Interest. (a) The Loans comprising each CBFR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Rate plus the Applicable Margin. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin. (c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.0% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this Section. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 3 contracts
Sources: Revolving Credit Agreement, Revolving Credit Agreement (Service Corporation International), Revolving Credit Agreement (Service Corporation International)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest for each day on which any principal of such Loans remains outstanding at the CB Floating Alternate Base Rate for such day plus the Applicable MarginRate for such day.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest for each day during each Interest Period applicable thereto at the Adjusted LIBO Rate for the such Interest Period in effect for such Borrowing plus the Applicable MarginRate for such day.
(c) Notwithstanding the foregoing, if any principal an Event of Default shall have occurred and be continuing under subsections (a) or interest on any Loan (b) of Article VII, then unless and until such Event of Default shall have been cured or any fee or other amount payable by the Borrower hereunder is not paid when duewaived, whether at stated maturity, upon acceleration or otherwise, such overdue amount all outstanding amounts which are then due and owing shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.0% plus the rate applicable to CBFR ABR Loans as provided for in paragraph subsection (a) of this Sectionabove.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and Loan, on the Maturity Date and, upon termination of the Revolving Loan Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Eurodollar Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Eurodollar Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 3 contracts
Sources: Credit Agreement (Cubic Corp /De/), Credit Agreement (Cubic Corp /De/), Credit Agreement (Cubic Corp /De/)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower all amounts outstanding hereunder is and not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount due in accordance with the provisions hereof shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.10 or (ii) in the case of any other amountoverdue amount (including overdue interest), 2.02% per annum plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this SectionSection 2.10.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the CommitmentsLoan; provided that (i) interest accrued pursuant to paragraph (c) of this Section 2.10 shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(f) For the avoidance of doubt, in respect of periods prior to the Fourth Amendment and Restatement Date, interest on the Loans shall accrue at the rate previously in effect hereunder prior to giving effect to the Fourth Amendment and Restatement Agreement.
Appears in 3 contracts
Sources: Term Loan Credit Agreement (Kindred Healthcare, Inc), Fifth Amendment and Restatement Agreement (Kindred Healthcare, Inc), Fourth Amendment and Restatement Agreement (Kindred Healthcare, Inc)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Swing Line Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if any principal at all times when an Event of Default listed in paragraph (a), (b), (h) or interest on any Loan or any fee or other amount payable by the Borrower (i) of Article VIII has occurred hereunder and is not paid when duecontinuing, whether at stated maturity, upon acceleration or otherwise, such all overdue amount amounts outstanding hereunder shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other overdue amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(f) The Borrower agrees to pay to each Issuing Bank, with respect to drawings honored under any Letter of Credit issued by such Issuing Bank, interest on the amount paid by such Issuing Bank in respect of each such honored drawing from the date such drawing is honored to but excluding the date such amount is reimbursed by or on behalf of the Borrower at a rate equal to (i) for the period from the applicable Disbursement Date to but excluding the applicable Reimbursement Date, the rate of interest otherwise payable hereunder with respect to Revolving Loans that are ABR Loans, and (ii) thereafter, a rate which is 2% per annum in excess of the rate of interest otherwise payable hereunder with respect to Revolving Loans that are ABR Loans.
(g) Interest payable pursuant to Section 2.12(f) shall be computed on the basis of a 365/366 day year for the actual number of days elapsed in the period during which it accrues, and shall be payable on demand or, if no demand is made, on the date on which the related drawing under a Letter of Credit is reimbursed in full. In the event any Issuing Bank shall have been reimbursed by Lenders for all or any portion of any honored drawing, such Issuing Bank shall distribute to the Administrative Agent, for the account of each Lender which has paid all amounts payable by it under Section 2.4(d) with respect to such honored drawing, such Lender’s Applicable Percentage of any interest received by such Issuing Bank in respect of that portion of such honored drawing so reimbursed by such Lender for the period from the date on which such Issuing Bank was so reimbursed by such Lender to but excluding the date on which such portion of such honored drawing is reimbursed by the Borrower.
Appears in 3 contracts
Sources: Revolving Credit and Guaranty Agreement (DoorDash Inc), Revolving Credit and Guaranty Agreement (DoorDash Inc), Revolving Credit and Guaranty Agreement (Pinterest, Inc.)
Interest. (a) The Loans comprising Borrower agrees to pay interest in respect of the unpaid principal amount of each CBFR Borrowing Loan (including Deferred Loans) from the date the proceeds thereof are made available to the Borrower until the maturity (whether by acceleration or otherwise) of such Loan at a rate per annum which shall, during each Swingline Loan) shall bear interest at Interest Period applicable thereto, be equal to the CB Floating Rate sum of the Applicable Margin plus the Applicable MarginEurodollar Rate for such Interest Period plus any Mandatory Costs.
(b) The Loans comprising each Eurodollar Borrowing If the Borrower fails to pay any amount payable by it under a Credit Document on its due date, interest shall bear accrue on the overdue amount (in the case of overdue interest to the extent permitted by law) from the due date up to the date of actual payment (both before and after judgment) at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing a rate which is, subject to paragraph (c) below, [*]% plus the Applicable Marginrate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this Section 2.06(b) shall be immediately payable by the Borrower on demand by the Facility Agent.
(c) Notwithstanding If any overdue amount consists of all or part of a Loan which became due on a day which was not the foregoing, if any principal last day of or interest on any Loan or any fee or other amount payable by an Interest Period relating to that Loan:
(i) the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such first Interest Period for that overdue amount shall bear interest, after as well as before judgment, at have a rate per annum duration equal to the unexpired portion of the current Interest Period relating to that Loan; and
(iii) in the case rate of interest applying to the overdue principal of any Loan, 2.0amount during that first Interest Period shall be [*]% plus the rate otherwise which would have applied if the overdue amount had not become due. 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 such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this Sectionthat overdue amount but will remain immediately due and payable.
(d) Accrued and unpaid interest on each Loan shall be payable in arrears respect of each Loan, on the last day of each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable Period applicable thereto, on demand, (ii) in the event of any repayment or prepayment of any Loan date (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable prepaid), at maturity (whether by acceleration or otherwise) and, after such maturity, on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversiondemand.
(e) All interest hereunder Upon each Interest Determination Date, the Facility Agent shall be computed on determine the basis of a year of 360 days, except that interest computed by reference Eurodollar Rate for each Interest Period applicable to the CB Floating Rate at times when Loans to be made pursuant to the CB Floating Rate is based on applicable Borrowing and shall promptly notify the Prime Rate shall be computed on Borrower and the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day)respective Lenders thereof. The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and Each such determination shall be conclusive shall, absent manifest error, be final and conclusive and binding on all parties hereto.
Appears in 3 contracts
Sources: Loan Agreement (Norwegian Cruise Line Holdings Ltd.), Loan Agreement (Norwegian Cruise Line Holdings Ltd.), Loan Agreement (Norwegian Cruise Line Holdings Ltd.)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest on each day at the CB Floating Alternate Base Rate for such day plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, upon the occurrence and during the continuance of any Event of Default, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Aggregate Commitments; provided that (i) interest accrued pursuant to paragraph (cd) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder determined by reference to the LIBO Rate or clauses (b) or (c) of the definition of Alternate Base Rate shall be computed on the basis of a year of 360 days, except that and all other interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Alternate Base Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(f) The Borrower shall pay to each Lender, so long as such Lender shall be required under regulations of the Board of Governors of the Federal Reserve System of the United States of America to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency Liabilities, additional interest on the unpaid principal amount of each Borrowing of such Lender during such periods as such Borrowing is a Eurodollar Borrowing, from the date of such Borrowing until such principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) the LIBO Rate for the Interest Period in effect for such Eurodollar Borrowing from (ii) the rate obtained by dividing such LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage of such Lender for such Interest Period. Such additional interest shall be determined by such Lender. The Borrower shall from time to time, within 15 days after demand (which demand shall be accompanied by a certificate comporting with the requirements set forth in Section 2.15(c)) by such Lender (with a copy of such demand and certificate to the Administrative Agent) pay to the Lender giving such notice such additional interest; provided, however, that the Borrower shall not be required to pay to such Lender any portion of such additional interest that accrued more than 90 days prior to any such demand, unless such additional interest was not determinable on the date that is 90 days prior to such demand.
Appears in 3 contracts
Sources: Credit Agreement (Williams Companies Inc), Credit Agreement (Williams Companies Inc), Credit Agreement (Williams Companies Inc)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving an ABR Loan pursuant to Section 2.11(a) prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 3 contracts
Sources: Credit Agreement (Alleghany Corp /De), Credit Agreement (Alleghany Corp /De), Credit Agreement (Alleghany Corp /De)
Interest. (a) The Until the earlier to occur of the Rollover Date and a Demand Failure Event, the Loans comprising each CBFR Borrowing (including each Swingline Loan) shall bear interest at a rate per annum equal to the CB Floating Rate plus lesser of (i) the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate at such time and (ii) the Total Cap.
(b) From and after the earliest to occur of the Rollover Date and a Demand Failure Event, the Loans shall bear interest at a rate per annum equal to the Total Cap at such time.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs clauses of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this Sectionthe “Default Rate”).
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the CommitmentsLoan; provided that (i) interest accrued pursuant to paragraph clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event case of any conversion of any Eurodollar Revolving Loan prior to the end of the current exchanged for an Exchange Note other than on an Interest Period thereforPayment Date, accrued interest on such Loan shall be payable on the effective date of such conversionexchange.
(e) All interest hereunder shall be computed on the basis of a year of 360 daysdays and the actual number of days elapsed (or, except that interest computed by reference to from and after the CB Floating Rate at times when occurrence of the CB Floating Rate is based on the Prime Rate shall be computed Rollover Date or a Demand Failure Event, on the basis of a year of 365 360 days (or 366 days in a leap year), and in each case shall be payable for the actual number consisting of days elapsed (including the first day but excluding the last day12 months of 30 days). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative AgentAgent in accordance with the provisions of this Agreement, and such determination shall be conclusive absent manifest error.
Appears in 3 contracts
Sources: Interim Loan Agreement (Constellation Brands, Inc.), Interim Loan Agreement (Constellation Brands, Inc.), Interim Loan Agreement (Constellation Brands, Inc.)
Interest. (a) The Loans comprising Subject to Sections 1.3(c) and 1.3(d), each CBFR Borrowing (including each Swingline Loan) Loan shall bear interest at on the CB Floating Rate plus outstanding principal amount thereof from the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid date when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, made at a rate per annum equal to LIBOR or the Base Rate, as the case may be, plus the Applicable Margin; provided that Swing Loans may not be LIBOR Rate Loans. Each determination of an interest rate by Agent shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error. All computations of fees and interest (iother than interest accruing on Base Rate Loans) payable under this Agreement shall be made on the basis of a 360-day year and actual days elapsed. All computations of interest accruing on Base Rate Loans payable under this Agreement shall be made on the basis of a 365-day year (366 days in the case of overdue principal of any Loan, 2.0% plus a leap year) and actual days elapsed. Interest and fees shall accrue during each period during which interest or such fees are computed from the rate otherwise applicable first day thereof to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this Sectionlast day thereof.
(db) Accrued interest Interest on each Loan shall be payable paid in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section Date. Interest shall also be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable paid on the date of such repayment any payment or prepayment of Term Loans in full and Revolving Loans on the Revolving Termination Date.
(iiic) in While any Specified Event of Default has occurred and is continuing, the event Borrower shall pay interest (after as well as before entry of any conversion of any Eurodollar Revolving Loan prior judgment thereon to the end extent permitted by law) on the Loans and, to the extent permitted by applicable law, past due interest thereon, if any, from and after the date of occurrence of such Specified Event of Default, at a rate per annum which is determined by adding two percent (2.0%) per annum to the current Interest Period thereforApplicable Margin then in effect for such Loans (plus the LIBOR or Base Rate, accrued as the case may be), which such interest, for the avoidance of doubt, shall not be duplicative (to the extent applicable) of interest on charged pursuant to Section 1.3(a). All such Loan interest shall be payable in cash on demand of Agent or the effective date of such conversionRequired Lenders.
(ed) All interest Anything herein to the contrary notwithstanding, the obligations of the Borrower hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference subject to the CB Floating Rate at times when limitation that payments of interest shall not be required, for any period for which interest is computed hereunder, to the CB Floating Rate is based on extent (but only to the Prime Rate shall extent) that contracting for or receiving such payment by the respective Lender would be computed on contrary to the basis provisions of a year any law applicable to such Lender limiting the highest rate of 365 days (interest which may be lawfully contracted for, charged or 366 days in a leap year)received by such Lender, and in each case such event the Borrower shall be pay such Lender interest at the highest rate permitted by applicable law (“Maximum Lawful Rate”); provided, however, that if at any time thereafter the rate of interest payable hereunder is less than the Maximum Lawful Rate, the Borrower shall continue to pay interest hereunder at the Maximum Lawful Rate until such time as the total interest received by Agent, on behalf of Lenders, is equal to the total interest that would have been received had the interest payable hereunder been (but for the actual number operation of days elapsed (including this paragraph) the first day but excluding interest rate payable since the last day). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest errorClosing Date as otherwise provided in this Agreement.
Appears in 3 contracts
Sources: Credit Agreement (R1 RCM Inc.), Credit Agreement (R1 RCM Inc.), Credit Agreement (R1 RCM Inc.)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline LoanLoan made to Finance) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate. The Loans comprising each Swingline Loan made to Luxembourg Holdco or Swissco shall bear interest at the USD Swingline Rate plus the Applicable Rate.
(c) Notwithstanding the foregoing, if upon the occurrence and during the continuance of any Event of Default any principal of or interest on any Loan or any fee or other amount payable by the any Co-Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.13 or (ii) in the case of any other amount, 2.02.00% per annum plus the rate applicable to CBFR ABR Revolving Loans as provided in paragraph (a) of this SectionSection 2.13.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the CommitmentsLoan; provided that (i) interest accrued pursuant to paragraph (c) of this Section 2.13 shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR an ABR Revolving Loan prior to the end of the Initial Revolving Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and prepayment, (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversionconversion and (iv) upon the termination of the Revolving Commitments, accrued interest on the Revolving Loans shall be payable.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 3 contracts
Sources: Second Amendment (Graftech International LTD), Credit Agreement (Graftech International LTD), Credit Agreement (Graftech International LTD)
Interest. (a) The Borrower agrees to jointly and severally pay to the Administrative Agent on behalf of the Lenders interest on the daily outstanding principal balance of (i) the Base Rate Loans comprising each CBFR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Base Rate from time to time in effect, plus the Applicable MarginBase Rate Margin (provided, however, at no time shall such all-in interest rate for this subsection (i) be less than five and one-quarter percent (5.25%) per annum), and (ii) the Libor Loans at the Libor Rate; provided, however, that notwithstanding any other term or provision of this Agreement to the contrary, (x) immediately following the occurrence and during the continuance of an Event of Default relating to Sections 11.1(a), (h), (i) or (j) hereof, and (y) unless the Required Lenders otherwise direct in writing, upon Administrative Agent’s demand following the occurrence and during the continuance of any other Event of Default, in each case, Borrower agrees to and shall pay to Administrative Agent on behalf of Lenders interest on the outstanding principal balance of the Loans at the per annum rate of two percent (2.0%) plus the rate otherwise payable hereunder with respect to such Loans (the “Default Rate”).
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.0% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Base Rate Loan shall be payable on the effective date first calendar day of each month and at maturity, commencing with the first day of the calendar month after the -35- initial disbursement of such conversion.
(e) All loan. Accrued interest hereunder on each Libor Loan shall be payable on the last day of the Libor Interest Period relating to such Libor Loan and at maturity, commencing with the first such last day of the initial Libor Interest Period. Monthly interest payments on the Loans shall be computed using the interest rate then in effect and based on the outstanding principal balance of the Loans. Upon maturity, the outstanding principal balance of all Loans shall be immediately due and payable, together with any remaining accrued interest thereon. Interest shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 three hundred sixty (360) days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including which results in more interest being paid than if computed on the first basis of a 365-day but excluding the last dayyear). The applicable CB Floating RateIf any payment of principal of, Adjusted LIBO Rate or LIBO Rate interest on, the Revolving Credit Note falls due on a day that is not a Business Day, then such due date shall be determined by extended to the Administrative Agentnext following Business Day, and additional interest shall accrue and be payable for the period of such determination shall be conclusive absent manifest errorextension.
Appears in 3 contracts
Sources: Revolving Loan and Security Agreement (Diversicare Healthcare Services, Inc.), Revolving Loan and Security Agreement (Diversicare Healthcare Services, Inc.), Revolving Loan and Security Agreement (Diversicare Healthcare Services, Inc.)
Interest. (a) The Borrower shall pay the Agent on behalf of the Lenders interest on the principal balance of the Loans comprising each CBFR Borrowing (including each Swingline Loan) shall bear interest outstanding from time to time from the date hereof until the date that all of the Obligations have been Paid in Full at the CB Floating Rate rate equal to Adjusted Term SOFR (or to the extent provided in Section 2.13, the Base Rate) plus the Applicable Margin.
; provided, however, that such rate of interest shall be increased by two (b2.00) The Loans comprising each Eurodollar Borrowing shall bear interest percentage points per annum (“Default Rate Interest”) (x) automatically (without the need for any election or notice) upon the occurrence and during the continuation of an Event of Default under Section 7.01(f) or 7.01(g) and (y) at the Adjusted LIBO Rate for election of Agent or the Interest Period in effect for such Borrowing plus Required Lenders upon the Applicable Margin.
(c) Notwithstanding occurrence and during the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.0% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case continuance of any other amountEvent of Default, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph which such election under this clause (ay) of this Section.
(d) Accrued interest on each Loan shall be evidenced by the Agent or the Required Lenders delivering written notice of such election to B▇▇▇▇▇▇▇ (it being understood and agreed that Agent or the Required Lenders shall be permitted to elect to have Default Rate Interest provided for in this clause (y) apply retroactively back to the date any then-existing Event of Default first occurred). All interest shall be due and payable in cash and in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period), accrued interest commencing on the principal amount repaid or prepaid shall be payable first such date to occur after the Closing Date, and on the date of such repayment or prepayment Maturity Date, and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis daily unpaid balance of a year of 360 daysthe applicable Loan, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days three hundred sixty (or 366 days in a leap 360) day year), and in each case shall be payable for counting the actual number of days elapsed (including elapsed; notwithstanding the foregoing, a portion of the regularly-scheduled interest which is payable during the period from the Fifth Amendment Effective Date until the first day but excluding anniversary thereof not to exceed one (1.00) percentage point per annum (such per annum interest rate elected by B▇▇▇▇▇▇▇ shall be referred to herein as the last day)“PIK Interest Rate”) may, at the election of the Borrower, be paid in kind in lieu of in cash. On each Interest Payment Date, all interest payable in kind at the PIK Interest Rate shall be paid by adding such amount (each such amount, a “PIK Amount”) to the outstanding principal amount of the respective Loans (it being understood that any reference in this Agreement or any Note to the outstanding principal balance of the Loans shall include all PIK Amounts to the extent capitalized pursuant to this Section) and once so capitalized shall itself bear interest at the applicable interest rates then applicable to the Loans. The applicable CB Floating Rate, Adjusted LIBO Base Rate or LIBO Rate Adjusted Term SOFR for each Interest Period shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. Agent shall, upon written request of Borrower or any Lender, deliver to Borrower or such Lender a statement showing the computations used by Agent in determining any applicable Adjusted Term SOFR hereunder. In connection with the use or administration of Adjusted Term SOFR or Term SOFR, the Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. The Agent will promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of Adjusted Term SOFR or Term SOFR.
Appears in 3 contracts
Sources: Forbearance Agreement and Ninth Amendment to Credit Agreement (Unifund Financial Technologies, Inc.), Credit Agreement (Unifund Financial Technologies, Inc.), Credit Agreement (Unifund Financial Technologies, Inc.)
Interest. (a) The Loans comprising each CBFR Borrowing Borrower shall pay interest to Lender on the aggregate outstanding Revolving Credit Advances (including each Swingline Loani) shall bear interest at the CB Floating Rate plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a floating rate equal to the non-default rate per annum equal charged from time to time with respect to Base Rate Loans (i) as defined in the case of overdue principal of current Blyth Credit Agreement) (or such rate that would be charged at any Loanapplicable time if such Base Rate Loans or other prime loans, 2.0% plus as applicable, were then outstanding at such time) or such other loans under the rate otherwise applicable to such Loan as provided in Blyth Credit Agreement based on the preceding paragraphs of this Section “prime rate” or (ii) if no Blyth Credit Agreement is in existence, at a floating rate equal to the case JPMorgan Chase Bank N.A. prime rate as announced from time to time (in each case, the “Revolving Credit Rate”). All computations of any other amount, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed made by Lender on the basis of a year of 360 daysthree hundred and sixty (360) day year, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including occurring in the first day but excluding the last day)period for which such interest is payable. The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined Each determination by the Administrative Agent, and such determination Lender of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error. In no event will Lender charge interest at a rate that exceeds the highest rate of interest permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable.
(b) Interest shall be payable on the outstanding Revolving Credit Advances (i) in arrears for the preceding calendar quarter on the last day of each calendar quarter, (ii) on the Commitment Termination Date, and (iii) if any interest accrues or remains payable after the Commitment Termination Date, upon demand by Lender.
(c) Effective upon the occurrence of any Event of Default and for so long as any Event of Default shall be continuing, the Revolving Credit Rate shall automatically be increased by two percentage points (2%) per annum (such increased rate, the “Default Rate”), and all outstanding Obligations shall continue to accrue interest from the date of such Event of Default at the Default Rate applicable to such Obligations.
(d) If any interest or any other payment to Lender under this Agreement becomes due and payable on a day other than a Business Day, such payment date shall be extended to the next succeeding Business Day and interest thereon shall be payable at the then applicable rate during such extension.
Appears in 3 contracts
Sources: Loan and Security Agreement (FVA Ventures, Inc.), Loan and Security Agreement (FVA Ventures, Inc.), Loan and Security Agreement (FVA Ventures, Inc.)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Term Benchmark Borrowing shall bear interest at the Adjusted LIBO Term SOFR Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Each RFR Loan shall bear interest at a rate per annum equal to the Daily Simple SOFR plus the Applicable Rate.
(d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower Borrowers hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.13 or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this SectionSection 2.13(a).
(de) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the CommitmentsLoan; provided that (i) interest accrued pursuant to paragraph (cSection 2.13(d) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Term Benchmark Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(ef) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate only at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The A determination of the applicable CB Floating Alternate Base Rate, Adjusted LIBO Term SOFR Rate or LIBO Rate Daily Simple SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 3 contracts
Sources: Credit Agreement (Alkermes Plc.), Bridge Term Loan Credit Agreement (Alkermes Plc.), Bridge Term Loan Credit Agreement (Alkermes Plc.)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Term SOFR Borrowing shall bear interest at the Adjusted LIBO Term SOFR Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) [reserved].
(d) Notwithstanding the foregoing, if any principal Event of Default shall have occurred and be continuing and the Required Lenders have directed the Administrative Agent to apply the Default Rate (which election shall be automatic upon the occurrence of an Event of Default under Section 7.01(h) or interest on any (i)), all outstanding Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount Document Obligations shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue any principal or interest of any Loan, 2.02.00% per annum plus the rate otherwise applicable to such Loan Term Loans as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02.00% per annum plus the rate applicable to CBFR Loans that are ABR Loans as provided in paragraph (a) of this SectionSection (the “Default Rate”).
(de) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; Loan, provided that (i) interest accrued pursuant to paragraph (cd) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Term SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(ef) All computations of interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times for ABR Loans (when the CB Floating Alternate Base Rate is based on the U.S. “Prime Rate Rate”) shall be computed made on the basis of a year of 365 days (or 366 days in a leap year)days, as the case may be, and in each case actual days elapsed. All other computations of fees and interest shall be payable made on the basis of a 360-day year and actual days elapsed. Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.
(g) For the purposes of the Interest Act (Canada) and disclosure thereunder, whenever any interest or any fee to be paid under any Loan Document is to be calculated on the basis of a 360-day or 365-day year, the yearly rate of interest to which the rate used in such calculation is equivalent is the rate so used multiplied by the actual number of days elapsed (including in the first day but excluding calendar year in which the last day)same is to be ascertained and divided by 360 or 365, as applicable. The rates of interest under this Agreement are nominal rates, and not effective rates or yields. The principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement.
(h) If any provision of this Agreement would oblige a Canadian Loan Party to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate which would be prohibited by applicable CB Floating Ratelaws or would result in a receipt by that Lender of “interest” at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)), Adjusted LIBO Rate then, notwithstanding such provision, such amount or LIBO Rate rate shall be determined deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law or so result in a receipt by that Lender of “interest” at a “criminal rate”, such adjustment to be effected, to the Administrative Agentextent necessary (but only to the extent necessary), as follows: (a) first, by reducing the amount or rate of interest to be paid to such Lender; and (b) thereafter, by reducing any fees, commissions, costs, expenses, premiums and other amounts required to be paid to such determination Lender which would constitute “interest” for purposes of section 347 of the Criminal Code (Canada).
(i) Notwithstanding anything to the contrary herein, during the Forbearance Period, default interest accruing at the Default Rate beginning on August 6, 2024 shall be conclusive absent manifest errorpaid in kind on each Interest Payment Date occurring during the Forbearance Period pursuant to Section 4(h) of the Forbearance Agreement.
Appears in 3 contracts
Sources: Forbearance Agreement and First Omnibus Amendment to Credit Agreement and Loan Documents (Endurant Capital Management LP), Forbearance Agreement and First Omnibus Amendment to Credit Agreement and Loan Documents (TENOR CAPITAL MANAGEMENT Co., L.P.), Forbearance Agreement and First Omnibus Amendment to Credit Agreement and Loan Documents (DG Capital Management, LLC)
Interest. (a) The Loans comprising Subject to Section 2.8(b), the Borrower will pay interest in respect of the unpaid principal amount of each CBFR Loan, from the date of Borrowing thereof until such principal amount shall be paid in full, (including each Swingline Loani) shall bear interest at the CB Floating Adjusted Base Rate, as in effect from time to time during such periods as such Loan is a Base Rate plus Loan, (ii) at the Applicable MarginAdjusted LIBOR Rate, as in effect from time to time during such periods as such Loan is a LIBOR Loan, and (iii) at the Adjusted LIBOR Market Index Rate, as in effect from time to time for all Swingline Loans.
(b) The Upon the occurrence and during the continuance of any Event of Default under Sections 8.1(a), 8.1(f), or 8.1(g) and (at the election of the Required Lenders) upon the occurrence and during the continuance of any other Event of Default, all outstanding principal amounts of the Loans comprising each Eurodollar Borrowing and, to the greatest extent permitted by law, all interest accrued on the Loans and all other accrued and outstanding fees and other amounts hereunder, shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to the interest rate applicable from time to time thereafter to such Loans plus 2% (or, in the case of interest, fees and other amounts for which no rate is provided hereunder, at the Adjusted Base Rate plus 2%), and, in each case, such default interest shall be payable on demand. To the greatest extent permitted by law, interest shall continue to accrue after the filing by or against the Borrower of any petition seeking any relief in bankruptcy or under any law pertaining to insolvency or debtor relief.
(c) Accrued (and theretofore unpaid) interest shall be payable as follows:
(i) in respect of each Base Rate Loan (including any Base Rate Loan or portion thereof paid or prepaid pursuant to the provisions of Section 2.6, except as provided hereinbelow) and each LIBOR Market Index Rate Loan, in arrears on the last Business Day of each calendar quarter, beginning with the first such day to occur after the Closing Date; 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 and LIBOR Market Index Rate Loans shall be payable together with such repayment or prepayment on the date thereof;
(ii) in respect of each LIBOR Loan (including any LIBOR Loan or portion thereof paid or prepaid pursuant to the provisions of Section 2.6, except as provided hereinbelow), in arrears (y) on the last Business Day of the Interest Period applicable thereto (subject to the provisions of Section 2.10(iv)) and (z) in addition, in the case of overdue principal a LIBOR Loan with an Interest Period having a duration of six months or longer, on each date on which interest would have been payable under clause (y) above had successive Interest Periods of three months’ duration been applicable to such LIBOR Loan; provided, that in the event all LIBOR Loans made pursuant to a single Borrowing are repaid or prepaid in full, then accrued interest in respect of such LIBOR Loans shall be payable together with such repayment or prepayment on the date thereof; and
(iii) in respect of any Loan, 2.0% plus the rate otherwise applicable at maturity (whether pursuant to such Loan as provided in the preceding paragraphs of this Section acceleration or (iiotherwise) in the case of any other amountand, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this Sectionafter maturity, on demand.
(d) Accrued interest on each Loan Nothing contained in this Agreement or in any other Credit Document shall be payable deemed to establish or require the payment of interest to any Lender at a rate in arrears on each Interest Payment Date for such Loan and upon termination excess of the Commitments; provided that (i) maximum rate permitted by applicable law. If the amount of interest accrued pursuant payable for the account of any Lender on any interest payment date would exceed the maximum amount permitted by applicable law to paragraph (c) be charged by such Lender, the amount of this Section interest payable for its account on such interest payment date shall be payable on demand, (ii) in automatically reduced to such maximum permissible amount. In the event of any repayment or prepayment such reduction affecting any Lender, if from time to time thereafter the amount of interest payable for the account of such Lender on any interest payment date would be less than the maximum amount permitted by applicable law to be charged by such Lender, then the amount of interest payable for its account on such subsequent interest payment date shall be automatically increased to such maximum permissible amount, provided that at no time shall the aggregate amount by which interest paid for the account of any Loan (other than a prepayment of a CBFR Revolving Loan prior Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversionprevious sentence.
(e) All The Administrative Agent shall promptly notify the Borrower and the Lenders upon determining the interest rate for each Borrowing of LIBOR Loans after its receipt of the relevant Notice of Borrowing or Notice of Conversion/Continuation, and upon each change in the Base Rate; provided, however, that the failure of the Administrative Agent to provide the Borrower or the Lenders with any such notice shall neither affect any obligations of the Borrower or the Lenders hereunder shall be computed nor result in any liability on the basis part of a year of 360 days, except that interest computed by reference the Administrative Agent to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (Borrower or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed any Lender. Each such determination (including each determination of the first day but excluding the last day). The applicable CB Floating RateReserve Requirement) shall, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agentabsent manifest error, and such determination shall be conclusive absent manifest errorerror and binding on all parties hereto.
Appears in 3 contracts
Sources: Credit Agreement (Intercontinentalexchange Inc), Credit Agreement (Intercontinentalexchange Inc), Credit Agreement (Intercontinentalexchange Inc)
Interest. (a) The Loans comprising each CBFR Borrowing (including each Swingline Loan) shall Subject to the provisions of Section 3.4(b), the outstanding Principal Amount of the Loan will bear interest at the CB Floating Rate plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to [Redacted – Commercially Sensitive Information], less the Applicable Rate Adjustment (i) the “Applicable Rate”), payable in the case of overdue principal of any Loan, 2.0% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this Section.
(d) Accrued cash. All accrued and unpaid interest on each the Loan shall be payable in arrears paid for the applicable Interest Period on each Interest Payment Date, commencing with the first Interest Payment Date for such Loan immediately following the applicable Funding Date.
(b) After an Event of Default has occurred and is continuing, at the election of the Administrative Agent and the Required Lenders and upon termination notice to the Borrower, the entire Principal Amount of each Loan shall bear interest at a rate per annum equal to the Commitments; provided that Default Rate, accruing from the date on which such Event of Default occurred and all interest thereafter accrued on the Loan during the continuance of an Event of Default (i) interest accrued including following the exercise of remedies pursuant to paragraph (cSection 10.2) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(ec) Interest shall accrue from and including the applicable Funding Date through payment in full of the Obligations. All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed calculated by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days multiplying (or 366 days in a leap year), and in each case shall be payable for i) the actual number of days elapsed in the Interest Period for which the calculation is being made, based on thirty (including 30) day months, by (ii) a daily rate based on a three hundred sixty (360) day year (that is, the first day but excluding Applicable Rate or the last day). The applicable CB Floating Default Rate, Adjusted LIBO Rate as then applicable, expressed as an annual rate divided by 360) by (iii) the Principal Amount; provided, however, that if any payment made under the Loan is ever rescinded, voided, or LIBO Rate shall must otherwise be determined returned by the Administrative AgentLenders to the Borrower in connection with any bankruptcy, and reorganization, receivership, insolvency, or otherwise, the amount returned shall bear interest from the date returned to the Borrower until the date such determination shall be conclusive absent manifest erroramount is paid to the Lenders.
Appears in 3 contracts
Sources: Senior Secured Term Loan Agreement (Cresco Labs Inc.), Senior Secured Term Loan Agreement (Cresco Labs Inc.), Senior Secured Term Loan Agreement
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable Margin.
(b) The Loans comprising each Eurodollar LIBOR Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any upon the occurrence and during the continuance of a Specified Default upon delivery of notice thereof by the Administrative Agent, principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, two percent (2.0% %) plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or 2.12 and (ii) in the case of any other amountamounts, two percent (2.0% %) plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this SectionSection 2.12.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section 2.12 shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan of any Lender (other than a prepayment of a CBFR Revolving an ABR Loan prior to the end of the Revolving Availability PeriodPeriod with respect to such Lender), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving LIBOR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 365/366 days in a leap yearthe case of ABR Loans), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 3 contracts
Sources: Superpriority Debtor in Possession Credit Agreement (Great Atlantic & Pacific Tea Co Inc), Superpriority Debtor in Possession Credit Agreement, Superpriority Debtor in Possession Credit Agreement
Interest. (a) The Revolving Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Revolving Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if upon the occurrence and during the continuance of a Specified Event of Default and, at the request of Required Lenders, any principal other Event of or interest on any Loan or any fee or other amount payable by the Borrower Default, all overdue amounts outstanding hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other overdue amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent, Agent and such determination shall be conclusive absent manifest error.
Appears in 3 contracts
Sources: Revolving Credit Agreement (Netflix Inc), Revolving Credit Agreement (Netflix Inc), Revolving Credit Agreement (Netflix Inc)
Interest. (a) The Loans comprising Subject to Section 2.8(b), the Borrower will pay interest in respect of the unpaid principal amount of each CBFR Loan, from the date of Borrowing thereof until such principal amount shall be paid in full, (including each Swingline Loani) shall bear interest at the CB Floating Adjusted Base Rate, as in effect from time to time during such periods as such Loan is a Base Rate plus Loan, (ii) at the Applicable MarginAdjusted LIBOR Rate, as in effect from time to time during such periods as such Loan is a LIBOR Loan, and (iii) at the Adjusted LIBOR Market Index Rate, as in effect from time to time for all Swingline Loans.
(b) The Upon the occurrence and during the continuance of any Event of Default under Sections 8.1(a), 8.1(f), or 8.1(g) and (at the election of the Required Lenders) upon the occurrence and during the continuance of any other Event of Default, all outstanding principal amounts of the Loans comprising each Eurodollar Borrowing and, to the greatest extent permitted by law, all interest accrued on the Loans and all other accrued and outstanding fees and other amounts hereunder, shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to the interest rate applicable from time to time thereafter to such Loans plus 2% (or, in the case of interest, fees and other amounts for which no rate is provided hereunder, at the Adjusted Base Rate plus 2%), and, in each case, such default interest shall be payable on demand. To the greatest extent permitted by law, interest shall continue to accrue after the filing by or against the Borrower of any petition seeking any relief in bankruptcy or under any law pertaining to insolvency or debtor relief.
(c) Accrued (and theretofore unpaid) interest shall be payable as follows:
(i) in respect of each Base Rate Loan (including any Base Rate Loan or portion thereof paid or prepaid pursuant to the provisions of Section 2.6, except as provided hereinbelow) and each LIBOR Market Index Rate Loan, in arrears on the last Business Day of each calendar quarter, beginning with the first such day to occur after the Closing Date; 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 and LIBOR Market Index Rate Loans shall be payable together with such repayment or prepayment on the date thereof;
(ii) in respect of each LIBOR Loan (including any LIBOR Loan or portion thereof paid or prepaid pursuant to the provisions of Section 2.6, except as provided hereinbelow), in arrears (y) on the last Business Day of the Interest Period applicable thereto (subject to the provisions of Section 2.10(iv)) and (z) in addition, in the case of overdue principal a LIBOR Loan with an Interest Period having a duration of six months or longer, on each date on which interest would have been payable under clause (y) above had successive Interest Periods of three months’ duration been applicable to such LIBOR Loan; provided, that in the event all LIBOR Loans made pursuant to a single Borrowing are repaid or prepaid in full, then accrued interest in respect of such LIBOR Loans shall be payable together with such repayment or prepayment on the date thereof; and
(iii) in respect of any Loan, 2.0% plus the rate otherwise applicable at maturity (whether pursuant to such Loan as provided in the preceding paragraphs of this Section acceleration or (iiotherwise) in the case of any other amountand, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this Sectionafter maturity, on demand.
(d) Accrued interest on each Loan Nothing contained in this Agreement or in any other Credit Document shall be payable deemed to establish or require the payment of interest to any Lender at a rate in arrears on each Interest Payment Date for such Loan and upon termination excess of the Commitments; provided that (i) maximum rate permitted by applicable law. If the amount of interest accrued pursuant payable for the account of any Lender on any interest payment date would exceed the maximum amount permitted by applicable law to paragraph (c) be charged by such Lender, the amount of this Section interest payable for its account on such interest payment date shall be payable on demand, (ii) in automatically reduced to such maximum permissible amount. In the event of any repayment or prepayment such reduction affecting any Lender, if from time to time thereafter the amount of interest payable for the account of such Lender on any interest payment date would be less than the maximum amount permitted by applicable law to be charged by such Lender, then the amount of interest payable for its account on such subsequent interest payment date shall be automatically increased to such maximum permissible amount, provided that at no time shall the aggregate amount by which interest paid for the account of any Loan (other than a prepayment of a CBFR Revolving Loan prior Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversionprevious sentence.
(e) All The Administrative Agent shall promptly notify the Borrower and the Lenders upon determining the interest rate for each Borrowing of LIBOR Loans after its receipt of the relevant Notice of Borrowing or Notice of Conversion/Continuation, and upon each change in the Base Rate; provided, however, that the failure of the Administrative Agent to provide the Borrower or the Lenders with any such notice shall neither affect any obligations of the Borrower or the Lenders hereunder shall be computed nor result in any liability on the basis part of a year of 360 days, except that interest computed by reference the Administrative Agent to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (Borrower or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed any Lender. Each such determination (including each determination of the first day but excluding the last day). The applicable CB Floating RateReserve Requirement) shall, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error, be conclusive and binding on all parties hereto.
Appears in 3 contracts
Sources: Credit Agreement, Credit Agreement (Intercontinentalexchange Inc), Credit Agreement (Intercontinentalexchange Inc)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement (Blackstone Group L.P.), Credit Agreement (Blackstone Group L.P.)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if at any principal time an Event of or interest on any Loan or any fee or Default has occurred and is continuing, all outstanding Loans and other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount Obligations shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Revolving Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and on the Maturity Date, and, in the case of Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Revolving Credit and Term Loan Agreement (Healthcare Trust of America Holdings, LP), Revolving Credit and Term Loan Agreement (Healthcare Trust of America, Inc.)
Interest. (a) The Revolving Loans comprising each CBFR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Rate plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Revolving Borrowing shall bear interest at the applicable Adjusted LIBO Eurocurrency Rate for plus 2.00% per annum. Swingline Loans shall bear interest at the Interest Period in effect for such Borrowing Swingline Rate plus the Applicable Margin2.00% per annum.
(cb) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the any Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02.00% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02.00% plus the interest rate applicable to CBFR Loans as provided that would have applied had such amount, during the period of non-payment, constituted a Loan in paragraph (a) the currency of this Sectionthe overdue amount for successive Interest Periods of one month's duration.
(dc) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and and, in the case of Revolving Loans, upon termination of the CommitmentsRevolving Commitments of the applicable Tranche; provided that (i) interest accrued pursuant to paragraph (cb) of this Section shall be payable on demand, and (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversionprepayment.
(ed) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate Loans denominated in Pounds Sterling shall be computed on the basis of a year of 365 days (or 366 days in a leap year)days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Eurocurrency Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Revolving Credit Agreement (Goodyear Tire & Rubber Co /Oh/), Revolving Credit Agreement (Goodyear Tire & Rubber Co /Oh/)
Interest. (a) The Loans comprising Except as provided in Section 2.4(c) below, the unpaid amount of each CBFR Borrowing (including each Swingline Loan) Advance hereunder shall bear interest from the date of such Advance until paid in full, at the CB Floating Rate plus the Applicable MarginRate.
(b) The Loans comprising All interest shall be: (a) payable in arrears on the first day of each Eurodollar Borrowing shall bear calendar month and on the Maturity Date; and (b) calculated on the basis of a 360 day year and the actual number of days elapsed. If Borrower does not pay interest at when due following the Adjusted LIBO Rate invoice pursuant to Section 2.7, Borrower authorizes Agent to charge the Operating Account for the Interest Period in effect payment of accrued and unpaid interest for any calendar month; Agent shall notify Borrower of such Borrowing plus the Applicable Margincharge.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is Obligations not paid when due, due (whether at stated maturity, upon acceleration following the occurrence of an Event of Default or otherwise, such overdue amount ) shall bear interest, after as well as before judgmentfrom the date due until paid in full, at a rate of interest (“Default Rate”) at all times equal a floating rate of interest which is equal two percent (2%) per annum equal over the Applicable Rate, said interest to (i) in the case of overdue principal of any Loan, 2.0% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this Sectionbe payable on demand by Agent.
(d) Accrued interest The Borrower shall pay, upon billing therefor, a “Late Charge” equal to five percent (5%) of the amount of any payment of principal, other than principal due at the Maturity Date (or the date on each which the Agent accelerates the time for payment of the Loan shall be after the occurrence of an Event of Default), interest, or other Obligations, which are not paid within ten (10) days of the due date thereof. Late Charges are: (a) payable in arrears on each Interest Payment Date addition to, and not in limitation of, the Default Rate, (b) intended to compensate Agent and the Lenders for such Loan administrative and upon termination of the Commitments; provided that (i) interest accrued pursuant processing costs incident to paragraph late payments, (c) of this Section shall be payable on demandnot interest, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iiid) in the event of not subject to refund or rebate or credit against any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversionother amount due.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Warehousing Credit and Security Agreement (Centerline Holding Co), Warehousing Credit and Security Agreement (Centerline Holding Co)
Interest. (a) The Loans comprising each CBFR Base Rate Borrowing (including each Swingline Loan) shall bear interest at (i) in the CB Floating event the Borrower makes a PIK Election, the sum of (A) the Base Rate plus the Applicable MarginRate applicable to a PIK Election paid in cash plus (B) 3.00(x) prior to the First Amendment Effective Date, 3.00% per annum and (y) from and after the First Amendment Effective Date, 3.25% per annum, in each case of clauses (B)(x) and (B)(y), paid in-kind by adding such accrued interest to the outstanding principal balance of the applicable Loans on each Interest Payment Date and after giving effect to the foregoing, such accrued and unpaid interest on the Loans shall be deemed to constitute a portion of the outstanding principal balance of the Term Loans for all purposes of this Agreement and the other Loan Documents, including with respect to the accrual of interest thereon at the rates set forth herein (the “PIK Interest”) or (ii) in the event the Borrower makes a Cash Election, the Base Rate plus the Applicable Rate applicable to a Cash Election.
(b) The Loans comprising each Eurodollar SOFR Borrowing shall bear interest at (i) in the Adjusted LIBO Rate event the Borrower makes a PIK Election, the sum of (A) Term SOFR for the Interest Period in effect for such Borrowing plus the Applicable MarginRate applicable to a PIK Election paid in cash plus (B) the PIK Interest or (ii) in the event the Borrower makes a Cash Election, Term SOFR for the Interest Period in effect for such Borrowing plus the Applicable Rate applicable to a Cash Election.
(c) Notwithstanding the foregoing, if automatically upon the occurrence of any principal Event of Default described in Sections 7.01(a), (b), (i) or interest on (j), and at the direction of the Administrative Agent or the Required Lenders in the case of any Loan Event of Default described in Section 7.01(d) (solely with respect to Section 6.12) or any fee or other amount payable by the Borrower hereunder is not paid when dueSection 7.01(e), whether at stated maturity, upon acceleration or otherwise, such overdue amount all outstanding Obligations shall bear interest, after as well as before judgment, at a rate per annum equal to (i1) in the case of overdue principal of any Loan, 2.02.00% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or 2.13 and (ii2) in the case of any other amount, 2.0amount 2.00% plus the rate applicable to CBFR Base Rate Loans as provided in paragraph Section 2.13(a) (a) of such rates referred to in this Sectionclause (c), the “Default Rates”).
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; Loan, provided that (i) interest accrued pursuant to paragraph (cSection 2.13(c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Base Rate at times when the CB Floating Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). For the avoidance of doubt, no date of payment shall be included in any computation. The applicable CB Floating Rate, Adjusted LIBO Base Rate or LIBO Rate Term SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(f) Notwithstanding anything to the contrary herein, on any Interest Payment Date, the accrued interest on the Term Loans due on such Interest Payment Date may be paid (a) solely in cash at the written election of the Borrower (any such election, a “Cash Election”) or (b) partially in cash and partially in kind by increasing the principal amount of the Term Loans by the amount of such interest at the written election of the Borrower (any such election, a “PIK Election”); provided that the Borrower may exercise the PIK Election with respect to any such Interest Payment Date by delivering written notice thereof to the Administrative Agent no later than 1:00 p.m., five Business Days prior to such Interest Payment Date and if the Borrower fails to make any such election, the Borrower shall have deemed to have made the Cash Election for such Interest Payment Date.
(g) Term SOFR for each Interest Period shall be determined by the Administrative Agent, and notice thereof shall be given by the Administrative Agent promptly to the Borrower and each Lender. Each determination of Term SOFR by the Administrative Agent shall be conclusive and binding upon the parties hereto, in the absence of demonstrable error. The Administrative Agent shall, upon written request of the Borrower or any Lender, deliver to the Borrower or such Lender a statement showing the computations used by the Administrative Agent in determining Term SOFR hereunder. In connection with the use or administration of Term SOFR, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. The Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of Term SOFR.
Appears in 2 contracts
Sources: Credit Agreement (Tempus AI, Inc.), Credit Agreement (Tempus Labs, Inc.)
Interest. Subject to the terms of Section 10.05,
(a) The Loans comprising each CBFR Borrowing (including each Swingline Loan) shall bear interest at a rate per annum equal to the CB Floating Rate plus the Applicable MarginRate, provided that such rate shall never exceed the Highest Lawful Rate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate, provided that such rate shall never exceed the Highest Lawful Rate.
(c) Notwithstanding the foregoing, if any principal an Event of or interest on any Loan or any fee or other amount payable Default has occurred and is continuing, the Loans and Obligations shall, to the extent permitted by the Borrower hereunder is not paid when dueapplicable Law, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to the lesser of (i) in the case of overdue principal of any Loan, 2.0Highest Lawful Rate and (ii) 3.00% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the CommitmentsRevolving Credit Commitment, as applicable; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability PeriodLoan), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All Subject to Section 10.05, all interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Rate, LIBO Rate or LIBO and Adjusted One Month LIBOR Rate shall be determined by the Administrative AgentLender, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Loan Agreement (Del Frisco's Restaurant Group, Inc.), Loan Agreement (Del Frisco's Restaurant Group, Inc.)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest in the case of a Eurodollar Loan, at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement (Valero L P), Credit Agreement (Shamrock Logistics Lp)
Interest. (a) The Loans comprising each CBFR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Rate CBFR plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee Fees or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwiseotherwise or if any Event of Default has occurred and is continuing, such all overdue amount amounts shall automatically bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of of, or interest on, any Loan, 2.02.00% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02.00% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this SectionSection (in each case, the “Default Rate”).
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of on the CommitmentsRevolver Termination Date; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, and (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Eurodollar Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 three hundred sixty (360) days, except that interest computed by reference to the CB Floating Rate CBFR at times when the CB Floating Rate CBFR is based on the Prime Rate shall be computed on the basis of a year of 365 three hundred sixty-five (365) days (or 366 three hundred sixty-six (366) days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating RateCBFR, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Debtor in Possession Credit Agreement (Tuesday Morning Corp/De), Commitment Letter (Tuesday Morning Corp/De)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) and Swing Line Loans shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Term Benchmark Borrowing in any currency shall bear interest at the Adjusted LIBO Term SOFR Rate for such currency for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and and, in addition, in the case of Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Term Benchmark Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on calculated by reference to the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate Term SOFR Rate, Term SOFR Rate, Adjusted Daily Simple SOFR or LIBO Rate Daily Simple SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(f) Notwithstanding anything to the contrary herein, any Eurodollar Loans (as such term was defined in this Agreement immediately prior to the Amendment No. 1 Effective Date) outstanding on the Amendment No. 1 Effective Date shall continue to bear interest at the Eurodollar Rate (as such term was defined in this Agreement immediately prior to the Amendment No. 1 Effective Date) applicable to such Loans until the expiration of the Interest Period (as such term was defined in this Agreement immediately prior to the Amendment No. 1 Effective Date) applicable to such Loans. Upon the expiration of such Interest Period, such Loans shall automatically be converted to Term Benchmark Loans with the Interest Period specified in the applicable Interest Election Request (or, if no Interest Election Request is then provided, an Interest Period of one month).
Appears in 2 contracts
Sources: Credit Agreement (Donnelley Financial Solutions, Inc.), Credit Agreement (Donnelley Financial Solutions, Inc.)
Interest. (a) The Borrower agrees to pay cash interest (“Cash Interest”) in respect of the unpaid principal amount of the Loans comprising each CBFR from the date of Borrowing thereof until the maturity thereof (including each Swingline Loan) shall bear interest at the CB Floating Rate plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable whether by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment), at a rate per annum equal to (i) in during the case of overdue principal of any Loanperiod from the Effective Date until the Escrow Release Date, 2.012% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or and (ii) from and after the Escrow Release Date, 13%.
(b) In addition to the payment of Cash Interest pursuant to preceding clause (a), the Borrower shall, during the period from the Effective Date until the Escrow Release Date, pay additional interest on the Loans at a rate per annum equal to 3.0% “in kind”, with the amount of interest accruing pursuant to this clause (b) being added to the outstanding principal amount of the Loans on each Quarterly Payment Date occurring during such period; provided that in the case event the Borrower provides written notice thereof to the Administrative Agent prior to 11:00 A.M. (New York City time) at least two Business Days prior to the relevant Quarterly Payment Date, the Borrower may pay in cash interest accrued pursuant to this clause (b) that is payable on such Quarterly Payment Date. Such paid-in-kind interest (“PIK Interest”) shall be deemed paid, and the principal amount of the Loans as so increased shall be deemed “Loans” hereunder and under the other Credit Documents for all purposes and shall thereafter accrue interest in accordance with the terms of this Agreement.
(c) Overdue principal and, to the extent permitted by law, overdue interest in respect of each Loan and all other overdue amounts payable hereunder and under any other amount, 2.0% plus Credit Document shall bear interest at a rate per annum equal to the rate applicable to CBFR Loans as provided which is 2% in paragraph (aexcess of the rate then borne by the Loans. Interest that accrues under this Section 2.07(b) of this Sectionshall be payable on demand.
(d) Accrued (and theretofore unpaid) interest on each Loan Loans shall be payable (i) quarterly in arrears on each Interest Quarterly Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demandDate, (ii) in on the event date of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment prepaid) and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period thereforat maturity (whether by acceleration or otherwise) and, accrued interest after such maturity, on such Loan shall be payable on the effective date of such conversiondemand.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement (Endeavour International Corp), Credit Agreement (Endeavour International Corp)
Interest. (a) The Loans comprising each CBFR Base Rate Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Base Rate in effect from time to time plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Eurocurrency Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, at any time (x) an Event of Default has occurred and is continuing under clauses (h) or (i) of Article 7 or (y) if any principal of or interest on any the Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, then such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any the Loan, 2.02% plus the rate otherwise applicable to such the Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.0upon the request of the Required Lenders, 2% plus the rate applicable to CBFR Base Rate Loans as provided in paragraph (a) of this SectionSection (the “Default Rate”).
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of on the CommitmentsMaturity Date applicable to such Loan (or such earlier date on which the Loans become due and payable pursuant to Article 7); provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Loans, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Base Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year)) and, and in each case case, shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Base Rate or LIBO Eurocurrency Rate shall be determined by the Administrative AgentAgent in accordance with the provisions of this Agreement, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Bridge Credit Agreement (Mylan N.V.), Bridge Credit Agreement (Mylan N.V.)
Interest. (a) The Term Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Term Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Term Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Term Loan, 2.02% plus the rate otherwise applicable to such Term Loan as provided in the preceding paragraphs clauses of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Term Loans as provided in paragraph (a) of this SectionSection 2.12(a).
(d) Accrued interest on each Term Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the CommitmentsTerm Loan; provided that (i) interest accrued pursuant to paragraph (cSection 2.12(c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Term Loan (other than a prepayment of a CBFR Revolving an ABR Term Loan prior to the end of the Availability Period)Maturity Date) , accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Term Loan prior to the end of the current Interest Period therefor, accrued interest on such Term Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Term Loan Agreement (Reynolds American Inc), Term Loan Agreement (Reynolds American Inc)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the applicable Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement (Eagle Materials Inc), Credit Agreement (Eagle Materials Inc)
Interest. (a) The From the Initial Disbursement Date or relevant Subsequent Disbursement Dates until paid in full, as long as no Event of Default has occurred and is continuing, the outstanding principal balance of the Loans comprising each CBFR Borrowing (including each Swingline Loan) shall bear interest at a rate equal to the CB Floating Rate plus Interest Rate, compounded annually. From the Applicable Margindate hereof until paid in full, as long as no Event of Default has occurred and is continuing, the Deferred Commitment Fees, if any, shall accrue interest at a rate equal to the Interest Rate, compounded annually.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.0% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of and fees under this Section or (ii) in the case of any other amount, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan Agreement shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed calculated on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating ) elapsed during the period for which such interest or fee is payable over a year comprised of 360 days (or in the case of a Base Rate Loan calculated at other than the Federal Funds Effective Rate, Adjusted LIBO Rate 365 days or, if appropriate 366 days).
(c) Upon the occurrence and during the continuance of any Event of Default, and upon notice to the Borrower, the outstanding principal balance of the Loans and the Deferred Commitment Fees, if any, shall bear interest at a rate equal to the Default Rate, compounded annually.
(d) It is the intention of the Parties to conform strictly to applicable usury laws and anything herein or LIBO Rate elsewhere to the contrary notwithstanding, the Obligations shall be determined subject to the limitation that Borrower shall not be required to pay, and Lender shall not be entitled to charge or receive, any interest to the extent that such interest exceeds the maximum rate of interest which Lender is permitted by applicable Law to contract for, charge or receive and which would not give rise to any claim or defense of usury. If, as a result of any circumstances whatsoever, performance of any provision hereof shall, at the time performance of such provision is due, violate applicable usury law, then, ipso facto, the Obligation to be performed shall be reduced to the highest lawful rate, and if, from any such circumstance, Lender shall ever receive interest or anything which might be deemed interest under applicable Law which would exceed the highest lawful rate, the amount of such excess interest shall be applied to the reduction of the principal amount owing on account of the Note or the amounts owing on other Obligations and not to the payment of interest, or if such excessive interest exceeds the unpaid principal balance of the Obligations, such excess shall be refunded to Borrower.
(e) By delivering a Continuation/Conversion Notice in the form attached hereto as Exhibit B-3 to the Lender on or before 12:00 noon on a Business Day, the Borrower may from time to time irrevocably elect, on not less than three (3) Business Days' notice that all, or any portion in an aggregate minimum amount of $5,000,000 and an integral multiple of $1,000,000, be, in the case of Base Rate Loans, converted into LIBOR Loans or be, in the case of LIBOR Loans, converted into Base Rate Loans or continued as LIBOR Loans (in the absence of the delivery of a Continuation/Conversion Notice with respect to any LIBOR Loan at least three Business Days before the last day of the then current Interest Period with respect thereto, such LIBOR Loan shall, on such last day, automatically convert to a Base Rate Loan); provided, however, that, at the election of Lender, no portion of the outstanding principal amount of any Loans may be continued as, or be converted into, LIBOR Loans when any Default has occurred and is continuing.
(f) The Lender may, if it so elects, fulfill its obligation to make, continue or convert LIBOR Loans hereunder by causing one of its foreign branches or Affiliates (or an international banking facility created by the Administrative AgentLender) to make or maintain such LIBOR Loan; provided, however, that such LIBOR Loan shall nonetheless be deemed to have been made and to be held by the Lender, and the obligation of the Borrower to repay such LIBOR Loan shall nevertheless be to the Lender for the account of such foreign branch, Affiliate or international banking facility. In addition, the Borrower hereby consents and agrees that, for purposes of any determination to be made for purposes of this Agreement, it shall be conclusive absent manifest errorconclusively assumed that the Lender elected to fund all LIBOR Loans by purchasing Dollar deposits in its LIBOR Office's interbank eurodollar market.
Appears in 2 contracts
Sources: Development Loan Agreement (Nevada Geothermal Power Inc), Development Loan Agreement (Nevada Geothermal Power Inc)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.0including interest and fees, 2% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement (Pegasus Solutions Inc), Credit Agreement (Pegasus Systems Inc)
Interest. (a) The Loans comprising Subject to Section 9.17, each CBFR Borrowing (including each Swingline Loan) Base Rate Loan shall bear interest at a rate per annum equal to the CB Floating Base Rate plus the Applicable MarginMargin for Base Rate Loans; each Term SOFR Loan shall bear interest at a rate per annum equal to Term SOFR plus the Applicable Margin for Term SOFR Loans.
(b) The Loans comprising each Eurodollar Borrowing Borrower shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or pay interest on any Loan or any fee or other amount payable by the Borrower overdue amounts hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02.00% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs paragraph (a) of this Section or 2.12, (ii) in the case of any other overdue amount, 2.02.00% plus the rate applicable to CBFR Base Rate Loans as provided in paragraph (a) of this SectionSection 2.12 or (iii) in the case of L/C Fees, a rate equal to the Commitment Fee Rate plus 2.00% per annum.
(dc) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Revolving Credit Commitments; provided provided, that (i) interest accrued pursuant to paragraph (cb) of this Section 2.12 shall be payable on written demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Base Rate Borrowing that is not made in connection with the termination or permanent reduction of Revolving Loan prior to the end of the Availability PeriodCredit Commitments), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(ed) All interest hereunder shall be computed on the basis of a year of 360 daysdays (or a 365- or 366-day year, except that as the case may be, in the case of Base Rate Loans bearing interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on Rate).
(e) Notwithstanding anything to the basis of a year of 365 days contrary in the foregoing clauses (or 366 days in a leap yeara) and (b), and to the extent in each case compliance with Section 2.22, as applicable, Loans extended in connection with an Extension Offer shall be payable for bear interest at the actual number of days elapsed (including rate set forth in the first day but excluding applicable Permitted Amendment to the last day). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest errorextent a different interest rate is specified therein.
Appears in 2 contracts
Sources: Abl Credit Agreement (Mallinckrodt PLC), Abl Credit Agreement (Mallinckrodt PLC)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and and, in the case of Loans, upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement (Benchmark Electronics Inc), Credit Agreement (Benchmark Electronics Inc)
Interest. (a) The Loans comprising each CBFR Borrowing (including each Swingline Loan) shall bear interest for each day at a rate per annum equal to the CB Floating sum of (i) the Average Weekly LIBO Rate for such day plus (ii) the Applicable Margin. The principal amount of any Loan that is made by the Lender pursuant to Section 2.3 and is prepaid by the Borrower pursuant to Section 2.6(a)(i) on the same Business Day shall not bear any interest for such Business Day.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.03% plus the rate of interest otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this Sectionhereunder.
(dc) Accrued interest on each Loan shall be payable monthly in arrears on each Interest Payment Date for such Loan and upon termination the fifth Business Day of the Commitmentsfollowing month and on the Revolving Termination Date; provided that (i) interest accrued pursuant to paragraph (cb) of this Section shall be payable on demand. On the second Business Day of such following month, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior Lender shall deliver to the end Borrower and HSBC TFS by e-mail an invoice for the amount of the Availability Period), accrued interest on the principal Loans for the preceding month, together with a schedule in reasonable detail showing how such amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversionwas calculated.
(ed) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate under Section 2.8 shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO (and in the case of determinations under Section 2.8, the Federal Funds Effective Rate and the Prime Rate) shall be determined by the Administrative AgentLender, and such determination shall be conclusive absent manifest error. The Lender shall as soon as practicable notify the Borrower of the effective date and the amount of each change in interest rate.
Appears in 2 contracts
Sources: Credit and Guarantee Agreement (H&r Block Inc), Credit and Guarantee Agreement (H&r Block Inc)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Rate ABR plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee Fees or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section; provided, that this paragraph (c) shall not apply to any Event of Default that has been waived by the Lenders pursuant to Section 10.08.
(d) Accrued interest on each Loan shall be payable in arrears (i) on each Interest Payment Date for such Loan and upon termination of (ii) on the Commitmentsapplicable Term Facility Maturity Date; provided provided, that (iA) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (iiB) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iiiC) in the event of any conversion of any Eurodollar Revolving Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate ABR shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, ABR or Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement (Norwegian Cruise Line Holdings Ltd.), Credit Agreement (Norwegian Cruise Line Holdings Ltd.)
Interest. (a) The Term Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Rate ABR plus the Applicable Margin.
(b) The Term Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Term Loan or any fee Fees or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of of, or interest on, any Term Loan, 2.02% plus the rate otherwise applicable to such Term Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this SectionSection (in each case, the “Default Rate”).
(d) Accrued interest on each Term Loan shall be payable in arrears on each Interest Payment Date for such Term Loan and upon termination of on the CommitmentsMaturity Date; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Term Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Eurodollar Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 three hundred sixty (360) days, except that interest computed by reference to the CB Floating Rate ABR at times when the CB Floating Rate ABR is based on the Prime Rate shall be computed on the basis of a year of 365 three hundred sixty-five (365) days (or 366 three hundred sixty-six (366) days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating RateABR, Adjusted LIBO Eurodollar Base Rate or LIBO Eurodollar Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement (Generac Holdings Inc.), Credit Agreement (Generac Holdings Inc.)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.13 or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph clause (a) of this SectionSection 2.13.
(d) Accrued interest on each Loan (for ABR Loans, accrued through the last day of the prior calendar quarter) shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided provided, that (i) interest accrued pursuant to paragraph clause (c) of this Section 2.13 shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Alternate Base Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement (Etsy Inc), Credit Agreement (Electronics for Imaging Inc)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Rate ABR plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee Fees or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section; provided, that this paragraph (c) shall not apply to any Event of Default that has been waived by the Lenders pursuant to Section 10.08.
(d) Accrued interest on each Loan shall be payable in arrears (i) on each Interest Payment Date for such Loan and Loan, (ii) upon termination of the Commitmentsapplicable Commitments and (iii) on the applicable Term Facility Maturity Date; provided provided, that (iA) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (iiB) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iiiC) in the event of any conversion of any Eurodollar Revolving Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate ABR at times when the CB Floating Rate ABR is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, ABR or Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement (Norwegian Cruise Line Holdings Ltd.), Credit Agreement (Norwegian Cruise Line Holdings Ltd.)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) The Loans comprising each LIBOR Daily Borrowing shall bear interest at the LIBOR Daily Floating Rate plus the Applicable Rate.
(d) Notwithstanding the foregoing, (i) if an Event of Default has occurred and is continuing, the outstanding principal amount of all Obligations shall bear interest, after as well as before judgment, at a rate per annum equal to 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section and (ii) if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.0% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Revolving Loans as provided in paragraph (a) of this Section.
(de) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and and, in the case of Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR an ABR Revolving Loan or LIBOR Daily Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(ef) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate, LIBO Rate or LIBO LIBOR Daily Floating Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Revolving Credit and Term Loan Agreement (Taubman Centers Inc), Revolving Credit and Term Loan Agreement (Taubman Centers Inc)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable Margin.
(b) The Loans comprising each Eurodollar SOFR Borrowing shall bear interest at the Adjusted LIBO Rate Term SOFR for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the CommitmentsCommitted Amounts or the Maturity Date; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Alternate Base Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Alternate Base Rate or LIBO Rate Adjusted Term SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(f) In the event that any financial statements delivered pursuant to this Agreement, or any certificate delivered pursuant to Section 5.01(c), is shown to be inaccurate (regardless of whether this Agreement or the Committed Amounts are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin and/or a higher Unused Fee on Committed Amount for any period (an “Applicable Period”) than the Applicable Margin or Unused Fee on Committed Amount, as applicable, applied for such Applicable Period, then (i) the Borrower shall immediately deliver to the Administrative Agent a correct certificate in the form of the certificate described in Section 5.01(c), (ii) such higher Applicable Margin and/or higher Unused Fee on Committed Amount shall be applied to such Applicable Period, and (iii) the Borrower shall immediately pay to the Administrative Agent the accrued additional interest and expense owing as a result of such increased Applicable Margin and Unused Fee on Committed Amount for such Applicable Period, which payment shall be promptly applied by the Administrative Agent in accordance with Section 7.02. This Section 2.13(f) shall not limit the rights of the Administrative Agent and the other Secured Parties with respect to Section 2.13(c) or Article VII.
(g) In connection with the use or administration of Term SOFR, the Administrative Agent, in consultation with the Borrower, will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. The Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of Term SOFR.
Appears in 2 contracts
Sources: Credit Agreement (Genesis Energy Lp), Credit Agreement (Genesis Energy Lp)
Interest. (1) Subject to the provisions of Section 2.08(2), (a) The Loans comprising each CBFR Borrowing (including each Swingline Loan) SOFR Loan shall bear interest at on the CB Floating Rate plus the Applicable Margin.
(b) The Loans comprising outstanding principal amount thereof for each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any LoanTerm SOFR, 2.0% for such Interest Period, plus the Applicable Rate and (b) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable Borrowing date at a rate otherwise applicable per annum equal to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amountBase Rate, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this SectionApplicable Rate.
(d2) During the continuance of an Event of Default, the Borrower shall pay interest on all principal and all other amounts outstanding hereunder at the direction (which direction may be provided retroactively to the extent not applied following the occurrence of such Event of Default so long as such Event of Default is continuing) of the Required Lenders (unless such Event of Default is an Event of Default under Section 8.01(1) or Section 8.01(6), in which case the Default Rate shall automatically accrue upon the occurrence of such Event of Default under Section 8.01(1) or Section 8.01(6)), in each case at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws; provided that no interest at the Default Rate shall accrue or be payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender. Accrued and unpaid interest on such amounts shall be due and payable upon demand.
(3) (A) Interest on each Loan (other than the Second Out Term Loans) shall be due and payable in arrears in cash on each Interest Payment Date for applicable thereto and at such Loan and upon termination of the Commitmentsother times as may be specified herein; provided that with respect to any Interest Payment Date applicable to the Closing Date Term Loans ending on or before June 30, 2025, the Borrower may elect in its sole discretion by written notice delivered to the Administrative Agent no later than five (i5) interest accrued pursuant Business Days prior to paragraph such Interest Payment Date (ceach such election, a “PIK Interest Election”), to pay up to one hundred percent (100%) of this Section such interest as payment-in-kind interest (“PIK Interest”), in lieu of cash interest for the relevant Interest Period, with any remaining portion of interest due on such Interest Payment Date due and payable in cash as set forth above. (B) Interest on the Second Out Term Loans shall be due and payable in arrears in PIK Interest on demand, (ii) in each Interest Payment Date applicable thereto and at such other times as may be specified herein. All PIK Interest shall be added to the event aggregate principal balance of any repayment or prepayment of any the applicable Loan (other than a prepayment based on the amount of a CBFR Revolving Loan prior to the end each applicable Lender’s Pro Rata Share) on such Interest Payment Date, after which time such interest amount shall be considered principal of the Availability Period), accrued interest on the principal amount repaid or prepaid applicable Loan for all purposes under this Agreement and shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Maturity Date. Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on due and payable in accordance with the basis terms hereof before and after judgment, and before and after the commencement of a year of 360 daysany proceeding under any Debtor Relief Law. On or after the Amendment No. 2 Effective Date, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate no PIK Interest Election under this Section 2.08(3) shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest errormade.
Appears in 2 contracts
Sources: Term Loan Credit Agreement (Alvotech), Term Loan Credit Agreement (Alvotech)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoingparagraphs (a) and (b) of this Section 2.12, if any principal of or interest on any Loan or any fee or other amount payable by the either Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02.00% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.12 or (ii) in the case of any other overdue amount, 2.02.00% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this SectionSection 2.12.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the CommitmentsLoan; provided that (i) interest accrued pursuant to paragraph (c) of this Section 2.12 shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Alternate Base Rate or LIBO Rate shall be determined by the Administrative AgentAgent in accordance with the terms hereof, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: 364 Day Bridge Credit Agreement (CF Industries Holdings, Inc.), 364 Day Bridge Credit Agreement (CF Industries Holdings, Inc.)
Interest. Beginning on the issuance date of this Note (a) The Loans comprising each CBFR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Rate plus “Issuance Date”), the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any outstanding principal balance of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount this Note shall bear interest, after as well as before judgmentin arrears, at a rate per annum equal to ten percent (10%), payable quarterly on October 1, January 1, April 1 and July 1 of each year (each, an “Interest Payment Date”), commencing April 1, 2009, and on the Maturity Date. Interest shall be payable at the option of the Maker in (A) cash or (B) in registered shares of the Maker’s common stock, par value $0.001 per share (the “Common Stock”); provided, however, (i) payment of interest in shares of Common Stock may only occur if during the case 20 Trading Days immediately prior to the applicable Interest Payment Date and through and including the date such shares of overdue principal Common Stock are issued to the Holder all of any Loanthe Equity Conditions, 2.0% plus unless waived by the rate otherwise applicable to such Loan as provided Holder in writing, have been met and the preceding paragraphs of this Section or Maker shall have given the Holder notice in accordance with the notice requirements set forth below, and (ii) in the case of any other amount, 2.0% plus the rate applicable as to CBFR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each such Interest Payment Date for Date, on or prior to such Loan and upon termination Interest Payment Date, the Maker shall have delivered to the Holder’s account with The Depository Trust Company a number of shares of Common Stock to be applied against such interest payment equal to the quotient of (x) the applicable interest payment divided by (y) 90% of the Commitments; provided that average VWAP for the five (i5) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in Trading Days immediately preceding the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder Payment Date. Interest shall be computed on the basis of a 360-day year of 360 daystwelve (12) 30-day months, except that shall compound monthly and shall accrue commencing on the Issuance Date. Furthermore, upon the occurrence of an Event of Default (as defined in Section 2.1 hereof), the Maker will pay interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based Holder, payable on demand, on the Prime Rate shall be computed outstanding principal balance of and unpaid interest on the basis Note from the date of the Event of Default until such Event of Default is cured at the rate of the lesser of eighteen percent (18%) and the maximum applicable legal rate per annum. Notwithstanding the above, the Maker may not issue a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed shares of Common Stock in excess of the Maximum Monthly Interest Share Amount toward the payment of Interest, as to all outstanding Series A Notes and Series B Notes, in the aggregate, during any rolling twenty (including 20) Trading Day period. For purposes hereof, “Maximum Monthly Interest Share Amount” means 20% of the first day but excluding aggregate dollar trading volume (as reported on Bloomberg) of the last day). The Common Stock on the principal Trading Market over the twenty (20) consecutive Trading Day period immediately prior to the applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest errorInterest Payment Date.
Appears in 2 contracts
Sources: Senior Secured Convertible Promissory Note (Urigen Pharmaceuticals, Inc.), Senior Secured Convertible Promissory Note (Urigen Pharmaceuticals, Inc.)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if at any principal time an Event of or interest on any Loan or any fee or Default has occurred and is continuing, all outstanding Loans and other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount Obligations shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and and, in the case of Revolving Loans, upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement (Healthcare Trust of America, Inc.), Credit Agreement (Healthcare Trust of America, Inc.)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at a rate per annum equal to the CB Floating Alternate Base Rate plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower Company hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of or interest on any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section above or (ii) in the case of any other amount, 2.02% plus the highest rate applicable to CBFR the Loans as provided in paragraph (a) of this Sectionabove.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the CommitmentsLoan; provided PROVIDED that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Loan, accrued and unpaid interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and prepayment, (iii) in the event of any conversion of any Eurodollar Revolving Loan Borrowing prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversionconversion and (iv) all unpaid accrued interest shall be payable upon the Final Maturity Date.
(e) All interest hereunder shall be computed on the basis of a year of 360 three hundred sixty (360) days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 three hundred sixty five (365) days (or 366 three hundred sixty six (366) days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement (Flag Telecom Holdings LTD), Credit Agreement (Flag Telecom Holdings LTD)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Rate ABR plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee Fees or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.0% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs clauses of this Section 2.13 or (ii) in the case of any other amountamount payable by the Borrower, 2.0% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this SectionSection 2.13; provided, that this clause (c) shall not apply to any Event of Default that has been waived by the Lenders pursuant to Section 9.08.
(d) Accrued interest on each Loan shall be payable in arrears (i) on each Interest Payment Date for such Loan and (ii) in the case of Loans in respect of any Class, upon termination of the CommitmentsCommitments in respect of such Class; provided provided, that (ix) interest accrued pursuant to paragraph (c) of this Section 2.13 shall be payable on demand, (iiy) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate ABR at times when the CB Floating Rate ABR is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating RateABR, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Senior Secured Term Loan Agreement (Hexion Inc.), Senior Secured Debtor in Possession Term Loan Agreement (Momentive Performance Materials Inc.)
Interest. (a) The Loans comprising each CBFR Borrowing (including each Swingline Loan) Interest shall bear interest at accrue on the CB Floating Rate plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any outstanding principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, Facility from the applicable Drawdown Date at a rate per annum equal to Term SOFR for the Interest Period applicable to the applicable Advance, plus the Applicable Margin. Interest shall be calculated daily, compounded monthly, and payable in arrears to the Agent on each Interest Payment Date, in U.S. Dollars, commencing on the first Interest Payment Date to occur after the applicable Drawdown Date, all before as well as after each of maturity, default and judgment; and.
(b) If any Event of Default shall occur and be continuing, (i) interest shall accrue on the outstanding principal of ▇▇▇▇▇▇ Facility and all interest, fees, costs, and other amounts payable hereunder at an additional 13% per annum, calculated daily and compounded monthly, before as well as after maturity, default and judgment, and (ii) a premium of 10% of the principal of the Advanceall Advances outstanding as of the date of such Event of Default shall be payable by the Borrower to the Agent.
(c) Five (5) Business Days prior to each Interest Payment Date, the Borrower shall provide the Agent with notice of whether it elects to pay accrued interest for such Interest Payment Date:
(i) in kind, by adding the case amount of overdue accrued interest to the outstanding principal amount of any Loanthe Facility, 2.0% plus in which case, the Applicable Margin shall be the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or 7.0% per annum; or
(ii) in cash, payable on the case of any other amountInterest Payment Date, 2.0% plus in which case, the Applicable Margin shall be the rate applicable to CBFR Loans as provided in paragraph (a) of this Section5.0% per annum.
(d) Accrued interest on each Loan To the extent that the Borrower does not provide the notice required by Section 2.5(c), it shall be payable in arrears on each deemed to have elected to pay accrued interest for the applicable Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demandin cash, (ii) as set out in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability PeriodSubsection 2.5(c)(c)(ii), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder In no event shall the Effective Annual Rate exceed twenty-fourtwenty four percent (24%) (the “Maximum Effective Annual Rate”). If any payment described in the definition of “Effective Annual Rate” is or is about to be received by the Agent in an amount that exceeds the Maximum Effective Annual Rate, then such payment shall be computed on reduced or refunded, as applicable, by the basis of a year of 360 daysAgent, except that interest computed by reference with retroactive effect, to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and extent required to eliminate such determination shall be conclusive absent manifest errorexcess.
Appears in 2 contracts
Sources: Fourth Amendment to Credit Agreement and Omnibus Amendment to Certain Guarantees (Anfield Energy Inc.), Fourth Amendment to Credit Agreement and Omnibus Amendment to Certain Guarantees (Anfield Energy Inc.)
Interest. (a) The Loans comprising each CBFR Base Rate Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Rate plus the Applicable MarginBase Rate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO LIBOR Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.0% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR Base Rate Loans as provided in paragraph (a) of this SectionSection 2.10.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section 2.10 shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Base Rate Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Base Rate at times when the CB Floating Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Base Rate or LIBO Adjusted LIBOR Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: 364 Day Revolving Credit Agreement (Cme Group Inc.), 364 Day Revolving Credit Agreement (Cme Group Inc.)
Interest. (a) The Loans comprising Borrower shall pay interest on the unpaid principal amount of each CBFR Borrowing (including each Swingline Loan) shall bear interest ABR Loan at the CB Floating Alternate Base Rate plus the Applicable Margin.
(b) The Loans comprising Borrower shall pay interest on the unpaid principal amount of each Eurodollar Borrowing shall bear interest Loan at the Adjusted LIBO Eurodollar Rate for the Interest Period in effect for such Borrowing Eurodollar Loan plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee Fees or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, the Borrower shall pay interest on such overdue amount shall bear interestamount, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02.00% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02.00% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section; provided, that this paragraph (c) shall not apply to any Default or Event of Default that has been waived by the Lenders pursuant to Section 9.08.
(d) Accrued interest on each Loan shall be payable by the Borrower in arrears on each Interest Payment Date for such Loan Loan, and upon the earlier of the Maturity Date and the termination of the Revolving Facility Commitments; provided provided, that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations of interest hereunder shall be computed made by the Administrative Agent taking into account the actual number of days occurring in the period for which such interest is payable pursuant to this Section, and (i) if based on the Alternate Base Rate (if based on the Prime Rate), a year of 365 days or 366 days, as the case may be; or (ii) otherwise, on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement, Credit Agreement (Rose Rock Midstream, L.P.)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower at all times when a Default has occurred hereunder and is not paid when duecontinuing, whether at stated maturity, upon acceleration or otherwise, such all overdue amount amounts outstanding hereunder shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.13 or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this SectionSection 2.13(a).
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and and, in the case of Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (cSection 2.13(c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR an ABR Revolving Loan prior to the end of the Availability PeriodPeriod or an ABR Term Loan prior to the applicable Term Loan Maturity Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefortherefore, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the applicable Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement (NortonLifeLock Inc.), Credit Agreement (Symantec Corp)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at a rate per annum equal to the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the a Borrower hereunder is not paid when duedue (following the expiration of any grace period specified in Section 7.01), whether at stated maturity, upon acceleration or otherwise, and remains unpaid, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section above or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Sectionabove.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the CommitmentsLoan; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and prepayment, (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversionconversion and (iv) all accrued interest shall be payable upon termination of the Commitments.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when (including ABR Loans determined by reference to the CB Floating Rate is based on the Prime Rate LIBO Rate) shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Alternate Base Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(f) If any Lender shall be required under the regulations of the Board to maintain reserves with respect to liabilities or assets consisting of, or including, Eurocurrency Liabilities (as defined in Regulation D of the Board), each Borrower shall pay to the Administrative Agent for the account of such Lender, additional interest on the unpaid principal amount of each Eurodollar Loan made to such Borrower by such Lender, from the later of the date of such Loan or the date such Lender was required to maintain such reserves until such Loan is paid in full, at an interest rate per annum equal to the remainder obtained by subtracting (i) the LIBO Rate for the Interest Period for such Loan from (ii) the rate obtained by multiplying the LIBO Rate as referred to in clause (i) above by the Statutory Reserve Rate applicable to such Lender for such Interest Period. Such additional interest shall be determined by such Lender and notified to the applicable Borrower (with a copy to the Administrative Agent) not later than five Business Days before the next Interest Payment Date for such Eurodollar Loan, and such additional interest so notified to such Borrower by any Lender shall be payable to the Administrative Agent for the account of such Lender on each Interest Payment Date for such Eurodollar Loan.
Appears in 2 contracts
Sources: Amendment and Restatement Agreement (Medtronic Inc), Amendment and Restatement Agreement
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO LIBOR Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the CommitmentsCommitted Amounts; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO LIBOR Rate or LIBO LIBOR Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(f) In the event that any financial statements delivered pursuant to this Agreement, or any certificate delivered pursuant to Section 5.01(c), is shown to be inaccurate (regardless of whether this Agreement or the Committed Amounts are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin and/or a higher Unused Fee on Committed Amount for any period (an “Applicable Period”) than the Applicable Margin or Unused Fee on Committed Amount, as applicable, applied for such Applicable Period, then (i) the Borrower shall immediately deliver to the Administrative Agent a correct certificate in the form of the certificate described in Section 5.01(c), (ii) such higher Applicable Margin and/or higher Unused Fee on Committed Amount shall be applied to such Applicable Period, and (iii) the Borrower shall immediately pay to the Administrative Agent the accrued additional interest and expense owing as a result of such increased Applicable Margin and Unused Fee on Committed Amount for such Applicable Period, which payment shall be promptly applied by the Administrative Agent in accordance with Section 7.02. This Section 2.13(f) shall not limit the rights of the Administrative Agent and the other Secured Parties with respect to Section 2.13(c) or Article VII.
Appears in 2 contracts
Sources: Credit Agreement (Genesis Energy Lp), Credit Agreement (Genesis Energy Lp)
Interest. (a) The Loans comprising Borrower shall pay interest on the unpaid principal amount of each CBFR Borrowing Loan owing by such Borrower to the Lenders from the date of such Loan until such principal amount shall be paid in full at a rate per annum equal at all times during each Interest Period for such Loan to the sum of (including each Swingline Loanx) shall bear interest at the CB Floating Yen LIBO Rate for such Interest Period for such Loan plus (y) the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, upon the occurrence and during the continuance of any Event of Default, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower Borrowers hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of or interest on any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs paragraph (a) of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this Section.
(dc) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the CommitmentsCommitment; provided that (i) interest accrued pursuant to paragraph (cb) of this Section shall be payable on demand, demand and (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment prepayment. For the avoidance of doubt, it is understood and (iii) agreed that interest will not be double counted in the event respect of any conversion of any Eurodollar Revolving Loan prior to additional days included at the end of the current an Interest Period thereforas a result of an extension thereof due to the operation of the proviso contained in the definition of “Interest Payment Date” contained in Section 1.01, accrued such that interest on for such Loan shall be payable on extended days will accrue only in the effective date of Interest Period to which such conversionextended days have been added and not any subsequent Interest Period.
(ed) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day)) occurring in the period for which such interest is payable. The applicable CB Floating Rate, Adjusted LIBO Rate or Yen LIBO Rate shall be reasonably determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. In calculating interest owed hereunder, the Administrative Agent shall calculate the interest owed to each Lender individually (based on the then current outstanding principal amount of Loan owed to such Lender), rounded down to the nearest whole Yen (on a Lender by Lender basis), which will then be aggregated and provided to the Borrower.
(e) All interest paid or payable pursuant to this Section shall be paid in JPY.
Appears in 2 contracts
Sources: Credit Agreement (Teva Pharmaceutical Industries LTD), Credit Agreement (Teva Pharmaceutical Industries LTD)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Rate ABR plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding Following the foregoingoccurrence and during the continuation of a Specified Event of Default, if any principal of or the Borrower Parties shall pay interest on any Loan or any fee or other amount payable by the Borrower overdue amounts hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of of, or interest on, any Loan, 2.0% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.13 or (ii) in the case of any other overdue amount, 2.0% plus the rate applicable to CBFR ABR Loans as provided in paragraph clause (a) of this SectionSection 2.11.
(d) Accrued interest on each Loan shall be payable by the Borrower Parties, jointly and severally, in arrears (i) on each Interest Payment Date for such Loan and (ii) upon termination of the Revolving Facility Commitments; provided that (iA) interest accrued pursuant to paragraph (c) of this Section 2.13 shall be payable on demand, (iiB) in the event of any repayment or prepayment of any Loan (other than a prepayment repayment of a CBFR an ABR Revolving Loan or Swingline Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iiiC) in the event of any conversion of any Eurodollar Eurocurrency Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate ABR shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating RateABR, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement (Smart & Final Stores, Inc.), Revolving Credit Agreement (Smart & Final Stores, Inc.)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Eurocurrency Rate for the Interest Period in effect for the Borrowing of which such Borrowing Loan is a part plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower Company hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the CommitmentsLoan; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 three hundred sixty (360) days, except that interest computed by reference to clause (a) of the CB Floating Rate at times when definition of the CB Floating Rate is based on the Prime Alternate Base Rate shall be computed on the basis of a year of 365 three hundred sixty-five (365) days (or 366 three hundred sixty-six (366) days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Alternate Base Rate or LIBO and the Eurocurrency Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Term Loan Credit Agreement (Sherwin Williams Co), 364 Day Bridge Credit Agreement (Sherwin Williams Co)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO LIBOR Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the CommitmentsCommitted Amounts; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO LIBOR Rate or LIBO LIBOR Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(f) In the event that any financial statements delivered pursuant to this Agreement, or any certificate delivered pursuant to Section 5.01(d), is shown to be inaccurate (regardless of whether this Agreement or the Committed Amounts are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin and/or a higher Unused Fee on Committed Amount for any period (an “Applicable Period”) than the Applicable Margin or Unused Fee on Committed Amount, as applicable, applied for such Applicable Period, then (i) the Borrower shall immediately deliver to the Administrative Agent a correct certificate in the form of the certificate described in Section 5.01(d), (ii) such higher Applicable Margin and/or higher Unused Fee on Committed Amount shall be applied to such Applicable Period, and (iii) the Borrower shall immediately pay to the Administrative Agent the accrued additional interest and expense owing as a result of such increased Applicable Margin and Unused Fee on Committed Amount for such Applicable Period, which payment shall be promptly applied by the Administrative Agent in accordance with Section 7.02. This Section 2.13(f) shall not limit the rights of the Administrative Agent and the other Secured Parties with respect to Section 2.13(c) or Article VII.
Appears in 2 contracts
Sources: Credit Agreement (Genesis Energy Lp), Credit Agreement (Genesis Energy Lp)
Interest. (a) The Loans comprising Subject to Sections 1.3(c) and 1.3(d), each CBFR Borrowing (including each Swingline Loan) Loan shall bear interest at on the CB Floating Rate plus outstanding principal amount thereof from the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid date when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, made at a rate per annum equal to Adjusted LIBOR or the Base Rate, as the case may be, plus the Applicable Margin. Each determination of an interest rate by the Agent shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest or demonstrable error. All computations of fees and interest (iother than interest accruing on Base Rate Loans) payable under this Agreement shall be made on the basis of a 360-day year and actual days elapsed. All computations of interest accruing on Base Rate Loans payable under this Agreement shall be made on the basis of a 365-day year (366 days in the case of overdue principal of any Loana leap year) and actual days elapsed. Interest and fees shall accrue during each period during which interest or such fees are computed from the first day thereof to, 2.0% plus but excluding, the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this Sectionlast day thereof.
(db) Accrued interest Interest on each Loan shall be payable paid in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section Date. Interest shall also be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable paid on the date of such repayment any payment or prepayment and of Term Loans or of Revolving Loans on the Revolving Termination Date.
(iiic) in the event While (i) any Event of any conversion of any Eurodollar Revolving Loan prior Default under Section 7.1(a) or, solely with respect to the end Borrower, Section 7.1(f) or 7.1(g) is continuing, automatically, or (ii) while any other Event of Default is continuing, upon the written request of the current Interest Period thereforRequired Lenders, accrued the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on all amounts outstanding under this Agreement and, in each case, solely for so long as such Loan Event of Default is continuing, at a rate per annum (the “Default Rate”) which is determined by adding 2.0% per annum to the interest rate then in effect for such amount (or, if no interest rate is then in effect for such amount, at the rate applicable to Initial Term Loans that are Base Rate Loans plus 2.0% per annum). Such default interest shall be payable quarterly on the effective date last day of such conversioneach calendar quarter.
(ed) All interest Anything herein to the contrary notwithstanding, the obligations of the Borrower hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference subject to the CB Floating Rate at times when limitation that payments of interest shall not be required, for any period for which interest is computed hereunder, to the CB Floating Rate is based on extent (but only to the Prime Rate shall extent) that contracting for or receiving such payment by the respective Lender would be computed on contrary to the basis provisions of a year any applicable Requirements of 365 days (or 366 days in a leap year)Law, and in each case such event the Borrower shall be pay such Lender interest at a rate equal to the lesser of (x) the then otherwise applicable interest rate hereunder and (y) the highest rate permitted by such applicable Requirements of Law (“Maximum Lawful Rate”); provided, however, that if at any time thereafter the rate of interest payable hereunder is less than the Maximum Lawful Rate, the Borrower shall continue to pay interest hereunder at the Maximum Lawful Rate until such time as the total interest received by the Agent, on behalf of Lenders, is equal to the total interest that would have been received by the Agent, on behalf of Lenders, had the interest payable hereunder been (but for the actual number operation of days elapsed (including this paragraph) the first day but excluding interest rate payable since the last day). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest errorClosing Date as otherwise provided in this Agreement.
Appears in 2 contracts
Sources: Credit Agreement (Lulu's Fashion Lounge Holdings, Inc.), Credit Agreement (Lulu's Fashion Lounge Holdings, Inc.)
Interest. (a) The Loans comprising Borrower shall pay interest on the unpaid principal amount of each CBFR Borrowing Note from the Issue Date of such Note until the principal amount thereof shall be paid in full at a rate per annum at all times equal to the Interest Rate. Interest shall be payable in respect of any Note (including each Swingline Loanor portion thereof) on the Maturity Dates, as provided in Section 2.3, with respect to such Note (or portion thereof), or if earlier, upon the prepayment date for such Note (or portion thereof). Interest shall bear interest at be calculated on the CB Floating Rate plus the Applicable Marginbasis of a three hundred sixty-five (365) day year for actual days elapsed.
(b) The Loans comprising each Eurodollar Borrowing Upon the occurrence and during the continuance of any Remedy Event, all outstanding principal amounts of the Notes and, to the greatest extent permitted by law, all interest accrued on the Notes and all other Obligations hereunder, shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to the Interest Rate plus two percent (i) 2%), and, in the case of overdue principal of any Loaneach case, 2.0% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this Section.
(d) Accrued default interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand. To the greatest extent permitted by law, interest shall continue to accrue after the filing by or against the Borrower of any petition seeking any relief in bankruptcy or under any law pertaining to insolvency or debtor relief.
(iic) Nothing contained in this Agreement shall be deemed to establish or require the payment of interest to the Buyer at a rate in excess of the maximum rate permitted by applicable law. If the amount of interest payable to the Buyer would exceed the maximum amount permitted by applicable law, the amount of interest payable shall be automatically reduced to such maximum permissible amount. In the event of any repayment or prepayment such reduction, if from time to time thereafter the amount of any Loan (other than a prepayment of a CBFR Revolving Loan prior interest payable to the end Buyer on any date would be less than the maximum amount permitted by applicable law, then the amount of interest payable to it on such subsequent payment date shall be automatically increased to such maximum permissible amount, provided that at no time shall the aggregate amount by which interest paid for the account of the Availability Period), accrued Buyer has been increased pursuant to this sentence exceed the aggregate amount by which interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior paid for its account has theretofore been reduced pursuant to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversionprevious sentence.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Note Purchase Agreement (Acquicor Management LLC), Note Purchase Agreement (Acquicor Management LLC)
Interest. (a) The Loans comprising each CBFR Borrowing Beginning on the date that is one (including each Swingline Loan1) shall bear interest at year following the CB Floating Rate plus issuance date of this Note (the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at “Issuance Date”), the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any outstanding principal balance of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount this Note shall bear interest, after as well as before judgmentin arrears, at a rate per annum equal to eight percent (8%), payable quarterly commencing on September 30, 2008 and on the first business day of each following three-period at the option of the Maker in (A) cash or (B) shares of the Maker’s common stock, $0.001 par value per share (the “Common Stock”) that are eligible for public resale by the Holder under an effective registration statement covering such shares. The Maker shall provide irrevocable written notice to the Holder of the form of interest payment at least ten (10) days prior to an interest payment date. If no such notice is provided at least ten (10) days prior to an interest payment date, the Maker must make the interest payment in cash. In addition, the Maker must make interest payments in cash if it is unable to make interest payments in shares of Common Stock that are eligible for public resale by the Holder under an effective registration statement covering such shares. The number of shares of Common Stock to be issued as payment of accrued and unpaid interest shall be determined by dividing (i) in the case total amount of overdue principal of any Loan, 2.0% plus the rate otherwise applicable accrued and unpaid interest to such Loan as provided in the preceding paragraphs of this Section or be converted into Common Stock by (ii) in the case of any other amount, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph ninety percent (a90%) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination the average of the CommitmentsVWAP (as defined below) for the ten (10) Trading Days immediately preceding the interest payment date (the “Average VWAP”); provided that (i) provided, however, the Maker shall not be permitted to issue registered shares of Common Stock as interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) payments in the event that (A) the Average VWAP is less than $0.15 or (B) the average daily trading volume for the thirty (30) Trading Days immediately preceding the interest payment date equals at least two hundred percent (200%) of any repayment or prepayment the number of any Loan (other than a prepayment shares of a CBFR Revolving Loan prior Common Stock that would be issued to the end of the Availability Period), accrued Holder as an interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current payment. Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a 360-day year of 360 daystwelve (12) 30-day months and shall accrue commencing on the Issuance Date. Furthermore, except that interest computed by reference upon the occurrence of an Event of Default (as defined in Section 2.1 hereof), then to the CB Floating Rate at times when extent permitted by law, the CB Floating Rate is based Maker will pay interest to the Holder, payable on demand, on the Prime Rate shall be computed on outstanding principal balance of the basis Note from the date of a year the Event of 365 days Default until such Event of Default is cured at the rate of the lesser of fifteen percent (or 366 days in a leap year), 15%) and in each case shall be payable for the actual number of days elapsed maximum applicable legal rate per annum.
(including the first day but excluding the last day). b) The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.term “
Appears in 2 contracts
Sources: Secured Convertible Promissory Note (Ambient Corp /Ny), Secured Convertible Promissory Note (Ambient Corp /Ny)
Interest. (a) The Loans comprising Subject to the provisions of Section 2.06(b), each CBFR Borrowing (including each Swingline Loan) Loan shall bear interest at on the CB Floating Rate plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any outstanding principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, thereof at a rate per annum equal to the Applicable Rate and the accrued interest shall be due and payable in cash on each Interest Payment Date. Notwithstanding the foregoing, at the Borrower’s election of the interest option set forth in clause (y) of the definition of “Applicable Rate”, the portion of interest set forth in clause (ii) thereof in respect of the Loans shall be capitalized, compounded and added to the principal amount of the Loans outstanding on each Interest Payment Date (such capitalized interest, “PIK Interest”); provided that PIK Interest shall be treated as Loans for purposes of this Agreement and shall bear interest in accordance with this Section 2.04. To make an election pursuant to this Section 2.04(a), the Borrower shall notify the Administrative Agent of such election in writing by delivery to the Administrative Agent of an executed PIK Election Request at least five (5) Business Days prior to each Interest Payment Date indicating the amount of interest to be paid in kind and the amount of interest to be paid in cash in respect of the Loans on such Interest Payment Date.
(b) Commencing (x) upon the occurrence and during the continuance of any Event of Default at the request of the Administrative Agent (upon the instruction of the Required Lenders), or automatically upon the occurrence of an Event of Default under Section 8.01(a) or 8.01(f), the Borrower shall pay interest on (i) in the case principal amount of overdue principal of any Loan, 2.0% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or Loans and (ii) to the extent then due and payable all other outstanding Obligations hereunder, in each case under clauses (i) and (ii), at an interest rate per annum at all times equal to the case of any Default Rate to the fullest extent permitted by applicable Laws. Accrued interest at the Default Rate and all other amount, 2.0% plus accrued and unpaid interest on past due amounts (including interest on past due interest to the rate fullest extent permitted by applicable to CBFR Loans as provided Laws) shall be due and payable upon demand in paragraph (a) of this Sectioncash.
(dc) Accrued interest Interest on each Loan shall be due and payable in arrears on each Interest Payment Date for applicable thereto in accordance with Section 2.04(a) and at such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall other times as may be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current specified herein. Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on due and payable in accordance with the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), terms hereof before and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest errorafter any judgment.
Appears in 2 contracts
Sources: Credit Agreement (Amryt Pharma PLC), Credit Agreement (Amryt Pharma PLC)
Interest. Interest (a) The Loans comprising each CBFR Borrowing (including each Swingline Loan“Interest”) shall bear interest at accrue on the CB Floating Rate plus Principal during the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at period from the Adjusted LIBO Rate for Closing Date until the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgmentMaturity Date, at a rate of 9% per annum equal to (icompounded quarterly), of which (x) in the case of overdue principal of any Loan, 2.04% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan per annum shall be payable in cash in arrears on the last Business Day of December and June of each calendar year (each, an “Interest Payment Date”), and (y) 5% per annum shall be payable by adding the amount of Interest accrued at such rate on each Interest Payment Date for such Loan and upon termination of to the Commitments; provided Principal. To the extent that any Interest payable under clause (i) interest accrued pursuant to paragraph (cx) of this Section shall be payable on demand, (ii2.3 remains unpaid after the period of time provided for in Section 7.1(a) has elapsed and the underlying Event of Default has not been waived in the event sole discretion of Holder, the Holder shall have the right, but not the obligation, together with any and all other rights and remedies provided for at law or under this Note, to add the amount of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior such unpaid Interest to the end of the Availability Period), Principal. All accrued interest on the principal amount repaid or prepaid and unpaid Interest shall be payable on the Maturity Date or such earlier date of such repayment or prepayment as the Principal is due and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current payable hereunder. Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis closing daily Principal of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed this Note on the basis of a 365 day year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed in the period during which it accrues. In all cases, Interest that is payable hereunder in cash shall, at the option of the Holder (including in its sole discretion, as notified to the first day but excluding Corporation in writing no less than ten Business Days prior to the last dayrelevant Interest payment date). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined payable on any due date by the Administrative AgentCorporation either:
(a) in cash in immediately available funds; or
(b) subject to approval from the TSX and the Nasdaq, and as applicable, by way of issuance to the Holder of Common Shares in an amount equal to the amount of Interest then payable calculated on the basis of a price per Common Share equal to the Conversion Price; provided that the terms set out in Article 3 in respect of any such determination shall be conclusive absent manifest errorconversion are in all cases complied with.
Appears in 2 contracts
Sources: Securities Purchase Agreement (Neovasc Inc), Securities Purchase Agreement
Interest. (a) The Term Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Rate ABR plus the Applicable MarginRate.
(b) The Term Loans comprising each Eurodollar SOFR Borrowing shall bear interest at the Adjusted LIBO Rate SOFR for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Term Loan or any fee or other amount payable by the Borrower Borrowers hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, to the fullest extent permitted by law, after as well as before judgment, until such amounts are paid, at a rate per annum equal to (i) in the case of overdue principal or interest of any Term Loan, 2.0% plus the rate otherwise applicable to such Term Loan as provided in the preceding paragraphs of this Section Section, or (ii) in the case of any other amount, 2.0% plus the rate applicable to CBFR Term Loans that are ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Term Loan shall be payable in arrears on each Interest Payment Date for such Term Loan and upon termination of the CommitmentsTermination Date; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Term Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Term Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate ABR at times when the CB Floating Rate ABR is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Rate ABR or LIBO Rate SOFR shall be determined by the Administrative AgentAgent in accordance with the terms hereof, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Term Loan Credit Agreement (Party City Holdco Inc.), Restructuring Support Agreement (Party City Holdco Inc.)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02.00% per annum plus the rate applicable to CBFR Loans ABR Borrowings as provided in paragraph (a) of this Section; provided that no amount shall accrue or be payable pursuant to this Section 2.13(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; Loan, provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Alternate Base Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Second Lien Credit Agreement (NEP Group, Inc.), Second Lien Credit Agreement (NEP Group, Inc.)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.0% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.0% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this SectionSection 3.07(a).
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Aggregate Commitments; provided that provided, that, (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving an ABR Loan prior to the end of the Revolving Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All computations of interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed for ABR Loans (including ABR Loans determined by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate Eurodollar Rate) shall be computed made on the basis of a year of 365 days (or 366 days in a leap year)days, as the case may be, and in each case actual days elapsed. All other computations of fees and interest shall be payable for made on the basis of a 360-day year and actual number of days elapsed (including which results in more fees or interest, as applicable, being paid than if computed on the first basis of a 365-day but excluding year). Interest shall accrue on each Loan for the last day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; provided, that, any Loan that is repaid on the same day on which it is made shall, subject to Section 3.12(a), bear interest for one day). The applicable CB Floating Rate, Adjusted LIBO Alternate Base Rate or LIBO Eurodollar Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement (Zimmer Biomet Holdings, Inc.), Credit Agreement (Zimmer Biomet Holdings, Inc.)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of any overdue principal of any Loan, 2.0Loan shall bear interest at 2% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or 2.12 and (ii) in the case of any other amount, 2.0overdue amount (including overdue interest) shall bear interest at 2% per annum plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this SectionSection 2.12.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section 2.12 shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Abl Credit Agreement (Kindred Healthcare, Inc), Abl Credit Agreement (Kindred Healthcare, Inc)
Interest. (a) The Subject to Section 2.07(c) and Section 2.11(b), all Loans comprising each CBFR Borrowing (including each Swingline Loan) shall bear interest on the unpaid principal amount thereof from the date such Loans are made until, in all cases, paid in full, except as otherwise provided in clause (c) below, as follows: (i) from the Closing Date until September 11, 2013 (the “Initial Interest Period”), at a rate of 14.00% per annum (the CB Floating Rate plus “Initial Interest Period Rate”) and (ii) commencing on September 11, 2013 and at all times thereafter (the Applicable Margin“Second Interest Period”), at a rate of 17.00% per annum (the “Second Interest Period Rate”).
(b) The Accrued interest on the outstanding principal balance of each Loan shall be paid partially in cash and partially in kind, as follows:
(i) During the Initial Interest Period, on each Interest Payment Date, the Initial Interest Period Rate shall be paid as follows:
(1) Borrower shall pay to the Agent in immediately available funds to an account designated by the Agent, for distribution to the Lenders, cash pay interest of 4.00% per annum on the outstanding principal of the Loans comprising each Eurodollar Borrowing and (2) interest of 10.00% per annum on the outstanding principal of the Loans shall bear interest be payable, at the Adjusted LIBO Rate for Borrower’s option, in cash or in kind, with any amounts paid in kind being automatically added to the outstanding principal amount of the Loans; and
(ii) During the Second Interest Period, on each Interest Payment Date, the Second Interest Period Rate shall be paid as follows:
(1) Borrower shall pay to the Agent in effect immediately available funds to an account designated by the Agent, for such Borrowing plus distribution to the Applicable MarginLenders, cash pay interest of 7.00% per annum on the outstanding principal of the Loans and (2) interest of 10.00% per annum on the outstanding principal of the Loans shall be payable, at the Borrower’s option, in cash or in kind, with any amounts paid in kind being automatically added to the outstanding principal amount of the Loans.
(c) Notwithstanding After the foregoingoccurrence and during the continuance of any Event of Default, the unpaid principal amount of the Loans shall bear interest at a per annum rate equal to the sum of the Initial Interest Period Rate (if any principal during the Initial Interest Period) or the Second Interest Period Rate (if during the Second Interest Period) plus 2.00% (the “Default Rate”), beginning on the date of the occurrence of such Event of Default and ending on the date on which such Event of Default shall be cured or waived pursuant to the terms of this Agreement. All such interest shall be paid on any Loan or any fee or other amount payable demand by the Agent to the Borrower until the payment in full of the Loans hereunder or such Event of Default is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.0% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this Sectionno longer continuing.
(d) Accrued interest on each Loan Interest shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed calculated on the basis of a 360-day year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate and shall be computed for each payment period on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable outstanding aggregate principal amount for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest errorelapsed.
Appears in 2 contracts
Sources: Credit Agreement (Powerwave Technologies Inc), Credit Agreement (Powerwave Technologies Inc)
Interest. (a) The Loans comprising Subject to Section 9.17, each CBFR Borrowing (including each Swingline Loan) Loan shall bear interest at the CB Floating Reference Rate plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing Following the occurrence and during the continuation of a Specified Event of Default, the applicable Borrowers shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or pay interest on any Loan or any fee or other amount payable by the Borrower overdue amounts hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (the “Default Rate”): (i) in the case of overdue principal of of, or interest on, any Loan, 2.02.00% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.15 or (ii) in the case of any other overdue amount, 2.02.00% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this SectionSection 2.15.
(dc) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and and, in the case of Revolving Credit Loans, upon termination of the Revolving Credit Commitments; provided provided, that (i) interest accrued pursuant to paragraph (cb) of this Section 2.15 shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR an ABR Revolving Credit Loan prior to that is not made in connection with the end termination or permanent reduction of the Availability PeriodRevolving Credit Commitments), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan or SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(ed) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap 365- or 366-day year), and in each as the case shall be payable for the actual number of days elapsed (including the first day but excluding the last daymay be). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate Rate, LIBO Rate, Adjusted Term SOFR, Term SOFR or LIBO Rate SOFR shall be determined by the applicable Administrative Agent, and such determination shall be conclusive absent manifest error.
(e) Notwithstanding anything to the contrary in the foregoing clauses (a) and (b), and to the extent in compliance with Section 2.23, 2.24 or 2.25, as applicable, Loans made pursuant to an Incremental Facility or Replacement Facility or extended in connection with an Extension Offer shall bear interest at the rate set forth in the applicable Permitted Amendment to the extent a different interest rate is specified therein.
Appears in 2 contracts
Sources: Credit Agreement (Herbalife Ltd.), Credit Agreement (Herbalife Ltd.)
Interest. (a) The Loans comprising each CBFR Borrowing (including each Swingline Loan) shall bear interest on the outstanding principal amount thereof at a rate of ten percent (10%) per annum from the Closing Date. All accrued interest on the Loans shall be, at the CB Floating Rate plus option of the Applicable Margin.
Borrower (b) The Loans comprising each Eurodollar Borrowing shall bear interest at unless required to be paid earlier by the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan terms hereof or any fee or other amount payable Note): (i) upon not less than five (5) Business Days’ prior written notice to the Lender, paid by the Borrower hereunder is not paid when dueto the Lender in arrears on the last day of each calendar quarter, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.0% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in if not paid pursuant to clause (i) above, capitalized with, and added to, the case principal amount of any other amountsuch Loan on the last day of each calendar quarter, 2.0% plus and shall thereafter be deemed for all purposes to be a part of the rate applicable to CBFR Loans as provided in paragraph principal amount thereof (a) of this Section.
(d) Accrued interest on each Loan and the principal amount shall be payable in arrears on each Interest Payment Date for increased by the amount of such Loan and upon termination capitalized interest at the end of the Commitmentssuch calendar quarter); provided that (i1) interest accrued pursuant to paragraph (cSection 2.3(b) of this Section shall be payable on demand, and (ii2) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Loans, accrued interest on the principal amount repaid or prepaid (not previously capitalized and added to the principal amount of the Loans) shall be payable on the date of such repayment or prepayment and (iii) in the event prepayment. All computations of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed made on the basis of a year of 360 days, except that and actual days elapsed.
(b) Notwithstanding the rate of interest computed by reference specified above, after an Event of Default and during the continuance thereof (regardless of whether the Loans have been accelerated), the Borrower agrees to pay interest (after as well as before judgment to the CB Floating Rate extent permitted by applicable law) on all unpaid principal, interest or other amounts owing under the Transaction Documents, at times when a rate of thirteen percent (13%) per annum. Unpaid interest on such amounts will continue to accrue and will (to the CB Floating Rate is based on the Prime Rate shall extent permitted by applicable law) be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest errorcompounded daily.
Appears in 2 contracts
Sources: Bridge Facility Agreement (Renova Media Enterprises Ltd.), Bridge Facility Agreement (Moscow Cablecom Corp)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable Margin4.00%.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin5.00%.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and and, in the case of Revolving Loans, upon termination of the CommitmentsCommitments therefor; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement (Harris Interactive Inc), Credit Agreement (Harris Interactive Inc)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the either Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall shall, on and after the date the Required Lenders so request, bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable by the Borrowers in arrears on each Interest Payment Date for each such Loan and upon termination of the CommitmentsLoan; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving an ABR Loan prior to the end of the Availability PeriodMaturity Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Term Loan Agreement (Freeport McMoran Copper & Gold Inc), Term Loan Agreement (Freeport McMoran Copper & Gold Inc)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable Margin.
(b) The Loans comprising each Eurodollar LIBOR Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any upon the occurrence and during the continuance of a Specified Default, at the written election of the Required Lenders, principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, two percent (2.0% %) plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or 2.13 and (ii) in the case of any other amountamounts, two percent (2.0% %) plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this SectionSection 2.13.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section 2.13 shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan of any Lender (other than a prepayment of a CBFR Revolving an ABR Loan prior to the end of the Availability PeriodPeriod with respect to such Lender), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving LIBOR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 365/366 days in a leap yearthe case of ABR Loans), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement (Great Atlantic & Pacific Tea Co Inc), Credit Agreement (Great Atlantic & Pacific Tea Co Inc)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Rate plus the Applicable MarginAlternate Base Rate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, when required to be prepaid, upon acceleration acceleration, or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% (two percent) plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% (two percent) plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of on the CommitmentsTermination Date; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement (Amb Property Lp), Credit Agreement (Amb Property Corp)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of on the CommitmentsMaturity Date; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving an ABR Loan prior to the end of the Availability PeriodMaturity Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Term Loan Credit Agreement (Applied Materials Inc /De), Term Loan Credit Agreement (Applied Materials Inc /De)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at a rate per annum equal to the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) [Reserved].
(d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section above or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Sectionabove.
(de) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the CommitmentsLoan; provided that (i) interest accrued pursuant to paragraph (cd) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and prepayment, (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversionconversion and (iv) all accrued interest shall be payable upon termination of the Commitments.
(ef) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Alternate Base Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Revolving Credit Agreement (Nisource Inc/De), Revolving Credit Agreement (Nisource Inc/De)
Interest. (a) The Loans comprising each CBFR Borrowing (including each Swingline Loan) Borrowings shall bear interest at the CB Floating Rate plus the Applicable Margin.
(b) The Loans comprising each Eurodollar SOFR Borrowing shall bear interest at the Adjusted LIBO Term SOFR Rate for the Interest Period in effect for such SOFR Borrowing plus the Applicable Margin.
(c) Each Protective Advance shall bear interest at the CB Floating Rate plus the Applicable Margin plus 2.0%.
(d) Notwithstanding the foregoing, if any principal during the occurrence and continuance of a Default, the Administrative Agent may at its option (or interest on any Loan or any fee or other amount payable by shall at the Borrower hereunder is not paid when duewritten direction of the Required Lenders), whether at stated maturitywith notice to the Borrower, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to declare that (i) in the case of overdue principal of any Loan, all Loans shall bear interest at 2.0% plus the rate otherwise applicable to such Loan Loans as provided in the preceding paragraphs of this Section or (ii) in the case of any other amountamount outstanding hereunder, such amount shall accrue at 2.0% plus the rate applicable to CBFR Loans such fee or other obligation as provided in paragraph (a) of this Sectionhereunder.
(de) Accrued interest on each Loan (for CBFR Loans, accrued through the last day of the prior calendar month) shall be payable in arrears on each Interest Payment Date for such Loan and at maturity (whether upon termination of the Commitmentsdemand, by acceleration or otherwise); provided that (i) interest accrued pursuant to paragraph paragraphs (c) and (d) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(ef) All interest hereunder shall be computed on the basis of a year of 360 three hundred sixty (360) days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 three hundred sixty-five (365) days (or 366 three hundred sixty-six (366) days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Adjusted Term SOFR Rate shall be reasonably determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(g) For the avoidance of doubt, any PIK Interest shall be compounded on each Interest Payment Date and added to the outstanding principal amount of the Term Loan and, once so added, is considered paid and shall be treated as principal amount of the Term Loan for all purposes of this Agreement.
Appears in 2 contracts
Sources: Credit Agreement (Sigmatron International Inc), Credit Agreement (Sigmatron International Inc)
Interest. (a) The Loans comprising each CBFR Base Rate Borrowing (including and each Swingline Loan) Loan shall bear interest at the CB Floating Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar LIBO Rate Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if any principal upon the occurrence and during the continuance of an Event of Default under clauses (a), (b), (h), (i) or interest on any Loan (n) of Article VII or any fee or other amount payable by upon written notice to the Borrower hereunder is not paid when duefrom the Administrative Agent or Required Lenders following the occurrence and during the continuance of any other Event of Default, whether at stated maturity, upon acceleration or otherwise, such overdue (i) the outstanding principal amount of the Loans shall bear interest, after as well as before judgment, interest at a rate per annum equal to (ithe interest rate specified in Section 2.12(a) in the case of overdue principal of any Loanor Section 2.12(b), 2.0% as applicable, plus the incremental rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or 2.00% per annum, and (ii) the other outstanding Obligations, if any, shall bear interest at a rate equal to the interest rate specified in the case of any other amount, 2.0% Section 2.12(a) plus the incremental rate applicable of 2.00% per annum. Upon the occurrence and during the continuance of an Event of Default, no new LIBO Rate Loans may be requested pursuant to CBFR Loans as provided in paragraph (a) of this SectionSection 2.3.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (cSection 2.12(c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Base Rate Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving LIBO Rate Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by with reference to the CB Floating Base Rate at times when the CB Floating and interest computed with reference to any LIBO Rate is based on the Prime Rate Loan denominated in Sterling shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement (Simpson Manufacturing Co Inc /Ca/), Credit Agreement (Simpson Manufacturing Co Inc /Ca/)
Interest. (a) The Loans comprising each CBFR Borrowing (including each Swingline Loan) Each Eurodollar Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the CB Floating Eurodollar Rate determined for such day plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing Each ABR Loan shall bear interest at a rate per annum equal to the Adjusted LIBO Alternate Base Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if If all or a portion of (i) any principal of any Term Loan, (ii) any interest payable thereon or interest on (iii) any Loan Fees or any fee other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), the principal of the Term Loans and any such overdue interest, Fees or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, interest at a rate per annum equal to which is (ix) in the case of overdue principal of any Loanprincipal, 2.0% plus the rate that would otherwise be applicable thereto pursuant to such Loan as provided in the preceding paragraphs foregoing provisions of this Section 2.8 plus 2% or (iiy) in the case of any such overdue interest, Fees or other amount, 2.0% plus the rate applicable in effect at such time pursuant to CBFR Loans as provided in paragraph (ab) of this SectionSection 2.8 plus 2%, in each case from the date of such non-payment until such overdue principal, interest, Fees or other amount is paid in full (before as well as after receipt of a judgment).
(d) Accrued interest on each Loan Interest shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; Maturity Date, provided that (i) interest accrued accruing pursuant to paragraph (c) of this Section 2.8 shall be payable from time to time on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All Whenever it is calculated on the basis of the Prime Rate, interest hereunder shall be computed calculated on the basis of a 365- (or 366-, as the case may be) day year of 360 daysfor the actual days elapsed; and, except that otherwise, interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed calculated on the basis of a 360-day year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day)elapsed. The applicable CB Floating Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of each determination of a Eurodollar Rate, Adjusted LIBO Rate or LIBO . Any change in the interest rate on a Term Loan resulting from a change in the Alternate Base Rate shall be determined become effective as of the opening of business on the day on which such change becomes effective. The Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of the effective date and the amount of each such change in interest rate.
(f) Each determination of an interest rate by the Administrative Agent, and such determination Agent pursuant to any provision of this Agreement shall be conclusive absent and binding on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the Borrower, deliver to the Borrower a statement showing the quotations used by the Administrative Agent in determining any interest rate in respect of any Eurodollar Loan.
Appears in 2 contracts
Sources: Credit Agreement (Hicks Thomas O), Credit Agreement (Hicks Thomas O)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower Default has occurred and is continuing, (i) all amounts outstanding hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (iA) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (iiB) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this SectionSection and (ii) the participation fees referred to in Section 2.10(b)(i) shall be increased by 2% per annum.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement (Kindred Healthcare Inc), Credit Agreement (Kindred Healthcare, Inc)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at a rate per annum equal to the CB Floating Alternate Base Rate plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Term Benchmark Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBO Term SOFR Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in Dollars in arrears on each Interest Payment Date for such Loan and upon termination of the CommitmentsLoan; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Periodan ABR Loan), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and prepayment, (iii) in the event of any conversion of any Eurodollar Revolving Term Benchmark Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion, and (iv) all accrued interest on a Loan shall be payable upon the Maturity Date.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Alternate Base Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). All interest hereunder on any Loan shall be computed on a daily basis based upon the outstanding principal amount of such Loan as of the applicable date of determination. The applicable CB Floating Rate, Adjusted LIBO Alternate Base Rate or LIBO Term SOFR Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Term Loan Credit Agreement (Baker Hughes Co), Term Loan Credit Agreement (Baker Hughes Co)
Interest. (a) The Loans comprising each CBFR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Rate plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing Loan plus the Applicable MarginRate.
(cb) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02.00% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this Section.
(dc) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the CommitmentsLoan; provided that (i) interest accrued pursuant to paragraph (cb) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) the Borrower may request, in accordance with the procedures set forth below in this Section 2.07(c)(iii), that a portion of interest not be paid in Cash but be paid-in-kind and added to the principal amount of such Loan as set forth below by delivering written notice to the Administrative Agent accompanied by a certified copy of a resolution of the Borrower’s board of directors not less than five (5) Business Days prior to an Interest Payment Date, and upon receipt by the Administrative Agent of such complete and timely request, a portion of accrued interest (A) from July 1, 2010 to and including December 31, 2010, in the event amount of any conversion of any Eurodollar Revolving Loan 300 basis points or (B) from January 1, 2011 to and including 4 Intention is to replace Administrative Agent and negotiate Fee Letter prior to Effective Date. December 31, 2011, in the end amount of 150 basis points, shall not be paid in Cash but shall be paid-in-kind and added to the current Interest Period therefor, accrued interest on principal amount of such Loan on each Interest Payment Date and shall be payable on deemed to increase the effective date outstanding principal amount of such conversionLoan for all purposes of this Agreement and the other Loan Documents.
(ed) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Senior Secured Loan Agreement, Senior Secured Loan Agreement
Interest. (a) The Loans comprising each CBFR Borrowing (including each Swingline Loan) outstanding principal balance of the Loan shall bear interest at the CB Floating Prime Rate plus the Applicable Margin2 percentage point per annum.
(b) The Loans comprising each Eurodollar Borrowing shall bear Upon the occurrence and during the continuance of any Event of Default, Lender may, at its option by written notice to Borrower, raise the interest at rate charged on the Adjusted LIBO Loan to a rate of up to the Prime Rate for plus 4 percent per annum from the Interest Period date of the occurrence of the Event of Default until the Event of Default is cured or waived by Lender or, absent cure or waiver, until the Loan is repaid in effect for such Borrowing plus the Applicable Marginfull.
(c) Notwithstanding the foregoing, if any principal All computations of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.0% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a 365/366-day year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed elapsed.
(including d) In the event that Borrower fails to pay interest on the Loan when due under the terms of this Agreement, such past due interest shall bear interest at the interest rate applicable to the Loan.
(e) Notwithstanding any provision contained herein, the total liability of Borrower for payment of interest pursuant hereto shall not exceed the maximum amount of interest permitted by Applicable Law to be charged, collected or received from Borrower; and if any payments by Borrower include interest in excess of that maximum amount, Lender shall apply the excess first to reduce the unpaid interest on and principal of the Loan, and any excess shall be returned to Borrower.
(a) Commencing on the first day but excluding of the last day). The applicable CB Floating Ratefirst month following the initial advance under the Loan and on the first day of each month thereafter, Adjusted LIBO Rate Borrower shall pay Lender an amount equal to all accrued interest on the Loan.
(b) Borrower shall pay Lender all outstanding principal, accrued interest and other charges with respect to the Loan on the earlier of (i) December 31, 2001, or LIBO Rate (ii) the date that Borrower receives any cash proceeds from the issuance of any equity securities after the date of this Agreement.
(c) All sums payable to Lender pursuant to this Agreement shall be determined by paid directly to Lender in immediately available funds and in the Administrative Agentcurrency of the United States of America. Whenever any payment to be made hereunder becomes due and payable on a day that is not a Business Day, and such determination shall payment may be conclusive absent manifest errormade on the next succeeding Business Day.
Appears in 2 contracts
Sources: Credit Agreement (Eden Bioscience Corp), Credit Agreement (Eden Bioscience Corp)
Interest. (a) The Loans comprising Subject to Section 9.17, each CBFR Borrowing (including each Swingline Loan) Loan shall bear interest at the CB Floating Reference Rate plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing Following the occurrence and during the continuation of a Specified Event of Default, the applicable Borrowers shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal of or pay interest on any Loan or any fee or other amount payable by the Borrower overdue amounts hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (the “Default Rate”): (i) in the case of overdue principal of of, or interest on, any Loan, 2.02.00% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.15 or (ii) in the case of any other overdue amount, 2.02.00% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this SectionSection 2.15.
(dc) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and and, in the case of Revolving Credit Loans, upon termination of the Revolving Credit Commitments; provided provided, that (i) interest accrued pursuant to paragraph (cb) of this Section 2.15 shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR an ABR Revolving Credit Loan prior to that is not made in connection with the end termination or permanent reduction of the Availability PeriodRevolving Credit Commitments), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(ed) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap 365- or 366-day year), and in each as the case shall be payable for the actual number of days elapsed (including the first day but excluding the last daymay be). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the applicable Administrative Agent, and such determination shall be conclusive absent manifest error.
(e) Notwithstanding anything to the contrary in the foregoing clauses (a) and (b), and to the extent in compliance with Section 2.23, 2.24 or 2.25, as applicable, Loans made pursuant to an Incremental Facility or Replacement Facility or extended in connection with an Extension Offer shall bear interest at the rate set forth in the applicable Permitted Amendment to the extent a different interest rate is specified therein.
Appears in 2 contracts
Sources: Credit Agreement (Herbalife Nutrition Ltd.), Credit Agreement (Herbalife Nutrition Ltd.)
Interest. (a) The Loans comprising each CBFR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Rate plus the Applicable Margin[Intentionally omitted].
(b) The Loans comprising each Eurodollar Borrowing shall bear interest on the daily amount outstanding at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs paragraph of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR Loans Borrowings with an Interest Period equal to one month as provided in paragraph (a) of this Sectionthe date of determination.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of on the CommitmentsMaturity Date; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and prepayment, (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion, and (iv) with respect to any Declining Lender, accrued interest shall be paid upon the termination of the Commitment of such Lender.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Australian Administrative Agent, and such determination shall be conclusive absent manifest demonstrable error.
Appears in 2 contracts
Sources: Credit Agreement (Apache Corp), Credit Agreement (Apache Corp)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Term SOFR Borrowing shall bear interest at the Adjusted LIBO Term SOFR Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) [reserved].
(d) Notwithstanding the foregoing, if any principal Event of Default shall have occurred and be continuing and the Required Lenders have directed the Administrative Agent to apply the Default Rate (which election shall be automatic upon the occurrence of an Event of Default under Section 7.01(h) or interest on any (i)), all outstanding Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount Document Obligations shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue any principal or interest of any Loan, 2.02.00% per annum plus the rate otherwise applicable to such Loan Term Loans as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02.00% per annum plus the rate applicable to CBFR Loans that are ABR Loans as provided in paragraph (a) of this SectionSection (the “Default Rate”).
(de) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; Loan, provided that (i) interest accrued pursuant to paragraph (cd) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Term SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(ef) All computations of interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times for ABR Loans (when the CB Floating Alternate Base Rate is based on the U.S. “Prime Rate Rate”) shall be computed made on the basis of a year of 365 days (or 366 days in a leap year)days, as the case may be, and in each case actual days elapsed. All other computations of fees and interest shall be payable made on the basis of a 360-day year and actual days elapsed. Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.18, bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.
(g) For the purposes of the Interest Act (Canada) and disclosure thereunder, whenever any interest or any fee to be paid under any Loan Document is to be calculated on the basis of a 360-day or 365-day year, the yearly rate of interest to which the rate used in such calculation is equivalent is the rate so used multiplied by the actual number of days elapsed (including in the first day but excluding calendar year in which the last day)same is to be ascertained and divided by 360 or 365, as applicable. The rates of interest under this Agreement are nominal rates, and not effective rates or yields. The principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement.
(h) If any provision of this Agreement would oblige a Canadian Loan Party to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate which would be prohibited by applicable CB Floating Ratelaws or would result in a receipt by that Lender of “interest” at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)), Adjusted LIBO Rate then, notwithstanding such provision, such amount or LIBO Rate rate shall be determined deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law or so result in a receipt by that Lender of “interest” at a “criminal rate”, such adjustment to be effected, to the Administrative Agentextent necessary (but only to the extent necessary), as follows: (a) first, by reducing the amount or rate of interest to be paid to such Lender; and (b) thereafter, by reducing any fees, commissions, costs, expenses, premiums and other amounts required to be paid to such determination shall be conclusive absent manifest errorLender which would constitute “interest” for purposes of section 347 of the Criminal Code (Canada).
Appears in 2 contracts
Sources: Amendment Agreement and Joinder to Foreign Guarantee Agreement (Invacare Corp), Credit Agreement (Invacare Corp)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan that is an ABR Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the any Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Revolving Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the CommitmentsLoan; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, demand and (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest (i) computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year)) and (ii) for Borrowings denominated in Pounds Sterling shall be computed on the basis of a year of 365 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(f) Each payment on account of interest on the Revolving Loans shall be made pro rata according to the respective outstanding principal amounts of the Revolving Loans then held by the Revolving Lenders and each payment of interest on account of the Term Loans shall be made pro rata according to the respective outstanding principal amounts of the Term Loans then held by the Term Lenders.
Appears in 2 contracts
Sources: Credit Agreement (Signet Jewelers LTD), Credit Agreement (Signet Jewelers LTD)
Interest. (a) The Loans comprising each CBFR Borrowing (including each Swingline Loan) Each Borrower shall bear pay interest to Lender on the aggregate outstanding Revolving Credit Advances attributable to such Borrower at a floating rate equal to the CB Floating Index Rate plus three and seventy five hundredths percent (3.75 %) per annum (the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal "Revolving Credit Rate"). All computations of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgmentand all calculations of the Letter of Credit Fee, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.0% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed made by Lender on the basis of a year of 360 daysthree hundred sixty (360) day year, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed occurring in the period for which such interest or fee is payable. Each determination by Lender of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error. In no event will Lender charge interest at a rate that exceeds the highest rate of interest permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable.
(including b) Interest shall be payable on the outstanding Revolving Credit Advances (i) in arrears for the preceding calendar month on the first day but excluding of each calendar month, (ii) on the last dayCommitment Termination Date, and (iii) if any interest accrues or remains payable after the Commitment Termination Date, upon demand by Lender.
(c) Effective upon the occurrence of any Event of Default and for so long as any Event of Default shall be continuing, the Revolving Credit Rate and the Letter of Credit Fee shall automatically be increased by two percentage points (2%) per annum (such increased rate, the "Default Rate"), and all outstanding Obligations, including unpaid interest and Letter of Credit Fees, shall continue to accrue interest from the date of such Event of Default at the Default Rate applicable to such Obligations.
(d) If any interest or any other payment (including Unused Line Fees) to Lender under this Agreement becomes due and payable on a day other than a Business Day, such payment date shall be extended to the next succeeding Business Day and interest thereon shall be payable at the then applicable rate during such extension.
(e) On any day on which interest is payable by any Borrower to Lender, each Borrower shall make a payment to Lender of its "Pro Rata Share" of any "Additional Interest" due for such period. "Additional Interest" shall be due if the aggregate average balance of the outstanding Revolving Credit Advances during any period (the "Aggregate Average Balance") is less than the "Minimum Balance Amount" for such period. As used in this Section 1.5(e), the Minimum Balance Amount shall be (i) $2,000,000 from the Closing Date until the first anniversary date of this Agreement, (ii) $2,500,000 from the first anniversary date of this Agreement to the second anniversary date of this Agreement, and (iii) $3,000,000 at all times after the second anniversary date of this Agreement. If the Minimum Balance Amount exceeds the Aggregate Average Balance for any such period, then the amount of Additional Interest that is due to Lender shall be an amount derived by multiplying such excess by the blended Revolving Credit Rate for such period (as determined by Lender). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate Each Borrower's "Pro Rata Share" of any Additional Interest shall be determined by Lender based on the Administrative Agent, and such determination shall be conclusive absent manifest erroraverage relative borrowings of each Borrower.
Appears in 2 contracts
Sources: Loan and Security Agreement (Harmony Holdings Inc), Loan and Security Agreement (Intelefilm Corp)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Eurocurrency Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration acceleration, by mandatory prepayment or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02.00% per annum plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; , provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving an ABR Loan prior to the end of the Availability Periodapplicable Maturity Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Alternate Base Rate or LIBO Adjusted Eurocurrency Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Term Loan Agreement (Tyson Foods Inc), Term Loan Agreement (Tyson Foods Inc)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, to the extent permitted by applicable law, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving an ABR Loan prior to the end of the Availability Revolving Commitment Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Alternate Base Rate and Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement (Wright Express CORP), Credit Agreement (Wright Express CORP)
Interest. (a) The Loans comprising each CBFR Borrowing (including each Swingline Loan) Interest shall bear interest accrue to the Holder on the aggregate unconverted and then outstanding principal amount of this Note, at the CB Floating Rate plus the Applicable Margin.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c) Notwithstanding the foregoing, if any principal rate of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) twelve and one half percent (12.5%) per annum paid in cash (the case of overdue principal of any Loan, 2.0% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii“Cash Interest”) in the case of any other amount, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed calculated on the basis of a 360-day year and shall accrue and compound daily commencing on the Original Issue Date until payment in full of 360 days, except that interest computed by reference the outstanding principal (or conversion to the CB Floating Rate at times when extent applicable), together with all accrued and unpaid interest, including Accrued PIK Interest, liquidated damages and other amounts which may become due hereunder, has been made and (ii) one percent (1%) per annum paid in kind (the CB Floating Rate is based on the Prime Rate shall be computed “PIK Interest”), calculated on the basis of a 360-day year and shall accrue commencing on the Original Issue Date until payment in full of 365 days the outstanding principal (or 366 days in a leap yearconversion to the extent applicable), together with all accrued and unpaid interest, including Accrued PIK Interest, liquidated damages and other amounts which may become due hereunder, has been made. Following an Event of Default, until such Event of Default has been cured, Cash Interest shall accrue at the lesser of (i) the rate of seventeen and one half percent (17.5%) per annum, or (ii) the maximum amount permitted by law (the lesser of clause (i) or (ii), the “Default Interest Rate”) and PIK Interest shall continue to accrue. In the event that such Event of Default is subsequently cured, the adjustment referred to in each case the preceding sentence shall cease to be payable for effective as of the actual number calendar day immediately following the date of such cure; provided that the interest as calculated and unpaid at the Default Interest Rate during the continuance of such Event of Default shall continue to apply to the extent relating to the days elapsed (after the occurrence of such Event of Default through and including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and date of such determination shall be conclusive absent manifest errorcure of such Event of Default.
Appears in 2 contracts
Sources: Convertible Security Agreement (Emmaus Life Sciences, Inc.), Convertible Security Agreement (Emmaus Life Sciences, Inc.)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate, not to exceed the Maximum Rate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate, not to exceed the Maximum Rate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwisedue (after giving effect to any grace period), such overdue amount shall bear interest, after as well as before judgment, interest at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.0% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this SectionDefault Rate.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement (Stewart Information Services Corp), Credit Agreement (Stewart Information Services Corp)
Interest. (a1) The Loans comprising each CBFR ABR Borrowing (including each and any Swingline Loan) shall Loan will bear interest at the CB Floating Rate ABR plus the Applicable Margin.
(b2) The Loans comprising each Eurodollar SOFR Revolving Facility Borrowing shall will bear interest at the Adjusted LIBO Rate Term SOFR for the Interest Period in effect for such Borrowing plus the Applicable Margin.
(c3) Notwithstanding Following the foregoingoccurrence and during the continuation of a Specified Event of Default, if any principal of or the Borrower will pay interest on any Loan or any fee or other amount payable by the Borrower overdue amounts hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (ia) in the case of overdue principal of of, or interest on, any Loan, 2.0% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.13 or (iib) in the case of any other overdue amount, 2.0% plus the rate applicable to CBFR ABR Loans as provided in paragraph clause (a1) of this SectionSection 2.13.
(d4) Accrued interest on each Loan shall will be payable by the Borrower in arrears (a) on each Interest Payment Date for such Loan Loan; (b) on the applicable Maturity Date; and (c) upon termination of the Revolving Facility Commitments; provided that that:
(i) interest accrued pursuant to paragraph (c3) of this Section shall 2.13 will be payable on demand, ;
(ii) in the event of any repayment or prepayment of any Loan (other than a prepayment repayment of a CBFR an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall will be payable on the date of such repayment or prepayment and prepayment; and
(iii) in the event of any conversion of any Eurodollar SOFR Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall will be payable on the effective date of such conversion.
(e5) All interest hereunder shall will be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate ABR at times when the CB Floating Rate ABR is based on the Prime Rate shall prime rate will be computed on the basis of a year of 365 days (or 366 days in a leap year), and and, in each case shall case, will be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating RateABR, Adjusted LIBO Rate Term SOFR or LIBO Rate shall SOFR will be determined by the Administrative Agent, and such determination shall will be conclusive absent manifest error.
Appears in 2 contracts
Sources: Revolving Credit Agreement (Amneal Pharmaceuticals, Inc.), Revolving Credit Agreement (Amneal Pharmaceuticals, Inc.)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar LIBOR Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.Rate. * INDICATES CONFIDENTIAL TREATMENT REQUESTED
(c) Notwithstanding the foregoing, foregoing if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.0% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.0% [ * ] plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued All accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the CommitmentsLoan; provided PROVIDED that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand[ * ], (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Loan, accrued interest on the principal amount of such Loan repaid or prepaid shall be payable on the date of such repayment or prepayment and prepayment, or (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Alternate Base Rate or Adjusted LIBO Rate shall be determined in accordance with this Agreement by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement (Jato Communications Corp), Credit Agreement (Jato Communications Corp)
Interest. (a) The Loans comprising Borrower shall pay interest on each CBFR Borrowing (including each Swingline Loan) shall bear interest Note from the Purchase Date on the outstanding principal amount thereof at the CB Floating per annum interest rate equal to Interest Rate plus as determined on the Applicable Marginmost recent Interest Rate Determination Date. The Collateral Agent shall give notice to the Borrower and the Purchasers of the Interest Rate on each Interest Rate Determination Date.
(b) The Loans comprising Interest on the outstanding principal balance of each Eurodollar Borrowing Note shall bear be due and payable (i) on each Interest Rate Determination Date, in arrears, until the entire principal amount of the Notes plus interest thereon is paid in full, and (ii) on each date when all or any amount of the unpaid principal balance of each such Note shall be due (whether at maturity, by acceleration, prepayment or otherwise), but only to the Adjusted LIBO Rate for extent accrued and only with respect of the Interest Period in effect for such Borrowing plus the Applicable Marginprincipal amount being paid.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.0% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.0% plus the rate applicable to CBFR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment Notes and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder fees shall be computed on the basis of a 360-day year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed elapsed.
(including d) If the first day but excluding Borrower shall default in the last daypayment of any principal of or interest on any Note, by acceleration or otherwise (after expiration of all applicable grace periods). The applicable CB Floating , then, until such defaulted amount shall have been paid in full, all such overdue amounts shall bear interest (after as well as before judgment) at a rate per annum equal to the Interest Rate plus 10.00% per annum (the “Default Rate, Adjusted LIBO Rate ”).
(e) Nothing contained in this Agreement or LIBO Rate the Notes shall be determined deemed to establish or require the payment of interest to the Purchasers at a rate in excess of the maximum rate permitted by applicable law. In the Administrative Agentevent that the rate of interest required to be paid under this Agreement or the Notes exceeds the maximum rate permitted by applicable law, the rate of interest required to be paid hereunder and such determination under the Notes shall be conclusive absent manifest errorautomatically reduced to the maximum rate permitted by applicable law and any amounts collected in excess of the permissible amount shall be deemed a prepayment of principal of the Notes.
Appears in 2 contracts
Sources: Note Purchase Agreement (Depomed Inc), Note Purchase Agreement (Depomed Inc)
Interest. (a) The Term Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Term Loans comprising each Eurodollar LIBO Rate Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Term Loan or any fee or other amount payable by the Borrower Borrowers hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, to the fullest extent permitted by law, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal or interest of any Term Loan, 2.0% plus the rate otherwise applicable to such Term Loan as provided in the preceding paragraphs of this Section Section, or (ii) in the case of any other amount, 2.0% plus the rate applicable to CBFR Term Loans that are ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Term Loan shall be payable in arrears on each Interest Payment Date for such Term Loan and upon termination of the CommitmentsMaturity Date; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Term Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving LIBO Rate Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Alternate Base Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Term Loan Credit Agreement (Party City Holdco Inc.), Term Loan Credit Agreement (Am-Source, LLC)
Interest. (a) The Loans comprising each CBFR ABR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Alternate Base Rate plus the Applicable MarginRate.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable MarginRate.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR ABR Loans as provided in paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Alternate Base Rate at times when the CB Floating Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Credit Agreement (LHC Group, Inc), Credit Agreement (Wellcare Health Plans, Inc.)
Interest. (a) The Loans comprising each CBFR Borrowing (including each Swingline Loan) shall bear interest at the CB Floating Rate plus the Applicable Margin[Intentionally omitted].
(b) The Loans comprising each Eurodollar Borrowing shall bear interest on the daily amount outstanding at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Eurodollar Margin.
(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.02% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs paragraph of this Section or (ii) in the case of any other amount, 2.02% plus the rate applicable to CBFR Loans Borrowings with an Interest Period equal to one month as provided in paragraph (a) of this Sectionthe date of determination.
(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of on the CommitmentsMaturity Date; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving Loan prior to the end of the Availability Period)Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and prepayment, (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion, and (iv) with respect to any Declining Lender, accrued interest shall be paid upon the termination of the Commitment of such Lender.
(e) All Subject to Section 10.12, all interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Australian Administrative Agent, and such determination shall be conclusive absent manifest error.
Appears in 2 contracts
Sources: Syndicated Facility Agreement, Syndicated Facility Agreement (Apache Corp)