Interest on the Loans. A. Rate of Interest. Subject to the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or to the Adjusted Eurodollar Rate. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the Borrower initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or Revolving Loan is outstanding with respect to which notice has not been delivered to the Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and the Revolving Loans shall bear interest through maturity as follows: (a) if a Base Rate Loan, then at the sum of the Base Rate plus ---- the Applicable Base Rate Margin; or (b) if a Eurodollar Rate Loan, then at the sum of the Adjusted Eurodollar Rate plus the Applicable Eurodollar Margin. ---- Upon delivery of the Margin Determination Certificate by Company to Administrative Agent pursuant to subsection 6.1(xvii), the Applicable Base Rate Margin and the Applicable Eurodollar Rate Margin shall automatically be adjusted in accordance with such Margin Determination Certificate, such adjustment to become effective on the first day of the Fiscal Quarter immediately succeeding the Fiscal Quarter in which Administrative Agent receives such Margin Determination Certificate; provided that if a Margin Determination Certificate -------- is not delivered at the time required pursuant to subsection 6.1(xvii), clause (iii) of the definitions "Applicable Base Rate Margin" and "Applicable Eurodollar Rate Margin", as the case may be, shall be applicable from such time until delivery of the succeeding Margin Determination Certificate; provided -------- further that if a Margin Determination Certificate erroneously indicates an ------- applicable margin more favorable to Borrowers than should be afforded by the actual calculation of the Leverage Ratio, each Borrower shall promptly pay additional interest, letter of credit fees and all other applicable fees to correct for such error.
Appears in 1 contract
Interest on the Loans. A. Rate of InterestRATE OF INTEREST. Subject to the provisions of subsections 2:1B, 2.6 and 2.7, each Term Loan and each Revolving Loan Loan, except for Swing Line Loans, shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or to the Adjusted Eurodollar Rate. Subject to the provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the Borrower Company initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or Revolving Loan is outstanding with respect to which notice has not been delivered to the Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. Subject to the provisions of subsections 2.2E and 2.7, the Acquisition Loans, Term Loans, Tranche B Term Loans and the Revolving Loans shall bear interest through maturity as follows:
(ai) if a Base Rate Loan, then at the sum of the Base Rate plus the ---- the Applicable Base Rate Margin; or
(bii) if a Eurodollar Rate Loan, then at the sum of the Adjusted Eurodollar Rate plus the Applicable Eurodollar Margin. ---- Upon delivery Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Margin Determination Certificate by Company to Administrative Agent pursuant to subsection 6.1(xvii), Base Rate plus ---- the Applicable Base Rate Margin and the Applicable Eurodollar Rate Margin shall automatically be adjusted in accordance with such Margin Determination Certificate, such adjustment to become effective on the first day of the Fiscal Quarter immediately succeeding the Fiscal Quarter in which Administrative Agent receives such Margin Determination Certificate; provided that if a Margin Determination Certificate -------- is not delivered at the time required pursuant to subsection 6.1(xvii), clause (iii) of the definitions "Applicable Base Rate Margin" and "Applicable Eurodollar Rate Margin", as the case may be, shall be applicable from such time until delivery of the succeeding Margin Determination Certificate; provided -------- further that if a Margin Determination Certificate erroneously indicates an ------- applicable margin more favorable to Borrowers than should be afforded by the actual calculation of the Leverage Ratio, each Borrower shall promptly pay additional interest, letter of credit fees and all other applicable fees to correct for such error.
Appears in 1 contract
Interest on the Loans. A. 1. Rate of Interest. Subject to the provisions of subsections 2.6 Subsections II.F and 2.7II.G, each Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or to the Adjusted Eurodollar RateLIBOR. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the Borrower initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1BSubsection II.A.2, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. Subsection II.B.4 (subject to the last sentence of Subsection A.2). If on any day a Term Loan or Revolving Loan is outstanding with respect to which notice has not been delivered to the Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. Subject to the provisions of subsections 2.2E Subsections II.B.5 and 2.7II.G, the Tranche B Term Loans and the Revolving Loans shall bear interest through maturity as follows:
(a) a. if a Base Rate Loan, then at the sum of the Base Rate plus ---- the Applicable Base Rate MarginMargin for such Type of Loans; or
(b) b. if a Eurodollar Rate LIBOR Loan, then at the sum of the Adjusted Eurodollar Rate LIBOR plus the Applicable Eurodollar MarginLIBOR Margin for such Type of Loans. ---- Upon delivery of the a Margin Determination Certificate by Company Borrower to Administrative Agent (a) with respect to each Fiscal Quarter (other than each fourth Fiscal Quarter), together with the three most recent financial statements required to be delivered pursuant to subsection 6.1(xviiSubsection 6.1(i), and (b) with respect to each fourth Fiscal Quarter, within forty-five (45) days after the last day of such fourth Fiscal Quarter (to be included as part of the Compliance Certificate for each such Fiscal Quarter), the Applicable Base Rate Margin and the Applicable Eurodollar Rate LIBOR Margin shall automatically be adjusted in accordance with such Margin Determination Certificate, such adjustment to become effective on the first 60th day after the end of the Fiscal Quarter immediately succeeding to which the financial results contained in the Margin Determination Certificate relate; provided that (1) at any time a Margin Determination Certificate is not delivered within forty-five (45) days after the last day of any Fiscal Quarter in which Administrative Agent receives Quarter, from the forty-fifth day until delivery of such Margin Determination Certificate; provided that if a Margin Determination Certificate -------- is not delivered at , the time required pursuant to subsection 6.1(xvii), clause (iii) of the definitions "Applicable Base Rate Margin" and "Applicable Eurodollar Rate Margin", as the case may be, Margin shall be applicable from such time until delivery of 1.25% for Revolving Loans, and 1.25% for Tranche B Term Loans, and the succeeding Applicable LIBOR Margin Determination Certificate; provided -------- further that if a Margin Determination Certificate erroneously indicates an ------- applicable margin more favorable to Borrowers than should shall be afforded by the actual calculation of the Leverage Ratio2.75% for Revolving Loans, each Borrower shall promptly pay additional interestand 2.75% for Tranche B Term Loans, letter of credit fees and all other applicable fees to correct for such error.and
Appears in 1 contract
Interest on the Loans. A. Rate of InterestRATE OF INTEREST. Subject to the provisions of subsections 2.6 and 2.7, (x) each Term Loan, each Revolving Loan and each Revolving Offshore Loan denominated in Dollars shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or the Eurodollar Rate and (y) each Offshore Loan denominated in Euros shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Adjusted Eurodollar EURO-LIBOR Rate. Subject to the provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate. The applicable basis for determining the rate of interest with respect to any Term Loan, any Revolving Loan or any Revolving Offshore Loan shall be selected by the applicable Borrower initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B (subject to the last sentence of subsection 2.1B), and the basis for determining the interest rate with respect to any Term Loan, any Revolving Loan or any Revolving Offshore Loan may be changed from time to time pursuant to subsection 2.2D. 2.2D (subject to the last sentence of subsection 2.1B). If on any day a Term Loan, Revolving Loan or Revolving Offshore Loan denominated in Dollars is outstanding with respect to which notice has not been delivered to the Administrative Agent (or has not yet been given effect) in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. .
(i) Subject to the provisions of subsections 2.2E 2.2E, 2.2G and 2.7, the Term Revolving Loans and the Revolving Offshore Loans shall bear interest as of any date of determination specified in subsection 2.2A(ii) through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the Base Rate plus ---- the Applicable Base Rate MarginMargin set forth in the table below opposite the Consolidated Leverage Ratio for the four Fiscal Quarter period for which the applicable Pricing Certificate for such date of determination has been delivered pursuant to subsection 6.1(iv);
(b) if a Eurodollar Rate Loan, then at the sum of the Eurodollar Rate plus the Eurodollar Rate Margin set forth in the table below opposite the Consolidated Leverage Ratio for the four Fiscal Quarter period for which the applicable Pricing Certificate for such date of determination has been delivered pursuant to subsection 6.1(iv); or
(c) if a EURO-LIBOR Rate Loan, then at the sum of the EURO-LIBOR Rate plus the EURO-LIBOR Rate Margin set forth in the table below opposite the Consolidated Leverage Ratio for the four Fiscal Quarter period for 50 which the applicable Pricing Certificate for such date of determination has been delivered pursuant to subsection 6.1(iv); 51
1.75:1. 00 2.00% 1.00%
2.25:1. 00 Greater than or equal to: 2.25:1.00 2.25% 1.25% but less than: 3.00:1.00 Greater than or equal to: 3.00:1.00 2.50% 1.50%
(ii) Upon delivery of the Pricing Certificate by Company to Administrative Agent pursuant to subsection 6.1(iv), the Base Rate Margin and the Eurodollar Rate Margin for Revolving Loans and Offshore Loans denominated in Dollars and the EURO-LIBOR Rate Margin for Offshore Loans denominated in Euros shall automatically be adjusted in accordance with such Pricing Certificate, such adjustment to become effective on the next succeeding Business Day following the receipt by Administrative Agent of such Pricing Certificate (subject to the provisions of the foregoing clause (i) and this clause (ii)); provided that, if at any time a Pricing Certificate is not delivered at the time required pursuant to subsection 6.1(iv), from the time such Pricing Certificate was required to be delivered until delivery of such Pricing Certificate, the applicable margins shall be the maximum percentage amount for the relevant Loan set forth above.
(iii) Subject to the provisions of subsections 2.2E, 2.2G and 2.7, the Term Loans shall bear interest as of any date of determination through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the Base Rate plus the Base Rate Margin set forth in the table below opposite the Senior Secured Credit Facility Rating on such date of determination; or
(b) if a Eurodollar Rate Loan, then at the sum of the Adjusted Eurodollar Rate plus the Applicable Eurodollar Margin. ---- Upon delivery of the Margin Determination Certificate by Company to Administrative Agent pursuant to subsection 6.1(xvii), the Applicable Base Rate Margin and the Applicable Eurodollar Rate Margin shall automatically be adjusted set forth in accordance with the table below opposite the Senior Secured Credit Facility Rating on such Margin Determination Certificate, such adjustment to become effective on the first day date of the Fiscal Quarter immediately succeeding the Fiscal Quarter in which Administrative Agent receives such Margin Determination Certificate; provided that if a Margin Determination Certificate -------- is not delivered at the time required pursuant to subsection 6.1(xvii), clause (iii) of the definitions "Applicable Base Rate Margin" and "Applicable Eurodollar Rate Margin", as the case may be, shall be applicable from such time until delivery of the succeeding Margin Determination Certificate; provided -------- further that if a Margin Determination Certificate erroneously indicates an ------- applicable margin more favorable to Borrowers than should be afforded by the actual calculation of the Leverage Ratio, each Borrower shall promptly pay additional interest, letter of credit fees and all other applicable fees to correct for such error.determination: 52
Appears in 1 contract
Interest on the Loans. A. Rate of InterestRATE OF INTEREST. Subject to the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or to Canadian Base Rate or the Adjusted Eurodollar Rate or Canadian Eurodollar Rate, as the case may be. Subject to the provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the applicable Borrower initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or Revolving Loan is outstanding with respect to which notice has not been delivered to the Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate or Canadian Base Rate, as the case may be. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and the Revolving Loans shall bear interest through maturity as follows:
(ai) if a Base Rate Loan, then at the sum of the Base Rate plus the ---- the Applicable Base Rate Margin; or;
(biii) if a Eurodollar Rate Loan, then at the sum of the Adjusted Eurodollar Rate plus the Applicable Eurodollar Rate Margin; or ----
(iv) if a Canadian Eurodollar Rate Loan, then at the sum of the Canadian Eurodollar Rate plus the Applicable Eurodollar Rate Margin. ---- Upon delivery Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the ---- Applicable Base Rate Margin Determination less the applicable Commitment Fee Percentage. ---- The Applicable Base Rate Margin or the Applicable Eurodollar Rate Margin shall be the Base Rate Margin or the Eurodollar Rate Margin, as the case may be, set forth in the table above opposite Company's Consolidated Leverage Ratio for the four fiscal quarters ending as of the last day of the fiscal quarter immediately preceding the fiscal quarter during which the determination is being made as set forth in the Compliance Certificate by Company to Administrative Agent delivered pursuant to subsection 6.1(xvii6.1(iv)(b), any required adjustment to become automatically effective on the next succeeding Business Day following receipt by the Agent of such Compliance Certificate. If Company fails to deliver a Compliance Certificate by the time required by subsection 6.1(iv)(b), from such time the Compliance Certificate was required to be delivered until delivery of such Compliance Certificate, the Applicable Base Rate Margin and the Applicable Eurodollar Rate Margin shall automatically be adjusted in accordance with such Margin Determination Certificateto 1.00% per annum and 2.00% per annum, such adjustment to become effective on the first day of the Fiscal Quarter immediately succeeding the Fiscal Quarter in which Administrative Agent receives such Margin Determination Certificate; provided that if a Margin Determination Certificate -------- is not delivered at the time required pursuant to subsection 6.1(xvii), clause (iii) of the definitions "Applicable Base Rate Margin" and "Applicable Eurodollar Rate Margin", as the case may be, shall be applicable from such time until delivery of the succeeding Margin Determination Certificate; provided -------- further that if a Margin Determination Certificate erroneously indicates an ------- applicable margin more favorable to Borrowers than should be afforded by the actual calculation of the Leverage Ratio, each Borrower shall promptly pay additional interest, letter of credit fees and all other applicable fees to correct for such errorrespectively.
Appears in 1 contract
Interest on the Loans. A. RATE OF INTEREST.
(i) Domestic Loans (other than Swing Line Loans or Negotiated Rate of Interest. Subject to the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan Loans) shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Domestic Base Rate or to the Adjusted Eurodollar Rate. Tranche A Canadian Loans denominated in Canadian Dollars (other than Swing Line Loans) shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Canadian Prime Rate; Tranche A Canadian Loans made to Canada Safeway and denominated in Dollars (other than Swing Line Loans) shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Canadian Base Rate or the Canadian Eurodollar Rate; Canadian/U.S. Loans shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Domestic Base Rate or the Adjusted Eurodollar Rate. Tranche A Domestic Swing Line Loans shall bear interest at a rate determined by reference to the Domestic Base Rate; Tranche A Canadian Swing Line Loans denominated in Dollars shall bear interest at a rate determined by reference to the Canadian Base Rate; and Tranche A Canadian Swing Line Loans denominated in Canadian Dollars shall bear interest at a rate determined by reference to the Canadian Prime Rate. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan on Loans shall be selected by the applicable Borrower initially at the time such Borrower submits a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan 2.1B or any Revolving Loan may be changed from time to time a Notice of Conversion/Continuation is given pursuant to subsection 2.2D. If on any day date a Term Loan or Revolving Loan is outstanding with respect to which notice has not been delivered to the Primary Documentation Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base applicable Deemed Floating Rate. .
(ii) Subject to the provisions of subsections 2.2E and 2.75.1, the Term Domestic Loans and the Revolving (other than Tranche A Domestic Swing Line Loans or Negotiated Rate Loans) shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the Base Rate plus ---- the Applicable Base Rate Margin; or
(b) if a Eurodollar Rate Loan, then at the sum of the Adjusted Eurodollar Rate plus the Applicable Eurodollar Margin. ---- Upon delivery of the Margin Determination Certificate by Company to Administrative Agent pursuant to subsection 6.1(xvii), the Applicable Base Rate Margin and the Applicable Eurodollar Rate Margin shall automatically be adjusted in accordance with such Margin Determination Certificate, such adjustment to become effective on the first day of the Fiscal Quarter immediately succeeding the Fiscal Quarter in which Administrative Agent receives such Margin Determination Certificate; provided that if a Margin Determination Certificate -------- is not delivered at the time required pursuant to subsection 6.1(xvii), clause (iii) of the definitions "Applicable Base Rate Margin" and "Applicable Eurodollar Rate Margin", as the case may be, shall be applicable from such time until delivery of the succeeding Margin Determination Certificate; provided -------- further that if a Margin Determination Certificate erroneously indicates an ------- applicable margin more favorable to Borrowers than should be afforded by the actual calculation of the Leverage Ratio, each Borrower shall promptly pay additional interest, letter of credit fees and all other applicable fees to correct for such error.
Appears in 1 contract
Sources: Credit Agreement (Safeway Inc)
Interest on the Loans. A. Rate of Interest. Subject to the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or to Canadian Base Rate or the Adjusted Eurodollar Rate or Canadian Eurodollar Rate, as the case may be. Subject to the provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the applicable Borrower initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or Revolving Loan is outstanding with respect to which notice has not been delivered to the Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate or Canadian Base Rate, as the case may be. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and the Revolving Loans shall bear interest through maturity as follows:
(ai) if a Base Rate Loan, then at the sum of the Base Rate plus the ---- the Applicable Base Rate Margin; or;
(biii) if a Eurodollar Rate Loan, then at the sum of the Adjusted Eurodollar Rate plus the Applicable Eurodollar Rate Margin; or ----
(iv) if a Canadian Eurodollar Rate Loan, then at the sum of the Canadian Eurodollar Rate plus the Applicable Eurodollar Rate Margin. ---- Upon delivery Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the ---- Applicable Base Rate Margin Determination less the applicable Commitment Fee Percentage. ---- The Applicable Base Rate Margin or the Applicable Eurodollar Rate Margin shall be the Base Rate Margin or the Eurodollar Rate Margin, as the case may be, set forth in the table above opposite Company's Consolidated Leverage Ratio for the four fiscal quarters ending as of the last day of the fiscal quarter immediately preceding the fiscal quarter during which the determination is being made as set forth in the Compliance Certificate by Company to Administrative Agent delivered pursuant to subsection 6.1(xvii6.1(iv)(b), any required adjustment to become automatically effective on the next succeeding Business Day following receipt by the Agent of such Compliance Certificate. If Company fails to deliver a Compliance Certificate by the time required by subsection 6.1(iv)(b), from such time the Compliance Certificate was required to be delivered until delivery of such Compliance Certificate, the Applicable Base Rate Margin and the Applicable Eurodollar Rate Margin shall automatically be adjusted in accordance with such Margin Determination Certificateto 1.00% per annum and 2.00% per annum, such adjustment to become effective on the first day of the Fiscal Quarter immediately succeeding the Fiscal Quarter in which Administrative Agent receives such Margin Determination Certificate; provided that if a Margin Determination Certificate -------- is not delivered at the time required pursuant to subsection 6.1(xvii), clause (iii) of the definitions "Applicable Base Rate Margin" and "Applicable Eurodollar Rate Margin", as the case may be, shall be applicable from such time until delivery of the succeeding Margin Determination Certificate; provided -------- further that if a Margin Determination Certificate erroneously indicates an ------- applicable margin more favorable to Borrowers than should be afforded by the actual calculation of the Leverage Ratio, each Borrower shall promptly pay additional interest, letter of credit fees and all other applicable fees to correct for such errorrespectively.
Appears in 1 contract
Interest on the Loans. A. Rate of Interest. Subject to the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or to the Adjusted Eurodollar Rate. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the Borrower initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or Revolving Loan is outstanding with respect to which notice has not been delivered to the Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. .
(i) Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and the Revolving Loans AXELs Series B shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the Base Rate plus ---- the Applicable Base Rate MarginMargin for AXELs Series B; or
(b) if a Eurodollar Rate Loan, then at the sum of the Adjusted Eurodollar Rate plus the Applicable Eurodollar Margin. Rate Margin for AXELs ---- Upon delivery Series B.
(ii) Subject to the provisions of subsections 2.2E and 2.7, the AXELs Series C shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the Margin Determination Certificate by Company to Administrative Agent pursuant to subsection 6.1(xvii), Base Rate plus ---- the Applicable Base Rate Margin and for AXELs Series C; or
(b) if a Eurodollar Rate Loan, then at the sum of the Adjusted Eurodollar Rate plus the Applicable Eurodollar Rate Margin shall automatically be adjusted in accordance with such Margin Determination Certificate, such adjustment to become effective on the first day of the Fiscal Quarter immediately succeeding the Fiscal Quarter in which Administrative Agent receives such Margin Determination Certificate; provided that if a Margin Determination Certificate -------- is not delivered at the time required pursuant to subsection 6.1(xvii), clause for AXELs ---- Series C.
(iii) Subject to the provisions of subsections 2.2E and 2.7, the AXELs Series D shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the definitions "Base Rate plus ---- the Applicable Base Rate Margin" and "Margin for AXELs Series D; or
(b) if a Eurodollar Rate Loan, then at the sum of the Adjusted Eurodollar Rate plus the Applicable Eurodollar Rate Margin", as the case may be, shall be applicable from such time until delivery of the succeeding Margin Determination Certificate; provided -------- further that if a Margin Determination Certificate erroneously indicates an ------- applicable margin more favorable to Borrowers than should be afforded by the actual calculation of the Leverage Ratio, each Borrower shall promptly pay additional interest, letter of credit fees and all other applicable fees to correct for such error.AXELs ---- Series D.
Appears in 1 contract
Sources: Credit Agreement (Sealy Corp)
Interest on the Loans. A. Rate of Interest. Subject to the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or to the Adjusted Eurodollar Rate. Subject to the provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the Borrower Company initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or Revolving Loan is outstanding with respect to which notice has not been delivered to the Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and the Revolving Loans shall bear interest through maturity as follows:
(ai) if a Base Rate Loan, then at the sum of the Base Rate plus the ---- the Applicable Base Rate Margin; or
(bii) if a Eurodollar Rate Loan, then at the sum of the Adjusted Eurodollar Rate plus the Applicable Eurodollar Rate Margin. ---- Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the ---- Applicable Base Rate Margin. Upon delivery of the Margin Determination Certificate by Company to Administrative Agent pursuant to subsection 6.1(xvii6.1(xix), the Applicable Base Rate Margin and the Applicable Eurodollar Rate Margin shall automatically be adjusted in accordance with such Margin Determination Certificate, such adjustment to become effective on the first day of next succeeding Business Day following the Fiscal Quarter immediately succeeding the Fiscal Quarter in which receipt by Administrative Agent receives of such Margin Determination Certificate; provided that if (1) -------- at any time a Margin Determination Certificate -------- is not delivered at the time required pursuant to subsection 6.1(xvii6.1(xix), clause (iii) from the time such Margin Determination Certificate was required to be delivered until delivery of such Margin Determination Certificate, the definitions "Applicable Base Rate Margin" Margin shall be 2.00% and "the Applicable Eurodollar Rate Margin", as the case may be, Margin shall be applicable from such time until delivery of the succeeding Margin Determination Certificate; provided -------- further that 3.00%, and (2) if a Margin Determination Certificate erroneously indicates an ------- applicable margin (x) more favorable to Borrowers Company than should be afforded by the actual calculation of the Consolidated Total Leverage Ratio, each Borrower Company shall promptly pay additional interest, interest and letter of credit fees to correct for such error, and all other applicable (y) less favorable to Company than should be afforded by the actual calculation of the Consolidated Total Leverage Ratio, Lenders shall promptly reimburse Company an amount equal to such excess interest and letter of credit fees to correct for such error.
Appears in 1 contract
Interest on the Loans. A. Rate of InterestRATE OF INTEREST. Subject to the provisions of subsections 2.6 and 2.7, each Term B Loan, each Supplemental Term Loan, each LC Facility Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or the Adjusted LIBOR Rate. Subject to the Adjusted Eurodollar provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate. The applicable basis for determining the rate of interest with respect to any Term B Loan, any Supplemental Term Loan or any Revolving Loan shall be selected by the Borrower initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term B Loan, any Supplemental Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term B Loan, Supplemental Term Loan or Revolving Loan is outstanding with respect to which notice has not been delivered to the Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. .
(i) Subject to the provisions of subsections 2.2E 2.2E, 2.2G and 2.7, the Term Loans and the Revolving Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the Base Rate plus ---- the Applicable Base Rate MarginMargin set forth in the table below opposite the Consolidated Leverage Ratio for the four Fiscal Quarter period for which the applicable Pricing Certificate has been delivered pursuant to subsection 6.1(iv); or
(b) if a Eurodollar LIBOR Rate Loan, then at the sum of the Adjusted Eurodollar LIBOR Rate plus the Applicable Eurodollar Margin. ---- Upon delivery of LIBOR Rate Margin set forth in the Margin Determination table below opposite the Consolidated Leverage Ratio for the four Fiscal Quarter period for which the applicable Pricing Certificate by Company to Administrative Agent has been delivered pursuant to subsection 6.1(xvii), the Applicable Base Rate Margin and the Applicable Eurodollar Rate Margin shall automatically be adjusted in accordance with such Margin Determination Certificate, such adjustment 6.1(iv): CONSOLIDATED LIBOR RATE BASE LEVERAGE RATIO MARGIN RATE MARGIN -------------- ---------- ----------- Greater than or equal to become effective on the first day of the Fiscal Quarter immediately succeeding the Fiscal Quarter in which Administrative Agent receives such Margin Determination Certificate; provided that if a Margin Determination Certificate -------- is not delivered at the time required pursuant to subsection 6.1(xvii), clause (iii) of the definitions "Applicable Base Rate Margin" and "Applicable Eurodollar Rate Margin", as the case may be, shall be applicable from such time until delivery of the succeeding Margin Determination Certificate; provided -------- further that if a Margin Determination Certificate erroneously indicates an ------- applicable margin more favorable to Borrowers than should be afforded by the actual calculation of the Leverage Ratio, each Borrower shall promptly pay additional interest, letter of credit fees and all other applicable fees to correct for such error.3.50:1.00 3.50% 2.25%
Appears in 1 contract
Sources: Credit Agreement (Brand Services)
Interest on the Loans. A. Rate of Interest. Subject to the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or to the Adjusted Eurodollar Rate. Subject to the provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the Borrower Company initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or Revolving Loan is outstanding with respect to which notice has not been delivered to the Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and the Revolving Loans shall bear interest through maturity as follows:
: (ai) if a Base Rate Loan, then at the sum of the Base Rate plus the ---- the Applicable Base Rate Margin; or
or (bii) if a Eurodollar Rate Loan, then at the sum of the Adjusted Eurodollar Rate plus the Applicable Eurodollar Rate Margin. ---- Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the ---- Applicable Base Rate Margin. Upon delivery of the Margin Determination Certificate by Company to Administrative Agent pursuant to subsection 6.1(xvii6.1(xix), the Applicable Base Rate Margin and the Applicable Eurodollar Rate Margin shall automatically be adjusted in accordance with such Margin Determination Certificate, such adjustment to become effective on the first day of the Fiscal Quarter immediately next succeeding the Fiscal Quarter in which Administrative Agent receives such Margin Determination CertificateReset Date; provided that if (1) at any -------- time a Margin Determination Certificate -------- is not delivered at the time required pursuant to subsection 6.1(xvii6.1(xix), clause (iii) from the time such Margin Determination Certificate was required to be delivered until delivery of such Margin Determination Certificate, with respect to Tranche A Term Loans and Revolving Loans, the definitions "Applicable Base Rate Margin" Margin shall be 2.00% and "the Applicable Eurodollar Rate Margin", as the case may be, Margin shall be applicable from such time until delivery of 3.00%, with respect to Tranche B Term Loans, the succeeding Applicable Base Rate Margin Determination Certificate; provided -------- further that shall be 2.25% and the Applicable Eurodollar Rate Margin shall be 3.25%, and with respect to Tranche C Term Loans, the Applicable Base Rate Margin shall be 2.75% and the Applicable Eurodollar Rate Margin shall be 3.375%, and (2) if a Margin Determination Certificate erroneously indicates an ------- applicable margin (x) more favorable to Borrowers Company than should be afforded by the actual calculation of the Consolidated Total Leverage Ratio, each Borrower Company shall promptly pay additional interest, interest and letter of credit fees to correct for such error, and all other applicable (y) less favorable to Company than should be afforded by the actual calculation of the Consolidated Total Leverage Ratio, Lenders shall promptly reimburse Company an amount equal to such excess interest and letter of credit fees to correct for such error.
Appears in 1 contract
Interest on the Loans. A. Rate of Interest. Subject to the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or to the Adjusted Eurodollar RateLIBOR. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the Borrower initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or Revolving Loan is outstanding with respect to which notice has not been delivered to the Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and the Revolving Loans shall bear interest through maturity as follows:
(ai) if a Base Rate Loan, then at the sum of the Base Rate plus the ---- the Applicable Base Rate MarginMargin for such Type of Loans; or
(bii) if a Eurodollar Rate LIBOR Loan, then at the sum of the Adjusted Eurodollar Rate LIBOR plus the ---- Applicable Eurodollar MarginLIBOR Margin for such Type of Loans. ---- Upon delivery of the Margin Determination Certificate by Company Borrower to Administrative Agent pursuant to subsection 6.1(xvii6.1(xix), the Applicable Base Rate Margin and the Applicable Eurodollar Rate LIBOR Margin shall automatically be adjusted in accordance with such Margin Determination Certificate, such adjustment to become effective on the first day of the Fiscal Quarter immediately next succeeding the Fiscal Quarter in which Administrative Agent receives such Margin Determination CertificateReset Date; provided that if (1) at any time a Margin -------- Determination Certificate -------- is not delivered at the time required pursuant to subsection 6.1(xvii6.1(xix), clause (iii) from the time such Margin Determination Certificate was required to be delivered until delivery of such Margin Determination Certificate, with respect to Revolving Loans, the definitions "Applicable Base Rate Margin" and "Applicable Eurodollar Rate Margin", as the case may be, Margin shall be applicable from such time until delivery of 1.75% and the succeeding Applicable LIBOR Margin Determination Certificate; provided -------- further that shall be 2.75%, and with respect to Term Loans, the Applicable Base Rate Margin shall be 1.50% and the Applicable LIBOR Margin shall be 2.50%, and (2) if a Margin Determination Certificate erroneously indicates an ------- applicable margin (x) more favorable to Borrowers Borrower than should be afforded by the actual calculation of the Consolidated Total Leverage Ratio, each Borrower shall promptly pay additional interest, interest and letter of credit fees to correct for such error, and all other applicable (y) less favorable to Borrower than should be afforded by the actual calculation of the Consolidated Total Leverage Ratio, Lenders shall promptly reimburse Borrower an amount equal to such excess and letter of credit fees to correct for such error.
Appears in 1 contract
Interest on the Loans. A. Rate of Interest. Subject to the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through to maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or the Reserve Adjusted Eurodollar Rate, as the case may be. Subject to the Adjusted Eurodollar provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount thereof from the date made to maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the Borrower Company initially at the time a telephonic notice or Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the 2.1B (so long as Company delivers to Administrative Agent a Notice of Borrowing within one Business Day prior thereto). The basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a any Term Loan or Revolving Loan is outstanding with respect to which notice has not been delivered to the Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and the Revolving Loans shall bear interest through maturity as follows:
(ai) if a Base Rate Loan, then at the sum of the Base Rate plus ---- the Applicable Base Rate Margin; or
(bii) if a Eurodollar Rate Loan, then at the sum of the Reserve Adjusted Eurodollar Rate plus the Applicable Eurodollar Rate Margin. ---- Upon delivery Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest to maturity at the sum of the Margin Determination Certificate by Company to Administrative Agent pursuant to subsection 6.1(xvii), Base Rate plus the Applicable ---- Base Rate Margin and for Revolving Loans less the Applicable Eurodollar Rate Margin shall automatically be adjusted in accordance with such Margin Determination Certificate, such adjustment to become effective on the first day of the Fiscal Quarter immediately succeeding the Fiscal Quarter in which Administrative Agent receives such Margin Determination Certificate; provided that if a Margin Determination Certificate -------- is not delivered at the time required pursuant to subsection 6.1(xvii), clause (iii) of the definitions "Applicable Base Rate Margin" and "Applicable Eurodollar Rate Margin", as the case may be, shall be applicable from such time until delivery of the succeeding Margin Determination Certificate; provided -------- further that if a Margin Determination Certificate erroneously indicates an ------- applicable margin more favorable to Borrowers than should be afforded by the actual calculation of the Leverage Ratio, each Borrower shall promptly pay additional interest, letter of credit fees and all other applicable fees to correct for such errorCommitment Fee ---- Percentage.
Appears in 1 contract
Sources: Credit Agreement (Microclock Inc)
Interest on the Loans. A. Rate of Interest. Subject to the provisions of subsections 2.6 and 2.7, each Acquisition Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through to maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or to the Adjusted Eurodollar Rate. Subject to the provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount thereof from the date made to maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate. The applicable basis for determining the rate of interest with respect to any Acquisition Term Loan or any Revolving Loan shall be selected by the Borrower Company initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Acquisition Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a an Acquisition Term Loan or a Revolving Loan is outstanding with respect to which notice has not been delivered to the Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. Subject to the provisions of subsections 2.2E and 2.7, the Acquisition Term Loans and the Revolving Loans shall bear interest through maturity as follows:
(ai) if a Base Rate Loan, then at the sum of the Base Rate plus the ---- the Applicable Base Rate Margin; or
(bii) if a Eurodollar Rate Loan, then at the sum of the Adjusted Eurodollar Rate plus the Applicable Eurodollar Margin. ---- Upon delivery of the Margin Determination Certificate by Company to Administrative Agent pursuant to subsection 6.1(xvii6.1(xix), the Applicable Base Rate Margin and the Applicable Eurodollar Rate Margin shall automatically be adjusted in accordance with such Margin Determination Certificate, such adjustment to become effective on the first day of next succeeding Business Day following the Fiscal Quarter immediately succeeding the Fiscal Quarter in which receipt by Administrative Agent receives of such Margin Determination Certificate; provided that if -------- a Margin Determination Certificate -------- is not delivered at the time required pursuant to subsection 6.1(xvii6.1(xix), clause (iiiii) of the definitions of "Applicable Base Rate Margin" and "Applicable Eurodollar Rate Margin", as the case may be, shall be applicable from such time until delivery of the a succeeding Margin Determination Certificate; provided -------- further that if a Margin Determination -------- ------- Certificate erroneously indicates an ------- applicable margin more favorable to Borrowers Company than should be afforded by the actual calculation of the Consolidated Pro Forma Leverage Ratio, each Borrower Company shall promptly pay additional interest, interest and letter of credit fees and all other applicable fees to correct for such error. Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest to maturity at the sum of the Base Rate plus the ---- Applicable Base Rate Margin.
Appears in 1 contract
Sources: Credit Agreement (Sandhills Inc)
Interest on the Loans. A. Rate of InterestRATE OF INTEREST. Subject to the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or to the Adjusted Eurodollar Rate. Subject to the provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the Borrower Company initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or Revolving Loan is outstanding with respect to which notice has not been delivered to the Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. .
(i) Subject to the provisions of subsections 2.2E and 2.7, the Tranche A Term Loans and the Revolving Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the Base Rate plus ---- the Applicable Tranche A Base Rate Margin; or
(b) if a Eurodollar Rate Loan, then at the sum of the Adjusted Eurodollar Rate plus the Applicable Tranche A Eurodollar Margin. ---- Upon delivery ----
(ii) Subject to the provisions of subsections 2.2E and 2.7, the Tranche B Term Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the Base Rate plus ---- the Applicable Tranche B Base Rate Margin; or
(b) if a Eurodollar Rate Loan, then at the sum of the Adjusted Eurodollar Rate plus the Applicable Tranche B Eurodollar Margin. ----
(iii) Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the Applicable Tranche A Base Rate Margin Determination Certificate minus 0.50% per ---- ----- annum. Administrative Agent shall determine the applicable margins for interest rates based upon the Consolidated Leverage Ratio indicated by Company the most recent financial statements dated as of the end of a calendar quarter delivered to Administrative Agent pursuant to subsection 6.1(xvii6.1(i) or (ii). Any adjustments to such applicable margins shall become effective three Business Days following the date of delivery of such financial statements to Administrative Agent; provided, however, that if such financial statements are not delivered within -------- ------- five Business Days after the date required hereunder (or such later date consented to by Requisite Lenders), such applicable margins shall increase to the Applicable Base Rate Margin maximum percentage amount set forth in the applicable definitions of such terms from the date when such financial statements were required to be delivered to Administrative Agent hereunder until received by Administrative Agent. Upon any change in such applicable margins, Administrative Agent shall promptly notify Company and the Applicable Eurodollar Rate Margin shall automatically be adjusted in accordance with such Margin Determination Certificate, such adjustment to become effective on the first day Lenders of the Fiscal Quarter immediately succeeding the Fiscal Quarter in which Administrative Agent receives such Margin Determination Certificate; provided that if a Margin Determination Certificate -------- is not delivered at the time required pursuant to subsection 6.1(xvii), clause (iii) of the definitions "Applicable Base Rate Margin" and "Applicable Eurodollar Rate Margin", as the case may be, shall be new applicable from such time until delivery of the succeeding Margin Determination Certificate; provided -------- further that if a Margin Determination Certificate erroneously indicates an ------- applicable margin more favorable to Borrowers than should be afforded by the actual calculation of the Leverage Ratio, each Borrower shall promptly pay additional interest, letter of credit fees and all other applicable fees to correct for such errormargins.
Appears in 1 contract
Sources: Credit Agreement (Price Communications Wireless Inc)
Interest on the Loans. A. Rate of InterestRATE OF INTEREST. Subject to the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or LIBOR. Subject to the Adjusted Eurodollar provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the Borrower Company initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If Subject to the last proviso to the first paragraph of subsection 2.2D, if on any day a Term Loan or Revolving Loan is outstanding with respect to which notice has not been delivered to the Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. .
(i) Subject to the provisions of subsections 2.2E and 2.7, the Tranche A Term Loans and the Revolving Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the Base Rate plus ---- PLUS the Applicable Tranche A Base Rate Margin; or
(b) if a Eurodollar LIBOR Loan, then at the sum of LIBOR PLUS the Applicable Tranche A LIBOR Margin.
(ii) Subject to the provisions of subsections 2.2E and 2.7, the Tranche B Term Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the Adjusted Eurodollar Base Rate plus PLUS the Applicable Eurodollar Tranche B Base Rate Margin. ---- Upon delivery ; or
(b) if a LIBOR Loan, then at the sum of LIBOR PLUS the Applicable Tranche B LIBOR Margin.
(iii) Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Margin Determination Certificate by Company to Administrative Agent pursuant to subsection 6.1(xvii), Base Rate PLUS the Applicable Tranche A Base Rate Margin and MINUS the Applicable Eurodollar Rate Margin shall automatically be adjusted in accordance with such Margin Determination Certificate, such adjustment to become effective on the first day of the Fiscal Quarter immediately succeeding the Fiscal Quarter in which Administrative Agent receives such Margin Determination Certificate; provided that if a Margin Determination Certificate -------- is not delivered at the time required pursuant to subsection 6.1(xvii), clause (iii) of the definitions "Applicable Base Rate Margin" and "Applicable Eurodollar Rate Margin", as the case may be, shall be applicable from such time until delivery of the succeeding Margin Determination Certificate; provided -------- further that if a Margin Determination Certificate erroneously indicates an ------- applicable margin more favorable to Borrowers than should be afforded by the actual calculation of the Leverage Ratio, each Borrower shall promptly pay additional interest, letter of credit fees and all other applicable fees to correct for such errorCommitment Fee Percentage.
Appears in 1 contract
Interest on the Loans. A. Rate of Interest. Subject to the provisions of subsections 2.6 and 2.7, each Tranche A Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or to the Adjusted Eurodollar Rate. Subject to the provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate. The applicable basis for determining the rate of interest with respect to any Tranche A Term Loan or any Revolving Loan shall be selected by the Borrower Company initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B, and the 2.1B. The basis for determining the interest rate with respect to any Tranche A Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Tranche A Term Loan or Revolving Loan is outstanding with respect to which notice has not been delivered to the Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. .
(i) Subject to the provisions of subsections 2.2E and 2.7, the Tranche A Term Loans and the Revolving Loans shall bear interest through maturity as follows:
(a) if a Base Rate Loan, then at the sum of the Base Rate plus ---- the Applicable Base Rate Margin; or
(b) if a Eurodollar Rate Loan, then at the sum of the Adjusted Eurodollar Rate plus the Applicable Eurodollar Rate Margin. ---- Upon delivery ----
(ii) Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Margin Determination Certificate by Company to Administrative Agent pursuant to subsection 6.1(xvii), Base Rate plus the Applicable Base Rate Margin and the Applicable Eurodollar Rate Margin shall automatically be adjusted in accordance with such Margin Determination Certificate, such adjustment to become effective on the first day of the Fiscal Quarter immediately succeeding the Fiscal Quarter in which Administrative Agent receives such Margin Determination Certificate; provided that if a Margin Determination Certificate -------- is not delivered at the time required pursuant to subsection 6.1(xvii), clause (iii) of the definitions "Applicable Base Rate Margin" and "Applicable Eurodollar Rate Margin", as the case may be, shall be applicable from such time until delivery of the succeeding Margin Determination Certificate; provided -------- further that if a Margin Determination Certificate erroneously indicates an ------- applicable margin more favorable to Borrowers than should be afforded by the actual calculation of the Leverage Ratio, each Borrower shall promptly pay additional interest, letter of credit fees and all other applicable fees to correct for such error.Tranche A Term Loans. ----
Appears in 1 contract
Sources: Credit Agreement (Sealy Corp)
Interest on the Loans. A. Rate of Interest. Subject to the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or to the Adjusted Eurodollar Rate. Subject to the provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by the Borrower Company initially at the time a Notice of Borrowing is given with respect to such Loan pursuant to subsection 2.1B▇.▇▇, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. 2.2D; provided that for the -------- first 30 days following the Closing Date any Term Loan or Revolving Loan shall bear interest at a rate determined by reference to the Base Rate unless otherwise approved by Administrative Agent. If on any day a Term Loan or Revolving Loan is outstanding with respect to which notice has not been delivered to the Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate. .
(i) Subject to the provisions of subsections 2.2E and 2.7, the Term Loans and the Revolving Loans shall bear interest through maturity as follows:
(a) if If a Base Rate Loan, then at the sum of the Base Rate plus ---- the Base Rate margin (the "Applicable Base Rate Margin") set forth in the table below opposite the Consolidated Leverage Ratio for the four- Fiscal Quarter period for which the applicable Margin Determination Certificate is being delivered pursuant to subsection 6.1(iv); or
(b) if a Eurodollar Rate Loan, then at the sum of the Adjusted Eurodollar Rate plus the Eurodollar Rate margin (the "Applicable Eurodollar Rate Margin") set forth in the table below opposite the Consolidated Leverage Ratio for the four-Fiscal Quarter period for which the applicable Margin Determination Certificate is being delivered pursuant to subsection 6. ---- 1(iv): Applicable Applicable Eurodollar Rate Base Rate Consolidated Leverage Ratio Margin Margin ---------------------------- ---------------- ----------- Greater than or equal to: 3.75:1.00 3.00% 2.00% Greater than or equal to: 3.25:1.00 But less than: 3.75:1.00 2.75% 1.75% Greater than or equal to: 2.75:1.00 But less than: 3.25:1.00 2.50% 1.50% Greater than or equal to: 2.25:1.00 But less than: 2.75:1.00 2.25% 1.25% Greater than or equal to: 1.75:1.00 But less than: 2.25:1.00 2.00% 1.00% Greater than or equal to: 1.25:1.00 But less than: 1.75:1.00 1.75% 0.75% Less than: 1.25:1.00 1.50% 0.50% Upon delivery of the a Margin Determination Certificate by Company to Administrative Agent pursuant to subsection 6.1(xvii6.1(iv), the Applicable Base Rate Margin and the Applicable Eurodollar Rate Margin shall automatically be adjusted in accordance with such Margin Determination Certificate, such adjustment to become effective on the first day of next succeeding Business Day following the Fiscal Quarter immediately succeeding the Fiscal Quarter in which receipt by Administrative Agent receives of such Margin Determination Certificate; provided that if until the delivery -------- of the first Margin Determination Certificate after the six month anniversary of the Closing Date, the Applicable Eurodollar Rate Margin shall be 3.00% per annum and the Applicable Base Rate Margin shall be 2.00% per annum; provided further -------- ------- that at any time a Margin Determination Certificate -------- is not delivered at the time required pursuant to subsection 6.1(xvii6.1 (iv), clause (iii) from the time such Margin Determination Certificate was required to be delivered until delivery of such Margin Determination Certificate, the definitions "Applicable Eurodollar Rate Margin shall be 3.00% per annum and the Applicable Base Rate Margin" and "Applicable Eurodollar Rate Margin", as the case may be, Margin shall be applicable from such time until delivery of the succeeding Margin Determination Certificate2.00% per annum; provided -------- further that if a Margin Determination Certificate erroneously -------- ------- indicates an ------- applicable margin more favorable to Borrowers Company than should would be afforded by the actual calculation of the Consolidated Leverage Ratio, each Borrower Company shall promptly pay such additional interest, interest and letter of credit fees and all other applicable fees to as shall correct for such error.
(ii) Subject to the provisions of subsections 2.2E and 2.7, the Swing Line Loans shall bear interest through maturity at the sum of the Base Rate plus the Applicable Base Rate Margin less the commitment fee percentage provided for in subsection 2.3A.
Appears in 1 contract
Sources: Credit Agreement (Digitas Inc)