Common use of Interest Clause in Contracts

Interest. (a) The Loans comprising each Base Rate Borrowing shall bear interest at the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, 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 Base Rate at times when the 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

Appears in 7 contracts

Sources: Term Loan Agreement (Cleco Power LLC), Term Loan Agreement (Cleco Power LLC), Term Loan Credit Agreement (Cleco Power LLC)

Interest. (a) The Loans comprising Borrower agrees to pay interest in respect of the unpaid principal amount of each Base Rate Borrowing shall bear interest Loan 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 Interest Period applicable thereto, be equal to the Base Rate plus sum of the Applicable Margin; provided that notwithstanding Margin and the foregoing, Eurodollar Rate for such interest rate shall at no time be less than 0.00% per annumInterest Period. (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 Eurodollar Rate for the Interest Period in effect for such Borrowing a rate which is, subject to paragraph (c) below, 2% plus the Applicable Margin; provided that notwithstanding rate which would have been payable if the foregoingoverdue amount had, such during the period of non payment, constituted a Loan for successive Interest Periods, each of a duration selected by the Administrative Agent. Any interest rate accruing under this Section 2.07(b) shall at no time be less than 0.00% per annumimmediately payable by the Borrower on demand by the Administrative 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 such 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, 2.00amount during that first Interest Period shall be 2% plus the rate otherwise which would have applied if the overdue amount had not become due. Default interest (if unpaid) arising on the overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (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 Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three month intervals after the first day of such Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable Period, on demand, (ii) in the event of any repayment or prepayment of any Loan, 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, 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 Administrative 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 Base Rate at times when Loans made or to be made pursuant to the Base 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar 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 6 contracts

Sources: Credit Agreement (Gener8 Maritime, Inc.), Credit Agreement (Gener8 Maritime, Inc.), Credit Agreement (Gener8 Maritime, Inc.)

Interest. (a) The Loans comprising unpaid principal amount of each Base Rate Borrowing ABR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Base Rate Applicable Margin for ABR Loans plus the Applicable Margin; provided that notwithstanding the foregoingABR, such interest rate shall at no in each case, in effect from time be less than 0.00% per annumto time. (b) The Loans comprising unpaid principal amount of each Eurodollar Borrowing LIBOR Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Adjusted Eurodollar Rate Applicable Margin for the Interest Period in effect for such Borrowing LIBOR Loans plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumrelevant LIBOR Rate. (c) Notwithstanding If all or a portion of (i) the foregoing, if any principal amount of or interest on any Loan or (ii) any fee interest payable thereon or any other amount payable by the Borrower hereunder is shall not be paid when due, due (whether at the stated maturity, upon by acceleration or otherwise), such overdue amount shall bear interest, after as well as before judgment, interest at a rate per annum equal to (ithe “Default Rate”) that is (x) in the case of overdue principal of any Loanprincipal, the rate that would otherwise be applicable thereto plus 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (iiy) in the case of any other overdue amount, including overdue interest, to the extent permitted by applicable law, the rate described in Section 2.8(a) for the applicable Class plus 2.00% plus from the rate applicable date of such non-payment to Base Rate Loans the date on which such amount is paid in full (after as provided in clause (a) of this Sectionwell as before judgment). (d) Accrued interest Interest on each Loan shall accrue from and including the date of any Borrowing to but excluding the date of any repayment thereof and shall be payable in arrears on each Interest Payment Date for such Loanthe same currency in which the Loan is denominated; provided that any Loan that is repaid on the same date on which it is made shall bear interest for one day. Except as provided below, interest shall be payable (i) interest accrued pursuant to clause (c) in respect of this Section shall be payable each ABR Loan, quarterly in arrears on demandthe last Business Day of each fiscal quarter of the Borrower, (ii) in the event respect of any repayment or prepayment of any each LIBOR Loan, accrued interest on the principal amount repaid or prepaid shall be payable last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three-month intervals after the date first day of such repayment or prepaymentInterest Period, and (iii) in the event respect of each Loan, (A) on any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor prepayment in accordance with this Agreementrespect thereof, accrued interest (B) at maturity (whether by acceleration or otherwise), and (C) after such maturity, on such Loan shall be payable on the effective date of such conversiondemand. (e) 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 Base Rate at times when the Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days made in accordance with Section 5.5. (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). f) The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, upon determining the interest rate for any Borrowing of LIBOR Loans, shall promptly notify the Borrower and the relevant Lenders thereof. Each such determination shall shall, absent clearly demonstrable error, be final and conclusive absent manifest errorand binding on all parties hereto.

Appears in 5 contracts

Sources: Joinder and Amendment Agreement (National Vision Holdings, Inc.), First Lien Credit Agreement (National Vision Holdings, Inc.), First Lien Credit Agreement (National Vision Holdings, Inc.)

Interest. (a) The Loans comprising each Base Rate ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising each Eurodollar LIBOR Borrowing shall bear interest at the Adjusted Eurodollar LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (c) Notwithstanding the foregoing, if any principal Event of Default occurs (other than an Event of Default described in Section 7.01(f) of the Common Agreement), then from the date such Event of Default occurs until such Event of Default is cured or interest on any waived, (i) each 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 outstanding 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, 2.002% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) the preceding paragraphs of this Section or and (ii) all accrued interest on the Loans, fees and other amounts payable by the Borrower under the Loan Documents, in the each case of any other amountthat is due and payable and has not been paid, 2.00shall bear interest at a rate per annum equal to 2% plus the rate otherwise applicable to Base Rate ABR Loans as provided in clause 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; provided PROVIDED that (i) interest accrued pursuant to clause paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any 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 (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreementtherefor, 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 Alternate Base Rate at times when the 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 Alternate Base Rate, Adjusted Eurodollar Rate or Eurodollar Adjusted LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest demonstrable error.

Appears in 5 contracts

Sources: Credit Agreement (At&t Latin America Corp), Credit Agreement (At&t Latin America Corp), Credit Agreement (At&t Latin America Corp)

Interest. (a) The Loans comprising unpaid principal amount of each Base Rate Borrowing ABR Loan shall bear interest from the date of the Borrowing thereof to but excluding the date of repayment thereof at a rate per annum that shall at all times be the Base Rate Applicable ABR Margin plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no ABR in effect from time be less than 0.00% per annumto time. (b) The Loans comprising unpaid principal amount of each Eurodollar Borrowing LIBOR Loan shall bear interest from the date of the Borrowing thereof to but excluding the date of repayment thereof at a rate per annum that shall at all times be the Adjusted Eurodollar Rate for the Interest Period Applicable LIBOR Margin in effect for such Borrowing from time to time plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumrelevant Adjusted LIBO Rate. (c) Notwithstanding the foregoingAny amount (whether of principal, if any principal of interest or interest on any Loan or any fee or other amount payable by the Borrower hereunder is Fees) not paid when due, due hereunder or under any other Credit Document (whether at the stated maturity, upon by acceleration or otherwise, such overdue amount ) shall bear interest, to the extent permitted by law (after as well as before judgment), payable on demand, (a) in the case of principal, at the rate that would otherwise be applicable thereto plus 2.00% per annum, and (b) in all other cases, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% plus the rate otherwise that would be applicable to an ABR Loan that is a Term Loan (and, if there is more than one Class of Term Loans then outstanding, the highest such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate ABR Loans as provided that are Term Loans) plus 2.00% per annum, in clause (a) each case from and including the date of this Sectionsuch non-payment to but excluding the date on which such amount is paid in full. (d) Accrued interest Interest on each Loan shall accrue from and including the date of any Borrowing to but excluding the date of any repayment thereof and shall be payable (i) in respect of each ABR Loan, quarterly in arrears on the last Business Day of each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) calendar quarter of this Section shall be payable on demandthe Borrower, (ii) in the event respect of any repayment or prepayment of any each LIBOR Loan, accrued interest on the principal amount repaid or prepaid shall be payable last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three-month intervals after the date first day of such repayment or prepayment, Interest Period and (iii) in respect of each Loan (except ABR Loans, other than in the event case of prepayments which constitute prepayments in full of all Loans), on any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable prepayment (on the effective date of amount prepaid), on conversion into an ABR Loan, at maturity (whether by acceleration or otherwise) and, after such conversionmaturity, on demand. (e) 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 Base Rate at times when the Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days made in accordance with Section 5.5. (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). f) The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, upon determining the interest rate for any Borrowing of LIBOR Loans, shall promptly notify the Borrower and the relevant Lenders thereof. Each such determination shall, absent clearly demonstrable error, be final and conclusive and binding on all parties hereto. (g) If on any day a Loan is outstanding with respect to which a Notice of Borrowing or Notice of Conversion or Continuation has not been delivered to the Administrative Agent in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be conclusive absent manifest erroran ABR Loan.

Appears in 5 contracts

Sources: Credit Agreement (WideOpenWest Finance, LLC), Credit Agreement (WideOpenWest Finance, LLC), Credit Agreement (WideOpenWest Finance, LLC)

Interest. (a) The Term Loans comprising each Base Rate ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumRate. (b) The Term Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumRate. (c) [Reserved]. (d) 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, 2.002% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) the preceding paragraphs of this Section or (ii) in the case of any other overdue amount, 2.002% plus the rate applicable to Base Rate ABR Loans of the relevant Class of Loans as provided in clause paragraph (a) of this Section. (de) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause paragraph (cd) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreementtherefor, 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 Alternate Base Rate at times when the 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 Alternate Base Rate, Adjusted Eurodollar Rate or Eurodollar Adjusted LIBO Rate shall be determined by the Administrative Agent, Agent and such determination shall be conclusive absent manifest error.

Appears in 5 contracts

Sources: Term Loan Agreement (Uber Technologies, Inc), Term Loan Agreement (Uber Technologies, Inc), Term Loan Agreement (Uber Technologies, Inc)

Interest. (a) The Loans comprising unpaid principal amount of each Base Rate Borrowing ABR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Base Rate Applicable Margin in effect from time to time plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no ABR in effect from time be less than 0.00% per annumto time. (b) The Loans comprising unpaid principal amount of each Eurodollar Borrowing Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Adjusted Applicable Margin in effect from time to time plus the relevant Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no from time be less than 0.00% per annumto time. (c) Notwithstanding If at any time after the foregoingoccurrence of and during the continuance of an Event of Default under Section 11.1 or Section 11.5, if any all or a portion of the principal amount of or interest on any Loan or any fee interest payable thereon or any fees or other amount payable by the Borrower amounts due hereunder is shall not be paid when due, due (whether at the stated maturity, upon by acceleration or otherwise), such overdue amount shall bear interest, after as well as before judgment, interest (including post-petition interest in any proceeding under any applicable Debtor Relief Law) at a rate per annum equal to that is (i) in the case of overdue principal of any Loanprincipal, 2.00% plus the rate that would otherwise be applicable to such Loan as provided in clause (a) or (b) of this Section thereto plus 2% or (ii) in the case of any overdue interest, fees or other amountamounts due hereunder, 2.00% plus to the extent permitted by Applicable Law, the rate applicable described in Section 2.8(a) plus 2% from and including the date of such non-payment to Base Rate Loans as provided but excluding the date on which such amount is paid in clause (a) of this Sectionfull. All such interest shall be payable on demand. (d) Accrued interest Interest on each Loan shall accrue from and including the date of any Borrowing to but excluding the date of any repayment thereof, and shall be payable in arrears on each Interest Payment Date for such Loan; Dollars and, except as otherwise provided that below, shall be payable (i) interest accrued pursuant to clause (c) in respect of this Section shall be payable each ABR Loan, quarterly in arrears on demandthe last Business Day of each March, June, September and December, (ii) in the event respect of any repayment or prepayment of any each Eurodollar Loan, accrued interest on the principal amount repaid or prepaid shall be payable last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three-month intervals after the date first day of such repayment or prepaymentInterest Period, and (iii) in respect of each Loan (except in the event case of prepayments of any conversion of any Eurodollar Loan prior to ABR Revolving Credit Loans that are not made in connection with the end termination or permanent reduction of the current Interest Period therefor in accordance with this AgreementRevolving Credit Commitments), accrued interest on such Loan shall be payable any prepayment date (on the effective date of amount prepaid), at maturity (whether by acceleration or otherwise) and, after such conversionmaturity, on demand; provided that a Loan that is repaid on the same day on which it is made shall bear interest for one day. (e) 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 Base Rate at times when the Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days made in accordance with Section 5.5. (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). f) The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, upon determining the interest rate for any Borrowing of Eurodollar Loans shall promptly notify the Borrower and the relevant Lenders thereof. Each such determination shall, absent clearly demonstrable error, be final and conclusive and binding on all parties hereto. (g) Except as otherwise provided herein, whenever any payment hereunder or under the other Credit Documents shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such determination extension of time shall in such case be conclusive absent manifest errorincluded in the computation of payment of interest or commitment or letter of credit fee or commission, as the case may be.

Appears in 5 contracts

Sources: Credit Agreement (Snap One Holdings Corp.), Incremental Agreement (Snap One Holdings Corp.), Incremental Agreement to Credit Agreement (Snap One Holdings Corp.)

Interest. (a) The Loans comprising Borrower shall pay interest on the unpaid principal amount of each Loan owing to each Bank from the date of such Loan until such principal amount shall be paid in full, at the following rates per annum: (i) During such periods as such Loan is an Alternate Base Rate Borrowing shall bear interest Loan, a rate per annum equal at all times to the sum of (a) the Alternate Base Rate in effect from time to time plus (b) the Applicable Margin; provided Margin in effect from time to time, payable in arrears quarterly on the last day of each March, June, September and December during such periods and on the date such Alternate Base Rate Loan shall be Converted or paid in full. (ii) During such periods as such Loan is a Eurodollar Rate Loan, a rate per annum equal at all times during each Interest Period for such Loan to the sum of (a) the Eurodollar Rate for such Interest Period for such Loan plus (b) the Applicable Margin in effect from time to time, payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each day that notwithstanding occurs during such Interest Period every three months from the foregoing, first day of such interest rate Interest Period and on the date such Eurodollar Rate Loan shall at no time be less than 0.00% per annumConverted or paid in full. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at To the Adjusted Eurodollar Rate for fullest extent permitted by applicable law, the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoingamount of any principal, such interest rate shall at no time be less than 0.00% per annum. (c) Notwithstanding the foregoinginterest, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder under this Agreement or any other Loan Document to any Agent or any Bank that is not paid when due, whether at stated maturity, upon acceleration or otherwise, from the date such overdue amount shall bear interestbe due until such amount shall be paid in full, after as well as before judgmentpayable in arrears on the date such amount shall be paid in full and on demand, at a rate per annum equal at all times to (i) 2% per annum above the rate per annum required to be paid, in the case of overdue principal or interest, on the Type of any Loan, 2.00% plus the rate otherwise applicable Loan relating to such Loan as provided in principal or interest pursuant to clause (i) or (ii) of clause (a) or (b) of this Section or (ii) above, as applicable, and, in the case of any all other amountcases, 2.00% plus the rate applicable to on Alternate Base Rate Loans as provided in pursuant to clause (i) of clause (a) of this Sectionabove. (dc) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued Promptly after receipt of the Notice of Borrowing pursuant to Section 2.2(a) (Making of the Loans), a notice of Conversion pursuant to Section 2.8 (Conversion of Loans) or a notice of selection of an Interest Period pursuant to the terms of the definition of “Interest Period”, the Agent shall give notice to the Borrower and each Bank of the applicable Interest Period and the applicable interest rate determined by the Agent for purposes of clause (ca)(i) of this Section or (a)(ii) above. If the Borrower shall be payable on demand, (ii) in fail to select the event duration of any repayment or prepayment of any 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 Interest Period for any Eurodollar Loan prior to the end of the current Interest Period therefor Rate Loans in accordance with this Agreementthe provisions contained in the definition of “Interest Period”, accrued interest on such Loan the Agent will forthwith so notify the Borrower and the Banks, whereupon the Borrower shall be payable on the effective date of deemed to have selected a one-month Interest Period for each 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 Base Rate at times when the 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest errorLoan.

Appears in 4 contracts

Sources: Credit Agreement (Southern Union Co), Credit Agreement (Panhandle Eastern Pipe Line Co Lp), Credit Agreement (Panhandle Eastern Pipe Line Co Lp)

Interest. (a) The Loans comprising unpaid principal amount of each Base Rate Borrowing ABR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Base Rate ABR Margin plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no ABR in effect from time be less than 0.00% per annumto time. (b) The Loans comprising unpaid principal amount of each Eurodollar Borrowing Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Adjusted Eurodollar Rate for the Interest Period Margin in effect for such Borrowing from time to time plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumrelevant Eurodollar Rate. (c) Notwithstanding If all or a portion of (i) the foregoing, if any principal amount of or interest on any Loan or (ii) any fee interest payable thereon or other amount payable by the Borrower hereunder is Fee shall not be paid when due, due (whether at the stated maturity, upon by acceleration or otherwise), such overdue amount shall bear interestinterest at a rate per annum that is (x) in the case of overdue principal, the rate that would otherwise be applicable thereto plus 2% or (y) in the case of any overdue interest or Fee, to the extent permitted by applicable law, the rate described in Section 2.8(a) plus 2% from and including the date of such non-payment to but excluding the date on which such amount is paid in full (after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section). (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and upon termination of the Commitments; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Loan that is a Revolving Credit Loan prior to the Maturity Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, prepayment and (iiiii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreementtherefor, 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 by reference to the Base Rate at times when the Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days made in accordance with Section 5.5. (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). f) The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, upon determining the interest rate for any Borrowing of Eurodollar Loans, shall promptly notify the Borrower and the relevant Lenders thereof. Each such determination shall shall, absent clearly demonstrable error, be final and conclusive absent manifest errorand binding on all parties hereto.

Appears in 4 contracts

Sources: Credit Agreement (Sealy Corp), Credit Agreement (Sealy Corp), Credit Agreement (Sealy Corp)

Interest. (a) The Loans comprising each Base Rate Borrowing shall bear interest at the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (c) Notwithstanding the foregoing, if any principal Company covenants and agrees to make payments 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, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the Notes, at the rate of 10% per annum and payable semiannually in arrears, on January 1 and July 1 of each year, commencing on January 1, 2006 (each such payment date being referred to as an “Interest Payment Date”). The Company shall pay interest on overdue principal amount repaid or prepaid at the rate of 12% per annum and shall be payable pay interest on overdue installments of interest at the date rate of such repayment or prepayment, and (iii) in the event of any conversion of any Eurodollar Loan prior 12% per annum to the end of the current extent lawful. Interest Period therefor in accordance with this Agreement, 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 30-day months. (b) If (i) the Company is prohibited by Article XI of this Agreement from paying all or any portion of the accrued interest that is due and payable on any Interest Payment Date, except or (ii) the Required Holders agree in writing to defer all or a portion of the accrued interest that is due and payable on any Interest Payment Date, then such amount of accrued interest computed shall be multiplied by reference 1.2 (such product being referred to as the “PIK Interest”) and the PIK Interest shall be added to the Base Rate principal amount of the Note on such Interest Payment Date (with the result that such interest shall have accrued at times when an effective rate of 12% instead of 10% through such Interest Payment Date). (c) On any Interest Payment Date on or after July 1, 2012, the Base Rate is based Company shall pay an amount of accrued original issue discount on the Prime Rate Notes as shall be computed on necessary to ensure that the basis Notes shall not be considered an “applicable high yield discount obligation” within the meaning of a year Section 163(i) of 365 days (the Internal Revenue Code of 1986, as amended, or 366 days in a leap year), and in each case any successor provision. The amount of principal payable at maturity of the Notes shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined reduced by the Administrative Agent, and such determination shall be conclusive absent manifest erroramount of any accrued original issue discount that is paid pursuant to this paragraph.

Appears in 4 contracts

Sources: Securities Purchase Agreement (AGA Medical Holdings, Inc.), Securities Purchase Agreement (AGA Medical Holdings, Inc.), Securities Purchase Agreement (AGA Medical Holdings, Inc.)

Interest. (a) The Loans comprising each Base Rate Borrowing In respect of any overdue amounts hereunder or under the Notes where no provision is made herein or therein for payment of interest thereon, the Company shall bear pay interest on such overdue amounts on demand, calculated from the date such unpaid amount is due until such unpaid amount is paid in full, at the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumDefault Rate. (b) The Loans comprising each Eurodollar Borrowing In no event shall bear any interest at or fee to be paid hereunder or under a Note exceed the Adjusted Eurodollar Rate for maximum rate permitted by applicable Laws. In the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, event any such interest rate or fee exceeds such maximum rate, such rate shall at no time be less than 0.00% adjusted downward to the highest rate (expressed as a percentage per annum) or fee that the parties could validly have agreed to by contract on the date hereof under applicable Laws. It is further agreed that any excess actually received by a holder of a Note shall be credited against the principal of the Notes (or, if the principal shall have been or would thereby be paid in full, the remaining amount shall be credited or paid to the Company). (c) Notwithstanding the foregoing, if any principal of or All interest (including interest on any Loan or any fee or other amount overdue interest) payable by the Borrower Company hereunder is not paid when dueand under the Notes shall accrue from day to day, whether at stated maturitycomputed as provided herein, upon acceleration or otherwise, such overdue amount and shall bear interest, be payable after as well as before maturity, demand, default and judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable on the effective date of such conversion. (e) All interest hereunder Notes shall be computed on the basis of a 360-day year of 360 days12 30-day months. Solely for purposes of the Interest Act (Canada), except that the yearly rate of interest computed by reference to the Base Rate at times when the Base Rate is based on the Prime Rate shall be computed which interest calculated for a period of less than one year on the basis of a year of 365 360 days consisting of 12 30-day periods is equivalent is such rate of interest multiplied by a fraction of which (or 366 i) the numerator is the product of (A) the actual number of days in a leap year)the year commencing on the first day of such period, multiplied by (B) the sum of (y) the product of 30 multiplied by the number of complete months elapsed in such period and in each case shall be payable for (z) the actual number of days elapsed in any incomplete month in such period; and (including ii) the first day but excluding denominator is the last day). product of (a) 360 multiplied by (b) the actual number of days in such period. (e) The applicable Base Ratetheory of “deemed reinvestment” shall not apply to the computation of interest and no allowance, Adjusted Eurodollar Rate reduction or Eurodollar Rate deduction shall be determined by made for the Administrative Agentdeemed reinvestment of interest in respect of any payments. Calculation of interest shall be made using the nominal rate method, and not the effective rate method, of calculation. (f) To the extent permitted by law, Section 6 of the Judgment Interest Act (Alberta) is hereby waived and shall not apply to this Agreement or the Notes. (g) The interest payment due on the day prior to the maturity date of each Note shall include one additional days’ interest, calculated as if such determination shall be conclusive absent manifest errorinterest due date was such final maturity date.

Appears in 4 contracts

Sources: Note Purchase Agreement (Obsidian Energy Ltd.), Note Purchase Agreement (Obsidian Energy Ltd.), Note Purchase Agreement (Obsidian Energy Ltd.)

Interest. (a) The Loans comprising Subject to the provisions of subsection (b) below, (i) each Base LIBOR Rate Borrowing Loan shall bear interest at on the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising outstanding principal amount thereof for each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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, 2.00% LIBOR Rate for such Interest Period plus the Applicable Rate; and (ii) 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 clause (a) or the Base Rate plus the Applicable Rate. (b) Upon the occurrence and during the continuance of this an Event of Default, (x) automatically with respect to any Event of Default under Section 9.01(a), 9.01(f) or 9.01(g), and (iiy) with respect to any other Event of Default, at the election of the Administrative Agent or the Required Lenders by written notice to the Borrower, in each case, the principal amount of all Loans outstanding and, to the extent permitted by applicable law, any interest payments on the Loans or any fees or other amounts owed hereunder, shall thereafter bear interest (including post-petition interest in any proceeding under the Bankruptcy Code of the United States or other applicable bankruptcy laws) payable on demand at a rate that is 2.00% per annum in excess of the interest rate otherwise payable hereunder with respect to the applicable Loans (or, in the case of any such fees and other amountamounts, at a rate which is 2.00% plus per annum in excess of the interest rate applicable to otherwise payable hereunder for Base Rate Loans); provided, that in the case of LIBOR Rate Loans, upon the expiration of the Interest Period in effect at the time any such increase in interest rate is effective such LIBOR Rate Loans shall thereupon become Base Rate Loans as and shall thereafter bear interest payable upon demand at a rate which is 2.00% per annum in excess of the interest rate otherwise payable hereunder for Base Rate Loans. Payment or acceptance of the increased rates of interest provided for in clause (athis Section 2.08(b) is not a permitted alternative to timely payment and shall not constitute a waiver of this Sectionany Default or Event of Default or otherwise prejudice or limit any rights or remedies of the Administrative Agent or any Lender. (dc) Accrued interest Interest on each Loan shall be due and payable in arrears on each Interest Payment Date for applicable thereto and at such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section other times as may be specified herein. Interest hereunder shall be due and payable on demand, (ii) in the event of any repayment or prepayment of any 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, 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 Base Rate at times when the 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)terms hereof before and after judgment, and in each case shall be payable for before and after the actual number commencement of days elapsed (including the first day but excluding the last day). The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest errorany proceeding under any Debtor Relief Law.

Appears in 3 contracts

Sources: Credit Agreement (Adeptus Health Inc.), Credit Agreement (Adeptus Health Inc.), Credit Agreement (Adeptus Health Inc.)

Interest. (a) The Loans comprising each Base Rate ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumRate. (b) The Loans comprising each Eurodollar Eurocurrency Borrowing shall bear interest at the Adjusted Eurodollar Eurocurrency Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumRate. (c) Each Swingline Loan shall bear interest as determined in accordance with Section 2.05. (d) 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, 2.002% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% plus the rate applicable to Base Rate ABR Loans as provided in clause paragraph (a) of this Section. (de) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, upon the final maturity thereof and upon termination of the Commitments pursuant to Section 2.09; provided that (i) interest accrued pursuant to clause paragraph (cd) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of 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, prepayment and (iii) in the event of any conversion of any Eurodollar Eurocurrency Loan prior to the end of the current Interest Period therefor in accordance with this Agreementtherefor, 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 (i) interest on Borrowings denominated in Sterling shall be computed on the basis of a year of 365 days (or 366 days in a leap year), (ii) interest on Borrowings denominated in any other Foreign Currency for which it is required by applicable law or customary to compute interest on the basis of a year of 365 days or, if required by applicable law or customary, 366 days in a leap year, shall be computed on such basis, and (iii) interest computed by reference to the Alternate Base Rate at times when the 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 Alternate Base Rate, Adjusted Eurodollar Rate or Eurodollar Eurocurrency Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

Appears in 3 contracts

Sources: Credit Agreement (Molex Inc), Credit Agreement (Molex Inc), Credit Agreement (Molex Inc)

Interest. (a) The Loans comprising each Base Rate ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumRate. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumRate. (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, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) the preceding paragraphs of this Section 2.10 or (ii) in the case of any other amountoverdue amount (including overdue interest), 2.002% per annum plus the rate applicable to Base Rate ABR Loans as provided in clause 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; provided that (i) interest accrued pursuant to clause paragraph (c) of this Section 2.10 shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreementtherefor, 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 Alternate Base Rate at times when the 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 Alternate Base Rate, Adjusted Eurodollar LIBO Rate or Eurodollar 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 and Restatement Agreement (Kindred Healthcare, Inc), Credit Agreement (Kindred Healthcare, Inc), Term Loan Credit Agreement (Kindred Healthcare, Inc)

Interest. The Borrower shall pay interest on the unpaid principal amount of each Advance from the date of such Advance until such principal amount shall be paid in full, at the following rates per annum: (a) The Loans comprising each During such periods as such Advance is a Base Rate Borrowing shall bear interest Advance, a rate per annum equal at all times to the Base Rate in effect from time to time plus the Applicable Margin, payable quarterly in arrears on the last day of each March, June, September and December and on the date such Base Rate Advance shall be Converted or paid in full; provided that notwithstanding the foregoingprincipal amount of Base Rate Advances shall bear interest, such interest payable on demand, at a rate shall per annum equal at no time be less all times to the sum of the rate otherwise payable thereon plus 2% (A) while an Event of Default exists under Section 6.01(a) or upon the occurrence of an Event of Default described in Section 6.01(e), and (B) at the request of the Required Banks, during the existence of an Event of Default other than 0.00% per annuman Event of Default of the type described in the preceding clause (A). (b) The Loans comprising During such periods as such Advance is a Eurodollar Rate Advance, a rate per annum equal at all times during each Eurodollar Borrowing shall bear interest at Interest Period for such Advance to the Adjusted sum of the Eurodollar Rate for the such Interest Period in effect for such Borrowing plus the Applicable Margin, payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each day that occurs during such Interest Period every three months from the first day of such Interest Period and on the date such Eurodollar Rate Advance shall be Converted or paid in full; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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 Eurodollar Rate Advances shall bear interest, after as well as before judgmentpayable on demand, at a rate per annum equal to the sum of the Eurodollar Rate for such Interest Period plus the Applicable Margin plus 2% (iA) while an Event of Default exists under Section 6.01(a) or upon the occurrence of an Event of Default described in Section 6.01(e), and (B) at the request of the Required Banks, during the existence of an Event of Default other than an Event of Default of the type described in the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in preceding clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this SectionA). (dc) Accrued interest Upon the occurrence and during the continuance of an Event of Default under Section 6.01(a), the Borrower shall pay simple interest, to the fullest extent permitted by law, on each Loan the amount of any interest, fee or other amount (other than principal of Advances which is covered by Section 2.07(a) and Section 2.07(b)) payable hereunder that is not paid when due, from the date such amount shall be due until such amount shall be paid in full, payable in arrears on each Interest Payment Date for the date such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section amount shall be payable paid in full and on demand, (ii) in the event of any repayment or prepayment of any 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 Loan prior at a rate per annum equal to the end sum of the current Interest Period therefor in accordance with this Agreement, 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 Base Rate at times when in effect from time to time plus the 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest errorApplicable Margin plus 2%.

Appears in 3 contracts

Sources: Revolving Credit Agreement (Kbr, Inc.), Revolving Credit Agreement (Kbr, Inc.), Revolving Credit Agreement (Kbr, Inc.)

Interest. 15.1 Calculation and payment of interest (a) The Loans comprising Under each Base Rate Borrowing shall bear Syndicated Bank Facility and Bilateral Bank Facility: (i) the rate of interest on each Loan for each Interest Period is the percentage rate per annum determined in accordance with the Existing Finance Documents under which that Loan has been made save that the applicable margin will be the Margin, and such interest is payable to the relevant Creditor’s Representative at the Base Rate plus times and in the Applicable Marginmanner specified in those Existing Finance Documents; and (ii) any facility fee or utilisation fee provided for in the Existing Finance Documents for such facility will be deleted and will cease to accrue after the Effective Date, provided that notwithstanding any such fees that have accrued on or prior to the foregoing, such interest rate shall at no time Effective Date will continue to be less than 0.00% per annumdue and payable in accordance with the provisions of the relevant Existing Finance Documents. (b) The Loans comprising Under each Eurodollar Borrowing shall bear Promissory Note, the rate of interest on the Exposures under that Promissory Note is the percentage rate per annum determined in accordance with that Promissory Note, and such interest is payable to the relevant Participating Creditors at the Adjusted Eurodollar Rate for times, and in the Interest Period manner, specified in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumPromissory Note. (c) Notwithstanding Under the foregoingUSPP Note Agreement, 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, 2.00% plus the rate otherwise applicable of interest shall be the rate set forth therein (provided that this rate will be subject to such Loan as provided in clause any adjustments to the Margin from time to time under paragraphs (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, the definition of Margin and Clause 25 (iiCovenant Reset Date)) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid and shall be payable on the 15th day of the last month of each Financial Quarter or (at any time after the date falling three Months after the date of this Agreement) such repayment shorter period as is applicable to the Loans under paragraph (c) or prepaymentof Clause 15.3 (Harmonisation of Interest Periods), and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable all in the manner and on the effective date of such conversiontiming as more particularly set forth in the USPP Note Agreement. (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Base Rate at times when the 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

Appears in 3 contracts

Sources: Financing Agreement, Financing Agreement (Cemex Sab De Cv), Financing Agreement (Cemex Sab De Cv)

Interest. (a) The Loans comprising each Base Rate Borrowing Each Debenture shall bear interest at the Base Rate plus rate of __% per annum (the Applicable Margin; provided “Coupon Rate”) from the original date of issuance until the principal thereof becomes due and payable, and on any overdue principal and (to the extent that notwithstanding the foregoing, payment of such interest rate is enforceable under applicable law) on any overdue installment of interest at the Coupon Rate, payable (subject to the provisions of Article IV) quarterly in arrears on March 31, June 30, September 30 and December 31 of each year (each, an “Interest Payment Date”), commencing on , 20__ to the Person in whose name such Debenture or any Predecessor Debenture is registered, at the close of business on the regular record date for such interest installment, which shall be the fifteenth day of the last month of the calendar quarter. Any interest payment not punctually paid or duly provided for shall forthwith cease to be payable to the registered holder on such regular record date and may be paid to the Person in whose name such Debenture or any such Predecessor Debenture is registered at no time the close of business on a special record date to be fixed by the Trustee for the payment of such defaulted interest; notice thereof shall be fixed by the Trustee for the payment of such defaulted interest and given to the registered holders of the Debentures not less than 0.00% per annum10 days prior to such special record date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange or quotation system on or in which the Debentures may be listed or quoted, and upon such notice as may be required by such exchange or quotation system. (b) The Loans comprising each Eurodollar Borrowing shall bear amount of interest at the Adjusted Eurodollar Rate payable for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable on the effective date of such conversion. (e) All interest hereunder period shall be computed on the basis of a 360-day year of 360 days, except that twelve 30-day months. The amount of interest payable for any period shorter than a full quarterly period for which interest is computed by reference to the Base Rate at times when the Base Rate is based on the Prime Rate shall be computed 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 during the first day but excluding relevant period. In the last day). The applicable Base Rateevent that any date on which interest is payable on the Debentures is not a Business Day, Adjusted Eurodollar Rate or Eurodollar Rate then payment of interest payable on such date shall be determined made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day (and without any reduction of interest or any other payment in respect of any such acceleration), in each case with the same force and effect as if made on the date such payment was originally payable. (c) If, at any time while the Property Trustee is the holder of any Debentures, the Trust or the Property Trustee is required to pay any taxes, duties, assessments or governmental charges of whatever nature (other than withholding taxes) imposed by the Administrative AgentUnited States, and or any other taxing authority, then, in any case, the Company shall pay as additional interest (“Additional Interest”) on the Debentures held by the Property Trustee, such determination additional amounts as shall be conclusive absent manifest errorrequired so that the net amounts received and retained by the Trust and the Property Trustee after paying such taxes, duties, assessments or other governmental charges shall be equal to the amounts the Trust and the Property Trustee would have received had no such taxes, duties, assessments or other government charges been imposed.

Appears in 3 contracts

Sources: Indenture (Great Southern Capital Trust IV), Indenture (First Financial Capital Trust II), Indenture (Horizon Financial Capital Trust II)

Interest. (a) 3.2.1. The Loans comprising each Base Rate Borrowing Borrower agrees to pay interest in respect of the unpaid principal amount of the Term Loan from the date of this Agreement until paid in full as follows. The Term Loan shall bear interest at the Base Rate plus unless the Applicable Margin; provided that notwithstanding Borrower desires to pay interest on all or a portion of the foregoing, such interest rate shall Term Loan at no time be less than 0.00one of the following rates: (i) During any period in which the Borrower maintains a Cash Flow Ratio in excess of 1.35 to 1 and a Debt-to-Net Worth Ratio not in excess of 1.35 to 1: (a) the LIBOR Rate Plus 1.75% per annum.or (b) The Loans comprising each Eurodollar Borrowing the Long Term Funds Rate plus 1.75%. (ii) During any period in which the Borrower maintains a Cash Flow Ratio of 1.35 to 1 or less or a Debt-to-Net Worth Ratio-of 1.35 to 1 or more: (a) the LIBOR Rate plus 2.10% or (b) the Long Term Funds Rate plus 2.10%. 3.2.2. Whenever the Borrower desires to obtain an interest rate other than the Base Rate, it may request that the Lender provide quotes as of any specified Interest Rate Determination Date as to the LIBOR Rate and/or the Long Term Funds 3.2.3. Upon the Interim Maturity Date of any LIBOR Loan or Long Term Funds Loan, unless the Borrower shall bear have given the Lender an Interest Rate Change Notice in accordance with Section 3.2.2 requesting a new LIBOR Loan or Long Term Funds Loan be made on such Interim Maturity Date, the Borrower shall be deemed to have elected to pay interest on such amount of the Term Loan at the Adjusted Eurodollar Base Rate. 3.2.4. At the time the Borrower gives any Interest Rate for Change Notice, the Borrower shall elect the Interest Period in effect for such Borrowing plus which the Applicable Margin; provided that notwithstanding the foregoing, such interest rate elected shall apply, which Interest Period shall, at no time the option of the Borrower, be less than 0.00% per annum. a period of 30, 60, 90, 120, 150 or 180 days (cas to a LIBOR Loan) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by period (as to a Long Term Funds Loan). Notwithstanding anything to the Borrower hereunder is not paid when duecontrary contained herein, 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 provisions set forth in subparagraphs (i) in the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any 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 Loan prior Section 2.5 shall apply to the end determination of the current an Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable on the effective date of such conversionPeriod. (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Base Rate at times when the 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

Appears in 3 contracts

Sources: Loan Agreement (MKS Instruments Inc), Loan Agreement (MKS Instruments Inc), Loan Agreement (MKS Instruments Inc)

Interest. (a) The Loans comprising each Base Rate ABR Borrowing shall bear interest on the daily amount outstanding at the Alternate Base Rate plus the Applicable ABR Rate Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising each Eurodollar Term Benchmark Borrowing shall bear interest on the daily amount outstanding at the Adjusted Eurodollar Term SOFR Rate for the Interest Period in effect for such Borrowing plus the Applicable Term Benchmark Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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, 2.002% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) the preceding paragraphs of this Section Section, or (ii) in the case of any other amountamount denominated in US Dollars, 2.00at a rate of interest per annum equal to 2% plus the rate applicable to Base Rate ABR Loans as provided in clause (a) of this SectionSection 2.12(a). (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and, in the case of Loans on the applicable Maturity Date; provided that (i) interest accrued pursuant to clause (cSection 2.12(c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, prepayment and (iii) in the event of any conversion of any Eurodollar Term Benchmark Loan prior to the end of the current Interest Period therefor in accordance with this Agreementtherefor, accrued interest on such Loan shall be payable on the effective date of such conversion. (e) All Subject to Section 10.13, all interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at times when the 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 (1st) day but excluding the last day). The applicable Alternate Base Rate, Adjusted Eurodollar Term Benchmark Rate or Eurodollar Term Benchmark Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

Appears in 3 contracts

Sources: Credit Agreement (Apache Corp), Credit Agreement (APA Corp), Credit Agreement (APA Corp)

Interest. (a) The Loans comprising each Base Rate ABR Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumRate. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at a rate per annum equal to the Adjusted Eurodollar LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumRate. (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 duedue (following the expiration of any grace period specified in Article VII), 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, 2.002% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section above or (ii) in the case of any other amount, 2.002% plus the rate applicable to Base Rate ABR Loans as provided in clause (a) of this Sectionabove. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreementtherefore, 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 Alternate Base Rate at times when the 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 Alternate Base Rate, Adjusted Eurodollar Rate or Eurodollar 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), the 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 the Borrower by such Lender, from the date of such Loan until such Loan is paid in full, at an interest rate per annum equal at all times during the Interest Period for such Eurodollar Loan to the remainder obtained by subtracting (i) the LIBO Rate for such Interest Period from (ii) the rate obtained by multiplying 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 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 the 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 3 contracts

Sources: Credit Agreement (Medtronic Inc), Credit Agreement (Medtronic Inc), Credit Agreement (Medtronic Inc)

Interest. (a) The Loans comprising unpaid principal amount of each Base Rate Borrowing ABR Loan (including each Swingline Loan) shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Base Rate Applicable Margin for ABR Loans plus the Applicable Margin; provided that notwithstanding the foregoingABR, such interest rate shall at no in each case, in effect from time be less than 0.00% per annumto time. (b) The Loans comprising unpaid principal amount of each Eurodollar Borrowing LIBOR Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Adjusted Eurodollar Rate Applicable Margin for the Interest Period in effect for such Borrowing LIBOR Loans plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumrelevant Adjusted LIBOR Rate. (c) Notwithstanding the foregoingIf an Event of Default has occurred and is continuing under Section 11.1 or Section 11.5 hereto, if any all or a portion of (i) the principal amount of or interest on any Loan or (ii) any fee interest payable thereon or any other amount payable by the Borrower hereunder is shall not be paid when due, due (whether at the stated maturity, upon by acceleration or otherwise), such overdue amount shall bear interest, after as well as before judgment, interest at a rate per annum equal to (ithe “Default Rate”) that is (x) in the case of overdue principal of any Loanprincipal, the rate that would otherwise be applicable thereto plus 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) per annum or (b) of this Section or (iiy) in the case of any other overdue amount, including overdue interest, to the extent permitted by applicable law, the rate described in Section 2.8(a) for the applicable Class plus 2.00% plus per annum from the rate applicable date of such non-payment to Base Rate Loans the date on which such amount is paid in full (after as provided in clause (a) of this Sectionwell as before judgment). (d) Accrued interest Interest on each Loan shall accrue from and including the date of any Borrowing to but excluding the date of any repayment thereof and shall be payable in arrears on each Interest Payment Date for such LoanDollars; provided that any Loan that is repaid on the same date on which it is made shall bear interest for one day. Except as provided below, interest shall be payable (i) interest accrued pursuant to clause in respect of each ABR Loan, quarterly in arrears on the last Business Day of each fiscal quarter of the Borrower (c) of this Section shall be payable on demand, (ii) provided that in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment), (ii) in respect of each LIBOR Loan, on the last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three-month intervals after the first day of such Interest Period, and (iii) in the event respect of each Loan, (A) on any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor prepayment in accordance with this Agreementrespect thereof, accrued interest (B) at maturity (whether by acceleration or otherwise), and (C) after such maturity, on such Loan shall be payable on the effective date of such conversiondemand. (e) 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 Base Rate at times when the Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days made in accordance with Section 5.5. (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). f) The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, upon determining the interest rate for any Borrowing of LIBOR Loans, shall promptly notify the Borrower and the relevant Lenders thereof. Each such determination shall shall, absent clearly demonstrable error, be final and conclusive absent manifest errorand binding on all parties hereto.

Appears in 3 contracts

Sources: First Lien Credit Agreement (BrightSpring Health Services, Inc.), First Lien Credit Agreement (BrightSpring Health Services, Inc.), Joinder Agreement and Amendment No. 5 (BrightSpring Health Services, Inc.)

Interest. (a) The Loans comprising Subject to subsections 1.3(c) and 1.3(d), (i) each Base Rate Borrowing Loan (including each Swing Loan that is a Base Rate Loan) shall bear interest at the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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 Base Rate plus the Applicable Margin, (iii) each Term SOFR Loan shall bear interest at a rate per annum equal to Adjusted Term SOFR for the Interest Period therefor plus the Applicable Margin, (iii) each Eurocurrency Rate Loan shall bear interest at a rate per annum equal to the applicable Adjusted Eurocurrency Rate for the Interest Period therefor plus the Applicable Margin, and (iv) each Daily Simple RFR Loan shall bear interest at a rate per annum equal to the applicable Daily Simple RFR therefor plus the Applicable Margin. Each determination of an interest rate by the Agent shall be conclusive and binding on the applicable Borrower and the Lenders in the absence of manifest error. All computations of fees and interest payable under this Agreement shall be made on the basis of a 360-day year (or, in the case of overdue principal Base Rate Loans, on the basis of a 365/366-day year) and actual days elapsed, except that interest on Loans denominated in any LoanAlternative Currency as to which market practice differs from the foregoing shall be computed in accordance with market practice for such Loans. Interest and fees shall accrue during each period during which interest or such fees are computed from the first day thereof to, 2.00% plus but excluding, the rate otherwise applicable to such Loan as provided in clause (a) or last day thereof. (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest Interest on each Loan shall be payable paid in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section Date. Interest shall also be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable paid on the date of any payment or prepayment of Loans in full on such repayment paid or prepaymentprepaid Loan amounts. (c) During the continuance of an Event of Default under Section 7.1(a), the applicable Borrower shall pay interest on any (i) overdue principal on the Loans and any overdue interest on the Loans at a rate per annum determined by adding two percent (2.00%) per annum to the Applicable Margin then in effect for the related Loans (plus the RFR, Adjusted Daily Simple SOFR, Eurocurrency Rate or Base Rate, as the case may be) and (iiiii) in the event of any conversion of any Eurodollar Loan prior unless otherwise specified herein, other overdue Obligations at rate per annum determined by adding two percent (2.00%) per annum to the end of Applicable Margin then in effect with respect to Revolving Loans that are Base Rate Loans; provided that no interest at the current Interest Period therefor in accordance with this Agreement, accrued default rate shall accrue or be payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender. All such interest on such Loan shall be payable in cash on demand of the effective date Agent or the Required Lenders. (d) Anything herein to the contrary notwithstanding, the obligations of the Borrowers hereunder shall be subject to the limitation that payments of interest shall not be required, for any period for which interest is computed hereunder, to the extent (but only to the extent) that contracting for or receiving such conversionpayment by the respective Lender would be contrary to the provisions of any law applicable to such Lender limiting the highest rate of interest which may be lawfully contracted for, charged or received by such Lender, and in such event the Borrowers shall pay such Lender interest at the highest rate permitted by Requirement 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 Borrowers 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 had the interest payable hereunder been (but for the operation of this paragraph) the interest rate payable since the Closing Date as otherwise provided in this Agreement. (e) All interest hereunder shall be computed on In connection with the basis use or administration of a year of 360 daysany Benchmark, except that interest computed by reference the Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the Base Rate at times when the Base Rate is based on the Prime Rate shall be computed on the basis contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of a year of 365 days (any other party to this Agreement 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)any other Loan Document. The applicable Base Rate, Adjusted Eurodollar Rate Agent will promptly notify the Parent Borrower and the Lenders of the effectiveness of any Conforming Changes in connection with the use or Eurodollar Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest erroradministration of any Benchmark.

Appears in 3 contracts

Sources: Credit Agreement (Fortrea Holdings Inc.), Credit Agreement (Fortrea Holdings Inc.), Credit Agreement (Fortrea Holdings Inc.)

Interest. (a) The Loans comprising unpaid principal amount of each Base Rate Borrowing ABR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Base Rate Applicable Margin for ABR Loans plus the Applicable Margin; provided that notwithstanding the foregoingABR, such interest rate shall at no in each case, in effect from time be less than 0.00% per annumto time. (b) The Loans comprising unpaid principal amount of each Eurodollar Borrowing Term Benchmark Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Adjusted Eurodollar Rate Applicable Margin for the Interest Period in effect for such Borrowing Term Benchmark Loans plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumTerm SOFR Rate. (c) Notwithstanding the foregoingIf an Event of Default has occurred and is continuing under Section 11.1 or Section 11.5 hereto, if any all or a portion of (i) the principal amount of or interest on any Loan or (ii) any fee interest payable thereon or any other amount payable by the Borrower hereunder is shall not be paid when due, due (whether at the stated maturity, upon by acceleration or otherwise), such overdue amount shall bear interest, after as well as before judgment, interest at a rate per annum equal to that is (ithe “Default Rate”) (x) in the case of overdue principal of any Loanprincipal, the rate that would otherwise be applicable thereto plus 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) per annum or (b) of this Section or (iiy) in the case of any other overdue amount, including overdue interest, to the extent permitted by applicable law, the rate described in Section 2.8(a) for the applicable Class plus 2.00% plus per annum from the rate applicable date of such non-payment to Base Rate Loans the date on which such amount is paid in full (after as provided in clause (a) of this Sectionwell as before judgment). (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and, in the case of Revolving Loans, upon termination of the Commitments; provided that (i) interest accrued pursuant to clause paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, prepayment and (iii) in the event of any conversion of any Eurodollar Term Benchmark Revolving Loan prior to the end of the current Interest Period therefor in accordance with this Agreementtherefor, 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 by reference to the Base Rate at times when the Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days made 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest erroraccordance with Section 5.5.

Appears in 3 contracts

Sources: Credit Agreement (BrightView Holdings, Inc.), Credit Agreement (BrightView Holdings, Inc.), Credit Agreement (BrightView Holdings, Inc.)

Interest. (a) The Loans comprising unpaid principal amount of each Base Rate Borrowing ABR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Base Rate Applicable Margin for ABR Loans plus the Applicable Margin; provided that notwithstanding the foregoingABR, such interest rate shall at no in each case, in effect from time be less than 0.00% per annumto time. (b) The Loans comprising unpaid principal amount of each Eurodollar Borrowing Term Benchmark Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Adjusted Eurodollar Rate Applicable Margin for the Interest Period in effect for such Borrowing Term Benchmark Loans plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumrelevant Term SOFR Rate. (c) Notwithstanding the foregoingIf an Event of Default has occurred and is continuing under Section 11.1 or Section 11.5 hereto, if any all or a portion of (i) the principal amount of or interest on any Loan or (ii) any fee interest payable thereon or any other amount payable by the Borrower hereunder is shall not be paid when due, due (whether at the stated maturity, upon by acceleration or otherwise), such overdue amount shall bear interest, after as well as before judgment, interest at a rate per annum equal to (ithe “Default Rate”) that is (x) in the case of overdue principal of any Loanprincipal, the rate that would otherwise be applicable thereto plus 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) per annum or (b) of this Section or (iiy) in the case of any other overdue amount, including overdue interest, to the extent permitted by applicable law, the rate described in Section 2.8(a) for the applicable Class plus 2.00% plus per annum from the rate applicable date of such non-payment to Base Rate Loans the date on which such amount is paid in full (after as provided in clause (a) of this Sectionwell as before judgment). (d) Accrued interest Interest on each Loan shall accrue from and including the date of any Borrowing to but excluding the date of any repayment thereof and shall be payable in arrears on each Interest Payment Date for such Loanthe same currency in which the Loan is denominated; provided that any Loan that is repaid on the same date on which it is made shall bear interest for one day. Except as provided below, interest shall be payable (i) interest accrued pursuant to clause (c) in respect of this Section shall be payable each ABR Loan, quarterly in arrears on demandthe last Business Day of each fiscal quarter of the Borrower, (ii) in the event respect of any repayment or prepayment of any each Term Benchmark Loan, accrued interest on the principal amount repaid or prepaid shall be payable last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three-month intervals after the date first day of such repayment or prepaymentInterest Period, and (iii) in the event respect of each Loan, (A) on any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor prepayment in accordance with this Agreementrespect thereof, accrued interest (B) at maturity (whether by acceleration or otherwise), and (C) after such maturity, on such Loan shall be payable on the effective date of such conversiondemand. (e) 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 Base Rate at times when the Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days made in accordance with Section 5.5. (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). f) The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, upon determining the interest rate for any Borrowing of Term Benchmark Loans, shall promptly notify the Borrower and the relevant Lenders thereof. Each such determination shall shall, absent clearly demonstrable error, be final and conclusive absent manifest errorand binding on all parties hereto.

Appears in 3 contracts

Sources: Credit Agreement (Figma, Inc.), Credit Agreement (Chime Financial, Inc.), Credit Agreement (Chime Financial, Inc.)

Interest. (a) The Loans comprising each Base Rate Borrowing Each Eurodollar Loan shall bear interest at the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising for each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar Rate for the day during each Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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, with respect thereto at a rate per annum equal to the Eurodollar Rate determined for such day plus the Applicable Margin. (b) Each ABR Loan shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin. (c) If all or a portion of (i) any principal of any Term Loan, (ii) any interest payable thereon or (iii) any Fees or any other amount payable hereunder (including LC Disbursements) 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 shall bear interest at a rate per annum which is (x) in the case of overdue principal principal, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.9 plus 2% or (y) in the case of any Loansuch overdue interest, 2.00% plus Fees or other amount, the rate otherwise applicable in effect at such time pursuant to such Loan as provided in clause (a) or paragraph (b) of this Section 2.9 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 (ii) in the case before as well as after receipt of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Sectiona judgment). (d) Accrued interest on each Loan Interest shall be payable in arrears on each Interest Payment Date for such Loan; and the Maturity Date, provided that (i) interest accrued accruing pursuant to clause paragraph (c) of this Section 2.9 shall be payable from time to time on demand, (ii) in the event of any repayment or prepayment of any 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, 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 Base Rate at times when the Base 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 Administrative Agent shall as soon as practicable notify the applicable Borrower and the Lenders of each determination of a Eurodollar Rate. Any change in the interest rate on a Term Loan resulting from a change in the Alternate Base Rate, Adjusted Eurodollar Rate or Eurodollar 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 applicable 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 Borrowers and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of any Borrower, deliver to such Borrower a statement showing the quotations used by the Administrative Agent in determining any interest rate in respect of its Eurodollar Loan.

Appears in 3 contracts

Sources: Credit Agreement (Hicks Thomas O), Credit Agreement (Hicks Thomas O), Credit Agreement (Hicks Thomas O)

Interest. (a) The Loans comprising Borrower agrees to pay interest in respect of the unpaid principal amount of each Base Rate Borrowing shall bear interest Loan from the date the proceeds thereof are made available to the Borrower until the maturity (whether by acceleration or otherwise) of such Loan at the Base Fixed Rate plus or if an election is made by the Applicable Margin; provided that notwithstanding Borrower to elect the foregoingFloating Rate pursuant to Section 2.07, such interest rate shall at no time be less than 0.00% per annumthe Floating Rate. (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 a rate which is (i) where interest is payable at the Adjusted Fixed Rate, equal to [*] plus the Eurodollar Rate 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 of three months, or (ii) where interest is payable on the Loan at the Floating Rate and subject to paragraph (c) below, [*] plus the rate (including, for the avoidance of doubt, the margin) which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan for successive Interest Period in effect for such Borrowing plus Periods, each of a duration selected by the Applicable Margin; provided that notwithstanding Facility Agent (acting reasonably). Any interest accruing under this Section 2.06(b) shall be immediately payable by the foregoing, such interest rate shall at no time be less than 0.00% per annumBorrower on demand by the Facility Agent. (c) Notwithstanding At any time when interest is payable at the foregoingFloating Rate, if any principal overdue amount consists of all or interest part of a Loan which became due on any Loan or any fee or other amount payable by a day which was not the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such last day of a Floating Rate Interest Period relating to that Loan: (i) the 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 Floating Rate Interest Period relating to that Loan; and (iii) in the case rate of interest applying to the overdue principal of any Loan, 2.00% amount during that first Interest Period shall be [*] plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in which would have applied if the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Sectionoverdue amount had not become due. (d) Accrued Default interest (if unpaid) arising on each Loan shall an overdue amount will be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in compounded with the event of any repayment or prepayment of any Loan, accrued interest on the principal overdue 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 Loan prior to at the end of the current each Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable on the effective date of such conversionapplicable to that overdue amount but will remain immediately due and payable. (e) All Accrued and unpaid interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Base Rate at times when the 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 in respect of each Loan on each Fixed Interest Payment Date (if interest is payable on the actual number of days elapsed (including Loan at the first day but excluding Fixed Rate) or, if interest is payable on the Loan at the Floating Rate, on the last dayday of each Interest Period applicable thereto, on any repayment or prepayment date (on the amount repaid or prepaid). The applicable Base , at maturity (whether by acceleration or otherwise) and, after such maturity, on demand. (f) At any time when interest is payable on the Loan at the Floating Rate, Adjusted upon each Interest Determination Date, the Facility Agent shall determine the Eurodollar Rate or Eurodollar Rate for each Interest Period applicable to the Loans to be made pursuant to the applicable Borrowing and shall be determined by promptly notify the Administrative Agent, Borrower and the respective Lenders thereof. Each such determination shall be conclusive shall, absent manifest error, be final and conclusive and binding on all parties hereto. (g) At any time when interest is payable on the Loan at the Fixed Rate, the Borrower shall reimburse each Lender on demand for the amount by which the 6 month Eurodollar Rate for any Fixed Rate Interest Period plus the fee for administrative expenses of [*] per annum for such Fixed Rate Interest Period less the Fixed Rate exceeds [*] per annum (being the amount by which the interest make-up is limited under any Interest Make-Up Agreement pursuant to Section 1.1 of the CIRR General Terms and Conditions and the KfW Refinancing).

Appears in 3 contracts

Sources: Loan Agreement (Norwegian Cruise Line Holdings Ltd.), Credit Agreement (Norwegian Cruise Line Holdings Ltd.), Credit Agreement (Norwegian Cruise Line Holdings Ltd.)

Interest. (a) The Loans comprising Borrower agrees to pay interest in respect of the unpaid principal amount of each Base Rate Borrowing shall bear interest Loan from the date the proceeds thereof are made available to the Borrower until the maturity (whether by acceleration or otherwise) of such Loan at the Base Fixed Rate plus or if an election is made by the Applicable Margin; provided that notwithstanding Borrower to elect the foregoingFloating Rate pursuant to Section 2.07, such interest rate shall at no time be less than 0.00% per annumthe Floating Rate. (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 a rate which is (i) where interest is payable at the Adjusted Fixed Rate, equal to [*] plus the Eurodollar Rate 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 of three months plus [*], or (ii) where interest is payable on the Loan at the Floating Rate and subject to paragraph (c) below, [*] plus the rate (including, for the avoidance of doubt, the margin) which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan for successive Interest Period in effect for such Borrowing plus Periods, each of a duration selected by the Applicable Margin; provided that notwithstanding Facility Agent (acting reasonably). Any interest accruing under this Section 2.06(b) shall be immediately payable by the foregoing, such interest rate shall at no time be less than 0.00% per annumBorrower on demand by the Facility Agent. (c) Notwithstanding At any time when interest is payable at the foregoingFloating Rate, if any principal overdue amount consists of all or interest part of a Loan which became due on any Loan or any fee or other amount payable by a day which was not the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such last day of a Floating Rate Interest Period relating to that Loan: (i) the 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 Floating Rate Interest Period relating to that Loan; and (iii) in the case rate of interest applying to the overdue principal of any Loan, 2.00% amount during that first Interest Period shall be [*] plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in which would have applied if the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Sectionoverdue amount had not become due. (d) Accrued Default interest (if unpaid) arising on each Loan shall an overdue amount will be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in compounded with the event of any repayment or prepayment of any Loan, accrued interest on the principal overdue 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 Loan prior to at the end of the current each Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable on the effective date of such conversionapplicable to that overdue amount but will remain immediately due and payable. (e) All Accrued and unpaid interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Base Rate at times when the 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 in respect of each Loan on each Fixed Interest Payment Date (if interest is payable on the actual number of days elapsed (including Loan at the first day but excluding Fixed Rate) or, if interest is payable on the Loan at the Floating Rate, on the last dayday of each Interest Period applicable thereto, on any repayment or prepayment date (on the amount repaid or prepaid). The applicable Base , at maturity (whether by acceleration or otherwise) and, after such maturity, on demand. (f) At any time when interest is payable on the Loan at the Floating Rate, Adjusted upon each Interest Determination Date, the Facility Agent shall determine the Eurodollar Rate or Eurodollar Rate for each Interest Period applicable to the Loans to be made pursuant to the applicable Borrowing and shall be determined by promptly notify the Administrative Agent, Borrower and the respective Lenders thereof. Each such determination shall be conclusive shall, absent manifest error, be final and conclusive and binding on all parties hereto. (g) At any time when interest is payable on the Loan at the Fixed Rate, the Borrower shall reimburse each Lender on demand for the amount by which the 6 month Eurodollar Rate for any Fixed Rate Interest Period plus the fee for administrative expenses of [*] per annum for such Fixed Rate Interest Period plus [*] per annum less the Fixed Rate exceeds [*] per annum (being the amount by which the interest make-up is limited under Section 1.1 of the CIRR General Terms and Conditions).

Appears in 3 contracts

Sources: Loan Agreement (Norwegian Cruise Line Holdings Ltd.), Credit Agreement (NCL CORP Ltd.), Credit Agreement (NCL CORP Ltd.)

Interest. (a) The Loans comprising each Base Rate ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumRate. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumRate. (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, 2.002% per annum plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) the preceding paragraphs of this Section 2.10 or (ii) in the case of any other amountoverdue amount (including overdue interest), 2.002% per annum plus the rate applicable to Base Rate ABR Loans as provided in clause 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; provided that (i) interest accrued pursuant to clause paragraph (c) of this Section 2.10 shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreementtherefor, 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 Alternate Base Rate at times when the 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 Alternate Base Rate, Adjusted Eurodollar LIBO Rate or Eurodollar 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 Base Rate Borrowing Each Note shall bear interest from its date of issue on the unpaid principal amount thereof at the Base a rate per annum equal, during any Interest Rate plus Period, to the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar Interest Rate for such Interest Rate Period, payable in cash (i) quarterly in arrears on the last Business Day of February, May, August and November in each year (each an "INTEREST PAYMENT DATE") (commencing with the first Interest Period in effect for such Borrowing plus Payment Date occurring after the Applicable Margin; provided that notwithstanding date of issue thereof), (ii) upon each optional or mandatory prepayment of any or all of the foregoingprincipal amount thereof (with respect to the principal amount so prepaid), such interest rate shall and (iii) at no time be less than 0.00% per annum. maturity (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 or by acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to ); PROVIDED that (ix) in the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant occurring during the calendar year 2007, the Company at its option may elect not to clause (c) of this Section shall be payable on demand, (ii) pay in cash the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid of the Notes accrued to such Interest Payment Date, and (y) on each Interest Payment Date occurring during the calendar year 2008, if Consolidated EBITDA for the fiscal quarter most recently ended prior to such Interest Payment Date shall be less than $650,000, the Company at its option may elect not to pay in cash 25% of the interest on the principal amount of the Notes accrued to such Interest Payment Date. Any such amount of interest not paid in cash on an Interest Payment Date pursuant to the foregoing clause (x) or prepaid clause (y) shall automatically be added to the principal amount of the Notes (pro rata in accordance with their respective outstanding principal amounts) as of the applicable Interest Payment Date, and shall thereafter bear interest as provided in this Agreement and the Notes and shall otherwise be treated as principal for all purposes of this Agreement and the other Note Documents. Notwithstanding the foregoing, at the maturity of the Notes (whether at stated maturity, or by acceleration or otherwise), all interest accrued thereon shall be payable on the date of such repayment or prepayment, and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable on the effective date of such conversioncash." (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Base Rate at times when the 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)4. The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.AMENDMENT TO SECTION 2.2

Appears in 2 contracts

Sources: Restructuring Agreement and Amendment No. 4 to Note Purchase Agreement (SeaView Mezzanine Fund L P), Restructuring Agreement and Amendment No. 4 to Note Purchase Agreement (GenuTec Business Solutions, Inc.)

Interest. Borrower shall pay interest to Administrative Agent for the account of the applicable Bank on the outstanding and unpaid principal amount of the Loans, at a rate per annum as follows: (a1) The Loans comprising each for Base Rate Borrowing shall bear interest Loans at a rate equal to the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b2) The for Term SOFR Loans comprising for each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar Rate for the Interest Period in effect at a rate equal to the applicable Term SOFR for such Borrowing Interest Period plus the Applicable Margin; provided that notwithstanding (3) for Daily SOFR Loans at a rate equal to Daily SOFR plus the foregoing, such interest Applicable Margin; (4) for Term SOFR Bid Rate Loans at a rate shall equal to the applicable Term SOFR Bid Rate; and (5) for Absolute Bid Rate Loans at no time be less than 0.00% per annum. (c) Notwithstanding a rate equal to the foregoing, if any applicable Absolute Bid Rate. Any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when duedue (when scheduled, whether at stated maturity, upon acceleration or otherwise, such overdue amount ) shall bear interestinterest thereafter, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in at the event of any repayment or prepayment of any Loan, accrued Default Rate. The interest rate 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, 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 Base Rate at times Loans shall change when the Base Rate is based changes and the interest rate on Daily SOFR Loans shall change when Daily SOFR changes. Interest on Base Rate Loans, SOFR Loans and Bid Rate Loans shall not exceed the Prime Rate maximum amount permitted under applicable Law. Interest 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 calculated for the actual number of days elapsed on the basis of, in the case of Base Rate Loans, three hundred sixty-five (including 365) or three hundred sixty-six (366) days, as the case may be, and in the case of SOFR Loans and Bid Rate Loans, three hundred sixty (360) days. 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 2.11, 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. Accrued interest shall be due and payable in arrears upon and with respect to any payment or prepayment of principal and, (x) in the case of Base Rate Loans and Daily SOFR Loans, on the first day but excluding Banking Day of each calendar month and the last day). The Maturity Date, (y) in the case of Term SOFR Loans at the expiration of the Interest Period applicable Base Ratethereto, Adjusted Eurodollar and if the Interest Period for such Term SOFR Loan exceeds three months, each other date that falls every three months after the beginning of such Interest Period, and the Maturity Date and (z) in the case of Bid Rate or Eurodollar Loans, at the expiration of the Interest Period applicable thereto; provided, however, that interest accruing at the Default Rate shall be determined by the Administrative Agent, due and such determination shall be conclusive absent manifest errorpayable on demand.

Appears in 2 contracts

Sources: Revolving Loan Agreement (Avalonbay Communities Inc), Revolving Loan Agreement (Avalonbay Communities Inc)

Interest. (a) The Loans comprising each Base Rate ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumRate. (b) The Loans comprising each Eurodollar Term SOFR Borrowing shall bear interest at the Adjusted Eurodollar Rate Term SOFR for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumRate. (c) The Loans comprising each Daily Simple SOFR Borrowing (if such Type of Borrowing is applicable pursuant to Section 2.11) shall bear interest at the Adjusted 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 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, 2.001.00% per annum plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.001.00% per annum plus the rate applicable to Base Rate ABR Loans as provided in clause paragraph (a) of this Section. (de) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause paragraph (cd) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, prepayment and (iii) in the event of any conversion of any Eurodollar Term SOFR Loan prior to the end of the current Interest Period therefor in accordance with this Agreementtherefor, 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 Alternate Base Rate at times when the 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 Alternate Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate Term SOFR and, if applicable pursuant to Section 2.11, Adjusted Daily Simple SOFR 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 (RTX Corp), Bridge Credit Agreement (RTX Corp)

Interest. (a) The Loans comprising unpaid principal amount of each Base Rate Borrowing ABR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Base Rate Applicable Margin in effect from time to time plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no ABR in effect from time be less than 0.00% per annumto time. (b) The Loans comprising unpaid principal amount of (x) each Eurodollar Borrowing Fixed Rate Loan not denominated in Pounds Sterling shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Adjusted Eurodollar Rate for the Interest Period Applicable Margin in effect for such Borrowing from time to time plus the Applicable Margin; provided relevant Fixed Rate in effect from time to time and (y) Fixed Rate Loans denominated in Pounds Sterling shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum for each day within such period that notwithstanding the foregoing, such interest rate shall at no all times be the Applicable Margin in effect from time be less than 0.00% per annumto time plus the relevant Fixed Rate in effect from time to time. (c) Notwithstanding If at any time after the foregoingoccurrence of and during the continuance of an Event of Default under Section 11.1, if any all or a portion of the principal amount of or interest on any Loan or any fee interest payable thereon or any fees or other amount payable by the Borrower amounts due hereunder is shall not be paid when due, due (whether at the stated maturity, upon by acceleration or otherwise), such overdue amount shall bear interest, after as well as before judgment, interest (including post-petition interest in any case or proceeding under any applicable Debtor Relief Law) at a rate per annum equal to that is (i) in the case of overdue principal of any Loanprincipal, the rate that would otherwise be applicable thereto plus 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any overdue interest, fees or other amountamounts due hereunder, to the extent permitted by Applicable Law, the rate described in Section 2.8(a) plus 2.00% plus from and including the rate applicable date of such non-payment to Base Rate Loans as provided but excluding the date on which such amount is paid in clause (a) of this Sectionfull. All such interest shall be payable on demand. (d) Accrued interest Interest on each Loan shall accrue from and including the date of any Borrowing to but excluding the date of any repayment thereof, and shall be payable in arrears on each Interest Payment Date for such Loan; Dollars or Alternative Currencies, as applicable, and, except as otherwise provided that below, shall be payable (i) interest accrued pursuant to clause (c) in respect of this Section shall be payable each ABR Loan, quarterly in arrears on demandthe last Business Day of each March, June, September and December, (ii) in respect of each Eurocurrency Loan or Term SOFR Loan, on the event last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three-month intervals after the first day of such Interest Period, (iii) in respect of each Loan (except in the case of prepayments of any repayment ABR Revolving Credit Loans that are not made in connection with the termination or permanent reduction of the Revolving Credit Commitments), on any prepayment date (on the amount prepaid), at maturity (whether by acceleration or otherwise) and, after such maturity, on demand; provided that a Loan that is repaid on the same day on which it is made shall bear interest for one day and (iv) in respect of any each Loan, accrued interest on to the principal amount repaid or prepaid shall be payable extent necessary to create a fungible tranche of Term Loans, on the date of such repayment or prepayment, and (iii) in the event Incurrence of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable on the effective date of such conversionIncremental Term Loans. (e) 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 Base Rate at times when the Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days made in accordance with Section 5.5. (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). f) The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, upon determining the interest rate for any Borrowing of Fixed Rate Loans shall promptly notify the Borrower and the relevant Lenders thereof. Each such determination shall, absent clearly demonstrable error, be final and conclusive and binding on all parties hereto. (g) Except as otherwise provided herein, whenever any payment hereunder or under the other Credit Documents shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such determination extension of time shall in such case be conclusive absent manifest errorincluded in the computation of payment of interest or commitment or letter of credit fee or commission, as the case may be.

Appears in 2 contracts

Sources: Super Senior Credit Agreement (MultiPlan Corp), Credit Agreement (MultiPlan Corp)

Interest. (a) The Loans comprising each Base Rate ABR Borrowing shall bear interest at the Alternate Base Rate plus Rate, but not to exceed the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumHighest Lawful Rate. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding , but not to exceed the foregoing, such interest rate shall at no time be less than 0.00% per annumHighest Lawful 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 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, 2.002% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% plus the rate applicable to Base Rate ABR Loans as provided in clause paragraph (a) of this Section, but not to exceed the Highest Lawful Rate. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and upon termination of the Commitments; provided that (i) interest accrued pursuant to clause paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of 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, prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreementtherefor, 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 Alternate Base Rate at times when the 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 Alternate Base Rate, Adjusted Eurodollar LIBO Rate or Eurodollar LIBO Rate shall be determined by the Administrative Agent, Agent and such determination shall be conclusive absent manifest error.

Appears in 2 contracts

Sources: Credit Agreement (Newfield Exploration Co /De/), Credit Agreement (Newfield Exploration Co /De/)

Interest. (a) The Loans comprising Borrower agrees to pay interest in respect of the unpaid principal amount of each Base Rate Borrowing shall bear interest Loan (other than a Deferred Loan) from the date the proceeds thereof are made available to the Borrower until the maturity (whether by acceleration or otherwise) of such Loan at the Base Fixed Rate plus or if an election is made by the Applicable Margin; provided that notwithstanding Borrower to elect the foregoingFloating Rate pursuant to Section 2.07, at the Floating Rate. The Borrower agrees to pay interest in respect of the unpaid principal amount of each Deferred Loan from the date the proceeds thereof are made available (or deemed made available) to the Borrower until the maturity (whether by acceleration or otherwise) of such interest rate shall Deferred Loan at no time be less than 0.00% per annumthe Floating Rate. (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 a rate which is (i) where interest is payable at the Adjusted Fixed Rate, equal to [*]% plus, prior to the Rate Switch Date, the Eurodollar Rate or, on and from the Rate Switch ​ ​ -41- ​ ​ ​ ​ Date, the Reference Rate 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 of three months plus [*]%, or (ii) where interest is payable on the Interest Period in effect for such Borrowing Loan at the Floating Rate and subject to paragraph (c) below, [*]% plus the Applicable Margin; provided that notwithstanding Floating Rate which would have been payable if the foregoingoverdue amount had, such 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 rate accruing under this Section 2.06(b) shall at no time be less than 0.00% per annumimmediately payable by the Borrower on demand by the Facility Agent. (c) Notwithstanding At any time when interest is payable at the foregoingFloating Rate, if any principal overdue amount consists of all or interest part of a Loan which became due on any Loan or any fee or other amount payable by a day which was not the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such last day of a Floating Rate Interest Period relating to that Loan: (i) the 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 Floating Rate Interest Period relating to that Loan; and (iii) in the case rate of interest applying to the overdue principal of any Loan, 2.00amount during that first Interest Period shall be [*]% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in which would have applied if the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Sectionoverdue amount had not become due. (d) Accrued Default interest (if unpaid) arising on each Loan shall an overdue amount will be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in compounded with the event of any repayment or prepayment of any Loan, accrued interest on the principal overdue 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 Loan prior to at the end of the current each Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable on the effective date of such conversionapplicable to that overdue amount but will remain immediately due and payable. (e) All Accrued and unpaid interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Base Rate at times when the 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 in respect of each Loan on each Fixed Interest Payment Date (if interest is payable on the actual number of days elapsed (including Loan at the first day but excluding Fixed Rate) or, if interest is payable on the Loan at the Floating Rate, on the last dayday of each Interest Period applicable thereto, on any repayment or prepayment date (on the amount repaid or prepaid). The applicable Base , at maturity (whether by acceleration or otherwise) and, after such maturity, on demand. (i) At any time when interest is payable on the Loan at the Floating Rate, Adjusted upon each Interest Determination Date, the Facility Agent shall determine the Eurodollar Rate or Eurodollar or, on and from the Rate Switch Date, the Reference Rate (other than in the case where the Compounded Reference Rate is to apply) for each Interest Period applicable to the Loans to be made pursuant to the applicable Borrowing and shall be determined by promptly notify the Administrative Agent, Borrower and the respective Lenders thereof. Each such determination shall be conclusive shall, absent manifest error, be final and conclusive and binding on all parties hereto. (ii) If the Compounded Reference Rate is to apply to a Reference Rate Loan (or any part of it) in accordance with Section 2.06(i)(v), the Facility Agent shall (promptly upon the Compounded Reference Rate Interest Payment being determinable) notify: (A) the Borrower of the amount of the Compounded Reference Rate Interest Payment; and ​ ​ -42- ​ ​ ​ ​ (B) the relevant Lenders and the Borrower of, to the extent it is then determinable, the Market Disruption Rate, it being acknowledged and agreed that each such determination shall, absent manifest error, be final and conclusive and binding on all parties hereto and that this Section 2.06(f)(ii) shall not apply to any Compounded Reference Rate Interest Payment determined pursuant to Section 2.09(g). (iii) The Facility Agent shall promptly notify the Borrower of each Funding Rate relating to any Reference Rate Loan. (iv) The Facility Agent shall notify the relevant Lenders and the Borrower of the determination of a rate of interest relating to a Reference Rate Loan (or any part of it) that is accruing interest at the Compounded Reference Rate to which Section 2.09(g) applies and, together with such notification, shall also notify: (A) the Borrower of the aggregate amount of interest to be paid by the Borrower; and (B) each Lender of its portion of the amount referred to in (A) above. (v) This Section 2.06(f) shall not require the Facility Agent to make any notification to any party on a day which is not a Business Day. (g) At any time when interest is payable on the Loan at the Fixed Rate, the Borrower shall reimburse each Lender on demand for the amount by which the 6 month Eurodollar Rate or, on and from the Rate Switch Date, the 6 month Term SOFR for any Fixed Rate Interest Period plus the fee for administrative expenses of [*]% per annum for such Fixed Rate Interest Period plus [*]% per annum less the Fixed Rate exceeds [*]% per annum (being the amount by which the interest make-up is limited under Section 1.1 of the CIRR General Terms and Conditions). (h) On and from the Rate Switch Date: (i) the use of the Reference Rate will replace the Eurodollar Rate for the calculation of interest of any Loan (or relevant part of it) accruing interest at the Floating Rate made available to the Borrower after such date or outstanding as at such date; and

Appears in 2 contracts

Sources: Loan Agreement (NCL CORP Ltd.), Loan Agreement (Norwegian Cruise Line Holdings Ltd.)

Interest. (a) The Loans comprising each Base Rate Borrowing outstanding principal balance of the Loan shall bear interest at the Base Prime Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% 2 percentage point per annum. (b) The Loans comprising each Eurodollar Borrowing shall bear interest Upon the occurrence and during the continuance of any Event of Default, Lender may, at its option by written notice to Borrower, raise the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% charged on the Loan to a rate of up to the Prime Rate plus 4 percent per annumannum from the 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 full. (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, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, 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 Base Rate at times when the Base 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 Base Ratefirst month following the initial advance under the Loan and on the first day of each month thereafter, Adjusted Eurodollar 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 Eurodollar 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 each Base Rate ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (c) Each Swingline Loan shall bear interest at a rate per annum equal to the Swingline Rate. (d) The Loans comprising each Alternative Currency 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. (e) 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, interest at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this SectionDefault Rate. (df) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and, in the case of Revolving Loans, upon termination of the Commitments; provided that (i) interest accrued pursuant to clause paragraph (ce) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of 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, prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreementtherefor, accrued interest on such Loan shall be payable on the effective date of such conversion. (eg) All interest hereunder shall be computed on the basis of a year of 360 days, except that (i) interest computed by reference to the Alternate Base Rate at times when the 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) interest computed with respect to an Alternative Currency Loan comprised of Pounds 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 Alternate Base Rate, Adjusted Eurodollar LIBO Rate or Eurodollar 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 (Cardtronics Inc), Credit Agreement (Cardtronics Inc)

Interest. The Borrower shall pay interest on the unpaid principal amount of each Advance from the date of such Advance until such principal amount shall be paid in full, at the following rates per annum: (a) The Loans comprising each During such periods as a Revolving Credit Advance is a Base Rate Borrowing shall bear interest Advance, a rate per annum equal at all times to the sum of the Base Rate in effect from time to time plus the Applicable MarginMargin in effect from time to time, payable quarterly in arrears on the last day of each March, June, September and December and on the date such Base Rate Advance shall be Converted or paid in full; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (c) Notwithstanding the foregoing, if any amount of principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder a Base Rate Advance which is not paid when due, due (whether at stated maturity, upon by acceleration or otherwise, such overdue amount ) shall bear interest, after as well as before judgmentpayable on demand, from the date on which such amount is due until such amount is paid in full, at a rate per annum equal at all times to the sum of the rate otherwise payable thereon plus 2%. (b) During such periods as a Revolving Credit Advance is a Eurodollar Rate Advance, a rate per annum equal at all times during each Interest Period for such Advance to the sum of the Eurodollar Rate for such Interest Period plus the Applicable Margin in effect from time to time, payable on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each day that occurs during such Interest Period every three months from the first day of such Interest Period and on the date such Eurodollar Rate Advance shall be Converted or paid in full; provided that any amount of principal of a Eurodollar Rate Advance which is not paid when due (whether at stated maturity, by acceleration or otherwise) shall bear interest, payable on demand, (i) from the date on which such amount is due until the end of the Interest Period for such Eurodollar Rate Advance, at a rate per annum equal at all times to the sum of the Eurodollar Rate for such Interest Period plus the Applicable Margin in effect from time to time plus 2%, and (ii) from the case end of overdue such Interest Period until such amount is paid in full, at a rate per annum equal at all times to the sum of the rate of interest in effect from time to time for Base Rate Advances plus 2%. (c) With respect to each Swingline Advance, a rate per annum equal at all times to the sum of the Base Rate in effect from time to time plus the Applicable Margin in effect from time to time, payable quarterly in arrears on the last day of each March, June, September and December and on the date such Swingline Advance shall be paid in full; provided that any amount of principal of any Loana Swingline Advance which is not paid when due (whether at stated maturity, 2.00% plus by acceleration or otherwise) shall bear interest, payable on demand, from the date on which such amount is due until such amount is paid in full, at a rate per annum equal at all times to the sum of the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% payable thereon plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section2%. (d) Accrued interest Upon the occurrence and during the continuance of an Event of Default under Section 6.01(a) or Section 6.01(e), the Borrower shall pay simple interest, to the fullest extent permitted by law, on each Loan the amount of any interest, fee or other amount (other than principal of Advances which is covered by Sections 2.07(a), 2.07(b) and 2.07(c)) payable hereunder that is not paid when due, from the date such amount shall be due until such amount shall be paid in full, payable in arrears on each Interest Payment Date for the date such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section amount shall be payable paid in full and on demand, (ii) in the event of any repayment or prepayment of any 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 Loan prior at a rate per annum equal at all times to the end sum of the current Interest Period therefor rate of interest in accordance with this Agreement, 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 effect from time to the time for Base Rate at times when the 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest errorAdvances plus 2% per annum.

Appears in 2 contracts

Sources: Revolving Credit Agreement (Halliburton Co), Revolving Credit Agreement (Halliburton Co)

Interest. (a) The Loans comprising each Base Rate Borrowing 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 Base Rate plus option of the Applicable Margin; provided that notwithstanding Borrower (unless required to be paid earlier by the foregoing, such interest rate shall at no time be terms hereof or any Note): (i) upon not less than 0.00% per annum. five (b5) The Loans comprising each Eurodollar Borrowing shall bear interest at Business Days’ prior written notice to the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoingLender, such interest rate shall at no time be less than 0.00% per annum. (c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable 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, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable if not paid pursuant to Base Rate Loans as provided in clause (ai) above, capitalized with, and added to, the principal amount of this Section. such Loan on the last day of each calendar quarter, and shall thereafter be deemed for all purposes to be a part of the principal amount thereof (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 Loancapitalized interest at the end of such calendar quarter); provided that (i1) interest accrued pursuant to clause (cSection 2.3(b) of this Section shall be payable on demand, and (ii2) in the event of any repayment or prepayment of any Loanthe 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 . All computations of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, 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 Base 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 Base 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar 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 Base Rate Borrowing Each Debenture issued hereunder, whether issued originally or in exchange for another Debenture, shall bear interest at from the Base Rate plus Issue Date, or from and including the Applicable Marginlast Interest Payment Date on which interest shall have been paid or made available for payment on the Debentures then Outstanding, whichever shall be the later, to but excluding the earlier of: (i) the following Interest Payment Date; (ii) if purchased in accordance with Section 3.1, the date of payment; (iii) if converted in accordance with Article 4, the Conversion Date; provided and (iv) the Maturity Date; as the case may be (the “Interest Period”). The interest payable per $1,000 principal amount of Debentures in respect of an Interest Period other than an Interest Period that notwithstanding ends on an Interest Payment Date shall be calculated by multiplying $1,000 by the foregoing, such interest rate shall at no time be less than 0.00of 10.0% per annum. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, 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 365-day year. For the purposes of 360 daysthe Interest Act (Canada) and disclosure under such act, except that whenever interest computed by reference to the Base Rate at times when the Base Rate be paid is based on the Prime Rate shall to be computed calculated on the basis of any period of time less than a calendar year (a “deemed year”) such rate of 365 days (or 366 days in a leap year), and in each case interest shall be payable expressed as a yearly rate by multiplying such rate of interest for the deemed year by the actual number of days elapsed in the calendar year in which the rate is to be ascertained and dividing it by the number of days in the deemed year. (including b) Subject to the first day Debentures being converted in accordance with the terms of Article 4 or purchased prior to the Maturity Date in accordance with the terms of this Indenture, the Corporation shall pay to the Debentureholders on the Maturity Date all outstanding principal thereon and all accrued and unpaid interest thereto, up to but excluding the last day). The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate Maturity Date. (c) All payments of interest in cash on the Uncertificated Debentures shall be determined made by electronic funds transfer or certified cheque made payable to the Administrative AgentDepository or its nominee on the day interest is payable for subsequent payment to Beneficial Holders of the applicable Uncertificated Debentures, unless the Corporation and such determination shall be conclusive absent manifest errorthe Depository otherwise agree.

Appears in 2 contracts

Sources: Indenture (C21 Investments Inc.), Indenture (C21 Investments Inc.)

Interest. (a1) The Loans comprising each Base Rate Borrowing From and including the Closing Date to and including the second anniversary of the Closing Date (the “Specified Accrual Period”), the Loan shall bear interest at on the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising outstanding principal amount thereof for each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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 (ix) if Borrower does not deliver an Election Notice in the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in accordance with clause (a) or (by) of this Section 2(d)(1) for such Interest Period, 13.00% per annum, with a portion of such interest rate equal to 3.00% per annum being payable in cash on the Interest Payment Date in respect of such Interest Period and the remaining 10.00% per annum of such interest rate being payable in-kind by capitalizing such interest and adding it to the outstanding principal amount of the Loan on the Interest Payment Date in respect of such Interest Period (such interest that is capitalized and added to the outstanding principal balance of the Loan being referred to herein as “PIK Interest”) (such interest rate under this clause (x) being referred to herein as the “Standard Interest Rate”) or (y) if Borrower delivers a written notice in the form of Exhibit A hereto to Lender for such Interest Period at least five (5) Business Days prior to the Interest Payment Date in respect of such Interest Period (an “Election Notice”), at the election of Borrower as set forth in such Election Notice, either (i) 12.00% per annum, with a portion of such interest rate equal to 5.00% per annum being payable in cash on the Interest Payment Date in respect of such Interest Period and the remaining 7.00% per annum of such interest rate being payable as PIK Interest on the Interest Payment Date in respect of such Interest Period, or (ii) 8.0% per annum, payable entirely in cash on the case Interest Payment Date in respect of such Interest Period (such interest rate under this clause (y)(ii) being referred to herein as the “Cash Pay Only Interest Rate”) . (2) After the second anniversary of the Closing Date, interest on the Loan shall accrue at a rate of 10.00% per annum, payable in cash. Should no Election Notice be made by Borrower in accordance with Section 2(d)(1)(y) in respect of an Interest Period, then the Standard Loan Rate shall automatically apply for such Interest Period. If any other amountInterest Period ends after the Specified Accrual Period but a portion of such Interest Period includes the Specified Accrual Period (any such Interest Period, 2.00% plus a “Hybrid Interest Period”), the Loan shall accrue interest during such Hybrid Interest Period at the rate determined pursuant to (x) Section 2(d)(1) for the portion of such Hybrid Interest Period that includes the Specified Accrual Period and (y) Section 2(d)(2) for the portion of such Hybrid Interest Period after the Specified Accrual Period (and, for purposes of Section 2(d)(1), references to “Interest Period” as applicable to Base Rate such Hybrid Interest Period shall only refer to the portion of such Hybrid Interest Period that includes the Specified Accrual Period). In no event will Lender charge interest at a rate that exceeds the highest rate of non-usurious interest permissible under any law (the “Maximum Rate”). If Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans as provided in clause or, if it exceeds such unpaid principal, refunded to Borrower. In determining whether the interest contracted for, charged, or received by Lender exceeds the Maximum Rate, Lender may, to the extent permitted by applicable law, (a) of this Section. characterize any payment that is not principal as an expense, fee, or premium rather than interest, (db) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause exclude voluntary prepayments and the effects thereof, and (c) of this Section shall be payable on demandamortize, (ii) in the event of any repayment or prepayment of any Loanprorate, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepaymentallocate, and (iii) spread in equal or unequal parts the event total amount of any conversion of any Eurodollar Loan prior to interest throughout the end contemplated term of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable on the effective date of such conversionObligations hereunder. (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Base Rate at times when the 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

Appears in 2 contracts

Sources: Equipment Loan and Security Agreement (Core Scientific, Inc./Tx), Equipment Loan and Security Agreement (Core Scientific, Inc./Tx)

Interest. (1) Subject to Section 2.3(4), Each Debenture issued hereunder, whether issued originally or in exchange for another Debenture, shall bear interest from the Issue Date, or from and including the last Interest Payment Date on which interest shall have been paid or made available for payment on the Debentures then Outstanding, whichever shall be the later, to but excluding the earlier of: (a) The Loans comprising each Base Rate Borrowing shall bear interest at the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum.following Interest Payment Date; (b) The Loans comprising each Eurodollar Borrowing shall bear interest at if purchased in accordance with Section 3.1, the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum.date of payment; (c) Notwithstanding if repurchased in accordance with Section 3.3, the foregoing, if any principal Change 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, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section.Control Repurchase Date; (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any 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 Loan prior to the end of the current Interest Period therefor if converted in accordance with this AgreementArticle 4, accrued interest on such Loan shall be payable on the effective date of such conversion.Conversion Date; (e) All if redeemed in accordance with any other provision of this Indenture, the Maturity Date, subject to certain exceptions set out in Section 3.2; and (f) the Maturity Date; as the case may be (the “Interest Period”). The interest hereunder payable per $1,000 principal amount of Debentures in respect of an Interest Period other than an Interest Period that ends on an Interest Payment Date shall be calculated by multiplying $1,000 by the interest rate of 8.0% per annum, computed on the basis of a 360-day year composed of 360 daystwelve 30-day months. For the purposes of the Interest Act (Canada) and disclosure under such act, except that whenever interest computed by reference to the Base Rate at times when the Base Rate be paid is based on the Prime Rate shall to be computed calculated on the basis of any period of time less than a calendar year (a “deemed year”) such rate of 365 days (or 366 days in a leap year), and in each case interest shall be payable expressed as a yearly rate by multiplying such rate of interest for the deemed year by the actual number of days elapsed in the calendar year in which the rate is to be ascertained and dividing it by the number of days in the deemed year. (including 2) Subject to the first day Debentures being converted in accordance with the terms of Article 4 or purchased prior to the Maturity Date in accordance with the terms of this Indenture, the Corporation shall pay to the Debentureholders on the Maturity Date all outstanding principal thereon and all accrued and unpaid interest thereto, up to but excluding the last day). The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate Maturity Date. (3) All payments of interest in cash on the Uncertificated Debentures shall be determined made by electronic funds transfer or certified cheque made payable to the Administrative AgentDepository or its nominee on the day interest is payable for subsequent payment to Beneficial Holders of the applicable Uncertificated Debentures, unless the Corporation and the Depository otherwise agree. (4) For a period of 18 months from the Issue Date, any Interest Obligation payable hereunder shall automatically accrue to the principal amount of the Debentures, and such determination shall thereafter be conclusive absent manifest errordeemed to be part of the principal amount of the Debentures.

Appears in 2 contracts

Sources: Indenture (CLS Holdings USA, Inc.), Indenture

Interest. (a) The Loans comprising unpaid principal amount of each Base Rate Borrowing -------- Loan shall bear interest from the date of the Borrowing thereof until the earlier of repayment or conversion thereof and maturity (whether by acceleration or otherwise) at a rate per annum which shall at all times be the Applicable Base Rate Margin plus the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no in effect from time be less than 0.00% per annumto time. (b) The Loans comprising unpaid principal amount of each Eurodollar Borrowing Loan shall bear interest from the date of the Borrowing thereof until the earlier of repayment or conversion thereof and maturity (whether by acceleration or otherwise) at a rate per annum which shall at all times be the Adjusted Applicable Eurodollar Rate for the Interest Period in effect for such Borrowing Margin plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumrelevant Eurodollar Rate. (c) Notwithstanding the foregoing, if any The unpaid principal amount of or each C Term Loan-Fixed Rate shall bear interest on any Loan or any fee or other amount payable until maturity (whether by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such ) as provided in the C Term Notes-Fixed Rate. (d) Interest in respect of any overdue amount payable hereunder shall bear interest, after as well as before judgment, accrue at a rate per annum equal to the Base Rate in effect from time to time plus the sum of (i) 2% and (ii) the Applicable Base Rate Margin, provided that principal in respect of Eurodollar Loans and C Term Loans-Fixed Rate (prior to the applicable FRE Date) shall bear interest from the date the same becomes due (whether by acceleration or otherwise) until (x) in the case of overdue principal Eurodollar Loans, the end of any Loan, 2.00% plus the rate otherwise Interest Period then applicable to such Eurodollar Loan as provided in clause and (a) or (b) of this Section or (iiy) in the case of any other amountC Term Loans-Fixed Rate until paid in full, 2.00at a rate per annum no less than one which is equal to 2% plus in excess of the rate of interest applicable to Base Rate Loans as provided in clause (a) of this Sectionthereto on such date. (de) Accrued interest on each Loan Interest shall accrue from and including the date of any Borrowing to but excluding the date of any repayment thereof and shall be payable (i) in respect of each Base Rate Loan, quarterly in arrears on the last Business Day of each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable March, June, September and December commencing on demandJune 30, 1998, (ii) in the event respect of any repayment or prepayment of any each Eurodollar Loan, accrued interest on the principal amount repaid or prepaid shall be payable last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three month intervals after the date first day of such repayment or prepaymentInterest Period, and (iii) in respect of each such Loan, on any prepayment or conversion (on the event of any conversion of any Eurodollar Loan prior to the end amount prepaid or converted), at maturity (whether by acceleration or otherwise) and, after such maturity, on demand and (iv) in respect of the current Interest Period therefor C Term Loans-Fixed Rate, as provided in accordance with this Agreement, accrued interest on such Loan shall be payable on the effective date of such conversionrelevant C Term Note-Fixed Rate. (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 Base Rate at times when the Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days made in accordance with Section 11.07(b). (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). g) The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, upon determining the interest rate for any Borrowing of Eurodollar Loans for any Interest Period, shall promptly notify the Borrower and such determination shall be conclusive absent manifest errorthe Lenders thereof.

Appears in 2 contracts

Sources: Credit Agreement (MJD Communications Inc), Credit Agreement (MJD Communications Inc)

Interest. (a) The Loans comprising unpaid principal amount of each Base Prime Rate Borrowing Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Base Applicable Margin for Prime Rate Loans plus the Applicable Margin; provided that notwithstanding the foregoingPrime Rate, such interest rate shall at no in each case, in effect from time be less than 0.00% per annumto time. (b) The Loans comprising unpaid principal amount of each Eurodollar Borrowing ABR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Adjusted Eurodollar Rate Applicable Margin for ABR Loans plus the Interest Period ABR, in each case, in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no from time be less than 0.00% per annumto time. (c) Notwithstanding The unpaid principal amount of each European Base Rate Loan shall bear interest from the foregoingdate of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for European Base Rate Loans plus the European Base Rate, if in each case, in effect from time to time (d) The unpaid principal amount of each LIBOR Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for LIBOR Loans plus the relevant LIBO Rate. (e) The unpaid principal amount of each EURIBOR Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for EURIBOR Loans plus the relevant EURIBOR. (f) If all or a portion of (i) the principal amount of any principal of Loan, (ii) any interest payable thereon, or interest on (iii) any Loan or any fee or other amount payable by the Borrower hereunder is hereunder, shall not be paid when due, due (whether at the stated maturity, upon by acceleration or otherwiseotherwise but after giving effect to any grace period set forth herein), such overdue amount shall bear interest, after as well as before judgment, interest at a rate per annum equal to that is (ithe “Default Rate”) (x) in the case of overdue principal of or any Loaninterest thereon, the rate that would otherwise be applicable thereto plus 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (iiy) in the case of any other overdue amount, including overdue interest thereon, to the extent permitted by applicable law, the rate described in Section 2.8(a) plus 2.00% plus for amounts in Dollars, the rate applicable described in Section 2.8(b) plus 2.00% for amounts in U.S. Dollars, the rate described in Section 2.8(c) plus 2.00 % for amounts in Euros and the rate described in Section 2.8(d) plus 2.00 % for amounts in Pounds Sterling, in each case from the date of such non-payment to Base Rate Loans the date on which such amount is paid in full (after as provided in clause (a) of this Sectionwell as before judgment). (dg) Accrued interest Interest on each Loan shall accrue from and including the date of any Borrowing to but excluding the date of any repayment thereof; provided that any Loan that is repaid on the same date on which it is made shall bear interest for one day. Except as provided below, interest shall be payable (i) in respect of each Prime Rate Loan, ABR Loan and European Base Rate Loan, quarterly in arrears on the first Business Day of each Interest Payment Date April, July, October and January for such Loan; provided that (i) interest the accrued pursuant to clause (c) of this Section shall be payable on demandand unpaid amount during the applicable preceding three-month period, (ii) in the event respect of any repayment or prepayment of any each LIBOR Loan and EURIBOR Loan, accrued interest on the principal amount repaid or prepaid shall be payable last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three-month intervals after the date first day of such repayment or prepaymentInterest Period, and (iii) in the event respect of each Loan, (A) on any conversion prepayment in respect of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this AgreementLIBOR Loans or EURIBOR Loans, accrued interest (B) at maturity (whether by acceleration or otherwise), and (C) after such maturity, on such Loan shall be payable on the effective date of such conversiondemand. (eh) All computations of interest hereunder shall be computed made in accordance with Section 6.5. (i) The Administrative Agent, upon determining the interest rate for any Borrowing of LIBOR Loans or EURIBOR Loans, shall promptly notify the Borrower Representative and the relevant Lenders thereof. Each such determination shall, absent clearly demonstrable error, be final and conclusive and binding on all parties hereto. (j) For the purposes of this Agreement, whenever interest is to be calculated on the basis of a year period of 360 daystime other than a calendar year, except that the annual rate of interest computed to which each rate of interest determined pursuant to such calculation is equivalent for the purposes of the Interest Act (Canada) is such rate as so determined multiplied by reference to the Base Rate at times when the 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 in the calendar year in which the same is to be ascertained and divided by the number of days used in the basis of such determination. (i) The rates of interest provided for in this Agreement, including, without limitation under this Section 2.8 are minimum interest rates. (ii) When entering into this Agreement, each of the parties hereto have assumed that the interest payable at the rates set out in this Section 2.8 or in other provisions of this Agreement is not and will not become subject to Swiss Withholding Tax. Notwithstanding the foregoing, if any payment of interest will be subject to Swiss Withholding Tax, they agree that, if a tax deduction (the “Tax Deduction”) is required by law to be made by the Swiss Borrower in respect of any interest payable by it under this Agreement (taking into account the exceptions set out in Section 6.4(a)(ii)) and should, in respect of the Swiss Borrower, Section 6.4(a)(ii) be unenforceable for any reason, the applicable interest rate in relation to that interest payment shall be (x) the interest rate which would have applied to that interest payment as provided for in this Agreement in the absence of this Section 2.8(k) divided by (y) 1 minus the rate at which the relevant Tax Deduction is required to be made (where the rate at which the relevant deduction or withholding of tax is required to be made is for this purpose expressed as a fraction of 1 rather than as a percentage) and (a) the Swiss Borrower shall be obliged to pay the relevant interest at the adjusted rate in accordance with this Section 2.8(k), (b) the Swiss Borrower shall make the Tax Deduction on the recalculated interest, (c) all references to a rate of interest in this Agreement shall be construed accordingly, and (d) all provisions in Section 6.4 (other than Section 6.4(a)(ii)) shall apply to the Tax Deduction on the recalculated interest payment. (iii) To the extent that interest payable by the Swiss Borrower under this Agreement becomes subject to Swiss Withholding Tax, each relevant affected Secured Party and the Swiss Borrower shall promptly co-operate in completing any procedural formalities (including the first day but excluding the last day). The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined submitting forms and documents required by the Administrative Agent, appropriate tax authority) to the extent possible and such determination shall be conclusive absent manifest errornecessary for the Swiss Borrower to obtain authorization to make interest payments without them being subject to Swiss Withholding Tax.

Appears in 2 contracts

Sources: Credit Agreement (Canada Goose Holdings Inc.), Credit Agreement (Canada Goose Holdings Inc.)

Interest. (a) The Loans comprising each Base Rate Borrowing 4.1 Interest shall bear interest accrue on a daily basis on the amount of Cash Collateral existing on that day at the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumReference Interest Rate. 4.2 The Aggregate Interest Amount shall be calculated for each reference period from 1 January to 31 December (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumcalendar year). (c) Notwithstanding 4.3 For the foregoingyear 2016, 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) the reference period shall start on the Banking Day following the day on which the cash transferred by the Institution for the purpose of constituting the initial Cash Collateral has been received by the NRA in accordance with the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable process referred to such Loan as provided in clause (a) or (b) of this Section or 3.2. and shall end on 31 December, and (ii) the amount of cash transferred to the NRA as initial Cash Collateral shall, for the purpose of clause 4.1. and the calculation of the Interest Amounts, be considered as if it was Cash Collateral as of the Banking Day following the day on which such amount has been received by the NRA in accordance with the case of any other amount, 2.00% plus the rate applicable process referred to Base Rate Loans as provided in clause (a) of this Section3.2. (d) Accrued interest on each Loan 4.4 Interest shall be payable in arrears on each at a date determined by the SRB, which may not be later than the last day of the month of February of the year following the calendar year for which it has been calculated, or if such day is not a Banking Day, the next following Banking Day. 4.5 The SRB may increase the frequency of interest payments at its discretion and may set dates for calculation and payment of the interest as well as reference periods that are different from those set out in clauses 4.2. and 4.3 above. 4.6 Interest Payment Date for accrued will not be compounded (capitalisé). 4.7 If the Aggregate Interest Amount is a positive number, the SRB will transfer such Loan; provided that (i) interest accrued pursuant amount to clause (c) an account of this Section the Institution, as shall be payable on demand, (ii) specified in writing by the Institution. The SRB shall not be obliged to transfer any amounts if this would result in the event amount of any repayment or prepayment of any Loan, accrued interest on Cash Collateral being less than the principal amount repaid or prepaid IPC Amount at such time. Any Aggregate Interest Amount not transferred shall be payable on taken into account as Cash Collateral. 4.8 If the Aggregate Interest Amount is a negative number, the amount of Cash Collateral shall be reduced by the Negative Aggregate Interest Amount, and if, as a result, the amount of Cash Collateral is less than the IPC Amount at such time, the SRB shall, within the first three weeks of February of each year, require the Institution to transfer cash in the amount specified by the SRB in full ownership to the SRB as additional Cash Collateral, by sending a notice (the "Shortfall Notice") to the Institution, whereupon the Institution shall as soon as possible and at the latest two (2) Banking Days after the date of such repayment or prepayment, and (iii) issuance of the Shortfall Notice transfer the amount specified in the event of any conversion of any Eurodollar Loan prior Shortfall Notice in cleared funds to the end of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable on the effective date of such conversionaccount specified therein. (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Base Rate at times when the 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

Appears in 2 contracts

Sources: Irrevocable Payment Commitment and Collateral Arrangement Agreement, Irrevocable Payment Commitment and Collateral Arrangement Agreement

Interest. (i) Interest shall accrue on each of the Revolving Credit Loans at the Reference Rate or the Libor Rate for each of such Loan's Interest Periods in accordance with the Borrower's Interest Rate Elections for such Loans subject to and in accordance with the terms and conditions of this Agreement and the applicable Notes. The Borrower shall pay such interest to Agent for the pro rata account of each Bank in arrears on the Revolving Credit Loans outstanding from time to time after the Closing Date, in accordance with the following: (a) The Loans comprising if any such Loan is a Reference Rate Loan, such payments shall be made quarterly on the last Business Day of each Base Rate Borrowing March, June, September and December of each year, commencing on the first such date to occur after the Closing Date, and on the Termination Date; (b) if such Loan is a Libor Loan and is for a term of more than three months, such payments shall bear interest at be made every three months commencing on the Base Rate plus date that is three months after the Applicable Margin; provided that notwithstanding date on which such Libor Loan was made and, in addition to each such quarterly payment required pursuant to the foregoing, with respect to each such interest rate Loan as to which an Interest Adjustment Date occurs, on each such Interest Adjustment Date; and (c) if such Loan is a Libor Loan and is for a term of three months or less, with respect to each such Loan as to which an Interest Adjustment Date occurs, on each such Interest Adjustment Date. Interest shall at no time accrue and be less than 0.00% per annumpaid on the Swing Loans in accordance with Section 2.01 (b) (vii) and the Swing Loan Notes. (bii) The Loans comprising each Eurodollar Borrowing shall bear Any amount of principal, interest at the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder due under any Loan Document which is not paid when due, whether at stated maturity, upon by acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgmentpayable on demand, at a floating interest rate per annum equal to two percent (i2.0%) above the interest rate otherwise in effect with respect to such amount or, if no interest rate is otherwise in effect with respect to any such amount two percent (2%) above the interest rate then applicable to Reference Rate Loans. (iii) Notwithstanding anything to the contrary set forth in this Agreement, in the event that any change in any Applicable Margin becomes retroactively effective and the Borrower has previously paid an amount of interest hereunder which is either in excess of or less than the amount of interest which the Borrower would have paid if the new Applicable Margin had been in effect as of the date as of which such change becomes retroactively effective, then the Borrower shall promptly pay to Agent for the pro rata account of each Bank, and, if applicable, each Bank shall promptly pay to Agent for the account of the Borrower such amount (or, in the case of overdue principal of any Loana payment to be made by the Banks, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date Bank's Pro Rata Share of such repayment or prepayment, and (iiiamount) in as may be necessary to adjust the event of any conversion of any Eurodollar Loan prior interest paid by the Borrower to equal the end of amount payable at the current Interest Period therefor in accordance with this Agreement, accrued new Applicable Margin for the period for which the Borrower paid 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 Base Rate at times when the 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest errorold Applicable Margin.

Appears in 2 contracts

Sources: Loan Agreement (Wellman Inc), Loan Agreement (Wellman Inc)

Interest. (a) The Loans comprising Borrower agrees to pay interest in respect of the unpaid principal amount of each Base Rate Borrowing Loan from the date of the making of such Loan until such Loan shall bear interest be paid in full at a rate per annum which shall be equal to the sum of the Alternate Base Rate in effect from time to time plus the Applicable Margin; provided that notwithstanding Margin Percentage, such rate to change as and when the foregoingAlternate Base Rate changes, such interest rate shall at no time to be less than 0.00% per annumcomputed (i) if calculated by reference to the Federal Funds Rate, on the basis of a 360-day year, and (ii) if calculated by reference to the Prime Rate, on the basis of a 365- or 366-day year, as applicable. (b) The Loans comprising Borrower agrees to pay interest in respect of the unpaid principal amount of each Eurodollar Borrowing Loan from the date of the making of such Eurodollar Loan until such Eurodollar Loan shall bear interest be paid in full at a rate per annum which shall be equal to the Adjusted sum of the relevant Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoingMargin Percentage, such interest rate shall at no time to be less than 0.00% per annumcomputed on the basis of a 360-day year. (c) Notwithstanding In the foregoingevent that, if and for so long as, any Event of Default shall have occurred and be continuing, the outstanding principal amount of or all Loans and, to the extent permitted by law, overdue interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when duein respect of all Loans, 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 (the "DEFAULT RATE") equal to the sum of two percent (i2%) in the case of overdue principal of any Loan, 2.00% plus the interest rate otherwise applicable hereunder to such Loan as provided principal amount in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable effect from time to Base Rate Loans as provided in clause (a) of this Sectiontime. (d) Accrued interest Interest on each Loan shall accrue from and including the date of the Borrowing thereof to but excluding the date of any repayment thereof (provided that any Revolving Loan borrowed and repaid on the same day shall accrue one day's interest) and shall be payable (i) in respect of each Base Rate Loan, quarterly in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demandDate, (ii) in the event respect of any repayment or prepayment of any each Eurodollar Loan, accrued interest on the principal amount repaid or prepaid shall be payable last day of each Interest Period applicable to such Loan and, in the case of an Interest Period of six months, on the date occurring three months from the first day of such repayment or prepaymentInterest Period and on the last day of such Interest Period, and (iii) in the event case of all Loans, on any prepayment or conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable (on the effective date of amount prepaid or converted), at maturity (whether by acceleration or otherwise) and, after such conversionmaturity, on demand. (e) All interest hereunder shall be computed on The Agent shall, upon determining the basis of a year of 360 days, except that interest computed by reference to the Base Rate at times when the 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by for any Interest Period, promptly notify the Administrative Agent, Borrower and such determination shall be conclusive absent manifest errorthe Lenders thereof.

Appears in 2 contracts

Sources: Credit Agreement (Genmar Holdings Inc), Credit Agreement (Genmar Holdings Inc)

Interest. (a) The Revolving Loans comprising each Base Rate Revolving Borrowing shall bear interest at the Base applicable Adjusted Eurocurrency Rate plus 2.00% per annum. Swingline Loans shall bear interest at the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00Swingline Rate plus 2.00% per annum. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% plus the interest rate applicable to Base Rate Loans as provided that would have applied had such amount, during the period of non-payment, constituted a Loan in clause (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 LoanLoan and, in the case of Revolving Loans, upon termination of the Revolving Commitments of the applicable Tranche; provided that (i) interest accrued pursuant to clause paragraph (cb) of this Section shall be payable on demand, and (ii) in the event of any repayment or prepayment of any 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, 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 Base Rate at times when the Base 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar 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) Borrower shall pay interest to Agent, for the ratable benefit of Lenders, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to the Revolving Credit Advances bearing interest at the Index Rate, at a per annum rate equal to the Index Rate plus the Applicable Index Margin, or at the election of Borrower, at a per annum rate equal to the applicable LIBOR Rate plus the Applicable LIBOR Margin, based on the aggregate Revolving Credit Advances outstanding from time to time; (ii) with respect to the Term Loan B, the Index Rate plus four percent (4%) per annum; and (iii) with respect to the Swing Line Loan at a per annum rate equal to the Commercial Paper Rate plus the Applicable Swing Line Margin. (b) If any payment on any Loan becomes due and payable on a day other than a Business Day, the maturity thereof will be extended to the next succeeding Business Day (except as set forth in the definition of LIBOR Period) and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension. (c) All computations of interest with respect to LIBOR Loans and the Swing Line Loan shall be made by Agent on the basis of a three hundred sixty (360) day year, for the actual number of days occurring in the period for which such interest is payable. All computations of interest with respect to Index Rate Loans, shall be made by Agent on the basis of a three hundred sixty-five (365) day year for the actual number of days elapsed. The Loans comprising Index Rate shall be determined each Base day based upon the Index Rate Borrowing as in effect each day. Each determination by Agent of an interest rate hereunder shall be conclusive, absent manifest error. (d) So long as any Event of Default shall have occurred and be continuing, and at the election of Agent (or upon the written request of Requisite Lenders) after written notice from Agent to Borrower, the interest rates applicable to the Revolving Loan, the Term Loan B, the Swing Line Loan and the Letter of Credit Fees shall be increased by two percentage points (2%) per annum above the rate of interest or the rate of such Fees otherwise applicable hereunder ("Default Rate"), and all outstanding Obligations shall bear interest at the Base Default Rate plus applicable to such Obligations. If such notice is issued, interest and Letter of Credit Fees at the Applicable Margin; provided Default Rate shall accrue from the initial date of such Event of Default for so long as that notwithstanding the foregoing, such interest rate Event of Default shall at no time continue and shall be less than 0.00% per annumpayable upon demand. (be) The So long as no Default or Event of Default shall have occurred and be continuing, Borrower shall have the option to (i) request that any Revolving Credit Advance (other than an Overadvance) be made as a LIBOR Loan, (ii) convert at any time all or any part of outstanding Revolving Credit Advances (including a Refunded Swing Line Loan) from Index Rate Loans comprising each Eurodollar Borrowing to LIBOR Loans, (iii) convert any LIBOR Loan to an Index Rate Loan, subject to payment of LIBOR breakage costs in accordance with Section 1.13(b) if such conversion is made prior to the expiration of the LIBOR Period applicable thereto, or (iv) continue all or any portion of any LIBOR Loan as a LIBOR Loan upon the expiration of the applicable LIBOR Period and the succeeding LIBOR Period of that continued Loan shall commence on the last day of the LIBOR Period of the Loan to be continued. Any Loan to be made or continued as, or converted into, a LIBOR Loan must be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of such amount. Any such election must be made by 10:00 a.m. (Chicago time) on the second (2nd) Business Day prior to (1) the date of any proposed Advance which is to bear interest at the Adjusted Eurodollar Rate for LIBOR Rate, (2) the Interest end of each LIBOR Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoingwith respect to any LIBOR Loans to be continued as such, such interest rate shall at no time be less than 0.00% per annum. (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, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b3) of this Section or the date on which Borrower wishes to convert any Index Rate Loan to a LIBOR Loan for a LIBOR Period designated by Borrower in such election. If no election is received with respect to a LIBOR Loan by 10:00 a.m. (iiChicago time) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, and second (iii2nd) in the event of any conversion of any Eurodollar Loan Business Day prior to the end of the current Interest LIBOR Period therefor in accordance with this Agreementrespect thereto (or if a Default or an Event of Default shall have occurred and be continuing), accrued interest on such that LIBOR Loan shall be payable on converted to an Index Rate Loan at the effective date end of its LIBOR Period. Borrower must make such election by notice to Agent in writing, by telecopy or overnight courier. In the case of any conversion or continuation, such election must be made pursuant to a written notice (a "Notice of Conversion/Continuation") in the form of Exhibit 1.5(e). Borrower shall not be entitled to request or continue any Revolving Loan as, or convert any Revolving Loan into, a LIBOR Loan unless at the time of such conversionrequest, conversion or continuation, the aggregate outstanding principal balance of the Revolving Credit Advances plus the amount of the Swing Line Advances equals or exceeds $5,000,000. Not more than ten (10) LIBOR Loans shall be outstanding at any time. (ef) All Notwithstanding anything to the contrary set forth in this Section 1.5, if a court of competent jurisdiction determines in a final order that the rate of interest payable hereunder exceeds the highest rate of interest permissible under law (the "Maximum Lawful Rate"), then so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference equal to the Base Maximum Lawful Rate; provided, however, that if at any time thereafter the rate of interest payable hereunder is less than the Maximum Lawful Rate, 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 which would have been received had the interest rate payable hereunder been (but for the operation of this paragraph) the interest rate payable since the Closing Date as otherwise provided in this Agreement. Thereafter, the interest rate payable hereunder shall be the rate(s) of interest provided in Sections 1.5(a) through (e) above, unless and until the rate of interest again exceeds the Maximum Lawful Rate, and at times when that time this paragraph shall again apply. In no event shall the Base total interest received by any Lender pursuant to the terms hereof exceed the amount which such Lender could lawfully have received had the interest due hereunder been calculated for the full term hereof at the Maximum Lawful Rate. If the Maximum Lawful Rate is based on the Prime Rate calculated pursuant to this paragraph, such interest shall be computed on calculated at a daily rate equal to the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for Maximum Lawful Rate divided by the actual number of days elapsed (including in the first day but excluding year in which such calculation is made. If, notwithstanding the last dayprovisions of this Section 1.5(f). The applicable Base , a court of competent jurisdiction shall finally determine that a Lender has received interest hereunder in excess of the Maximum Lawful Rate, Adjusted Eurodollar Rate Agent shall, to the extent permitted by applicable law, promptly apply such excess in the order specified in Section 1.11 and thereafter shall refund any excess to Borrower or Eurodollar Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest erroras a court of competent jurisdiction may otherwise order.

Appears in 2 contracts

Sources: Credit Agreement (Wilsons the Leather Experts Inc), Credit Agreement (Wilsons the Leather Experts Inc)

Interest. (a) The Loans comprising each Base Rate ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumRate. (b) The Loans comprising each Eurodollar Term SOFR Revolving Borrowing shall bear interest at the Adjusted Eurodollar Rate Term SOFR for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumRate. (c) The Loans comprising each Daily Simple SOFR Revolving Borrowing (if such Type of Borrowing is applicable pursuant to Section 2.13) shall bear interest at Adjusted Daily Simple SOFR plus the Applicable Rate. (d) Each Swingline Loan shall bear interest at the rate per annum equal to (i) on any day, Adjusted Term SOFR for an Interest Period of one month’s duration, determined as if such Interest Period began on such day (or, if such day is not a Business Day, on the immediately preceding Business Day), plus (ii) the Applicable Rate with respect to the Term SOFR Revolving Loans; provided that if (i) the Swingline Lender shall have provided any notice pursuant to Section 2.04(c) or (ii) pursuant to Section 2.13(a), Section 2.13(b) or Section 2.19, any Swingline Loan at any time is required to bear interest by reference to the Alternate Base Rate, then, in each case, from and after the date of such notice (and until the Lenders shall hold no participations in any Swingline Loans) or during such time, as the case may be, each Swingline Loan shall bear interest at the Alternate Base Rate plus the Applicable Rate with respect to the ABR Revolving Loans. (e) 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, 2.002.000% per annum plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002.000% per annum plus the rate applicable to Base Rate ABR Revolving Loans as provided in clause paragraph (a) of this Section. (df) Accrued interest on each Loan shall be payable in arrears (i) (A) in the case of any ABR Revolving Loan, through the last day of each March, June, September and December, on each Interest Payment Date for such ABR Revolving Loan and (B) in the case of any other Loan, on each Interest Payment Date for such Loan and (ii) upon termination of the Commitments; provided that (i) interest accrued pursuant to clause paragraph (ce) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of 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, prepayment and (iii) in the event of any conversion of any Eurodollar Term SOFR Revolving Loan prior to the end of the current Interest Period therefor in accordance with this Agreementtherefor, accrued interest on such Loan shall be payable on the effective date of such conversion. (eg) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate only at times when the 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 Alternate Base Rate, Adjusted Eurodollar Rate Term SOFR or Eurodollar Rate Adjusted Daily Simple 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: Revolving Credit Agreement (Marathon Petroleum Corp), Revolving Credit Agreement (MPLX Lp)

Interest. (a) The Loans comprising each Base Rate Borrowing shall bear interest at the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, 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 Base Rate at times when the 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar 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 (Cleco Corporate Holdings LLC), Term Loan Agreement (Cleco Power LLC)

Interest. (a) The Loans comprising Borrower hereby promises to pay to Administrative Agent for the account of each Lender interest on the unpaid principal amount of each Loan made or maintained by such Lender to Borrower for the period from and including the date of such Loan to but excluding the date such Loan shall be paid in full at the following rates per annum: (i) during such periods as such Loan is an ABR Loan, the Alternate Base Rate Borrowing shall bear interest at the Base Rate (as in effect from time to time), plus the Applicable Margin; provided that notwithstanding Margin applicable to such Loan, (ii) during such periods as such Loan is a Daily Simple SOFR Loan, Daily Simple SOFR for such Loan, plus the foregoingApplicable Margin for such Loan, and (iii) during such interest rate shall at no time be less than 0.00% per annumperiods as such Loan is a Term SOFR Loan, for each Interest Period relating thereto, Term SOFR for such Loan for such Interest Period, plus the Applicable Margin applicable to such Loan. (b) The Loans comprising each Eurodollar Borrowing To the extent permitted by Law, upon the occurrence and during the continuance of an Event of Default under Section 11.01(b), 11.01(c), 11.01(g) or 11.01(h), all overdue Obligations shall automatically and without any action by any Person, bear interest at the Adjusted Eurodollar Rate for the Default Rate. Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate which accrues under this paragraph shall at no time be less than 0.00% per annumpayable on demand. (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, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable (i) in the case of each ABR Loan (including Swingline Loans), (x) quarterly in arrears on each Interest Payment Date for Quarterly Date, (y) on the date of any repayment or prepayment in full of all outstanding ABR Loans of any Tranche of Loans (or of any Swingline Loan) (but only on the principal amount so repaid or prepaid), and (z) at maturity (whether by acceleration or otherwise) and, after such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable maturity, on demand, (ii) in the event case of any each Daily Simple SOFR Loan, (x) on the last Business Day of each month, (y) on the date of repayment or prepayment thereof or the conversion of any Loan, accrued interest such Loan to a Loan of another type (but only on the principal amount repaid so paid, prepaid or prepaid shall be payable converted) and (z) at maturity (whether by acceleration or otherwise) and, after such maturity, on the date of such repayment or prepaymentdemand, and (iii) in the event case of each Term SOFR Loan (including Swingline Loans), (x) on the last day of each Interest Period applicable thereto and, if such Interest Period is longer than three months, on each date occurring at three-month intervals after the first day of such Interest Period, (y) on the date of any repayment or prepayment thereof or the conversion of such Loan to a Loan of another Type (but only on the principal amount so paid, prepaid or converted) and (z) at maturity (whether by acceleration or otherwise) and, after such maturity, on demand. Promptly after the determination of any Eurodollar Loan prior interest rate provided for herein or any change therein, Administrative Agent shall give notice thereof to the end of the current Interest Period therefor in accordance with this Agreement, accrued Lenders to which such interest on such Loan shall be is payable on the effective date of such conversionand to Borrower. (ed) All Notwithstanding anything in this Agreement to the contrary, each Swingline Loan shall bear interest hereunder shall be computed on the basis outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to, at the option of a year of 360 daysBorrower, except that interest computed by reference to the Base Rate at times when the 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 yeari), 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 Base Rate, Adjusted Eurodollar Rate or 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 (Boyd Gaming Corp), Credit Agreement (Boyd Gaming Corp)

Interest. (a) The Loans comprising each Base Rate ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate in effect from time to time plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumRate. (b) The Loans comprising each Eurodollar Eurocurrency Borrowing shall bear interest at the Adjusted Eurodollar LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumRate. (c) The Loans comprising each Canadian Prime Rate Borrowing shall bear interest at the Canadian Prime Rate for the Interest Period in effect for such Borrowing 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 a 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, 2.002% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% plus (w) if such amount is denominated in Dollars, the rate applicable to Base Rate ABR Loans as provided in clause paragraph (a) of this Section, (x) if such amount is denominated in Canadian Dollars, the rate applicable to Canadian Prime Rate Loans as provided in paragraph (c) of this Section, or (y) in the case of non-Dollar denominated amounts Eurocurrency Loans denominated in such currency with a one month Interest Period (or, in the case of Mexican Pesos, a 28-day Interest Period). (de) Accrued interest on each Loan shall be payable in the currency in which such Loan is denominated in arrears on each Interest Payment Date for such LoanLoan and, in the case of Revolving Loans of any Class, upon termination of the Revolving Commitments of such Class; provided that (i) interest accrued pursuant to clause paragraph (ce) 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 an ABR Revolving Loan or Canadian Prime Rate Loan prior to the end of the Availability Period or a Swingline Loan), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, prepayment and (iii) in the event of any conversion of any Eurodollar Eurocurrency Loan prior to the end of the current Interest Period therefor in accordance with this Agreementtherefor, 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 the Acceptance Fee, and interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate and interest on Loans denominated in Canadian Dollars or Sterling shall be computed on the basis of a year of 365 days (or or, except in the case of the Acceptance Fee, 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 Alternate Base Rate, Canadian Prime Rate, Discount Rate, Adjusted Eurodollar LIBO Rate, LIBO Rate or Eurodollar Euro 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 2 contracts

Sources: Restatement Agreement (Aptiv PLC), Restatement Agreement (Delphi Automotive PLC)

Interest. (a) The Loans comprising Borrower agrees to pay interest in respect of the balance under the Outstanding Principal Amount at a rate per annum equal at all times during each Base Rate Borrowing Interest Period to the lower of (i) 5% and (ii) the sum of LIBOR for such Interest Period plus the Margin (the "Interest Rate"). Interest on the balance under the Outstanding Principal Amount shall bear interest be payable (y) at the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoingend of each Interest Period, such interest rate shall at no time be less than 0.00% per annumand (z) simultaneously with any prepayment of principal. (b) The Loans comprising On each Eurodollar Borrowing Interest Determination Date, the Lender shall bear interest at the Adjusted Eurodollar Rate determine LIBOR for the Interest Period applicable to the balance under the Outstanding Principal Amount and shall promptly notify the Borrower thereof. Each such determination shall, absent manifest error, be final and conclusive and binding on the Borrower. If, on the Interest Determination Date, the display designated as "LIBO" screen of "The ▇▇▇▇▇▇ Monitor Money Rate Service" (or such other page as may replace such page on such service, or on another service designated by the British Bankers' Association, for the purpose of displaying the rates at which Dollar deposits with a term approximately equal to the relevant Interest Period are offered by leading banks in effect the London interbank deposit market) is not being displayed, the Lender will request the Reference Banks to provide the Lender with their offered quotations for deposits in USD for such Borrowing plus Interest Period to prime banks in the Applicable Margin; provided that notwithstanding London interbank market at approximately 10:00 A.M. (London time) on such Banking Day and in a principal amount equal to the foregoingbalance under the Outstanding Principal Amount. If at least two (2) such quotations are provided, such interest rate LIBOR shall at no time be less than 0.00calculated using the average (rounded upward to the nearest whole multiple of 1/16 of 1% per annum. (c) Notwithstanding the foregoing, if any principal such average is not such a multiple) of or interest on any Loan or any fee or other amount payable by such quotations. If fewer than two (2) Reference Banks provide quotations to the Lender to determine LIBOR, then (i) the Lender shall forthwith notify the Borrower hereunder is that LIBOR cannot paid when duebe determined, whether at stated maturity, upon acceleration or otherwise, such overdue amount and (ii) the balance under the Outstanding Principal Amount shall bear interest, after as well as before judgment, interest at a rate per annum equal to (i) in the case sum of overdue principal the cost of any Loan, 2.00% funds of the Lender plus the rate otherwise applicable to Margin until such Loan time as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this SectionLIBOR can be determined. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) Overdue principal and, to the extent permitted by Law, overdue interest in respect of this Section the Outstanding Principal Amount and any other overdue amount payable by the Borrower hereunder shall be payable on demandbear, (ii) in addition to the event of any repayment or prepayment of any LoanInterest Rate, accrued interest on the principal amount repaid or prepaid shall be payable on at a rate per annum equal to 5%, in each such case accruing from the date of on which such repayment or prepaymentamount was due, and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, 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 Base Rate at times when the Base Rate until it 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined fully paid by the Administrative Agent, and such determination shall be conclusive absent manifest errorBorrower.

Appears in 2 contracts

Sources: Loan Agreement (Leitesol Industry & Commerce Inc.), Loan Agreement (Mastellone Brothers Inc)

Interest. (a) The Loans comprising Borrower agrees to pay interest in respect of the unpaid principal amount of each Base Rate Borrowing shall bear interest Loan from the date the proceeds thereof are made available to the Borrower until the maturity (whether by acceleration or otherwise) of such Loan at the Base Fixed Rate plus or if an election is made by the Applicable Margin; provided that notwithstanding Borrower to elect the foregoingFloating Rate pursuant to Section 2.07, such interest rate shall at no time be less than 0.00% per annumthe Floating Rate. (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 a rate which is (i) where interest is payable at the Adjusted Fixed Rate, equal to [*] plus the Eurodollar Rate 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 of three months plus [*] or (ii) where interest is payable on the Loan at the Floating Rate and subject to paragraph (c) below, [*] plus the rate (including, for the avoidance of doubt, the margin) which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan for successive Interest Period in effect for such Borrowing plus Periods, each of a duration selected by the Applicable Margin; provided that notwithstanding Facility Agent (acting reasonably). Any interest accruing under this Section 2.06(b) shall be immediately payable by the foregoing, such interest rate shall at no time be less than 0.00% per annumBorrower on demand by the Facility Agent. (c) Notwithstanding At any time when interest is payable at the foregoingFloating Rate, if any principal overdue amount consists of all or interest part of a Loan which became due on any Loan or any fee or other amount payable by a day which was not the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such last day of a Floating Rate Interest Period relating to that Loan: (i) the 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 Floating Rate Interest Period relating to that Loan; and (iii) in the case rate of interest applying to the overdue principal of any Loan, 2.00% amount during that first Interest Period shall be [*] plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in which would have applied if the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Sectionoverdue amount had not become due. (d) Accrued Default interest (if unpaid) arising on each Loan shall an overdue amount will be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in compounded with the event of any repayment or prepayment of any Loan, accrued interest on the principal overdue 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 Loan prior to at the end of the current each Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable on the effective date of such conversionapplicable to that overdue amount but will remain immediately due and payable. (e) All Accrued and unpaid interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Base Rate at times when the 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 in respect of each Loan on each Fixed Interest Payment Date (if interest is payable on the actual number of days elapsed (including Loan at the first day but excluding Fixed Rate) or, if interest is payable on the Loan at the Floating Rate, on the last dayday of each Interest Period applicable thereto, on any repayment or prepayment date (on the amount repaid or prepaid). The applicable Base , at maturity (whether by acceleration or otherwise) and, after such maturity, on demand. (f) At any time when interest is payable on the Loan at the Floating Rate, Adjusted upon each Interest Determination Date, the Facility Agent shall determine the Eurodollar Rate or Eurodollar Rate for each Interest Period applicable to the Loans to be made pursuant to the applicable Borrowing and shall be determined by promptly notify the Administrative Agent, Borrower and the respective Lenders thereof. Each such determination shall be conclusive shall, absent manifest error, be final and conclusive and binding on all parties hereto. (g) At any time when interest is payable on the Loan at the Fixed Rate, the Borrower shall reimburse each Lender on demand for the amount by which the 6 month Eurodollar Rate for any Fixed Rate Interest Period plus the fee for administrative expenses of [*] per annum for such Fixed Rate Interest Period plus [*] per annum less the Fixed Rate exceeds [*] per annum (being the amount by which the interest make-up is limited under Section 1.1 of the CIRR General Terms and Conditions).

Appears in 2 contracts

Sources: Credit Agreement (NCL CORP Ltd.), Credit Agreement (NCL CORP Ltd.)

Interest. (a1) The Term Loans comprising each Base Rate ABR Borrowing shall will bear interest at the Base Rate ABR plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b2) The Term Loans comprising each Eurodollar Eurocurrency Borrowing shall will bear interest at the Adjusted Eurodollar LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (c3) Notwithstanding Following the foregoingoccurrence and during the continuation of a Specified Event of Default, if any principal of or the Borrowers 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 (i) in the case of overdue principal of of, or interest on, any Term Loan, 2.00% plus the rate otherwise applicable to such Term Loan as provided in clause (a) or (b) the preceding paragraphs of this Section 2.10 or (ii) in the case of any other overdue amount, 2.00% plus the rate applicable to Base Rate ABR Loans as provided in clause (a1) of this SectionSection 2.10. (d4) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount only if, within the meaning of article 1343-2 of the French Code civil, such interest is due by a French Loan Party for a period of at least one year. (5) Accrued interest on each Term Loan shall will be payable in arrears (i) on each Interest Payment Date for such LoanTerm Loan and (ii) on the applicable Maturity Date; provided that (iA) interest accrued pursuant to clause paragraph (c3) of this Section shall 2.10 will be payable on demand, (iiB) in the event of any repayment or prepayment of any Term Loan, accrued interest on the principal amount repaid or prepaid shall will be payable on the date of such repayment or prepayment, prepayment and (iiiC) in the event of any conversion of any Eurodollar Eurocurrency Loan prior to the end of the current Interest Period therefor in accordance with this Agreementtherefor, accrued interest on such Term Loan shall will be payable on the effective date of such conversion. (e6) All interest hereunder shall will be computed on the basis of a year of 360 days, except that interest computed by reference to the Base Rate ABR at times when the Base 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 Base RateABR, Adjusted Eurodollar LIBO Rate or Eurodollar LIBO Rate shall will be determined by the Administrative Agent, and such determination shall will be conclusive absent manifest error.

Appears in 2 contracts

Sources: Term Loan Credit Agreement (Venator Materials PLC), Term Loan Credit Agreement (Venator Materials PLC)

Interest. (a) The Loans comprising unpaid principal amount of each Base Rate Borrowing ABR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Base Rate Applicable Margin for ABR Loans plus the Applicable Margin; provided that notwithstanding the foregoingABR, such interest rate shall at no in each case, in effect from time be less than 0.00% per annumto time. (b) The Loans comprising unpaid principal amount of each Eurodollar Borrowing LIBOR Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Adjusted Eurodollar Rate Applicable Margin for the Interest Period in effect for such Borrowing LIBOR Loans plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumrelevant LIBOR Rate. (c) Notwithstanding If all or a portion of (i) the foregoing, if any principal amount of or interest on any Loan or (ii) any fee interest payable thereon or any other amount payable by the Borrower hereunder is shall not be paid when due, due (whether at the stated maturity, upon by acceleration or otherwiseotherwise but after giving effect to any grace period set forth herein), during the continuance of an Event of Default under Section 11.1 such overdue amount shall bear interest, after as well as before judgment, interest at a rate per annum equal to that is (ithe “Default Rate”) (x) in the case of overdue principal of any Loanprincipal, the rate that would otherwise be applicable thereto plus 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (iiy) in the case of any other overdue amount, including overdue interest, to the extent permitted by applicable law, the rate described in Section 2.8(a) plus 2.00% plus from the rate applicable date of such non-payment to Base Rate Loans the date on which such amount is paid in full (after as provided in clause (a) of this Sectionwell as before judgment). (d) Accrued interest Interest on each Loan shall accrue from and including the date of any Borrowing to but excluding the date of any repayment thereof; provided, that any Loan that is repaid on the same date on which it is made shall bear interest for one day. Except as provided below, interest shall be payable (i) in respect of each ABR Loan, quarterly in arrears on the last Business Day of each Interest Payment Date for such LoanMarch, June, September and December ; provided provided, that (i) interest accrued pursuant to clause (c) of this Section shall also be payable on demand, (ii) in any Term Loans that are ABR Loans on the event date of any repayment or prepayment of any Loanprincipal of such Term Loans, accrued interest on with respect to the principal amount being repaid or prepaid prepaid, as applicable, (ii) in respect of each LIBOR Loan, on the last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three-month intervals after the first day of such Interest Period; provided, that interest shall also be payable on any Term Loans that are LIBOR Loans on the date of such any repayment or prepaymentprepayment of principal of such Term Loans, with respect to the principal amount being repaid or prepaid, as applicable, and (iii) in the event respect of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreementeach Loan, accrued interest (A) at maturity (whether by acceleration or otherwise), and (B) after such maturity, on such Loan shall be payable on the effective date of such conversiondemand. (e) 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 Base Rate at times when the Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days made in accordance with Section 5.5. (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). f) The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, upon determining the interest rate for any Borrowing of LIBOR Loans, shall promptly notify the Borrower and the relevant Lenders thereof. Each such determination shall shall, absent clearly demonstrable error, be final and conclusive absent manifest errorand binding on all parties hereto.

Appears in 2 contracts

Sources: First Lien Credit Agreement (Aveanna Healthcare Holdings, Inc.), First Lien Credit Agreement (Aveanna Healthcare Holdings, Inc.)

Interest. (a) The Loans comprising each Base Rate ABR Borrowing (including each Swingline Loan) shall bear interest at the Base Rate ABR plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising each Eurodollar Eurocurrency Borrowing shall bear interest at the Adjusted Eurodollar LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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, 2.002.0% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) the preceding paragraphs of this Section 2.13 or (ii) in the case of any other overdue amount, 2.002.0% plus the rate applicable to Base Rate ABR Loans as provided in 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 LoanLoan and (ii) upon termination of the Revolving Facility Commitments; provided that (iA) interest accrued pursuant to clause paragraph (c) of this Section 2.13 shall be payable on demand, (iiB) in the event of any repayment or prepayment of any LoanLoan (other than a repayment of 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 in accordance with this Agreementtherefor, 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 Base Rate at times when the Base 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 Base RateABR, Adjusted Eurodollar LIBO Rate or Eurodollar 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 unpaid principal amount of each Base Reference Rate Borrowing Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum which shall at all times be the Base Rate Applicable Margin plus the Applicable Margin; provided that notwithstanding the foregoingReference Rate, such interest rate shall at no in each case as in effect from time be less than 0.00% per annumto time. (b) The Loans comprising unpaid principal amount of each Eurodollar Borrowing Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum which shall at all times be the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing Applicable Margin plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumrelevant Eurodollar Rate. (c) Notwithstanding Overdue principal and, to the foregoingextent permitted by law, if any principal overdue interest in respect of or each Loan under a given Tranche shall, in each case, bear 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 Reference Rate in effect from time to time plus the sum of (i) in the case of overdue principal of any Loan, 2.002% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or and (ii) the Applicable Margin for Loans of the respective Tranche maintained as Reference Rate Loans; provided that each Eurodollar Loan shall bear interest after maturity (whether by acceleration or otherwise) until the end of the Interest Period then applicable thereto at a rate per annum equal to 2% in excess of the case rate of interest applicable thereto at maturity. All other overdue amounts payable hereunder and under any other amount, 2.00Credit Document shall bear interest at a rate per annum equal to the rate which is 2% plus in excess of the rate applicable to Base Revolving Loans that are maintained as Reference Rate Loans as provided in clause (afrom time to time. Interest that accrues under this Section 1.08(c) of this Sectionshall be payable on demand. (d) Accrued interest Interest on each Loan shall accrue from and including the date of any Borrowing to but excluding the date of any repayment thereof and shall be payable (i) in respect of each Reference Rate Loan, quarterly in arrears on each Interest Quarterly Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demandDate, (ii) in the event respect of any repayment or prepayment of any each Eurodollar Loan, accrued interest on the principal amount repaid or prepaid shall be payable last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three-month intervals after the first day of such Interest Period, and on any prepayment (on the date of such repayment or prepayment, amount prepaid) and (iii) in the event respect of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreementeach Loan, accrued interest at maturity (whether by acceleration or otherwise) and, after such maturity, on such Loan shall be payable on the effective date of such conversiondemand. (e) 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 Base Rate at times when the Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days made in accordance with Section 12.07(b). (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). f) The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, upon determining the interest rate for any Borrowing of Eurodollar Loans for any Interest Period, shall promptly notify the Borrower and such determination shall be conclusive absent manifest errorthe Lenders thereof.

Appears in 2 contracts

Sources: Credit Agreement (Reynolds American Inc), Credit Agreement (Reynolds American Inc)

Interest. (a) The Loans comprising Subject to Section 9.17, each Base Rate Borrowing Loan shall bear interest at the Base Reference Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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 Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) the preceding paragraphs of this Section 2.15 or (ii) in the case of any other overdue amount, 2.00% plus the rate applicable to Base Rate ABR Loans as provided in clause 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 LoanLoan and, in the case of Revolving Credit Loans, upon termination of the Revolving Credit Commitments; provided provided, that (i) interest accrued pursuant to clause paragraph (cb) of this Section 2.15 shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving Credit Loan that is not made in connection with the termination or permanent reduction of Revolving Credit Commitments), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreementtherefor, 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 Base Rate at times when the 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 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 Alternate Base Rate, Adjusted Eurodollar LIBO Rate or Eurodollar 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. The Company hereby promises to pay to the Administrative Agent for account of each Lender interest on the unpaid principal amount of each Loan made by such Lender for the period from and including the date of such Loan to but excluding the date such Loan shall be paid in full, at the following rates per annum: (a) The Loans comprising each during such periods as such Loan is a Base Rate Borrowing shall bear interest at Loan, the Base Rate (as in effect from time to time) plus the Applicable Margin and (b) during such periods as such Loan is a Eurodollar Loan, for each Interest Period relating thereto, the Eurodollar Rate for such Loan for such Interest Period plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (c) . Notwithstanding the foregoing, if the Company hereby promises to pay to the Administrative Agent for account of each Lender interest at the applicable Post-Default Rate on any principal of or interest any Loan made by such Lender and on any Loan or any fee or other amount payable by the Borrower Company hereunder is to or for account of such Lender, that shall not be paid in full when due, due (whether at stated maturity, upon acceleration by acceleration, by mandatory prepayment or otherwise), such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal for the period from and including the due date thereof to (i) but excluding the date the same is paid in the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) full. Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) in the case of this Section shall be payable a Base Rate Loan, quarterly on demandthe Quarterly Dates, (ii) in the event case of any repayment or prepayment of any a Eurodollar Loan, accrued interest on the principal amount repaid or prepaid shall be payable on last day of each Interest Period therefor and, if such Interest Period is longer than three months, at three-month intervals following the date first day of such repayment or prepaymentInterest Period, and (iii) in the event case of any conversion Loan, upon the payment or prepayment thereof or the Conversion of such Loan to a Loan of another Type (but only on the principal amount so paid, prepaid or Converted), except that interest payable at the Post-Default Rate shall be payable from time to time on demand. Promptly after the determination of any Eurodollar Loan prior interest rate provided for herein or any change therein, the Administrative Agent shall give notice thereof to the end of Lenders to which such interest is payable and to the current Interest Period therefor Company. Notwithstanding anything to the contrary contained herein or in accordance with this the Existing Credit Agreement, accrued interest on such Loan payable under Section 3.02 of the Existing Credit Agreement with respect to any of the "Loans" outstanding thereunder shall be payable paid on the effective date of such conversionEffective 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 Base Rate at times when the 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 Base Rate, Adjusted Eurodollar Rate or 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 (Frontiervision Holdings Capital Corp), Credit Agreement (Frontiervision Capital Corp)

Interest. (a) The Loans comprising unpaid principal amount of each Base Prime Rate Borrowing Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Base Applicable Margin for Prime Rate Loans plus the Applicable Margin; provided that notwithstanding the foregoingPrime Rate, such interest rate shall at no in each case, in effect from time be less than 0.00% per annumto time. (b) The Loans comprising unpaid principal amount of each Eurodollar Borrowing ABR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Adjusted Eurodollar Rate Applicable Margin for ABR Loans plus the Interest Period ABR, in each case, in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no from time be less than 0.00% per annumto time. (c) Notwithstanding The unpaid principal amount of each European Base Rate Loan shall bear interest from the foregoingdate of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for European Base Rate Loans plus the European Base Rate, if in each case, in effect from time to time (d) The unpaid principal amount of each LIBOR Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for LIBOR Loans plus the relevant LIBO Rate. (e) The unpaid principal amount of each EURIBOR Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for EURIBOR Loans plus the relevant EURIBOR. (f) If all or a portion of (i) the principal amount of any principal of Loan, (ii) any interest payable thereon, or interest on (iii) any Loan or any fee or other amount payable by the Borrower hereunder is hereunder, shall not be paid when due, due (whether at the stated maturity, upon by acceleration or otherwiseotherwise but after giving effect to any grace period set forth herein), such overdue amount shall bear interest, after as well as before judgment, interest at a rate per annum equal to that is (ithe “Default Rate”) (x) in the case of overdue principal of or any Loaninterest thereon, the rate that would otherwise be applicable thereto plus 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (iiy) in the case of any other overdue amount, including overdue interest thereon, to the extent permitted by applicable law, the rate described in Section 2.8(a) plus 2.00% plus for amounts in Dollars, the rate applicable described in Section 2.8(b) plus 2.00% for amounts in U.S. Dollars and the rate described in Section 2.8(c) plus 2.00 % for amounts in Euros, in each case from the date of such non-payment to Base Rate Loans the date on which such amount is paid in full (after as provided in clause (a) of this Sectionwell as before judgment). (dg) Accrued interest Interest on each Loan shall accrue from and including the date of any Borrowing to but excluding the date of any repayment thereof; provided that any Loan that is repaid on the same date on which it is made shall bear interest for one day. Except as provided below, interest shall be payable (i) in respect of each Prime Rate Loan, ABR Loan and European Base Rate Loan, quarterly in arrears on the first Business Day of each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demandApril, July, October and January, (ii) in the event respect of any repayment or prepayment of any each LIBOR Loan and EURIBOR Loan, accrued interest on the principal amount repaid or prepaid shall be payable last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three-month intervals after the date first day of such repayment or prepaymentInterest Period, and (iii) in the event respect of each Loan, (A) on any conversion prepayment in respect of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this AgreementLIBOR Loans or EURIBOR Loans, accrued interest (B) at maturity (whether by acceleration or otherwise), and (C) after such maturity, on such Loan shall be payable on the effective date of such conversiondemand. (eh) All computations of interest hereunder shall be computed made in accordance with Section 6.5. (i) The Administrative Agent, upon determining the interest rate for any Borrowing of LIBOR Loans or EURIBOR Loans, shall promptly notify the Borrower Representative and the relevant Lenders thereof. Each such determination shall, absent clearly demonstrable error, be final and conclusive and binding on all parties hereto. (j) For the purposes of this Agreement, whenever interest is to be calculated on the basis of a year period of 360 daystime other than a calendar year, except that the annual rate of interest computed to which each rate of interest determined pursuant to such calculation is equivalent for the purposes of the Interest Act (Canada) is such rate as so determined multiplied by reference to the Base Rate at times when the 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 in the calendar year in which the same is to be ascertained and divided by the number of days used in the basis of such determination. (i) The rates of interest provided for in this Agreement, including, without limitation under this Section 2.8 are minimum interest rates. (ii) When entering into this Agreement, each of the parties hereto have assumed that the interest payable at the rates set out in this Section 2.8 or in other provisions of this Agreement is not and will not become subject to Swiss Withholding Tax. Notwithstanding the foregoing, if any payment of interest will be subject to Swiss Withholding Tax, they agree that, if a tax deduction (the “Tax Deduction”) is required by law to be made by the Swiss Borrower in respect of any interest payable by it under this Agreement (taking into account the exceptions set out in Section 6.4(a)(ii)) and should, in respect of the Swiss Borrower, Section 6.4(a)(ii) be unenforceable for any reason, the applicable interest rate in relation to that interest payment shall be (x) the interest rate which would have applied to that interest payment as provided for in this Agreement in the absence of this Section 2.8(k) divided by (y) 1 minus the rate at which the relevant Tax Deduction is required to be made (where the rate at which the relevant deduction or withholding of tax is required to be made is for this purpose expressed as a fraction of 1 rather than as a percentage) and (a) the Swiss Borrower shall be obliged to pay the relevant interest at the adjusted rate in accordance with this Section 2.8(k), (b) the Swiss Borrower shall make the Tax Deduction on the recalculated interest, (c) all references to a rate of interest in this Agreement shall be construed accordingly, and (d) all provisions in Section 6.4 (other than Section 6.4(a)(ii)) shall apply to the Tax Deduction on the recalculated interest payment. (iii) To the extent that interest payable by the Swiss Borrower under this Agreement becomes subject to Swiss Withholding Tax, each relevant affected Secured Party and the Swiss Borrower shall promptly co-operate in completing any procedural formalities (including the first day but excluding the last day). The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined submitting forms and documents required by the Administrative Agent, appropriate tax authority) to the extent possible and such determination shall be conclusive absent manifest errornecessary for the Swiss Borrower to obtain authorization to make interest payments without them being subject to Swiss Withholding Tax.

Appears in 2 contracts

Sources: Credit Agreement (Canada Goose Holdings Inc.), Credit Agreement (Canada Goose Holdings Inc.)

Interest. (a) The Loans comprising Borrower agrees to pay interest in respect of the unpaid principal amount of each Base Rate Borrowing shall bear interest Loan (other than a Deferred Loan) from the date the proceeds thereof are made available to the Borrower until the maturity (whether by acceleration or otherwise) of such Loan at the Base Fixed Rate plus or if an election is made by the Applicable Margin; provided that notwithstanding Borrower to elect the foregoingFloating Rate pursuant to Section 2.07, at the Floating Rate. The Borrower agrees to pay interest in respect of the unpaid principal amount of each Deferred Loan from the date the proceeds thereof are made available (or deemed made available) to the Borrower until the maturity (whether by acceleration or otherwise) of such interest rate shall Deferred Loan at no time be less than 0.00% per annumthe Floating Rate. (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 a rate which is (i) where interest is payable at the Adjusted Fixed Rate, equal to [*]% plus, prior to the Rate Switch Date, the Eurodollar Rate or, on and from the Rate Switch Date, the Reference Rate 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 of three months plus [*]%, or (ii) where interest is payable on the Interest Period in effect for such Borrowing Loan at the Floating Rate and subject to paragraph (c) below, [*]% plus the Applicable Margin; provided that notwithstanding Floating Rate which would have been payable if the foregoingoverdue amount had, such during the period of non-payment, constituted a Loan for successive ​ ​ -40- ​ ​ ​ Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest rate accruing under this Section 2.06(b) shall at no time be less than 0.00% per annumimmediately payable by the Borrower on demand by the Facility Agent. (c) Notwithstanding At any time when interest is payable at the foregoingFloating Rate, if any principal overdue amount consists of all or interest part of a Loan which became due on any Loan or any fee or other amount payable by a day which was not the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such last day of a Floating Rate Interest Period relating to that Loan: (i) the 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 Floating Rate Interest Period relating to that Loan; and (iii) in the case rate of interest applying to the overdue principal of any Loan, 2.00amount during that first Interest Period shall be [*]% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in which would have applied if the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Sectionoverdue amount had not become due. (d) Accrued Default interest (if unpaid) arising on each Loan shall an overdue amount will be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in compounded with the event of any repayment or prepayment of any Loan, accrued interest on the principal overdue 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 Loan prior to at the end of the current each Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable on the effective date of such conversionapplicable to that overdue amount but will remain immediately due and payable. (e) All Accrued and unpaid interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Base Rate at times when the 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 in respect of each Loan on each Fixed Interest Payment Date (if interest is payable on the actual number of days elapsed (including Loan at the first day but excluding Fixed Rate) or, if interest is payable on the Loan at the Floating Rate, on the last dayday of each Interest Period applicable thereto, on any repayment or prepayment date (on the amount repaid or prepaid). The applicable Base , at maturity (whether by acceleration or otherwise) and, after such maturity, on demand. (i) At any time when interest is payable on the Loan at the Floating Rate, Adjusted upon each Interest Determination Date, the Facility Agent shall determine the Eurodollar Rate or Eurodollar or, on and from the Rate Switch Date, the Reference Rate (other than in the case where the Compounded Reference Rate is to apply) for each Interest Period applicable to the Loans to be made pursuant to the applicable Borrowing and shall be determined by promptly notify the Administrative Agent, Borrower and the respective Lenders thereof. Each such determination shall be conclusive shall, absent manifest error, be final and conclusive and binding on all parties hereto. (ii) If the Compounded Reference Rate is to apply to a Reference Rate Loan (or any part of it) in accordance with Section 2.06(i)(v), the Facility Agent shall (promptly upon the Compounded Reference Rate Interest Payment being determinable) notify: (A) the Borrower of the amount of the Compounded Reference Rate Interest Payment; and (B) the relevant Lenders and the Borrower of, to the extent it is then determinable, the Market Disruption Rate, it being acknowledged and agreed that each such determination shall, absent manifest error, be final and conclusive and binding on all parties hereto and that this Section 2.06(f)(ii) shall not apply to any Compounded Reference Rate Interest Payment determined pursuant to Section 2.09(g). ​ ​ -41- ​ ​ ​ (iii) The Facility Agent shall promptly notify the Borrower of each Funding Rate relating to any Reference Rate Loan. (iv) The Facility Agent shall notify the relevant Lenders and the Borrower of the determination of a rate of interest relating to a Reference Rate Loan (or any part of it) that is accruing interest at the Compounded Reference Rate to which Section 2.09(g) applies and, together with such notification, shall also notify: (A) the Borrower of the aggregate amount of interest to be paid by the Borrower; and (B) each Lender of its portion of the amount referred to in (A) above. (v) This Section 2.06(f) shall not require the Facility Agent to make any notification to any party on a day which is not a Business Day. (g) At any time when interest is payable on the Loan at the Fixed Rate, the Borrower shall reimburse each Lender on demand for the amount by which the 6 month Eurodollar Rate or, on and from the Rate Switch Date, the 6 month Term SOFR for any Fixed Rate Interest Period plus the fee for administrative expenses of [*]% per annum for such Fixed Rate Interest Period plus [*]% per annum less the Fixed Rate exceeds [*]% per annum (being the amount by which the interest make-up is limited under Section 1.1 of the CIRR General Terms and Conditions). (h) On and from the Rate Switch Date: (i) the use of the Reference Rate will replace the Eurodollar Rate for the calculation of interest of any Loan (or relevant part of it) accruing interest at the Floating Rate made available to the Borrower after such date or outstanding as at such date; and (ii) any Loan made available to the Borrower after the Rate Switch Date or outstanding as at such date will be a Reference Rate Loan. (i) Unavailability of Term SOFR: (i) Interpolated Term SOFR: If no Term SOFR is available for the Interest Period of a Reference Rate Loan or any part of it, the applicable Reference Rate shall, subject to Section 2.06(i)(v) below, be the Interpolated Term SOFR for a period equal in length to the Interest Period of that Reference Rate Loan or that part of such Reference Rate Loan.

Appears in 2 contracts

Sources: Loan Agreement (NCL CORP Ltd.), Loan Agreement (Norwegian Cruise Line Holdings Ltd.)

Interest. (a) The Loans comprising each Base Rate ABR Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin plus the Step-Up Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at a rate per annum equal to the Adjusted Eurodollar LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin plus the Step-Up Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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, 2.002% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section above or (ii) in the case of any other amount, 2.002% plus the rate applicable to Base Rate ABR Loans as provided in clause (a) of this Sectionabove. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause 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 an ABR 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreementtherefor, accrued interest on such Loan shall be payable on the effective date of such conversionconversion and (iv) all accrued interest shall be payable upon the Maturity Date. (e) All interest hereunder shall be computed on the basis of a year of 360 daysdays for actual days elapsed, except that interest computed by reference to the Alternate Base Rate at times when the 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 Alternate Base Rate, Adjusted Eurodollar LIBO Rate or Eurodollar and 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 (Time Warner Inc.), Credit Agreement (Time Warner Cable Inc.)

Interest. (a) The Loans comprising Each of the Borrowers will pay to the Administrative Agent, for the account of each Base Rate Borrowing Lender, interest on the unpaid principal amount of each Loan made by such Lender to such Borrower for the period commencing on the date of such Loan to but excluding the date such Loan shall bear interest be paid in full, at the following rates per annum: (1) if such Loan is an ABR Loan, the Alternate Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum.; (b2) The Loans comprising each Eurodollar Borrowing shall bear interest at if such Loan is a Term Benchmark Loan denominated in Dollars, (i) if such Loan is an Amendment No. 1 Incremental Term B Loan, the Term SOFR Rate plus the Applicable Margin and (ii) other than for any Amendment No. 1 Incremental Term B Loan, the Adjusted Eurodollar Term SOFR Rate for plus the Interest Period in effect for Applicable Margin; (3) if such Borrowing Loan is a C▇▇▇▇ Rate Loan, the Adjusted Term C▇▇▇▇ Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum.and (c4) if such Loan is a C$ Prime Loan, the C$ Prime Rate plus the Applicable Margin. Notwithstanding the foregoing, if each of the Borrowers hereby promises to pay to the Administrative Agent, for account of each Lender, interest at the applicable Post-Default Rate (x) on any overdue principal of any Loan made by such Lender to the Company or interest any other Borrower, on any Loan or Reimbursement Obligation held by such Lender and on any fee or other amount payable by the Company or any other Borrower hereunder to or for account of such Lender (but, if such amount is interest, only to the extent legally enforceable), that shall not be paid in full when due, due (whether at stated maturity, upon acceleration by acceleration, by mandatory prepayment or otherwise), for the period from and including the due date thereof to but excluding the date the same is paid in full and (y) during any period when an Event of Default shall have occurred under Section 10.01(1) hereof and for so long as such overdue amount Event of Default shall bear interestbe continuing, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue on any principal of any Loan, 2.00% plus Loan made by such Lender to the rate otherwise applicable to such Loan as provided in clause (a) Company or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Borrower. Accrued interest on each Loan shall be payable in arrears (i) on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in the event case of any repayment Revolving Loans, upon the termination of the Revolving Commitments and (iii) upon the payment, prepayment or prepayment of any Loanconversion thereof, accrued interest but only on the principal amount repaid so paid or prepaid or converted; provided that interest payable at the Post-Default Rate shall be payable from time to time on demand of the date Administrative Agent or the Majority Lenders. Promptly after the determination of any interest rate provided for herein or any change therein, the Administrative Agent shall notify the Lenders and each Borrower thereof. Notwithstanding the foregoing provisions of this Section 4.02, if at any time the rate of interest set forth above on any Loan of any Lender (the “Stated Rate” for such Loan) exceeds the maximum non-usurious interest rate permissible for such Lender to charge commercial borrowers under applicable law (the “Maximum Rate” for such Lender), the rate of interest charged on such Loan of such repayment Lender hereunder shall be limited to the Maximum Rate for such Lender. In the event the Stated Rate for any Loan of a Lender that has theretofore been subject to the preceding paragraph at any time is less than the Maximum Rate for such Lender, the principal amount of such Loan shall bear interest at the Maximum Rate for such Lender until the total amount of interest paid to such Lender or prepaymentaccrued on its Loans hereunder equals the amount of interest which would have been paid to such Lender or accrued on such L▇▇▇▇▇’s Loans hereunder if the Stated Rate had at all times been in effect. In the event, upon payment in full of all amounts payable hereunder, the total amount of interest paid to any Lender or accrued on such Lender’s Loans under the terms of this Agreement is less than the total amount of interest which would have been paid to such Lender or accrued on such Lender’s Loans if the Stated Rate had, at all times, been in effect, then the Company shall, to the extent permitted by applicable law, pay to the Administrative Agent, for the account of such Lender an amount equal to the difference between (a) the lesser of (i) the amount of interest which would have accrued on such L▇▇▇▇▇’s Loans if the Maximum Rate for such Lender had at all times been in effect or (ii) the amount of interest which would have accrued on such L▇▇▇▇▇’s Loans if the Stated Rate had at all times been in effect and (b) the amount of interest actually paid to such Lender or accrued on its Loans under this Agreement. In the event any Lender ever receives, collects or applies as interest any sum in excess of the Maximum Rate for such Lender, such excess amount shall be applied to the reduction of the principal balance of its Loans or to other amounts (other than interest) payable hereunder, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Company. Notwithstanding anything to the contrary in this Agreement: (i) all Loans denominated in Dollars shall be Term SOFR Loans or ABR Loans, (ii) all Term SOFR Loans or ABR Loans may only be denominated in Dollars, (iii) all Loans denominated in Canadian Dollars shall be C$ Prime Loans or C▇▇▇▇ Rate Loans and (iv) all C$ Prime Loans or C▇▇▇▇ Rate Loans may only be denominated in Canadian Dollars. For purposes of the Interest Act (Canada), (i) whenever any interest or fee under this Agreement is calculated using a rate based on a year of 360 days or 365 days (or such other period that is less than a calendar year), as the case may be, the rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (A) the applicable rate based on a year of 360 days or 365 days (or such other period that is less than a calendar year), as the case may be, (B) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (C) divided by 360 or 365 (or such other period that is less than a calendar year), as the case may be, (ii) the principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement, and (iii) the rates of interest stipulated in the event of any conversion of any Eurodollar Loan prior this Agreement are intended to the end of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable on the nominal rates and not effective date of such conversionrates or yields. (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Base Rate at times when the 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 Base Rate, Adjusted Eurodollar Rate or 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 (Iron Mountain Inc), Credit Agreement (Iron Mountain Inc)

Interest. (a) The Loans comprising each Base Rate Borrowing Credit principal shall bear interest at accrued Interest, which shall be charged as of the Base Rate plus Date of Credit and on the Applicable Margin; provided that notwithstanding dates set forth in this Agreement, the foregoing, such interest rate shall at no time be less than 0.00% per annumCredit Request and the Amortization Schedule. (b) 9.2.1. The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid of each Credit type (Credit A, Credit B, Credit C and Credit D) or prepaid on any part of a Credit type shall be payable as follows, as selected by the Company and as requested in the Credit Request: 9.2.1.1. Fixed interest at the Wholesale Interest rate known on the Date of Credit plus the margin appropriate for such Credit type (Credit A Margin or the Credit B Margin or Credit C Margin or Credit D Margin). Bank Hapoalim's notice regarding its Wholesale Interest rate shall bind the Company and the remaining Lenders. Or – 9.2.1.2. Floating interest, comprised of interest at the Wholesale Interest rate known on the Date of Credit plus the margin corresponding to such Credit type (Credit A Margin or Credit B Margin or Credit C Margin or Credit D Margin). For the avoidance of doubt, it is clarified that the initial interest rate shall be determined in accordance with the Wholesale Interest rate in place at the Date of Credit. In the event the Company takes Credit at a floating interest rate, then, on the date of such repayment conclusion of each interest calculation period, the Company shall be entitled to convert the aforementioned Credit into fixed-interest Index-linked or prepayment, and (iii) in the event of any non Index-linked loans. Such conversion of any Eurodollar Loan prior may be performed with respect to the end a portion of the current Credit, provided that the converted amount shall not be less than NIS 50,000,000. On each aforementioned conversion date, the Credit Facility Agent shall announce the new Wholesale Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable on rate of the effective date of such conversionamount that was converted. (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Base Rate at times when the 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 Base Rate, Adjusted Eurodollar Rate or 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 (Internet Gold Golden Lines LTD), Credit Agreement (B Communications LTD)

Interest. (a) The Loans comprising each Base Rate ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumRate. (b) The Loans comprising each Eurodollar Term SOFR Borrowing shall bear interest at the Adjusted Eurodollar Rate Term SOFR for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumRate. (c) The Loans comprising each Daily Simple SOFR Borrowing (if such Type of Borrowing is applicable pursuant to Section 2.13) shall bear interest at the Adjusted 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 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, 2.002% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.002% plus the rate applicable to Base Rate ABR Loans as provided in clause paragraph (a) of this Section. (de) Accrued interest on each Loan shall be payable in Dollars in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (cSection 2.12(d) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, prepayment and (iii) in the event of any conversion of any Eurodollar Term SOFR Loan prior to the end of the current Interest Period therefor in accordance with this Agreementtherefor, 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 Alternate Base Rate at times when the 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 . In each case interest 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 Alternate Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate Term SOFR, Term SOFR, and, if applicable pursuant to Section 2.13, Adjusted Daily Simple SOFR and the Daily Simple SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

Appears in 2 contracts

Sources: Term Credit Agreement (Aptiv PLC), Bridge Credit Agreement (Aptiv PLC)

Interest. (a) The Loans comprising Borrower shall pay interest on the unpaid principal amount of each Loan owing to each Bank from the date of such Loan until such principal amount shall be paid in full, at the following rates per annum: (i) During such periods as such Loan is an Alternate Base Rate Borrowing shall bear interest Loan, a rate per annum equal at all times to the sum of (a) the Alternate Base Rate in effect from time to time, plus (b) the Applicable Margin; provided Margin in effect from time to time, payable in arrears quarterly on the last day of each March, June, September and December during such periods and on the date such Alternate Base Rate Loan shall be Converted or paid in full. (ii) During such periods as such Loan is a Eurodollar Rate Loan, a rate per annum equal at all times during each Interest Period for such Loan to the sum of (a) the Eurodollar Rate for such Interest Period for such Loan (b) the Applicable Margin in effect on the first day of such Interest Period, payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each day that notwithstanding occurs during such Interest NEWY1\8114089.7 Period every three months from the foregoing, first day of such interest rate Interest Period and on the date such Eurodollar Rate Loan shall at no time be less than 0.00% per annumConverted or paid in full. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at To the Adjusted Eurodollar Rate for fullest extent permitted by applicable law, the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoingamount of any principal, such interest rate shall at no time be less than 0.00% per annum. (c) Notwithstanding the foregoinginterest, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder under this Agreement or any other Loan Document to any Administrative Agent or any Bank that is not paid when due, whether at stated maturity, upon acceleration or otherwise, from the date such overdue amount shall bear interestbe due until such amount shall be paid in full, after as well as before judgmentpayable in arrears on the date such amount shall be paid in full and on demand, at a rate per annum equal at all times to (i) 2% per annum above the rate per annum required to be paid, in the case of overdue principal or interest, on the Type of any Loan, 2.00% plus the rate otherwise applicable Loan relating to such Loan as provided in principal or interest pursuant to clause (i) or (ii) of clause (a) or (b) of this Section or (ii) above, as applicable, and, in the case of any all other amountcases, 2.00% plus the rate applicable to on Alternate Base Rate Loans as provided in pursuant to clause (i) of clause (a) of this Sectionabove. (dc) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued Promptly after receipt of the Notice of Borrowing pursuant to clause Section 2.2(a) (cMaking of the Loans), a notice of Conversion pursuant to Section 2.8 (Conversion of Loans) or a notice of this Section shall be payable on demand, (ii) in the event selection of any repayment or prepayment of any 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 Loan prior an Interest Period pursuant to the end terms of the current definition of “Interest Period”, the Administrative Agent shall give notice to the Borrower and each Bank of the applicable Interest Period therefor in accordance with this Agreement, accrued and the applicable 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 Base Rate at times when the 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be rate determined by the Administrative AgentAgent for purposes of clause (a)(i) or (a)(ii) above. If the Borrower shall fail to select the duration of any Interest Period for any Eurodollar Rate Loans in accordance with the provisions contained in the definition of “Interest Period”, the Administrative Agent will forthwith so notify the Borrower and such determination the Banks, whereupon the Borrower shall be conclusive absent manifest errordeemed to have selected a one-month Interest Period for each such Eurodollar Rate Loan.

Appears in 2 contracts

Sources: Credit Agreement (Panhandle Eastern Pipe Line Co Lp), Credit Agreement (Southern Union Co)

Interest. (a) The Loans comprising each Base Rate Borrowing Each Revolving Loan (other than BA Advances) shall bear interest at on the Base Rate plus outstanding principal amount thereof from the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising each Eurodollar applicable Borrowing shall bear interest at the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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, Date at a rate per annum equal to the Adjusted Prime Rate for Canadian Dollar Advances, the Base Rate for U.S. Dollar Loans, and the Offshore Rate for LIBOR Loans (and subject to the Borrower's right to convert to another Type of Loans under Section 2.4), plus in each case the ---- Applicable Margin. (b) Interest on each Revolving Loan (other than BA Advances) shall be calculated on the daily outstanding balance thereof at the applicable interest rate (referred to in subsection 2.13(a) above) and paid by the Borrower (i) in the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or LIBOR Loans on each Interest Payment Date and (ii) in the case of Canadian Dollar Advances and U.S. Dollar Loans on the last day of the then current calendar quarter. Accrued interest shall also be paid on the date of any other amount, 2.00% plus prepayment or repayment of LIBOR Loans under Section 2.7 or 2.10 attributable to the rate applicable to Base Rate portion of the Loans as provided in clause so prepaid or repaid and upon payment (aincluding prepayment) of this SectionLIBOR Loans in full thereof and, during the existence of any Event of Default, interest shall be paid by the Borrower on demand of the Agent. (d) Accrued Anything herein to the contrary notwithstanding, the obligations of the Borrower to any Bank hereunder shall be subject to the limitation that payments of interest shall not be required for any period for which interest is computed hereunder, to the extent (but only to the extent) that contracting for or receiving such payment by such Bank would be contrary to the provisions of any law applicable to such Bank limiting the highest rate of interest that may be lawfully contracted for, charged or received by such Bank, and in such event the Borrower shall pay such Bank interest at the highest rate permitted by applicable law. Without limiting the generality of the foregoing, in no event shall the aggregate "interest", (as that term is defined in Section 347 of the Criminal Code (Canada), as the same may be amended, replaced or re-enacted from time to time,) payable in respect of the Loans and other Obligations hereunder exceed the effective annual rate of interest on each Loan the "credit advanced", as defined therein, lawfully permitted under that section. The effective annual rate of interest shall be payable determined in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) accordance with Canadian generally accepted accounting principles and actuarial practices and principles over the term of this Section shall be payable on demandthe revolving term facility established hereby and, (ii) in the event of any repayment or prepayment dispute, a certificate of any Loana Fellow of the Canadian Institute of Actuaries appointed by the Agent (such appointee to be acceptable to the Borrower, accrued interest on the principal amount repaid or prepaid acting reasonably) shall be payable on conclusive for the date purposes of such repayment or prepayment, and (iii) in the event of any conversion of any Eurodollar Loan prior determination. Notwithstanding anything to the end of the current Interest Period therefor contrary contained in accordance with this Agreement, accrued interest on such Loan the Borrower in no event shall be payable on obliged to make payments of interest in excess of any amount or rate which would be prohibited by law or would result in 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 Base Rate at times when the 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined receipt by the Administrative Agent, and Agent or any Bank of interest at a criminal rate (as such determination shall be conclusive absent manifest error.terms are construed under the Criminal Code Canada)

Appears in 2 contracts

Sources: Revolving Credit Agreement (Johns Manville International Group Inc), Revolving Credit Agreement (Johns Manville Corp /New/)

Interest. (a) The Loans comprising each Base Rate Borrowing shall bear interest at the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and upon termination of the Revolving Loan Commitments; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, 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 Base Rate at times when the 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 Base Rate, Adjusted Eurodollar Rate or 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 (Cleco Power LLC), Credit Agreement (Cleco Corporate Holdings LLC)

Interest. (a) The Loans comprising each Each Loan (except for a Working Capital Loan made as a result of a drawing under a Letter of Credit or a Reducing L/C Borrowing) shall bear interest on the outstanding principal amount thereof from the applicable Borrowing Date (i) at a floating rate per annum equal to the Base Rate plus the Applicable Margin at all times such Loan is a Base Rate Loan, (ii) at a floating rate per annum equal to the COF Rate plus the Applicable Margin at all times such Loan is a COF Rate Loan or (iii) at the Eurodollar Rate plus the Applicable Margin at all times such Loan is an Eurodollar Rate Loan. Each Working Capital Loan made as a result of a drawing under a Letter of Credit or a Reducing L/C Borrowing shall bear interest on the outstanding principal amount thereof from the date funded at a floating rate per annum equal to the Base Rate plus the Applicable Margin until such Loan has been outstanding for more than two (2) Business Days and, thereafter, shall bear interest on the outstanding principal amount thereof at a floating rate per annum equal to the Base Rate plus the Applicable Margin; provided that notwithstanding , plus two percent (2.0%) per annum (the foregoing, such interest rate shall at no time be less than 0.00% per annum“Default Rate”). (b) The Loans comprising Interest on each Eurodollar Borrowing Loan shall bear interest at the Adjusted Eurodollar Rate for the be paid in arrears on each Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumPayment Date. (c) Notwithstanding the foregoingsubsection (a) of this Section, if any amount of principal of or interest on any Loan Loan, or any fee or other amount payable by the Borrower hereunder or under any other Loan Document is not paid in full when due, due (whether at stated maturity, upon acceleration by acceleration, demand or otherwise), the Co-Borrowers agree to pay interest on such overdue unpaid principal or other amount, from the date such amount shall bear interestbecomes due until the date such amount is paid in full, and after as well as before judgmentany entry of judgment thereon to the extent permitted by law, payable on demand, at a fluctuating rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this SectionDefault Rate. (d) Accrued interest on each Loan Anything herein to the contrary notwithstanding, the Obligations of the Co-Borrowers to the Banks hereunder shall be subject to the limitation that payment of interest shall not be required for any period for which interest is computed hereunder, to the extent (but only to the extent) that contracting for or receiving such payment by the Banks would be contrary to the provisions of any law applicable to the Banks limiting the highest rate of interest that may be lawfully contracted for, charged or received by the Banks, and in such event the Co-Borrowers shall pay the Banks interest at the highest rate permitted by applicable law. (e) Regardless of any provision contained in the Notes or in any of the Loan Documents, the Banks shall never be deemed to have contracted for or be entitled to receive, collect or apply as interest under the Notes or any Loan Document, or otherwise, any amount in excess of the maximum rate of interest permitted to be charged under applicable law, and, in the event that the Banks ever receive, collect or apply as interest any such excess, such amount which would be excessive interest shall be applied to the reduction of the unpaid principal balance of the Notes, and, if the principal balance of the Notes is paid in full, any remaining excess shall forthwith be paid to the Co-Borrowers. In determining whether or not the interest paid or payable in arrears on each Interest Payment Date for such Loan; provided that under any specific contingency exceeds the highest lawful rate, the Co-Borrowers and the Banks shall, to the maximum extent permitted under applicable law, (i) interest accrued pursuant to clause (c) of this Section shall be payable on demandcharacterize any non-principal payment as an expense, fee, or premium, rather than as interest, (ii) in exclude voluntary prepayments and the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepaymenteffect thereof, and (iii) spread the total amount of interest throughout the entire contemplated term of such Notes so that the interest rate is uniform throughout such term; provided, however, that if all Obligations under the Notes and all Loan Documents are performed in the event of any conversion of any Eurodollar Loan full prior to the end of the current Interest Period therefor in accordance with this Agreement, 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 Base Rate at times when the 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)full contemplated term thereof, and in each case shall be payable if the interest received for the actual number term thereof exceeds the maximum lawful rate, the Banks shall refund to the Co-Borrowers the amount of days elapsed (including such excess, or credit the first day but excluding amount of such excess against the last day). The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by aggregate unpaid principal balance of the Administrative Agent, and such determination shall be conclusive absent manifest errorBanks’ Notes at the time in question.

Appears in 2 contracts

Sources: Amendment No. 4 (Spark Energy, Inc.), Credit Agreement (Spark Energy, Inc.)

Interest. (a) The Loans comprising each Base Rate Borrowing shall bear interest at the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum[Intentionally omitted]. (b) The Loans comprising each Eurodollar Borrowing shall bear interest on the daily amount outstanding at the Adjusted Eurodollar LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Eurodollar Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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, 2.002% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) the preceding paragraph of this Section or (ii) in the case of any other amount, 2.002% plus the rate applicable to Base Rate Loans Borrowings with an Interest Period equal to one month as provided in clause (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 LoanLoan and on the Maturity Date; provided that (i) interest accrued pursuant to clause paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreementtherefor, 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 Base Rate at times when the 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar 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)

Interest. (a) The Subject to paragraph (c) of this Section, the Loans comprising each Base Rate ABR Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumRate. (b) The Subject to paragraph (c) of this Section, the Loans comprising each Eurodollar Borrowing shall bear interest at a rate per annum equal to the Adjusted Eurodollar LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumRate. (c) Notwithstanding the provisions of the foregoing paragraphs (a) and (b) of this Section, for each day during the period from and including December 1, 1999 through and including January 15, 2000, all Loans will bear interest at a rate per annum equal to the greater of (i) the ABR and (ii) the Federal Funds Effective Rate determined by the Administrative Agent to be in effect for such day plus 1.8%. (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, 2.002% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section above or (ii) in the case of any other amount, 2.002% plus the rate applicable to Base Rate ABR Loans as provided in clause (a) of this Sectionabove. (de) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause paragraph (cd) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of 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 in accordance with this Agreementtherefor, 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 Alternate Base Rate at times when the 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 Alternate Base Rate, Adjusted Eurodollar LIBO Rate or Eurodollar LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. The Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of the effective date and the amount of each change in interest rate.

Appears in 2 contracts

Sources: Credit and Guarantee Agreement (Block Financial Corp), Credit and Guarantee Agreement (Block Financial Corp)

Interest. (a) The Loans comprising Borrower will pay interest in respect of the unpaid principal amount of each Revolving Loan, from the date of Revolving Borrowing thereof until such principal amount shall be paid in full, (i) at the Base Rate, as in effect from time to time during such periods as such Revolving Loan is a Base Rate Loan, and (ii) at the Adjusted LIBOR Rate, as in effect from time to time during such periods as such Revolving Loan is a LIBOR Loan, plus, in each case, the Applicable Margin Percentage in effect from time to time for each such Type of Loan. (b) The Borrower will pay interest in respect of the unpaid principal amount of each Swingline Loan, from the date of Swingline Borrowing thereof until such principal amount shall bear interest be paid in full, (i) at the Base Rate plus the Applicable Margin; provided that notwithstanding Margin Percentage for Base Rate Loans as in effect from time to time during such periods as such Swingline Loan is a Base Rate Loan, and (ii) at the foregoingSwingline Rate, as in effect from time to time during such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising each Eurodollar Borrowing shall bear periods as such Swingline Loan bears interest at the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumSwingline Rate. (c) Notwithstanding Upon the foregoing, if occurrence and during the continuance of any default by the Borrower in the payment of any principal of or interest on any Loan or Loan, any fee fees or other amount payable by the Borrower hereunder is not paid when due, due (whether at stated maturity, upon pursuant to acceleration or otherwise), such overdue amount and (at the election of the Required Lenders) upon the occurrence and during the continuance of any Event of Default, all outstanding principal amounts of the Loans 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, after as well as before judgment, interest at a rate per annum equal to the interest rate applicable from time to time thereafter to such Loans (iwhether based on the Base Rate, the Adjusted LIBOR Rate or the Swingline Rate) plus 2% (or, in the case of overdue principal fees and other amounts, at the 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 Loan, 2.00% plus the rate otherwise applicable petition seeking any relief in bankruptcy or under any law pertaining to such Loan as provided in clause (a) insolvency or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Sectiondebtor relief. (d) Accrued (and theretofore unpaid) interest on each Loan 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), in arrears on the last Business Day of each Interest Payment Date for calendar quarter, beginning with the first such Loanday to occur after the Closing Date; provided provided, that (i) in the event the Loans are repaid or prepaid in full and the Commitments have been terminated, then accrued interest accrued pursuant to clause (c) in respect of this Section all Base Rate Loans shall be payable together with such repayment or prepayment on demand, 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 clause (iv) in Section 2.10 and (z) in addition, in the case of 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 any such LIBOR Loans shall be payable together with such repayment or prepayment on the date thereof; (iii) in respect of each Swingline Loan, on the maturity date of such Loan, which shall be the last day of the Interest Period applicable thereto; and (iv) in respect of any Loan, accrued interest at maturity (whether pursuant to acceleration or otherwise) and, after maturity, 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable on the effective date of such conversiondemand. (e) All interest hereunder Nothing contained in this Agreement or in any other Credit Document shall be computed on deemed to establish or require the basis payment of interest to any Lender at a year rate in excess of 360 days, except that the maximum rate permitted by Applicable Law. If the amount of interest computed by reference to the Base Rate at times when the 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 account of days elapsed any Lender on any interest payment date would exceed the maximum amount permitted by Applicable Law to be charged by such Lender, the amount of interest payable for its account on such interest payment date shall be automatically reduced to such maximum permissible amount. In the event of any 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 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 previous sentence. (f) The Administrative Agent shall promptly notify the Borrower and the Lenders upon determining the interest rate for each Revolving Borrowing of LIBOR Loans after its receipt of the relevant Notice of Revolving 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 nor result in any liability on the part of the Administrative Agent to the Borrower or any Lender. Each such determination (including each determination of the first day but excluding the last day). The applicable Base RateReserve Requirement) shall, Adjusted Eurodollar Rate or Eurodollar 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 2 contracts

Sources: Credit Agreement (Markel Corp), Credit Agreement (Markel Corp)

Interest. (a) The Loans comprising Subject to Section 9.17, each Base Rate Borrowing Loan shall bear interest at a rate per annum equal to the Base Rate plus the Applicable MarginMargin for Base Rate Loans; provided that notwithstanding each Term SOFR Loan shall bear interest at a rate per annum equal to Term SOFR plus the foregoing, such interest rate shall at no time be less than 0.00% per annumApplicable Margin for Term SOFR Loans. (b) The Loans comprising each Eurodollar Borrowing Borrower shall bear interest at the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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, 2.00% plus the rate otherwise applicable to such Loan as provided in clause paragraph (a) or (b) of this Section or 2.12, (ii) in the case of any other overdue amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause 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 LoanLoan and upon termination of the Revolving Credit Commitments; provided provided, that (i) interest accrued pursuant to clause paragraph (cb) of this Section 2.12 shall be payable on written demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of a Base Rate Borrowing that is not made in connection with the termination or permanent reduction of Revolving Credit Commitments), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, prepayment and (iii) in the event of any conversion of any Eurodollar SOFR Loan prior to the end of the current Interest Period therefor in accordance with this Agreementtherefor, 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 interest computed by reference to as the case may be, in the case of Base Rate at times when the Base Rate is Loans bearing interest 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar 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. Borrower shall pay interest to Administrative Agent for the account of the applicable Bank, on the outstanding and unpaid principal amount of the Loans, at a rate per annum as follows: (a1) The Loans comprising each for Base Rate Borrowing shall bear interest Loans at a rate equal to the Base Rate plus the Applicable Margin; provided that notwithstanding (2) for LIBOR Loans at a rate equal to the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar applicable LIBOR Interest Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided and (3) for Bid Rate Loans at a rate equal to the applicable LIBOR Bid Rate. Any principal amount not paid when due (when scheduled, at acceleration or otherwise) shall bear interest thereafter, payable on demand, at the Default Rate and, with respect to any other Obligation that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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 duedue (when scheduled, whether at stated maturity, upon acceleration or otherwise), such overdue amount shall bear interestinterest thereafter, after as well as before judgmentpayable on demand, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate Default Rate applicable to Base Rate Loans. The interest rate on Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest shall change when the Base Rate changes. Interest on each Loan Base Rate Loans, LIBOR Loans and Bid Rate Loans shall not exceed the maximum amount permitted under applicable law. Interest shall be payable in arrears on each Interest Payment Date calculated for such Loan; provided that (i) interest accrued pursuant to clause (c) the actual number of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable on the effective date of such conversion. (e) All interest hereunder shall be computed days elapsed on the basis of a year consisting of 360 three hundred sixty (360) days, except that interest computed by reference to the on Base Rate at times when the Base Rate is based on the Prime Rate Loans shall be computed on the basis of a year of 365 days (or 366 days in a leap year)days, and in each case as applicable. Accrued interest shall be due and payable for in arrears, (x) in the actual number case of days elapsed (including Base Rate Loans, on the first Banking Day of each calendar month and (y) in the case of both LIBOR Loans and Bid Rate Loans, at the expiration of the Interest Period applicable thereto, but no less frequently than once every three (3) months determined on the basis of the first (1st) day but excluding of the last day). The Interest Period applicable Base Rateto the Loan in question; provided, Adjusted Eurodollar Rate or Eurodollar however, that interest accruing at the Default Rate shall be determined by the Administrative Agent, due and such determination shall be conclusive absent manifest errorpayable on demand.

Appears in 2 contracts

Sources: Credit Agreement (JBG SMITH Properties), Credit Agreement (JBG SMITH Properties)

Interest. (a) The Loans comprising Subject to the provisions of clause (b) below, (i) each Eurodollar Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Margin; (ii) each Base Rate Borrowing Loan shall bear interest on the outstanding principal amount thereof from the applicable Borrowing date at a rate per annum equal to the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (biii) The Loans comprising each Eurodollar Borrowing Swing Line Loan shall bear interest at on the Adjusted Eurodollar Rate for outstanding principal amount thereof from the Interest Period in effect for such applicable Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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, date at a rate per annum equal to (ix) the Base Rate plus the Applicable Margin for Revolving Loans that are Base Rate Loans minus (y) the then applicable Commitment Fee and (iv) each Eurocurrency Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period applicable to Euros at a rate per annum equal to the Eurocurrency Rate for such Interest Period plus the Applicable Margin. (b) If an Event of Default under Sections 8.01(a), (b) (in the case of overdue principal of failure to perform or comply with any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided term or condition contained in clause (aSection 7.13(a) or (b)), (f) and (g) (Events of this Section or Default), shall have occurred, interest on such overdue amount (ii) or, in the case of Events of Default under Sections 8.01(b), (f) and (g), interest on the principal amount of all outstanding Obligations) shall thereafter bear interest at a fluctuating interest rate per annum at all times until paid equal to the Default Rate to the fullest extent permitted by applicable Law and Section 10.10 of the Agreement. If any other amountEvent of Default shall have occurred, 2.00% plus interest on the principal amount of all outstanding Obligations shall, at the request of Required Lenders, thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable to Base Rate Loans as provided in clause (a) Law and Section 10.10 of this SectionAgreement. Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand. (dc) Accrued interest Interest on each Loan shall be due and payable in arrears on each Interest Payment Date for applicable thereto and at such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section other times as may be specified herein. Interest on each Loan shall be due and payable on demand, (ii) in the event of any repayment or prepayment of any 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, 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 Base Rate at times when the 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)terms hereof before and after judgment, and in each case shall be payable for before and after the actual number commencement of days elapsed (including the first day but excluding the last day). The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest errorany proceeding under any Debtor Relief Law.

Appears in 2 contracts

Sources: Credit Agreement (Jarden Corp), Credit Agreement (Jarden Corp)

Interest. (a) The Loans comprising unpaid principal amount of each Base Rate Borrowing ABR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Base Rate Applicable Margin for ABR Loans plus the Applicable Margin; provided that notwithstanding the foregoingABR, such interest rate shall at no in each case, in effect from time be less than 0.00% per annumto time. (b) The Loans comprising unpaid principal amount of each Eurodollar Borrowing LIBOR Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Adjusted Eurodollar Rate Applicable Margin for the Interest Period in effect for such Borrowing LIBOR Loans plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumrelevant LIBOR Rate. (c) Notwithstanding the foregoingIf an Event of Default has occurred and is continuing under Section 11.1 or Section 11.5 hereto, if any all or a portion of (i) the principal amount of or interest on any Loan or (ii) any fee interest payable thereon or any other amount payable by the Borrower hereunder is shall not be paid when due, due (whether at the stated maturity, upon by acceleration or otherwise), such overdue amount shall bear interest, after as well as before judgment, interest at a rate per annum equal to (ithe “Default Rate”) that is (x) in the case of overdue principal of any Loanprincipal, the rate that would otherwise be applicable thereto plus 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (iiy) in the case of any other overdue amount, including overdue interest, to the extent permitted by applicable law, the rate described in Section 2.8(a) for the applicable Class plus 2.00% plus from the rate applicable date of such non-payment to Base Rate Loans the date on which such amount is paid in full (after as provided in clause (a) of this Sectionwell as before judgment). (d) Accrued interest Interest on each Loan shall accrue from and including the date of any Borrowing to but excluding the date of any repayment thereof and shall be payable in arrears on each Interest Payment Date for such Loanthe same currency in which the Loan is denominated; provided that any Loan that is repaid on the same date on which it is made shall bear interest for one day. Except as provided below, interest shall be payable (i) interest accrued pursuant to clause (c) in respect of this Section shall be payable each ABR Loan, quarterly in arrears on demandthe last Business Day of each fiscal quarter of the Borrowers, (ii) in the event respect of any repayment or prepayment of any each LIBOR Loan, accrued interest on the principal amount repaid or prepaid shall be payable last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three-month intervals after the date first day of such repayment or prepaymentInterest Period, and (iii) in the event respect of each Loan, (A) on any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor prepayment in accordance with this Agreementrespect thereof, accrued interest (B) at maturity (whether by acceleration or otherwise), and (C) after such maturity, on such Loan shall be payable on the effective date of such conversiondemand. (e) 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 Base Rate at times when the Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days made in accordance with Section 5.5. (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). f) The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, upon determining the interest rate for any Borrowing of LIBOR Loans, shall promptly notify the Borrowers and the relevant Lenders thereof. Each such determination shall shall, absent clearly demonstrable error, be final and conclusive absent manifest errorand binding on all parties hereto.

Appears in 2 contracts

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

Interest. Borrower shall pay interest to Administrative Agent for the account of the applicable Bank on the outstanding and unpaid principal amount of the Loans, at a rate per annum as follows: (a1) The Loans comprising each for Base Rate Borrowing shall bear interest Loans at a rate equal to the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest Margin and (2) for Term Benchmark Loans at a rate shall at no time be less than 0.00% per annum. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at equal to the Adjusted Eurodollar Term SOFR Rate for the Interest Period in effect for such Borrowing Loan plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (c) Notwithstanding the foregoing, if any . Any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when duedue (when scheduled, whether at stated maturity, upon acceleration or otherwise, such overdue amount ) shall bear interestinterest thereafter, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in at the event of any repayment or prepayment of any Loan, accrued Default Rate. The interest rate on Base Rate Loans shall change when the principal amount repaid or prepaid Base Rate changes. Interest shall be payable on calculated for the date actual number of such repayment or prepayment, and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable on the effective date of such conversion. (e) All interest hereunder shall be computed days elapsed on the basis of a year consisting of 360 days, three hundred sixty (360) days (except that interest computed by reference to the Base Rate at times when the 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 . In each case interest 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 Base Rate, Adjusted Eurodollar Term SOFR Rate or Eurodollar Term SOFR Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively, the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Bank holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this paragraph shall be cumulated and the interest and Charges payable to such Bank in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Bank. Accrued interest shall be due and payable in arrears, in the case of Base Rate Loans and Term Benchmark Loans on each Interest Payment Date; provided, however, that interest accruing at the Default Rate shall be due and payable on demand.

Appears in 2 contracts

Sources: Term Loan Agreement (Vornado Realty Lp), Term Loan Agreement (Vornado Realty Lp)

Interest. Each Borrower hereby promises to pay to the Administrative Agent for account of each Bank interest on the unpaid principal amount of each Loan made by such Bank to such Borrower for the period from and including the date of such Loan to but excluding the date such Loan shall be paid in full, at the following rates per annum: (a) The Loans comprising each during such periods as such Loan is a Base Rate Borrowing shall bear interest at Loan, the Base Rate (as in effect from time to time) plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum.; (b) The Loans comprising during such periods as such Loan is a Eurodollar Loan, for each Eurodollar Borrowing shall bear interest at Interest Period relating thereto, the Adjusted Eurodollar Fixed Base Rate for such Loan for such Interest Period plus the Applicable Margin; (c) if such Loan is a LIBOR Market Loan, the Fixed Base Rate for such Loan for the Interest Period therefor plus (or minus) the LIBO Margin quoted by the Bank making such Loan in effect accordance with Section 2.03 hereof; and (d) if such Loan is a Set Rate Loan, the Set Rate for such Borrowing plus Loan for the Applicable Margin; provided that notwithstanding Interest Period therefor quoted by the foregoing, Bank making such interest rate shall at no time be less than 0.00% per annum. (c) Loan in accordance with Section 2.03 hereof. Notwithstanding the foregoing, if each Borrower hereby promises to pay to the Administrative Agent for account of each Bank interest at the applicable Post-Default Rate on any principal of or interest any Loan made by such Bank to such Borrower and on any Loan or any fee or other amount payable by the such Borrower hereunder is or under the Notes of such Borrower held by such Bank to or for account of such Bank, that shall not be paid in full when due, due (whether at stated maturity, upon acceleration by acceleration, by mandatory prepayment or otherwise), such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal for the period from and including the due date thereof to (i) but excluding the date the same is paid in the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) full. Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) in the case of this Section shall be payable a Base Rate Loan, quarterly on demandthe Quarterly Dates, (ii) in the event case of any repayment a Eurodollar Loan or prepayment of any a Money Market Loan, accrued interest on the principal amount repaid last day of each Interest Period therefor and, if such Interest Period is longer than 90 days (in the case of a Set Rate Loan) or prepaid shall be payable on three months (in the date case of a Eurodollar Loan or a LIBOR Market Loan), at 90-day or three-month intervals, respectively, following the first day of such repayment or prepaymentInterest Period, and (iii) in the event case of any conversion Loan, upon the payment or prepayment thereof or the Conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable to a Loan of another Type (but only on the effective date of such conversion. (e) All interest hereunder shall be computed on the basis of a year of 360 daysprincipal amount so paid, prepaid or Converted), except that interest computed by reference to payable at the Base Rate at times when the Base Rate is based on the Prime Post-Default Rate shall be computed payable from time to time on demand. Promptly after the basis determination of a year of 365 days (any interest rate provided for herein or 366 days in a leap year)any change therein, 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, Agent shall give notice thereof to the Banks to which such interest is payable and such determination shall be conclusive absent manifest errorto the relevant Borrower.

Appears in 2 contracts

Sources: 364 Day Credit Agreement (American General Finance Inc), 364 Day Credit Agreement (American General Finance Corp)

Interest. (a) The Loans comprising each Base Rate Borrowing Each Loan shall bear interest at the Base Rate plus a rate per annum equal to the Applicable Margin; Rate, provided that notwithstanding if an Event of Default has occurred and is continuing, then, so long as such Event of Default is continuing, (i) the foregoing, principal balance of such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising each Eurodollar Borrowing Loan shall bear interest at the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus a rate per annum equal to the Applicable Margin; provided Rate plus 2.00%, and (ii) all other amounts owing under the Loan Documents that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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 are 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 Alternate Base Rate plus 2.00%. (b) Accrued and unpaid interest on each (i) in the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each LIBOR Loan shall be payable in arrears on the last day of each Interest Payment Date for Period with respect thereto, and, in the case of a LIBOR Loan with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period, and (ii) each ABR Loan and each Overnight Loan; , shall be payable in arrears on the last day of each calendar month, provided that (iA) interest accrued and unpaid pursuant to clause (ci) and (ii) of paragraph (a) of this Section shall be payable on demand, and (iiB) in the event of any repayment or prepayment of any Loan, accrued and unpaid 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, 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 Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate and 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 a Loan is made but excluding the last daydate of repayment). The applicable Alternate Base Rate, the Overnight Rate, the Federal Funds Effective Rate, the Adjusted LIBO Rate, the LIBO Rate, the Overnight Eurodollar Rate or Eurodollar and the Prime Rate shall be determined by the Administrative AgentAgent in accordance with the provisions of this Credit Agreement, and such determination shall be conclusive absent manifest error.

Appears in 2 contracts

Sources: Credit Agreement (Voya SENIOR INCOME FUND), Credit Agreement (Voya SENIOR INCOME FUND)

Interest. (a) The unpaid principal amount of all Prime Loans comprising each Base Rate Borrowing shall will bear interest at a rate equal to the Base Prime Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00minus 0.25% per annum. The unpaid principal amount of all LIBOR Loans will bear interest at a rate equal to the LIBOR Interest Rate plus 1.65% per annum. Notwithstanding anything herein to the contrary, in the event that the LIBOR Interest Rate is at any time less than zero percent (0.00%), for purposes hereof, the LIBOR Interest Rate applicable to any Borrowing shall be deemed to be zero percent (0.00%) per annum, and the interest rate applicable to such Borrowing for such Interest Period shall be 1.65% per annum. Interest on the Loans shall be payable, in arrears, on the applicable Interest Payment Dates, and on the Maturity Date. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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, or an Event of Default exists, the principal on the Loans and/or 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, 2.002% plus the rate otherwise applicable to such Loan as provided in clause paragraph (a) or (b) of this Section or (ii) in the case of any other amount, 2.002% plus the rate applicable to Base Rate Prime Loans as provided in clause paragraph (a) of this Section. (dc) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and upon termination of the Loans; provided that (i) interest accrued pursuant to clause paragraph (cb) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of a Prime 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 and (iii) in the event of any conversion of any Eurodollar LIBOR Loan prior to the end of the current Interest Period therefor in accordance with this Agreementtherefor, 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 Base Rate at times when the 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 Base Rate, Adjusted Eurodollar Prime Rate or Eurodollar LIBOR Interest Rate shall be determined by the Administrative AgentLender, and such determination shall be conclusive absent manifest error.

Appears in 2 contracts

Sources: Revolving Credit Agreement, Revolving Credit Agreement (Oaktree Strategic Income II, Inc.)

Interest. (a) The Loans comprising each Base Rate Borrowing Each Term Loan shall bear interest each day on the unpaid principal amount from time to time outstanding until paid in full at a rate per annum determined as a Prime Rate Loan, Fed Funds Rate Loan or Eurodollar Loan as elected by the Base Rate plus Primary Borrower from time to time upon notice to the Applicable Margin; Agent as provided that notwithstanding in Section 4.4 hereof. The Primary Borrower shall have the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising right to convert any Term Loan from one type into another type only on the last day of an Interest Period by giving notice as provided in Section 4.4. At the end of each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar Rate for the Interest Period in effect for respect of any portion of the Term Loan which is not required to be paid on such Borrowing plus date, the Applicable Margin; provided that notwithstanding Primary Borrower will either (i) convert the foregoingprincipal amount of such portion of the Term Loan to another type of Loan in accordance with Section 4.4 hereof, or (ii) such interest rate principal amount shall at no time be less than 0.00% per annum. (c) Notwithstanding the foregoing, if automatically become a Prime Loan hereunder. If any principal of or interest on any a Term Loan or any fee or other amount payable by the Borrower hereunder is shall not be paid when due, whether due (at stated maturity, upon by acceleration or otherwise), such overdue amount a late charge 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, 2.00% plus the rate otherwise applicable to such Loan be payable as provided for herein in clause (a) or Part 4. (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan Interest shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, 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 Base Rate at times when the Base Rate is based on the Prime Rate shall be computed calculated 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 any time extended by reason of Saturdays, Sundays and holidays). Accrued interest on each Term Loan shall be payable (i) in the case of a Prime Rate Loan, monthly on the Monthly Due Date, (ii) in the case of a Eurodollar Loan or a Fed Funds Rate Loan on the last day of each Interest Period therefor and, in the case of an Interest Period which is greater than three (3) months, at three months after the first day but excluding of such Interest Period; if, however, such Interest Period is shorter than thirty (30) days, accrued interest shall be payable on the last dayday of the calendar month following the expiration of the Interest Period, and (iii) in the case of any Term Loan, upon the prepayment thereof (but only on the principal so pre-paid). The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar except that interest payable at the Post-Default Rate shall be determined payable from time to time on demand of the Agent at the request of the Required Lenders. (c) Promptly after the determination of any interest rate provided for herein or any change therein, the Agent shall notify the Lenders and the Primary Borrower thereof. (d) Notwithstanding the foregoing, Primary Borrower will pay to the Agent for the account of each Lender interest at the applicable Post-Default Rate on any principal of any Term Loan made by the Administrative AgentLenders, and such determination (to the fullest extent permitted by law) on any other amount (other than interest) payable to the Lenders by Borrower hereunder or under any Term Note, which shall not be paid in full when due (whether by acceleration or otherwise), for the period commencing on the due date thereof until the same is paid in full. Interest payable at the Post-Default Rate shall be conclusive absent manifest errorpayable from time to time on demand of Agent at the request of the Required Lenders.

Appears in 1 contract

Sources: Credit Agreement (Gleason Corp /De/)

Interest. (ai) The Loans comprising each Each Revolving Loan (except for a Revolving Loan made as a result of a drawing under a Letter of Credit or a Reducing L/C Borrowing) shall bear interest on the outstanding principal amount thereof from the applicable Borrowing Date at a floating rate per annum equal to (x) at all times such Loan is a Base Rate Loan, the Base Rate plus the Applicable Margin, and (y) at all times the Loan is an Offshore Rate Loan, the greater of (A) the Offshore Rate plus the Applicable Margin and (B) the Cost of Funds rate plus the Applicable Margin. (ii) Each Swing Line Loan shall bear interest on the outstanding principal amount thereof from the date funded at a floating rate per annum equal to the Swing Line Rate plus the Applicable Margin plus the Swing Line Premium. For the avoidance of doubt, upon any Swing Line Loan becoming a Refunded Swing Line Loan (in accordance with Section 2.03(b)(ii)) or upon the participation of the other Banks in any Swing Line Loan (in accordance with Section 2.03(b)(iii)), such Loan shall bear interest at the Base Rate. (iii) Each Revolving Loan made as a result of a drawing under a Letter of Credit or a Reducing L/C Borrowing shall bear interest on the outstanding principal amount thereof from the date funded at a floating rate per annum equal to then applicable Base Rate plus the Applicable Margin. (b) Interest on each Revolving Loan shall accrue through and including the last day of each calendar month and shall be paid in arrears on each Interest Payment Date. Interest on any Swing Line Loan shall be paid on the Advance Maturity Date with respect to such Swing Line Loan. (c) Notwithstanding subsection (a) of this Section, if any amount of principal of or interest on any Loan, or any other amount payable hereunder or under any other Loan Document is not paid in full when due (whether at stated maturity, by acceleration, demand or otherwise), the Borrower agrees to pay interest on such unpaid principal or other amount, from the date such amount becomes due until the date such amount is paid in full, and after as well as before any entry of judgment thereon to the extent permitted by law, payable on demand, at a fluctuating rate per annum equal to the then applicable rate on such Credit Extension plus the Default Rate, or if no rate is applicable at the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate Margin then applicable to Base Rate Loans as provided in clause (a) of this Sectionplus the Default Rate. (d) Accrued interest on each Loan Anything herein to the contrary notwithstanding, the Obligations of the Borrower to any Bank hereunder shall be subject to the limitation that payments of interest shall not be required for any period for which interest is computed hereunder, to the extent (but only to the extent) that contracting for or receiving such payment by such Bank would be contrary to the provisions of any law applicable to such Bank limiting the highest rate of interest that may be lawfully contracted for, charged or received by such Bank, and in such event the Borrower shall pay such Bank interest at the highest rate permitted by applicable law. (e) Regardless of any provision contained in any Note or in any of the Loan Documents, none of the Banks shall ever be deemed to have contracted for or be entitled to receive, collect or apply as interest under any such Note or any Loan Document, or otherwise, any amount in excess of the maximum rate of interest permitted to be charged by applicable law, and, in the event that any of the Banks ever receive, collect or apply as interest any such excess, such amount which would be excessive interest shall be applied to the reduction of the unpaid principal balance of the Note, and, if the principal balance of such Note is paid in full, any remaining excess shall forthwith be paid to the Borrower. In determining whether or not the interest paid or payable in arrears on each Interest Payment Date for under any specific contingency exceeds the highest lawful rate, the Borrower and such Loan; provided that Bank shall, to the maximum extent permitted under applicable law, (i) interest accrued pursuant to clause (c) of this Section shall be payable on demandcharacterize any non-principal payment as an expense, fee, or premium, rather than as interest, (ii) in exclude voluntary prepayments and the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, effect thereof and (iii) spread the total amount of interest throughout the entire contemplated term of such Note so that the interest rate is uniform throughout such term; provided, however, that if all Obligations under the Note and all Loan Documents are performed in the event of any conversion of any Eurodollar Loan full prior to the end of the current Interest Period therefor in accordance with this Agreement, accrued full contemplated term thereof and if the 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 Base Rate at times when the 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 received for the actual number term thereof exceeds the maximum lawful rate, such Bank shall refund to the Borrower the amount of days elapsed (including such excess, or credit the first day but excluding amount of such excess against the last day). The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by aggregate unpaid principal balance of such Bank’s Note at the Administrative Agent, and such determination shall be conclusive absent manifest errortime in question.

Appears in 1 contract

Sources: Credit Agreement (Atmos Energy Corp)

Interest. For each Loan, the Borrowers may elect that such Loan accrue interest at either the Base Rate or the Eurodollar Rate. (a) The Each Eurodollar Loan shall bear interest at the Eurodollar Rate on its unpaid principal amount from the first to the last day in its applicable Interest Period. Accrued interest shall be payable on Eurodollar Loans comprising each on the last day of the applicable Interest Period. (b) Each Base Rate Borrowing Loan and each Loan evidenced by the Swing Line Facility Note shall bear interest at the Base Rate plus on its unpaid principal amount from the Applicable Margin; provided that notwithstanding date such Loan is made until repaid. Accrued interest shall be payable on Base Rate Loans and Loans evidenced by the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising Swing Line Facility Note on the first day of each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annummonth. (c) Notwithstanding The Borrowers shall pay on the foregoing, if Conversion Date accrued interest on any Loan converted prior to the last day of its Interest Period. (d) Overdue principal of or interest on any a 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, payable on demand, from the first day the principal or interest is overdue until paid (after as well as before judgment, ) at a rate per annum equal to (i) in the case sum of overdue principal of any Loan, 2.002% plus the applicable interest rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any 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 particular Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable on the effective date of such conversionfor each day. (e) All Upon the successful completion, reasonably satisfactory to all of the Lenders, of MAAC's issuance or sale of common or preferred stock that produces net proceeds of no less than $90,000,000, the interest rates available hereunder shall be computed on modified as follows: 1. the basis of a year of 360 days, except that interest computed by reference to Margin utilized in calculating the Eurodollar Rate shall equal one and one-quarter percent (1.25%); and 2. the Base Rate at times when the Base Rate is based on shall equal 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)minus .75%. The applicable Borrowers may submit to the Lenders a written request for such continuation of, or reduction in, the Margin and the Base Rate, Adjusted Eurodollar Rate and shall deliver to the Lenders such information, reports and opinions with such request that the Lenders deem desirable or Eurodollar Rate necessary. (f) The Administrative Agent shall be determined by determine the Administrative Agent, interest rates for all Loans and shall promptly notify the Borrowers and the Lenders of such determination interest rates. Such determinations shall be conclusive absent in the absence of manifest error.

Appears in 1 contract

Sources: Revolving Credit Agreement (Mid America Apartment Communities Inc)

Interest. (a) The Loans comprising each Base Rate Borrowing shall Each Debenture will bear interest at the Base Rate plus rate of 4.375% per annum (the Applicable Margin; provided “Coupon Rate”) from and including the original date of issuance until the principal thereof becomes due and payable, and on any overdue principal and, to the extent that notwithstanding the foregoing, payment of such interest rate shall is enforceable under applicable law, on any overdue installment of interest at no time the Coupon Rate, compounded quarterly, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year (each, an “Interest Payment Date”), commencing on March 1, 2022 to the Person in whose name such Debenture or any predecessor Debenture is registered at the close of business on the relevant Regular Record Date, which will be less than 0.00% per annumthe date fifteen calendar days immediately preceding the applicable Interest Payment Date, except as otherwise provided pursuant to the provisions of Section 205 below. (b) The Loans comprising each Eurodollar Borrowing Subject to Section 205, any such interest installment not punctually paid or duly provided for shall bear interest forthwith cease to be payable to the registered Holders on the Regular Record Date, and may either be paid to the person in whose name the Debenture (or one or more Predecessor Securities) is registered at the Adjusted Eurodollar Rate close of business on a Special Record Date to be fixed by the Trustee for the Interest Period payment of such defaulted interest, notice whereof shall be given to the registered Holders of this series of Debentures not less than ten days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Debentures may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Original Indenture. The principal of and the interest on the Debentures shall be payable at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, in any coin or currency of the United States of America which at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Company by check mailed to the registered Holder at the close of business on the Regular Record Date at such address as shall appear in the Security Register. Notwithstanding anything else contained herein, if a Global Debenture is held in book-entry form through the facilities of the Depositary, payments on the Global Debenture will be made to the Depositary or its nominee in accordance with arrangements then in effect for such Borrowing plus between the Applicable Margin; provided that notwithstanding Trustee and the foregoing, such interest rate shall at no time be less than 0.00% per annumDepositary. (c) Notwithstanding the foregoing, if The amount of interest payable for 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, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable on the effective date of such conversion. (e) All interest hereunder shall period will be computed on the basis of a 360-day year of 360 daystwelve 30-day months. Except as provided in the following sentence, except that the amount of interest computed by reference to the Base Rate at times when the Base Rate payable for any period shorter than a full quarterly period for which interest is based on the Prime Rate shall computed, will 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 per 30-day month. In the event that any date on which interest is payable on the Debentures is not a Business Day, then payment of interest payable on such date will be made on the next succeeding day which is a Business Day (including and without any interest or other payment in respect of any such delay), except that, if such Business Day is in the first day but excluding the last day). The applicable Base Ratenext succeeding calendar year, Adjusted Eurodollar Rate or Eurodollar Rate such payment shall be determined by made on the Administrative Agentimmediately preceding Business Day, in each case with the same force and effect as if made on the date that such determination interest otherwise would have been payable. (d) Maturity or redemption of a Debenture shall be conclusive absent manifest errorcause interest to cease to accrue on such Debenture subject to the Company’s obligation to pay interest on overdue amounts in accordance with Section 503 of the Original Indenture and the terms of this Supplemental Indenture and the Debentures.

Appears in 1 contract

Sources: Supplemental Indenture (Dte Energy Co)

Interest. (a) The Loans comprising unpaid principal amount of each Base Rate Borrowing -------- Loan shall bear interest from the date of the Borrowing thereof until the conversion or maturity (whether by acceleration or otherwise) of such Base Rate Loan, at a rate per annum which shall at all times be the Applicable Base Rate Margin plus the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoingRate, such interest rate shall at no each as in effect from time be less than 0.00% per annumto time. (b) The Loans comprising unpaid principal amount of each Eurodollar Borrowing Loan shall bear interest from the date of the Borrowing thereof until the conversion or maturity (whether by acceleration or otherwise) of such Eurodollar Loan at a rate per annum which shall, at all times during each Interest Period applicable thereto, be the Adjusted Applicable Euro Rate Margin plus the relevant Eurodollar Rate for the such Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumPeriod. (c) Notwithstanding The unpaid principal amount of each DM Loan shall bear interest from the foregoing, if any principal date of or interest on any Loan or any fee or other amount payable the Borrowing thereof until the maturity (whether by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise) of such DM Loan at a rate per annum which shall, at all times during each Interest Period applicable thereto, be equal to the Applicable Euro Rate Margin plus the relevant DM Euro Rate for such Interest Period. (d) The unpaid principal amount of each NLG Revolving Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) of such NLG Revolving Loan at a rate per annum which shall, at all times during each Interest Period applicable thereto, be equal to the Applicable Euro Rate Margin plus the relevant NLG Euro Rate for such Interest Period. (e) Overdue principal and, to the extent permitted by law, overdue interest in respect of each Loan and any other overdue amount payable hereunder shall bear interest, after as well as before judgment, interest at a rate per annum equal to the Base Rate in effect from time to time plus the sum of (i) 2% and (ii) the Applicable Base Rate Margin, provided that overdue principal in respect of Euro Rate Loans shall bear interest from the date the same becomes due (whether by acceleration or otherwise) until (x) in the case of overdue principal Eurodollar Loans, the end of any Loan, 2.00% plus the rate otherwise Interest Period applicable to such Eurodollar Loan as provided in clause (a) or (b) of this Section or (iiy) in the case of any other amountDM Loans and NLG Revolving Loans, 2.00until paid in full, in each case at a rate per annum equal to 2% plus in excess of the rate of interest applicable to Base such Euro Rate Loans as provided in clause (a) of this SectionLoans. (df) Accrued interest on each Interest shall accrue from and including the date of any Borrowing of any Loan to but excluding the date of any repayment thereof and shall be payable (i) in respect of each Base Rate Loan, quarterly in arrears on the last Business Day of each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demandMarch, June, September and December, (ii) in the event respect of any repayment or prepayment of any each Euro Rate Loan, accrued interest on the principal amount repaid or prepaid shall be payable last day of each Interest Period applicable thereto and, in the case of an Interest Period of six months, on the date occurring three months after the first day of such repayment or prepayment, Interest Period and (iii) in the event respect of each Loan, on any prepayment or conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable (on the effective date of amount prepaid or converted), at maturity (whether by acceleration or otherwise) and, after such conversionmaturity, on demand. (eg) 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 Base Rate at times when the Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days made in accordance with Section 12.07(c). (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). h) The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, upon determining the interest rate for any Borrowing of Euro Rate Loans for any Interest Period, shall promptly notify the respective Borrower and such determination shall be conclusive absent manifest errorthe Banks thereof.

Appears in 1 contract

Sources: Credit Agreement (U S a Floral Products Inc)

Interest. (a) The Loans comprising Borrower will pay interest in respect of the unpaid principal amount of each Loan, from the date of Borrowing thereof until such principal amount shall be paid in full, (i) at the Adjusted Base Rate, as in effect from time to time during such periods as such Loan is a Base Rate Borrowing shall bear interest Loan, and (ii) at the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoingAdjusted LIBOR Rate, as in effect from time to time during such interest rate shall at no time be less than 0.00% per annumperiods as such Loan is a LIBOR Loan. (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 Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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 (whether the Adjusted Base Rate or the Adjusted LIBOR Rate) plus 2% (or, in the case of interest, fees and other amounts for which no rate is provided hereunder, at the Adjusted Base Rate applicable to Loans 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 or Section 2.7, except as provided herein), 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 aggregate Commitments have been terminated, then accrued interest in respect of all Base Rate Loans shall be payable together with such repayment or prepayment on the date thereof; (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 or Section 2.7, except as provided herein), in arrears (x) on the last Business Day of the Interest Period applicable thereto (subject to Section 2.10(iv)), (y) in addition, in the case of overdue principal a LIBOR Loan with an Interest Period having a duration of six (6) months, on each date on which interest would have been payable under clause (x) above had successive Interest Periods of three (3) months’ duration been applicable to such LIBOR Loan and (z) on the date of any prepayment or repayment of a LIBOR Loan; and (iii) in respect of any Loan, 2.00% plus at the rate otherwise applicable Maturity Date (whether pursuant to such Loan as provided in clause (aacceleration or otherwise) or (b) of this Section or (ii) in and, after the case of any other amountMaturity Date, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Sectionon demand. (d) Accrued interest on each Loan Nothing contained in this Agreement or in any other Credit Document shall be deemed to establish or require the payment of interest to any Lender at a rate in excess of the maximum rate permitted by applicable law. If the rate of interest payable in arrears for the account of any Lender on each Interest Payment Date any interest payment date would exceed the maximum rate permitted by applicable law to be charged by such Lender, the rate of interest payable for its account on such Loaninterest payment date shall be automatically reduced to such maximum permissible rate. In the event of any such reduction affecting any Lender, if from time to time thereafter the rate of interest payable for the account of such Lender on any interest payment date would be less than the maximum rate permitted by applicable law to be charged by such Lender, then the rate of interest payable for its account on such subsequent interest payment date shall be automatically increased to a rate (not to exceed the maximum permissible rate) such that the amount of the rate increase is equivalent to the amount of the prior rate decrease; provided that (i) at no time shall the aggregate amount by which interest accrued paid for the account of any Lender has been increased pursuant to clause (c) of this Section shall be payable on demandsentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the previous sentence, and (ii) nothing herein shall be deemed to deprive the Borrower of the benefit of a reduction in the event of any repayment or prepayment of any 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable on the effective date of such conversionApplicable Percentage. (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 Adjusted 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 Base Rate at times when the Base 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 (including the first day but excluding the last day)any Lender. The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, and Each such determination shall be conclusive shall, absent manifest error, be conclusive and binding on all parties hereto.

Appears in 1 contract

Sources: Credit Agreement (Selective Insurance Group Inc)

Interest. (a) The Loans comprising each Base Rate Borrowing shall Each Debenture will bear interest at the Base Rate plus rate of 5.25% per annum (the Applicable Margin; provided “Coupon Rate”) from and including the original date of issuance until the principal thereof becomes due and payable, and on any overdue principal and, to the extent that notwithstanding the foregoing, payment of such interest rate shall is enforceable under applicable law, on any overdue installment of interest at no time the Coupon Rate, compounded quarterly, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year (each, an “Interest Payment Date”), commencing on March 1, 2018 to the Person in whose name such Debenture or any predecessor Debenture is registered at the close of business on the relevant Regular Record Date, which will be less than 0.00% per annumthe date fifteen calendar days immediately preceding the applicable Interest Payment Date, except as otherwise provided pursuant to the provisions of Section 205 below. (b) The Loans comprising each Eurodollar Borrowing Subject to Section 205, any such interest installment not punctually paid or duly provided for shall bear interest forthwith cease to be payable to the registered Holders on the Regular Record Date, and may either be paid to the person in whose name the Debenture (or one or more Predecessor Securities) is registered at the Adjusted Eurodollar Rate close of business on a Special Record Date to be fixed by the Trustee for the Interest Period payment of such defaulted interest, notice whereof shall be given to the registered Holders of this series of Debentures not less than ten days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Debentures may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Original Indenture. The principal of and the interest on the Debentures shall be payable at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, in any coin or currency of the United States of America which at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Company by check mailed to the registered Holder at the close of business on the Regular Record Date at such address as shall appear in the Security Register. Notwithstanding anything else contained herein, if a Global Debenture is held in book-entry form through the facilities of the Depositary, payments on the Global Debenture will be made to the Depositary or its nominee in accordance with arrangements then in effect for such Borrowing plus between the Applicable Margin; provided that notwithstanding Trustee and the foregoing, such interest rate shall at no time be less than 0.00% per annumDepositary. (c) Notwithstanding the foregoing, if The amount of interest payable for 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, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable on the effective date of such conversion. (e) All interest hereunder shall period will be computed on the basis of a 360-day year of 360 daystwelve 30-day months. Except as provided in the following sentence, except that the amount of interest computed by reference to the Base Rate at times when the Base Rate payable for any period shorter than a full quarterly period for which interest is based on the Prime Rate shall computed, will 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 per 30-day month. In the event that any date on which interest is payable on the Debentures is not a Business Day, then payment of interest payable on such date will be made on the next succeeding day which is a Business Day (including and without any interest or other payment in respect of any such delay), except that, if such Business Day is in the first day but excluding the last day). The applicable Base Ratenext succeeding calendar year, Adjusted Eurodollar Rate or Eurodollar Rate such payment shall be determined by made on the Administrative Agentimmediately preceding Business Day, in each case with the same force and effect as if made on the date that such determination interest otherwise would have been payable. (d) Maturity or redemption of a Debenture shall be conclusive absent manifest errorcause interest to cease to accrue on such Debenture subject to the Company’s obligation to pay interest on overdue amounts in accordance with Section 503 of the Original Indenture and the terms of this Supplemental Indenture and the Debentures.

Appears in 1 contract

Sources: Supplemental Indenture (Dte Energy Co)

Interest. (a) The Revolving Credit Loans comprising each Base Rate Borrowing shall bear interest at the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum.as follows: (bi) The Loans comprising each Eurodollar Borrowing Each CD Rate Loan shall be made in Dollars and shall bear interest at on the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no unpaid principal amount thereof from time be less than 0.00% per annum. (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, to time outstanding at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, 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 Base Rate at times when the 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 elapsed, based on a year of 360 days) which shall be equal to the lesser of (A) the CD Rate plus the applicable Margin Percentage, or (B) the Highest Lawful Rate. (ii) Each Alternate Base Rate Loan shall be made in Dollars and shall bear interest on the unpaid principal amount thereof from time to time outstanding at a rate per annum (for the actual number of days elapsed, based on a year of 365 or 366 days, as the case may be) which shall be equal to the lesser of (A) the Alternate Base Rate, or (B) the Highest Lawful Rate. (iii) Each Eurodollar Loan shall be made in Dollars and shall bear interest on the unpaid principal amount thereof from time to time outstanding at a rate per annum (for the actual number of days elapsed, based on a year of 360 days) which shall be equal to the lesser of (A) the Eurodollar Rate plus the applicable Margin Percentage, or (B) the Highest Lawful Rate. (iv) Each Federal Funds Rate Loan shall be made in Dollars and shall bear interest on the unpaid principal amount thereof from time to time outstanding at a rate per annum (for the actual number of days elapsed, based on a year of 360 days) which shall be equal to the lesser of (A) the Federal Funds Borrowing Rate plus the applicable Margin Percentage, or (B) the Highest Lawful Rate. (v) Interest on the outstanding principal of each Loan shall accrue from and including the first day Borrowing Date for such Loan to but excluding the last day). The applicable Base Rate, Adjusted Eurodollar date such Loan is paid in full and shall be due and payable (A) on the Interest Payment Date for each CD Rate Loan or Eurodollar Loan and on each Quarterly Date for each Alternate Base Rate shall be determined by Loan or Federal Funds Rate Loan, (B) as to any Eurodollar Loan having an Interest Period greater than three months, at the Administrative Agentend of the third month of the Interest Period for such Loan, (C) as to any CD Rate Loan having an Interest Period greater than 90 days, on the 90th day of the Interest Period for such Loan, and (D) as to all Loans, at maturity, whether by acceleration or otherwise, or after notice of prepayment in accordance with Section 2.01(f)(i) or Section 3.01(c) hereof, on and after the Required Prepayment Date or the applicable prepayment date, as the case may be, as specified in such determination notice. (vi) Past due principal, pursuant to acceleration, the Company’s failure to make a prepayment on the date specified in the applicable prepayment notice or otherwise, and to the extent permitted by applicable law, past due interest and (after the occurrence of an Event of Default) past due fees, pursuant to acceleration or otherwise, shall be conclusive absent manifest errorbear interest from their respective due dates, until paid, at the Default Rate.

Appears in 1 contract

Sources: Credit Agreement (Cox Radio Inc)

Interest. (a) The Loans comprising each Base Rate Borrowing shall bear interest at Subject to Section 2.09(c), the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding Rate. (b) Subject to Section 2.09(c), the foregoing, such Loans comprising each ABR Borrowing shall bear interest rate shall at no time be less than 0.00% per annumthe Alternate Base Rate plus the Applicable Rate. (c) Notwithstanding the foregoing, if any principal of of, or interest on 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, 2.002% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section Agreement or (ii) in the case of any other amount, 2.002% plus the rate applicable to Base ABR Loans. Upon the occurrence and during the continuance of an Event of Default, the provisions of the immediately preceding sentence shall not apply with respect to any overdue amounts in respect of the Loans and the Applicable Rate Loans as provided in clause (a) of this Sectionotherwise applicable to any Loan shall increase by 3%. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; , provided that (i) interest accrued pursuant to clause paragraph (c) of this Section 2.09 shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, prepayment and (iii) in all interest payable pursuant to this Agreement on the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan Loans shall be payable on the effective date of such conversionin cash, including interest due pursuant to Section 2.09(c). (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at times when the 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 Alternate Base Rate, Adjusted Eurodollar Rate or Eurodollar Adjusted LIBO Rate shall be determined by the Administrative AgentRequired Lenders, and such determination shall be conclusive absent manifest error.

Appears in 1 contract

Sources: Credit Agreement (Knowles Electronics Holdings Inc)

Interest. (a) The Loans comprising Subject to the provisions of Section 4.4(b)Section 4.4(b), the Principal Amount of the Loan will bear interest at a rate per annum equal to the Applicable Rate in effect during the applicable Interest Period and all accrued and unpaid interest on the Loan shall be paid in arrears for the applicable Interest Period on each Base Rate Borrowing Payment Date, commencing with the first Payment Date following the Closing Date and on each Payment Date thereafter up to and including the Maturity Date; provided, that, so long as no Event of Default has occurred and is continuing, such interest in an amount equal to eight percent (8.00%) per annum shall be payable in cash (the “Cash Interest”) and, to the extent there is not sufficient funds on deposit in the Collection DateAccounts on such Payment Date to make such payment in cash, four and one-half percent (4.50%) per annum shall accrue and be capitalized into the Principal Amount (the “PIK Interest”) and the PIK Interest shall bear interest at the Base Applicable Rate plus from the Applicable Margin; provided that notwithstanding the foregoing, date on which such interest rate shall at no time be less than 0.00% per annumPIK Interest has been so added. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at After an Event of Default has occurred and is continuing, the Adjusted Eurodollar Rate for the entire Principal Amount (including any PIK Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (cadded thereto) 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 LoanDefault Rate, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) and all interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable on the effective date demand in cash and no portion of such conversioninterest shall constitute PIK Interest. (ec) Interest shall accrue from and including the Closing 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 Base Rate at times when the Base 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 by (including 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 Base Default Rate, Adjusted Eurodollar Rate as then applicable, in effect during such Interest Period expressed as an annual rate divided by 360) by (ii) the Principal Amount; provided, however, that if any payment made under the Loan is ever rescinded, voided, or Eurodollar Rate shall must otherwise be determined returned by the Administrative AgentLenders to BorrowerBorrowers in connection with any bankruptcy, and reorganization, receivership, insolvency, or otherwise, the amount returned shall bear interest from the date returned to BorrowerBorrowers until the date such determination shall be conclusive absent manifest erroramount is paid to the Lenders.

Appears in 1 contract

Sources: First Amendment (Versity Invest, LLC)

Interest. (ai) The Loans comprising Borrower agrees to pay interest in respect of the unpaid principal amount of each Term Loan that is a Base Rate Borrowing Loan from the date of the making of such Term Loan until such Term Loan shall bear interest at the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar Rate for the Interest Period paid in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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, full at a rate per annum which shall be equal to the sum of (ix) the Applicable Margin plus (y) the Base Rate in effect from time to time, such rate to change as and when the Base Rate changes, such interest to be computed on the basis of a 365 or 366-day year, as the case may be, and paid for the actual number of overdue principal days elapsed, subject to the provisions of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section 2.6. (ii) The Borrower agrees to pay interest in respect of the unpaid principal amount of each Revolving Loan that is a Base Rate Loan from the date of the making of such Revolving Loan until such Revolving Loan shall be paid in full at a rate per annum which shall be equal to the sum of (x) 0.50% plus (y) the Base Rate in effect from time to time, such rate to change as and when the Base Rate changes, such interest to be computed on the basis of a 365 or 366-day year, as the case may be, and paid for the actual number of days elapsed, subject to the provisions of clause (c) of this Section 2.6. CKE SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT (i) The Borrower agrees to pay interest in respect of the unpaid principal amount of each Term Loan that is a Eurodollar Loan from the date of the making of such Term Loan until such Term Loan shall be paid in full at a rate per annum which shall be equal to the sum of (x) the Applicable Margin plus (y) the relevant Eurodollar Rate, such interest to be computed on the basis of a 360-day year and paid for the actual number of days elapsed, subject to the provisions of clause (c) of this Section 2.6. (ii) The Borrower agrees to pay interest in respect of the unpaid principal amount of each Revolving Loan that is a Eurodollar Loan from the date of the making of such Revolving Loan until such Revolving Loan shall be paid in full at a rate per annum which shall be equal to the sum of (x) 1.50% plus (y) the relevant Eurodollar Rate, such interest to be computed on the basis of a 360-day year and paid for the actual number of days elapsed, subject to the provisions of clause (c) of this Section 2.6. (c) In the event that, and for so long as, any Event of Default shall have occurred and be continuing, the outstanding principal amount of all Loans and, to the extent permitted by law, overdue interest in respect of all Loans, shall bear interest at a rate per annum (the "DEFAULT RATE") equal to the sum of (x) 2% plus (y) the Applicable Margin applicable to Term Loans that are Base Rate Loans plus (z) the Base Rate in effect from time to time, and shall be payable on demand. (d) Interest on each Loan shall accrue from and including the date of the Borrowing thereof to but excluding the date of any repayment thereof (PROVIDED that any Loan borrowed and repaid on the same day shall accrue one day's interest) and shall be payable (i) in respect of each Base Rate Loan, quarterly in arrears on each Payment Date, (ii) in the event respect of any repayment or prepayment of any each Eurodollar Loan, accrued interest on the principal amount repaid or prepaid shall be payable last day of each Interest Period applicable to such Loan and, in the case of an Interest Period of six months, on the date occurring three months from the first day of such repayment or prepaymentInterest Period and on the last day of such Interest Period, and (iii) in the event case of all Loans, on any prepayment or conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable (on the effective date amount prepaid or converted), at maturity (whether by acceleration or otherwise) and, after such maturity, on demand. Each determination by the Administrative Agent of such conversionan interest rate hereunder shall, except for manifest error, be final, conclusive and binding for all purposes. (e) All In the event that the Eurodollar Base Rate is to be determined by reference to the Reference Banks, each Reference Bank agrees to furnish to the Administrative Agent timely information for the purpose of determining each Eurodollar Base Rate. If any one or more of the Reference Banks shall not furnish such timely information to the Administrative Agent for the purpose of determining any such interest hereunder rate, the Administrative Agent shall be computed determine such interest rate on the basis of a year of 360 days, except that interest computed timely information furnished by reference the remaining Reference Banks. The Administrative Agent shall give prompt notice to the Base Rate at times when Borrower and the Base Rate is based on Lenders of 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be interest rate determined by the Administrative AgentAgent for purposes of Section 2.6(b), and such determination shall be conclusive absent manifest error.the rate, if any, furnished by each Reference Bank for the purpose of determining the interest rate under Section 2.6(b). CKE SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT

Appears in 1 contract

Sources: Credit Agreement (Cke Restaurants Inc)

Interest. (a) The Loans comprising each Base Rate Borrowing shall bear interest at the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising each Eurodollar Term SOFR Borrowing shall bear interest at the Adjusted Eurodollar Rate Term SOFR for the Interest Period in effect for such Borrowing plus the Applicable Margin; 44 Cleco Corporate Holdings LLC provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (c) The Loans comprising each Daily Simple SOFR Term Rate Borrowing shall bear interest at Adjusted Daily Simple SOFR plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (cd) 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, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (de) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such LoanLoan and upon termination of the Revolving Loan Commitments; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any 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 Term SOFR Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, 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 Base Rate at times when the 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 Base Rate, Adjusted Eurodollar Rate Daily Simple SOFR or Eurodollar Rate Adjusted Term SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. (g) 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 Financing Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement. 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 1 contract

Sources: Credit Agreement (Cleco Corporate Holdings LLC)

Interest. (a) The Loans comprising Borrower agrees to pay interest in respect of -------- the unpaid principal amount of each Base Rate Loan from the date of Borrowing thereof until the earlier of (i) the maturity thereof (whether by acceleration or otherwise) and (ii) the conversion of such Base Rate Loan to a Eurodollar Loan pursuant to Section 1.06 or 1.09, as applicable, at a rate per annum which shall bear interest at be equal to the sum of the Applicable Margin plus the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no each as in effect from time be less than 0.00% per annumto time. (b) The Loans comprising Borrower agrees to pay interest in respect of the unpaid principal amount of each Eurodollar Loan from the date of Borrowing shall bear interest thereof until the earlier of (i) the maturity thereof (whether by acceleration or otherwise) and (ii) the conversion of such Eurodollar Loan to a Base Rate Loan pursuant to Section 1.06, 1.09 or 1.10, as applicable, at a rate per annum which shall, during each Interest Period applicable thereto, be equal to the Adjusted sum of the Applicable Margin as in effect from time to time during such Interest Period plus the Eurodollar Rate for the such Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumPeriod. (c) Notwithstanding Overdue principal and, to the foregoingextent permitted by law, if any principal overdue interest in respect of or each Loan shall, in each case, bear 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 greater of (ix) the rate which is 2% in excess of the case rate then borne by such Loans and (y) the rate which is 2% in excess of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of Base Rate Loans from time to time, and all other overdue amounts payable hereunder and under any other amount, 2.00Credit Document shall bear interest at a rate per annum equal to the rate which is 2% plus in excess of the rate applicable to Base Rate Loans as provided in clause (afrom time to time. Interest which accrues under this Section 1.08(c) of this Sectionshall be payable on demand. (d) Accrued (and theretofore unpaid) interest on each Loan shall be payable (i) in respect of each Base Rate Loan, (x) quarterly in arrears on each Interest Quarterly Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demandDate, (iiy) in on the event date of any repayment or prepayment in full of any all outstanding Base Rate Loans, and (z) at maturity (whether by acceleration or otherwise) and, after such maturity, on demand, and (ii) in respect of each Eurodollar Loan, accrued interest (x) on the principal amount repaid or prepaid shall be payable last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three month intervals after the first day of such Interest Period, (y) on the date of such any repayment or prepaymentprepayment (on the amount repaid or prepaid), and (iiiz) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreementat 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 Upon each Interest Determination Date, the Administrative 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 Base Rate at times when respective Eurodollar Loans and shall promptly notify the Base Rate is based on Borrower and 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)Lenders thereof. The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar 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 1 contract

Sources: Credit Agreement (Nm Licensing LLC)

Interest. (a) The Loans comprising Subject to the provisions of Section 2.08(b), (i) each Base Rate Borrowing Eurodollar Loan shall bear interest at on the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising outstanding principal amount thereof for each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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 Adjusted LIBO Rate for such Interest Period plus the Applicable Rate; (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable Borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate; and (iii) each Swing Line Loan shall bear interest on the outstanding principal amount thereof from the applicable Borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate for Base Rate Loans. (b) At any time during the existence and continuance of any Specified Default (or at any time during the existence and continuance of any other Event of Default notified to the Borrower by the Administrative Agent (at the direction of the Required Lenders)), the Borrower shall pay interest on (i) in the case principal amount of all outstanding Loans and L/C Borrowings not then overdue principal of any Loan, 2.00% plus at a fluctuating interest rate per annum at all times equal to the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or Default Rate and (ii) any past due amount of principal, interest, fees or other amounts, in each case at a rate per annum equal to the case of any other amount, 2.00% Base Rate plus the rate applicable to Applicable Rate for Base Rate Loans as provided in clause plus two percent (a2.0%) of this Sectionand to the fullest extent permitted by applicable Laws. Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand. (dc) Accrued interest Interest on each Loan shall be due and payable in arrears on each Interest Payment Date for applicable thereto and at such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section other times as may be specified herein. Interest hereunder shall be due and payable on demand, (ii) in the event of any repayment or prepayment of any 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreementthe terms hereof before and after judgment, accrued interest on such and before and after the commencement of any proceeding under any Debtor Relief Law. (d) Until the day that is three (3) Business Days after the Closing Date, each Term Loan shall be payable on the effective date of such conversiona Base Rate Loan. (e) 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 Base Rate at times when the Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days made 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest erroraccordance with Section 2.10.

Appears in 1 contract

Sources: First Lien Credit Agreement (Station Casinos LLC)

Interest. (a) The Loans comprising each Base Rate Borrowing shall Each Debenture will bear interest at the Base Rate plus rate of 6.00% per annum (the Applicable Margin; provided “Coupon Rate”) from and including the original date of issuance until the principal thereof becomes due and payable, and on any overdue principal and, to the extent that notwithstanding the foregoing, payment of such interest rate shall is enforceable under applicable law, on any overdue installment of interest at no time the Coupon Rate, compounded quarterly, payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year (each, an “Interest Payment Date”), commencing on March 15, 2017 to the Person in whose name such Debenture or any predecessor Debenture is registered at the close of business on the relevant Regular Record Date, which will be less than 0.00% per annumthe date fifteen calendar days immediately preceding the applicable Interest Payment Date, except as otherwise provided pursuant to the provisions of Section 205 below. (b) The Loans comprising each Eurodollar Borrowing Subject to Section 205, any such interest installment not punctually paid or duly provided for shall bear interest forthwith cease to be payable to the registered Holders on the Regular Record Date, and may either be paid to the person in whose name the Debenture (or one or more Predecessor Securities) is registered at the Adjusted Eurodollar Rate close of business on a Special Record Date to be fixed by the Trustee for the Interest Period payment of such defaulted interest, notice whereof shall be given to the registered Holders of this series of Debentures not less than ten days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Debentures may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Original Indenture. The principal of and the interest on the Debentures shall be payable at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, in any coin or currency of the United States of America which at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Company by check mailed to the registered Holder at the close of business on the Regular Record Date at such address as shall appear in the Security Register. Notwithstanding anything else contained herein, if a Global Debenture is held in book-entry form through the facilities of the Depositary, payments on the Global Debenture will be made to the Depositary or its nominee in accordance with arrangements then in effect for such Borrowing plus between the Applicable Margin; provided that notwithstanding Trustee and the foregoing, such interest rate shall at no time be less than 0.00% per annumDepositary. (c) Notwithstanding the foregoing, if The amount of interest payable for 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, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any 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 Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable on the effective date of such conversion. (e) All interest hereunder shall period will be computed on the basis of a 360-day year of 360 daystwelve 30-day months. Except as provided in the following sentence, except that the amount of interest computed by reference to the Base Rate at times when the Base Rate payable for any period shorter than a full quarterly period for which interest is based on the Prime Rate shall computed, will 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 per 30-day month. In the event that any date on which interest is payable on the Debentures is not a Business Day, then payment of interest payable on such date will be made on the next succeeding day which is a Business Day (including and without any interest or other payment in respect of any such delay), except that, if such Business Day is in the first day but excluding the last day). The applicable Base Ratenext succeeding calendar year, Adjusted Eurodollar Rate or Eurodollar Rate such payment shall be determined by made on the Administrative Agentimmediately preceding Business Day, in each case with the same force and effect as if made on the date that such determination interest otherwise would have been payable. (d) Maturity or redemption of a Debenture shall be conclusive absent manifest errorcause interest to cease to accrue on such Debenture subject to the Company’s obligation to pay interest on overdue amounts in accordance with Section 503 of the Original Indenture and the terms of this Supplemental Indenture and the Debentures.

Appears in 1 contract

Sources: Supplemental Indenture (Dte Energy Co)

Interest. (a) The Loans comprising each Base Rate ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumRate. (b) The Loans comprising (i) each Eurodollar RFR Borrowing denominated in Sterling or Euro shall bear interest at the applicable Daily Simple RFR plus the Applicable Rate, (ii) each RFR Borrowing denominated in Canadian Dollars shall bear interest at the applicable Daily Simple RFR plus the Daily Simple ▇▇▇▇▇ Adjustment plus the Applicable Rate and (iii) if applicable pursuant to Section 2.11, each Daily Simple SOFR Borrowing shall bear interest at the Adjusted Eurodollar Rate Daily Simple SOFR plus the Applicable Rate. (c) The Loans comprising each Term SOFR Borrowing shall bear interest at the Term SOFR for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumRate. (cd) 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 or interest on any LoanLoan or any LC Disbursement, 2.00% per annum plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) the preceding paragraphs of this Section or Section 2.19(h), as applicable, (ii) in the case of overdue fees with respect to any other amountCommitment, 2.00% per annum plus the rate applicable to Base ABR Loans that are of the same Class as the Class of such Commitment, as provided in paragraph (a) of this Section, or (iii) in the case of any other overdue amount, (A) if such amount is payable in US Dollars, 2.00% per annum plus the rate applicable to ABR Revolving Loans, as provided in paragraph (a) of this Section, and (B) if such amount is payable in any other currency, 2.00% per annum plus the Alternative Currency Overnight Rate plus the Applicable Rate applicable to ABR Revolving Loans as provided in clause 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, in the case of a Revolving Loan or a Swingline Loan, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to clause paragraph (cd) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any LoanLoan (other than a prepayment of an ABR Revolving 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, prepayment and (iii) in the event of any conversion or continuation of any Eurodollar Term SOFR Loan prior to the end of the current Interest Period therefor in accordance with this Agreementtherefor, accrued interest on such Loan shall be payable on the effective date of such conversionconversion or continuation. All interest shall be payable in the currency in which the applicable Loan is denominated. (ef) All interest hereunder shall be computed on the basis of a year of 360 days, except that (i) interest on RFR Loans denominated in Canadian Dollars and interest computed by reference to the Alternate Base Rate at times when the 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) interest on RFR Loans denominated in any other currency as to which market practice differs from the foregoing shall be computed in accordance with market practice for such RFR 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 Alternate Base Rate, Adjusted Eurodollar Rate Term SOFR, Daily Simple SOFR or Eurodollar Rate Daily Simple RFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. The Administrative Agent does not warrant or accept responsibility for and shall not have any liability with respect to the administration, submission or any other matter related to the rates in the definition of RFR, Daily Simple RFR, Term SOFR or Daily Simple SOFR. (g) For purposes of the Interest Act (Canada), (i) whenever any interest or fee under this Agreement is calculated on the basis of a period other than a calendar year, such rate used in such calculation, when expressed as an annual rate, is equivalent to (A) such rate, multiplied by (B) the actual number of days in the calendar year in which the period for which such interest or fee is calculated ends, and divided by (C) the number of days in such period of time, (ii) the principle of deemed reinvestment of interest shall not apply to any interest calculation under this Agreement, and (iii) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.

Appears in 1 contract

Sources: Credit Agreement (Westinghouse Air Brake Technologies Corp)

Interest. (a) The Loans comprising unpaid principal amount of each Base Rate Borrowing Loan shall bear interest from the date of the incurrence thereof until maturity (whether by acceleration or otherwise) at a rate per annum which shall at all times be the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no in effect from time be less than 0.00% per annumto time. (b) The Loans comprising unpaid principal amount of each Eurodollar Borrowing Loan shall bear interest from the date of the incurrence thereof until maturity (whether by acceleration or otherwise) at a rate per annum which shall at all times be the Adjusted Applicable Eurodollar Rate for the Interest Period in effect for such Borrowing Margin plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumrelevant Eurodollar Rate. (c) Notwithstanding The unpaid principal amount of each Competitive Bid Loan shall bear interest from the foregoingdate the proceeds thereof are made available to the Borrower until maturity (whether by acceleration or otherwise) at the rate or rates per annum specified by a Bidder Bank or Bidder Banks, if any principal of or interest on any Loan or any fee or other amount payable as the case may be, pursuant to Section 1.04(b) and accepted by the Borrower hereunder is not paid when duepursuant to Section 1.04(c). (d) Overdue principal and, whether at stated maturityto the extent permitted by law, upon acceleration or otherwise, such overdue amount interest in respect of each Loan and Competitive Bid Loan shall bear interest, after as well as before judgment, interest at a rate per annum equal to the Base Rate in effect from time to time plus 2%; PROVIDED that principal in respect of Eurodollar Loans and Competitive Bid Loans shall bear interest after the same becomes due (whether by acceleration or otherwise) until the end of the applicable Interest Period for such Eurodollar Loans, or the original scheduled maturity of such Competitive Bid Loans, as the case may be, at a per annum rate equal to 2% plus the rate of interest applicable on the due date therefor. (e) Interest shall accrue from and including the date of any incurrence of a Loan or a Competitive Bid Loan to and excluding the date of any repayment thereof and shall be payable (i) in the case respect of overdue principal of any each Base Rate Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be payable quarterly in arrears on the last Business Day of each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demandcalendar quarter, (ii) in the event respect of any repayment or prepayment of any each Competitive Bid Loan, accrued interest on at such times as specified in the principal amount repaid or prepaid shall be payable on the date Notice of such repayment or prepaymentCompetitive Bid Borrowing relating thereto, and (iii) in respect of each Eurodollar Loan, on the event last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three month intervals after the first day of such Interest Period and (iv) in respect of each Loan or Competitive Bid Loan, on any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable or prepayment (on the effective date of amount so converted or prepaid), at maturity (whether by acceleration or otherwise) and, after such conversionmaturity, on demand. (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 Base Rate at times when the Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days made in accordance with Section 11.07(b). (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). g) The applicable Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, upon determining the interest rate for any Borrowing of Eurodollar Loans for any Interest Period, shall promptly notify the Borrower and such determination shall be conclusive absent manifest errorthe Banks thereof.

Appears in 1 contract

Sources: Credit Agreement (Fremont General Corp)

Interest. The Borrower shall pay interest on the unpaid principal amount of each Loan from the date thereof until the principal amount thereof shall be paid in full, at the following rates per annum: (a) The Loans comprising each For Base Rate Borrowing shall bear interest at the Base Rate plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annum. (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 judgmentLoans, at a rate per annum equal at all times to (i) in the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Section. (d) Accrued interest on each Loan shall be effect from time to time PLUS the Applicable Base Rate Margin, payable quarterly in arrears on the first day of each Interest Payment quarter, on the Termination Date for such Loanand on the date any Base Rate Loan is paid in full; provided that (i) PROVIDED, HOWEVER, during the continuance of an Event of Default, interest accrued pursuant to clause (c) of this Section shall be payable on demanddemand and all Base Rate Loans shall bear interest at a rate per annum equal at all times to 2.0% per annum above the Base Rate in effect from time to time PLUS the Applicable Base Rate Margin. (b) For Eurodollar Rate Loans, (ii) at a rate per annum equal at all times during the applicable Interest Period for each Eurodollar Rate Loan to the sum of the Eurodollar Rate for such Interest Period PLUS the Applicable Eurodollar Rate Margin in the event of any repayment or prepayment of any Loan, accrued interest effect on the principal amount repaid or prepaid shall be first day of such Interest Period, payable on the date last day of such repayment Interest Period, on the Termination Date and on the date any Eurodollar Rate Loan is paid in full; PROVIDED, HOWEVER, during the continuance of an Event of Default, all Eurodollar Rate Loans shall bear interest, payable on demand, at a rate per annum equal at all times to 2.0% above the Eurodollar Rate in effect from time to time PLUS the Applicable Eurodollar Rate Margin until the maturity of the Loans or prepaymentthe end of such Interest Period, whichever occurs first, and thereafter at the greater of (iiix) 2.0% per annum above the Base Rate in effect from time to time and (y) 2.0% per annum above the event of any conversion of any Eurodollar rate per annum required to be paid on such Loan immediately prior to the end date on which such Event of the current Interest Period therefor in accordance with this Agreement, accrued interest on such Loan shall be payable on the effective date of such conversionDefault occurred. (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Base Rate at times when the 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

Appears in 1 contract

Sources: Credit Agreement (Elder Beerman Stores Corp)

Interest. (a) The Loans comprising Borrower shall pay to the Bank interest on the unpaid principal amount of each Base Rate Borrowing Tranche A Loan and each Tranche B Loan for the period commencing on the date of each such Loan to but excluding the date such Loan or portion thereof shall bear interest be paid in full, at the Base following rates per annum: (i) during the periods such Loan is a CD Loan, the Adjusted CD Rate plus the Applicable Margin; provided that notwithstanding and (ii) during the foregoingperiods such Loan is a Eurodollar Loan, such interest rate shall at no time be less than 0.00% per annumthe Adjusted Eurodollar Rate plus the Applicable Margin. (b) The Borrower shall pay to the Bank interest on the unpaid principal amount of the Term Loans comprising each Eurodollar Borrowing shall bear interest at a rate per annum equal to the Adjusted Eurodollar Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin; provided that notwithstanding the foregoing, such interest rate shall at no time be less than 0.00% per annumPrime Rate. (c) Notwithstanding the foregoing, if the Borrower shall pay to the Bankinterest at the Default Rate on any principal of or interest any Loan and (to the fullest extent permitted by law) on any Loan or any fee or other amount payable by the Borrower hereunder under this Agreement or any other Loan Document which is not paid in full when due, due (whether at stated maturity, upon by acceleration or otherwise), such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal for the period from and including the due date thereof to (i) but excluding the date the same is paid in the case of overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in clause (a) or (b) of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Base Rate Loans as provided in clause (a) of this Sectionfull. (d) Accrued interest on each Loan the Loans shall be due and payable in arrears as follows: (i) in the case of CD Loans, on each Quarterly Date; (ii) in the case of each Eurodollar Loan, on the last day of the Interest Payment Period with respect thereto; (iii) in the case of each Term Loan, every three (3) months after the Term Loan Conversion Date for such Loan; provided that (iiv) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in upon the event of any repayment payment or prepayment of any Loan, accrued interest Term Loan or any Eurodollar Loan or the Conversion of any Eurodollar Loan to a CD Loan (but only on the principal amount repaid so paid, prepaid, or prepaid Converted); and (v) on the Maturity Date; provided that interest payable at the Default Rate shall be payable from time to time on the date of such repayment or prepayment, and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor in accordance with this Agreement, accrued interest 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 Base Rate at times when the 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 Base Rate, Adjusted Eurodollar Rate or Eurodollar Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

Appears in 1 contract

Sources: Credit Agreement (Family Dollar Stores Inc)