be required by this Agreement), the Borrower shall pay interest (after including post-petition interest in any proceeding under the Bankruptcy Code or other applicable bankruptcy laws, whether or not allowed as well as before entry of judgment thereon to the extent permitted by lawa claim in bankruptcy) on the aggregate, outstanding principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding hereunder at a per annum rate equal to two percent (2.00%) plus the otherwise applicable interest rate or, if no such per annum rate is applicable to any such Obligations, and shall pay letter of credit fees, in each case, at a rate per annum rate equal to:
to two percent (a2.00%) for any Base Rate Loan or any Swing Loan bearing interest based on plus the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus (the Base “Default Rate”) payable on demand; provided, however, that the Borrower shall have no obligation to pay interest at the Default Rate from until such time to time as the Requisite Lenders have delivered written notice thereof with respect any Event of Default other than the Events of Default set forth in effect;
Sections 8.1 (c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) solely with respect to interest on such Reimbursement Obligation;
the payment of principal and interest), 8.6 and 8.7 (d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect in which case the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Creditinterest at the Default Rate shall be automatic); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, howeverfurther, if the Borrower is required to pay interest at the Default Rate pursuant to this subsection 2.2E, the Requisite Lenders may require that in interest shall begin to accrue at the absence of an acceleration Default Rate upon the occurrence of the Obligations as a result of an underlying Event of Default. Overdue interest shall itself bear interest at the Default Rate, any adjustments pursuant to this Section 1.9 and shall be made at the election of the Administrative Agent, acting at the request or compounded with the consent of the Required Lendersprincipal Obligations daily, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lendersfullest extent permitted by applicable laws.
Appears in 2 contracts
Sources: Credit Agreement (Isle of Capri Casinos Inc), Credit Agreement (Isle of Capri Casinos Inc)
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultpursuant to Sections 9.2 or 9.3, the Borrower Borrowers shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, fees at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(b) for any Eurodollar Eurocurrency Loan denominated in U.S. Dollars or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Eurocurrency Loan denominated in an Alternative Currency, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of (i) the Applicable Margin for Eurocurrency Loans plus (ii) two percent (2%) plus (iii) the Overnight Rate with respect to such unpaid amount; and
(d) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 1.3 with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount fees due and owing and hereunder not covered by clauses (a) through (d) above, the sum of 2.02% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultpursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section 1.9 1.10 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower Representative. Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders. For the avoidance of doubt, to the extent and for so long as the Borrowers are required to pay interest on the principal amount of all Loans and Reimbursement Obligations pursuant to this Section 1.10, no interest shall be due and payable pursuant to Section 1.4.
Appears in 2 contracts
Sources: Amendment Agreement (Boulder Brands, Inc.), Credit Agreement (Boulder Brands, Inc.)
Default Rate. Notwithstanding anything to Upon the contrary contained herein, while occurrence and during the continuation of any Event of Default is continuing or after acceleration of the Obligations as a result of an Event of Default, (i) the Borrower shall pay interest no longer have the option to continue or convert into LIBOR Rate Loans, (after as well as before entry of judgment thereon ii) each LIBOR Rate Loan shall convert to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto andthen in effect for such LIBOR Rate Loan, thereafter(iii) upon request of the Requisite Lenders, the outstanding principal amounts of all LIBOR Rate Loans shall bear interest (including post-petition interest in any case or proceeding under the Bankruptcy Code) at a rate per annum equal to the sum of 2.0% two percent (2%) plus the Applicable Margin for rate then applicable to LIBOR Rate Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) plus the rate then applicable to Base Rate Loans, and (iv) upon request of the Requisite Lenders, all outstanding Base Rate Loans and, to the extent permitted by applicable law, other Obligations arising hereunder or under any other Loan Document shall bear interest (including post-petition interest in any case or proceeding under the Bankruptcy Code) at a rate per annum equal to two percent (2%) plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect rate then applicable to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans or such other Obligations arising hereunder or under any other Loan Document. Upon the occurrence and during the continuation of any Potential Event of Default under Section 7.13, (i) the outstanding principal amounts of all LIBOR Rate Loans shall bear interest (including post-petition interest in any case or proceeding under the Bankruptcy Code) at a rate per annum equal to two percent (2%) plus the rate then applicable to LIBOR Rate Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) plus the rate then applicable to Base Rate from time Loans, and (ii) all outstanding Base Rate Loans and, to time the extent permitted by applicable law, other Obligations arising hereunder or under any other Loan Document shall bear interest (including post-petition interest in effect; provided, however, that in any case or proceeding under the absence of an acceleration Bankruptcy Code) at a rate per annum equal to two percent (2%) plus the rate then applicable to such Base Rate Loans or such other Obligations arising hereunder or under any other Loan Document. Payment or acceptance of the Obligations as increased rates of interest provided for in this Section 2.5D is not a result permitted alternative to timely payment and shall not constitute a waiver of an any Event of Default, Default or Potential Event of Default or otherwise prejudice or limit any adjustments pursuant to this Section 1.9 shall be made at the election rights or remedies of the Administrative Agent, acting at the request Agents or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 2 contracts
Sources: Bridge Loan Agreement (Hospira Inc), Term Loan Agreement (Hospira Inc)
Default Rate. Notwithstanding anything (i) If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the contrary contained hereinlesser of (y) the Default Rate and (z) the Highest Lawful Rate to the fullest extent permitted by Applicable Laws.
(ii) If any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the lesser of (y) the Default Rate and (z) the Highest Lawful Rate, to the fullest extent permitted by Applicable Laws.
(iii) Upon the occurrence of any Event of Default under Section 8.01(f), all outstanding Obligations (including Letter of Credit Fees) shall automatically accrue at a fluctuating interest rate per annum equal to the lesser of (y) the Default Rate and (z) the Highest Lawful Rate, to the fullest extent permitted by Applicable Laws.
(iv) Upon the request of the Required Lenders, while any Event of Default is continuing or after acceleration exists (other than as set forth in clauses (b)(i), (b)(ii) and (b)(iii) above), all outstanding Obligations (including Letter of the Obligations as Credit Fees) may accrue at a result of an Event of Default, the Borrower shall pay fluctuating interest (after as well as before entry of judgment thereon rate per annum at all times equal to the lesser of (y) the Default Rate and (z) the Highest Lawful Rate, to the fullest extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, at a rate per annum equal to:Applicable Laws.
(av) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) with respect to Accrued and unpaid interest on such Reimbursement Obligation;
past due amounts (dincluding interest on past due interest) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lendersdue and payable upon demand.
Appears in 2 contracts
Sources: Credit Agreement (Team Inc), Credit Agreement (Team Inc)
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, fees at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base RateLoan, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or Daily Simple SOFR Loan, the sum of 2.0% plus the Applicable Margin plus the Daily Simple SOFR from time to time in effect;
(c) for any Swing Loan bearing interest at the Swing Line Lender’s Quoted RateTerm SOFR Loan, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(cd) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 2.2 with respect to interest on such Reimbursement Obligation;; and
(de) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 3.1 with respect to such Letter of Credit); and
(ef) for any other amount owing hereunder not covered by clauses (a) through (de) above, the sum of 2.02% plus the Applicable Margin for Revolving Credit Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultacceleration, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 2 contracts
Sources: Credit Agreement (LTC Properties Inc), Credit Agreement (LTC Properties Inc)
Default Rate. Notwithstanding anything Subject to Section 9.1, (i) immediately upon the contrary contained herein, while any occurrence and during the continuance of an Automatic Event of Default is continuing or after acceleration of the Obligations as a result of an Event of Default under clause (i) in the definition of “Notice Event of Default”, or (ii) at the Borrower election of the Lender, upon the occurrence and during the continuance of any other Event of Default:
(A) the Borrowers shall pay interest no longer have the option to request Foreign Currency Loans, LIBOR Rate Loans, or Letters of Credit;
(after as well as before entry of judgment thereon to the extent permitted by lawB) on the principal amount of all outstanding LIBOR Rate Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and denominated in Dollars shall pay letter of credit fees, in each case, bear interest at a rate per annum equal to:
of two percent (a2%) for any Base Rate Loan or any Swing Loan bearing interest based on in excess of the Base Rate, the sum of 2.0% plus rate (including the Applicable Margin plus the Base Margin) then applicable to LIBOR Rate from time to time Loans denominated in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Dollars until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable thereto and, thereafter, to Base Rate Loans;
(C) all outstanding LIBOR Rate Loans denominated in a Foreign Currency shall bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to LIBOR Rate Loans denominated in such Foreign Currency;
(D) all outstanding Base Rate Loans shall bear interest at a rate per annum equal to two percent (2%) in excess of the sum of 2.0% plus rate (including the Applicable Margin for Margin) then applicable to Base Rate Loans plus the Base Rate from time to time in effectLoans;
(cE) for any Reimbursement Obligation, all outstanding Daily One Month LIBOR Loans shall bear interest at a rate per annum equal to two percent (2%) in excess of the sum of 2.0% plus rate (including the amounts due under Section 1.3(b)(iiiApplicable Margin) with respect then applicable to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit)Daily One Month LIBOR Loans; and
(eF) for all other Obligations arising hereunder or under any other amount owing hereunder not covered by clauses Loan Document shall bear interest at a rate per annum equal to two percent (a2%) through in excess of the rate (d) above, the sum of 2.0% plus including the Applicable Margin Margin) applicable to such other Obligation (provided, that if no rate for such other Obligation is set forth herein or in such other Loan Document, then such Obligation shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans plus the Base Rate from time Loans). Interest shall continue to time in effect; provided, however, that in the absence of an acceleration of accrue on the Obligations as a result after the filing by or against any Borrower of an Event of Defaultany petition seeking any relief in bankruptcy or under any act or law pertaining to insolvency or debtor relief, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agentwhether state, acting at the request federal or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lendersforeign.
Appears in 2 contracts
Sources: Credit Agreement (Twin Disc Inc), Credit Agreement (Twin Disc Inc)
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the each Borrower shall pay pay, after written notice from the Administrative Agent, interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligationsowed by it under the Loan Documents, and shall pay letter of credit fees, in each case, fees from the date of such Event of Default or acceleration at a rate per annum equal to:
(a) for any U.S. Base Rate Loan or any Swing Loan bearing interest based on the U.S. Base Rate, the sum of 2.0% plus the Applicable Margin plus the U.S. Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted RateLoan, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for U.S. Base Rate Loans plus the U.S. Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 1.3 with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and;
(e) for any other amount owing hereunder not covered by clauses (a) through (d) aboveCAD Base Rate Loan or any Swing Loan bearing interest based on the CAD Base Rate, the sum of 2.0% plus the Applicable Margin plus the CAD Base Rate from time to time in effect; and
(f) for any CAD CDOR Loan, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for CAD Base Rate Loans plus the CAD Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations or a Principal Payment Default (as a result of an Event of Defaultdefined below), any interest adjustments pursuant to this Section 1.9 shall only be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrowers. Interest accruing pursuant to If any principal amount of any Loan or Reimbursement Obligation is not paid when due (a “Principal Payment Default”) such principal amount shall bear interest at the rates specified in subsections (a) through (f) above until paid in full. While any Event of Default exists or after acceleration, interest as adjusted under this Section 1.9 1.10 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 2 contracts
Sources: Credit Agreement, Credit Agreement (Smucker J M Co)
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, letter of credit fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, due under the Loan Documents at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum of 2.03.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted RateLoan, the sum of 2.03.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.03.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.03.0% plus the amounts due under Section 1.3(b)(iii) 1.3 with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.03.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.03.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest While any Event of Default exists or after acceleration, interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 2 contracts
Sources: Credit Agreement (Monmouth Real Estate Investment Corp), Credit Agreement (Monmouth Real Estate Investment Corp)
Default Rate. Notwithstanding anything to the contrary contained hereinclauses (a) and (b) above, while any if (i) an Event of Default specified in Section 8.1(a), Section 8.1(b), Section 8.1(g) or Section 8.1(h) has occurred and is continuing or after acceleration of the Obligations as a result of continuing, (ii) if an Event of DefaultDefault specified in Section 8.1(d) (solely with respect to noncompliance with Section 7.4) or Section 8.1(e) (solely with respect to an Event of Default caused by a failure to deliver the financial statements required by Section 6.1) has occurred and has been continuing for thirty (30) days or (iii) otherwise at the request of the Required Lenders if any other Event of Default has occurred and is continuing, then at the request of the Required Lenders, the Borrower Borrowers shall pay interest interest, in each case (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, L/C Participation Fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, owing by it at a rate per annum equal to:
(ai) for any Base Rate Loan or and any Swing Loan bearing interest based on at the Base Rate, the sum of 2.02.00% per annum plus the Applicable Margin plus the Base Rate from time to time in effect;
(bii) for any Eurodollar Tranche Rate Loan, Alternative Currency Loan or and any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.02.00% per annum plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(ciii) for any Reimbursement Obligation, the sum of 2.02.00% plus the amounts due under Section 1.3(b)(iii) 3.5 with respect to interest on such Reimbursement Obligation;
(div) for any Letter of Credit, the sum of 2.02.00% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee L/C Participation Fee due under Section 2.1 3.3 with respect to such Letter of Credit); and
(ev) for any other amount owing hereunder not covered by clauses (ai) through (div) above, the sum of 2.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 2 contracts
Sources: Credit Agreement (Fortegra Group, Inc), Credit Agreement (Tiptree Inc.)
Default Rate. Notwithstanding anything to the contrary contained herein, while While any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, L/C Participation Fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, owing by it at a rate per annum equal to:
(ai) for any Base Prime Rate Loan or any Swing Loan bearing interest based on the Base RateLoan, the sum of 2.02.00% per annum plus the Applicable Margin plus the Base Prime Rate from time to time in effect;; and
(bii) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted RateSOFR Loan, the sum of 2.02.00% per annum plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto andthereto, and thereafter, at a rate per annum equal to the sum of 2.02.00% plus the Applicable Margin for Base Prime Rate Loans plus the Base Prime Rate from time to time in effect;
(ciii) for any Reimbursement Obligation, the sum of 2.02.00% plus the amounts due under Section 1.3(b)(iii) 2.3 with respect to interest on such Reimbursement Obligation;
(div) for any Letter of Credit, the sum of 2.02.00% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee L/C Participation Fee due under Section 2.1 2.13(b) with respect to such Letter of Credit); and
(ev) for any other amount owing hereunder not covered by clauses (ai) through (div) above, the sum of 2.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Prime Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultacceleration, any adjustments increase in interest rates pursuant to this Section 1.9 and any conversion of Loans into Prime Rate Loans shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, accrued interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 2 contracts
Sources: Credit Agreement (Limbach Holdings, Inc.), Credit Agreement (Limbach Holdings, Inc.)
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of DefaultObligations, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, letter of credit fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, at a rate per annum equal to:
(a) for any Daily Simple SOFR Loan, Base Rate Loan or any Swing Swingline Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar SOFR Loan or any Swing Swingline Loan bearing interest at the Swing Line Swingline Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 2.3 with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee L/C Participation Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultpursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration of the Obligations, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 2 contracts
Sources: Credit Agreement (Postal Realty Trust, Inc.), Credit Agreement (Postal Realty Trust, Inc.)
Default Rate. Notwithstanding anything to If any payment of principal or interest on any Loan is not made when due after the contrary contained herein, while any Event of Default is continuing or after acceleration expiration of the Obligations grace period therefor provided in Section 7.1(a) (whether by acceleration or otherwise), such principal or interest amount shall bear interest (computed on the basis of a year of 360, 365 or 366 days, as a result of an Event of Defaultapplicable, and actual days elapsed) after any such grace period expires until such amount then due is paid in full, which the Borrower shall agrees to pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each casedemand, at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on Loan, the Base lesser of (i) the Highest Lawful Rate, or (ii) the sum of 2.0% (x) two percent (2%) per annum, plus (y) the Applicable Margin plus the rate of interest in effect on such Base Rate from time to time Loan as otherwise provided in effect;Section 2.6(a); and
(b) for any Eurodollar Loan or any Swing Loan bearing interest at Eurocurrency Loan, the Swing Line Lender’s Quoted lesser of (i) the Highest Lawful Rate, or (ii) the sum of 2.0% (x) two percent (2%) per annum, plus (y) the rate of interest in effect thereon on such Eurocurrency Loan as otherwise provided in Section 2.6(b) at the time of such default until the end of the Interest Period applicable thereto for such Eurocurrency Loan and, thereafter, at a rate per annum pursuant to this clause (y) equal to the sum rate of 2.0% plus interest as otherwise provided in Section 2.6(a). It is the Applicable Margin for Base Rate Loans plus intention of the Base Rate from time Lenders to time in effect;
conform strictly to usury laws applicable to them. Accordingly, if the transactions contemplated hereby or any Loan or other Obligation would be usurious as to any of the Lenders under laws applicable to it (c) for including the laws of the United States of America and the State of New York or any Reimbursement Obligationother jurisdiction whose laws may be mandatorily applicable to such Lender notwithstanding the other provisions of this Agreement, the sum of 2.0% plus Notes or any other Credit Document), then, in that event, notwithstanding anything to the amounts due under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Creditcontrary in this Agreement, the sum Notes or any other Credit Document, it is agreed as follows: (i) the aggregate of 2.0% plus the amounts due all consideration which constitutes interest under laws applicable to such Lender that is contracted for, taken, reserved, charged or received by such Lender under this Agreement with respect to such Letter of Credit (for Agreement, the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for Notes or any other Credit Document or otherwise shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited by such Lender on the principal amount owing hereunder not covered by clauses of the Loans; and (aii) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence event that the maturity of the Loans is accelerated by reason of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agentholder or holders thereof resulting from any Event of Default hereunder or otherwise, acting at or in the request event of any required or with permitted prepayment, then such consideration that constitutes interest under laws applicable to such Lender may never include more than the consent Highest Lawful Rate, and excess interest, if any, provided for in this Agreement, the Notes, any other Credit Document or otherwise shall be automatically canceled by such Lender as of the Required Lendersdate of such acceleration or prepayment and, with written notice if theretofore paid, shall be credited by such Lender on the principal amount of the Loans (or if the principal amount of the Loans shall have been paid in full, refunded by such Lender to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders).
Appears in 2 contracts
Sources: Credit Agreement (Transocean Partners LLC), Credit Agreement (Transocean Partners LLC)
Default Rate. Notwithstanding anything to the contrary contained herein, while (a) If any Event of Default is continuing or after acceleration of occurs, (i) during the Obligations as a result of an period commencing on the Closing Date and ending on the second Anniversary Date, then, from the date such Event of DefaultDefault occurs until it is cured or waived or until all Obligations are paid and performed in full, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, bear interest (as well after as before judgment) at a rate (the "Initial Default Rate") per annum which is equal to:
to the Prime Lending Rate plus 2% and (aii) for at any Base Rate Loan time after the second Anniversary Date, then, from the date such Event of Default occurs until it is cured or any Swing Loan bearing waived or until all Obligations are paid and performed in full, all outstanding Loans shall bear interest based on (as well after as before judgment) at a rate (the Base "Subsequent Default Rate, ") per annum which is equal to the sum of 2.0% then applicable interest rate plus the Applicable Margin plus the Base Rate from time to time in effect;
2%; and (b) for if all or a portion of any Eurodollar interest payable on any Loan or any Swing Loan bearing interest other amount payable hereunder shall not be paid when due (whether at the Swing Line Lender’s Quoted Ratestated maturity, by acceleration or otherwise), (i) during the sum of 2.0% plus period commencing on the rate of Closing Date and ending on the second Anniversary Date such overdue amount shall bear interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus Initial Default Rate and (ii) at any time after the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) with respect to second Anniversary Date such overdue amount shall bear interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay at a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice rate per annum equal to the BorrowerSubsequent Default Rate, in each case from the date of such non-payment until such amount is paid in full (as well after as before judgment). Interest accruing pursuant to this Section 1.9 3.3 on the Term Loan A shall be paid payable from time to time on demand and interest accruing pursuant to this Section 3.3 on the Term Loan B shall accrue and be added to the outstanding principal of the Administrative Agent Term Loan B on each Interest Payment Date and thereafter bear interest at the request or with the consent of the Required LendersTerm Loan B Eurodollar Rate until paid.
Appears in 2 contracts
Sources: Loan and Facilities Agreement (Bh Re LLC), Loan and Facilities Agreement (Bh Re LLC)
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, letter of credit fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted RateTerm SOFR Loan, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement ObligationObligation not converted into a Revolving Loan, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 2.3 with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee L/C Participation Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultpursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). Interest accruing pursuant to this Section 1.9 While any Event of Default exists after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 2 contracts
Sources: Credit Agreement (Performant Financial Corp), Credit Agreement (Performant Financial Corp)
Default Rate. Notwithstanding anything to If any payment of principal on any Loan is not made when due after the contrary contained herein, while any Event of Default is continuing or after acceleration expiration of the Obligations grace period therefor provided in Section 8.1(a) (whether by acceleration or otherwise), or any Reimbursement Obligation is not paid when due as a result of an Event of Defaultprovided in Section 2.12(c), the Borrower such past due Loan or Reimbursement Obligation shall pay bear interest (after as well as before entry of judgment thereon to the extent permitted by law) computed on the principal amount basis of all outstanding Loans and Reimbursement Obligations and other amounts a year of outstanding Obligations360, 365 or 366 days, as applicable, and shall actual days elapsed) after any such grace period expires until such principal then due is paid in full, which each Borrower agrees to pay letter of credit fees, in each caseon demand, at a rate per annum equal to:
(a) (i) for any Base Rate Loan or any Swing Loan bearing interest based on Revolving Loan, the Base Rate, lesser of (A) the Highest Lawful Rate and (B) the sum of 2.0% plus the Applicable Margin two percent (2%) per annum plus the Base Rate from time to time in effecteffect (but not less than the Base Rate in effect at the time such payment was due) plus the Applicable Margin, and (ii) for any Swingline Loan, the lesser of (A) the Highest Lawful Rate and (B) the sum of two percent (2%) per annum plus the LIBOR Market Index Rate from time to time in effect (but not less than the LIBOR Market Index Rate in effect at the time such payment was due) plus the Applicable Margin;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at Revolving Loan, the Swing Line Lender’s Quoted Rate, lesser of (i) the Highest Lawful Rate and (ii) the sum of 2.0% two percent (2%) per annum plus the rate of interest (inclusive of the Applicable Margin) in effect thereon at the time of such default until the end of the Interest Period applicable thereto for such Loan and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans two percent (2%) per annum plus the Base Rate from time to time in effect;
effect (cbut not less than the Base Rate in effect at the time such payment was due) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans Revolving Loans; and
(c) for any unpaid Reimbursement Obligations, the lesser of (i) the Highest Lawful Rate and (ii) the sum of two percent (2%) per annum plus (x) in the case of any Reimbursement Obligations payable in Dollars, the Base Rate from time to time in effect; providedeffect (but not less than the Base Rate in effect at the time such payment was due) plus the Applicable Margin for Base Rate Revolving Loans, however, that or (y) in the absence case of an acceleration any Reimbursement Obligations payable in any currency other than Dollars, the interest rate (inclusive of the Obligations Applicable Margin) that would otherwise then be applicable under this Agreement to a Eurodollar Revolving Loan for an Interest Period of one month as a result of an Event of Default, any adjustments pursuant from time to this Section 1.9 shall be made time in effect (but not less than such interest rate in effect at the election of time such payment was due). It is the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand intention of the Administrative Agent at and the request Lenders to conform strictly to usury laws applicable to them. Accordingly, if the transactions contemplated hereby or with the consent any Loan or other Obligation would be usurious as to any of the Required LendersLenders under laws applicable to it (including the laws of the United States of America, including to the extent applicable, 46 U.S.C. Section 31322(b)), and the State of New York or any other jurisdiction whose laws may be mandatorily applicable to such Lender notwithstanding the other provisions of this Agreement, the Notes or any other Credit Document), then, in that event, notwithstanding anything to the contrary in this Agreement, the Notes or any other Credit Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under laws applicable to such Lender that is contracted for, taken, reserved, charged or received by such Lender under this Agreement, the Notes or any other Credit Document or otherwise shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited by such Lender on the principal amount of the Loans or to the Reimbursement Obligations (or, if the principal amount of the Loans and all Reimbursement Obligations shall have been paid in full, refunded by such Lender to the applicable Borrower); and (ii) in the event that the maturity of the Loans is accelerated by reason of an election of the holder or holders thereof resulting from any Event of Default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest under laws applicable to such Lender may never include more than the Highest Lawful Rate, and excess interest, if any, provided for in this Agreement, the Notes, any other Credit Document or otherwise shall be automatically canceled by such Lender as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by such Lender on the principal amount of the Loans or to the Reimbursement Obligations (or if the principal amount of the Loans and all Reimbursement Obligations shall have been paid in full, refunded by such Lender to the applicable Borrower).
Appears in 2 contracts
Sources: Senior Secured Revolving Credit Agreement (Paragon Offshore Ltd.), Senior Secured Revolving Credit Agreement (Noble Corp PLC)
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing or exists, each Borrower shall pay, after acceleration written notice from the Administrative Agent sent at the direction of the Obligations as a result Required Lenders (provided no such notice or Required Lender direction to send such notice shall be required in the case of an Event of DefaultDefault under Section 9.1(j) or (k) or a Principal Payment Default (as defined below)), the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Loans, Reimbursement Obligations and other amounts owed by such Borrower under the Loan Documents, from the date of outstanding Obligations, and shall pay letter of credit feessuch written notice (or, in each casethe case of an Event of Default under Section 9.1(j) or (k) or a Principal Payment Default, the date of such Event of Default) at a rate per annum equal to:to (the “Default Rate”):
(a) for any U.S. Base Rate Loan or any Swing Loan bearing interest based on the U.S. Base Rate, the sum of 2.0% plus the Applicable Margin plus the U.S. Base Rate from time to time in effect;
(b) for any Eurodollar LIBOR Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Ratedenominated in U.S. Dollars, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for U.S. Base Rate Loans plus the U.S. Base Rate from time to time in effect;
(c) for any LIBOR Loan denominated in Euros, (x) the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and (y) thereafter, the sum of 2.0% plus the Applicable Margin for LIBOR Loans plus Adjusted LIBOR for the applicable Interest Period;
(d) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 1.3 with respect to interest on such Reimbursement Obligation;
(de) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit);
(f) [reserved]; and
(eg) for any other amount owing hereunder not covered by clauses (a) through (d) aboveCAD CDOR Loan, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for U.S. Base Rate Loans plus the U.S. Base Rate (with such amount to be converted to and calculated on the U.S. Dollar Equivalent amount of such Loan and paid in U.S. Dollars) from time to time in effect; provided, however, that . If any principal amount of any Loan or Reimbursement Obligation is not paid when due (a “Principal Payment Default”) such principal amount shall bear interest at the rates specified in the absence of an acceleration of the Obligations as a result of an subsections (a) through (g) above until paid in full. While any Event of DefaultDefault exists, any adjustments pursuant to interest as adjusted under this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 1.10 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 2 contracts
Sources: Credit Agreement (J M SMUCKER Co), Revolving Credit Agreement (J M SMUCKER Co)
Default Rate. Notwithstanding anything to If any payment of principal on any Loan is not made when due after the contrary contained herein, while any Event of Default is continuing or after acceleration expiration of the Obligations grace period therefor provided in Section 8.1(a) (whether by acceleration or otherwise), such past due Loan shall bear interest (computed on the basis of a year of 360, 365 or 366 days, as a result of an Event of Defaultapplicable, and actual days elapsed) after any such grace period expires until such principal then due is paid in full, which the Borrower shall agrees to pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each casedemand, at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on Term Loan, the Base Rate, lesser of (A) the Highest Lawful Rate and (B) the sum of 2.0% plus the Applicable Margin two percent (2%) per annum plus the Base Rate from time to time in effect;effect (but not less than the Base Rate in effect at the time such payment was due) plus the Applicable Margin; and
(b) for any Eurodollar Loan or any Swing Loan bearing interest at Term Loan, the Swing Line Lender’s Quoted Rate, lesser of (i) the Highest Lawful Rate and (ii) the sum of 2.0% two percent (2%) per annum plus the rate of interest (inclusive of the Applicable Margin) in effect thereon at the time of such default until the end of the Interest Period applicable thereto for such Loan and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans two percent (2%) per annum plus the Base Rate from time to time in effect;
effect (cbut not less than the Base Rate in effect at the time such payment was due) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus Term Loans. It is the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand intention of the Administrative Agent at and the request Lenders to conform strictly to usury laws applicable to them. Accordingly, if the transactions contemplated hereby or with the consent any Loan or other Obligation would be usurious as to any of the Required LendersLenders under laws applicable to it (including the laws of the United States of America, including to the extent applicable, 46 U.S.C. Section 31322(b)), and the State of New York or any other jurisdiction whose laws may be mandatorily applicable to such Lender notwithstanding the other provisions of this Agreement, the Term Loan Notes or any other Credit Document), then, in that event, notwithstanding anything to the contrary in this Agreement, the Term Loan Notes or any other Credit Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under laws applicable to such Lender that is contracted for, taken, reserved, charged or received by such Lender under this Agreement, the Term Loan Notes or any other Credit Document or otherwise shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited by such Lender on the principal amount of the Loans (or, if the principal amount of the Loans shall have been paid in full, refunded by such Lender to the Borrower); and (ii) in the event that the maturity of the Loans is accelerated by reason of an election of the holder or holders thereof resulting from any Event of Default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest under laws applicable to such Lender may never include more than the Highest Lawful Rate, and excess interest, if any, provided for in this Agreement, the Term Loan Notes, any other Credit Document or otherwise shall be automatically canceled by such Lender as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by such Lender on the principal amount of the Loans (or if the principal amount of the Loans shall have been paid in full, refunded by such Lender to the Borrower).
Appears in 2 contracts
Sources: Senior Secured Term Loan Agreement (Paragon Offshore PLC), Senior Secured Term Loan Agreement (Paragon Offshore Ltd.)
Default Rate. Notwithstanding anything (i) If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the contrary contained hereinlesser of (y) the Default Rate and (z) the Highest Lawful Rate to the fullest extent permitted by Applicable Laws.
(ii) If any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the lesser of (y) the Default Rate and (z) the Highest Lawful Rate, to the fullest extent permitted by Applicable Laws.
(iii) Upon the occurrence of any Event of Default under Section 8.1(f), all outstanding Obligations (including Letter of Credit Fees) shall automatically accrue at a fluctuating interest rate per annum equal to the lesser of (y) the Default Rate and (z) the Highest Lawful Rate, to the fullest extent permitted by Applicable Laws.
(iv) Upon the request of the Required Lenders, while any Event of Default is continuing or after acceleration exists (other than as set forth in clauses (b)(i), (b)(ii) and (b)(iii) above), all outstanding Obligations (including Letter of the Obligations as Credit Fees) may accrue at a result of an Event of Default, the Borrower shall pay fluctuating interest (after as well as before entry of judgment thereon rate per annum at all times equal to the lesser of (y) the Default Rate and (z) the Highest Lawful Rate, to the fullest extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, at a rate per annum equal to:Applicable Laws.
(av) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) with respect to Accrued and unpaid interest on such Reimbursement Obligation;
past due amounts (dincluding interest on past due interest) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lendersdue and payable upon demand.
Appears in 1 contract
Sources: Credit Agreement (Team Inc)
Default Rate. Notwithstanding anything to the contrary contained hereinin Section 1.3 hereof, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower shall Borrowers shall, jointly and severally, pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, fees at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan Loans bearing interest based on at the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Eurocurrency Loan or any Swing Loan Loans bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 1.3 with respect to interest on such Reimbursement Obligation;; and
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultacceleration, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the withthe consent of the Required Lenders, with written notice to the BorrowerBorrowers. Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Sources: Credit Agreement (Rc2 Corp)
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, letter of credit fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Swingline Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Swingline Loan bearing interest at the Swing Line LenderAdministrative Agent’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 2.3 with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee L/C Participation Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.02% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultpursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, fees and interest on any other amounts owing hereunder or under the other Loan Documents at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at Adjusted LIBOR or the Swing Line Lender’s Quoted Rate, as applicable, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 2.3 with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 2.12 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) aboveoverdue amounts, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultacceleration, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Default Rate. Notwithstanding anything Subject to Section 9.3, (i) immediately upon the contrary contained herein, while any Event of Default is continuing or after acceleration of occurrence and during the Obligations as a result continuance of an Event of Default under Section 9.1(a), (g), (h) or (i), or (ii) at the election of the Required Lenders (or the Administrative Agent at the direction of the Required Lenders), upon the occurrence and during the continuance of any other Event of Default, (A) the Borrower shall pay interest no longer have the option to request SOFR Loans, Swingline Loans or Letters of Credit, (after as well as before entry of judgment thereon to the extent permitted by lawB) on the principal amount of all outstanding Daily Simple SOFR Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, bear interest at a rate per annum equal to:
of two percent (a2%) for any in excess of the rate (including the Applicable Margin) then applicable to Daily Simple SOFR Loans until the applicable Interest Payment Date, and thereafter at a rate per annum two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loan or any Swing Loan bearing Loans, (C) all outstanding Term SOFR Loans shall bear interest based on at a rate per annum of two percent (2%) in excess of the Base Rate, the sum of 2.0% plus rate (including the Applicable Margin plus the Base Rate from time Margin) then applicable to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Term SOFR Loans until the end of the applicable Interest Period Period, and thereafter at a rate per annum of two percent (2%) in excess of the rate (including the Applicable 202564162_8 Margin) then applicable thereto andto Base Rate Loans, thereafter, (D) all outstanding Swingline Loans shall thereafter bear interest at a rate per annum equal to two (2%) in excess of the sum of 2.0% plus rate (including the Applicable Margin for Margin) then applicable to such Loans, (E) all outstanding Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due and other Obligations arising hereunder or under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses Loan Document shall bear interest at a rate per annum equal to two percent (a2%) through in excess of the rate (d) above, the sum of 2.0% plus including the Applicable Margin for Margin) then applicable to Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the or such other Obligations as a result of an Event of Default, arising hereunder or under any adjustments pursuant to this Section 1.9 other Loan Document and (F) all accrued and unpaid interest shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid due and payable on demand of the Administrative Agent at Agent. Interest shall continue to accrue on the request Obligations after the filing by or with against the consent Borrower of the Required Lendersany petition seeking any relief in bankruptcy or under any Debtor Relief Law.
Appears in 1 contract
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing or exists, each Borrower shall pay, after acceleration written notice from the Administrative Agent sent at the direction of the Obligations as a result Required Lenders (provided no such notice or Required Lender direction to send such notice shall be required in the case of an Event of DefaultDefault under Section 9.1(j) or (k) or a Principal Payment Default (as defined below)), the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Loans, Reimbursement Obligations and other amounts owed by such Borrower under the Loan Documents, from the date of outstanding Obligations, and shall pay letter of credit feessuch written notice (or, in each casethe case of an Event of Default under Section 9.1(j) or (k) or a Principal Payment Default, the date of such Event of Default) at a rate per annum equal to:to (the “Default Rate”):
(a) for any U.S. Base Rate Loan or any Swing Loan bearing interest based on the U.S. Base Rate, the sum of 2.0% plus the Applicable Margin plus the U.S. Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted RateLIBORTerm SOFR Loan, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for U.S. Base Rate Loans plus the U.S. Base Rate from time to time in effect;
(c) for any EURIBOR Loan, (x) the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and (y) thereafter, the sum of 2.0% plus the Applicable Margin for EURIBOR Loans plus EURIBOR for the applicable Interest Period;
(d) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 1.3 with respect to interest on such Reimbursement Obligation;
(de) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(ef) for any other amount owing hereunder not covered by clauses (a) through (d) aboveCAD CDOR Loan, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a 22 rate per annum equal to the sum of 2.0% plus the Applicable Margin for U.S. Base Rate Loans plus the U.S. Base Rate (with such amount to be converted to and calculated on the U.S. Dollar Equivalent amount of such Loan and paid in U.S. Dollars) from time to time in effect; provided, however, that . If any principal amount of any Loan or Reimbursement Obligation is not paid when due (a “Principal Payment Default”) such principal amount shall bear interest at the rates specified in the absence of an acceleration of the Obligations as a result of an subsections (a) through (f) above until paid in full. While any Event of DefaultDefault exists, any adjustments pursuant to interest as adjusted under this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 1.10 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Sources: Credit Agreement (J M SMUCKER Co)
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of acceleration, (x) the Obligations as a result of an Event of Default, the Borrower Borrowers shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligationsat a rate per annum equal to, and (y) with respect to any outstanding Letter of Credit, the Borrowers shall pay letter Letter of credit fees, in each case, Credit fees at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum of two percent (2.0% %) plus the Applicable Margin plus the Base Rate from time to time in effectrate otherwise applicable thereto under Section 1 or 2 hereof, respectively;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of two percent (2.0% %) plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% two percent (2%) plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any SOFR Loan, Eurocurrency Loan, or RFR Loan, the sum of two percent (2.0%) plus the rate otherwise applicable thereto under Section 1 hereof; and
(d) for any Reimbursement Obligation, the sum of two percent (2.0% %) plus the amounts due rate otherwise applicable thereto under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;1.2; and
(de) for any Letter of Credit, the sum of two percent (2.0% %) plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 4.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultacceleration, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerCompany (which notice may be revoked at the direction of the Required Lenders notwithstanding any provision of Section 14.12 requiring the unanimous consent of the Lenders to reduce interest rates). Interest accruing accrued pursuant to this Section 1.9 3.2 shall be paid payable on demand of the Administrative Agent at the request or with the consent of the Required Lendersdemand.
Appears in 1 contract
Default Rate. Notwithstanding anything to the contrary contained herein, while While any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, L/C Participation Fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, owing by it at a rate per annum equal to:
(ai) for any Base Prime Rate Loan or any Swing Loan bearing interest based on the Base RateLoan, the sum of 2.02.00% per annum plus the Applicable Margin plus the Base Prime Rate from time to time in effect;; and
(bii) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted RateLoan, the sum of 2.02.00% per annum plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.02.00% plus the Applicable Margin for Base Prime Rate Loans plus the Base Prime Rate from time to time in effect;
(ciii) for any Reimbursement Obligation, the sum of 2.02.00% plus the amounts due under Section 1.3(b)(iii) 2.3 with respect to interest on such Reimbursement Obligation;
(div) for any Letter of Credit, the sum of 2.02.00% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee L/C Participation Fee due under Section 2.1 2.13(b) with respect to such Letter of Credit); and
(ev) for any other amount owing hereunder not covered by clauses (ai) through (div) above, the sum of 2.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Prime Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultacceleration, any adjustments increase in interest rates pursuant to this Section 1.9 and any conversion of Loans into Prime Rate Loans shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, accrued interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing or after acceleration of the Obligations as a result of exists under Section 9.1(a)(i), 9.1(b) (with respect to an Event of DefaultDefault arising under Section 8.24), 9.1(j) or 9.1(k) or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, fees at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base RateLoan, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted RateSOFR Loan, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 2.3 with respect to interest on such Reimbursement Obligation;; and
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee L/C Participation Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration pursuant to Section 9.2 or 9.3, the application of the Obligations as a result of an Event of Default, this Section to any outstanding obligations and any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Sources: Credit Agreement (Envestnet, Inc.)
Default Rate. Notwithstanding anything Subject to Section 13.3, upon the contrary contained herein, while any occurrence and during the continuance of a Payment Event of Default is continuing or after acceleration a Bankruptcy Event of Default or, at the discretion of the Obligations Administrative Agent or as a result directed by the Required Lenders, upon the occurrence and during the continuance of an Event of Default other than a Payment Event of Default or Bankruptcy Event of Default, (i) the Borrower Borrowers shall pay interest no longer have the option to request LIBOR Rate Loans, Swingline Loans, Canadian Dollar Loans or Letters of Credit, (after as well as before entry of judgment thereon to the extent permitted by lawii) on the principal amount of all outstanding LIBOR Rate Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and denominated in Dollars shall pay letter of credit fees, in each case, bear interest at a rate per annum equal to:
of two percent (a2%) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum in excess of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default then applicable to LIBOR Rate Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate then applicable thereto andto Base Rate Loans, thereafter(iii) all outstanding LIBOR Rate Loans denominated in Canadian Dollars shall bear interest at a rate per annum of two percent (2%) in excess of the rate then applicable to LIBOR Rate Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate then applicable to Canadian Base Rate Loans, (iv) all outstanding Canadian Base Rate Loans shall bear interest at a rate per annum equal to two percent (2%) in excess of the sum of 2.0% plus the Applicable Margin for rate then applicable to Canadian Base Rate Loans, (v) all outstanding Euro Loans plus shall bear interest at a rate per annum of two percent (2%) in excess of the rate then applicable to Euro Loans and (vi) all outstanding Base Rate from time to time in effect;
(c) for any Reimbursement ObligationLoans, the sum of 2.0% plus the amounts due Swingline Loans and other Obligations arising hereunder or under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses Loan Document shall bear interest at a rate per annum equal to two percent (a2%) through (d) above, in excess of the sum of 2.0% plus the Applicable Margin for rate then applicable to Base Rate Loans plus the Base Rate from time Loans. Interest shall continue to time in effect; provided, however, that in the absence of an acceleration of accrue on the Obligations as a result after the filing by or against any Borrower of an Event of Defaultany petition seeking any relief in bankruptcy or under any act or law pertaining to insolvency or debtor relief, any adjustments whether state, federal or foreign. The interest accrued pursuant to this Section 1.9 5.1(c) shall be made at payable by the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid applicable Borrower on demand of the Administrative Agent at the request or with the consent of the Required LendersAgent.
Appears in 1 contract
Sources: Credit Agreement (Pool Corp)
Default Rate. Notwithstanding anything Subject to Section 10.3, (i) immediately upon the contrary contained herein, while any Event of Default is continuing or after acceleration of occurrence and during(b) the Obligations as a result continuance of an Event of Default under Section 10.1(a), (b), (h) or (i), or (ii) at the election of the Required Lenders, upon the occurrence and during the continuance of any other Event of Default, (A) the Borrower shall pay interest no longer have the option to request LIBOR Rate Loans, Swingline Loans or Letters of Credit, (after as well as before entry of judgment thereon to the extent permitted by lawB) on the principal amount of all outstanding LIBOR Rate Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, bear interest at a rate per annum equal to:
of two percent (a2%) for any Base Rate Loan or any Swing Loan bearing interest based on in excess of the Base Rate, the sum of 2.0% plus rate (including the Applicable Margin plus the Base Margin) then applicable to LIBOR Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable thereto andto Base Rate Loans, thereafter, (C) all outstanding Base Rate Loans and other Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the sum of 2.0% plus rate (including the Applicable Margin for Margin) then applicable to Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due or such other Obligations arising hereunder or under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses Loan Document and (aD) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 all accrued and unpaid interest shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid due and payable on demand of the Administrative Agent Agent. Interest shall continue to accrue on the Obligations after the filing by or against the Borrower of any petition seeking any relief in bankruptcy or under any Debtor Relief Law. Interest Payment and Computation. Interest on each Base Rate Loan shall be due and(c) payable in arrears on the last Business Day of each calendar quarter commencing with the calendar quarter ending December 31, 2014; and interest on each LIBOR Rate Loan shall be due and payable on the last day of each Interest Period applicable thereto, and if such Interest Period extends over three (3) months, at the request end of each three (3) month interval during such Interest Period. All computations of interest for Base Rate Loans when the Base Rate is determined by the Prime Rate shall be made on the basis of a year of 365 or with 366 days, as the consent case may be, and actual days elapsed. All other computations of fees and interest provided hereunder 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 365/366-day year). Maximum Rate. In no contingency or event whatsoever shall the aggregate of all(d) amounts deemed interest under this Agreement charged or collected pursuant to the terms of this Agreement exceed the highest rate permissible under any Applicable Law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that such a court determines that the Lenders have charged or received interest hereunder in excess of the Required Lenders.highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted 47 59442126_10 74897129_7
Appears in 1 contract
Sources: Credit Agreement (Realpage Inc)
Default Rate. Notwithstanding anything to (x) Automatically upon the contrary contained herein, while any Event of Default is continuing or after acceleration of occurrence and during the Obligations as a result continuation of an Event of DefaultDefault pursuant to Section 8.1, 8.4 or 8.5 and (y) at the election of the Required Lenders (or Agent on behalf of the Required Lenders), upon the occurrence and during the continuation of an Event of Default pursuant to any other Section, (A) Borrower shall pay interest no longer have the option to request Eurocurrency Rate Loans, RFR Loans, Swingline Loans or Letters of Credit, (after as well as before entry of judgment thereon to the extent permitted by lawB) on the principal amount of all outstanding Eurocurrency Rate Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and Term SOFR Loans shall pay letter of credit fees, in each case, bear interest at a rate per annum equal to:
of two percent (a2%) for any Base Rate Loan or any Swing Loan bearing interest based on in excess of the Base Rate, the sum of 2.0% plus rate (including the Applicable Margin plus the Base Margin) then applicable to Eurocurrency Rate from time to time in effect;
(b) for any Eurodollar Loan Loans or any Swing Loan bearing interest at the Swing Line Lender’s Quoted RateTerm SOFR Loans, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default as applicable, until the end of the applicable Interest Period or the applicable thereto andInterest Payment Date therefor and shall automatically be converted to a Base Rate Loan denominated in Dollars (in an amount equal to the Dollar Equivalent of the applicable Alternative Currency, thereafterif applicable) at the end of the applicable Interest Period therefor and shall, as of such conversion, bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans, (C) all Daily Simple RFR Loans shall automatically be converted to a Base Rate Loan denominated in Dollars (in an amount equal to the Dollar Equivalent of the applicable Alternative Currency, if applicable) immediately and shall, as of such conversion, bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans and (D) all outstanding Base Rate Loans and other Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the sum of 2.0% plus rate (including the Applicable Margin for Margin) then applicable to Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due or such other Obligations arising hereunder or under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time Loan Document. Interest shall continue to time in effect; provided, however, that in the absence of an acceleration of accrue on the Obligations as a result after the filing by or against Borrower of an Event of Defaultany petition seeking any relief in bankruptcy or under Bankruptcy Code or under any other state or federal bankruptcy or insolvency law, or under any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenderssimilar debtor relief laws.
Appears in 1 contract
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, fees at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Eurocurrency Loan denominated in U.S. Dollars or any Swing Loan bearing interest at the Swing Line Lender’s Administrative Agent's Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Eurocurrency Loan denominated in an Alternative Currency, the sum of two percent (2%) plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of the Applicable Margin for Eurocurrency Loans plus two percent (2%) plus the rate of interest per annum as determined by the Administrative Agent (rounded upwards, if necessary, to the next higher one hundred-thousandth of a percentage point) at which overnight or weekend deposits (or, if such amount due remains unpaid more than three (3) Business Days, then for such other period of time not longer than one (1) month as the Administrative Agent may elect in its absolute discretion) of the relevant Alternative Currency for delivery in immediately available and freely transferable funds would be offered by the Administrative Agent to major banks in the interbank market upon request of such major banks for the applicable period as determined above and in an amount comparable to the unpaid principal amount of any such Eurocurrency Loan (or, if the Administrative Agent is not placing deposits in such currency in the interbank market, then the Administrative Agent's cost of funds in such currency for such period); and
(d) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 1.2 with respect to interest on such Reimbursement Obligation;; and
(de) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultacceleration, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
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Default Rate. Notwithstanding anything to the contrary contained hereinin Section 1.2 hereof, at the direction of the Required Banks while any Event of Default is continuing exists or (unless and until rescinded by the Required Banks) after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Loans, Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit feesfees (computed on the basis of a year of 360 days and actual days elapsed or, in each caseif based on the Base Rate or with respect to Reimbursement Obligations, on the basis of a year of 365 or 366 days, as applicable, and the actual number of days elapsed), at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum of 2.0% two percent (2%) plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% two percent (2%) plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% two percent (2%) plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) with respect Base Rate from time to interest on such Reimbursement Obligation;time in effect; and
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 3.4 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an or any other Event of DefaultDefault pursuant to Section 9.1(a) hereof, any adjustments pursuant to this Section 1.9 1.5 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, Banks with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required LendersBanks.
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Default Rate. Notwithstanding anything to the contrary contained hereinin Section 1.5 hereof, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower and Canadian Borrowers, as applicable, shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Loans, Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay Canadian Reimbursement Obligations, letter of credit fees, in each case, and other amounts owing by it hereunder at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on at the Base Rate, the sum of 2.02% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Canadian Prime Rate Loan or Bankers’ Acceptance, the sum of 2% plus the Applicable Margin plus the Canadian Base Rate from time to time in effect;
(c) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.02% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.02% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(cd) for any Reimbursement Obligation or Canadian Reimbursement Obligation, the sum of 2.02% plus the amounts due under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation1.2 or 1.4 hereof, as applicable;
(de) for any Letter of Credit or Canadian Letter of Credit, the sum of 2.02% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 hereof with respect to such Letter of Credit or Canadian Letter of Credit); and
(ef) for any other amount owing hereunder not covered by clauses (a) through (de) above, the sum of 2.02% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultacceleration, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
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Default Rate. Notwithstanding anything to If any payment of principal or interest on any Loan is not made when due after the contrary contained herein, while any Event of Default is continuing or after acceleration expiration of the Obligations grace period therefor provided in Section 8.1(a) (whether by acceleration or otherwise), or any Reimbursement Obligation is not paid when due as provided in Section 2.12(c), such past due Loan or Reimbursement Obligation shall bear interest (computed on the basis of a result year of an Event of Default360, 365 or 366 days, as applicable, and actual days elapsed) after any such grace period expires until such principal then due is paid in full, which the Borrower shall agrees to pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each casedemand, at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on Loan, the Base Rate, lesser of (A) the Highest Lawful Rate and (B) the sum of 2.0% plus the Applicable Margin two percent (2%) per annum plus the Base Rate from time to time in effect;effect (but not less than the Base Rate in effect at the time such payment was due) plus the Applicable Margin.
(b) for any Eurodollar Loan or any Swing Loan bearing interest at Loan, the Swing Line Lender’s Quoted Rate, lesser of (i) the Highest Lawful Rate and (ii) the sum of 2.0% two percent (2%) per annum plus the rate of interest (inclusive of the Applicable Margin) in effect thereon at the time of such default until the end of the Interest Period applicable thereto for such Loan and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans two percent (2%) per annum plus the Base Rate from time to time in effect;
effect (cbut not less than the Base Rate in effect at the time such payment was due) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans Loans; and
(c) for any unpaid Reimbursement Obligations, the lesser of (i) the Highest Lawful Rate and (ii) the sum of two percent (2%) per annum plus (x) in the case of any Reimbursement Obligations payable in Dollars, the Base Rate from time to time in effect; providedeffect (but not less than the Base Rate in effect at the time such payment was due) plus the Applicable Margin for Base Rate Loans, however, that or (y) in the absence case of an acceleration any Reimbursement Obligations payable in any currency other than Dollars, the interest rate (inclusive of the Obligations Applicable Margin) that would otherwise then be applicable under this Agreement to a Eurodollar Loan for an Interest Period of one month as a result of an Event of Default, any adjustments pursuant from time to this Section 1.9 shall be made time in effect (but not less than such interest rate in effect at the election of time such payment was due). It is the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand intention of the Administrative Agent at and the request Lenders to conform strictly to usury laws applicable to them. Accordingly, if the transactions contemplated hereby or with the consent any Loan or other Obligation would be usurious as to any of the Required LendersLenders under laws applicable to it (including the laws of the United States of America, including to the extent applicable, 46 U.S.C. Section 31322(b), and the State of New York or any other jurisdiction whose laws may be mandatorily applicable to such Lender notwithstanding the other provisions of this Agreement, the Notes or any other Credit Document), then, in that event, notwithstanding anything to the contrary in this Agreement, the Notes or any other Credit Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under laws applicable to such Lender that is contracted for, taken, reserved, charged or received by such Lender under this Agreement, the Notes or any other Credit Document or otherwise shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited by such Lender on the principal amount of the Loans or to the Reimbursement Obligations (or, if the principal amount of the Loans and all Reimbursement Obligations shall have been paid in full, refunded by such Lender to the Borrower); and (ii) in the event that the maturity of the Loans is accelerated by reason of an election of the holder or holders thereof resulting from any Event of Default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest under laws applicable to such Lender may never include more than the Highest Lawful Rate, and excess interest, if any, provided for in this Agreement, the Notes, any other Credit Document or otherwise shall be automatically canceled by such Lender as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by such Lender on the principal amount of the Loans or to the Reimbursement Obligations (or if the principal amount of the Loans and all Reimbursement Obligations shall have been paid in full, refunded by such Lender to the Borrower).
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Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, letter of credit fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Swingline Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar SOFR Loan or any Swing Swingline Loan bearing interest at the Swing Line Swingline Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 2.3 with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee L/C Participation Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultpursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
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Default Rate. Notwithstanding anything Subject to Section 10.3, (i) immediately upon the contrary contained herein, while any Event of Default is continuing or after acceleration of occurrence and during the Obligations as a result continuance of an Event of Default under Section 10.1(a), (b), (i) or (j), or (ii) at the election of the Required Lenders (or the Administrative Agent at the direction of the Required Lenders), upon the occurrence and during the continuance of any other Event of Default, (A) the Borrower Borrowers shall pay interest no longer have the option to request LIBOR Rate Loans, SOFR Loans, CDOR Rate Loans, Swingline Loans or Letters of Credit, (after as well as before entry of judgment thereon to the extent permitted by lawB) on the principal amount of all outstanding LIBOR Rate Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, bear interest at a rate per annum equal to:
of two percent (a2%) for any Base Rate Loan or any Swing Loan bearing interest based on in excess of the Base Rate, the sum of 2.0% plus rate (including the Applicable Margin plus the Base Margin) then applicable to LIBOR Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable thereto andto Base Rate Loans, thereafter(C) all outstanding SOFR Loans shall bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to SOFR Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans, (D) all outstanding CDOR Rate Loans shall bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to CDOR Rate Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Canadian Base Rate Loans, (DE) all outstanding Base Rate Loans and other US Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the sum of 2.0% plus rate (including the Applicable Margin for Margin) then applicable to Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due or such other US Obligations arising hereunder or under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses Loan Document, (aEF) through (d) above, the sum of 2.0% plus the Applicable Margin for all outstanding Canadian Base Rate Loans plus and other Canadian Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Canadian Base Rate from time to time in effect; providedLoans or such other Canadian Obligations arising hereunder or under any other Loan Document, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 and (FG) all accrued and unpaid interest shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid due and payable on demand of the Administrative Agent at Agent. Interest shall continue to accrue on the request Obligations after the filing by or with the consent against any Borrower of the Required Lendersany petition seeking any relief in bankruptcy or under any Debtor Relief Law.
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Default Rate. Notwithstanding anything Subject to Section 10.3, (i) immediately upon the contrary contained herein, while any Event of Default is continuing or after acceleration of occurrence and during the Obligations as a result continuance of an Event of Default under Section 10.1(a), (b), (i) or (j), or (ii) at the election of the Required Lenders (or the Administrative Agent at the direction of the Required Lenders), upon the occurrence and during the continuance of any other Event of Default, (A) the Borrower Borrowers shall pay interest no longer have the option to request LIBOR Rate Loans, SOFR Loans, CDOR Rate Loans, Swingline Loans or Letters of Credit, (after as well as before entry of judgment thereon to the extent permitted by lawB) on the principal amount of all outstanding LIBOR Rate Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, bear interest at a rate per annum equal to:
of two percent (a2%) for any Base Rate Loan or any Swing Loan bearing interest based on in excess of the Base Rate, the sum of 2.0% plus rate (including the Applicable Margin plus the Base Margin) then applicable to LIBOR Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable thereto andto Base Rate Loans, thereafter(C) all outstanding SOFR Loans shall bear interest 146960219_6 165457743_4 at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to SOFR Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans, (D) all outstanding CDOR Rate Loans shall bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to CDOR Rate Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Canadian Base Rate Loans, (DE) all outstanding Base Rate Loans and other US Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the sum of 2.0% plus rate (including the Applicable Margin for Margin) then applicable to Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due or such other US Obligations arising hereunder or under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses Loan Document, (aEF) through (d) above, the sum of 2.0% plus the Applicable Margin for all outstanding Canadian Base Rate Loans plus and other Canadian Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Canadian Base Rate from time to time in effect; providedLoans or such other Canadian Obligations arising hereunder or under any other Loan Document, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 and (FG) all accrued and unpaid interest shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid due and payable on demand of the Administrative Agent at Agent. Interest shall continue to accrue on the request Obligations after the filing by or with the consent against any Borrower of the Required Lendersany petition seeking any relief in bankruptcy or under any Debtor Relief Law.
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Default Rate. Notwithstanding anything to the contrary contained herein, while While any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, L/C Participation Fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, owing by it at a rate per annum equal to:
(ai) for any Base Rate Loan or and any Swing Loan bearing interest based on at the Base Rate, the sum of 2.02.00% per annum plus the Applicable Margin plus the Base Rate from time to time in effect;; and
(bii) for any Eurodollar Loan or and any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.02.00% per annum plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(ciii) for any Reimbursement Obligation, the sum of 2.02.00% plus the amounts due under Section 1.3(b)(iii) 2.3 with respect to interest on such Reimbursement Obligation;
(div) for any Letter of Credit, the sum of 2.02.00% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee L/C Participation Fee due under Section 2.1 2.13(b) with respect to such Letter of Credit); and
(ev) for any other amount owing hereunder not covered by clauses (ai) through (div) above, the sum of 2.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultacceleration, any adjustments increase in interest rates pursuant to this Section 1.9 and any conversion of Loans into Base Rate Loans shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, accrued interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
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Default Rate. Notwithstanding anything Subject to Section 9.2, (i) immediately upon the contrary contained herein, while any Event of Default is continuing or after acceleration of occurrence and during the Obligations as a result continuance of an Event of Default under Section 9.1(a), or 9.1(e), or (ii) at the election of the Required Lenders, upon the occurrence and during the continuance of any other Event of Default, :
(A) the Borrower shall pay interest no longer have the option to request LIBOR Rate Loans, Swingline Loans or Letters of Credit;
(after as well as before entry of judgment thereon to the extent permitted by lawB) on the principal amount of all outstanding LIBOR Rate Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, bear interest at a rate per annum equal to:
of two percent (a2%) for any Base Rate Loan or any Swing Loan bearing interest based on in excess of the Base Rate, the sum of 2.0% plus rate (including the Applicable Margin plus the Base Margin) then applicable to LIBOR Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable thereto and, thereafter, to Base Rate Loans;
(C) all outstanding Base Rate Loans shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans;
(D) all letter of credit commissions owing pursuant to Section 3.3 shall equal the face amount of each Letter of Credit multiplied by the sum of 2.0% plus (i) the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) with respect to interest Revolving Credit Loans that are LIBOR Rate Loans (determined on such Reimbursement Obligation;
a per annum basis), plus (dii) for any Letter the rate per annum of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit two percent (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit2%); and
(eE) for all other Obligations arising hereunder or under any other amount owing hereunder not covered by clauses Loan Document shall bear interest at a rate per annum equal to two percent (a2%) through in excess of the rate (d) above, the sum of 2.0% plus including the Applicable Margin for Margin) then applicable to Base Rate Loans plus the Base Rate from time or such other Obligations arising hereunder or under any other Loan Document. Interest shall continue to time in effect; provided, however, that in the absence of an acceleration of accrue on the Obligations as a result after the filing by or against the Borrower of an Event of Defaultany petition seeking any relief in bankruptcy or under any act or law pertaining to insolvency or debtor relief, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agentwhether state, acting at the request federal or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lendersforeign.
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Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing or after acceleration of the Obligations as a result of an Event of Default, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, letter of credit fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, Obligations at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base RateDaily Simple SOFR Loan, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted RateSOFR Loan, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 1.3 hereof with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee L/C Participation Fee due under Section 2.1 2(b) hereof with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Sources: Second Amendment to Third Amended and Restated Credit Agreement (Centerspace)
Default Rate. Notwithstanding anything to the contrary contained hereinin Section 1.3 hereof, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower shall Borrowers shall, jointly and severally, pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, fees at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base RateLoan, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted RateLoan, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligationthe Fixed Rate Loan, the sum of 2.02% plus the amounts due under Section 1.3(b)(iii) with respect rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, a rate per annum equal to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% the Fixed Rate plus an amount such that the amounts due under this Agreement with respect rate per annum is equivalent to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(d) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3 with respect to such Reimbursement Obligation; and
(e) for any Letter of Credit, the sum of 2.0% plus the letter of credit fee due under Section 2.1 with respect to such Letter of Credit; provided, however, that (i) in the event the Fixed Rate Loan, or portion thereof, is not paid when due, the overdue amount thereof shall bear interest at the rate per annum equal to the rate per annum applicable to Base Rate Loans hereunder after default and (ii) in the absence of an acceleration of the Obligations as a result of an Event of Defaultacceleration, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrowers. Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Sources: Credit Agreement (Rc2 Corp)
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of acceleration, if so directed by the Obligations as a result of an Event of DefaultRequired Lenders, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans of each Class and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, fees at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base RateLoan, the sum of 2.03.0% plus the Applicable Margin for the applicable Class plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted RateDaily Simple SOFR Loan, the sum of 2.03.0% plus the Applicable Margin for the applicable Class plus the Adjusted Daily Simple SOFR from time to time in effect;
(c) for any Term SOFR Loan, the sum of 3.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto plus the Applicable Margin for the applicable Class and, thereafter, at a rate per annum equal to the sum of 2.03.0% plus the Applicable Margin for Base Rate Loans of the applicable Class plus the Base Rate from time to time in effect;
(cd) for any Reimbursement Obligation, the sum of 2.03.0% plus the amounts due under Section 1.3(b)(iii) 1.3 with respect to interest on such Reimbursement Obligation;; and
(de) for any Letter of Credit, the sum of 2.03.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultacceleration, any adjustments pursuant to this Section 1.9 shall be made at the election of by the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on the demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Sources: Credit Agreement (Alpine Income Property Trust, Inc.)
Default Rate. Notwithstanding anything to (i) Automatically upon the contrary contained herein, while any Event of Default is continuing or after acceleration of occurrence and during the Obligations as a result continuance of an Event of Default under Sections 12.1(a), (b), (i) and (j) and (ii) subject to Section 12.3, at the election of the Required Lenders, upon the occurrence and during the continuance of any other Event of Default, (A) the Borrower Multicurrency Borrowers shall pay interest no longer have the option to request Alternative Currency Loans, Fixed Rate Loans (after as well as before entry including BA Loans), Non-Cash Management Swingline Loans or Letters of judgment thereon to the extent permitted by lawCredit, (B) on the principal amount of all outstanding Fixed Rate Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, bear interest at a rate per annum equal to:
of two percent (a2%) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum in excess of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of then applicable to such default Revolving Loans until the end of the applicable Interest Period applicable thereto and, thereafter, and thereafter at a rate per annum equal to two percent (2%) in excess of the sum of 2.0% plus the Applicable Margin for Base Floating Rate then applicable to such Revolving Loans, (C) all outstanding Floating Rate Loans plus shall bear interest at a rate per annum of two percent (2%) in excess of the Base Floating Rate from time then applicable to time such Floating Rate Loans, and (D) all other outstanding Obligations arising under this Agreement or under any other Revolving Loan Document shall bear interest at a rate per annum equal to two percent (2%) in effect;
(c) for any Reimbursement Obligation, excess of the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) rate then applicable to Floating Rate Loans with respect to interest on the Permitted Currency in which such Reimbursement Obligation;
(d) for other Obligation is denominated; provided that, notwithstanding the foregoing to the contrary, upon the occurrence and during the continuance of any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting in its discretion or at the request or with the consent direction of the Required Lenders, may require that:
(i) with written notice respect to any Alternative Currency Loan that is a Fixed Rate Loan, such Alternative Currency Loan shall be (A) repaid immediately or (B) redenominated into Dollars in the BorrowerDollar Amount thereof on the last day of the then current Interest Period with respect thereto and shall bear interest at the applicable Floating Rate; or
(ii) with respect to any Alternative Currency Loan that is a Floating Rate Loan, such Alternative Currency Loan shall be redenominated into Dollars in the Dollar Amount thereof and shall bear interest at the applicable Floating Rate. Interest accruing shall continue to accrue on the Obligations after the filing by or against any Multicurrency Borrower of any petition seeking any relief in bankruptcy or under any act or law pertaining to insolvency or debtor relief, whether state, federal or foreign. The interest accrued pursuant to this Section 1.9 4.1(c) shall be paid payable by the applicable Multicurrency Borrower on demand of the Administrative Agent at the request or with the consent of the Required LendersAgent.
Appears in 1 contract
Sources: Credit Agreement (Cott Corp /Cn/)
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing or after acceleration of the Obligations as a result of an Event of Default, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, letter of credit fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base RateLoan, the sum of 2.03.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted RateSOFR Loan, the sum of 2.03.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.03.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.03.0% plus the amounts due under Section 1.3(b)(iii) 1.3 with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.03.0% plus the amounts due under this Agreement with respect to interest on such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.03.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, fees and interest on any other amounts owing hereunder or under the other Loan Documents at a rate per annum equal to:
: (a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
; (b) for any Eurodollar SOFR Loan or any Swing Loan bearing interest at Adjusted Term SOFR or the Swing Line Lender’s Quoted Rate, as applicable, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
; (c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 2.3 with respect to interest on such Reimbursement Obligation;
; (d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 2.12 with respect to such Letter of Credit); and
and (e) for any other amount owing hereunder not covered by clauses (a) through (d) aboveoverdue amounts, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultacceleration, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Default Rate. Notwithstanding anything Subject to Section 10.3, (i) immediately upon the contrary contained herein, while any Event of Default is continuing or after acceleration of occurrence and during the Obligations as a result continuance of an Event of Default under Section 10.1(a), (b), (h) or (i), or (ii) at the election of the Required Lenders, upon the occurrence and during the continuance of any other Event of Default:
(i) the Borrowers shall no longer have the option to request Alternative Currency Revolving Credit Loans, the Borrower shall pay interest LIBOR Rate Loans, Swingline Loans or Letters of Credit;
(after as well as before entry of judgment thereon to the extent permitted by lawii) on the principal amount of all outstanding LIBOR Rate Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and denominated in Dollars shall pay letter of credit fees, in each case, bear interest at a rate per annum equal to:
of two percent (a2%) for any Base Rate Loan or any Swing Loan bearing interest based on in excess of the Base Rate, the sum of 2.0% plus rate (including the Applicable Margin plus the Base Margin) then applicable to LIBOR Rate from time to time Loans denominated in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Dollars until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable thereto and, thereafter, to Base Rate Loans;
(iii) all outstanding LIBOR Rate Loans denominated in an Alternative Currency shall bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to LIBOR Rate Loans denominated in such Alternative Currency;
(iv) all outstanding Base Rate Loans and other Credit Agreement Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the sum of 2.0% plus rate (including the Applicable Margin for Margin) then applicable to Base Rate Loans plus or such other Credit Agreement Obligations arising hereunder or under any other Loan Document (provided, that if no rate for such other Credit Agreement Obligations is set forth herein or in such other Loan Document, then such Credit Agreement Obligations shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of CreditLoans); and
(ev) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 all accrued and unpaid interest shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid due and payable on demand of the Administrative Agent at Agent. Interest shall continue to accrue on the request Credit Agreement Obligations arising under the Loan Documents after the filing by or with against the consent Borrowers of the Required Lendersany petition seeking any relief in bankruptcy or under any Bankruptcy Law.
Appears in 1 contract
Sources: Credit Agreement (KMG Chemicals Inc)
Default Rate. Notwithstanding anything to the contrary contained herein, while While any Specified Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of DefaultObligations, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by lawLaw) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, L/C Participation Fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, owing by it at a rate per annum equal to:
(ai) for any Base Rate Loan or and any Swing Loan bearing interest based on at the Base Rate, the sum of 2.02.00% per annum plus the Applicable Margin plus the Base Rate from time to time in effect;
(bii) for any Eurodollar Tranche Rate Loan or and any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.02.00% per annum plus the rate of interest in effect thereon at the time of such default Specified Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(ciii) for any Reimbursement Obligation, the sum of 2.02.00% plus the amounts due under Section 1.3(b)(iii) 2.3 with respect to interest on such Reimbursement Obligation;
(div) for any Letter of Credit, the sum of 2.02.00% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee L/C Participation Fee due under Section 2.1 2.12(b) with respect to such Letter of Credit); and
(ev) for any other amount owing hereunder not covered by clauses (ai) through (div) above, the sum of 2.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultacceleration, any adjustments increase in interest rates pursuant to this Section 1.9 2.4 and any conversion of Loans into Base Rate Loans shall be made at the election of the Administrative Agent, acting solely at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, accrued interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Default Rate. Notwithstanding anything to the contrary contained herein, while While any Specified Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of DefaultObligations, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by lawLaw) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, L/C Participation Fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, owing by it at a rate per annum equal to:
(ai) for any Base Rate Loan or and any Swing Loan bearing interest based on at the Base Rate, the sum of 2.02.00% per annum plus the Applicable Margin plus the Base Rate from time to time in effect;
(bii) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted RateTerm SOFR Loan, the sum of 2.02.00% per annum plus the rate of interest in effect thereon at the time of such default Specified Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(ciii) for any Reimbursement Obligation, the sum of 2.02.00% plus the amounts due under Section 1.3(b)(iii) 2.3 with respect to interest on such Reimbursement Obligation;
(div) for any Letter of Credit, the sum of 2.02.00% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee L/C Participation Fee due under Section 2.1 2.12(b) with respect to such Letter of Credit); and
(ev) for any other amount owing hereunder not covered by clauses (ai) through (div) above, the sum of 2.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultacceleration, any adjustments increase in interest rates pursuant to this Section 1.9 2.4 and any conversion of Loans into Base Rate Loans shall be made at the election of the Administrative Agent, acting solely at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, accrued interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultpursuant to Sections 9.2 or 9.3, the Borrower Borrowers shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, fees at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(b) for any Eurodollar Eurocurrency Loan denominated in U.S. Dollars or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Eurocurrency Loan denominated in an Alternative Currency, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of (i) the Applicable Margin for Eurocurrency Loans plus (ii) two percent (2%) plus (iii) the Overnight Rate with respect to such unpaid amount; and
(d) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 1.3 with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount fees due owing and hereunder not covered by clauses (a) through (d) above, the sum of 2.02% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultpursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section 1.9 1.10 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower Representative. Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders. For the avoidance of doubt, to the extent and for so long as the Borrowers are required to pay interest on the principal amount of all Loans and Reimbursement Obligations pursuant to this Section 1.10, no interest shall be due and payable pursuant to Section 1.4.
Appears in 1 contract
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the relevant Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, owing by it at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar SOFR Loan denominated in U.S. Dollars or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;; and
(c) for any Reimbursement ObligationSOFR Loan denominated in an Alternative Currency, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) with respect rate of interest in effect thereon at the time of such Event of Default until the end of the Interest Period applicable thereto and, thereafter at a rate per annum equal to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of the Applicable Margin, plus a rate of two percent (2.0% %) plus the amounts rate of interest per annum as determined by the Agent (rounded upwards, if necessary, to the nearest whole multiple of one-sixteenth of one percent (1/16%)) at which overnight or weekend deposits of the appropriate currency (or, if such amount due under this Agreement with respect remains unpaid more than three Business Days, then for such other period of time not longer than six months as the Agent may elect in its absolute discretion) for delivery in immediately available and freely transferable funds would be offered by the Agent to major banks in the interbank market upon request of such Letter of Credit (major banks for the avoidance applicable period as determined above and in an amount comparable to the unpaid principal amount of doubtany such Loan (or, this shall if the Agent is not affect placing deposits in such currency in the Borrowerinterbank market, then the Agent’s obligation to pay a letter cost of credit fee due under Section 2.1 with respect to funds in such Letter of Creditcurrency for such period); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; . provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultacceleration, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrowers. Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Sources: Credit Agreement (EMCOR Group, Inc.)
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, fees at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing the Swingline Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar SOFR Loan or any Swing the Swingline Loan bearing interest at the Swing Line Swingline Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 1.3 with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultacceleration, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Sources: Credit Agreement (Whitestone REIT)
Default Rate. Notwithstanding anything to Upon the contrary contained herein, while any Event of Default is continuing or after acceleration of occurrence and during the Obligations as a result cont inuation of an Event of DefaultDefault and at the election of Agent or Required Lenders, (i) all Obligations (except for undrawn Letters of Credit) that have been charged to any Loan Account pursuant to the Borrower terms hereof shall pay bear interest on the Daily Balance thereo f at a per annum rate equal to two (after as well as before entry 2) percentage points above the per annum rate otherwise applicable hereunder, and (ii) the Letter of judgment thereon Credit Fees shall be increased to two (2) percentage points above the per annum rate otherwise applicable hereunder. (d) Payment .. Except to the extent permitted by lawprovided to the contrary in Section 2.10 , Section 2.11(k) or Section 2.12(a) , (i) all interest and all other fees payable hereunder or under any of the other Loan Documents (other than Letter of Credit Fees) shall be due and payable , in arrears, on the principal amount first day of each month, (ii) all outstanding Loans and Reimbursement Obligations and other amounts Letter of outstanding ObligationsCredit Fees payable hereunder, and shall pay letter of credit all fronting fees and all commissions, other fees, charges and expenses provided for in each caseSection 2.11(k) shall be due and payable, at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based in arrears, on the Base Ratefirst B usiness Day of each month, and (iii) all costs and expenses payable hereunder or under any of the sum other Loan Documents, and all other Lender Group Expenses shall be due and payable on the earlier of 2.0% plus (A) the Applicable Margin plus first day of the Base Rate month following the date on whic h the applicable costs, expenses, or Lender Group Expenses were first incurred, or (B) the date on which demand therefor is made by Agent (it being acknowledged and agreed that any charging of such costs, expenses or Lender Group Expenses to the Loan Accou nt pursuant to the provisions of the following sentence shall be deemed to constitute a demand for payment thereof for the purposes of this subclause (B)). Borrowers hereby authorize Agent, from time to time without prior notice to Borrowers, to charge to the Loan Account (A) on the first day of each month, all interest accrued during the prior month on the Revolving Loans, (B) on the first Business Day of each month, all Letter of Credit Fees accrued or chargeable hereunder during the prior month, (C) as and when incurred or accrued, all fees and costs provided for in effect;
Section 2.10(a) or (bc) for , (D) on the first day of each month, the Unused Line Fee accrued during the prior month pursuant to Section 2.10(b) , (E) as and when due and payable, all other fees pay able hereunder or under any Eurodollar of the other Loan Documents, (F) as and when incurred or accrued, all other Lender Group Expenses, and (G) as and when due and payable all other payment obligations payable under any Loan Document or any Swing Bank Product Agreement ( including any amounts due and payable to the Bank Product Providers in respect of Bank Products). All amounts (including interest, fees, costs, expenses, Lender Group Expenses, or other amounts payable hereunder or under any other Loan bearing Document or under a ny Bank Product Agreement) charged to the Loan Account shall thereupon constitute Revolving Loans hereunder, shall constitute Obligations hereunder, and shall initially accrue interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period then applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Revolving Loans that are Base Rate Loans plus the Base (unless and until converted into LIBOR Rate from time to time SOFR Loans in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or accordance with the consent terms of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required LendersAgreement).
Appears in 1 contract
Sources: Credit Agreement (Independence Contract Drilling, Inc.)
Default Rate. Notwithstanding anything to the contrary contained herein, while any If an Event of Default has occurred and is continuing or after acceleration of the Obligations as a result of an Event of Defaultany Reimbursement Obligation, any principal or interest on any Loan or any fee or other amount payable by the Company or any Guarantor hereunder or under any other Credit Document not being paid when due, whether at stated maturity, upon acceleration or otherwise, each Borrower shall agrees to pay on demand, interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other such overdue amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, at a rate per annum equal to:
(a) for any Base Loan, the lesser of (i) the Highest Lawful Rate Loan or any Swing Loan bearing interest based on the Base Rate, and (ii) the sum of 2.0% plus (x) two percent (2%) per annum and (y) a rate per annum equal to (A) until the Applicable Margin plus end of the Base Rate from time to time Interest Period for such Loan in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest effect at the Swing Line Lender’s Quoted Ratetime of such default, the sum of 2.0% plus the rate of interest (inclusive of the Applicable Margin) in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, and (B) thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus effect and the Applicable Margin for Base Rate Loans plus Loans;
(b) for any unpaid Reimbursement Obligations, the lesser of (i) the Highest Lawful Rate and (ii) the sum of two percent (2%) per annum and (x) in the case of any Reimbursement Obligations payable in Dollars, the Base Rate from time to time in effect; providedeffect plus the Applicable Margin for Base Rate Loans, however, that or (y) in the absence case of any Reimbursement Obligations payable in any currency other than Dollars, the interest rate (inclusive of the Applicable Margin) that would otherwise then be applicable under this Agreement to a Term Benchmark Loan made in such currency for an Interest Period of one (1) month as from time to time in effect (but not less than such interest rate in effect at the time such payment was due); and
(c) for any fee or other amount payable by any Credit Party hereunder or under any other Credit Document, the lesser of (i) the Highest Lawful Rate and (ii) the sum of two percent (2%) per annum and the Base Rate from time to time in effect plus the Applicable Margin for Base Rate Loans. It is the intention of the Agents and the Lenders to conform strictly to usury laws applicable to them. Accordingly, if the transactions contemplated hereby or any Loan or other Obligation would be usurious as to any of the Lenders under laws applicable to it (including the laws of the United States and the State of New York or any other jurisdiction whose laws may be mandatorily applicable to such Lender notwithstanding the other provisions of this Agreement, the Notes or any other Credit Document), then, in that event, notwithstanding anything to the contrary in this Agreement, the Notes or any other Credit Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under laws applicable to such Lender that is contracted for, taken, reserved, charged or received by such Lender under this Agreement, the Notes or any other Credit Document or otherwise shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited by such Lender on the principal amount of the Loans or to the Reimbursement Obligations (or, if the principal amount of the Loans and all Reimbursement Obligations shall have been paid in full, refunded by such Lender to the applicable Borrower); and (ii) in the event that the maturity of the Loans is accelerated by reason of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agentholder or holders thereof resulting from any Event of Default hereunder or otherwise, acting at or in the request event of any required or with permitted prepayment, then such consideration that constitutes interest under laws applicable to such Lender may never include more than the consent Highest Lawful Rate, and excess interest, if any, provided for in this Agreement, the Notes, any other Credit Document or otherwise shall be automatically canceled by such Lender as of the Required Lendersdate of such acceleration or prepayment and, with written notice if theretofore paid, shall be credited by such Lender on the principal amount of the Loans or to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand Reimbursement Obligations (or if the principal amount of the Administrative Agent at Loans and all Reimbursement Obligations shall have been paid in full, refunded by such Lender to the request or with the consent of the Required Lendersapplicable Borrower).
Appears in 1 contract
Sources: Senior Secured Revolving Credit Agreement (Noble Corp PLC)
Default Rate. Notwithstanding anything Subject to Section 10.3, (i) immediately upon the contrary contained herein, while any Event of Default is continuing or after acceleration of occurrence and during the Obligations as a result continuance of an Event of Default under Section 10.1(a), (b), (i) or (j), or (ii) at the election of the Required Lenders (or the Administrative Agent at the direction of the Required Lenders), upon the occurrence and during the continuance of any other Event of Default, (A) the Borrower Borrowers shall pay interest no longer have the option to request LIBOR Rate Loans, CDOR Rate Loans, Swingline Loans or Letters of Credit, (after as well as before entry of judgment thereon to the extent permitted by lawB) on the principal amount of all outstanding LIBOR Rate Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, bear interest at a rate per annum equal to:
of two percent (a2%) for any Base Rate Loan or any Swing Loan bearing interest based on in excess of the Base Rate, the sum of 2.0% plus rate (including the Applicable Margin plus the Base Margin) then applicable to LIBOR Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable thereto andto Base Rate Loans, thereafter(C) all outstanding CDOR Rate Loans shall bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to CDOR Rate Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Canadian Base Rate Loans, (D) all outstanding Base Rate Loans and other US Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the sum of 2.0% plus rate (including the Applicable Margin for Margin) then applicable to Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due or such other US Obligations arising hereunder or under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses Loan Document, (aE) through (d) above, the sum of 2.0% plus the Applicable Margin for all outstanding Canadian Base Rate Loans plus and other Canadian Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Canadian Base Rate from time to time in effect; providedLoans or such other Canadian Obligations arising hereunder or under any other Loan Document, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 and (F) all accrued and unpaid interest shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid due and payable on demand of the Administrative Agent at Agent. Interest shall continue to accrue on the request Obligations after the filing by or with the consent against any Borrower of the Required Lendersany petition seeking any relief in bankruptcy or under any Debtor Relief Law.
Appears in 1 contract
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of acceleration, if so directed by the Obligations as a result of an Event of DefaultRequired Lenders, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, fees at a rate per annum equal to::
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base RateLoan, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;;
(b) for any Eurodollar Loan or Daily Simple SOFR Rate Loan, the sum of 2.0% plus the Applicable Margin plus Daily Simple SOFR from time to time in effect;
(c) for any Swing Loan bearing interest at the Swing Line Lender’s Quoted RateTerm SOFR Rate Loan, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto plus the Applicable Margin and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(cd) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 1.3 with respect to interest on such Reimbursement Obligation;; and
(de) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultacceleration, any adjustments pursuant to this Section 1.9 shall be made at the election of by the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on the demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Sources: Second Amended and Restated Credit Agreement (CTO Realty Growth, Inc.)
Default Rate. Notwithstanding anything Subject to Section 9.3, (i) immediately upon the contrary contained herein, while any Event of Default is continuing or after acceleration of occurrence and during the Obligations as a result continuance of an Event of Default under Section 9.1(a), (g), (h) or (i), or (ii) at the election of the Required Lenders (or the Administrative Agent at the direction of the Required Lenders), upon the occurrence and during the continuance of any other Event of Default, (A) the Borrower shall pay interest no longer have the option to request LIBOR RateSOFR Loans, Swingline Loans or Letters of Credit, (after as well as before entry of judgment thereon to the extent permitted by lawB) on the principal amount of all outstanding LIBOR RateDaily Simple SOFR Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, bear interest at a rate per annum equal to:
of two percent (a2%) for any Base Rate Loan or any Swing Loan bearing interest based on in excess of the Base Rate, the sum of 2.0% plus rate (including the Applicable Margin plus the Base Rate from time Margin) then applicable to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default LIBOR RateDaily Simple SOFR Loans until the end of the applicable Interest Period PeriodPayment Date, and thereafter at a rate equal toper annum two percent (2%) in excess of the rate (including the Applicable Margin) then applicable thereto andto Base Rate Loans, thereafter(C) all outstanding Term SOFR Loans shall bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Term SOFR Loans until the end of the applicable Interest Period, and thereafter at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans, (D) all outstanding Swingline Loans shall thereafter bear interest at a rate per annum equal to two (2%) in excess of the sum of 2.0% plus rate (including the Applicable Margin for Margin) then applicable to such Loans, (DE) all outstanding Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due and other Obligations arising hereunder or under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses Loan Document shall bear interest at a rate per annum equal to two percent (a2%) through in excess of the rate (d) above, the sum of 2.0% plus including the Applicable Margin for Margin) then applicable to Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the or such other Obligations as a result of an Event of Default, arising hereunder or under any adjustments pursuant to this Section 1.9 other Loan Document and (EF) all accrued and unpaid interest shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid due and payable on demand of the Administrative Agent at Agent. Interest shall continue to accrue on the request Obligations after the filing by or with against the consent Borrower of the Required Lendersany petition seeking any relief in bankruptcy or under any Debtor Relief Law.
Appears in 1 contract
Default Rate. Notwithstanding anything Subject to Section 10.3, (i) immediately upon the contrary contained herein, while any Event of Default is continuing or after acceleration of occurrence and during the Obligations as a result continuance of an Event of Default under Section 10.1(a), (b), (h) or (i), or (ii) at the election of the Required Lenders, upon the occurrence and during the continuance of any other Event of Default, :
(i) the Borrower shall pay interest no longer have the option to request Alternative Currency Revolving Credit Loans, LIBOR Rate Loans, Swingline Loans, or Letters of Credit;
(after as well as before entry of judgment thereon to the extent permitted by lawii) on the principal amount of all outstanding LIBOR Rate Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and denominated in Dollars shall pay letter of credit fees, in each case, bear interest at a rate per annum equal to:
of two percent (a2%) for any Base Rate Loan or any Swing Loan bearing interest based on in excess of the Base Rate, the sum of 2.0% plus rate (including the Applicable Margin plus the Base Margin) then applicable to LIBOR Rate from time to time Loans denominated in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Dollars until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable thereto and, thereafter, to Base Rate Loans;
(iii) all outstanding LIBOR Rate Loans denominated in an Alternative Currency shall bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to LIBOR Rate Loans denominated in such Alternative Currency;
(iv) all outstanding Base Rate Loans and other Credit Agreement Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the sum of 2.0% plus rate (including the Applicable Margin for Margin) then applicable to Base Rate Loans plus or such other Credit Agreement Obligations arising hereunder or under any other Loan Document (provided, that if no rate for such other Credit Agreement Obligations is set forth herein or in such other Loan Document, then such Credit Agreement Obligations shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of CreditLoans); and
(ev) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 all accrued and unpaid interest shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid due and payable on demand of the Administrative Agent at Agent. Interest shall continue to accrue on the request Credit Agreement Obligations arising under the Loan Documents after the filing by or with against the consent Borrower of the Required Lendersany petition seeking any relief in bankruptcy or under any Bankruptcy Law.
Appears in 1 contract
Sources: Credit Agreement (KMG Chemicals Inc)
Default Rate. Notwithstanding anything Subject to Section 9.1, (i) immediately upon the contrary contained herein, while any occurrence and during the continuance of an Automatic Event of Default is continuing or after acceleration of the Obligations as a result of an Event of Default under clause (i) in the definition of “Notice Event of Default”, or (ii) at the Borrower election of the Lender, upon the occurrence and during the continuance of any other Event of Default:
(A) the Borrowers shall pay interest no longer have the option to request Foreign Currency Loans, LIBOR Rate Loans, or Letters of Credit;
(after as well as before entry of judgment thereon to the extent permitted by lawB) on the principal amount of all outstanding LIBOR Rate Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and denominated in Dollars shall pay letter of credit fees, in each case, bear interest at a rate per annum equal to:
of two percent (a2%) for any Base Rate Loan or any Swing Loan bearing interest based on in excess of the Base Rate, the sum of 2.0% plus rate (including the Applicable Margin plus the Base Margin) then applicable to LIBOR Rate from time to time Loans denominated in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Dollars until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable thereto and, thereafter, to Base Rate Loans;
(C) all outstanding LIBOR Rate Loans denominated in a Foreign Currency shall bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to LIBOR Rate Loans denominated in such Foreign Currency;
(D) all outstanding Base Rate Loans shall bear interest at a rate per annum equal to two percent (2%) in excess of the sum of 2.0% plus rate (including the Applicable Margin for Margin) then applicable to Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit)Loans; and
(eE) for all other Obligations arising hereunder or under any other amount owing hereunder not covered by clauses Loan Document shall bear interest at a rate per annum equal to two percent (a2%) through in excess of the rate (d) above, the sum of 2.0% plus including the Applicable Margin Margin) applicable to such other Obligation (provided, that if no rate for such other Obligation is set forth herein or in such other Loan Document, then such Obligation shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans plus the Base Rate from time Loans). Interest shall continue to time in effect; provided, however, that in the absence of an acceleration of accrue on the Obligations as a result after the filing by or against any Borrower of an Event of Defaultany petition seeking any relief in bankruptcy or under any act or law pertaining to insolvency or debtor relief, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agentwhether state, acting at the request federal or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lendersforeign.
Appears in 1 contract
Sources: Credit Agreement (Twin Disc Inc)
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, letter of credit fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, due under the Loan Documents at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum of 2.03.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted RateLoan, the sum of 2.03.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.03.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.03.0% plus the amounts due under Section 1.3(b)(iii) 1.3 with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.03.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.03.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest While any Event of Default exists or after acceleration, interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Sources: Credit Agreement (Monmouth Real Estate Investment Corp)
Default Rate. Notwithstanding anything to (x) Automatically upon the contrary contained herein, while any Event of Default is continuing or after acceleration of occurrence and during the Obligations as a result continuation of an Event of DefaultDefault pursuant to Section 8.1, 8.4 or 8.5 and (y) at the election of the Required Lenders (or Agent on behalf of the Required Lenders), upon the occurrence and during the continuation of an Event of Default pursuant to any other Section, all Obligations(A) Borrower shall pay interest no longer have the option to request Eurocurrency Rate Loans, Term RFR Loans, Daily Simple RFR Loans, Swingline Loans or Letters of Credit, (after as well as before entry of judgment thereon to the extent permitted by lawB) on the principal amount of all outstanding Eurocurrency Rate Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and Term RFR Loans shall pay letter of credit fees, in each case, bear interest at a rate per annum rate equal to:
to 2% above of two percent (a2%) in excess of the total per annum rate otherwise applicable thereunder (including, for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rateavoidance of doubt, the sum of 2.0% plus the Applicable Margin plus the Base Margin) then applicable to Eurocurrency Rate from time to time in effect;
(b) for any Eurodollar Loan Loans or any Swing Loan bearing interest at the Swing Line Lender’s Quoted RateTerm RFR Loans or Daily Simple RFR Loans, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default as applicable, until the end of the applicable Interest Period or the applicable thereto andInterest Payment Date therefor and shall automatically be payable upon the demand of Agentconverted to a Base Rate Loan denominated in Dollars (in an amount equal to the Dollar Equivalent of the applicable Alternative Currency, thereafterif applicable) at the end of the applicable Interest Period therefor and shall, as of such conversion, bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans, and (C) all outstanding Base Rate Loans and other Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the sum of 2.0% plus rate (including the Applicable Margin for Margin) then applicable to Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due or such other Obligations arising hereunder or under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time Loan Document. Interest shall continue to time in effect; provided, however, that in the absence of an acceleration of accrue on the Obligations as a result after the filing by or against the Borrower of an Event of Defaultany petition seeking any relief in bankruptcy or under Bankruptcy Code or under any other state or federal bankruptcy or insolvency law, or under any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenderssimilar debtor relief laws.
Appears in 1 contract
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing or exists, each Borrower shall pay on demand, after acceleration written notice from the Administrative Agent sent at the written direction of the Obligations as Required Lenders (provided no such notice or Required Lender direction to send such notice shall be required in the case of a result of an Specified Event of Default), the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Loans, Reimbursement Obligations and other amounts owed by such Borrower under the Loan Documents, from the date of outstanding Obligations, and shall pay letter of credit feessuch written notice (or, in each casethe case of a Specified Event of Default, the date of such Specified Event of Default) at a rate per annum equal to:to (the “Default Rate”):
(a) for any U.S. Base Rate Loan or any Swing Loan bearing interest based on the U.S. Base Rate, the sum of 2.0% plus the Applicable Margin plus the U.S. Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted RateTerm SOFR Loan, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for U.S. Base Rate Loans plus the U.S. Base Rate from time to time in effect;
(c) for any EURIBOR Loan, (x) the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and (y) thereafter, the sum of 2.0% plus the Applicable Margin for EURIBOR Loans plus EURIBOR for the applicable Interest Period;
(d) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 1.3 with respect to interest on such Reimbursement Obligation;
(de) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(ef) for any other amount owing hereunder not covered by clauses Term ▇▇▇▇▇ Loan, (ax) through the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and (d) abovey), thereafter, the sum of 2.0% plus the Applicable Margin for Base Rate Term ▇▇▇▇▇ Loans plus the Base Term ▇▇▇▇▇ Rate from time to time in effect; provided, however, that in for the absence applicable Interest Period. If any principal amount of an acceleration of the Obligations as any Loan or Reimbursement Obligation is not paid when due (a result of an Event of “Principal Payment Default, any adjustments pursuant to this Section 1.9 ”) such principal amount shall be made bear interest at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be rates specified in subsections (a) through (f) above until paid on demand of the Administrative Agent at the request or with the consent of the Required Lendersin full.
Appears in 1 contract
Default Rate. Notwithstanding anything to the contrary contained herein, while While any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower Borrowers shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, L/C Participation Fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, owing by it at a rate per annum equal to:
(ai) for any Base Rate Loan or and any Swing Loan bearing interest based on at the Base Rate, the sum of 2.02.00% per annum plus the Applicable Margin plus the Base Rate from time to time in effect;
(bii) for any Eurodollar Loan or and any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.02.00% per annum plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(ciii) for any Reimbursement Obligation, the sum of 2.02.00% plus the amounts due under Section 1.3(b)(iii) 2.3 with respect to interest on such Reimbursement Obligation;
(div) for any Letter of Credit, the sum of 2.02.00% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee L/C Participation Fee due under Section 2.1 2.13(b) with respect to such Letter of Credit); and
(ev) for any other amount owing hereunder not covered by clauses (ai) through (div) above, the sum of 2.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultacceleration, any adjustments increase in interest rates pursuant to this Section 1.9 and any conversion of Loans into Base Rate Loans shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrowers (which election may be retroactively effective to the date of such Event of Default). Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, accrued interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Sources: First Lien Credit Agreement (Turning Point Brands, Inc.)
Default Rate. Notwithstanding anything Subject to Section 10.3, (i) immediately upon the contrary contained herein, while any Event of Default is continuing or after acceleration of occurrence and during(b) the Obligations as a result continuance of an Event of Default under Section 10.1(a), (b), (h) or (i), or (ii) at the election of the Required Lenders, upon the occurrence and during the continuance of any other Event of Default, (A) the Borrower shall pay interest no longer have the option to request LIBOR Rate Loans, Swingline Loans or Letters of Credit, (after as well as before entry of judgment thereon to the extent permitted by lawB) on the principal amount of all outstanding LIBOR Rate Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, bear interest at a rate per annum equal to:
of two percent (a2%) for any Base Rate Loan or any Swing Loan bearing interest based on in excess of the Base Rate, the sum of 2.0% plus rate (including the Applicable Margin plus the Base Margin) then applicable to LIBOR Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable thereto andto Base Rate Loans, thereafter, (C) all outstanding Base Rate Loans and other Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the sum of 2.0% plus rate (including the Applicable Margin for Margin) then applicable to Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due or such other Obligations arising hereunder or under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses Loan Document and (aD) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 all accrued and unpaid interest shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid due and payable on demand of the Administrative Agent Agent. Interest shall continue to accrue on the Obligations after the filing by or against the Borrower of any petition seeking any relief in bankruptcy or under any Debtor Relief Law. Interest Payment and Computation. Interest on each Base Rate Loan shall be due and(c) payable in arrears on the last Business Day of each calendar quarter commencing with the calendar quarter ending December 31, 2014; and interest on each LIBOR Rate Loan shall be due and payable on the last day of each Interest Period applicable thereto, and if such Interest Period extends over three (3) months, at the request end of each three (3) month interval during such Interest Period. All computations of interest for Base Rate Loans when the Base Rate is determined by the Prime Rate shall be made on the basis of a year of 365 or with 366 days, as the consent case may be, and actual days elapsed. All other computations of fees and interest provided hereunder shall be made on the Required Lenders.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 365/366-day year). Maximum Rate. In no contingency or event whatsoever shall the aggregate of all(d) amounts deemed interest under this Agreement charged or collected pursuant to the terms of this Agreement exceed the highest rate permissible under any Applicable Law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that such a court 48 87048192_27
Appears in 1 contract
Sources: Credit Agreement (Realpage Inc)
Default Rate. Notwithstanding anything to the contrary contained herein, while if any Event principal of Default is continuing or after acceleration of the Obligations as a result of an Event of Default, 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, such overdue amount shall pay interest (bear interest, after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each casejudgment, at a rate per annum equal to:
to -15- (the “Default Rate”): (a) for any Base Domestic Rate Loan or any Swing Loan bearing interest based on the Base RateLoan, the sum of 2.0% two percent (2%) plus the Applicable Margin plus the Base Domestic Rate from time to time in effect;
effect plus the Applicable Margin for Domestic Rate Loans; (b) for any Eurodollar RFR Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted RateEurocurrency Loan, the sum of 2.0two percent (2%) plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, (i) if such Loan is denominated in U.S. Dollars, at a rate per annum equal to the sum of two percent (2%) plus the Domestic Rate from time to time in effect plus the Applicable Margin for Domestic Rate Loans, or (ii) if such Loan is an RFR Loan denominated in an Alternative Currency (other than Canadian Dollars), at a rate per annum equal to the sum of two percent (2%) plus the Adjusted Daily Simple RFR for such Currency from time to time in effect plus the Applicable Margin for RFR Loans, or (iii) if such Loan is denominated in Canadian Dollars, at a rate per annum equal to the sum of two percent (2%) plus the Canadian Prime Rate from time to time in effect plus the Applicable Margin for Domestic Rate Loans, or (iv) if such Loan is a Eurocurrency Loan denominated in an Alternative Currency, at a rate per annum equal to the sum of the Applicable Margin for Eurocurrency Loans, plus two percent (2%) plus the rate of interest per annum as determined by the Administrative Agent (rounded upwards, if necessary, to the next higher one hundred-thousandth of a percentage point) at which overnight or weekend deposits (or, if such amount due remains unpaid more than three Business Days, then for such other period of time not longer than one month as the Administrative Agent may elect in its absolute discretion) of the relevant Alternative Currency for delivery in immediately available and freely transferable funds would be offered by the Administrative Agent to major banks in the interbank market upon request of such major banks for the applicable period as determined above and in an amount comparable to the unpaid principal amount of any such Loan (or, if the Administrative Agent is not placing deposits in such currency in the interbank market, then the Administrative Agent’s cost of funds in such currency for such period); (c) for any Swingline Loan, the sum of 2% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.02% plus the Applicable Margin for Base Domestic Rate Loans plus the Base Domestic Rate from time to time in effect;
; (cd) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 1.3 hereof with respect to interest on such Reimbursement Obligation;
; (de) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 hereof with respect to such Letter of Credit); and
and (ef) for any other amount owing hereunder not covered by clauses (a) through (de) above, the sum of 2.02% plus the Applicable Margin for Base Domestic Rate Loans plus the Base Domestic Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing or exists, each Borrower shall pay, after acceleration written notice from the Administrative Agent sent at the direction of the Obligations as a result Required Lenders (provided no such notice or Required Lender direction to send such notice shall be required in the case of an Event of DefaultDefault under Section 9.1(j) or (k) or a Principal Payment Default (as defined below)), the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Loans, Reimbursement Obligations and other amounts owed by such Borrower under the Loan Documents, from the date of outstanding Obligations, and shall pay letter of credit feessuch written notice (or, in each casethe case of an Event of Default under Section 9.1(j) or (k) or a Principal Payment Default, the date of such Event of Default) at a rate per annum equal to:to (the “Default Rate”):
(a) for any U.S. Base Rate Loan or any Swing Loan bearing interest based on the U.S. Base Rate, the sum of 2.0% plus the Applicable Margin plus the U.S. Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted RateLIBOR Loan, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for U.S. Base Rate Loans plus the U.S. Base Rate from time to time in effect;
(c) for any EURIBOR Loan, (x) the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and (y) thereafter, the sum of 2.0% plus the Applicable Margin for EURIBOR Loans plus EURIBOR for the applicable Interest Period;
(d) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 1.3 with respect to interest on such Reimbursement Obligation;
(de) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(ef) for any other amount owing hereunder not covered by clauses (a) through (d) aboveCAD CDOR Loan, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for U.S. Base Rate Loans plus the U.S. Base Rate (with such amount to be converted to and calculated on the U.S. Dollar Equivalent amount of such Loan and paid in U.S. Dollars) from time to time in effect; provided, however, that . If any principal amount of any Loan or Reimbursement Obligation is not paid when due (a “Principal Payment Default”) such principal amount shall bear interest at the rates specified in the absence of an acceleration of the Obligations as a result of an subsections (a) through (f) above until paid in full. While any Event of DefaultDefault exists, any adjustments pursuant to interest as adjusted under this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 1.10 shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Default Rate. Notwithstanding anything Subject to Section 10.3, (i) immediately upon the contrary contained herein, while any Event of Default is continuing or after acceleration of occurrence and during the Obligations as a result continuance of an Event of Default under Section 10.1(a), (b), (h) or (i), or (ii) at the election of the Required Lenders, upon the occurrence and during the continuance of any other Event of Default, (A) the US Borrower shall pay interest no longer have the option to request LIBOR Rate Loans or Swingline Loans, (after as well as before entry of judgment thereon to the extent permitted by lawB) on the principal amount of all outstanding LIBOR Rate Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, bear interest at a rate per annum equal to:
of two percent (a2%) for any Base Rate Loan or any Swing Loan bearing interest based on in excess of the Base Rate, the sum of 2.0% plus rate (including the Applicable Margin plus the Base Rate) then applicable to LIBOR Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Rate) then applicable thereto andto (1) Base Rate Loans in the case of LIBOR Rate Loans denominated in Dollars or (2) Canadian Base Rate Loans in the case of LIBOR Rate Loans denominated in Canadian Dollars, thereafter, (C) all outstanding Base Rate Loans and other US Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the sum of 2.0% plus rate (including the Applicable Margin for Rate) then applicable to Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due or such other US Obligations arising hereunder or under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses Loan Document, (aD) through (d) above, the sum of 2.0% plus the Applicable Margin for all outstanding Canadian Base Rate Loans plus and other Canadian Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate (including the Applicable Rate) then applicable to Canadian Base Rate from time to time in effect; providedLoans or such other Canadian Obligations arising hereunder or under any other Loan Document, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 and (E) all accrued and unpaid interest shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid due and payable on demand of the Administrative Agent at Agent. Interest shall continue to accrue on the request Obligations after the filing by or with the consent against any Borrower of the Required Lendersany petition seeking any relief in bankruptcy or Debtor Relief Law.
Appears in 1 contract
Default Rate. Notwithstanding anything Subject to Section 10.3, (i) immediately upon the contrary contained herein, while any Event of Default is continuing or after acceleration of occurrence and during the Obligations as a result continuance of an Event of Default under Section 10.1(a), (b), (h) or (i), or (ii) at the election of the Required Lenders, upon the occurrence and during the continuance of any other Event of Default, (A) the Borrower Borrowers shall pay interest no longer have the option to request LIBOR Rate Loans, CDOR Loans or Swingline Loans, (after as well as before entry of judgment thereon to the extent permitted by lawB) on the principal amount of all outstanding LIBOR Rate Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, bear interest at a rate per annum equal to:
of two percent (a2%) for any Base Rate Loan or any Swing Loan bearing interest based on in excess of the Base Rate, the sum of 2.0% plus rate (including the Applicable Margin plus the Base Margin) then applicable to LIBOR Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable thereto andto Base Rate Loans, thereafter(C) all outstanding CDOR Rate Loans shall bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to CDOR Rate Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans, (D) all outstanding Base Rate Loans and other US Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the sum of 2.0% plus rate (including the Applicable Margin for Margin) then applicable to Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due or such other US Obligations arising hereunder or under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses Loan Document, (aE) through (d) above, the sum of 2.0% plus the Applicable Margin for all outstanding Canadian Base Rate Loans plus and other Canadian Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate (including the Applicable Rate) then applicable to Canadian Base Rate from time to time in effect; providedLoans or such other Canadian Obligations arising hereunder or under any other Loan Document, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 and (F) all accrued and unpaid interest shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid due and payable on demand of the Administrative Agent at Agent. Interest shall continue to accrue on the request Obligations after the filing by or with the consent against any Borrower of the Required Lendersany petition seeking any relief in bankruptcy or Debtor Relief Law.
Appears in 1 contract
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, letter of credit fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Swingline Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar SOFR Loan or any Swing Swingline Loan bearing interest at the Swing Line Swingline Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 2.3 with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.02% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultpursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, letter of credit fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on Loan, upon the Base Ratewritten election of the Administrative Agent, the sum of 2.0% per annum plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at Loan, upon the Swing Line Lender’s Quoted Ratewritten election of the Administrative Agent, the sum of 2.0% per annum plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% per annum plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any unpaid Reimbursement Obligation, the sum of 2.0% per annum plus the amounts due under Section 1.3(b)(iii) 2.3 with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% per annum plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.02% per annum plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultpursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Sources: Credit Agreement (Shimmick Corp)
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, letter of credit fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Swingline Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar SOFR Loan or any Swing Swingline Loan bearing interest at the Swing Line Swingline Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 2.3 with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.02% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultpursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Default Rate. Notwithstanding anything Subject to Section 10.3, (i) immediately upon the contrary contained herein, while any Event of Default is continuing or after acceleration of occurrence and during the Obligations as a result continuance of an Event of Default under Section 10.1(a), (b), (i) or (j), or (ii) at the election of the Required Lenders (or the Administrative Agent at the direction of the Required Lenders), upon the occurrence and during the continuance of any other Event of Default, (A) the Borrower Borrowers shall pay interest no longer have the option to request LIBOR Rate Loans, CDOR Loans, Swingline Loans or Letters of Credit, (after as well as before entry of judgment thereon to the extent permitted by lawB) on the principal amount of all outstanding LIBOR Rate Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, bear interest at a rate per annum equal to:
of two percent (a2%) for any Base Rate Loan or any Swing Loan bearing interest based on in excess of the Base Rate, the sum of 2.0% plus rate (including the Applicable Margin plus the Base Margin) then applicable to LIBOR Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable thereto andto Base Rate Loans, thereafter(C) all outstanding CDOR Rate Loans shall bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to CDOR Rate Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Canadian Base Rate Loans, (D) all outstanding Base Rate Loans and other US Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the sum of 2.0% plus rate (including the Applicable Margin for Margin) then applicable to Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due or such other US Obligations arising hereunder or under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses Loan Document, (aE) through (d) above, the sum of 2.0% plus the Applicable Margin for all outstanding Canadian Base Rate Loans plus and other Canadian Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Canadian Base Rate from time to time in effect; providedLoans or such other Canadian Obligations arising hereunder or under any other Loan Document, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 and (F) all accrued and unpaid interest shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid due and payable on demand of the Administrative Agent at Agent. Interest shall continue to accrue on the request Obligations after the filing by or with the consent against any Borrower of the Required Lendersany petition seeking any relief in bankruptcy or under any Debtor Relief Law.
Appears in 1 contract
Default Rate. Notwithstanding anything Subject to Section 10.3,
(i) (A) immediately upon the contrary contained herein, while any occurrence and during the continuance of an Event of Default is continuing under Section 10.1(a), (b), (h) or after acceleration (i), or (B) at the election of the Obligations as a result Required Lenders, upon the occurrence and during the continuance of an any other Event of Default, the Borrower shall pay interest no longer have the option to request LIBOR Rate Loans;
(after as well as before entry ii) immediately upon the occurrence and during the continuance of judgment thereon to the extent permitted by lawan Event of Default under Section 10.1(a) on the principal amount of or (b), all outstanding Loans and Reimbursement Obligations overdue principal, fees and other amounts of outstanding Obligations, and obligations under the Credit Facility shall pay letter of credit fees, in each case, bear interest at a rate per annum equal to:
of, in the case of principal of LIBOR Rate Loans, two percent (a2%) for any Base Rate Loan or any Swing Loan bearing interest based on in excess of the Base Rate, the sum of 2.0% plus rate (including the Applicable Margin plus the Base Margin) then applicable to LIBOR Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable thereto andto Base Rate Loans, thereafterand in the case of all other overdue principal, fees and other obligations, at a rate per annum equal to two percent (2%) in excess of the sum of 2.0% plus rate (including the Applicable Margin for Margin) then applicable to Base Rate Loans plus the Base Rate from time to time in effectLoans;
(ciii) for any Reimbursement Obligation, immediately upon the sum of 2.0% plus occurrence and during the amounts due under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result continuance of an Event of DefaultDefault under Section 10.1(h) or (i), any adjustments pursuant all outstanding principal, fees and other obligations under the Credit Facility shall bear interest at a rate per annum of, in the case of principal of LIBOR Rate Loans, two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to this Section 1.9 shall be made LIBOR Rate Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans, and in the case of all other overdue principal, fees and other obligations, at a rate per annum equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans;
(iv) upon the election of the Administrative AgentRequired Lenders following the occurrence and during the continuance of any Event of Default other than an Event of Default under Section 10.1(a), acting (b), (h) or (i), all outstanding LIBOR Rate Loans shall bear interest at the request or with the consent a rate per annum of two percent (2%) in excess of the Required Lendersrate (including the Applicable Margin) then applicable to LIBOR Rate Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans, with written notice and all outstanding Base Rate Loans and other Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the Borrower. Interest accruing pursuant rate (including the Applicable Margin) then applicable to Base Rate Loans or such other Obligations arising hereunder or under any other Loan Document;
(v) all accrued and unpaid interest under this Section 1.9 5.1(b) shall be paid due and payable on demand of the Administrative Agent at Agent. Interest shall continue to accrue on the request Obligations after the filing by or with against the consent Borrower of the Required Lendersany petition seeking any relief in bankruptcy or under any Debtor Relief Law.
Appears in 1 contract
Sources: Credit Agreement (Us Ecology, Inc.)
Default Rate. Notwithstanding anything to the contrary contained hereinin Section 1.3 hereof, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower shall Borrowers shall, jointly and severally, pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, fees at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan Loans bearing interest based on at the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Eurocurrency Loan or any Swing Loan Loans bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 1.3 with respect to interest on such Reimbursement Obligation;; and
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultacceleration, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrowers. Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Sources: Credit Agreement (Rc2 Corp)
Default Rate. Notwithstanding anything Subject to Section 10.3, (i) immediately upon the contrary contained herein, while any Event of Default is continuing or after acceleration of occurrence and during the Obligations as a result continuance of an Event of Default under Section 10.1(a), (b), (i) or (j), or (ii) at the election of the Required Lenders (or the Administrative Agent at the direction of the Required Lenders), upon the occurrence and during the continuance of any other Event of Default, (A) the Borrower Borrowers shall pay interest no longer have the option to request LIBOR Rate Loans, SOFR Loans, CDOR Rate Loans, Swingline Loans or Letters of Credit, (after as well as before entry of judgment thereon to the extent permitted by lawB) on the principal amount of all outstanding LIBOR Rate Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, bear interest at a rate per annum equal to:
of two percent (a2%) for any Base Rate Loan or any Swing Loan bearing interest based on in excess of the Base Rate, the sum of 2.0% plus rate (including the Applicable Margin plus the Base Margin) then applicable to LIBOR Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable thereto andto Base Rate Loans, thereafter(C) all outstanding SOFR Loans shall bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to SOFR Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans, (DC) all outstanding CDOR Rate Loans shall bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to CDOR Rate Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Canadian Base Rate Loans, (ED) all outstanding Base Rate Loans and other US Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the sum of 2.0% plus rate (including the Applicable Margin for Margin) then applicable to Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due or such other US Obligations arising hereunder or under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses Loan Document, (aFE) through (d) above, the sum of 2.0% plus the Applicable Margin for all outstanding Canadian Base Rate Loans plus and other Canadian Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Canadian Base Rate from time to time in effect; providedLoans or such other Canadian Obligations arising hereunder or under any other Loan Document, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 and (GF) all accrued and unpaid interest shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid due and payable on demand of the Administrative Agent at Agent. Interest shall continue to accrue on the request Obligations after the filing by or with the consent against any Borrower of the Required Lendersany petition seeking any relief in bankruptcy or under any Debtor Relief Law.
Appears in 1 contract
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing (subject to the proviso below) or after acceleration of the Obligations as a result of an Event of Default, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, letter of credit fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, Obligations at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Daily Simple SOFR Loan, SOFR Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus plus, (i) in the rate case of interest any Daily Simple SOFR Loan, the Applicable Margin applicable thereto plus, in effect thereon the case of any Daily Simple SOFR Loan, Adjusted Daily Simple SOFR applicable at the time of such default Event of Default, (ii) in the case of any SOFR Loan, the Applicable Margin applicable thereto plus, in the case of any SOFR Loan, the Adjusted Term SOFR applicable at the time of such Event of Default, or, (iii) in the case of any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the Swing Line Lender’s Quoted Rate applicable to such Swing Loan, in each case, until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii1.3(b) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit L/C Participation Fee (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on the demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower Borrowers shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, fees at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Eurocurrency Loan denominated in U.S. Dollars or any Swing Loan bearing interest at the Swing Line LenderAdministrative Agent’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Eurocurrency Loan denominated in an Alternative Currency, the sum of two percent (2%) plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of the Applicable Margin for Eurocurrency Loans plus two percent (2%) plus the rate of interest per annum as determined by the Administrative Agent (rounded upwards, if necessary, to the next higher one hundred-thousandth of a percentage point) at which overnight or weekend deposits (or, if such amount due remains unpaid more than three (3) Business Days, then for such other period of time not longer than one (1) month as the Administrative Agent may elect in its absolute discretion) of the relevant Alternative Currency for delivery in immediately available and freely transferable funds would be offered by the Administrative Agent to major banks in the interbank market upon request of such major banks for the applicable period as determined above and in an amount comparable to the unpaid principal amount of any such Eurocurrency Loan (or, if the Administrative Agent is not placing deposits in such currency in the interbank market, then the Administrative Agent’s cost of funds in such currency for such period); and
(d) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 1.2 with respect to interest on such Reimbursement Obligation;; and
(de) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultacceleration, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerCompany. Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Payment Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower Borrowers shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, letter of credit fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Swingline Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Swingline Loan bearing interest at the Swing Line Swingline Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Payment Default or acceleration until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 2.2 with respect to interest on such Reimbursement Obligation;
(d) for the undrawn amount of any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee L/C Participation Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.02% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultpursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrowers (which election may be retroactively effective to the date of such Payment Default). Interest accruing pursuant to this Section 1.9 While any Payment Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
Appears in 1 contract
Sources: Credit Agreement (Hub Group, Inc.)
Default Rate. Notwithstanding anything to the contrary contained herein, while While any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, L/C Participation Fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, owing by it at a rate per annum equal to:
(ai) for any Base Rate Loan or and any Swing Loan bearing interest based on at the Base Rate, the sum of 2.02.00% per annum plus the Applicable Margin plus the Base Rate from time to time in effect;
(bii) for any Eurodollar Loan or and any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.02.00% per annum plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(ciii) for any Reimbursement Obligation, the sum of 2.02.00% plus the amounts due under Section 1.3(b)(iii) 2.3 with respect to interest on such Reimbursement Obligation;
(div) for any Letter of Credit, the sum of 2.02.00% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee L/C Participation Fee due under Section 2.1 2.13(b) with respect to such Letter of Credit); and
(ev) for any other amount owing hereunder not covered by clauses (ai) through (div) above, the sum of 2.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultacceleration, any adjustments increase in interest rates pursuant to this Section 1.9 and any conversion of Loans into Base Rate Loans shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, accrued interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
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Sources: First Lien Credit Agreement (Turning Point Brands, Inc.)
Default Rate. Notwithstanding anything to the contrary contained herein, while While any Specified Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of DefaultObligations, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by lawLaw) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, L/C Participation Fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, owing by it at a rate per annum equal to:
(ai) for any Base Rate Loan or and any Swing Loan bearing interest based on at the Base Rate, the sum of 2.02.00% per annum plus the Applicable Margin plus the Base Rate from time to time in effect;
(bii) for any Eurodollar Loan or and any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.02.00% per annum plus the rate of interest in effect thereon at the time of such default Specified Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(ciii) for any Reimbursement Obligation, the sum of 2.02.00% plus the amounts due under Section 1.3(b)(iii) 2.3 with respect to interest on such Reimbursement Obligation;
(div) for any Letter of Credit, the sum of 2.02.00% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee L/C Participation Fee due under Section 2.1 2.12(b) with respect to such Letter of Credit); and
(ev) for any other amount owing hereunder not covered by clauses (ai) through (div) above, the sum of 2.02.00% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultacceleration, any adjustments increase in interest rates pursuant to this Section 1.9 2.4 and any conversion of Loans into Base Rate Loans shall be made at the election of the Administrative Agent, acting solely at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, accrued interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
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Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of DefaultObligations, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations Obligations, letter of credit fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Swingline Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar EurodollarSOFR Loan or any Swing Swingline Loan bearing interest at the Swing Line Swingline Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 2.3 with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee L/C Participation Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultpursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration of the Obligations, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
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Default Rate. Notwithstanding anything Subject to Section 10.3, (i) immediately upon the contrary contained herein, while any Event of Default is continuing or after acceleration of occurrence and during the Obligations as a result continuance of an Event of Default under Section 10.1(a), (b), (i) or (j), or (ii) at the election of the Required Lenders (or the Administrative Agent at the direction of the Required Lenders), upon the occurrence and during the continuance of any other Event of Default, (A) the Borrower Borrowers shall pay interest no longer have the option to request LIBOR Rate Loans, SOFR Loans, CDOR Rate Loans, Swingline Loans or Letters of Credit, (after as well as before entry of judgment thereon to the extent permitted by lawB) on the principal amount of all outstanding LIBOR Rate Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, bear interest at a rate per annum equal to:
of two percent (a2%) for any Base Rate Loan or any Swing Loan bearing interest based on in excess of the Base Rate, the sum of 2.0% plus rate (including the Applicable Margin plus the Base Margin) then applicable to LIBOR Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable thereto andto Base Rate Loans, thereafter(C) all outstanding SOFR Loans shall bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to SOFR Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans, (DC) all outstanding CDOR Rate Loans shall bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to CDOR Rate Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Canadian Base Rate Loans, (ED) all outstanding Base Rate Loans and other US Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the sum of 2.0% plus rate (including the Applicable Margin for Margin) then applicable 165457743_4174358596_2 to Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due or such other US Obligations arising hereunder or under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses Loan Document, (aFE) through (d) above, the sum of 2.0% plus the Applicable Margin for all outstanding Canadian Base Rate Loans plus and other Canadian Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Canadian Base Rate from time to time in effect; providedLoans or such other Canadian Obligations arising hereunder or under any other Loan Document, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 and (GF) all accrued and unpaid interest shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid due and payable on demand of the Administrative Agent at Agent. Interest shall continue to accrue on the request Obligations after the filing by or with the consent against any Borrower of the Required Lendersany petition seeking any relief in bankruptcy or under any Debtor Relief Law.
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Default Rate. Notwithstanding anything to the contrary contained herein, while any Event of Default is continuing exists or after acceleration of the Obligations as a result of an Event of Defaultacceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans of each Class and Reimbursement Obligations Obligations, letter of credit fees and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, at a rate per annum equal to:
(a) for any Base Rate Loan or any Swing Swingline Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin for the applicable Class of Loans plus the Base Rate from time to time in effect;
(b) for any Eurodollar SOFR Loan or any Swing Swingline Loan bearing interest at the Swing Line Swingline Lender’s Quoted Rate, the sum of 2.0% plus Adjusted Term SOFR applicable or the rate Swingline Lender’s Quoted Rate, respectively, for such Interest Period plus the Applicable Margin for the applicable Class of interest Loans in effect thereon at the time of such default Event of Default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) 2.3 with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee L/C Participation Fee due under Section 2.1 3.1(b) with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Revolving Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Defaultpursuant to Section 9.2 or 9.3, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the BorrowerBorrower (which election may be retroactively effective to the date of such Event of Default). Interest accruing pursuant to this Section 1.9 While any Event of Default exists or after acceleration, interest shall be paid on demand of the Administrative Agent at the request or with the consent of the Required Lenders.
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Default Rate. Notwithstanding anything to If any payment of principal or interest on any Loan is not made when due after the contrary contained herein, while any Event of Default is continuing or after acceleration expiration of the Obligations grace period therefor provided in Section 8.1(a) (whether by acceleration or otherwise), or any Reimbursement Obligation is not paid when due as provided in Section 2.12(c), such past due Loan or Reimbursement Obligation shall bear interest (computed on the basis of a result year of an Event of Default360, 365 or 366 days, as applicable, and actual days elapsed) after any such grace period expires until such principal then due is paid in full, which the Borrower shall agrees to pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each casedemand, at a rate per annum equal to:
(a) (i) for any Base Rate Loan or any Swing Loan bearing interest based on Loan, the Base Rate, lesser of (A) the Highest Lawful Rate and (B) the sum of 2.0% plus the Applicable Margin two percent (2%) per annum plus the Base Rate from time to time in effecteffect (but not less than the Base Rate in effect at the time such payment was due) plus the Applicable Margin, and (ii) for any Swingline Loan, the lesser of (A) the Highest Lawful Rate and (B) the sum of two percent (2%) per annum plus the LIBOR Market Index Rate from time to time in effect (but not less than the LIBOR Market Index Rate in effect at the time such payment was due) plus the Applicable Margin;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at Loan, the Swing Line Lender’s Quoted Rate, lesser of (i) the Highest Lawful Rate and (ii) the sum of 2.0% two percent (2%) per annum plus the rate of interest (inclusive of the Applicable Margin) in effect thereon at the time of such default until the end of the Interest Period applicable thereto for such Loan and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans two percent (2%) per annum plus the Base Rate from time to time in effect;
effect (cbut not less than the Base Rate in effect at the time such payment was due) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans Loans; and
(c) for any unpaid Reimbursement Obligations, the lesser of (i) the Highest Lawful Rate and (ii) the sum of two percent (2%) per annum plus (x) in the case of any Reimbursement Obligations payable in Dollars, the Base Rate from time to time in effect; providedeffect (but not less than the Base Rate in effect at the time such payment was due) plus the Applicable Margin for Base Rate Loans, however, that or (y) in the absence case of an acceleration any Reimbursement Obligations payable in any currency other than Dollars, the interest rate (inclusive of the Obligations Applicable Margin) that would otherwise then be applicable under this Agreement to a Eurodollar Loan for an Interest Period of one month as a result of an Event of Default, any adjustments pursuant from time to this Section 1.9 shall be made time in effect (but not less than such interest rate in effect at the election of time such payment was due). It is the Administrative Agent, acting at the request or with the consent of the Required Lenders, with written notice to the Borrower. Interest accruing pursuant to this Section 1.9 shall be paid on demand intention of the Administrative Agent at and the request Lenders to conform strictly to usury laws applicable to them. Accordingly, if the transactions contemplated hereby or with the consent any Loan or other Obligation would be usurious as to any of the Required LendersLenders under laws applicable to it (including the laws of the United States of America, including to the extent applicable, 46 U.S.C. Section 31322(b)), and the State of New York or any other jurisdiction whose laws may be mandatorily applicable to such Lender notwithstanding the other provisions of this Agreement, the Notes or any other Credit Document), then, in that event, notwithstanding anything to the contrary in this Agreement, the Notes or any other Credit Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under laws applicable to such Lender that is contracted for, taken, reserved, charged or received by such Lender under this Agreement, the Notes or any other Credit Document or otherwise shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited by such Lender on the principal amount of the Loans or to the Reimbursement Obligations (or, if the principal amount of the Loans and all Reimbursement Obligations shall have been paid in full, refunded by such Lender to the Borrower); and (ii) in the event that the maturity of the Loans is accelerated by reason of an election of the holder or holders thereof resulting from any Event of Default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest under laws applicable to such Lender may never include more than the Highest Lawful Rate, and excess interest, if any, provided for in this Agreement, the Notes, any other Credit Document or otherwise shall be automatically canceled by such Lender as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by such Lender on the principal amount of the Loans or to the Reimbursement Obligations (or if the principal amount of the Loans and all Reimbursement Obligations shall have been paid in full, refunded by such Lender to the Borrower).
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Default Rate. Notwithstanding anything to Upon the contrary contained herein, while any Event of Default is continuing or after acceleration of occurrence and during the Obligations as a result continuation of an Event of Default, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all outstanding Loans Default and Reimbursement Obligations and other amounts of outstanding Obligations, and shall pay letter of credit fees, in each case, at a rate per annum equal toat:
(ai) for any Base Rate Loan or any Swing Loan bearing interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect;
(b) for any Eurodollar Loan or any Swing Loan bearing interest at the Swing Line Lender’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect;
(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3(b)(iii) with respect to interest on such Reimbursement Obligation;
(d) for any Letter of Credit, the sum of 2.0% plus the amounts due under this Agreement with respect to such Letter of Credit (for the avoidance of doubt, this shall not affect the Borrower’s obligation to pay a letter of credit fee due under Section 2.1 with respect to such Letter of Credit); and
(e) for any other amount owing hereunder not covered by clauses (a) through (d) above, the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; provided, however, that in the absence of an acceleration of the Obligations as a result of an Event of Default, any adjustments pursuant to this Section 1.9 shall be made at the election of the Administrative Agent, acting at the request Agent or with the consent of the Required Lenders, with written notice all Obligations (except for undrawn Letters of Credit) that have been charged to the Borrower. Interest accruing Loan Account or the Term B Loan Account, as applicable, pursuant to this Section 1.9 the terms hereof shall be paid on demand bear interest at a per annum rate equal to 2 percentage points above the per annum rate otherwise applicable hereunder (including retroactive to the date of the Administrative occurrence of such Event of Default if so elected by Agent at the request or with the consent of the Required Lenders),
(ii) the election of Agent, the Required Senior Lenders, or the Required Lenders, the Letter of Credit Fee shall be increased to 2 percentage points above the per annum rate otherwise applicable hereunder (including retroactive to the date of occurrence of such Event of Default if so elected by Agent or the Required Lenders),
(iii) the election of Agent, the Required Senior Lenders, or the Required Lenders, all Obligations (except for undrawn Letters of Credit and the Term Loan B) that have been charged to the Loan Account, pursuant to the terms hereof shall bear interest at a per annum rate equal to 2 percentage points above the per annum rate otherwise applicable hereunder (including retroactive to the date of occurrence of such Event of Default if so elected by Agent, the Required Lenders, or the Required Senior Lenders), and
(iv) the election of Agent, the Required Lenders, or the Required Junior Lenders, all Obligations in respect of the Term B Loan that have been charged to the Term B Loan Account pursuant to the terms hereof shall bear interest at a per annum rate equal to 2 percentage points above the per annum rate otherwise applicable hereunder (including retroactive to the date of occurrence of such Event of Default if so elected by Agent, the Required Junior Lenders, or the Required Lenders).
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