Initial Interest Rates and Interest Periods Clause Samples
The 'Initial Interest Rates and Interest Periods' clause defines the starting interest rate applicable to a loan or financial instrument and specifies the time intervals over which interest is calculated and paid. Typically, this clause outlines the exact rate that will apply from the commencement of the agreement and details the length and frequency of each interest period, such as monthly or quarterly. By clearly establishing these terms, the clause ensures both parties understand the cost of borrowing and the schedule for interest payments, thereby reducing uncertainty and potential disputes over payment expectations.
Initial Interest Rates and Interest Periods. The Borrowers and the Incremental Term Lenders hereby agree that the Incremental Term Loans incurred pursuant to this Amendment will be allocated ratably to each outstanding borrowing of Term Loans that are Eurodollar Rate Loans or ABR Loans under the Credit Agreement for purposes of determining the initial interest rate thereon and Interest Period therefor.
Initial Interest Rates and Interest Periods. The Amendment No. 3 Incremental Term B Loans will initially be subject to the same Interest Periods as the currently outstanding Existing Amendment No. 1 Incremental Term B Loans on the Amendment No. 3 Effective Date (which, for the avoidance of doubt, is 1 month ending July 31, 2024).
Initial Interest Rates and Interest Periods. The Amendment No. 1 Effective Date Incremental Loans shall bear interest as provided for in the Credit Agreement in respect of Initial Loans. From the date of each applicable Delayed Draw Funding Date, the Amendment No. 1 Delayed Draw Incremental Loans funding on such Delayed Draw Funding Date shall bear interest as provided for in the Credit Agreement in respect of Initial Loans. The Borrower and the Amendment No. 1 Incremental Lenders hereby agree that all Amendment No. 1 Incremental Loans incurred pursuant to this Amendment will be allocated ratably to each outstanding borrowing of Loans that are Eurocurrency Rate Loans or Base Rate Loans under the Credit Agreement for purposes of determining the initial interest rate thereon and Interest Period therefor.
Initial Interest Rates and Interest Periods. (A) The Applicable Margin with respect to the Amendment No. 1 Incremental Term B Loans shall be (i) in the case of Term Benchmark Loans, a percentage equal to 2.25% per annum and (ii) in the case of ABR Loans, a percentage equal to 1.25% per annum.
(B) For the avoidance of doubt, the Amendment No. 1 Incremental Term B Loans may only be ABR Loans or Term Benchmark Loans, and shall bear interest, at the option of the Company, (i) if such Amendment No. 1 Incremental Term B Loan is an ABR Loan, the Alternative Base Rate plus the Applicable Margin applicable thereto set forth in clause (A) above or (ii) if such Amendment No.1 Incremental Term B Loan is a Term Benchmark Loan, the Term SOFR Rate plus the Applicable Margin applicable thereto set forth in clause (A) above; provided that for purposes of the foregoing and solely with respect to the Amendment No. 1 Incremental Term B Loans (but no other Loans), if the Term SOFR Rate as determined in accordance with definition thereof under the Amended Credit Agreement would be less than 0.00%, such rate shall be deemed to be equal to 0.00%, for the purposes of this Agreement.
(C) Section 1.07 of the Amended Credit Agreement shall apply to the Amendment No. 1 Incremental Term B Loans, mutatis mutandis.
(D) The Amendment No. 1 Incremental Term B Loans shall have an initial Interest Period specified in the applicable notice of borrowing.
Initial Interest Rates and Interest Periods. The Amendment No. 2 Incremental Loans shall bear interest as provided for in the Credit Agreement in respect of Initial Loans. The Borrower and each Amendment No. 2 Incremental Lenders hereby agree that all Amendment No. 2 Incremental Loans incurred pursuant to this Amendment will be allocated ratably to each outstanding borrowing of Loans that are Eurocurrency Rate Loans or Base Rate Loans under the Credit Agreement for purposes of determining the initial interest rate thereon and Interest Period therefor.
Initial Interest Rates and Interest Periods. The 2021 Refinancing Term Loans shall bear interest as provided for in the Amended Credit Agreement.
Initial Interest Rates and Interest Periods. The Amendment No. 6