Interest and Applicable Margin Clause Samples
Interest and Applicable Margin. (a) The Borrower shall pay accrued interest on the Loan to the Lender in accordance with Section 2.5(a) based on the Applicable Interest Rate. Adjustments to the Applicable Interest Rate in connection with changes in the LIBOR Rate shall be made on the LIBOR Adjustment Date.
(b) If any payment on the Loan becomes due and payable on a day other than a Business Day, such payment shall be due on the immediately succeeding Business Day.
(c) All computations of fees calculated on a per annum basis and of the Applicable Interest Rate shall be made by the Lender on the basis of a 360 day year for the actual number of days elapsed. Each determination by the Lender of the Applicable Interest Rate and fees hereunder shall be conclusive, absent manifest error.
(d) If an Event of Default shall have occurred and be continuing, the Applicable Interest Rate shall be increased by five percent (5%) per annum above the Applicable Interest Rate (the "Default Rate"). Interest at the Default Rate shall automatically accrue from the initial date of such Event of Default until all Events of Default are cured or waived and shall be payable upon demand. Interest at the Default Rate shall be added to the Loan Amount, and shall be deemed secured by the Security Documents and the other Loan Documents. This Section 2.8(d), however, shall not be construed as an agreement or privilege to extend any Payment Date, nor as a waiver of any other right or remedy accruing to Lender by reason of the occurrence of any Event of Default.
(e) If any sum payable under this Agreement, the Note or any other Loan Document is not paid on or before the fifth (5th) day after such amount is due, the Borrower shall pay to the Lender upon demand an amount equal to the lesser of five percent (5.0%) of such unpaid sum or, if Section 2.8(f) applies, the maximum amount permitted under such section, to defray the expenses incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment and such amount shall be secured by the Security Documents and the other Loan Documents.
(f) Notwithstanding anything to the contrary set forth in this Section 2.8, if the rate of interest payable hereunder exceeds the highest rate of interest permissible under law (the "Maximum Lawful Rate"), then so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable hereunder shall be equal to the Maximum Lawful Rate; provided, however...
Interest and Applicable Margin. (i) The Incremental Term B Loans shall bear interest as set forth in the Credit Agreement (including Section 5.1 thereof); provided that the LIBOR Rate shall not be available with respect to the Incremental Term B Loans until three (3) Business Days (or four (4) Business Days with respect to a LIBOR Rate based on a twelve month Interest Period) after the Effective Date, unless the Borrower has delivered to the Administrative Agent a letter in form and substance reasonably satisfactory to the Administrative Agent indemnifying the Incremental Term B Lenders in the manner set forth in Section 5.9 of the Credit Agreement).
(ii) The Applicable Margin for the Incremental Term B Loans shall be, as of any date of determination, the applicable percentage per annum set forth below based on the Credit Ratings: I BB (with a stable or better outlook) or better from S&P and Ba2 (with a stable or better outlook) or better from ▇▇▇▇▇’▇ 2.25% 1.25% II For any reason Pricing Level I does not apply 2.50% 1.50% For purposes of the foregoing:
(1) if at any time a Credit Rating shall not be available from one or both of the Rating Agencies, then Level II shall be deemed applicable for the period commencing one (1) Business Day after the date that such Credit Rating ceases to be so available, and ending on the date which is one (1) Business Day after both Credit Ratings are once again available, after which the Pricing Level shall be determined in accordance with the table above; and
(2) adjustments, if any, to the Pricing Level then in effect shall be effective one (1) Business Day after the day that a change in a Credit Rating requiring such adjustment is first announced by the applicable Rating Agency (it being understood and agreed that each change in Pricing Level shall apply during the period commencing on such effective date and ending on the date immediately preceding the next such effective date).
Interest and Applicable Margin. 20 2.9 Payments ..................................................... 21 2.10 Application and Allocation of Payments ....................... 21 2.11 Loan Account and Accounting .................................. 22 2.12 Taxes ........................................................
Interest and Applicable Margin. The Applicable Margin for Tranche A Incremental Facility Revolving Credit Loans shall be the respective rates indicated below for Loans of the applicable Type set forth opposite the then-current Rate Ratio (determined pursuant to Section 3.03 of the Amendment and Restatement) indicated below (except that anything in this Incremental Facility Agreement or the Amendment and Restatement to the contrary notwithstanding, the Applicable Margin with respect to such Loans shall be the highest margins indicated below in this Section 2.04 during any period when an Event of Default shall have occurred and be continuing): Greater than or equal to 5.00 to 1 3.00 % 2.00 % Greater than or equal to 4.00 to 1 but less than 5.00 to 1 2.75 % 1.75 % Greater than or equal to 3.00 to 1 but less than 4.00 to 1 2.50 % 1.50 % Less than 3.00 to 1 2.25 % 1.25 % For purposes of the Tranche A Incremental Facility Revolving Credit Loans, clause (i) of the definition of “Interest Period” is hereby amended by adding the following at the end of such clause: “and if any Interest Period for any Tranche A Incremental Facility Revolving Credit Loan would otherwise end after the Tranche A Incremental Revolving Facility Termination Date, such Interest Period shall end on the Tranche A Incremental Revolving Facility Termination Date”
Interest and Applicable Margin. In the fifth (5th) line of the grid contained in Section 2.5(1), “13%” is changed to “12.5%”.
Interest and Applicable Margin. 19 2.9 Payments......................................................................................20 2.10