Common use of Interest Rates Clause in Contracts

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 3 contracts

Sources: Short Term Credit Agreement (Hilton Hotels Corp), Short Term Credit Agreement (Hilton Hotels Corp), Short Term Credit Agreement (Hilton Hotels Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made (or converted pursuant to (but excluding) the date Article 8) until it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%for such day. Such interest shall be payable on the last Domestic Business Day of each calendar quarter quarterly in arrears and on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)each March, at June, September, and December in each year (each, a rate per annum equal “Quarterly Date”) and, with respect to the sum principal amount of (a) the any Base Rate Loan converted to a Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Loan, on each date a Base Rate for such Interest PeriodLoan is so converted. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate Loans for such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during each Interest Period applicable thereto, at a rate per annum equal to the sum of the Euro-Dollar Margin for such day plus the London Interbank Offered Rate applicable to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, in the case of an Interest Period of six months, the date occurring three months after the first day of such Interest Period. (c) Any overdue principal of, or interest on, any Euro-Dollar Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the higher of (i) the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwardsupward, if necessary, to the next higher 1/100 of 1%it) by dividing (ix) the average rate per annum (rounded upward, if necessary, to the next higher 1/16 1/100 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three Business Days, then for such other period of time not longer than three months as the Administrative Agent may select) deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are is offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (iiy) 1.00 one minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 8.1 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day)) and (ii) the sum of 2% plus the Euro-Dollar Margin for such day plus the London Interbank Offered Rate applicable to such Loan at the date such payment was due. (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. (e) The Administrative Agent agrees to use its best efforts to furnish quotations as contemplated by this Section. If the Administrative Agent is unable to provide a quotation, the provisions of Section 8.1 shall apply.

Appears in 3 contracts

Sources: Term Loan Agreement, Term Loan Agreement (Alliance Data Systems Corp), Term Loan Agreement (Alliance Data Systems Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Rate for such day plus PLUS any applicable Base Rate Margin. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Date. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus sum of the Base Rate PLUS any applicable Base Rate Margin plus PLUS 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Date% per annum. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three Euro-Dollar Business Days, then for such period of time not longer than 6 months as the Administrative Agent may elect) deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 3 contracts

Sources: Short Term Credit Agreement (Park Place Entertainment Corp), Short Term Credit Agreement (Park Place Entertainment Corp), Short Term Credit Agreement (Park Place Entertainment Corp)

Interest Rates. (aA) Each Base Floating Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Floating Rate for such day. Such interest shall be payable for each Interest Period on the last day plus any applicable Base Rate Marginthereof. Any overdue principal of or overdue interest on any Base Floating Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate sum of 2% plus the Base Floating Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Datefor such day. (bB) Each Euro-Dollar Eurodollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest PeriodEurodollar Rate. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (cC) Any overdue principal of or interest on any Euro-Dollar Eurodollar Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid from and including the date payment thereof was due to but excluding the date of actual payment, at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal Eurodollar Rate applicable to such overdue payment due Loan prior to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by its maturity and (ii) 1.00 minus the Euro-Dollar Reserve Percentage Eurodollar Rate which would be applicable to a Eurodollar Loan to the relevant Borrower hereunder made on such date for a period of one day (or, if such amount due remains unpaid more than three Eurodollar Business Days, then for such other period of time not longer than six months as the Agent may elect, or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Floating Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (fD) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower relevant Borrowers and the participating Lenders Banks by telex, cable or facsimile of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest errorerror (provided that the determination of such amount or amounts is made on a reasonable basis).

Appears in 3 contracts

Sources: 364 Day Revolving Credit Agreement (Masco Corp /De/), 364 Day Revolving Credit Agreement (Masco Corp /De/), 364 Day Revolving Credit Agreement (Masco Corp /De/)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the sum of the Applicable Margin for such day plus the Base Rate for such day plus any applicable Base Rate Marginday. Such interest shall be payable in arrears on each Interest Payment Date. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar rate otherwise applicable to Base Rate Loans for such day. (b) Each Term SOFR Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto, at a rate per annum equal to the sum of the Applicable Margin for such day plus Term SOFR for such Interest Period. Such interest shall be payable in arrears on each Interest Payment Date. (c) Any overdue principal of or interest on any Term SOFR Loan shall bear interest, payable on demand, for each day from and including the quotient obtained (rounded upwardsdate payment thereof was due to but excluding the date of actual payment, if necessary, at a rate per annum equal to the next sum of 2% plus the higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) sum of the respective rates per annum at which one Applicable Margin for such day deposits in Dollars in an amount approximately equal plus Term SOFR applicable to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by Loan and (ii) 1.00 minus the Eurosum of the Applicable Margin for such day plus Term SOFR as of such day applicable to such Loan amount for a presumed one-Dollar Reserve Percentage month Interest Period (or if such amount due remains unpaid more than three Business Days, then for a presumed six-month Interest Period), or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 3 contracts

Sources: 364 Day Credit Agreement (Target Corp), 364 Day Credit Agreement (Target Corp), 364 Day Credit Agreement (Target Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the sum of the Base Rate Margin and the Base Rate for such day plus day. Such interest shall be payable at maturity, quarterly in arrears on each Quarterly Payment Date and, with respect to the principal amount of any applicable Base Rate MarginLoan that is prepaid or converted to a Euro-Dollar Loan, on the date of such prepayment or conversion. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the each Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for applicable to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, London Interbank Offered Rate applicable to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to Interest Period for such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage Loan (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]Subject to Section 8.01(a), each Competitive Bid LIBOR Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the sum of the London Interbank Offered Rate for such Interest Period (determined in accordance with Section 2.07(b) as if the related Competitive Bid LIBOR Borrowing were a Committed Euro-Dollar Borrowing) plus (or minus) the Competitive Bid Margin quoted by the Bank making such Loan in accordance with Section 2.03. Each Competitive Bid Absolute Rate Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the Competitive Bid Absolute Rate quoted by the Bank making such Loan in accordance with Section 2.03. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. Any overdue principal of or interest on any Competitive Bid Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Base Rate for such day. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower Company and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 3 contracts

Sources: Credit Agreement (Rockwell Collins Inc), Credit Agreement (Rockwell Collins Inc), Credit Agreement (Rockwell Collins Inc)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) until the date it becomes dueis repaid or converted into a Eurodollar Loan pursuant to Section 2.6, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal sum of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Applicable Margin for Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Euro-Dollar Eurodollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Applicable Margin for Eurodollar Loans for such day plus (b) the Eurodollar Rate applicable London Interbank Offered Rate for to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any In the event that, and for so long as, any Event of Default shall have occurred and be continuing, any overdue principal amount of or the Loans and, to the extent permitted under applicable law, overdue interest on any Euro-Dollar Loan shalland fees in respect of all Loans, shall bear interest at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a annual rate per annum equal to the sum of 2% plus the Euro-Dollar Base Rate and the Applicable Margin for such day plus the quotient obtained Base Rate Loans and two percent (rounded upwards2%), if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) any Loan shall have been continued as, or (b) of Section 8.01 shall existconverted into, at a rate per annum equal Eurodollar Loan, then, as to such Loan only, the sum of 2% plus the rate Eurodollar Rate applicable to Base Rate Loans such Loan and the Applicable Margin for such dayEurodollar Loans, and two percent (2%) (collectively, the “Default Rate”). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest demonstrable error. (e) Interest on all Loans bearing interest at the Base Rate shall be payable in arrears on the first Business Day of each calendar month. Interest on all Loans bearing interest based on the Eurodollar Rate shall be payable in arrears on the last Eurodollar Business Day of the applicable Interest Period.

Appears in 2 contracts

Sources: Credit Agreement (Istar Financial Inc), Credit Agreement (Istar Financial Inc)

Interest Rates. (aA) Each Base Floating Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Floating Rate for such day. Such interest shall be payable for each Interest Period on the last day plus any applicable Base Rate Marginthereof. Any overdue principal of or overdue interest on any Base Floating Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate sum of 2% plus the Base Floating Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Datefor such day. (bB) Each Euro-Dollar Eurocurrency Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest PeriodEurocurrency Rate. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (cC) Any overdue principal of or interest on any Euro-Dollar Eurocurrency Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid from and including the date payment thereof was due to but excluding the date of actual payment, at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal Eurocurrency Rate applicable to such overdue payment due Loan prior to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by its maturity and (ii) 1.00 minus the Euro-Dollar Reserve Percentage Eurocurrency Rate which would be applicable to a Eurocurrency Loan to the relevant Borrower hereunder made on such date for a period of one day (or, if such amount due remains unpaid more than three (3) Eurocurrency Business Days, then for such other period of time not longer than six months as the Agent may elect, or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Floating Rate Loans for such day). (dD) [Reserved]Each Swingline Loan shall bear interest (a) for Dollar denominated Swingline Loans, at such rate as shall be quoted by the Swingline Lender to the relevant Borrower, but which interest rate shall not exceed the Floating Rate, and (b) for Swingline Loans denominated in an Agreed Swingline Currency other than Dollars, at the applicable local rate of interest as determined by the Swingline Lender and quoted by the Swingline Lender to the relevant Borrower as adjusted for associated cost rates or other applicable reserve rate, as applicable, and, in each case, as agreed between the relevant Borrower and the Swingline Lender at the time such Swingline Loan is made. (e) [Reserved]. (fE) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans (other than Swingline Loans) hereunder. The Administrative Swingline Lender shall determine each interest rate applicable to the Swingline Loans hereunder. The Agent shall give prompt notice to the Borrower relevant Borrowers and the participating Lenders Banks, and the Swingline Lender shall give prompt notice to the relevant Borrowers and the Agent, in each case, by telex, cable or facsimile of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest errorerror (provided that the determination of such amount or amounts is made on a reasonable basis).

Appears in 2 contracts

Sources: Revolving Credit Agreement (Masco Corp /De/), Revolving Credit Agreement (Masco Corp /De/)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) until the date it becomes dueis repaid or converted into a Eurodollar Loan pursuant to Section 2.6, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal sum of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Applicable Margin for Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Euro-Dollar Eurodollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Applicable Margin for Eurodollar Loans for such day plus (b) the Eurodollar Rate applicable London Interbank Offered Rate for to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any In the event that, and for so long as, any Event of Default shall have occurred and be continuing, any overdue principal amount of or the Loans and, to the extent permitted under applicable law, overdue interest on any Euro-Dollar Loan shalland fees in respect of all Loans, shall bear interest at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a annual rate per annum equal to the sum of 2% plus the Euro-Dollar Base Rate and the Applicable Margin for such day plus the quotient obtained Base Rate Loans and two percent (rounded upwards2%), if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) any Loan shall have been continued as, or (b) of Section 8.01 shall existconverted into, at a rate per annum equal Eurodollar Loan, then, as to such Loan only, the sum of 2% plus the rate Eurodollar Rate applicable to Base Rate Loans such Loan and the Applicable Margin for such dayEurodollar Loans, and two percent (2%) (collectively, the “Default Rate”). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest demonstrable error. (e) Interest on all Loans bearing interest at the Base Rate shall be payable in arrears on each Payment Date. Interest on all Loans bearing interest based on the Eurodollar Rate shall be payable in arrears on the last day of the applicable Interest Period as to any such Loan having an Interest Period of three months or less and, as to any such Loan having an Interest Period longer than three months, each day that is three months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period.

Appears in 2 contracts

Sources: Credit Agreement (Istar Inc.), Credit Agreement (Istar Financial Inc)

Interest Rates. (aA) Each Base Floating Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Floating Rate for such day. Such interest shall be payable for each Interest Period on the last day plus any applicable Base Rate Marginthereof. Any overdue principal of or overdue interest on any Base Floating Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate sum of 2% plus the Base Floating Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Datefor such day. (bB) Each Euro-Dollar Eurocurrency Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest PeriodEurocurrency Rate. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (cC) Any overdue principal of or interest on any Euro-Dollar Eurocurrency Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid from and including the date payment thereof was due to but excluding the date of actual payment, at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal Eurocurrency Rate applicable to such overdue payment due Loan prior to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by its maturity and (ii) 1.00 minus the Euro-Dollar Reserve Percentage Eurocurrency Rate which would be applicable to a Eurocurrency Loan to the relevant Borrower hereunder made on such date for a period of one day (or, if such amount due remains unpaid more than three Eurocurrency Business Days, then for such other period of time not longer than six months as the Agent may elect, or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Floating Rate Loans for such day). (dD) [Reserved]Each Swingline Loan shall bear interest (a) for Dollar denominated Swingline Loans, at such rate as shall be quoted by the Swingline Lender to the relevant Borrower, but which interest rate shall not exceed the Floating Rate, and (b) for Swingline Loans denominated in an Agreed Currency other than Dollars, at the applicable local rate of interest as determined by the Swingline Lender and quoted by the Swingline Lender to the relevant Borrower as adjusted for associated cost rates or other applicable reserve rate, as applicable, and, in each case, as agreed between the relevant Borrower and the Swingline Lender at the time such Swingline Loan is made. (e) [Reserved]. (fE) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans (other than Swingline Loans) hereunder. The Administrative Swingline Lender shall determine each interest rate applicable to the Swingline Loans hereunder. The Agent shall give prompt notice to the Borrower relevant Borrowers and the participating Lenders Banks, and the Swingline Lender shall give prompt notice to the relevant Borrowers and the Agent, in each case, by telex, cable or facsimile of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest errorerror (provided that the determination of such amount or amounts is made on a reasonable basis).

Appears in 2 contracts

Sources: 5 Year Revolving Credit Agreement (Masco Corp /De/), Revolving Credit Agreement (Masco Corp /De/)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to until the earlier of (but excludingi) the date it becomes duematurity thereof (whether by acceleration or otherwise) and (ii) the conversion of such Base Rate Loan into a Euro-Dollar Loan pursuant to Section 2.06, at a rate per annum equal to the sum of (x) the Applicable Base Rate Margin plus (y) the Base Rate for such day plus day. Such interest shall be payable quarterly in arrears on each Quarterly Payment Date and, with respect to the principal amount of any applicable Base Rate MarginLoan converted to a Euro-Dollar Loan, on the date such amount is so converted. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Applicable Base Rate Margin for such day plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Datefor such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the each Interest Period applicable thereto until the earlier of (from i) the maturity thereof (whether by acceleration or otherwise) and including (ii) the first day conversion of such Interest Period Euro-Dollar Loan into a Base Rate Loan pursuant to but excluding the last day of such Interest Period)Section 2.06 or Article 8, as applicable, at a rate per annum equal to the sum of (ax) the Applicable Euro-Dollar Margin for such day plus (by) the applicable Adjusted London Interbank Offered Rate for applicable to such Interest Period. Such interest shall be payable (x) on the date of any conversion into a Base Rate Loan pursuant to Section 2.06 or Article 8, as applicable (on the amount so converted) and (y) for each Interest Period Period, on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the higher of (i) the sum of 2% plus the Applicable Euro-Dollar Margin plus the Adjusted London Interbank Offered Rate applicable to such Loan on the day before such payment was due and (ii) the sum of 2% plus the Applicable Base Rate Margin plus the Base Rate for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Applicable Base Rate Loans Margin plus the Base Rate for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to promptly notify the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. (e) Each Reference Lender agrees to use its best efforts to furnish quotations to the Agent as contemplated by the definition of London Interbank Offered Rate. If any Reference Lender does not furnish a timely quotation, the Agent shall determine the relevant interest rate on the basis of the quotation or quotations furnished by the remaining Reference Lender or Lenders or, if none of such quotations is available on a timely basis, the provisions of Section 8.01 shall apply.

Appears in 2 contracts

Sources: Credit Agreement (Tekni Plex Inc), Credit Agreement (Tekni Plex Inc)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) until the date it becomes due, at is repaid or converted into a rate per annum equal Euro-Dollar Loan pursuant to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of Section 2.6 or interest on any Base Rate Loan shall, at the option of the Required LendersMaturity Date, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Applicable Margin for Base Rate Margin plus 2%Loans for such day. Such interest shall be payable on the last first Domestic Business Day of each calendar quarter in arrears and on the Termination Datemonth. (b) Each Subject to Section 8.1, each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Applicable Margin for Euro-Dollar Loans for such day plus the Euro-Dollar Margin Rate applicable to such Interest Period. Such interest shall be payable on the last day of each Interest Period or on the first Domestic Business Day of each month, if sooner, as well as on the date of any prepayment of any such Euro-Dollar Loan. (c) Subject to Section 8.1, each Money Market LIBOR Loan shall bear interest on the outstanding principal amount thereof, for such day plus (b) the Interest Period applicable London Interbank Offered thereto, at a rate per annum equal to the sum of the Euro-Dollar Rate for such Interest PeriodPeriod (determined in accordance with Section 2.7(b) as if the related Money Market LIBOR Borrowing were a Euro-Dollar Borrowing) plus (or minus) the Money Market Margin quoted by the Bank making such Loan in accordance with Section 2.3. Each Money Market Absolute Rate Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the Money Market Absolute Rate quoted by the Bank making such Loan in accordance with Section 2.3. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three monthsone month, at intervals of three months one month after the first day thereof. (c) . Any overdue principal of or interest on any Euro-Dollar Money Market Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum Base Rate until (in the case of 2% plus a failure to pay interest) such failure shall become an Event of Default and thereafter (or immediately in the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) case of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal failure to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (iipay principal) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 24% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]In the event that, and for so long as, any Event of Default shall have occurred and be continuing, the outstanding principal amount of the Loans, and, to the extent permitted by applicable law, overdue interest in respect of all Loans, shall bear interest at the annual rate equal to the sum of the Base Rate and four percent (4%) (the “Default Rate”). (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest demonstrable error.

Appears in 2 contracts

Sources: Revolving Credit Agreement (Equity Residential), Revolving Credit Bridge Agreement (Equity Residential)

Interest Rates. (a) Each Subject to clause (c) of this Section 2.06, each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the period commencing with the date such Loan is made up to (but excluding) not including the date it becomes duesuch Loan is repaid in full, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Marginas in effect from time to time. Any overdue principal of or interest Interest on any each Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable in arrears on the last first Domestic Business Day of each calendar quarter in arrears month and on the Termination Date. (b) Each Euro-Dollar Subject to Section 2.06(c) and Section 8.06, each LIBOR Loan shall bear interest on the outstanding principal amount thereof, for each the period commencing with the date such LIBOR Loan is made or continued through and including the last day during of the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar LIBOR Margin for such day plus (b) the applicable London Interbank Adjusted LIBOR Offered Rate for such Rate. Interest Period. Such interest on each LIBOR Loan shall be payable for each Interest Period in arrears on the last day thereof and, if such Interest Period is longer than three months, at intervals first Domestic Business Day of three months after each calendar month and on the first day thereofTermination Date. (c) Any overdue principal of (whether at stated maturity, by acceleration or otherwise) and (to the extent permitted by applicable law) interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, Loans and all other overdue amounts payable hereunder shall bear interest, payable on demand, for each day until paid at a rate per annum equal to from and including the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue date payment thereof was due to but not including the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) date of Section 8.01 shall existactual payment, at a rate per annum equal to two percent (2%) above (i) in the sum case of 2% plus overdue principal, the rate of interest otherwise applicable to such Loans pursuant to this Section 2.06 and (ii) in the case of other amounts, the Base Rate Loans for Rate, in each case until such dayamount shall be paid in full (after as well as before judgment). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, hereunder and its determination thereof shall be conclusive and binding for all purposes in the absence of manifest error.

Appears in 2 contracts

Sources: Credit Agreement (NexPoint Credit Strategies Fund), Credit Agreement (Highland Credit Strategies Fund)

Interest Rates. (a) Each Base Floating Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%Floating Rate. Such interest shall be payable monthly in arrears on the last Domestic Business Day tenth (10th) day of each calendar quarter in arrears and month, commencing on the Termination Date. first such date after such Floating Rate Loan is made, and at maturity (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day whether by reason of such Interest Period to but excluding the last day of such Interest Periodacceleration or otherwise), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or and, to the extent permitted by law, overdue interest on on, any Euro-Dollar Floating Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of Two Percent (2% %) plus the Euro-Dollar Margin otherwise applicable rate for such day. (b) Each LIBOR Loan shall bear interest on the outstanding principal amount thereof for each Interest Period applicable thereto at a rate per annum equal to the applicable LIBOR Rate. Interest shall be payable for each Interest Period on the last day plus thereof and at maturity (whether by reason of acceleration or otherwise), unless the quotient obtained duration of the applicable Interest Period exceeds three (rounded upwards3) months, if necessaryin which case such interest shall be payable at the end of the first three (3) months of such Interest Period and on the last day of such Interest Period and at maturity (whether by reason of acceleration or otherwise). Any overdue principal of and, to the next higher 1/100 of 1%) extent permitted by dividing (i) the average (rounded upwardlaw, if necessaryoverdue interest on, to the next higher 1/16 of 1%) of the respective rates per annum at which one any LIBOR Loan shall bear interest, payable on demand, for each day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall existuntil paid, at a rate per annum equal to the sum of Two Percent (2% %) plus the higher of (i) the LIBOR Rate for the immediately preceding Interest Period applicable to such LIBOR Loan or (ii) the rate applicable to Base Floating Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (fc) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, hereunder and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 2 contracts

Sources: Revolving Credit Agreement (Cpi Corp), Revolving Credit Agreement (Cpi Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) until the date it becomes dueis repaid or converted into a Eurodollar Loan pursuant to Section 2.5, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal sum of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Applicable Margin for Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Euro-Dollar Eurodollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Applicable Margin for Eurodollar Loans for such day plus (b) the Eurodollar Rate applicable London Interbank Offered Rate for to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any In the event that, and for so long as, any Event of Default shall have occurred and be continuing, any overdue principal amount of or the Loans and, to the extent permitted under applicable law, overdue interest on any Euro-Dollar Loan shalland fees in respect of all Loans, shall bear interest at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a annual rate per annum equal to the sum of 2% plus the Euro-Dollar Base Rate and the Applicable Margin for such day plus the quotient obtained Base Rate Loans and two percent (rounded upwards2%), if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) any Loan shall have been continued as, or (b) of Section 8.01 shall existconverted into, at a rate per annum equal Eurodollar Loan, then, as to such Loan only, the sum of 2% plus the rate Eurodollar Rate applicable to Base Rate Loans such Loan and the Applicable Margin for such dayEurodollar Loans, and two percent (2%) (collectively, the “Default Rate”). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest demonstrable error. (e) Interest on all Loans bearing interest at the Base Rate shall be payable in arrears on each Payment Date. Interest on all Loans bearing interest based on the Eurodollar Rate shall be payable in arrears on the last day of the applicable Interest Period as to any such Loan having an Interest Period of three months or less and, as to any such Loan having an Interest Period longer than three months, each day that is three months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period.

Appears in 2 contracts

Sources: Credit Agreement (Istar Inc.), Credit Agreement (Istar Inc.)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made (or converted pursuant to (but excluding) the date Article 8) until it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%for such day. Such interest shall be payable on the last Domestic Business Day of each calendar quarter quarterly in arrears and on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)each March, at June, September and December in each year (each, a rate per annum equal “Quarterly Date”) and, with respect to the sum principal amount of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered any Base Rate for such Interest PeriodLoan converted to a SOFR Loan, on each date a Base Rate Loan is so converted. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar rate otherwise applicable to Base Rate Loans for such day. (b) Each Term SOFR Loan shall bear interest on the outstanding principal amount thereof, for each day during each Interest Period applicable thereto, at a rate per annum equal to the sum of the SOFR Margin for such day plus Adjusted Term SOFR applicable to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, in the case of an Interest Period of six months, the date occurring three months after the first day of such Interest Period. Any overdue principal of, or interest on, any Term SOFR Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the higher of (i) the sum of 2% plus the SOFR Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average rate per annum (rounded upward, if necessary, to the next higher 1/16 1/100 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three (3) Business Days, then for such other period of time not longer than three months as the Administrative Agent may select) deposits in U.S. Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are is offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 8.8 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day)) and (ii) the sum of 2% plus the SOFR Margin for such day plus Adjusted Term SOFR applicable to such Loan at the date such payment was due. (c) Each Daily Simple SOFR Loan shall bear interest on the outstanding principal amount thereof, for each day such Loan is outstanding, at a rate per annum equal to the sum of the SOFR Margin for such day plus Adjusted Daily Simple SOFR. Such interest shall be payable quarterly in arrears on each Quarterly Date and, with respect to the principal amount of any Daily Simple SOFR Loan converted to a Base Rate Loan or Term SOFR Loan, on each date a Daily Simple SOFR Loan is so converted. Any overdue principal of, or interest on, any Daily Simple SOFR Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the higher of (i) the sum of 2% plus the SOFR Margin for such day plus the average rate per annum (rounded upward, if necessary, to the next higher 1/100 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three (3) Business Days, then for such other period of time not longer than three months as the Administrative Agent may select) deposits in U.S. Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent is offered to the Administrative Agent in the interbank market for the applicable period determined as provided above (or, if the circumstances described in clause (a) or (b) of Section 8.8 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day) and (ii) the sum of 2% plus the SOFR Margin for such day plus Adjusted Daily Simple SOFR applicable to such Loan at the date such payment was due. (d) [Reservedreserved]. (e) [Reserved]Each Swing Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Swing Loan is made until it becomes due, at a rate per annum equal to the Base Rate for such day plus the Base Rate Margin. Such interest shall be payable on each Quarterly Date or, if earlier, on the date such Swing Loan becomes due or its Refunding Date. Any overdue principal of or interest on any Swing Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate applicable to Swing Loans for such day. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. (g) The Administrative Agent agrees to use its best efforts to furnish quotations as contemplated by this Section. If the Administrative Agent is unable to provide a quotation, the provisions of Section 8.8 shall apply.

Appears in 2 contracts

Sources: Credit Agreement (Bread Financial Holdings, Inc.), Credit Agreement (Bread Financial Holdings, Inc.)

Interest Rates. (a) Each Base Rate Pursuant to each properly delivered Funding Notice and Interest Period Notice, (i) each Eurodollar Loan shall bear accrue interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date it becomes due, at a rate per annum during each Interest Period applicable thereto equal to the sum of the Eurodollar Rate for such Interest Period plus the Applicable Margin and (ii) each Base Rate Loan shall accrue interest at a rate per annum during each Quarterly Period equal to the sum of the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate Quarterly Period plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateApplicable Margin. (b) Each EuroOn or before 2:00 p.m., New York City time, at least five (5) Business Days prior to the end of each Interest Period for each Eurodollar Loan, and at least three (3) Business Days prior to the end of any Quarterly Period for any Base Rate Loans, the Borrower shall deliver to the Administrative Agent an Interest Period Notice setting forth the Borrower’s election (i) to continue any such Eurodollar Loan as (or convert any such Base Rate Loan to) a Eurodollar Loan and setting forth the Borrower’s election with respect to the duration of the next Interest Period applicable to such continued or converted Eurodollar Loan, which Interest Period shall be one (1), two (2), three (3) or six (6) months in length or (ii) to convert any such Eurodollar Loan to a Base Rate Loan at the end of the then-Dollar current Interest Period; provided, that if an Event of Default has occurred and is continuing, all Eurodollar Loans shall automatically convert into Base Rate Loans at the end of the then-current Interest Periods. Upon the waiver or cure of such Event of Default, the Borrower shall have the option to continue such Loans as Base Rate Loans and/or to convert such Loans to Eurodollar Loans (by delivery of an Interest Period Notice), subject to the notice periods set forth above. Notwithstanding anything to the contrary, any portion of the Loans maturing in less than one month may not be continued as, or converted to, Eurodollar Loans and will automatically convert to Base Rate Loans at the end of the then-current Interest Period. (c) If the Borrower fails to deliver an Interest Period Notice in accordance with Section 3.05(b), (i) with respect to any Eurodollar Loan, such Eurodollar Loan shall automatically continue as a Eurodollar Loan with an Interest Period of one (1) month or (ii) with respect to any Base Rate Loan, such Base Rate Loan shall automatically continue as a Base Rate Loan. (d) All Eurodollar Loans shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such the applicable Interest Period to but excluding (and excluding) the last day of such Interest Period), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a interest rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal determined as applicable to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]Eurodollar Loan. (e) [Reserved]Notwithstanding anything to the contrary, the Borrower shall have, in the aggregate, no more than eight (8) separate Eurodollar Loans outstanding at any one time prior to the Conversion Date or five (5) separate Eurodollar Loans outstanding at any one time after the Conversion Date. For purposes of the foregoing, (i) Eurodollar Loans having different Interest Periods, regardless of whether they commence on the same date, shall be considered separate Eurodollar Loans and (ii) all Eurodollar Loans having the same Interest Period and commencing on the same date shall be considered to be a single Eurodollar Loan. (f) The Administrative Agent All Base Rate Loans shall determine in accordance with bear interest from and including the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders first day of each rate of interest so determined, and its determination thereof shall be conclusive in Quarterly Period (or the absence of manifest error.day on which Eurodollar Loans are converted to Base Rate Loans as required under Section 3.05(b) or under ARTICLE IV (

Appears in 2 contracts

Sources: Senior Credit Agreement (First United Ethanol LLC), Credit Agreement (Nova Biosource Fuels, Inc.)

Interest Rates. (a) Each Base Rate Pursuant to each properly delivered Interest Period Notice, (i) each Eurodollar Loan shall bear accrue interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date it becomes due, at a rate per annum during each Interest Period applicable thereto equal to the sum of the Eurodollar Rate for such Interest Period plus the Applicable Margin and (ii) each Base Rate Loan shall accrue interest at a rate per annum during each Monthly Period equal to the sum of the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate Monthly Period plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateApplicable Margin. (b) Each EuroOn or before 2:00 p.m., New York City time, at least five (5) Business Days prior to the end of each Interest Period for each Eurodollar Loan, and at least three (3) Business Days prior to the end of any Monthly Period for any Base Rate Loans, the Borrower shall deliver to the Administrative Agent an Interest Period Notice setting forth the Borrower’s election (i) to continue any such Eurodollar Loan as (or convert any such Base Rate Loan to) a Eurodollar Loan and setting forth the Borrower’s election with respect to the duration of the next Interest Period applicable to such continued or converted Eurodollar Loan, which Interest Period shall be one (1), two (2) or three (3) months in length or (ii) to convert any such Eurodollar Loan to a Base Rate Loan at the end of the then-Dollar current Interest Period; provided, that if an Event of Default has occurred and is continuing, all Eurodollar Loans shall automatically convert into Base Rate Loans at the end of the then-current Interest Periods. Upon the waiver or cure of such Event of Default, the Borrower shall have the option to continue such Loans as Base Rate Loans and/or to convert such Loans to Eurodollar Loans (by delivery of an Interest Period Notice), subject to the notice periods set forth above. Notwithstanding anything to the contrary, any portion of the Loans maturing in less than one month may not be continued as, or converted to, Eurodollar Loans and will automatically convert to Base Rate Loans at the end of the then-current Interest Period. (c) If the Borrower fails to deliver an Interest Period Notice in accordance with Section 3.03(b), (i) with respect to any Eurodollar Loan, provided there is no Default or Event of Default has occurred that is continuing, such Eurodollar Loan shall automatically continue as a Eurodollar Loan with an Interest Period of one (1) month or (ii) with respect to any Base Rate Loan, such Base Rate Loan shall automatically continue as a Base Rate Loan. (d) All Eurodollar Loans shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such the applicable Interest Period to but excluding (and excluding) the last day of such Interest Period), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lendersinterest rate determined, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessaryas applicable, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]Eurodollar Loan. (e) [Reserved]Notwithstanding anything to the contrary, the Borrower shall have one (1) Eurodollar Loan outstanding at any one time. For purposes of the foregoing, (i) Eurodollar Loans having different Interest Periods, regardless of whether they commence on the same date, shall be considered separate Eurodollar Loans and (ii) all Eurodollar Loans having the same Interest Period and commencing on the same date shall be considered to be a single Eurodollar Loan. (f) The Administrative Agent All Base Rate Loans shall determine in accordance with bear interest from and including the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders first day of each rate of interest so determined, and its determination thereof shall be conclusive in Monthly Period (or the absence of manifest error.day on which Eurodollar Loans are converted to Base Rate Loans as required under Section 3.03(b) or under ARTICLE IV (

Appears in 2 contracts

Sources: Credit Agreement (Renewable Energy Group, Inc.), Credit Agreement (Renewable Energy Group, Inc.)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Date. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of the Base Rate plus the any applicable Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Date% per annum. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three Euro-Dollar Business Days, then for such period of time not longer than 6 months as the Administrative Agent may elect) deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [ReservedRESERVED.]. (e) [ReservedRESERVED.]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement Agreement, each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 2 contracts

Sources: Short Term Credit Agreement (Park Place Entertainment Corp), Short Term Credit Agreement (Park Place Entertainment Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) until the date it becomes dueis repaid or converted into a Euro-Dollar Loan pursuant to Section 2.7, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Applicable Margin for Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Applicable Margin for Euro-Dollar Loans for such day plus the Euro-Dollar Margin for such day plus (b) the Rate applicable London Interbank Offered Rate for to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Subject to Section 8.1, each Money Market IBOR Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the sum of the Euro-Dollar Rate for such Interest Period (determined in accordance with Section 2.8(b) as if the related Money Market IBOR Borrowing were a Euro-Dollar Borrowing) plus (or minus) the Money Market Margin quoted by the Bank making such Loan in accordance with Section 2.4. Each Money Market Absolute Rate Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the Money Market Absolute Rate quoted by the Bank making such Loan in accordance with Section 2.4. Any overdue principal of or interest on any Euro-Dollar Money Market Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum Base Rate until such failure shall become an Event of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, Default and thereafter at a rate per annum equal to the sum of 24% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]In the event that, and for so long as, any Event of Default shall have occurred and be continuing, the outstanding principal amount of the Loans, and, to the extent permitted by applicable law, overdue interest in respect of all Loans, shall bear interest at the annual rate equal to the sum of the Base Rate and four percent (4%) (the "Default Rate"). (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest demonstrable error.

Appears in 1 contract

Sources: Revolving Credit Agreement (Equity Office Properties Trust)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the sum of the Base Rate Margin and the Base Rate for such day plus day. Such interest shall be payable at maturity, quarterly in arrears on each Quarterly Payment Date and, with respect to the principal amount of any applicable Base Rate MarginLoan that is prepaid or converted to a Euro-Dollar Loan, on the date of such prepayment or conversion. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the each Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for applicable to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, London Interbank Offered Rate applicable to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to Interest Period for such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage Loan (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]Subject to Section 8.01(a), each Competitive Bid LIBOR Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the sum of the London Interbank Offered Rate for such Interest Period (determined in accordance with Section 2.07(b) as if the related Competitive Bid LIBOR Borrowing were a Committed Euro-Dollar Borrowing) plus (or minus) the Competitive Bid Margin quoted by the Lender making such Loan in accordance with Section 2.03. Each Competitive Bid Absolute Rate Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the Competitive Bid Absolute Rate quoted by the Lender making such Loan in accordance with Section 2.03. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. Any overdue principal of or interest on any Competitive Bid Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Base Rate for such day. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower Company and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Credit Agreement (Rockwell Collins Inc)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made (or converted pursuant to (but excluding) the date Article 8) until it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%for such day. Such interest shall be payable on the last Domestic Business Day of each calendar quarter quarterly in arrears and on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)each March, at June, September, and December in each year (each, a rate per annum equal “Quarterly Date") and, with respect to the sum principal amount of (a) the any Base Rate Loan converted to a Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Loan, on each date a Base Rate for such Interest PeriodLoan is so converted. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate Loans for such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during each Interest Period applicable thereto, at a rate per annum equal to the sum of the Euro-Dollar Margin for such day plus the London Interbank Offered Rate applicable to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof. (c) Any overdue principal of, or interest on, any Euro-Dollar Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the higher of (i) the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwardsupward, if necessary, to the next higher 1/100 of 1%it) by dividing (ix) the average rate per annum (rounded upward, if necessary, to the next higher 1/16 1/100 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three Business Days, then for such other period of time not longer than three months as the Administrative Agent may select) deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are is offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (iiy) 1.00 one minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 8.1 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day)) and (ii) the sum of 2% plus the Euro-Dollar Margin for such day plus the London Interbank Offered Rate applicable to such Loan at the date such payment was due. (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. (e) The Administrative Agent agrees to use its best efforts to furnish quotations as contemplated by this Section. If the Administrative Agent is unable to provide a quotation, the provisions of Section 8.1 shall apply.

Appears in 1 contract

Sources: Credit Agreement (Alliance Data Systems Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the sum of the Base Rate Margin and the Base Rate for each such day plus day. Such interest shall be payable at maturity, quarterly in arrears on each Quarterly Payment Date prior to maturity and, with respect to the principal amount of any applicable Base Rate MarginLoan converted to a Euro-Currency Loan, on the date such amount is so converted. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid from and including the date payment thereof was due to but excluding the date of actual payment, at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of Loans for each calendar quarter in arrears and on the Termination Datesuch day. (b) Each Euro-Dollar Currency Loan shall bear interest on the outstanding principal amount thereof, for each day during the each Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Currency Margin for such day plus (b) the applicable London Interbank Offered Eurodollar Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on . The “Eurodollar Rate” applicable to any Euro-Dollar Currency Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing any Interest Period means (i) the average rate per annum that is the offered rate which appears on the page of the Reuters Screen which displays the London interbank offered rate administered by ICE Benchmark Administration Limited (rounded upwardsuch page currently being the LIBOR01 page) (the “LIBO Rate”) for deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period in Dollars, if necessarydetermined as of approximately 11:00 a.m. (London, England time), two Euro-Currency Business Days prior to the next higher 1/16 commencement of 1%such Interest Period, or (ii) of in the respective rates per annum at which one day deposits event the rate referenced in Dollars in an amount approximately equal the preceding clause (i) does not appear on such page or service or if such page or service shall cease to such overdue payment due to be available, the rate determined by the Administrative Agent are (in a manner consistent with such determination generally under other credit facilities under which it acts as administrative agent) to be the offered rate on such other page or other service which displays the LIBO Rate for deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period in Dollars, determined as of approximately 11:00 a.m. (London, England time) two Euro-Currency Business Days prior to the Administrative Agent in commencement of such Interest Period; provided that if LIBO Rates are quoted under either of the London interbank market preceding clauses (i) or (ii), but there is no such quotation for the applicable period Interest Period elected, the LIBO Rate shall be equal to the Interpolated Rate; and provided, further, that if any such rate determined as provided above by pursuant to the preceding clauses (i) or (ii) 1.00 minus is below zero, the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal Eurodollar Rate will be deemed to the sum of 2% plus the rate applicable to Base Rate Loans for such day)be zero. (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Credit Agreement (Johnson Controls International PLC)

Interest Rates. (a) Each Base Rate ABR Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) excluding the date it becomes dueof the actual payment, at a rate per annum equal to the Applicable Rate plus the Alternate Base Rate for such day. Such interest shall be payable for each Interest Period on the last day plus any applicable Base Rate Marginthereof. Any overdue principal of or interest on any Base Rate ABR Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate sum of 2% per annum plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Daterate otherwise applicable to such ABR Loan for such day. (b) Each Euro-Dollar Eurocurrency Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day Applicable Rate plus (b) the applicable Adjusted London Interbank Offered Rate for (if such Interest PeriodLoan is denominated in US Dollars or Sterling) or the applicable Adjusted European Interbank Offered Rate (if such Loan is denominated in Euro). Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) . Any overdue principal of or interest on any Euro-Dollar Eurocurrency Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate Loans such Eurocurrency Loan for such day). (d) [Reserved]. (e) [Reserved]. (fc) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower relevant Borrowers and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Credit Agreement (DOVER Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Marginday. Such interest shall be payable quarterly in arrears on the last Business Day of each calendar quarter. Such interest on each Swingline Loan shall be payable on the Domestic Business Day immediately following the date on which such Swingline Loan was made. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable Adjusted London Interbank Offered Rate for such Interest PeriodRate. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any . "Euro-Dollar Loan shallMargin" means (i) .175% per annum for any day on which Level I Status exists, at (ii) .225% per annum for any day on which Level II Status exists, (iii) .325% per annum for any day on which Level III Status exists, (iv) .400% per annum for any day on which Level IV Status exists, (v) .500% per annum for any day on which Level V Status exists and (vi) .675% per annum for any day on which Level V Status exists; provided, however, that in the option event that the rating assigned by S&P and Mood▇'▇ ▇▇ any time results in a different level status of two or more levels, then the level status shall be deemed to be the level status directly above the level status of the Required Lenders, bear interest, payable on demand, for each day until paid at lower rating. The "Adjusted London Interbank Offered Rate" applicable to any Interest Period means a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwardsupward, if necessary, to the next higher 1/100 of 1%) by dividing (i) the applicable London Interbank Offered Rate by (ii) 1.00 minus the Euro-Dollar Reserve Percentage. The "London Interbank Offered Rate" applicable to any Interest Period means the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars dollars are offered to each of the Reference Banks in the London interbank market at approximately 11:00 A.M. (London time) two Euro-Dollar Business Days before the first day of such Interest Period in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus principal amount of the Euro-Dollar Loan of such Reference Bank to which such Interest Period is to apply and for a period of time comparable to such Interest Period. "Euro-Dollar Reserve Percentage Percentage" means for any day that percentage (or, if the circumstances described expressed as a decimal) which is in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for effect on such day). , as prescribed by the Board of Governors of the Federal Reserve System (dor any successor) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with for determining the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.maximum reserve requirement for a member

Appears in 1 contract

Sources: Credit Agreement (Shopko Stores Inc)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Date. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of the Base Rate plus the any applicable Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Date% per annum. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three Euro-Dollar Business Days, then for such period of time not longer than 6 months as the Administrative Agent may elect) deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]Subject to Section 8.01(a), each Money Market LIBOR Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the sum of the London Interbank Offered Rate for such Interest Period (determined as if the related Money Market LIBOR Borrowing were a Euro-Dollar Borrowing) plus (or minus) the Money Market Margin quoted by the Lender making such Loan in accordance with Section 2.03. Each Money Market Absolute Rate Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the Money Market Absolute Rate quoted by the Lender making such Loan in accordance with Section 2.03. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. Any overdue principal of or interest on any Money Market Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of the Base Rate plus any applicable Base Rate Margin plus 2% per annum for such day. (e) [Reserved]Swing Line Loans shall bear interest at a fluctuating rate per annum equal to the Base Rate plus any applicable Base Rate Margin. Interest on the Swing Line Loans shall be payable on such dates, not more frequent than monthly, as may be specified by the Swing Line Lender and in any event on the Termination Date. Any overdue principal of or interest on any Swing Line Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of the Base Rate plus any applicable Base Rate Margin plus 2% per annum for such day. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Multi Year Credit Agreement (Park Place Entertainment Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made (or converted pursuant to (but excludingArticle 9) the date until it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%for such day. Such interest shall be payable on the last Domestic Business Day of each calendar quarter quarterly in arrears and on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)each March, at June, September, and December in each year (each, a rate per annum equal "Quarterly Date") and, with respect to the sum principal amount of (a) the any Base Rate Loan converted to a Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Loan, on each date a Base Rate for such Interest PeriodLoan is so converted. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate Loans for such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during each Interest Period applicable thereto, at a rate per annum equal to the sum of the Euro-Dollar Margin for such day plus the London Interbank Offered Rate applicable to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, in the case of an Interest Period of six months, the date occurring three months after the first day of such Interest Period. (c) Any overdue principal of, or interest on, any Euro-Dollar Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the higher of (i) the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwardsupward, if necessary, to the next higher 1/100 of 1%it) by dividing (ix) the average rate per annum (rounded upward, if necessary, to the next higher 1/16 1/100 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three Business Days, then for such other period of time not longer than three months as the Administrative Agent may select) deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are is offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (iiy) 1.00 one minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 9.1 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day)) and (ii) the sum of 2% plus the Euro-Dollar Margin for such day plus the London Interbank Offered Rate applicable to such Loan at the date such payment was due. (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. (e) The Administrative Agent agrees to use its best efforts to furnish quotations as contemplated by this Section. If the Administrative Agent is unable to provide a quotation, the provisions of Section 9.1 shall apply.

Appears in 1 contract

Sources: Credit Agreement (Alliance Data Systems Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes duedue (or prepaid), at a rate per annum equal to the Base Rate for such day plus any applicable the Applicable Margin for Base Rate Margin. Any overdue principal Loans of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%such tranche. Such interest shall be payable quarterly in arrears on the last Domestic Business Day day of each calendar quarter in arrears and and, with respect to the principal amount of any Base Rate Loan converted to a Euro-Dollar Loan, on the Termination Datedate of such conversion. (b) Each Euro-Dollar Loan of any tranche shall bear interest on the outstanding principal amount thereof, for each day during the each Interest Period applicable thereto (from and including or portion of the first day Interest Period, in the case of such Interest Period to but excluding a prepayment made on a date other than the last day of such an Interest Period), at a rate per annum equal to the sum of (aX) the Adjusted LIBO Rate applicable to such Interest Period plus (Y) the Applicable Margin for Euro-Dollar Margin for Loans of such day plus (b) the applicable London Interbank Offered Rate for such Interest Periodtranche. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue Notwithstanding the foregoing, if any principal of or interest on any Euro-Dollar Loan shallor any fee or other amount payable by the Borrower hereunder is not paid when due, whether at the option of the Required Lendersstated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined after as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall existwell as before judgment, at a rate per annum equal to (i) in the sum case of overdue principal of or interest on any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding subparagraphs of this Section 2.06 or (ii) in the case of any other amount, 2% plus the rate applicable to Base Rate Loans for such day)of the applicable tranche as provided in subsection (a) of this Section 2.06. (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Credit Agreement (Nortel Networks LTD)

Interest Rates. (a) Each Base Floating Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Floating Rate for such day. Such interest shall be payable for each Interest Period on the last day plus any applicable Base Rate Marginthereof. Any overdue principal of or overdue interest on any Base Floating Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate sum of 2% plus the Base Floating Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Datefor such day. (b) Each Euro-Dollar Eurocurrency Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest PeriodEurocurrency Rate. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Eurocurrency Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid from and including the date payment thereof was due to but excluding the date of actual payment, at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal Eurocurrency Rate applicable to such overdue payment due Loan prior to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by its maturity and (ii) 1.00 minus the Euro-Dollar Reserve Percentage Eurocurrency Rate which would be applicable to a Eurocurrency Loan to the relevant Borrower hereunder made on such date for a period of one day (or, if such amount due remains unpaid more than three Eurocurrency Business Days, then for such other period of time not longer than six months as the Agent may elect), (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Floating Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower relevant Borrowers and the participating Lenders Banks by telex or cable of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest errorerror (provided that the determination of such amount or amounts is made on a reasonable basis).

Appears in 1 contract

Sources: Credit Agreement (Masco Corp /De/)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made (or converted pursuant to (but excluding) the date Article 8) until it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%for such day. Such interest shall be payable on the last Domestic Business Day of each calendar quarter quarterly in arrears and on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)each March, at June, September, and December in each year (each, a rate per annum equal "Quarterly Date") and, with respect to the sum principal amount of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered any Base Rate for such Interest PeriodLoan converted to a Euro‑Dollar Loan, on each date a Base Rate Loan is so converted. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar rate otherwise applicable to Base Rate Loans for such day. (b) Each Euro‑Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during each Interest Period applicable thereto, at a rate per annum equal to the sum of the Euro‑Dollar Margin for such day plus the quotient obtained (rounded upwardsLondon Interbank Offered Rate applicable to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if necessaryin the case of an Interest Period of six months, the date occurring three months after the first day of such Interest Period. Any overdue principal of, or interest on, any Euro‑Dollar Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the next higher 1/100 of 1%) by dividing (i) the sum of 2% plus the Euro‑Dollar Margin for such day plus the average rate per annum (rounded upward, if necessary, to the next higher 1/16 1/100 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three (3) Business Days, then for such other period of time not longer than three months as the Administrative Agent may select) deposits in U.S. Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are is offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 8.1 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day)) and (ii) the sum of 2% plus the Euro‑Dollar Margin for such day plus the London Interbank Offered Rate applicable to such Loan at the date such payment was due. (c) Each Canadian Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Loan is made until it becomes due, at a rate per annum equal to the Canadian Base Rate plus the Canadian Base Rate Margin for such day. Such interest shall be payable quarterly in arrears on each Quarterly Date. Any overdue principal of or interest on any Canadian Base Rate Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Canadian Base Rate Loans for such day. (d) [Reserved]Each Swing Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Swing Loan is made until it becomes due, at a rate per annum equal to, if denominated in U.S. Dollars, the Base Rate for such day plus the Base Rate Margin and, if denominated in Canadian Dollars, the Canadian Base Rate for such day plus the Base Rate Margin. Such interest shall be payable on each Quarterly Date or, if earlier, on the date such Swing Loan becomes due or its Refunding Date. Any overdue principal of or interest on any Swing Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate applicable to Swing Loans for such day. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. (f) The Administrative Agent agrees to use its best efforts to furnish quotations as contemplated by this Section. If the Administrative Agent is unable to provide a quotation, the provisions of Section 8.1 shall apply.

Appears in 1 contract

Sources: Credit Agreement (Alliance Data Systems Corp)

Interest Rates. (a) Each Base Rate Loan The Trust shall bear pay interest on the outstanding unpaid principal amount thereof, for of each day Advance owed to each Lender from (and including) the date of such Loan Advance until such principal amount shall be paid in full in accordance with the terms of this Agreement: (i) during such periods as such Advance is made an Alternate Base Rate Advance, at a rate equal at all times to the Alternate Base Rate in effect from time to time, payable quarterly on the last day of each calendar quarter during such periods and on any date on which such Alternate Base Rate Advance shall be converted into a LIBOR Advance or paid in full, and (but excludingii) the date it becomes dueduring such periods as such Advance is a LIBOR Advance, at a rate per annum equal at all times during each Interest Period for such Advance to the Base Rate sum of LIBOR for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, Interest Period for each day until paid at a rate per annum equal to the Base Rate such Advance plus the Base Rate Applicable Margin plus 2%. Such interest shall be per annum, payable on the last Domestic Business Day day of each calendar quarter in arrears and such Interest Period and, if such Interest Period has a duration of more than three months, on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day which occurs during the such Interest Period applicable thereto (three months from and including the first day of such Interest Period. (b) Interest (i) computed on the basis of LIBOR will be calculated on the basis of actual days elapsed and a 360‑day year and will accrue from day to day from, and including, the first day of each Interest Period to, but excluding, the last day of each Interest Period, and (ii) computed on the basis of the Alternate Base Rate will be calculated on the basis of actual days elapsed and a 365‑or 366‑day year, as the case may be, and will accrue from day to day from, and including, the first day occurring in the period for which such interest is payable to, but excluding excluding, the last day of such Interest Period), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereofperiod. (c) Any overdue principal If LIBOR is determined on the basis of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to by the Administrative Agent Reference Banks in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or accordance with paragraph (b) of the definition of LIBOR set forth in Section 8.01 shall exist1.1, the Agent will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at a rate per annum equal to the sum of 2% plus least two such quotations are provided, the rate for a given Interest Period will be the arithmetic mean of the quotations. If fewer than two quotations are provided, LIBOR for a given Interest Period for the applicable to Base Rate Loans Fixing Day will be the arithmetic mean of LIBOR quoted at approximately 11:00 A.M., New York City time, on such Rate Fixing Day by three major banks in New York City selected by the Agent for LIBOR for such day)Interest Period, commencing on the second Business Day immediately following such Rate Fixing Day, provided, however, that if the banks selected as aforesaid by the Agent are not quoting as mentioned in this sentence, LIBOR for such Interest Period will be LIBOR for such Interest Period in effect on such Rate Fixing Day. (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Facility Agreement

Interest Rates. (a) Each Base Rate All principal outstanding under the Revolving Loan which is not bearing interest at a fixed interest rate as described below shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option one-half of one percent (0.50%) in excess of the Required LendersReference Rate, bear interest, payable which rate shall vary as and when the Reference Rate changes. Interest on demandthe Revolving Loan shall be calculated on the basis of a 360-day year, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Dateactual days elapsed. (b) Each Euro-Dollar At Borrower’s option, advances hereunder, in increments of at least Five Hundred Thousand Dollars ($500,000), unless the remaining amount available to be drawn under the Revolving Loan is less than Five Hundred Thousand Dollars ($500,000), in which case, Borrower may request an advance of less than Five Hundred Thousand Dollars ($500,000) (but not less than the amount available to be drawn), shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period), at a rate per annum equal to rate which is three percent (3.00%) per annum in excess of the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered LIBOR Rate for such Interest Periodthe interest period selected by Borrower, Commercial Credit Agreement and in each case acceptable to Bank. Such interest There shall be payable for each Interest Period on the last day thereof and, if no more than four (4) such Interest Period is longer than three months, advances outstanding at intervals of three months after the first day thereofany one time. (c) Any overdue principal To exercise this option, Borrower may from time to time elect to have the Revolving Loan bear interest based on the LIBOR Rate, for an interest period of one, two, three or interest six months (if offered by Bank) by telephoning an authorized lending officer of Bank located at the banking office identified below prior to 10:00 a.m., Pacific time, on any Euro-Dollar Loan shallBusiness Day and advising that lending officer of such election, at the option requested interest period and starting date thereof. The starting date for an advance based on the LIBOR Rate shall follow the date of such selection by no more than two (2) Business Days. Borrower’s selection may not be changed, altered or otherwise modified until the expiration of the Required Lendersinterest period selected. The exercise of interest rate options by Borrower shall be as recorded in Bank’s records, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained which records shall be prima facie evidence (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%absent manifest error) of the respective rates per annum at which amount borrowed under such selected interest rate; provided, however, that the failure of Bank to make any such notation in its records shall not discharge Borrower from its obligation to repay in full with interest all amounts borrowed. In no event shall any interest period extend beyond the termination date of the Revolving Loan. If, on the date of the selection, LIBOR Rate advances or the interest period selected is unavailable for any reason, the selection shall be void. Bank reserves the right to fund the principal of any advance from any source of funds, notwithstanding Borrower’s selection. In determining an interest period, a month means a period that starts on one Business Day in a month and ends on and includes the day deposits in Dollars in an amount approximately equal to such overdue payment due to preceding the Administrative Agent are offered to the Administrative Agent numerically corresponding day in the London interbank market for the applicable period determined next month. For any month in which there is no such numerically corresponding day, then as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (orto that month, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof day shall be conclusive deemed to be the last calendar day of such month. Any interest period which would otherwise end on a non-Business Day shall end on the next succeeding Business Day, unless that is the first day of a month, in which event the absence of manifest errorinterest period shall end on the next preceding Business Day.

Appears in 1 contract

Sources: Commercial Credit Agreement (Wageworks, Inc.)

Interest Rates. (a) Each Base Rate ABR Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) including the date such ABR Loan is made or is automatically converted from a Eurodollar Ratable Loan into an ABR Loan pursuant to (Section 2.2.4, to but excluding) excluding the date it becomes dueis paid or is converted into a Eurodollar Ratable Loan pursuant to Section 2.2.4, at a rate per annum equal to the Alternate Base Rate for such day plus the Applicable Base Rate Margin for such day. Changes in the rate of interest on any applicable ABR Loan will take effect simultaneously with each change in the Alternate Base Rate or the Applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Date. (b) Each Euro-Dollar Eurodollar Ratable Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (thereof from and including the first day of such the Interest Period applicable thereto to (but excluding not including) the last day of such Interest Period), Period at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Adjusted LIBO Rate for such Interest Period. Such interest shall be payable for each Interest Period on plus the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after Applicable Eurodollar Margin in effect two Business Days prior to the first day thereofof such Interest Period. (c) Any overdue principal of or Each Absolute Rate Loan shall bear interest on any Euro-Dollar Loan shall, the outstanding principal amount thereof from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest Period at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the Absolute Rate applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day)thereto. (d) [Reserved]Each Eurodollar Bid Rate Loan shall bear interest on the outstanding principal amount thereof from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest Period at the Adjusted LIBO Rate for such Interest Period plus the applicable Competitive Bid Margin. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Credit Agreement (Horton D R Inc /De/)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Rate for Margin applicable to such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%for such day. Such interest shall be payable on the last Domestic Business Day of each calendar quarter quarterly in arrears and on the Termination each Quarterly Payment Date. (b) Each Euro-Dollar Eurodollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the each Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Eurodollar Margin applicable to such Loan for such day plus (b) the Eurodollar Rate applicable London Interbank Offered Rate for to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal Upon the occurrence and during the continuance of an Event of Default described in Section 6.01(a) or an Event of Default described in Section 6.01(d) or 6.01(e) with respect to the Borrower, the Borrower shall pay interest on any Euro-Dollar (x) (i) the outstanding principal amount of each Base Rate Loan shall, at the option of the Required Lenders, bear interestowing to each Bank Party, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on such Base Rate Loan pursuant to Section 2.06(a) above and (ii) to the sum fullest extent permitted by law, the amount of 2any interest that is not paid when due, from the date such interest thereon to the date of prepayment; provided, that in the event that, on or prior to the first anniversary of the 2013 Amendment Effective Date, the Borrower (x) makes any prepayment of 2013 Other Term Loans in connection with any Repricing Transaction or (y) effects any amendment to this Agreement resulting in a Repricing Transaction, the Borrower shall pay to the Agent, for the ratable account of each of the applicable Banks, (I) in the case of clause (x), a prepayment premium of 1% plus of the rate amount of the Term Loans being prepaid and (II) in the case of clause (y), an amount equal to 1% of the aggregate amount of the applicable Term Loans outstanding immediately prior to Base Rate Loans for such dayamendment that were repriced pursuant to such amendment. Upon receipt of a notice of prepayment pursuant to this Section 2.10(a)(i). (d) [Reserved]. (e) [Reserved]. (f) The Administrative , the Agent shall determine in accordance with promptly notify each Bank of the provisions contents thereof and of this Agreement each interest rate applicable to such Bank’s ratable share of such prepayment and such notice shall not thereafter be revocable by the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest errorBorrower.

Appears in 1 contract

Sources: Credit Agreement (Aes Corp)

Interest Rates. (a) Each Base “Applicable Margin” shall mean (1) at any time prior to a Covenant Enhancement Event, 1.625%; and (2) at all other times a percentage determined quarterly based upon the ratio of Consolidated Total Debt (calculated as of the last day of each Fiscal Quarter) to Consolidated Comprehensive EBITDA (calculated as of the last day of each Fiscal Quarter for the Fiscal Quarter then ended and the immediately preceding three Fiscal Quarters), as follows: Greater than or equal to 3.00 2.00 Greater than or equal to 2.5 but less than 3.00 1.75 % Greater than or equal to 2.0 but less than 2.5 1.50 % Greater than or equal to 1.5 but less than 2.0 1.25 % Less than 1.5 1.00 % The Applicable Margin, if determined based on the foregoing ratio, shall be effective as of the date (herein, the “Rate Determination Date”) which is the first day of the first calendar month after the day the Agent receives the quarterly financial statements for the Fiscal Quarter which the foregoing ratio is being determined and shall remain effective from such Rate Determination Date until the date which is the first day of the first calendar month after the day the Agent receives the quarterly financial statements for the Fiscal Quarter in which such Rate Determination Date falls (which latter date shall be a new Rate Determination Date); provided that (i) in the case of any Applicable Margin determined for the fourth and final Fiscal Quarter of a Fiscal Year based on the foregoing ratio, such Applicable Margin shall be redetermined based upon the annual audited financial statements for the Fiscal Year ending on the last day of such final Fiscal Quarter, and if such Applicable Margin as so redetermined shall be different from the Applicable Margin for such date determined on the Rate Determination Date for such fourth Fiscal Quarter, such redetermined Applicable ▇▇▇▇▇▇ shall be effective retroactive to the Rate Determination Date, and the Borrower, the Agent and the Banks, as applicable, shall within 10 days of such redetermination, make a payment (in the case of amounts owing by the Borrower to the Banks) or provide a credit applicable to future amounts payable by the Borrower hereunder (in the case of amounts owing by the Banks to the Borrower) equal to the difference between the interest and letter of credit fees actually paid under this Agreement and the interest and fees that would have been paid under this Agreement had the Applicable Margin as originally determined been equal to the Applicable Margin as redetermined, and (ii) if on any Rate Determination Date the Borrower shall have failed to deliver to the Bank the financial statements required to be delivered pursuant to Section 5.01(a) or Section 5.01(b) with respect to the Fiscal Year or Fiscal Quarter, as the case may be, most recently ended prior to such Rate Determination Date, then for the period beginning on such Rate Determination Date and ending on the earlier of (A) the date on which the Borrower shall deliver to the Bank the financial statements to be delivered pursuant to Section 5.01(b) with respect to such Fiscal Quarter or any subsequent Fiscal Quarter, or (B) the date on which the Borrower shall deliver to the Bank annual financial statements required to be delivered pursuant to Section 5.01(a) with respect to the Fiscal Year which includes such Fiscal Quarter or any subsequent Fiscal Year, the Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date it becomes due, at a rate per annum equal to the Base Default Rate for at all times during such day plus any applicable Base Rate Marginperiod. Any overdue principal of or interest change in the Applicable Margin on any Base Rate Loan shallDetermination Date shall result in a corresponding change, at the option of the Required Lenders, bear interest, payable effective on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day as of such Interest Period to but excluding the last day of such Interest Period)Rate Determination Date, at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice Loan and in the fees applicable to the Borrower and the participating Lenders each Letter of each rate of interest so determined, and its determination thereof Credit outstanding on such Rate Determination Date; provided; that no Applicable Margin shall be conclusive decreased pursuant to this Section 2.06 if a Default is in existence on the absence of manifest errorRate Determination Date.

Appears in 1 contract

Sources: Credit Agreement (Bassett Furniture Industries Inc)

Interest Rates. (a) Each CP Rate Loan shall bear interest on the outstanding principal amount thereof at the CP Rate applicable to each CP Accrual Period. (b) Each Eurodollar Loan shall bear interest on the outstanding principal amount thereof from and including the first day of the Interest Period applicable thereto selected in accordance with Article II of this Agreement to (but not including) the last day of such Interest Period at a rate per annum equal to the sum of (i) the applicable Eurodollar Rate (Reserve Adjusted) for such Interest Period plus (ii) the LIBOR Spread (as defined in the Fee Letter). (c) Each Alternate Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) including the date such Loan is made to (but excluding) excluding the date it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until is paid at a rate per annum equal to the Alternate Base Rate plus for such day. Changes in the rate of interest on Alternate Base Rate Margin plus 2%. Such interest shall be payable on Loans will take effect simultaneously with each change in the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateAlternate Base Rate. (bd) Each Euro-Dollar Loan shall bear interest on Notwithstanding anything to the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Periodcontrary contained in Sections 1.3(a), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) or (c), upon the applicable London Interbank Offered Rate occurrence of an Event of Default, and during the continuance thereof, all Obligations shall bear interest, payable upon demand, at the Default Rate. (e) Interest at any of the aforementioned rates shall be calculated for such actual days elapsed on the basis of a 360-day year. Interest Period. Such interest shall be payable for each Interest Period the day a Loan is made but not for the day of any payment on the last day thereof and, amount paid if such Interest Period payment is longer than three months, received prior to noon (local time) at intervals the place of three months after the first day thereof. (c) Any overdue payment. If any payment of principal of or interest on any Euro-Dollar a Loan shallshall become due on a day which is not a Business Day, at the option of the Required Lenders, bear interest, payable such payment shall be made on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upwardsucceeding Business Day and, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (orcase of a principal payment, if the circumstances described in clause (a) or (b) such extension of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof time shall be conclusive included in the absence of manifest errorcomputing interest in connection with such payment.

Appears in 1 contract

Sources: Credit and Security Agreement (Precision Castparts Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, (i) at a rate per annum equal to the Base Rate for such day, if such day plus falls within any applicable calendar quarter with respect to which the Utilization Percentage is less than or equal to 50% or (ii) at a rate per annum equal to the sum of the Base Rate Marginfor such day and 0.05%, if such day falls within a calendar quarter with respect to which the Utilization Percentage is greater than 50%. Such interest shall be payable for each Interest Period on the last day thereof, and, with respect to the principal amount of any Base Rate Loan converted to a Euro-Dollar Loan, on each date a Base Rate Loan is so converted; provided that the portion of interest accruing at 0.05% pursuant to clause (ii) above shall be payable quarterly in arrears on the last day of each calendar quarter and upon the date of termination of the Commitments in their entirety (and, if later, the date the Loans shall be repaid in their entirety). Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate sum of 2% plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateRate. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest PeriodRate. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. ; provided that the portion of interest accruing at 0.05% pursuant to clause (cii) Any overdue of the definition of the term "Euro-Dollar Margin" below shall be payable quarterly in arrears on the last day of each calendar quarter and upon the date of termination of the Commitments in their entirety (and, if later, the date the Loans shall be repaid in their entirety). In addition, with respect to the principal amount of or interest on any Euro-Dollar Loan shallconverted to a Base Rate Loan, at such interest (except interest payable pursuant to the option of proviso to the Required Lenders, bear interest, preceding sentence) shall be payable on demand, for each day until paid at date a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day)Loan is so converted. (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Revolving Credit Agreement (Chubb Corp)

Interest Rates. (a) Each So long as no Event of Default under this Agreement has occurred and is continuing, each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Base Rate Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Adjusted Base Rate for Rate. Interest shall be payable monthly in arrears on the first Business Day of each calendar month commencing on the first such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any date after such Base Rate Loan shallis made, and at the option maturity of the Loans (whether by reason of acceleration or otherwise); provided, that in the event the Loans are repaid or prepaid in full and the Commitments have been terminated, then accrued interest in respect of all Base Rate Loans shall be payable together with such repayment or prepayment on the date thereof. (i) Immediately upon the occurrence and during the continuance of an Event of Default under Sections 7.01, 7.02, 7.07, 7.08 or (ii) at the election of the Required LendersBanks (or the Administrative Agent at the direction of the Required Banks), upon the occurrence and during the continuance of any other Event of Default, each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Base Rate Loan is made until it becomes due, at a rate per annum equal to two percent (2%) over and above the Adjusted Base Rate and such default interest shall be payable on demand. From and after the maturity of the Loans, whether by reason of acceleration or otherwise, each Base Rate Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus two percent (2%. Such interest shall be payable on ) over and above the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateAdjusted Base Rate. (b) Each Euro-Dollar So long as no Event of Default under this Agreement has occurred and is continuing, each Term SOFR Loan shall bear interest on the outstanding principal amount thereof, thereof for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Term SOFR Rate. Interest Period. Such interest shall be payable for each Interest Period on the last day thereof andthereof, if unless the duration of such Interest Period is longer than exceeds three (3) months, in which case such interest shall be payable at intervals the end of three months after the first three (3) months of such Interest Period and on the last day of such Interest Period, and at the maturity of the Loans (whether by reason of acceleration or otherwise); provided, that in the event all Term SOFR Loans made pursuant to a single borrowing are repaid or prepaid in full, then accrued interest in respect of such Term SOFR Loans shall be payable together with such repayment or prepayment on the date thereof. (ci) Any overdue principal Immediately upon the occurrence and during the continuance of an Event of Default under Sections 7.01, 7.02, 7.07, 7.08 or interest on any Euro-Dollar Loan shall, (ii) at the option election of the Required LendersBanks (or the Administrative Agent at the direction of the Required Banks), upon the occurrence and during the continuance of any other Event of Default, each Term SOFR Loan shall bear interest on the outstanding principal amount thereof for each Interest Period applicable thereto at a rate per annum equal to two percent (2%) over and above the Term SOFR Rate and such default interest shall be payable on demand. From and after the maturity of the Loans, whether by reason of acceleration or otherwise, each Term SOFR Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall existpaid, at a rate per annum equal to two percent (2%) over and above the sum of 2% plus the rate applicable to Base Rate Loans for such day)Term SOFR Rate. (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Loan Agreement (Spire Missouri Inc)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) until the date it becomes dueis repaid or converted into a Euro-Dollar Loan pursuant to Section 2.7, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Applicable Margin for Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Applicable Margin for Euro-Dollar Loans for such day plus the Euro-Dollar Margin for such day plus (b) the Rate applicable London Interbank Offered Rate for to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Subject to Section 8.1, each Money Market IBOR Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the sum of the Euro-Dollar Rate for such Interest Period (determined in accordance with Section 2.8(b) as if the related Money Market IBOR Borrowing were a Euro-Dollar Borrowing) plus (or minus) the Money Market Margin quoted by the Bank making such Loan in accordance with Section 2.4. Each Money Market Absolute Rate Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the Money Market Absolute Rate quoted by the Bank making such Loan in accordance with Section 2.4. Any overdue principal of or interest on any Euro-Dollar Money Market Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum Base Rate until such failure shall become an Event of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, Default and thereafter at a rate per annum equal to the sum of 24% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]In the event that, and for so long as, any Event of Default shall have occurred and be continuing, the outstanding principal amount of the Loans, and, to the extent permitted by applicable law, overdue interest in respect of all Loans, shall bear interest at the annual rate equal to the sum of the Base Rate and four percent (4%) (the “Default Rate”). (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest demonstrable error.

Appears in 1 contract

Sources: Revolving Credit Agreement (Eop Operating LTD Partnership)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) until the date it becomes dueis repaid or converted into a Euro-Dollar Loan pursuant to Section 2.7, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Applicable Margin for Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Applicable Margin for Euro-Dollar Loans for such day plus the Euro-Dollar Margin for such day plus (b) the Rate applicable London Interbank Offered Rate for to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Subject to Section 8.1, each Money Market IBOR Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the sum of the Euro-Dollar Rate for such Interest Period (determined in accordance with Section 2.8(b) as if the related Money Market IBOR Borrowing were a Euro-Dollar Borrowing) plus (or minus) the Money Market Margin quoted by the Bank making such Loan in accordance with Section 2.4. Each Money Market Absolute Rate Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the Money Market Absolute Rate quoted by the Bank making such Loan in accordance with Section 2.4. Any overdue principal of or interest on any Euro-Dollar Money Market Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum Base Rate until such failure shall become an Event of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, Default and thereafter at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]In the event that, and for so long as, any Event of Default shall have occurred and be continuing, the outstanding principal amount of the Loans, and, to the extent permitted by applicable law, overdue interest in respect of all Loans, shall bear interest at the annual rate equal to the sum of the Base Rate and two percent (2%) (the “Default Rate”). (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest demonstrable error.

Appears in 1 contract

Sources: Revolving Credit Agreement (Eop Operating LTD Partnership)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to (i) if before the Termination Date, the sum of the Base Rate Margin plus the Base Rate for such day, (ii) otherwise, the sum of the Base Rate Margin plus the Base Rate for such day plus the Facility Fee Rate. Such interest shall be payable quarterly in arrears on each Quarterly Date and, with respect to the principal amount of any applicable Base Rate MarginLoan converted to a Euro-Currency Loan, on each date a Base Rate Loan is so converted. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Euro-Dollar Currency Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to (i) if before the Termination Date, the sum of (a) the Euro-Dollar Currency Margin for such day plus (b) the applicable London Interbank Offered Rate for applicable to such Interest Period, (ii) otherwise, the sum of the Euro-Currency Margin plus the London Interbank Offered Rate applicable to such Interest Period plus the Facility Fee Rate. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereofof such Interest Period. (c) Any overdue principal of or interest on any Euro-Dollar Currency Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the higher of (i) the sum of 2% plus the Euro-Dollar Currency Margin plus the London Interbank Offered Rate applicable to the Interest Period for such day Loan and (ii) the sum of 2% plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) Euro-Currency Margin plus the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three Business Days, then for such other period of time not longer than three months as the Administrative Agent may select) deposits in Dollars the relevant currency in an amount approximately equal to such overdue payment due to each of the Administrative Agent Reference Banks are offered to the Administrative Agent such Reference Bank in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]Subject to Section 8.01, each Competitive Bid LIBOR Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the sum of the ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Offered Rate for such Interest Period (determined in accordance with Section 2.07(b) as if the related Competitive Bid LIBOR Loan Borrowing were a Euro-Currency Loan Borrowing) plus (or minus) the Competitive Bid Margin quoted by the Lender making such Loan in accordance with Section 2.03. Each Competitive Bid Absolute Rate Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the Competitive Bid Absolute Rate quoted by the Lender making such Loan in accordance with Section 2.03. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (e) [Reserved]Any overdue principal of or interest on any Competitive Bid Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Base Rate for such day. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice hereunder pursuant to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest errorSection 2.

Appears in 1 contract

Sources: 364 Day Credit Agreement (Estee Lauder Companies Inc)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the sum of the Base Rate plus the Applicable Base Rate Margin for such day plus day. Such interest shall be payable at maturity, quarterly in arrears on each Quarterly Date prior to maturity and, with respect to the principal amount of any applicable Base Rate MarginLoan converted to a Euro-Dollar Loan, on the date of such conversion. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the each Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Applicable Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for applicable to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof, and at maturity. (c) Any overdue principal of or interest on any Euro-Dollar Loan shallshall bear interest, payable on demand, for each day until paid at a rate per annum equal to the higher of (i) the sum of 2% plus the Applicable Euro-Dollar Margin for such day plus the average (rounded upward, if necessary, to the next higher 1/100 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three Euro-Dollar Business Days, then for such other period of time not longer than three months as the Administrative Agent may select) deposits in dollars are offered by the principal London office of the Administrative Agent in the London interbank market for the applicable period determined as provided above and (ii) the sum of 2% plus the Applicable Euro-Dollar Margin for such day plus the London Interbank Offered Rate applicable to such Loan at the date such payment was due. (d) Subject to Section 8.03, each Competitive Bid LIBOR Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the option sum of the Required LendersLondon Interbank Offered Rate for such Interest Period (determined in accordance with Section 2.07(b) as if the related Competitive Bid LIBOR Borrowing were a Committed Euro-Dollar Borrowing) plus (or minus) the Competitive Bid Margin quoted by the Lender making such Loan in accordance with Section 2.07(b). Each Competitive Bid Absolute Rate Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the Competitive Bid Absolute Rate quoted by the Lender making such Loan in accordance with Section 2.03. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. Any overdue principal of or interest on any Competitive Bid Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Credit Agreement (Martin Marietta Materials Inc)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Date. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of the Base Rate plus the any applicable Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Date% per annum. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Euro-Dollar Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three Euro-Dollar Business Days, then for such period of time not longer than 6 months as the Administrative Agent may elect) deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement Agreement, each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Short Term Credit Agreement (Park Place Entertainment Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made (or converted pursuant to (but excludingArticle 9) the date until it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%for such day. Such interest shall be payable on the last Domestic Business Day of each calendar quarter quarterly in arrears and on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)each March, at June, September, and December in each year (each, a rate per annum equal “Quarterly Date”) and, with respect to the sum principal amount of (a) the any Base Rate Loan converted to a Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Loan, on each date a Base Rate for such Interest PeriodLoan is so converted. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate Loans for such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during each Interest Period applicable thereto, at a rate per annum equal to the sum of the Euro-Dollar Margin for such day plus the London Interbank Offered Rate applicable to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof. (c) Any overdue principal of, or interest on, any Euro-Dollar Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the higher of (i) the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwardsupward, if necessary, to the next higher 1/100 of 1%it) by dividing (ix) the average rate per annum (rounded upward, if necessary, to the next higher 1/16 1/100 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three Business Days, then for such other period of time not longer than three months as the Administrative Agent may select) deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are is offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (iiy) 1.00 one minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 9.1 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day)) and (ii) the sum of 2% plus the Euro-Dollar Margin for such day plus the London Interbank Offered Rate applicable to such Loan at the date such payment was due. (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. (e) The Administrative Agent agrees to use its best efforts to furnish quotations as contemplated by this Section. If the Administrative Agent is unable to provide a quotation, the provisions of Section 9.1 shall apply.

Appears in 1 contract

Sources: Credit Agreement (Alliance Data Systems Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Rate for such day. Such interest shall be payable for each Interest Period on the last day plus any applicable Base Rate Marginthereof. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (ai) the Euro-Dollar Margin for Rate applicable to such day plus Interest Period and (bii) the applicable London Interbank Offered Rate for such Interest PeriodEuro-Dollar Margin. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three monthsone month, at intervals of three months one month after the first day thereof. (c) . Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid from and including the date payment thereof was due to but excluding the date of actual payment, at a rate per annum equal to the sum of 2% plus the higher of (i) the sum of the Euro-Dollar Margin for such day plus the Euro-Dollar Rate applicable to the Interest Period for such Loan and (ii) the sum of the Euro-Dollar Margin plus the quotient obtained (rounded upwardsupward, if necessary, to the next higher 1/100 of 1%) by dividing (ix) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three Euro-Dollar Business Days, then for such period of time not longer than three months as the Administrative Agent may select) deposits in Dollars dollars in an amount approximately equal to such overdue payment due to each of the Administrative Agent Reference Banks are offered to the Administrative Agent such Euro-Dollar Reference Bank in the London interbank market for the applicable period determined as provided above by (iiy) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (fc) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. (d) Each Reference Bank agrees to use its best efforts to furnish quotations to the Administrative Agent as contemplated by this Section 2.07. If any Reference Bank does not furnish a timely quotation, the Administrative Agent shall determine the relevant interest rate on the basis of the quotation or quotations furnished by the remaining Reference Bank or Banks or, if none of such quotations is available on a timely basis, the provisions of Section 8.01 shall apply. (e) Notwithstanding the rates of interest specified in this Section 2.07 or elsewhere herein, effective immediately upon the occurrence of an Event of Default, and for as long thereafter as such Event of Default shall be continuing, the principal balance of all Loans shall bear interest, payable on demand, for each day from and including the date payment thereof was due, to but excluding the date of actual payment, at a rate per annum equal to the sum of 2% plus the applicable interest rate then in effect for such day.

Appears in 1 contract

Sources: Credit Agreement (FMC Corp)

Interest Rates. (a) Each CP Rate Loan shall bear interest on the outstanding principal amount thereof from and including the first day of the CP Tranche Period applicable thereto selected in accordance with ARTICLE II of this Agreement to (but not including) the last day of such CP Tranche Period at the applicable CP Rate. (b) Each Eurodollar Loan shall bear interest on the outstanding principal amount thereof from and including the first day of the Interest Period applicable thereto selected in accordance with ARTICLE II of this Agreement to (but not including) the last day of such Interest Period at a rate per annum equal to the sum of (i) the applicable Eurodollar Rate (Reserve Adjusted) for such Interest Period plus (ii) the LIBOR Spread (as defined in the Fee Letter). (c) Each Alternate Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) including the date such Loan is made to (but excluding) excluding the date it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until is paid at a rate per annum equal to the Alternate Base Rate plus for such day. Changes in the rate of interest on Alternate Base Rate Margin plus 2%. Such interest shall be payable on Loans will take effect simultaneously with each change in the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateAlternate Base Rate. (bd) Each Euro-Dollar Loan shall bear interest on Notwithstanding anything to the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Periodcontrary contained in SECTIONS 1.3(a), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) or (c), upon the applicable London Interbank Offered Rate occurrence of an Event of Default, and during the continuance thereof, all Obligations shall bear interest, payable upon demand, at the Default Rate. (e) Interest at any of the aforementioned rates shall be calculated for such actual days elapsed on the basis of a 360-day year. Interest Period. Such interest shall be payable for each Interest Period the day a Loan is made but not for the day of any payment on the last day thereof and, amount paid if such Interest Period payment is longer than three months, received prior to noon (local time) at intervals the place of three months after the first day thereof. (c) Any overdue payment. If any payment of principal of or interest on any Euro-Dollar a Loan shallshall become due on a day which is not a Business Day, at the option of the Required Lenders, bear interest, payable such payment shall be made on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upwardsucceeding Business Day and, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (orcase of a principal payment, if the circumstances described in clause (a) or (b) such extension of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof time shall be conclusive included in the absence of manifest errorcomputing interest in connection with such payment.

Appears in 1 contract

Sources: Credit and Security Agreement (Precision Castparts Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) until the date it becomes due, at is repaid or converted into a rate per annum equal Euro-Dollar Loan pursuant to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of Section 2.6 or interest on any Base Rate Loan shall, at the option of the Required LendersMaturity Date, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Applicable Margin for Base Rate Margin plus 2%Loans for such day. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears March, June, September and December and on the Termination Maturity Date. (b) Each Subject to Section 8.1, each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Applicable Margin for Euro-Dollar Loans for such day plus the Euro-Dollar Margin for such day plus (b) the Rate applicable London Interbank Offered Rate for to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof, as well as on the date of any prepayment of any such Euro-Dollar Loan. (c) Subject to Section 8.1, each Money Market LIBOR Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the sum of the Euro-Dollar Rate for such Interest Period (determined in accordance with Section 2.7(b) as if the related Money Market LIBOR Borrowing were a Euro-Dollar Borrowing) plus (or minus) the Money Market Margin quoted by the Bank making such Loan in accordance with Section 2.3. Each Money Market Absolute Rate Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the Money Market Absolute Rate quoted by the Bank making such Loan in accordance with Section 2.3. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than one month, at intervals of one month after the first day thereof. Any overdue principal of or interest on any Euro-Dollar Money Market Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum Base Rate until (in the case of 2% plus a failure to pay interest) such failure shall become an Event of Default and thereafter (or immediately in the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) case of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal failure to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (iipay principal) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]Subject to Section 8.1, each LIBOR Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Loan is made until the date it is repaid or converted into a Euro-Dollar Loan pursuant to Section 2.6 or at the Maturity Date, at a rate per annum equal to the LIBOR Daily Floating Rate plus the Applicable Margin for Euro-Dollar Loans for such day. Such interest shall be payable on the last Business Day of each March, June, September and December and on the Maturity Date. (e) [Reserved]In the event that, and for so long as, any Event of Default shall have occurred and be continuing, the outstanding principal amount of the Loans, and, to the extent permitted by applicable law, overdue interest in respect of all Loans, shall bear interest at the annual rate equal to the sum of the Base Rate and two percent (2%) (the “Default Rate”). (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest demonstrable error.

Appears in 1 contract

Sources: Revolving Credit Agreement (Erp Operating LTD Partnership)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Date. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of the Base Rate plus the any applicable Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Date% per annum. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Euro-Dollar Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three Euro-Dollar Business Days, then for such period of time not longer than 6 months as the Administrative Agent may elect) deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]Swing Line Loans shall bear interest at a fluctuating rate per annum equal to the Base Rate plus any applicable Base Rate Margin. Interest on the Swing Line Loans shall be payable on such dates, not more frequent than monthly, as may be specified by the Swing Line Lender and in any event on the Termination Date. Any overdue principal of or interest on any Swing Line Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of the Base Rate plus any applicable Base Rate Margin plus 2% per annum for such day. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Multi Year Credit Agreement (Park Place Entertainment Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%day. Such interest shall be payable in arrears quarterly on the last Domestic Business Day day of each calendar quarter in arrears March, June, September and December during such period and on the Termination Datesuch date as such Base Rate Loan shall be Converted or paid in full. (bi) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the applicable Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest PeriodRate. Such interest and the Utilization Fee shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (cii) Any overdue principal of or The Borrower shall pay to each Lender additional interest on any the unpaid principal amount of each Euro-Dollar Loan shallof such Lender, from the date of such Loan until such principal amount is paid in full, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a an interest rate per annum equal at all times to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained remainder (rounded upwards, if necessary, to the next higher 1/100 of 1%) obtained by dividing subtracting (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market LIBO Rate for the applicable period determined as provided above by Interest Period for such Loan, from (ii) 1.00 the rate obtained by dividing such LIBO Rate by a percentage equal to 100% minus the Euro-Dollar Reserve Percentage of such Lender for such Interest Period, payable on each date on which interest is payable on such Loan. Such additional interest shall be determined by such Lender and notified to the Borrower through the Administrative Agent. (orc) Notwithstanding the rates of interest specified in this Section 2.07 or elsewhere herein, if effective immediately upon the circumstances described in clause occurrence of an Event of Default, and for as long thereafter as such Event of Default shall be continuing, the principal balance of all Loans (aother than Competitive Bid Loans) or (b) shall bear interest, payable on demand, for each day from and including the date payment thereof was due, to but excluding the date of Section 8.01 shall existactual payment, at a rate per annum equal to the sum of 2% plus the applicable interest rate applicable to Base Rate Loans then in effect for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable (pursuant to this Agreement) to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Lender by telecopier of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Credit Agreement (Massey Energy Co)

Interest Rates. (a) Each Advance made as a Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan Advance is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate the Applicable Margin. Such interest shall be payable as provided in the Loan Access Agreement, or if the Loan Access Agreement shall have terminated as provided therein, monthly on the first Domestic Business Day of each month. Any overdue principal of or and, to the extent permitted by applicable law, overdue interest on any Advance so made as a Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to such Advance, so made as a Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoan, for such day. (b) Each Advance made as a Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Applicable Margin for such day plus (b) the applicable Adjusted London Interbank Offered Rate for such Interest Period; provided that if any Advance made as a Euro-Dollar Loan shall, as a result of clause (1)(c) of the definition of Interest Period, have an Interest Period of less than one month, such Advance so made as a Euro-Dollar Loan shall bear interest during such Interest Period at the rate applicable to Advances made as Base Rate Loans during such period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) . Any overdue principal of or and, to the extent permitted by law, overdue interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the higher of (x) the sum of the Applicable Margin plus the Adjusted London Interbank Offered Rate applicable to such Euro-Dollar Margin Loan or (y) the rate which would be applicable for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined Advance if it had been made as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day)Loan. (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Credit Agreement (Bull Run Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made (or is converted to (but excludinga Base Rate Loan) the date until it becomes duedue (or is converted to a Euro-Dollar Loan), at a rate per annum equal to the sum of the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%(if any) for such day. Such interest shall be payable (i) quarterly on each March 31, June 30, September 30 and December 31 and (ii) upon any termination of the last Domestic Business Day of each calendar quarter Commitments in arrears and on the Termination Datetheir entirety. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the each Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for applicable to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof; provided that, if the Company elects to change the Type of, or the duration of an Interest Period applicable to, any Group of Euro-Dollar Loans on any day other than the last day of an Interest Period applicable thereto, the Company shall pay, on the effective date of such change, the interest accrued on such Euro-Dollar Loans to such effective date (and shall reimburse each Lender for any loss or expense resulting from such change as provided in Section 2.10). (c) Any overdue principal of or and interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to from and including the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue date payment thereof was due to but excluding the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) date of Section 8.01 shall existactual payment, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower Company and the participating Lenders by telex or facsimile of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. (e) Each Reference Bank agrees to use its best efforts to furnish quotations to the Administrative Agent as contemplated hereby. If any Reference Bank does not furnish a timely quotation, the Administrative Agent shall determine the relevant interest rate on the basis of the quotation or quotations furnished by the remaining Reference Bank or Banks or, if none of such quotations is available on a timely basis, the provisions of Section 8.01 shall apply.

Appears in 1 contract

Sources: Credit Agreement (Polaroid Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date it becomes due, at a rate per annum equal to the Base Rate for such day plus PLUS any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus PLUS the Base Rate Margin plus PLUS 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus PLUS (b) the applicable London Interbank Offered Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]Subject to Section 8.01(a), each Money Market LIBOR Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the sum of the London Interbank Offered Rate for such Interest Period (determined as if the related Money Market LIBOR Borrowing were a Euro-Dollar Borrowing) plus (or minus) the Money Market Margin quoted by the Lender making such Loan in accordance with Section 2.03. Each Money Market Absolute Rate Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the Money Market Absolute Rate quoted by the Lender making such Loan in accordance with Section 2.03. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. Any overdue principal of or interest on any Money Market Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of the Base Rate PLUS any applicable Base Rate Margin PLUS 2% per annum for such day. (e) [Reserved]Swing Line Loans shall bear interest at a fluctuating rate per annum equal to the Base Rate PLUS any applicable Base Rate Margin. Interest on the Swing Line Loans shall be payable on such dates, not more frequent than monthly, as may be specified by the Swing Line Lender and in any event on the Termination Date. Any overdue principal of or interest on any Swing Line Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of the Base Rate PLUS any applicable Base Rate Margin PLUS 2% per annum for such day. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Credit Agreement (Hilton Hotels Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date it becomes due, balance thereof at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option sum of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate Applicable Margin plus the Base Rate Margin plus 2%in effect from day to day, each change in the Base Rate to be effective without notice to Borrower on the effective date of each such change, provided that in no event shall the rate charged hereunder or under the Notes exceed the Maximum Lawful Rate. Such interest Interest on each Base Rate Loan shall be payable as it accrues on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Quarterly Date. (b) Each Euro-Dollar Committed Eurodollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Applicable Margin for such day plus (b) the applicable London Interbank Offered Rate for such Adjusted Eurodollar Rate; provided that in no event shall the rate charged hereunder or under the Notes exceed the Maximum Lawful Rate. Interest Period. Such interest on each Eurodollar Loan having an Interest Period of one, two or three months shall be payable for each Interest Period on the last day thereof andof the Interest Period applicable thereto. Interest on each Committed Eurodollar Loan having an Interest Period of six, if nine, or twelve months, shall be payable on the last day of the Interest Period applicable thereto and on each Quarterly Date during such Interest Period is longer than three months, at intervals of three months after the first day thereofPeriod. (c) Any overdue principal Each Competitive Bid Fixed Rate Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by the Bank making such Competitive Bid Fixed Rate Loan in such Bank's Competitive Bid and accepted by Borrower pursuant to Section 2.2.1; provided, that in no event shall the rate charged hereunder or interest under the Notes exceed the Maximum Lawful Rate. Interest on any Euro-Dollar each Competitive Bid Fixed Rate Loan shall, at shall be payable on the option last day of the Required Lenders, Interest Period applicable thereto. (d) Each Competitive Bid Eurodollar Loan shall bear interest, payable on demand, for each day until paid interest at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upwardCompetitive Bid Eurodollar Margin offered by the Bank making such Competitive Bid Eurodollar Loan in such Bank's Competitive Bid and accepted by Borrower pursuant to Section 2.2.1, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by plus (ii) 1.00 minus the Euro-Dollar Reserve Percentage (orapplicable Adjusted Eurodollar Rate; provided, if the circumstances described that in clause (a) or (b) of Section 8.01 no event shall exist, at a rate per annum equal to the sum of 2% plus the rate charged hereunder or under the Notes exceed the Maximum Lawful Rate. Interest on each Competitive Bid Eurodollar Loan shall be payable on the last day of the Interest Period applicable to Base Rate Loans for such day). (d) [Reserved]thereto. (e) [ReservedIntentionally Deleted]. (f) The Administrative With respect to Committed Loans and Competitive Bid Eurodollar Loans, Agent shall determine each interest rate applicable thereto in accordance with the provisions of this Agreement each interest rate terms hereof (and in accordance with the applicable to the Competitive Bids for Competitive Bid Eurodollar Loans hereunderaccepted by Borrower). The Administrative Agent shall give prompt notice to the promptly notify Borrower and the participating Lenders Banks by telex, telecopy or cable of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. (g) Notwithstanding the foregoing, if at any time the rate of interest calculated with reference to the Base Rate, any Competitive Bid Fixed Rate accepted by Borrower or the Adjusted Eurodollar Rate hereunder, if applicable, (the "contract rate") is limited to the Maximum Lawful Rate, any subsequent reductions in the contract rate shall not reduce the rate of interest on the affected Loan below the Maximum Lawful Rate until the total amount of interest accrued equals the amount of interest which would have accrued if the contract rate had at all times been in effect. In the event that at maturity (stated or by acceleration), or at final payment of any Note, the total amount of interest paid or accrued on such Note is less than the amount of interest which would have accrued if the contract rate had at all times been in effect with respect thereto, then at such time, to the extent permitted by law, Borrower shall pay to the holder of such Note an amount equal to the difference between (i) the lesser of the amount of interest which would have accrued if the contract rate had at all times been in effect and the amount of interest which would have accrued if the Maximum Lawful Rate had at all times been in effect, and (ii) the amount of interest actually paid on such Note.

Appears in 1 contract

Sources: Credit Agreement (Berry Petroleum Co)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Rate for such day. Such interest shall be payable for each Interest Period on the last day plus any applicable Base Rate Marginthereof. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Euro-Dollar Currency Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Currency Margin for such day plus (b) the applicable Adjusted London Interbank Offered Rate for such Interest PeriodRate. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on . The “Adjusted London Interbank Offered Rate” applicable to any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at Interest Period means a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 1/100th of 1%) by dividing (i) the applicable London Interbank Offered Rate by (ii) 1.0 minus the Euro-Currency Reserve Percentage. The “London Interbank Offered Rate” applicable to any Euro-Currency Borrowing for any Interest Period means the rate appearing on the relevant page of the respective Reuters screen (or on any successor or substitute page of such service, or any successor to or substitute for such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates per annum at which one day applicable to deposits in Dollars in the London interbank market) at approximately 11:00 A.M., London time, two Euro-Currency Business Days prior to the commencement of such Interest Period, as the rate for deposits in Dollars with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the “London Interbank Offered Rate” with respect to such Euro-Currency Borrowing for such Interest Period shall be the rate (rounded upwards, if necessary, to the next 1/100 of 1%) at which dollar deposits of an amount approximately equal comparable to the amount of such Euro-Currency Borrowing and for a maturity comparable to such overdue payment due to Interest Period are offered by the principal London office of the Administrative Agent are offered to the Administrative Agent in immediately available funds in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the at approximately 11:00 A.M., London time, two Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal Currency Business Days prior to the sum commencement of 2% plus the rate applicable to Base Rate Loans for such day)Interest Period. (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Credit Agreement (Ingersoll Rand Co LTD)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Base Rate Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the sum of the Applicable Base Rate Margin plus the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%day. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest Periodmonth. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to such Base Rate Loan for such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the sum of the Applicable Euro-Dollar Margin plus the applicable Adjusted Euro-Dollar Rate. Such interest shall be payable for each Interest Period on the last day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall bear interest, payable on demand, for each day from and including the date payment thereof was due to but excluding the date of actual payment, at a rate per annum equal to the sum of 2% plus the higher of (i) the sum of the Applicable Euro-Dollar Margin plus the Adjusted Euro-Dollar Rate applicable to such day Loan and (ii) the Applicable Euro-Dollar Margin plus the quotient obtained (rounded upwardsupward, if necessary, to the next higher 1/100 of 1%) by dividing (ix) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three Euro-Dollar Business Days, then for such other period of time not longer than three months as the Agent may elect) deposits in Dollars dollars in an amount approximately equal to such overdue payment due to each of the Administrative Agent Euro-Dollar Reference Banks are offered to the Administrative Agent such Euro-Dollar Reference Bank in the London interbank market for the applicable period determined as provided above by (iiy) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. (e) Each Euro-Dollar Reference Bank agrees to use its best efforts to furnish quotations to the Agent as contemplated hereby. If any Euro-Dollar Reference Bank does not furnish a timely quotation, the Agent shall determine the relevant interest rate on the basis of the quotation or quotations furnished by the remaining Euro-Dollar Reference Bank or Banks or, if none of such quotations is available on a timely basis, the provisions of Section 8.01 shall apply.

Appears in 1 contract

Sources: Credit Agreement (Perini Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) until the date it becomes dueis repaid or converted into a Euro-Dollar Loan pursuant to Section 2.6, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Applicable Margin for Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Applicable Margin for Euro-Dollar Margin Loans for such day plus the Eurodollar Rate applicable to such Interest Period. (bc) Subject to Section 8.1, each Money Market IBOR Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable London thereto, at a rate per annum equal to the sum of the Interbank Offered Rate for such Interest PeriodPeriod (determined in accordance with Section 2.6(b) as if the related Money Market IBOR Borrowing were a Euro-Dollar Borrowing) plus (or minus) the Money Market Margin quoted by the Bank making such Loan in accordance with Section 2.4. Such Each Money Market Absolute Rate Loan shall bear interest shall be payable on the outstanding principal amount thereof, for each the Interest Period on the last day thereof and, if such Interest Period is longer than three monthsapplicable thereto, at intervals of three months after a rate per annum equal to the first day thereof. (c) Money Market Absolute Rate quoted by the Bank making such Loan in accordance with Section 2.4. Any overdue principal of or interest on any Euro-Dollar Money Market Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum Base Rate until such failure shall become an Event of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, Default and thereafter at a rate per annum equal to the sum of 24% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]In the event that, and for so long as, any Event of Default shall have occurred and be continuing, the outstanding principal amount of the Loans, and, to the extent permitted by applicable law, overdue interest in respect of all Loans, shall bear interest at the annual rate equal to the sum of the Base Rate and four percent (4%) (the "Default Rate"). (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest demonstrable error. (f) Interest on all Loans shall be payable on the first Business Day of each calendar month. 42

Appears in 1 contract

Sources: Term Loan Agreement (Equity Office Properties Trust)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Rate for such day. Such interest shall be payable for each Interest Period on the last day plus any applicable Base Rate Marginthereof. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Euro-Dollar Currency Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Currency Margin for such day plus (b) the applicable Adjusted London Interbank Offered Rate for such Interest PeriodRate. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on . The "Adjusted London Interbank Offered Rate" applicable to any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at Interest Period means a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 1/100th of 1%) by dividing (i) the applicable London Interbank Offered Rate by (ii) 1.0 minus the Euro-Currency Reserve Percentage. The "London Interbank Offered Rate" applicable to any Interest Period (other than any seven day Interest Period) means the rate appearing on the relevant page of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal Telerate screen (or on any successor or substitute page of such service, or any successor to or substitute for such overdue payment due to service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to deposits in the Applicable Currency in the London interbank market) at approximately 11:00 A.M., London time, two Euro-Currency Business Days prior to the commencement of such Interest Period, as the rate for deposits in the Applicable Currency with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason or in the case of any seven day Interest Period, and, in any event, in the case of sterling-denominated Loans, then the "London Interbank Offered Rate" with respect to such Interest Period shall be the rate (rounded upwards, if necessary, to the next 1/100 of 1%) at which deposits of $5,000,000 (or the Foreign Currency Equivalent thereof, in the case of a Foreign Currency) and for a maturity comparable to such Interest Period are offered to by the principal London office of the Administrative Agent in immediately available funds in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the at approximately 11:00 A.M., London time, two Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal Currency Business Days prior to the sum commencement of 2% plus the rate applicable to Base Rate Loans for such day)Interest Period. (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Credit Agreement (Ingersoll Rand Co LTD)

Interest Rates. (a) Each Base Rate ABR Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Rate ABR for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%day. Such interest shall be payable for each Interest Period on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Dateday thereof. (b) Each Euro-Dollar LIBOR Loan shall bear interest on the outstanding principal amount thereof, for each day during in the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Applicable Margin for such day plus (b) the LIBO Rate applicable London Interbank Offered Rate for to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Each Euro Reference Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Loan is made until it becomes due, at a rate per annum equal to the Euro Reference Rate for such day. Such interest shall be payable on the last TARGET Day of each calendar month. (d) Each EURIBOR Loan shall bear interest on the outstanding principal amount thereof, for each day in the Interest Period applicable thereto, at a rate per annum equal to the sum of the Applicable Margin for such day plus the EURIBO Rate applicable to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (e) Any overdue principal of or interest on any Euro-Dollar ABR Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar rate otherwise applicable to ABR Loans for such day. Any overdue principal of or interest on any LIBOR Loan shall bear interest, payable on demand, for each day from and including the date payment thereof was due to but excluding the date of actual payment, at a rate per annum equal to the sum of 2% plus the sum of the Applicable Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal LIBO Rate applicable to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage Loan (or, if the circumstances described in clause (a) or (b) of Section 8.01 8.1 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base ABR Loans for such day). Any overdue principal of or interest on any Euro Reference Rate Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Euro Reference Rate Loans for such day. Any overdue principal of or interest on any EURIBOR Loan shall bear interest, payable on demand, for each day from and including the date payment thereof was due to but excluding the date of actual payment, at a rate per annum equal to the sum of 2% plus the sum of the Applicable Margin for such day plus the EURIBO Rate applicable to such Loan (or, if the circumstances described in clause (a) or (b) of Section 8.1 shall exist, at a rate per annum equal to the sum of 2% plus the Euro Reference Rate for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the relevant Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Revolving Credit Agreement (Eaton Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Rate for such day plus PLUS any applicable Base Rate Margin. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Date. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus sum of the Base Rate PLUS any applicable Base Rate Margin plus PLUS 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Date% per annum. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three Euro-Dollar Business Days, then for such period of time not longer than 6 months as the Administrative Agent may elect) deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [ReservedRESERVED.]. (e) [ReservedRESERVED.]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement Agreement, each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Short Term Credit Agreement (Park Place Entertainment Corp)

Interest Rates. (a) Each So long as no Event of Default under this Agreement has occurred and is continuing, each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Base Rate Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Adjusted Base Rate for Rate. Interest shall be payable monthly in arrears on the first Business Day of each calendar month commencing on the first such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any date after such Base Rate Loan shallis made, and at the option maturity of the Loans (whether by reason of acceleration or otherwise); provided, that in the event the Loans are repaid or prepaid in full and the Commitments have been terminated, then accrued interest in respect of all Base Rate Loans shall be payable together with such repayment or prepayment on the date thereof. (i) Immediately upon the occurrence and during the continuance of an Event of Default under Sections 7.01, 7.02, 7.07, 7.08 or (ii) at the election of the Required LendersBanks (or the Administrative Agent at the direction of the Required Banks), upon the occurrence and during the continuance of any other Event of Default, each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Base Rate Loan is made until it becomes due, at a rate per annum equal to two percent (2%) over and above the Adjusted Base Rate and such default interest shall be payable on demand. From and after the maturity of the Loans, whether by reason of acceleration or otherwise, each Base Rate Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus two percent (2%. Such interest shall be payable on ) over and above the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateAdjusted Base Rate. (b) Each Euro-Dollar So long as no Event of Default under this Agreement has occurred and is continuing, each Term SOFR Loan shall bear interest on the outstanding principal amount thereof, thereof for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Term SOFR Rate. Interest Period. Such interest shall be payable for each Interest Period on the last day thereof andand at the maturity of the Loans (whether by reason of acceleration or otherwise); provided, if that in the event all Term SOFR Loans made pursuant to a single borrowing are repaid or prepaid in full, then accrued interest in respect of such Interest Period is longer than three months, at intervals of three months after Term SOFR Loans shall be payable together with such repayment or prepayment on the first day date thereof. (ci) Any overdue principal Immediately upon the occurrence and during the continuance of an Event of Default under Sections 7.01, 7.02, 7.07, 7.08 or interest on any Euro-Dollar Loan shall, (ii) at the option election of the Required LendersBanks (or the Administrative Agent at the direction of the Required Banks), upon the occurrence and during the continuance of any other Event of Default, each Term SOFR Loan shall bear interest on the outstanding principal amount thereof for each Interest Period applicable thereto at a rate per annum equal to two percent (2%) over and above the Term SOFR Rate and such default interest shall be payable on demand. From and after the maturity of the Loans, whether by reason of acceleration or otherwise, each Term SOFR Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall existpaid, at a rate per annum equal to two percent (2%) over and above the sum of 2% plus the rate applicable to Base Rate Loans for such day)Term SOFR Rate. (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Loan Agreement (Spire Missouri Inc)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date day such Loan is made to (but excluding) excluding the date day it becomes due, at a rate per annum equal to the sum of the Applicable Margin for such day plus the Base Rate for such day plus day. Such interest shall be payable at maturity, quarterly in arrears on each Quarterly Date prior to maturity and, with respect to the principal amount of any applicable Base Rate MarginLoan converted to a Fixed Rate Loan, on the date such Loan is so converted. Any overdue principal of or interest on any Base Rate Loan shallLoan, at or any overdue fees or other amounts payable by the option of the Required LendersBorrower hereunder, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate then applicable to Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the each Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Applicable Margin for such day plus (b) the applicable London Interbank Offered Rate for applicable to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. . The “London Interbank Offered Rate” applicable to any Interest Period means the rate per annum determined on the basis of the rate for deposits in U.S. dollars for a period equal to such Interest Period commencing on the first day of such Interest Period appearing on LIBOR1 of the Reuters screen as of 11:00 A.M. (cLondon time) Any overdue principal of or interest on any two Euro-Dollar Loan shall, at Business Days prior to the option beginning of such Interest Period. In the event that such rate does not appear on LIBOR1 of the Required LendersReuters screen (or otherwise on such screen), bear interest, payable on demand, the London Interbank Offered Rate shall be determined by reference to such other comparable publicly available service for each day until paid at a rate per annum equal to the sum of 2% plus displaying eurodollar rates as may be selected by the Euro-Dollar Margin for Reference Lenders or, in the absence of such day plus the quotient obtained (rounded upwardsavailability, if necessary, by reference to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars U.S. dollars are offered to each of the Euro-Dollar Reference Lenders in the London interbank market at approximately 11:00 A.M. (London time) two Euro-Dollar Business Days before the first day of such Interest Period in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus principal amount of the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) Loan of Section 8.01 shall exist, at such Euro-Dollar Reference Lender to which such Interest Period is to apply and for a rate per annum equal period of time comparable to the sum of 2% plus the rate applicable to Base Rate Loans for such day)Interest Period. (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Credit Agreement (Norfolk Southern Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date day such Loan is made to (but excluding) excluding the date day it becomes due, at a rate per annum equal to the Base Rate for such day plus day. Such interest shall be payable at maturity, quarterly in arrears on each Quarterly Date prior to maturity and, with respect to the principal amount of any applicable Base Rate MarginLoan converted to a Fixed Rate Loan, on the date such Loan is so converted. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Base Rate for such day. (b) Each CD Loan shall bear interest on the outstanding principal amount thereof, for each day during each Interest Period applicable thereto, at a rate per annum equal to the sum of the Applicable Margin for such day plus the quotient obtained (rounded upwardsAdjusted CD Rate applicable to such Interest Period; provided that if any CD Loan or any portion thereof shall, as a result of the definition of Interest Period, have an Interest Period of less than 30 days, such portion shall bear interest for each day during such Interest Period at the rate applicable to Base Rate Loans for such day. Such interest shall be payable for each Interest Period on the last day thereof and, if necessarysuch Interest Period is longer than 90 days, to 90 days after the next higher 1/100 first day thereof. Any overdue principal of 1%) by dividing (i) the average (rounded upwardor interest on any CD Loan shall bear interest, if necessarypayable on demand, to the next higher 1/16 of 1%) of the respective rates per annum at which one for each day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, until paid at a rate per annum equal to the sum of 2% plus the rate higher of (i) the Base Rate for such day and (ii) the sum of the Applicable Margin plus the Adjusted CD Rate applicable to such Loan on the day before such payment was due. The "Adjusted CD Rate" applicable to any Interest Period means a rate per annum determined pursuant to the following formula: ____________ [ CDBR ] * ACDR = [1.00 - DRP] + AR ACDR = Adjusted CD Rate CDBR = CD Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (f) DRP = Domestic Reserve Percentage AR = Assessment Rate ---------- * The Administrative Agent shall determine amount in accordance with brackets being rounded upward, if necessary, to the provisions next higher 1/100 of this Agreement each interest rate 1% The "CD Base Rate" applicable to any Interest Period is the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determineddetermined by the Administrative Agent to be the average (rounded upward, if necessary, to the next higher 1/100 of 1%) of the prevailing rates per annum bid at 10:00 A.M. (New York City time) (or as soon thereafter as practicable) on the first day of such Interest Period by two or more New York certificate of deposit dealers of recognized standing for the purchase at face value from each CD Reference Bank of its certificates of deposit in an amount comparable to the principal amount of the CD Loan of such CD Reference Bank to which such Interest Period applies and its determination thereof shall be conclusive in the absence of manifest errorhaving a maturity comparable to such Interest Period.

Appears in 1 contract

Sources: Credit Agreement (Norfolk Southern Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Rate for each such day plus day. Such interest shall be payable at maturity, quarterly in arrears on each Quarterly Payment Date prior to maturity and, with respect to the principal amount of any applicable Base Rate MarginLoan converted to a Euro-Dollar Loan, on the date such amount is so converted. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid from and including the date payment thereof was due to but excluding the date of actual payment, at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of Loans for each calendar quarter in arrears and on the Termination Datesuch day. (b) Each Euro-Dollar Currency Loan (including each Swingline Loan) shall bear interest on the outstanding principal amount thereof, for each day during the each Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Currency Margin for each such day plus (b) the applicable London Interbank Offered Rate for such Interest PeriodPeriod (which, in the case of a Swingline Loan, is three Euro-Currency Business Days). Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on . The "LONDON INTERBANK OFFERED RATE" applicable to any Euro-Dollar Currency Loan shallfor any Interest Period means the rate appearing on the Screen at approximately 11:00 a.m., London time, on the Rate Fixing Date as the rate for deposits in dollars or the relevant Alternative Currency with a maturity comparable to such Interest Period. If no rate appears on the Screen for the necessary currency and period, then the "London Interbank Offered Rate" with respect to such Euro-Currency Loan for such Interest Period shall be the rate at which deposits of that amount and currency with a maturity comparable to such Interest Period are offered by the option principal London office of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits Agent in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent immediately available funds in the London interbank market for at approximately 11:00 a.m., London time, on the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day)Fixing Date. (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: 364 Day Credit Agreement (Tyco International LTD /Ber/)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable the Applicable Margin. Such interest shall be payable quarterly in arrears on the last day of each Quarterly Period and on each date a Base Rate MarginLoan is converted to a Eurodollar Loan. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2.000% plus the rate otherwise applicable to Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Euro-Dollar Eurodollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Adjusted Eurodollar Rate for such Interest PeriodPeriod plus the Applicable Margin. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three 3 months, at intervals of three 3 months after the first day thereof. (c) . Any overdue principal of or interest on any Euro-Dollar Eurodollar Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, demand for each day until paid at a rate per annum equal to the sum of 22.000% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one for each day deposits in Dollars in an amount approximately equal during any Interest Period applicable to such overdue payment due Eurodollar Loan, the rate applicable to the Administrative Agent are offered to the Administrative Agent in the London interbank market such Eurodollar Loan for the applicable period determined as provided above by such day, and (ii) 1.00 minus for each day after the Euro-Dollar Reserve Percentage (orend of such Interest Period, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 22.000% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (fc) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks by facsimile, telex or cable of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. (d) The Eurodollar Reference Bank agrees to use its best efforts to furnish quotations to the Agent as contemplated by this Section 2.05. If the Eurodollar Reference Bank does not a timely quotation, the provisions of Section 8.01 shall apply.

Appears in 1 contract

Sources: Credit Agreement (Healthcare Realty Trust Inc)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Rate plus the Applicable Margin for Base Rate Loans for such day. Such interest shall be payable for each Interest Period on the last day plus any applicable Base Rate Marginthereof. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of four percent (4%) plus the rate otherwise applicable to Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the each Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Applicable Margin for Euro- Dollar Margin Loans for such day plus (b) the applicable Adjusted London Interbank Offered Rate for applicable to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on . The "Adjusted London Interbank Offered Rate" applicable to any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at -------------------------------------- Interest Period means a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwardsupward, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the applicable London interbank market for the applicable period determined as provided above Interbank Offered Rate by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day)Percentage. (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Revolving Credit Agreement (Security Capital Atlantic Inc)

Interest Rates. (a) Each CP Rate Loan shall bear interest on the outstanding principal amount thereof from and including the first day of the CP Tranche Period applicable thereto selected in accordance with Article II of this Agreement to (but not including) the last day of such CP Tranche Period at the applicable CP Rate. On the 5th Business Day immediately preceding each Settlement Date, each of Jupiter and Blue Ridge shall calculate the aggregate amount of CP Costs for the applicable Accrual Period and shall notify the Borrower of its aggregate amount of such CP Costs which shall be payable on such Settlement Date. (b) Each Eurodollar Loan shall bear interest on the outstanding principal amount thereof from and including the first day of the Interest Period applicable thereto selected in accordance with Article II of this Agreement to (but not including) the last day of such Interest Period at a rate per annum equal to the sum of (i) the applicable Eurodollar Rate (Reserve Adjusted) for such Interest Period plus (ii) the Applicable Percentage per annum. (c) Each Alternate Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) including the date such Loan is made to (but excluding) excluding the date it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until is paid at a rate per annum equal to the Alternate Base Rate plus for such day. Changes in the rate of interest on Alternate Base Rate Margin plus 2%. Such interest shall be payable on Loans will take effect simultaneously with each change in the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateAlternate Base Rate. (bd) Each Euro-Dollar Loan shall bear interest on Notwithstanding anything to the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Periodcontrary contained in Sections 1.3(a), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) or (c), upon the applicable London Interbank Offered Rate for such occurrence of an Event of Default, and during the continuance thereof, all Obligations shall bear interest, payable upon demand, at the Default Rate. (e) Interest Period. Such interest shall be payable for each Interest Period the day a Loan is made but not for the day of any payment on the last day thereof and, amount paid if such Interest Period payment is longer than three months, received prior to noon (local time) at intervals the place of three months after the first day thereof. (c) Any overdue payment. If any payment of principal of or interest on any Euro-Dollar a Loan shallshall become due on a day which is not a Business Day, at the option of the Required Lenders, bear interest, payable such payment shall be made on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upwardsucceeding Business Day and, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (orcase of a principal payment, if the circumstances described in clause (a) or (b) such extension of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof time shall be conclusive included in the absence of manifest errorcomputing interest in connection with such payment.

Appears in 1 contract

Sources: Credit and Security Agreement (Quest Diagnostics Inc)

Interest Rates. (a) . (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the sum of the Base Rate Margin plus the Base Rate for such day plus any applicable Base Rate Marginday. Such interest shall be payable quarterly in arrears on each Quarterly Payment Date. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Periodafter as well as before judgment), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Base Rate Margin plus the Base Rate for such day. (b) Each Term SOFR Loan shall bear interest on the outstanding principal amount thereof, for each day during each Interest Period applicable thereto, at a rate per annum equal to the sum of the Term SOFR Margin for such day plus the quotient obtained Adjusted Term SOFR Rate applicable to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof. (rounded upwardsc) Any overdue principal of or interest on any Term SOFR Loan shall bear interest (after as well as before judgment), if necessarypayable on demand, for each day until paid at a rate per annum equal to the next higher 1/100 sum of 1%) by dividing (i) 2% plus the average (rounded upward, if necessary, to Term SOFR Margin for such day plus the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal Adjusted Term SOFR Rate applicable to such overdue Loan on the day before such payment was due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans Margin plus the Base Rate for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to promptly notify the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: 364 Day Senior Unsecured Term Loan Credit Agreement (Consolidated Edison Co of New York Inc)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the sum of the applicable Base Rate Margin plus the Base Rate for such day plus day. Such interest shall be payable at maturity, quarterly in arrears on each Quarterly Payment Date prior to maturity and, with respect to the principal amount of any applicable Base Rate MarginLoan converted to a Euro-Dollar Loan, on the day such principal amount is so converted. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 1% plus the rate otherwise applicable to Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the each Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for as applicable to such day Euro-Dollar Loan plus (b) the Euro-Dollar Rate applicable London Interbank Offered Rate for to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid paid, at a rate per annum equal to the higher of (i) the sum of 21% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwardsupward, if necessary, to the next higher 1/100 of 1%) by dividing (ix) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum rate at which one day deposits in Dollars in an (or, if such amount approximately equal to due remains unpaid more than three Euro-Dollar Business Days, then for such overdue payment due to other period of time not longer than three months as the Administrative Agent may select) deposits in dollars are offered to by the principal London office of the Administrative Agent in the London interbank market for the applicable period determined as provided above by (iiy) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 8.1 shall exist, at a rate per annum equal to the sum of 21% plus the rate applicable to Base Rate Loans for such day)) and (ii) the sum of 1% plus the sum of the Euro-Dollar Margin for such day plus the Euro-Dollar Rate applicable to such Loan on the day such payment was due. (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the relevant Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Credit Agreement (Campbell Soup Co)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) until the date it becomes dueis repaid or converted into a Euro-Currency Loan pursuant to Section 2.7, at a rate per annum equal to sum of the Base Rate plus the Applicable Margin for Base Rate Loans for such day. (b) Each Euro-Currency Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto, at a rate per annum equal to the Base Rate sum of the Applicable Margin for Euro-Currency Loans for such day plus any the Euro-Currency Rate applicable to such Interest Period. (c) Subject to Section 8.1, each Money Market IBOR Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the sum of the Base Euro-Currency Rate Marginfor such Interest Period (determined in accordance with Section 2.8(b) as if the related Money Market IBOR Borrowing were a Euro-Dollar Borrowing) plus (or minus) the Money Market Margin quoted by the Bank making such Loan in accordance with Section 2.4. Each Money Market Non-IBOR Rate Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the Money Market Non-IBOR Rate quoted by the Bank making such Loan in accordance with Section 2.4. Any overdue principal of or interest on any Base Rate Money Market Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%. Such interest until such failure shall be payable on the last Domestic Business Day become an Event of each calendar quarter in arrears Default and on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid thereafter at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin Base Rate for such day plus day. (d) In the quotient obtained (rounded upwardsevent that, if necessaryand for so long as, any Event of Default shall have occurred and be continuing, any overdue principal amount of the Loans denominated in Dollars, and, to the next higher 1/100 extent permitted by applicable law, overdue interest and fees in respect of 1%) by dividing (i) all Loans, shall bear interest at the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a annual rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans and two percent (2%), or, if any Committed Loan shall have been continued as, or converted into, a Euro-Currency Loan, then, as to such Loan denominated in Alternate Currencies, the sum of the Euro-Currency Rate and the Applicable Margin for such dayEuro-Currency Loans, and two percent (2%) (collectively, the “Default Rate”). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest demonstrable error. (f) Interest on all Loans bearing interest at the Base Rate or the Offered Rate shall be payable on the first Business Day of each calendar month. Interest on all Loans bearing interest based on the Euro-Currency Rate shall be payable on the last Euro-Currency Business Day of the applicable Interest Period, and, in the case of Interest Periods longer than three months, on the last Euro-Currency Business Day of each three-month period from commencement.

Appears in 1 contract

Sources: Revolving Credit Agreement (Istar Financial Inc)

Interest Rates. (a) Each Subject to Section 4.4, each Base Rate Loan -------------- ----------- Advance shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date it becomes due, balance thereof at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option sum of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate Applicable Margin plus the Base Rate Margin plus 2%in effect from day to day, each change in the Base Rate to be effective without notice to Borrower on the effective date of each such change; provided that, in -------- ---- no event shall the rate charged hereunder or under the Notes exceed the Maximum Lawful Rate. Such interest Interest on each Base Rate Advance shall be payable on the last Domestic Business Day of each calendar quarter in arrears March 31, June 30, September 30 and December 31 and on the Termination Date. (b) Each Euro-Dollar Loan Subject to Section 4.4, each Eurodollar Advance shall bear ----------- interest on the outstanding principal amount thereof, thereof for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Applicable Margin for such day plus (b) the applicable London Interbank Offered Rate for such Adjusted Eurodollar Rate; provided that, in no event -------- ---- shall the rate charged hereunder or under the Notes exceed the Maximum Lawful Rate. Interest Period. Such interest on each Eurodollar Advance having an Interest Period of one (1), two (2) or three (3) months shall be payable for each Interest Period on the last day thereof andof the Interest Period applicable thereto. Interest on each Eurodollar Advance having an Interest Period of six (6) months shall be payable on the last day of the Interest Period applicable thereto and on each June 30, if September 30, December 31 and March 31 during such Interest Period is longer than three months, at intervals of three months after the first day thereofPeriod. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunderLoan (or any portion thereof) in accordance with the terms hereof. The Administrative Agent shall give prompt notice to the promptly notify Borrower and the participating Lenders Banks by telex or cable or telecopy of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. (d) Notwithstanding the foregoing, if at any time the rate of interest calculated with reference to the Base Rate or the Eurodollar Rate hereunder (the "Contract Rate") is limited to the Maximum Lawful Rate, any subsequent ------------- reductions in the Contract Rate shall not reduce the rate of interest on the Loan (or any portion thereof) below the Maximum Lawful Rate until the total amount of interest accrued equals the amount of interest which would have accrued if the Contract Rate had at all times been in effect. In the event that at maturity (stated or by acceleration), or at final payment of any Note, the total amount of interest paid or accrued on such Note is less than the amount of interest which would have accrued if the Contract Rate had at all times been in effect with respect thereto, then at such time, to the extent such payment would not result in a violation of a Law, Borrower shall be obligated to pay to the holder of such Note an amount equal to the difference between (i) the lesser of (a) the amount of interest which would have accrued if the Contract Rate had at all times been in effect, and (b) the amount of interest which would have accrued if the Maximum Lawful Rate had at all times been in effect, and (ii) the amount of interest actually paid on such Note.

Appears in 1 contract

Sources: Credit Agreement (Wiser Oil Co)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date it becomes due, balance thereof at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option sum of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate Applicable Margin plus the Base Rate Margin plus 2%in effect from day to day, each change in the Base Rate to be effective without notice to Borrower on the effective date of each such change, provided that in no event shall the rate charged hereunder or under the Notes exceed the Maximum Lawful Rate. Such interest Interest on each Base Rate Loan shall be payable as it accrues on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Quarterly Date. (b) Each Euro-Dollar Committed Eurodollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Applicable Margin for such day plus (b) the applicable London Interbank Offered Rate for such Adjusted Eurodollar Rate; provided that in no event shall the rate charged hereunder or under the Notes exceed the Maximum Lawful Rate. Interest Period. Such interest on each Eurodollar Loan having an Interest Period of one, two or three months shall be payable for each Interest Period on the last day thereof andof the Interest Period applicable thereto. Interest on each Committed Eurodollar Loan having an Interest Period of six, if nine, or twelve months, shall be payable on the last day of the Interest Period applicable thereto and on each Quarterly Date during such Interest Period is longer than three months, at intervals of three months after the first day thereofPeriod. (c) Any overdue principal Each Competitive Bid Fixed Rate Loan shall bear interest at a rate per annum equal to the fixed rate of interest offered by the Bank making such Competitive Bid Fixed Rate Loan in such Bank's Competitive Bid and accepted by Borrower pursuant to Section 2.2.1; provided, that in no event shall the rate charged hereunder or interest under the Notes exceed the Maximum Lawful Rate. Interest on any Euro-Dollar each Competitive Bid Fixed Rate Loan shall, at shall be payable on the option last day of the Required Lenders, Interest Period applicable thereto. (d) Each Competitive Bid Eurodollar Loan shall bear interest, payable on demand, for each day until paid interest at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upwardCompetitive Bid Eurodollar Margin offered by the Bank making such Competitive Bid Eurodollar Loan in such Bank's Competitive Bid and accepted by Borrower pursuant to Section 2.2.1, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by plus (ii) 1.00 minus the Euro-Dollar Reserve Percentage (orapplicable Adjusted Eurodollar Rate; provided, if the circumstances described that in clause (a) or (b) of Section 8.01 no event shall exist, at a rate per annum equal to the sum of 2% plus the rate charged hereunder or under the Notes exceed the Maximum Lawful Rate. Interest on each Competitive Bid Eurodollar Loan shall be payable on the last day of the Interest Period applicable to Base Rate Loans for such day). (d) [Reserved]thereto. (e) [Reserved]. (f) The With respect to Committed Loans and Competitive Bid Eurodollar Loans, Administrative Agent shall determine each interest rate applicable thereto in accordance with the provisions of this Agreement each interest rate terms hereof (and in accordance with the applicable to the Competitive Bids for Competitive Bid Eurodollar Loans hereunderaccepted by Borrower). The Administrative Agent shall give prompt notice to the promptly notify Borrower and the participating Lenders Banks by telex, telescope or cable of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. (f) Notwithstanding the foregoing, if at any time the rate of interest calculated with reference to the Base Rate, any Competitive Bid Fixed Rate accepted by Borrower or the Adjusted Eurodollar Rate hereunder, if applicable, (the "contract rate") is limited to the Maximum Lawful Rate, any subsequent reductions in the contract rate shall not reduce the rate of interest on the affected Loan below the Maximum Lawful Rate until the total amount of interest accrued equals the amount of interest which would have accrued if the contract rate had at all times been in effect. In the event that at maturity (stated or by acceleration), or at final payment of any Note, the total amount of interest paid or accrued on such Note is less than the amount of interest which would have accrued if the contract rate had at all times been in effect with respect thereto, then at such time, to the extent permitted by law, Borrower shall pay to the holder of such Note an amount equal to the difference between (i) the lesser of the amount of interest which would have accrued if the contract rate had at all times been in effect and the amount of interest which would have accrued if the Maximum Lawful Rate had at all times been in effect, and (ii) the amount of interest actually paid on such Note.

Appears in 1 contract

Sources: Credit Agreement (Berry Petroleum Co)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the sum of the Base Rate plus the Applicable Base Rate Margin for such day plus day. Such interest shall be payable at maturity, quarterly in arrears on each Quarterly Date prior to maturity and, with respect to the principal amount of any applicable Base Rate MarginLoan converted to a Euro-Dollar Loan, on the date of such conversion. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the each Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Applicable Euro-Dollar Margin for such day plus (b) the Adjusted LIBO Rate applicable London Interbank Offered Rate for to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof, and at maturity. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the higher of (i) the sum of 2% plus the Applicable Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 1/100 of 1%) of the respective rates per annum at which one day deposits in Dollars in an (or, if such amount approximately equal to due remains unpaid more than three Euro-Dollar Business Days, then for such overdue payment due to other period of time not longer than three months as the Administrative Agent may select) deposits in dollars are offered to by the principal London office of the Administrative Agent in the London interbank market for the applicable period determined as provided above by and (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate Applicable Euro-Dollar Margin for such day plus the Adjusted LIBO Rate applicable to Base Rate Loans for such day)Loan at the date such payment was due. (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Credit Agreement (Martin Marietta Materials Inc)

Interest Rates. 2.2.1 Each Short Term Trade Series Note shall bear interest on the outstanding principal amount thereof, for each day, other than a day during an Alternate Rate Period, during the applicable Interest Period, at a rate per annum equal to the Applicable LIBOR Rate applicable to such Interest Period as determined by the Calculation Agent in accordance with the provisions of the Indenture (aincluding the definition of "LIBOR") which determination shall be conclusive absent manifest error. The interest accrued in respect of each Short Term Trade Series Note pursuant to this Section 2.2 as of each Payment Date shall be payable on such Payment Date. 2.2.2 Each Base Rate Loan Short Term Trade Series Note shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date it becomes duethat falls in any Alternate Rate Period during any Interest Period, at a rate per annum equal to the Base Alternative Basis Interest Rate for such day plus any applicable Base Rate Margin. as determined by the Calculation Agent in accordance with the provisions of the Indenture. 2.2.3 Any overdue principal amount of Note Payments with respect to the Short Term Trade Series Notes shall (without duplication of any amounts payable under clauses 2.2.1 or interest on any Base Rate Loan shall, at the option 2.2.2 of the Required Lenders, this Section 2.2) bear interest, payable on demanddemand (such interest, "Default Interest"), (i) for each day, other than a day during an Alternate Rate Period, until paid at a rate per annum equal (and to the Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter extent) Satisfied in arrears and on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)Cash, at a rate per annum equal to the sum of the Applicable LIBOR Rate then in effect plus 2% and (aii) on and after the Euro-Dollar Margin for Maturity Date until such day plus (b) the applicable London Interbank Offered Rate for such Interest Period. Such interest amount shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid Satisfied in Cash in full at a rate per annum equal at all times to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (iA) the average (rounded upward, if necessary, to Applicable LIBOR Rate computed for the next higher 1/16 of 1%) of period determined by the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the New Notes Administrative Agent are offered to beginning with the Administrative Agent in the London interbank market Maturity Date and for the applicable period determined successive one-month periods as provided above by though each were an Interest Period plus (iiB) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause 2%. 2.2.4 (a) or (b) The initial Interest Period shall commence on the date of Section 8.01 the Takedown and shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive end as provided in the absence definition of manifest errorInterest Period. Thereafter, each Interest Period shall commence as provided in the definition of Interest Period and end on a Payment Date, provided that the last Interest Period shall end on the Maturity Date.

Appears in 1 contract

Sources: First Supplemental Indenture (Perez Companc Sa)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes duedue or is converted to a different type of Loan, at a rate per annum equal to the Base Rate for such day plus day. Such interest shall be payable quarterly in arrears on each Quarterly Payment Date and, with respect to the principal amount of any applicable Base Rate MarginLoan converted to a different type of Loan, on the date such principal amount is so converted. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate sum of 2% plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Datefor such day. (b) Each Euro-Dollar Currency Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Currency Margin for such day plus (b) the applicable London Interbank Offered Rate applicable for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. The "LONDON INTERBANK OFFERED RATE" applicable to any Interest Period means the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which deposits in the relevant currency are offered to each of the Euro-Currency Reference Banks in the London interbank market at approximately 11:00 A.M. (London time) two Euro-Currency Business Days before the first day of such Interest Period in an amount approximately equal to the principal amount of the Euro-Currency Loan of such Euro-Currency Reference Bank to which such Interest Period is to apply and for a period of time comparable to such Interest Period. (c) Any overdue principal of or interest on any Euro-Dollar Currency Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid from and including the date payment thereof was due to but excluding the date of actual payment, at a rate per annum equal to the sum of 2% plus the Euro-Dollar Currency Margin for plus the higher of (i) the London Interbank Offered Rate applicable to such day plus Loan immediately before it became overdue and (ii) a rate (the "OVERNIGHT LIBO RATE") equal to the quotient obtained (rounded upwards, upward if necessary, to the next higher 1/100 of 1%) by dividing (ix) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three Euro-Currency Business Days, then for such other period of time not longer than six months as the Administrative Agent may select) deposits in Dollars the relevant currency in an amount approximately equal to such overdue payment due to each of the Administrative Agent Euro-Currency Reference Banks are offered to the Administrative Agent such Euro-Currency Reference Bank in the London interbank market for the applicable period determined as provided above by (iiy) 1.00 minus the Euro-Dollar Currency Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]Subject to Section 8.01(a), each Competitive Bid LIBOR Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the sum of the London Interbank Offered Rate for such Interest Period (determined in accordance with (b) as if the related Competitive Bid LIBOR Borrowing were a Euro-Currency Borrowing) plus (or minus) the Competitive Bid Margin quoted by the Bank making such Loan in accordance with Section 2.03. Each Competitive Bid Absolute Rate Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the Competitive Bid Absolute Rate quoted by the Bank making such Loan in accordance with Section 2.03. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. Any overdue principal of or interest on any Competitive Bid Loan shall bear interest, payable on demand, for each day until paid (i) in the case of Dollar-Denominated Loans, at a rate per annum equal to the sum of 2% plus the Base Rate for such day and (ii) in the case of Euro-Currency Denominated Loans, at a rate per annum determined in accordance with subsection 2.07(c) as if such Loan were Euro-Currency Loans. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower Company and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. (f) Each Euro-Currency Reference Bank agrees to use its best efforts to furnish quotations to the Administrative Agent as contemplated by this Section. If any Euro-Currency Reference Bank does not furnish a timely quotation, the Administrative Agent shall determine the relevant interest rate on the basis of the quotation or quotations furnished by the remaining Euro-Currency Reference Bank or Banks or, if none of such quotations is available on a timely basis, the provisions of Section 8.01 shall apply.

Appears in 1 contract

Sources: Credit Agreement (Allergan Inc)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Euro-Dollar Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which Eurodollar Rate for one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]Swing Line Loans shall bear interest at a fluctuating rate per annum equal to the Base Rate plus any applicable Base Rate Margin. Interest on the Swing Line Loans shall be payable on such dates, not more frequent than monthly, as may be specified by the Swing Line Lender and in any event on the Termination Date. Any overdue principal of or interest on any Swing Line Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of the Base Rate plus any applicable Base Rate Margin plus 2% per annum for such day. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Credit Agreement (Hilton Hotels Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Rate for such day plus day. Such interest shall be payable quarterly in arrears on each Quarterly Date and 16 on the Termination Date, and, with respect to the principal amount of any applicable Base Rate MarginLoan converted to a Euro-Dollar Loan, on each date a Base Rate Loan is so converted. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 1% plus the rate otherwise applicable to Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the each Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Applicable Margin for such day plus (b) the applicable London Interbank Offered Rate for applicable to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. . The "LONDON INTERBANK OFFERED RATE" applicable to any Interest Period means a rate of interest determined by the Agent on the basis of at least two offered rates for deposits in Dollars for a period equal to such Interest Period commencing on the first day of such Interest Period appearing on the Reuters Screen LIBO Page as of 11:00 A.M. (cLondon time) Any overdue principal of or interest on any the day that is two Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal Business Days prior to the sum first day of 2% plus such Interest Period. If at least two such offered rates appear on the Euro-Dollar Margin for such day plus Reuters Screen LIBO Page, the quotient obtained rate with respect to each Interest Period will be the arithmetic average (rounded upwards, if necessary, upwards to the next higher 1/100 1/16th of 1%) by dividing (i) of such offered rates. If fewer than two offered rates appear, the "LONDON INTERBANK OFFERED RATE" in respect of any Interest Period will be the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars are offered to each of the Euro-Dollar Reference Banks in the London interbank market at approximately 11:00 A.M. (London time) two Euro-Dollar Business Days before the first day of such Interest Period in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus principal amount of the Euro-Dollar Reserve Percentage Loan of such Euro-Dollar Reference Bank to which such Interest Period is to apply and for a period of time comparable to such Interest Period. (orc) Any overdue principal of or interest on any Euro-Dollar Loan shall bear interest, if payable on demand, for each day from and including the circumstances described in clause (a) or (b) date payment thereof was due to but excluding the date of Section 8.01 shall existactual payment, at a rate per annum equal to the sum of 21% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. (e) Each Reference Bank agrees to use its best efforts to furnish quotations to the Agent as contemplated by this Section. If any Reference Bank does not furnish a timely quotation necessary to determine an interest rate m accordance with this Section, the Agent shall determine the relevant interest rate on the basis of the quotation or quotations furnished by the remaining Reference Bank or Banks or, if none of such quotations is available on a timely basis, the provisions of Section 8.01 shall apply. (f) The "APPLICABLE MARGIN" with respect to any Euro-Dollar Loan at any date is the applicable percentage amount set forth in the table below based on the Status and Usage on such date. LEVEL I LEVEL II LEVEL III LEVEL IV LEVEL V LEVEL VI STATUS STATUS STATUS STATUS STATUS STATUS ------- -------- --------- -------- ------- -------- Euro-Dollar Loans Usage less than or equal to 50% 0.210% 0.225% 0.265% 0.280% 0.350% 0.425% Usage greater than 50% 0.260% 0.275% 0.315% 0.330% 0.400% 0.475%

Appears in 1 contract

Sources: Credit Agreement (Cit Group Inc)

Interest Rates. (a) Each Base Rate Pursuant to each properly delivered Funding Notice, (i) each Eurodollar Loan shall bear accrue interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date it becomes due, at a rate per annum during each Interest Period applicable thereto equal to the sum of the Eurodollar Rate for such Interest Period plus the Applicable Margin and (ii) each Base Rate Loan shall accrue interest at a rate per annum during each Monthly Period equal to the sum of the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate Monthly Period plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateApplicable Margin. (b) Each EuroOn or before 2:00 p.m., New York City time, at least five (5) Business Days prior to the end of each Interest Period for each Eurodollar Loan, and at least three (3) Business Days prior to the end of any Monthly Period for any Base Rate Loans, the Borrower shall deliver to the Administrative Agent an Interest Period Notice setting forth the Borrower’s election (i) to continue any such Eurodollar Loan as (or convert any such Base Rate Loan to) a Eurodollar Loan or (ii) to convert any such Eurodollar Loan to a Base Rate Loan at the end of the then-Dollar current Interest Period; provided, that if an Event of Default has occurred and is continuing, all Eurodollar Loans shall automatically convert into Base Rate Loans at the end of the then-current Interest Periods. Upon the waiver or cure of such Event of Default, the Borrower shall have the option to continue such Loans as Base Rate Loans and/or to convert such Loans to Eurodollar Loans (by delivery of an Interest Period Notice), subject to the notice periods set forth above. Notwithstanding anything to the contrary, any portion of the Loans maturing in less than one month may not be continued as, or converted to, Eurodollar Loans and will automatically convert to Base Rate Loans at the end of the then-current Interest Period. (c) If the Borrower fails to deliver an Interest Period Notice in accordance with Section 3.03(b), (i) with respect to any Eurodollar Loan, such Eurodollar Loan shall automatically continue as a Eurodollar Loan or (ii) with respect to any Base Rate Loan, such Base Rate Loan shall automatically continue as a Base Rate Loan. (d) All Eurodollar Loans shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such the applicable Interest Period to but excluding (and excluding) the last day of such Interest Period), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a interest rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal determined as applicable to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]Eurodollar Loan. (e) [Reserved]Notwithstanding anything to the contrary, the Borrower shall have, in the aggregate, no more than five (5) separate Eurodollar Loans outstanding at any one time. For purposes of the foregoing, all Eurodollar Loans commencing on the same day of a month (notwithstanding that such Eurodollar Loans commence in different months) shall be considered a single Eurodollar Loan. (f) The Administrative Agent All Base Rate Loans shall determine in accordance with bear interest from and including the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders first day of each rate of interest so determined, and its determination thereof shall be conclusive in Monthly Period (or the absence of manifest error.day on which Eurodollar Loans are converted to Base Rate Loans as required under Section 3.03(b) or under Article IV (

Appears in 1 contract

Sources: Debt Agreement (First United Ethanol LLC)

Interest Rates. (a) Each Subject to Section 2.15, each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the sum of the Base Rate Margin plus the Base Rate for such day plus day. Such interest shall be payable quarterly in arrears on each Quarterly Date and, in the case of any applicable Base Rate MarginLoan converted to a Euro-Dollar Loan, on the date of such conversion. Any Subject to Section 2.15, any overdue principal of or and overdue interest on any Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Subject to Section 2.15, each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest PeriodRate. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals on each three-month anniversary of three months after the first day thereof. (c) Any Subject to Section 2.15, any overdue principal of or and overdue interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid from and including the date payment thereof was due to but excluding the date of actual payment, at a rate per annum equal to the sum of 2% plus the higher of (i) the sum of the Euro-Dollar Margin for plus the London Interbank Offered Rate applicable to such day Loan and (ii) the Euro-Dollar Margin plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (ix) the average London Interbank Offered Rate for an Interest Period of one day (rounded upwardor, if necessarysuch amount due remains unpaid more than three Euro-Dollar Business Days, to the next higher 1/16 then for such other period of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to time not longer than six months as the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above may select) by (iiy) 1.00 1 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 8;01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Credit Agreement (Cabot Oil & Gas Corp)

Interest Rates. (aA) Each Base Floating Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Floating Rate for such day. Such interest shall be payable for SIDLEY ▇▇▇▇▇▇ ▇▇▇▇▇ & ▇▇▇▇ LLP each Interest Period on the last day plus any applicable Base Rate Marginthereof. Any overdue principal of or overdue interest on any Base Floating Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate sum of 2% plus the Base Floating Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Datefor such day. (bB) Each Euro-Dollar Eurodollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest PeriodEurodollar Rate. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (cC) Any overdue principal of or interest on any Euro-Dollar Eurodollar Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid from and including the date payment thereof was due to but excluding the date of actual payment, at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal Eurodollar Rate applicable to such overdue payment due Loan prior to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by its maturity and (ii) 1.00 minus the Euro-Dollar Reserve Percentage Eurodollar Rate which would be applicable to a Eurodollar Loan to the relevant Borrower hereunder made on such date for a period of one day (or, if such amount due remains unpaid more than three Eurodollar Business Days, then for such other period of time not longer than six months as the Agent may elect, or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Floating Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (fD) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower relevant Borrowers and the participating Lenders Banks by telex, cable or facsimile of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest errorerror (provided that the determination of such amount or amounts is made on a reasonable basis).

Appears in 1 contract

Sources: 364 Day Revolving Credit Agreement (Masco Corp /De/)

Interest Rates. (a) Each The Borrower shall pay interest on the unpaid principal amount of each Advance from and including the date of such Advance to but excluding the date such Advance shall be paid in full (provided, that if the principal amount of any Advance is borrowed and repaid on the same day, the Borrower shall pay interest on such principal amount at the applicable interest rate for such day), at the following rates per annum: (i) if such Advance is a Base Rate Loan Advance, a variable rate per annum equal at all times to the Base Rate in effect from time to time, payable quarterly in arrears on each Payment Date while such Base Rate Advance is outstanding, on the date of each prepayment to the extent required by Section 2.12, and on the date such Base Rate Advance shall be Converted or paid in full; (ii) if such Advance is a Eurodollar Rate Advance, a fixed rate per annum during each Interest Period for such Eurodollar Rate Advance equal to the Eurodollar Rate for such Interest Period plus the Applicable Margin, payable on the last day of the Interest Period (and, in the case of any Interest Period of more than three months’ duration, on each day that occurs during such Interest Period every three months after the first day of such Interest Period), on the date of each prepayment to the extent required by Section 2.12, and on the date such Eurodollar Rate Advance shall be Converted or paid in full; and (iii) [Reserved]. (b) Subject to Section 7.02, (i) immediately upon the occurrence and during the continuance of an Event of Default under Section 6.01(a), 6.01(g) or 6.01(h) (in the case of Section 6.01(g) and 6.01(h), with respect to the Borrower and the Parent only), or (ii) at the election of the Required Lenders, upon the occurrence and during the continuance of any other Event of Default, (A) all outstanding Eurodollar Rate Advances shall bear interest on at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Eurodollar Rate Advances 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 Base Rate Advances, (B) all outstanding principal amount thereof, for each day from (Base Rate Advances and including) the date such Loan is made to (but excluding) the date it becomes due, other Obligations shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate then applicable to Base Rate for Advances or such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%. Such other Obligations and (C) all accrued and unpaid interest shall be due and payable on demand of the last Domestic Business Day of each calendar quarter in arrears and Administrative Agent. Interest shall continue to accrue on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months Obligations after the first day thereoffiling by the Borrower (as to itself) or against the Borrower (as a debtor) 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. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at Upon the option request of the Required LendersBorrower, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to shall provide the Administrative Agent in Borrower with evidence of the London interbank market for amount of the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Eurodollar Rate Reserve Percentage (or, if the circumstances described currently in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day)effect. (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Term Loan Credit Agreement (American Water Works Company, Inc.)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereofSubject to Section 8.01, for each day from (and including) the date such Loan is made to (but excluding) the date it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Date. (b) Each Euro-Dollar EURIBOR Loan shall bear interest on the outstanding principal amount thereof, for each day during the each Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (ai) the Euro-Dollar Applicable Margin for such day plus day, (bii) the applicable London Interbank Offered Rate for such Interest PeriodEURIBOR and (iii) the Mandatory Cost, if any. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereofthereof and, with respect to the principal amount of any EURIBOR Loan that is prepaid, on the date of such prepayment. (cb) Any overdue principal of or Subject to Section 8.01, each LIBOR Loan shall bear interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demandoutstanding principal amount thereof, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the during each Interest Period applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall existthereto, at a rate per annum equal to the sum of 2% plus (i) the rate applicable to Base Rate Loans Applicable Margin for such day, (ii) the applicable LIBOR and (iii) the Mandatory Cost, if any. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof and, with respect to the principal amount of any LIBOR Loan that is prepaid, on the date of such prepayment. (c) If an Obligor fails to pay any amount payable by it under this Agreement on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to clause (i) below, is 1% per annum higher than the rate which would have been payable if the overdue amount had, during the period of nonpayment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Administrative Agent (acting reasonably). Any interest accruing under this Section 2.06(c) shall be immediately payable by the Obligor on demand by the Agent. (i) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (A) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (B) the rate of interest applying to the overdue amount during that first Interest Period shall be 1% per annum higher than the rate which would have applied if the overdue amount had not become due. (ii) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable. (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders making such Loans prompt notice of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Facility Agreement (Praxair Inc)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made (or converted pursuant to (but excludingArticle 9) the date until it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%for such day. Such interest shall be payable on the last Domestic Business Day of each calendar quarter quarterly in arrears and on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)each March, at June, September, and December in each year (each, a rate per annum equal "Quarterly Date") and, with respect to the sum principal amount of (a) the any Base Rate Loan converted to a Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Loan, on each date a Base Rate for such Interest PeriodLoan is so converted. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate Loans for such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during each Interest Period applicable thereto, at a rate per annum equal to the sum of the Euro-Dollar Margin for such day plus the London Interbank Offered Rate applicable to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, in the case of an Interest Period of six months, the date occurring three months after the first day of such Interest Period. (c) Any overdue principal of, or interest on, any Euro-Dollar Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the higher of (i) the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwardsupward, if necessary, to the next higher 1/100 of 1%it) by dividing (ix) the average rate per annum (rounded upward, if necessary, to the next higher 1/16 1/100 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three Business Days, then for such other period of time not longer than three months as the Administrative Agent may select) deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are is offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (iiy) 1.00 one minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 9.1 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day)) and (ii) the sum of 2% plus the Euro-Dollar Margin for such day plus the London Interbank Offered Rate applicable to such Loan at the date such payment was due. (d) [Reserved]Each Swing Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Swing Loan is made until it becomes due, at a rate per annum equal to the Base Rate for such day plus the Swing Margin. Such interest shall be payable on each Quarterly Date or, if earlier, on the date such Swing Loan becomes due or its Refunding Date. Any overdue principal of or interest on any Swing Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate applicable to Swing Loans for such day. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. (f) The Administrative Agent agrees to use its best efforts to furnish quotations as contemplated by this Section. If the Administrative Agent is unable to provide a quotation, the provisions of Section 9.1 shall apply.

Appears in 1 contract

Sources: Credit Agreement (Alliance Data Systems Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) until the date it becomes due, at is repaid or converted into a rate per annum equal Euro-Dollar Loan pursuant to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of Section 2.6 or interest on any Base Rate Loan shall, at the option of the Required LendersMaturity Date, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Applicable Margin for Base Rate Margin plus 2%Loans for such day. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears March, June, September and December and on the Termination Maturity Date. (b) Each Subject to Section 8.1, each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Applicable Margin for Euro-Dollar Loans for such day plus the Euro-Dollar Margin for such day plus (b) the Rate applicable London Interbank Offered Rate for to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof, as well as on the date of any prepayment of any such Euro-Dollar Loan. (c) Subject to Section 8.1, each Competitive Bid LIBOR Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the sum of the Euro-Dollar Rate for such Interest Period (determined in accordance with Section 2.7(b) as if the related Competitive Bid LIBOR Borrowing were a Euro-Dollar Borrowing) plus (or minus) the Competitive Bid Margin quoted by the Bank making such Loan in accordance with Section 2.3. Each Competitive Bid Absolute Rate Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the Competitive Bid Absolute Rate quoted by the Bank making such Loan in accordance with Section 2.3. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than one month, at intervals of one month after the first day thereof. Any overdue principal of or interest on any Euro-Dollar Competitive Bid Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the interest rate applicable to such Competitive Bid Loan. (d) Subject to Section 8.1, each Daily LIBOR Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Loan is made until the date it is repaid or converted into a Euro-Dollar Margin for such day plus Loan pursuant to Section 2.6 or at the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall existMaturity Date, at a rate per annum equal to the sum of 2% LIBOR Daily Floating Rate plus the rate applicable to Base Rate Applicable Margin for Euro-Dollar Loans for such day). (d) [Reserved]. Such interest shall be payable on the last Business Day of each March, June, September and December and on the Maturity Date. (e) [Reserved]If any amount hereunder is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable law. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the any Interest Period for Euro-Dollar Rate Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest the Euro-Dollar Rate so determined, and its determination thereof shall be conclusive in the absence of manifest demonstrable error.

Appears in 1 contract

Sources: Revolving Credit Agreement (Erp Operating LTD Partnership)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date day such Loan is made to (but excluding) excluding the date day it becomes due, at a rate per annum equal to the sum of the Applicable Margin for such day plus the Base Rate for such day plus day. Such interest shall be payable at maturity, quarterly in arrears on each Quarterly Date prior to maturity and, with respect to the principal amount of any applicable Base Rate MarginLoan converted to a Euro-Dollar Loan, on the date such Loan is so converted. Any overdue principal of or interest on any Base Rate Loan shallLoan, at or any overdue fees or other amounts payable by the option of the Required LendersBorrower hereunder, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate then applicable to Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the each Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Applicable Margin for such day plus (b) the applicable London Interbank Offered Rate for applicable to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. . The “London Interbank Offered Rate” applicable to any Interest Period means the rate per annum determined on the basis of the rate for deposits in U.S. dollars for a period equal to such Interest Period commencing on the first day of such Interest Period appearing on LIBOR1 of the Reuters screen (cor any applicable successor page) Any overdue principal as of or interest on any 11:00 A.M. (London time) two Euro-Dollar Loan shall, at Business Days prior to the option beginning of such Interest Period. In the event that such rate does not appear on LIBOR1 of the Required LendersReuters screen (or any applicable successor page), bear interest, payable on demand, for each day until paid at a rate the London Interbank Offered Rate shall be determined by reference to the arithmetic average of the rates per annum equal at which deposits in Dollars would be offered by first class banks in the London interbank market to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained Administrative Agent (rounded upwardsupward, if necessary, to the next higher 1/100 of 1%) by dividing at approximately 11:00 A.M. (iLondon time) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the two Euro-Dollar Reserve Percentage (orBusiness Days before the first day of such Interest Period for a period of time comparable to such Interest Period. Notwithstanding the foregoing, if the circumstances described in clause (a) or (b) of Section 8.01 London Interbank Offered Rate shall existbe less than zero, at a such rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans shall be deemed zero for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions purposes of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest errorAgreement.

Appears in 1 contract

Sources: Credit Agreement (Norfolk Southern Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Marginday. Such interest shall be payable in arrears at maturity and on each Quarterly Date prior to maturity. Any overdue principal of or overdue interest on any Base Rate Loan shall, at the option (and any other overdue amount for which no other rate of the Required Lenders, interest is specified herein) shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Euro-Dollar Currency Loan shall bear interest on the outstanding principal amount thereof, for each day during the each Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Currency Margin for such day plus (b) the Adjusted LIBO Rate applicable London Interbank Offered Rate for to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Currency Loan shallshall bear interest, payable on demand, for each day until paid at a rate per annum equal to the higher of (i) the sum of 2% plus the Euro-Currency Margin for such day plus the Adjusted LIBO Rate applicable to such Loan at the date such payment was due and (ii) the sum of 2% plus the Euro-Currency Margin for such day plus the quotient obtained (rounded upward, if necessary, to the next higher 1/100 of 1%) by dividing (x) the rate per annum at which one day (or, if such amount due remains unpaid more than three Euro-Currency Business Days, then for such other period of time not longer than three months as the Administrative Agent may select) deposits in the relevant currency in an amount approximately equal to such overdue payment are offered by the Administrative Agent in the London interbank market for the applicable period determined as provided above by (y) 1.00 minus the Statutory Reserve Rate. (d) Each Swingline Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto, at a rate per annum equal to the option Base Rate for such day or such other rate as may be from time to time determined by mutual agreement between the Swingline Lender and the Borrower. Any interest on any Swingline Loans shall be payable on each Quarterly Date and on the Termination Date. Any overdue principal of the Required Lenders, or interest on any Swingline Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Credit Agreement (Blyth Inc)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date it becomes due, at a rate per annum equal to the Base Rate for such day plus PLUS any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus PLUS the Base Rate Margin plus PLUS 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus PLUS (b) the applicable London Interbank Offered Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Short Term Credit Agreement (Hilton Hotels Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made (or converted pursuant to (but excluding) the date Article 8) until it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%for such day. Such interest shall be payable on the last Domestic Business Day of each calendar quarter quarterly in arrears and on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)each March, at June, September, and December in each year (each, a rate per annum equal “Quarterly Date”) and, with respect to the sum principal amount of (a) the any Base Rate Loan converted to a Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Loan, on each date a Base Rate for such Interest PeriodLoan is so converted. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate Loans for such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during each Interest Period applicable thereto, at a rate per annum equal to the sum of the Euro-Dollar Margin for such day plus the London Interbank Offered Rate applicable to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof. (c) Any overdue principal of, or interest on, any Euro-Dollar Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the higher of (i) the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwardsupward, if necessary, to the next higher 1/100 of 1%it) by dividing (ix) the average rate per annum (rounded upward, if necessary, to the next higher 1/16 1/100 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three Business Days, then for such other period of time not longer than three months as the Administrative Agent may select) deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are is offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (iiy) 1.00 one minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 8.1 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day)) and (ii) the sum of 2% plus the Euro-Dollar Margin for such day plus the London Interbank Offered Rate applicable to such Loan at the date such payment was due. (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. (e) The Administrative Agent agrees to use its best efforts to furnish quotations as contemplated by this Section. If the Administrative Agent is unable to provide a quotation, the provisions of Section 8.1 shall apply.

Appears in 1 contract

Sources: Credit Agreement (Alliance Data Systems Corp)

Interest Rates. (a) Each Base Rate Loan of any Class shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the sum of the Base Rate Margin for such Class for such day plus the Base Rate for such day plus any applicable Base Rate Marginday. Such interest shall be payable monthly in arrears on the first Domestic Business Day of each month. Any overdue principal of or interest on any Base Rate Loan shall(and, at the option during any Default Rate Period, any principal of the Required Lenders, any Base Rate Loan) shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to such Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoan for such day. (b) Each Euro-Dollar Currency Loan of any Class shall bear interest on the outstanding principal amount thereof, for each day during the each Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Currency Margin for such Class for such day plus (b) the applicable Adjusted London Interbank Offered Rate for applicable to such Interest Period. Such interest shall be payable for each Interest Period applicable to such Loans on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Currency Loan shallof any Class (and, at the option during any Default Rate Period, any principal of the Required Lenders, any Euro-Currency Loan of such Class) shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus (i) in the case of Euro-Currency Loans of any Class denominated in U.S. Dollars, the rate otherwise applicable to Base Rate Loans of such Class for such day and (ii) in the case of Euro Revolving Loans, the higher of (x) the Euro-Dollar Currency Margin for Tranche II Revolving Loans for such day plus the Adjusted London Interbank Offered Rate applicable to such Loan on the day before such payment was due and (y) the Euro-Currency Margin for Tranche II Revolving Loans for such day plus a rate per annum equal to the quotient obtained (rounded upwardsupward, if necessary, to the next higher 1/100 of 1%) by dividing (iA) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates rate per annum at which one day (or, if such amount due remains unpaid more than three Euro-Currency Business Days, then for such other period of time not longer than three months as the Administrative Agent may select) deposits in Dollars Euros in an amount approximately equal to such overdue payment due to the Administrative Agent Reference Lender (or, if no such overdue payment is due to the Reference Lender, in an amount equal to the multiple of 50,000 Euros the U.S. Dollar Equivalent of which is nearest $1,000,000) are offered to the Administrative Agent Reference Lender in the London interbank market for the applicable period determined as provided above by (iiB) 1.00 minus the Euro-Dollar Currency Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day)Percentage. (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Credit Agreement (Sybron Chemicals Inc)

Interest Rates. (a) Each On each day on which the Loan is a Euro-Dollar Loan, such Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, at a rate per annum equal to the sum of: (1) the Applicable Margin, plus (2) the Libor Market Index Rate for such day, as that rate may change from day to day. Any overdue principal of and, to the extent permitted by applicable law, overdue interest on any Euro-Dollar Loan shall bear interest, payable on demand, for each day until paid in full at a rate per annum equal to the Default Rate. (b) On each day on which the Loan is a Base Rate Loan, such Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate the Applicable Margin. Any overdue principal of or and, to the extent permitted by applicable law, overdue interest on any Base Rate Loan shallshall bear interest, payable on demand, for each day until paid in full at a rate per annum equal to the Default Rate. (c) The Loan shall at all times be a Euro-Dollar Loan unless the Loan is to be a Base Rate Loan pursuant to Article VII herein. Interest shall be payable on each Interest Payment Date; provided that: (1) all accrued unpaid interest on the Loan shall be paid in full on the Termination Date; and (2) should the Commitment be terminated at any time prior to the Termination Date for any reason, any and all accrued unpaid interest shall be paid on the date of such termination. (d) The Bank shall determine each interest rate applicable to the Loan hereunder. (e) After the occurrence and during the continuance of a Default, the principal amount of the Loan (and, to the extent permitted by applicable law, all accrued interest thereon) WCSR 3448952v3 may, at the option election of the Required LendersBank, bear interestinterest at the Default Rate; provided, however, that automatically whether or not the Bank elects to do so, any overdue principal of and, to the extent permitted by law, overdue interest on the Loan shall bear interest payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateDefault Rate. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Credit Agreement (Osi Restaurant Partners, Inc.)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date until it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable the Applicable Percentage. Such interest shall be payable quarterly in arrears on the last day of each Quarterly Period and on each date a Base Rate MarginLoan is converted to a Eurodollar Loan. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2.000% plus the rate otherwise applicable to Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Euro-Dollar Eurodollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Adjusted Eurodollar Rate for such Interest PeriodPeriod plus the Applicable Percentage. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three 3 months, at intervals of three 3 months after the first day thereof. (c) . Any overdue principal of or interest on any Euro-Dollar Eurodollar Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, demand for each day until paid at a rate per annum equal to the sum of 22.000% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one for each day deposits in Dollars in an amount approximately equal during any Interest Period applicable to such overdue payment due Eurodollar Loan, the rate applicable to the Administrative Agent are offered to the Administrative Agent in the London interbank market such Eurodollar Loan for the applicable period determined as provided above by such day, and (ii) 1.00 minus for each day after the Euro-Dollar Reserve Percentage (orend of such Interest Period, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 22.000% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (fc) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks by facsimile, telex or cable of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. (d) The Eurodollar Reference Bank agrees to use its best efforts to furnish quotations to the Agent as contemplated by this Section 2.05. If the Eurodollar Reference Bank does not a timely quotation, the provisions of Section 8.01 shall apply.

Appears in 1 contract

Sources: Credit Agreement (Healthcare Realty Trust Inc)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made (or converted pursuant to (but excluding) the date Article 8) until it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%for such day. Such interest shall be payable on the last Domestic Business Day of each calendar quarter quarterly in arrears and on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)each March, at June, September, and December in each year (each, a rate per annum equal “Quarterly Date”) and, with respect to the sum principal amount of (a) the any Base Rate Loan converted to a Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Loan, on each date a Base Rate for such Interest PeriodLoan is so converted. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate Loans for such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during each Interest Period applicable thereto, at a rate per annum equal to the sum of the Euro-Dollar Margin for such day plus the quotient obtained London Interbank Offered Rate applicable to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, in the case of an Interest Period of six months, the date occurring three months after the first day of such Interest Period. (rounded upwardsc) Each Canadian Base Rate Loan shall bear interest on the outstanding principal amount thereof, if necessaryfor each day from the date such Loan is made until it becomes due, at a rate per annum equal to the next Canadian Base Rate plus the Canadian Base Rate Margin for such day. Such interest shall be payable quarterly in arrears on each Quarterly Date. Any overdue principal of or interest on any Canadian Base Rate Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Canadian Base Rate Loans for such day. (d) Any overdue principal of, or interest on, any Euro-Dollar Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the higher 1/100 of 1%) by dividing (i) the sum of 2% plus the Euro-Dollar Margin for such day plus the average rate per annum (rounded upward, if necessary, to the next higher 1/16 1/100 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three (3) Business Days, then for such other period of time not longer than three months as the Administrative Agent may select) deposits in U.S. Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are is offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 8.1 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). ) and (dii) [Reserved]the sum of 2% plus the Euro-Dollar Margin for such day plus the London Interbank Offered Rate applicable to such Loan at the date such payment was due. (e) [Reserved]Each Swing Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Swing Loan is made until it becomes due, at a rate per annum equal to, if denominated in U.S. Dollars, the Base Rate for such day plus the Base Rate Margin and, if denominated in Canadian Dollars, the Canadian Base Rate for such day plus the Base Rate Margin. Such interest shall be payable on each Quarterly Date or, if earlier, on the date such Swing Loan becomes due or its Refunding Date. Any overdue principal of or interest on any Swing Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate applicable to Swing Loans for such day. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. (g) The Administrative Agent agrees to use its best efforts to furnish quotations as contemplated by this Section. If the Administrative Agent is unable to provide a quotation, the provisions of Section 8.1 shall apply.

Appears in 1 contract

Sources: Credit Agreement (Alliance Data Systems Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Euro-Dollar Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]Swing Line Loans shall bear interest at a fluctuating rate per annum equal to the Base Rate plus any applicable Base Rate Margin. Interest on the Swing Line Loans shall be payable on such dates, not more frequent than monthly, as may be specified by the Swing Line Lender and in any event on the Termination Date. Any overdue principal of or interest on any Swing Line Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of the Base Rate plus any applicable Base Rate Margin plus 2% per annum for such day. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Credit Agreement (Hilton Hotels Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) until the date it becomes dueis repaid or converted into a Euro-Currency Loan pursuant to Section 2.7, at a rate per annum equal to sum of the Base Rate plus the Applicable Margin for Base Rate Loans for such day. (b) Each Euro-Currency Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto, at a rate per annum equal to the Base Rate sum of the Applicable Margin for Euro-Currency Loans for such day plus any the Euro-Currency Rate applicable to such Interest Period. (c) Subject to Section 8.1, each Money Market IBOR Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the sum of the Base Euro-Currency Rate Marginfor such Interest Period (determined in accordance with Section 2.8(b) as if the related Money Market IBOR Borrowing were a Euro-Dollar Borrowing) plus (or minus) the Money Market Margin quoted by the Bank making such Loan in accordance with Section 2.4. Each Money Market Non-IBOR Rate Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the Money Market Non-IBOR Rate quoted by the Bank making such Loan in accordance with Section 2.4. Any overdue principal of or interest on any Base Rate Money Market Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%. Such interest until such failure shall be payable on the last Domestic Business Day become an Event of each calendar quarter in arrears Default and on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid thereafter at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin Base Rate for such day plus day. (d) In the quotient obtained (rounded upwardsevent that, if necessaryand for so long as, any Event of Default shall have occurred and be continuing, any overdue principal amount of the Loans, and, to the next higher 1/100 extent permitted by applicable law, overdue interest and fees in respect of 1%) by dividing (i) all Loans, shall bear interest at the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a annual rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans and two percent (2%), or, if any Committed Loan shall have been continued as, or converted into, a Euro-Currency Loan, then, as to such Loan only, the sum of the Euro-Currency Rate and the Applicable Margin for such dayEuro-Currency Loans, and two percent (2%) (collectively, the “Default Rate”). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest demonstrable error. (f) Interest on all Loans bearing interest at the Base Rate or the Offered Rate shall be payable on the first Business Day of each calendar month. Interest on all Loans bearing interest based on the Euro-Currency Rate shall be payable on the last Euro-Currency Business Day of the applicable Interest Period, and, in the case of Interest Periods longer than three months, on the last Euro-Currency Business Day of each three-month period from commencement.

Appears in 1 contract

Sources: Revolving Credit Agreement (Istar Financial Inc)

Interest Rates. (a) Each CP Rate Loan shall bear interest on the outstanding principal amount thereof from and including the first day of the CP Tranche Period applicable thereto selected in accordance with Article II of this Agreement to (but not including) the last day of such CP Tranche Period at the applicable CP Rate. (b) Each Eurodollar Loan shall bear interest on the outstanding principal amount thereof from and including the first day of the Interest Period applicable thereto selected in accordance with Article II of this Agreement to (but not including) the last day of such Interest Period at a rate PER ANNUM equal to the sum of (i) the applicable Eurodollar Rate (Reserve Adjusted) for such Interest Period plus (ii) the Applicable Margin PER ANNUM. (c) Each Alternate Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) including the date such Loan is made to (but excluding) excluding the date it becomes due, is paid in full at a rate per annum PER ANNUM equal to the Alternate Base Rate for such day plus any applicable day. Changes in the rate of interest on Alternate Base Rate MarginLoans will take effect simultaneously with each change in the Alternate Base Rate. (d) Notwithstanding anything to the contrary contained in Sections 1.3(a), (b) or (c), upon the occurrence of an Event of Default, and during the continuance thereof, all Obligations shall bear interest, payable upon demand, at the Default Rate. (e) Interest shall be payable for the day a Loan is made but not for the day of any payment on the amount paid if payment is received prior to noon (local time) at the place of payment. Any overdue If any payment of principal of or interest on any Base Rate a Loan shallshall become due on a day which is not a Business Day, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%. Such interest such payment shall be payable made on the last Domestic next succeeding Business Day and, in the case of each calendar quarter in arrears and on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding a principal amount thereofpayment, for each day during the Interest Period applicable thereto (from and including the first day such extension of such Interest Period to but excluding the last day of such Interest Period), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest Period. Such interest time shall be payable for each Interest Period on the last day thereof and, if included in computing interest in connection with such Interest Period is longer than three months, at intervals of three months after the first day thereofpayment. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Credit and Security Agreement (Quest Diagnostics Inc)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereofPursuant to each properly delivered Funding Notice and Interest Period Notice, for each day from (and includingi) the date such Loan is made to (but excluding) the date it becomes due, Eurodollar Loans shall accrue interest at a rate per annum during each Interest Period applicable thereto equal to the sum of the Eurodollar Rate for such Interest Period plus the Applicable Margin and (ii) each Base Rate Loan shall accrue interest at a rate per annum during each Quarterly Period equal to the sum of the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate Quarterly Period plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateApplicable Margin. (b) Each EuroOn or before 12:00 noon, New York City time, at least four (4) Business Days prior to the end of each Interest Period for each Eurodollar Loan, the Borrowers shall, and at least four (4) Business Days prior to the end of any Quarterly Period for any Base Rate Loans, the Borrowers may, deliver to the Administrative Agent an Interest Period Notice setting forth the Borrowers' election (i) to continue any such Eurodollar Loan as (or convert any such Base Rate Loan to) a Eurodollar Loan and setting forth the Borrowers' election with respect to the duration of the next Interest Period applicable to such continued or converted Eurodollar Loan, which Interest Period shall be one (1), two (2), three (3) or six (6) months in length or (ii) to convert any such Eurodollar Loan to a Base Rate Loan at the end of the then-Dollar current Interest Period; provided, that if an Event of Default has occurred and is continuing, all Eurodollar Loans shall automatically convert into Base Rate Loans at the end of the then-current Interest Periods. Upon the waiver or cure of such Event of Default, the Borrowers shall have the option to continue such Loans as Base Rate Loans and/or to convert such Loans to Eurodollar Loans (by delivery of an Interest Period Notice), subject to the notice periods set forth above. Notwithstanding anything to the contrary, any portion of the Loans maturing in less than one month may not be continued as, or converted to, Eurodollar Loans and will automatically convert to Base Rate Loans at the end of the then-current Interest Period. (c) If the Borrowers fail to deliver an Interest Period Notice in accordance with Section 3.05(b) with respect to any Eurodollar Loan, such Eurodollar Loan shall automatically continue as a Eurodollar Loan with an Interest Period of one (1) month. (d) All Eurodollar Loans shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such the applicable Interest Period to but excluding (and excluding) the last day of such Interest Period), at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a interest rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal determined as applicable to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]Eurodollar Loan. (e) [Reserved]Notwithstanding anything to the contrary, the Borrowers shall have, in the aggregate, no more than seven (7) separate Eurodollar Loans outstanding at any one time prior to the Conversion Date or four (4) separate Eurodollar Loans outstanding at any one time after the Conversion Date. For purposes of the foregoing, (i) Eurodollar Loans having different Interest Periods, regardless of whether they commence on the same date, shall be considered separate Eurodollar Loans and (ii) all Eurodollar Loans having the same Interest Period and commencing on the same date shall be considered to be a single Eurodollar Loan. (f) The Administrative Agent All Base Rate Loans shall determine in accordance with bear interest from and including the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders first day of each rate of interest so determined, and its determination thereof shall be conclusive in Quarterly Period (or the absence of manifest error.day on which Eurodollar Loans are converted to Base Rate Loans as required under Section 3.05(b) or under Article IV (

Appears in 1 contract

Sources: Credit Agreement (Pacific Ethanol, Inc.)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made (or converted pursuant to (but excluding) the date Article 8) until it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%for such day. Such interest shall be payable on the last Domestic Business Day of each calendar quarter quarterly in arrears and on the Termination Date. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)each March, at June, September, and December in each year (each, a rate per annum equal “Quarterly Date”) and, with respect to the sum principal amount of (a) the any Base Rate Loan converted to a Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Loan, on each date a Base Rate for such Interest PeriodLoan is so converted. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Base Rate Loans for such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during each Interest Period applicable thereto, at a rate per annum equal to the sum of the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwardsLondon Interbank Offered RateLIBOR applicable to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if necessaryin the case of an Interest Period of six months, the date occurring three months after the first day of such Interest Period. Any overdue principal of, or interest on, any Euro-Dollar Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the next higher 1/100 of 1%) by dividing (i) the sum of 2% plus the Euro-Dollar Margin for such day plus the average rate per annum (rounded upward, if necessary, to the next higher 1/16 1/100 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three (3) Business Days, then for such other period of time not longer than three months as the Administrative Agent may select) deposits in U.S. Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are is offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 8.1 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day)) and (ii) the sum of 2% plus the Euro-Dollar Margin for such day plus the London Interbank Offered Rate applicable to such Loan at the date such payment was due. (c) Each Canadian Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Loan is made until it becomes due, at a rate per annum equal to the Canadian Base Rate plus the Canadian Base Rate Margin for such day. Such interest shall be payable quarterly in arrears on each Quarterly Date. Any overdue principal of or interest on any Canadian Base Rate Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate otherwise applicable to Canadian Base Rate Loans for such day. (d) [Reserved]Each Swing Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Swing Loan is made until it becomes due, at a rate per annum equal to, if denominated in U.S. Dollars, the Base Rate for such day plus the Base Rate Margin and, if denominated in Canadian Dollars, the Canadian Base Rate for such day plus the Base Rate Margin. Such interest shall be payable on each Quarterly Date or, if earlier, on the date such Swing Loan becomes due or its Refunding Date. Any overdue principal of or interest on any Swing Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate applicable to Swing Loans for such day. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.participating

Appears in 1 contract

Sources: Credit Agreement (Alliance Data Systems Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) until the date it becomes dueis repaid or converted into a Euro-Dollar Loan pursuant to Section 2.7, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal sum of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Applicable Margin for Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Applicable Margin for Euro-Dollar Loans for such day plus the Euro-Dollar Margin for such day plus (b) the Rate applicable London Interbank Offered Rate for to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Subject to Section 8.1, each Money Market IBOR Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the sum of the Base Euro-Dollar Rate for such Interest Period (determined in accordance with Section 2.8(b) as if the related Money Market IBOR Borrowing were a Euro-Dollar Borrowing) plus (or minus) the Money Market Margin quoted by the Bank making such Loan in accordance with Section 2.4. Each Money Market Non-IBOR Rate Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the Money Market Non-IBOR Rate quoted by the Bank making such Loan in accordance with Section 2.4. Any overdue principal of or interest on any Euro-Dollar Money Market Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum Base Rate until such failure shall become an Event of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, Default and thereafter at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]In the event that, and for so long as, any Event of Default shall have occurred and be continuing, the outstanding principal amount of the Loans, and, to the extent permitted by applicable law, overdue interest and fees in respect of all Loans, shall bear interest at the annual rate equal to the sum of the Base Rate and two percent (2%), or, if any Committed Loan shall have been continued as, or converted into, a Euro-Dollar Loan, then, as to such Loan only, the sum of the Euro- Dollar Rate and the Applicable Margin for Euro-Dollar Loans, and two percent (2%) (collectively, the "Default Rate"). (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest demonstrable error. (f) Interest on all Loans bearing interest at the Base Rate or the Offered Rate shall be payable on the first Business Day of each calendar month. Interest on all Loans bearing interest based on the Euro-Dollar Rate shall be payable on the last Euro-Dollar Business Day of the applicable Interest Period, and, in the case of Interest Periods longer than three months, on the last Euro-Dollar Business Day of each three-month period from commencement.

Appears in 1 contract

Sources: Revolving Credit Agreement (Istar Financial Inc)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, ; for each day from (and including) the date such Loan is made (or converted pursuant to (but excludingArticle 9) the date until it becomes due, at a rate per annum equal to the Base Rate plus the Base Rate Margin for such day plus day. Such interest shall be payable quarterly in arrears on each Quarterly Date and, with respect to the principal amount of any applicable Base Rate MarginLoan converted to a Euro- Dollar Loan, on each date a Base Rate Loan is so converted. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% PLUS the rate otherwise applicable to Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, ; for each day during the each Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) PLUS the applicable London Interbank Offered Rate for applicable to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof andor, if such in the case of an Interest Period is longer than three of six months, at intervals of the date occurring three months after the first day thereofof such Interest Period. (c) Any overdue principal of; or interest on, any Euro-Dollar Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the higher of (i) the sum of 2% PLUS the Euro-Dollar Margin for such day PLUS the quotient obtained (rounded upward, if necessary, to the next higher 1/100 of it) by dividing (x) the average rate per annum (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day (or, if such amount due remains unpaid more than three Euro- Dollar Business Days, then for such other period of time not longer than three months as the Administrative Agent may select) deposits in dollars in an amount approximately equal to such overdue payment due to the Administrative Agent is offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (y) one minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 9.1 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day) and (ii) the sum of 2% PLUS the Euro-Dollar Margin for such day plus the London Interbank offered Rate applicable to such Loan at the date such payment was due. (d) Each Swing Loan shall bear interest on the outstanding principal amount thereof; for each day from the date such Swing Loan is made until it becomes due, at a rate per annum equal to the Base Rate for such day plus the Swing Margin. Such interest shall be payable quarterly in arrears, on each Quarterly Date or on the date such Swing Loan becomes due or is converted to another type of Loan. Any overdue principal of or interest on any Euro-Dollar Swing Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Swing Loans for such day). (d) [Reserved]. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the respective Borrower and the participating Lenders Banks of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error. (f) The Administrative Agent agrees to use its best efforts to furnish quotations as contemplated by this Section. If the Administrative Agent is unable to provide a quotation, the provisions of Section 9.1 shall apply.

Appears in 1 contract

Sources: Credit Agreement (Alliance Data Systems Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount Outstanding Amount thereof, for each day from (and including) the date such Loan is made to (but excluding) the date it becomes due, at a rate per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateFive-Year Maturity Date with respect to Revolving Loans and Term A Loans or the Seven-Year Maturity Date with respect to Term B Loans. (b) Each Euro-Dollar Eurocurrency Loan shall bear interest on the outstanding principal amount Outstanding Amount thereof, for each day during the Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period), at a rate per annum equal to the sum of (a) the Euro-Dollar Eurocurrency Margin for such day plus (b) the applicable London Interbank Offered Eurocurrency Rate for such Interest PeriodPeriod plus (c) (in the case of a Eurocurrency Loan of any Lender denominated in an Alternative Currency which is lent from a Lending Office in the United Kingdom or a Participating Member State) the Mandatory Cost. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (c) Any overdue principal of or interest on any Euro-Dollar Eurocurrency Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Eurocurrency Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which Eurocurrency Rate for one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]Swing Line Loans shall bear interest at a fluctuating rate per annum equal to the Base Rate plus any applicable Base Rate Margin. Interest on the Swing Line Loans shall be payable quarterly in arrears on the last Business Day of each calendar quarter, and in any event on the Five-Year Maturity Date. Any overdue principal of or interest on any Swing Line Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of the Base Rate plus any applicable Base Rate Margin plus 2% per annum for such day. (e) [Reserved]. (f) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower Company and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Credit Agreement (Hilton Hotels Corp)

Interest Rates. (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from (and including) the date such Loan is made to (but excluding) excluding the date it becomes due, at a rate per annum equal to the sum of the Base Rate for such day plus any the applicable Base Rate Margin. Such interest shall be payable to but excluding the date of actual payment in arrears on each Quarterly Date and, with respect to the principal amount of any Base Rate Loan converted to a Euro-Dollar Loan, on each date a Base Rate Loan is so converted. Any overdue principal of or overdue interest on any Base Rate Loan shall, at the option of the Required Lenders, shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 1% plus the rate applicable to Base Rate plus the Base Rate Margin plus 2%. Such interest shall be payable on the last Domestic Business Day of each calendar quarter in arrears and on the Termination DateLoans for such day. (b) [Reserved] (c) Each Euro-Dollar Currency Loan shall bear interest on the outstanding principal amount thereof, for each day during the each Interest Period applicable thereto (from and including the first day of such Interest Period to but excluding the last day of such Interest Period)thereto, at a rate per annum (the “Euro-Currency Rate”) equal to the sum of (ai) the Euro-Dollar Currency Margin for such day plus (bii) the Euro-Currency Base Rate applicable London Interbank Offered Rate for to such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. (cd) Any overdue principal of or interest on any Euro-Currency Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to (x) in case of any Euro-Dollar Loan, the sum of 1% plus the rate applicable to Base Rate Loans for such date and (y) in case of any Alternative Currency Loan shall(i) from and including the date the payment thereof was due to but excluding the last day of the Interest Period then in effect, the sum of 1% plus the Euro-Currency Margin for such day plus the Euro-Currency Base Rate applicable to such Loan at the date such payment was due and (ii) thereafter, the sum of 1% plus the Euro-Currency Margin for such day plus the quotient obtained (rounded upward, if necessary, to the next higher 1/100 of 1%) by dividing (A) the Euro-Currency Base Rate on such day for deposits in Dollars in an amount approximately equal to such overdue payment and having an Interest Period of one month- by (B) 1.00 minus the Euro-Currency Reserve Percentage. (e) Each Swingline Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Loan is made until it becomes due, at a rate per annum equal to the option rate applicable to Base Rate Loans for such day. Interest on each Swingline Loan shall be payable in arrears on each Quarterly Date. Any overdue principal of the Required Lenders, or interest on any Swingline Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of 1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day deposits in Dollars in an amount approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). (d) [Reserved]. (e) [Reserved]. (f) Subject to Section 8.01, the unpaid principal amount of each Competitive Bid LIBOR Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the sum of the Euro-Currency Base Rate for such Interest Period (determined in accordance with Section 2.07(c) as if the related Competitive Bid LIBOR Borrowing were a Euro-Currency Borrowing) plus (or minus) the Competitive Bid Margin quoted by the Lender making such Loan. The unpaid principal amount of each Competitive Bid Absolute Rate Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the Competitive Bid Absolute Rate quoted by the Lender making such Loan. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. Any overdue principal of or interest on any Competitive Bid Loan shall bear interest, payable on demand, for each day until paid at the applicable rate per annum determined in accordance with Section 2.07(d) as if such Competitive Bid Loan were a Committed Loan denominated in the same currency. (g) The Administrative Agent shall determine in accordance with the provisions of this Agreement each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.

Appears in 1 contract

Sources: Credit Agreement (Praxair Inc)