Common use of Interest Payment Dates; Interest and Fee Basis Clause in Contracts

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Base Rate Loan shall be payable on each Payment Date, commencing with the first such date to occur after the date hereof, on any date on which a Base Rate Loan is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Rate Loan converted into a LIBOR Loan on a day other than a Payment Date shall be payable on the date of conversion. Interest accrued on each LIBOR Loan shall be payable on the last day of its applicable Interest Period, on any date on which the LIBOR Loan is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each LIBOR Loan having an Interest Period longer than three months shall also be payable on the last day of each three-month interval during such Interest Period. Interest on Loans and commitment fees shall be calculated for actual days elapsed on the basis of a 360-day year. Interest shall be payable for the day a Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m., Los Angeles time, at the place of payment. Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest; provided, however, that, if such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error.

Appears in 2 contracts

Sources: Credit Agreement (Petco Animal Supplies Inc), Credit Agreement (Petco Animal Supplies Inc)

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Alternate Base Rate Loan shall be payable in arrears on each Payment Date, commencing with the first such date to occur after the date hereofClosing Date, and on any date on which a the Alternate Base Rate Loan is prepaid, whether due to acceleration or otherwise, and at maturityon the Maturity Date. Interest accrued on that portion of the outstanding principal amount of any Alternate Base Rate Loan converted into a LIBOR SOFR Loan on a day other than a Payment Date shall be payable on the date of conversion. Interest accrued on each LIBOR SOFR Loan shall be payable in arrears on the last day of its applicable Interest Periodeach Payment Date, and on any date on which the LIBOR Loan SOFR Loan, is prepaid, whether by due to acceleration or otherwise, and at maturityon the Maturity Date. Interest accrued on each LIBOR SOFR Loan having an Interest Period longer than three (3) months shall also be payable on the last day of each three-month interval during such Interest Period. Interest accrued on each Daily Simple SOFR Loan shall be payable in arrears on each Payment Date, on any date on which the Daily Simple SOFR Loan is prepaid, whether by acceleration or otherwise, and on the Maturity Date. Interest accrued pursuant to Section 2.10 shall be payable on demand. With respect to (a) interest on all Loans (other than Alternate Base Rate Loans where the interest is based on the Prime Rate), Commitment Fees and commitment other fees hereunder, such interest or fees shall be calculated for actual days elapsed on the basis of a 360-day year and (b) interest on Loans which are Alternate Base Rate Loans where the interest is based on the Prime Rate, such interest shall be calculated for actual days elapsed on the basis of a 365/366-day year. Interest shall be payable for the day a Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m., Los Angeles 1:00 p.m. (Pacific time, ) at the place of payment. Whenever If any payment of principal of or interest on a Loan, any fees or any other amounts payable to be made any Agent or any Lender hereunder shall be stated to be become due on a day that which is not a Business Day, Day such payment shall be made on the next succeeding Business DayDay and, and in the case of a principal payment, such extension of time shall in such case be included in the computation of payment of computing interest; provided, however, that, if fees and commissions in connection with such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest errorpayment.

Appears in 2 contracts

Sources: 364 Day Credit Agreement (Salesforce, Inc.), Credit Agreement (Salesforce, Inc.)

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Base Rate Loan and each LIBOR Market Index Rate Loan shall be payable on each Payment Date, commencing with the first such date to occur after the date hereofAgreement Date, on any date on which a the Base Rate Loan or LIBOR Market Index Rate Loan is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Rate Loan converted into a LIBOR Rate Loan on a day other than a Payment Date shall be payable on the date of conversion. Interest accrued on each LIBOR Rate Loan shall be payable on the last day of its applicable Interest Period, on any date on which the LIBOR Loan is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each LIBOR Rate Loan having an Interest Period longer than three months shall also be payable on the last day of each three-three month interval during such Interest Period. Interest on Loans Interest, Facility Fees and commitment fees LC Fees shall be calculated for actual days elapsed on the basis of a 360-360 day year, except that interest calculated based on the Prime Rate shall be calculated for actual days elapsed on the basis of a 365, or when appropriate 366, day year. Interest shall be payable for the day a Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m., Los Angeles noon (local time, ) at the place of payment. Whenever any payment to be made hereunder shall be stated to the Administrative Agent or any Lender under the Loan Documents would otherwise be due on a day that is not a Business Day, such payment shall instead be made due on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest; provided, however, that, that if such extension would cause any payment of interest on or principal of any LIBOR Loan to be made next succeeding Business Day falls in the next following a new calendar month, then such payment shall instead be made due on the next immediately preceding Business Day. If the date any payment under the Loan Documents is due is extended (whether by operation of any Loan Document, and Applicable Law or otherwise), such shortened payment shall bear interest for such extended time shall in such case be used in at the computation rate of payment of interestinterest applicable hereunder. Each determination by Interest at the Bank of an interest rate hereunder Overdue Rate shall be conclusive and binding for all purposes, absent manifest errorpayable on demand.

Appears in 2 contracts

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

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Base Floating Rate Loan and each LIBOR Market Index Rate Loan shall be payable on each Payment Date, commencing with the first such date to occur after the date hereof, on any date on which a Base such Floating Rate Loan or LIBOR Market Index Rate Loan is prepaidpaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Floating Rate Loan converted into a Eurodollar Loan or LIBOR Market Index Rate Loan on a day other than a Payment Date shall be payable on the date of conversion. Interest accrued on that portion of the outstanding principal amount of any LIBOR Market Index Rate Loan converted into a Floating Rate Loan on a day other than a Payment Date shall be payable on the date of conversion. Interest accrued on each LIBOR Eurodollar Loan shall be payable on the last day of its applicable Interest Period, on any date on which the LIBOR such Eurodollar Loan is prepaidpaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each LIBOR Eurodollar Loan having an Interest Period longer than three months shall also be payable on the last day of each three-month interval during such Interest Period. Interest on Loans Interest, Commitment Fees, Utilization Fees, LC Fees and commitment fees LC Fronting Fees shall be calculated for actual days elapsed on the basis of a 360-day year, except that interest on Floating Rate Loans accruing at a rate based on the Reference Rate shall be computed on the basis of a 365- or 366-day year, as applicable. Interest shall be payable for the day a Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m., Los Angeles 1:00 p.m. (New York time, at the place of payment). Whenever If any payment to be made hereunder of principal of or interest on a Loan or any payment of fees in connection herewith shall be stated to be become due on a day that which is not a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall be reflected in such computing interest or fees, as the case be included in the computation of payment of interest; provided, however, that, if such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest errormay be.

Appears in 2 contracts

Sources: Credit Agreement (Puget Sound Energy Inc), Credit Agreement (Puget Sound Energy Inc)

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Base Rate Loan shall be payable on each Payment Date, commencing with the first such date Payment Date to occur after the date hereofClosing Date, on any date on which a Base Rate Loan is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Rate Loan converted into a LIBOR Loan on a day other than a Payment Date shall be payable on the date of conversionany prepayment of such Loan (whether or not as a result of acceleration) on the amount prepaid, and on the Facility Termination Date. Interest accrued on each LIBOR Term SOFR Loan shall be payable on the last day of its applicable Interest Period, on the date of any date prepayment of such Loan (whether or not as a result of acceleration) on which the LIBOR Loan is amount prepaid, whether by acceleration or otherwise, and at maturityon the Facility Termination Date. Interest accrued on each LIBOR Term SOFR Loan having an Interest Period longer than three months shall also be payable on the last day of each three-month interval during such Interest Period. Interest accrued pursuant to Section 2.11 is payable on Loans demand. Interest and commitment fees hereunder shall be calculated for actual days elapsed on the basis of a 360-day year, except that interest computed by reference to the Alternate Base Rate shall be calculated for actual days elapsed on the basis of a 365/366-day year. 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. Interest shall be payable for the day a Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m., Los Angeles before noon (New York City time, at the place of payment). Whenever If any payment to be made hereunder shall be stated to be of principal of or interest on a Loan becomes due on a day that is not a Business Day, such payment shall be made on the next immediately succeeding Business Day, and Day unless such extension of time shall succeeding Business Day falls in such case be included in the computation of payment of interest; provided, however, that, if such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following a new calendar month, then in which case such payment interest or principal shall instead be made payable on the next immediately preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error.

Appears in 2 contracts

Sources: Credit Agreement (Alliant Energy Corp), Credit Agreement (Public Service Co of New Mexico)

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Base Rate Loan ABR Advance shall be payable on each Payment Datemonthly, commencing with such payment being due, with respect to any calendar month, not later than the first fifth day after submission by the Administrative Agent to the Borrower of an invoice for such date to occur after calendar month (or portion thereof in the date hereof, on any date on which a Base Rate Loan is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion case of the outstanding principal amount of any Base Rate Loan converted into a LIBOR Loan on a day other than a Payment Date shall be payable on the date of conversionAugust 2018). Interest accrued on each LIBOR Loan Term SOFR Advance shall be payable on the last day of its applicable Interest Period, on any date on which the LIBOR Loan Term SOFR Advance is prepaid, whether by due to acceleration or otherwise, and at maturity. Interest accrued on each LIBOR Loan Term SOFR Advance having an Interest Period longer than three months shall also be payable on each day prior to the last day of each three-month interval during such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period. Interest accrued on Loans each Daily Simple SOFR Advance shall be payable monthly, with such payment being due, with respect to any calendar month, not later than the fifth day after submission by the Administrative Agent to the Borrower of any invoice in arrears on the last day for such calendar month (or portion thereof in the case of October, 2022), on any date on which the Daily Simple SOFR Advance is prepaid, whether due to acceleration or otherwise, and commitment at maturity. Interest and fees under this Agreement shall be calculated for actual days elapsed on the basis of a 360-day year except that interest on ABR Advances made at the Prime Rate shall be calculated for actual days elapsed on the basis of a 365-day (or, if applicable, 366-day) year. Interest shall be payable for the day a Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m., Los Angeles 1:00 p.m. (New York time, ) at the place of payment. Whenever If any payment to be made hereunder of principal of or interest on a Loan shall be stated to be become due on a day that which is not a Business Day, such payment shall be made on the next succeeding Business Day, Day and such extension of time shall in such case be included in the computation of payment of interest; provided, however, that, if computing interest in connection with such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest errorpayment.

Appears in 2 contracts

Sources: Credit Agreement (Forestar Group Inc.), Credit Agreement (Forestar Group Inc.)

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Base Rate Loan shall be payable on each Payment Date, commencing with the first such date Payment Date to occur after the date hereofClosing Date, on any date on which a Base Rate Loan is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Rate Loan converted into a LIBOR Loan on a day other than a Payment Date shall be payable on the date of conversionany prepayment of such Loan (whether or not as a result of acceleration) on the amount prepaid, and on the Facility Termination Date. Interest accrued on each LIBOR Term SOFR Loan shall be payable on the last day of its applicable Interest Period, on the date of any date prepayment of such Loan (whether or not as a result of acceleration) on which the LIBOR Loan is amount prepaid, whether by acceleration or otherwise, and at maturityon the Facility Termination Date. Interest accrued on each LIBOR Term SOFR Loan having an Interest Period longer than three months shall also be payable on the last day of each three-month interval during such Interest Period. Interest accrued pursuant to Section 2.11 is payable on Loans demand. Interest and commitment fees hereunder shall be calculated for actual days elapsed on the basis of a 360-day year, except that interest computed by reference to the Alternate Base Rate shall be calculated for actual days elapsed on the basis of a 365/366-day year. 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. Interest shall be payable for the day a Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m., Los Angeles before noon New York City time, at the place of payment). Whenever If any payment to be made hereunder shall be stated to be of principal of or interest on a Loan becomes due on a day that is not a Business Day, such payment shall be made on the next immediately succeeding Business Day, and Day unless such extension of time shall succeeding Business Day falls in such case be included in the computation of payment of interest; provided, however, that, if such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following a new calendar month, then in which case such payment interest or principal shall instead be made payable on the next immediately preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error.

Appears in 2 contracts

Sources: Credit Agreement (Alliant Energy Corp), Credit Agreement (Alliant Energy Corp)

Interest Payment Dates; Interest and Fee Basis. Interest ---------------------------------------------- accrued on each Base Floating Rate Advance and Swing Line Loan shall be payable on each Payment Date, commencing with the first such date to occur after the date hereof, on any date on which a Base the Floating Rate Advance or Swing Line Loan is prepaid, prepaid and at maturity (whether due to acceleration or otherwise, and at maturity). Interest accrued on that portion of the outstanding principal amount of any Base Floating Rate Loan Advance converted into a LIBOR Loan Eurocurrency Advance on a day other than a Payment Date shall be payable on the date of conversion. Interest accrued on each LIBOR Loan Eurocurrency Advance shall be payable on the last day of its applicable Eurocurrency Interest Period, on any date on which the LIBOR Loan Eurocurrency Advance is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each LIBOR Loan Eurocurrency Advance having an Eurocurrency Interest Period longer than three months shall also be payable on the last day Business Day of each three-month interval during such Eurocurrency Interest Period. Interest accrued on all Loans for which the Prime Rate is the basis shall be calculated for actual days elapsed on the basis of a year of 365 or, when appropriate, 366 days. Interest accrued on all Loans for which the Eurocurrency Rate is the basis and commitment all fees shall be calculated for actual days elapsed on the basis of a 360-day yearyear of 360 days. Interest shall be payable for the day a an Advance or Swing Line Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m., Los Angeles noon (local time, ) at the place of payment. Whenever If any payment to be made hereunder of principal of or interest on an Advance or Swing Line Loan or any fee shall be stated to be become due on a day that which is not a Business Day, such payment shall be made on the next succeeding Business DayDay and, and in the case of a principal payment, such extension of time shall in such case be included in the computation of payment of interest; provided, however, that, if computing interest in connection with such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest errorpayment.

Appears in 2 contracts

Sources: Credit Agreement (Gardner Denver Inc), Credit Agreement (Gardner Denver Inc)

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Base Rate Loan and each Swingline Loan shall be payable on each Payment Date, commencing with the first such date Payment Date to occur after the date hereofClosing Date, on any date on which a Base Rate Loan is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Rate Loan converted into a LIBOR Loan on a day other than a Payment Date shall be payable on the date of conversionany prepayment of such Loan (whether or not as a result of acceleration) on the amount prepaid, and on the Facility Termination Date. Interest accrued on each LIBOR Term SOFR Loan shall be payable on the last day of its applicable Interest Period, on the date of any date prepayment of such Loan (whether or not as a result of acceleration) on which the LIBOR Loan is amount prepaid, whether by acceleration or otherwise, and at maturityon the Facility Termination Date. Interest accrued on each LIBOR Term SOFR Loan having an Interest Period longer than three months shall also be payable on the last day of each three-month interval during such Interest Period. Interest accrued pursuant to Section 2.11 is payable on Loans demand. Interest and commitment fees hereunder shall be calculated for actual days elapsed on the basis of a 360-day year, except that interest computed by reference to the Alternate Base Rate shall be calculated for actual days elapsed on the basis of a 365/366-day year. 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. Interest shall be payable for the day a Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m.before noon (Minneapolis, Los Angeles Minnesota time, at the place of payment). Whenever If any payment to be made hereunder shall be stated to be of principal of or interest on a Loan becomes due on a day that is not a Business Day, such payment shall be made on the next immediately succeeding Business Day, and Day unless such extension of time shall succeeding Business Day falls in such case be included in the computation of payment of interest; provided, however, that, if such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following a new calendar month, then in which case such payment interest or principal shall instead be made payable on the next immediately preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error.

Appears in 2 contracts

Sources: Credit Agreement (Otter Tail Corp), Credit Agreement (Otter Tail Corp)

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Alternate Base Rate Loan and each LIBOR Daily Floating Rate Loan shall be payable in arrears on each Payment Date, commencing with the first such date to occur after the date hereofBorrowing Date with respect to such Alternate Base Rate Loan or LIBOR Daily Floating Rate Loan, as applicable, and on any date on which a the Alternate Base Rate Loan or LIBOR Daily Floating Rate Loan, as applicable, is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Rate Loan converted into a LIBOR Loan on a day other than a Payment Date shall be payable on the date of conversion. Interest accrued on each Eurocurrency Loan (other than LIBOR Loan Daily Floating Rate Loans) shall be payable on the last day of its applicable Interest Period, Period and on any date on which the LIBOR such Eurocurrency Loan is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each LIBOR Eurocurrency Loan having an Interest Period longer than three (3) months shall also be payable on the last day of each three-month interval during such Interest Period. Interest accrued pursuant to ‎Section 2.11 shall be payable on demand. With respect to (a) interest on all Loans (other than Alternate Base Rate Loans where the interest is based on the Alternate Base Rate), Revolving Commitment Fees and commitment other fees hereunder, such interest or fees shall be calculated for actual days elapsed on the basis of a 360-day year and (b) interest on Loans which are Alternate Base Rate Loans where the interest is based on the Alternate Base Rate, such interest shall be calculated for actual days elapsed on the basis of a 365/366-day year. Interest shall be payable for the day a Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m., Los Angeles p.m. (New York time, ) at the place of payment. Whenever If any payment of principal of or interest on a Loan, any fees or any other amounts payable to be made the Administrative Agent or any Lender hereunder shall be stated to be become due on a day that which is not a Business Day, such payment shall be made on the next succeeding Business DayDay and, and in the case of a principal payment, such extension of time shall in such case be included in the computation of payment of computing interest; provided, however, that, if fees and commissions in connection with such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest errorpayment.

Appears in 1 contract

Sources: Credit Agreement (Walgreens Boots Alliance, Inc.)

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Base Reference Rate Loan shall be payable in arrears on the first Business Day of each Payment Datecalendar month, commencing with the first such date to occur after the date hereofClosing Date, on any date on which a Base Reference Rate Loan is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Reference Rate Loan converted into a LIBOR Loan on a day other than a Payment Date an interest payment date shall be payable on the date of conversion. Interest accrued on each LIBOR Loan shall be payable on the last day of its applicable Interest Period (and, in the case of any LIBOR Loan with an Interest Period of six months, on the day that is three months after the first day of such Interest Period), on any date on which the LIBOR Loan is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each LIBOR Loan having an Interest Period longer than three months shall also be payable on the last day of each three-month interval during such Interest Period. Interest on Loans and commitment fees shall be calculated for actual days elapsed on the basis of a 360-day year, and interest on Reference Rate Loans shall be calculated for actual days elapsed on the basis of a year of 365 or 366 days, as applicable. Interest shall be payable for the day a Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m.12:00 noon, Los Angeles time, at the place of payment. Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest; provided, however, that, if such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error.

Appears in 1 contract

Sources: Term Loan Agreement (LTC Properties Inc)

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Base Rate Loan AdvanceBorrowing shall be payable in arrears on each Payment Date, commencing with the first such date to occur after the date hereofClosing Date, and on any date on which a the Base Rate Loan AdvanceBorrowing is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Rate Loan AdvanceBorrowing converted into a LIBOR Loan SOFR AdvanceBorrowing on a day other than a Payment Date shall be payable on the date of conversion. Interest accrued on each LIBOR Loan Eurocurrency AdvanceBorrowing or SOFR AdvanceBorrowing shall be payable on the last day of its applicable Interest Period, on any date on which the LIBOR Loan Eurocurrency AdvanceBorrowing or SOFR AdvanceBorrowing, as applicable, is prepaid, whether by acceleration or otherwise, and at maturityon the Facility TerminationFinal Maturity Date. Interest accrued on each LIBOR Loan Eurocurrency AdvanceBorrowing and each SOFR AdvanceBorrowing having an Interest Period longer than three (3) months shall also be payable on the last day of each three-month interval during such Interest Period. Interest accrued pursuant to ‎Section 2.11 shall be payable on demand. With respect to (a) interest on all AdvancesBorrowings (other than Base Rate Loans where the interest is based on the Prime Rate and commitment Eurocurrency AdvancesBorrowings based on CDORTerm C▇▇▇▇), Commitment Fees and other fees hereunder, such interest or fees shall be calculated for actual days elapsed on the basis of a 360-day year and (b) interest on AdvancesBorrowings (1) which are Base Rate Loans where the interest is based on the Prime Rate and (2) Eurocurrency AdvancesBorrowings based on CDORTerm C▇▇▇▇, such interest shall be calculated for actual days elapsed on the basis of a 365/366 day year. Interest shall be payable for the day a Loan an Advancea Borrowing is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m.(x) 1:00 p.m. (New York time), Los Angeles timein the case of an Advancea Borrowing denominated in Dollars or (y) the Applicable Time, in the case of an Advancea Borrowing denominated in a Foreign Currency, in each case, at the place of payment. Whenever If any payment of principal of or interest on an Advancea Borrowing, any fees or any other amounts payable to be made any Agent or any Lender hereunder shall be stated to be become due on a day that which is not a Business Day, such payment shall be made on the next succeeding Business Day, and and, in the case of a principal payment, such extension of time shall in such case be included in the computation of payment of computing interest; provided, however, that, if fees and commissions in connection with such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest errorpayment.

Appears in 1 contract

Sources: Amendment No. 4 (RXO, Inc.)

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Base Floating Rate Loan Advance shall be payable in arrears on each Payment Date, commencing with the first such date to occur after the date hereof, on any date on which a Base the Floating Rate Loan Advance is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Floating Rate Loan Advance converted into a LIBOR Loan Advance on a day other than a Payment Date shall be payable on the date of conversionnext succeeding Payment Date. Interest accrued on each LIBOR Loan SIDLEY AUSTIN BROWN & WOOD 23 accr▇▇▇ ▇▇ ▇▇▇▇ LIB▇▇ ▇dvance shall be payable on the last day of its applicable Interest Period, on any date on which the LIBOR Loan Advance is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each LIBOR Loan Advance having an Interest Period longer than three (3) months shall also be payable on the last day of each three-month interval during such Interest Period. Interest on Loans all Advances and commitment fees shall be calculated for actual days elapsed on the basis of a 360-day year. Interest shall be payable for the day a Loan an Advance is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m., Los Angeles p.m. (Chicago time, ) at the place of payment. Whenever If any payment of principal of or interest on an Advance, any fees or any other amounts payable to be made the Administrative Agent or any Lender hereunder shall be stated to be become due on a day that which is not a Business Day, such payment shall be made on the next succeeding Business DayDay and, and in the case of a principal payment, such extension of time shall in such case be included in the computation of payment of computing interest; provided, however, that, if fees and commissions in connection with such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest errorpayment.

Appears in 1 contract

Sources: Credit Agreement (Insurance Auto Auctions Inc /Ca)

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Base Rate Loan Advance shall be payable on each Payment Date, commencing with the first such date to occur after the date hereof, on any date on which a such Base Rate Loan Advance is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Rate Loan Advance converted into a LIBOR Loan Eurocurrency Advance on a day other than a Payment Date shall be payable on the date of conversion. Interest accrued on each LIBOR Loan Eurocurrency Advance shall be payable on the last day of its applicable Interest Period, on any date on which the LIBOR Loan such Eurocurrency Advance is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each LIBOR Loan Eurocurrency Advance having an Interest Period longer than three months shall also be payable on the last day of each three-month interval during such Interest Period. Interest accrued on Loans each Foreign Currency Swing Loan, on each Euro Swing Loan and commitment on each U.S. Swing Loan shall be paid on the Maturity Date therefor, on any date on which such Foreign Currency Swing Loan or such Euro Swing Loan is prepaid, whether due to acceleration or otherwise, and at maturity. Interest, facility fees and utilization fees shall be calculated for actual days elapsed on the basis of a 360-day year, except for interest on Base Rate Loans calculated by reference to the “prime rate” of Bank of America, Foreign Currency Swing Loans and Revolving Loans denominated in Pounds Sterling or Yen, as applicable, which shall be calculated for actual days elapsed on the basis of a 365-day year or when appropriate, a 366-day year. Interest shall be payable for the day a Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m., Los Angeles noon (local time, ) at the place of payment. Whenever If any payment to be made hereunder of principal of or interest on a Loan shall be stated to be become due on a day that which is not a Business Day, such payment shall be made on the next succeeding Business DayDay and, and in the case of a principal payment, such extension of time shall in such case be included in the computation of payment of interest; provided, however, that, if computing interest in connection with such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest errorpayment.

Appears in 1 contract

Sources: 364 Day Revolving Credit Agreement (Visa Inc.)

Interest Payment Dates; Interest and Fee Basis. Interest accrued ---------------------------------------------- on each Base Reference Rate Loan shall be payable in arrears on the first Business Day of each Payment Datecalendar month, commencing with the first such date to occur after the date hereofClosing Date, on any date on which a Base Reference Rate Loan is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Reference Rate Loan converted into a LIBOR Loan on a day other than a Payment Date an interest payment date shall be payable on the date of conversion. Interest accrued on each LIBOR Loan shall be payable on the last day of its applicable Interest Period, on any date on which the LIBOR Loan is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each LIBOR Loan having an Interest Period longer than three months shall also be payable on the last day of each three-month interval during such Interest Period. Interest on Loans and commitment fees shall be calculated for actual days elapsed on the basis of a 360-day year and interest on Reference Rate Loans shall be calculated for actual days elapsed on the basis of 365-day year. Interest shall be payable for the day a Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m.12:00 noon, Los Angeles time, at the place of payment. Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest; provided, however, that, if such extension would cause any payment of interest -------- ------- on or principal of any LIBOR Loan to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by For purposes of calculating the Bank Applicable Margin for LIBOR Loans, the Letter of an interest rate hereunder Credit Fee and the Commitment Fee, if the Ratings shall fall within different Levels, the Applicable Margin, the Letter of Credit Fee and the Commitment Fee shall be conclusive based on the higher Rating. If any Rating shall be changed, each such change with respect to the Borrower shall apply at any time during the period commencing on the fifth Business Day following the date on which the Agent has received notice of such change from the Borrower after the effective date of such change and binding ending on the date five Business Days following the date on which the Agent has received notice of any new change in Rating (after the effective date of the next such change). If the rating system of either S&P or ▇▇▇▇▇'▇ shall change, the parties hereto shall negotiate in good faith to amend the references to specific Ratings in the Applicable Margin definition to reflect such changed rating system. The Applicable Margin for all purposesLIBOR Loans, absent manifest errorthe Letter of Credit Fee and the Commitment Fee shall also be subject to adjustment (upwards or downwards, as appropriate) based on the Borrower's Leverage Ratio. The Leverage Ratio shall be determined from the then most recent annual or quarterly financial statement of the Borrower delivered with the Compliance Certificate. The adjustment, if any, to the Applicable Margin for LIBOR Loans, the Letter of Credit Fee and the Commitment Fee, as it relates to the Leverage Ratio, shall take place on, and be effective from and after the fifth Business Day following the date on which the Agent has received the Compliance Certificate. If the Borrower shall at any time fail to furnish to the Agent the Compliance Certificate within the time limitation set forth in Section 7.1(iii), then the Borrower's Level shall be Level VI Status from the date of such failure until 5 Business Days after such Compliance Certificate is so delivered.

Appears in 1 contract

Sources: Credit Agreement (LTC Properties Inc)

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Base Floating Rate Loan Advance shall be payable on each Monthly Payment Date, commencing with the first such date to occur after the date hereof, on any date on which a Base the Floating Rate Loan is prepaid, whether due to acceleration or otherwise, and at maturityon the Facility B Termination Date. Interest accrued on that portion of the outstanding principal amount of any Base Floating Rate Loan Advance converted into a LIBOR Loan Fixed Rate Advance on a day other than a Monthly Payment Date shall be payable on the date of conversion. Interest accrued on each LIBOR Loan Fixed Rate Advance shall be payable on the last day of its applicable Interest Period, on any date on which the LIBOR Loan Fixed Rate Advance is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each LIBOR Loan Fixed Rate Advance having an Interest Period longer than three months shall also be payable on the last day of each three-month interval during such Interest Period. Interest on Floating Rate Loans and commitment fees Facility Fees shall be calculated for actual days elapsed on the basis of a 365-day year; interest on Fixed Rate Loans shall be calculated for actual days elapsed on the basis of a 360-day year. Interest shall be payable for the day a Loan Facility B Advance is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m., Los Angeles 1:00 p.m. (Chicago time, ) at the place of payment. Whenever If any payment to be made hereunder of principal of or interest on a Facility B Advance shall be stated to be become due on a day that which is not a Business Day, such payment shall be made on the next succeeding Business DayDay and, and in the case of a principal payment, such extension of time shall in such case be included in the computation of payment of interest; provided, however, that, if computing interest in connection with such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest errorpayment.

Appears in 1 contract

Sources: Revolving Credit Agreement (Lennar Corp)

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Base Swing Line Loan and Floating Rate Loan Advance shall be payable on each Monthly Payment Date, commencing with the first such date to occur after the date hereof, on any date on which a Base the Swing Line Loan or Floating Rate Loan is prepaid, whether due to acceleration or otherwise, and at maturityon the Facility A Termination Date. Interest accrued on that portion of the outstanding principal amount of any Base Floating Rate Loan Advance converted into a LIBOR Loan Fixed Rate Advance on a day other than a Monthly Payment Date shall be payable on the date of conversion. Interest accrued on each LIBOR Loan Fixed Rate Advance shall be payable on the last day of its applicable Interest Period, on any date on which the LIBOR Loan Fixed Rate Advance is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each LIBOR Loan Fixed Rate Advance having an Interest Period longer than three months shall also be payable on the last day of each three-month interval during such Interest Period. Interest on Floating Rate Loans and commitment fees Facility Fees shall be calculated for actual days elapsed on the basis of a 365-day year; interest on Fixed Rate Loans shall be calculated for actual days elapsed on the basis of a 360-day year. Interest shall be payable for the day a Committed Advance or a Swing Line Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m., Los Angeles 1:00 p.m. (Chicago time, ) at the place of payment. Whenever If any payment to be made hereunder of principal of or interest on a Committed Advance or a Swing Line Loan shall be stated to be become due on a day that which is not a Business Day, such payment shall be made on the next succeeding Business DayDay and, and in the case of a principal payment, such extension of time shall in such case be included in the computation of payment of interest; provided, however, that, if computing interest in connection with such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest errorpayment.

Appears in 1 contract

Sources: Revolving Credit Agreement (Lennar Corp)

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Base Floating Rate Loan Borrowing shall be payable in arrears on each Payment Date, commencing with the first such date Payment Date to occur after the date hereofClosing Date, on any date on which a Base the Floating Rate Loan Borrowing is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Floating Rate Loan Borrowing converted into a LIBOR Loan Eurocurrency Borrowing on a day other than a Payment Date shall be payable on the date of conversion. Interest accrued on each LIBOR Loan Eurocurrency Borrowing shall be payable on the last day of its applicable Interest Period, on any date on which the LIBOR Loan such Eurocurrency Borrowing is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each LIBOR Loan Eurocurrency Borrowing having an Interest Period longer than three (3) months shall also be payable on the last day of each three-month interval during such Interest Period. Interest on Loans Eurocurrency Borrowings, and commitment all other fees hereunder shall be calculated for actual days elapsed on the basis of a 360-day year. Interest on Floating Rate Borrowings shall be calculated for actual days elapsed on the basis of a 365/366-day year. Interest shall be payable for the day a Loan Borrowing is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m., Los Angeles 12:00 noon (local time, ) at the place of payment. Whenever If any payment of principal of or interest on a Borrowing, any fees or any other amounts payable to be made the Agent or any Lender hereunder shall be stated to be become due on a day that which is not a Business Day, such payment shall be made on the next succeeding Business DayDay and, and in the case of a principal payment, such extension of time shall in such case be included in the computation of payment of computing interest; provided, however, that, if fees and commissions in connection with such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest errorpayment.

Appears in 1 contract

Sources: Term Loan Credit Agreement (Patterson Companies, Inc.)

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Base Rate Loan and each Swingline Loan shall be payable on each Payment Date, commencing with the first such date Payment Date to occur after the date hereofClosing Date, on any date on which a Base Rate Loan is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Rate Loan converted into a LIBOR Loan on a day other than a Payment Date shall be payable on the date of conversionany prepayment of such Loan (whether or not as a result of acceleration) on the amount prepaid, and on the Facility Termination Date. Interest accrued on each LIBOR SOFR Loan shall be payable on each Interest Payment Date, commencing with the last day of its applicable first such Interest PeriodPayment Date to occur after the Closing Date, on the date of any date prepayment of such Loan (whether or not as a result of acceleration) on which the LIBOR Loan is amount prepaid, whether by acceleration or otherwise, and at maturityon the Facility Termination Date. Interest accrued on each LIBOR Loan having an Interest Period longer than three months shall also be pursuant to Section 2.11 is payable on the last day of each three-month interval during such Interest Perioddemand. Interest on Loans and commitment fees hereunder shall be calculated for actual days elapsed on the basis of a 360-day year, except that interest computed by reference to the Alternate Base Rate shall be calculated for actual days elapsed on the basis of a 365/366-day year. 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. Interest shall be payable for the day a Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m., Los Angeles before noon (Pacific Standard time, at the place of payment). Whenever If any payment to be made hereunder shall be stated to be of principal of or interest on a Loan becomes due on a day that is not a Business Day, such payment shall be made on the next immediately succeeding Business Day, and Day unless such extension of time shall succeeding Business Day falls in such case be included in the computation of payment of interest; provided, however, that, if such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following a new calendar month, then in which case such payment interest or principal shall instead be made payable on the next immediately preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error.

Appears in 1 contract

Sources: Credit Agreement (Universal Electronics Inc)

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Base Rate Loan Advance, Same Day Dollar Advance or Tranche B Same Day Multi-Currency Advance denominated in Euro shall be payable by the applicable Borrower on each Payment Date, commencing with the first such date to occur after the date hereof, on any date on which a Base such Advance is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on each Alternative Currency Daily Rate Loan Advance or Tranche B Same Day Multi-Currency Advance denominated in Sterling shall be payable by the applicable Borrower on each Interest Payment Date, commencing with the first such date to occur after the date hereof, on any date on which such Advance is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Rate Loan Advance, Same Day Dollar Advance or Tranche B Same Day Multi-Currency Advance converted into a LIBOR Loan Term Rate Advance on a day other than a Payment Date shall be payable by the applicable Borrower on the date of conversion. Interest accrued on each LIBOR Loan Term Rate Advance shall be payable by the applicable Borrower on the last day of its applicable Interest Period, on any date on which the LIBOR Loan such Term Rate Advance is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each LIBOR Loan Term Rate Advance having an Interest Period longer than three months shall also be payable by the applicable Borrower on the last day of each three-month interval during such Interest Period. Interest on Loans and commitment fees shall be calculated for actual days elapsed on the basis of a 360-day year, provided, that interest on Base Rate Loans, Tranche B Same Day Multi-Currency Loans and Alternative Currency Daily Rate Loans determined in reference to Simple ▇▇▇▇▇ or ▇▇▇▇▇, as the case may be, shall be calculated for actual days elapsed on the basis of a 365-day year or when appropriate, a 366-day year. Interest shall be payable by the applicable Borrower for the day a Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m., Los Angeles noon (local time, ) at the place of payment. Whenever If any payment to be made hereunder of principal of or interest on a Loan shall be stated to be become due on a day that which is not a Business Day, such payment shall be made by the applicable Borrower on the next succeeding Business DayDay and, and in the case of a principal payment, such extension of time shall in such case be included in the computation of payment of interest; provided, however, that, if computing interest in connection with such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest errorpayment.

Appears in 1 contract

Sources: Revolving Credit Agreement (Visa Inc.)

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Alternate Base Rate Loan shall be payable in arrears on each Payment Date, commencing with the first such date to occur after the date hereof, Borrowing Date with respect to such Alternate Base Rate Loan and on any date on which a the Alternate Base Rate Loan is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Rate Loan converted into a LIBOR Loan on a day other than a Payment Date shall be payable on the date of conversionFacility Termination Date. Interest accrued on each LIBOR Eurocurrency Loan shall be payable on the last day of its applicable Interest Period, Period and on any date on which the LIBOR such Eurocurrency Loan is prepaid, whether by acceleration or otherwise, and at maturityon the Facility Termination Date. Interest accrued on each LIBOR Eurocurrency Loan having an Interest Period longer than three (3) months shall also be payable on the last day of each three-month interval during such Interest Period. Interest accrued pursuant to ‎Section 2.11 shall be payable on demand. With respect to (a) interest on all Loans (other than Alternate Base Rate Loans where the interest is based on the Alternate Base Rate), Commitment Fees and commitment other fees hereunder, such interest or fees shall be calculated for actual days elapsed on the basis of a 360-day year and (b) interest on Loans which are Alternate Base Rate Loans where the interest is based on the Alternate Base Rate, such interest shall be calculated for actual days elapsed on the basis of a 365/366-day year. Interest shall be payable for the day a Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m.p.m. (New York time), Los Angeles timein the case of a Loan denominated in Dollars or (y) the Applicable Time, in the case of a Loan denominated in a Foreign Currency, in each case, at the place of payment. Whenever If any payment of principal of or interest on a Loan, any fees or any other amounts payable to be made the Administrative Agent or any Lender hereunder shall be stated to be become due on a day that which is not a Business Day, such payment shall be made on the next succeeding Business DayDay and, and in the case of a principal payment, such extension of time shall in such case be included in the computation of payment of computing interest; provided, however, that, if fees and commissions in connection with such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest errorpayment.

Appears in 1 contract

Sources: Revolving Credit Agreement (Walgreens Boots Alliance, Inc.)

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Alternate Base Rate Loan and each LIBOR Daily Floating Rate Loan shall be payable in arrears on each Payment Date, commencing with the first such date to occur after the date hereofBorrowing Date with respect to such Alternate Base Rate Loan or LIBOR Daily Floating Rate Loan, as applicable, and on any date on which a the Alternate Base Rate Loan or LIBOR Daily Floating Rate Loan, as applicable, is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Rate Loan converted into a LIBOR Loan on a day other than a Payment Date shall be payable on the date of conversion. Interest accrued on each Eurocurrency Loan (other than LIBOR Loan Daily Floating Rate Loans) shall be payable on the last day of its applicable Interest Period, Period and on any date on which the LIBOR such Eurocurrency Loan is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each LIBOR Eurocurrency Loan having an Interest Period longer than three (3) months shall also be payable on the last day of each three-month interval during such Interest Period. Interest accrued pursuant to Section 2.11 shall be payable on demand. With respect to (a) interest on all Loans (other than Alternate Base Rate Loans where the interest is based on the Alternate Base Rate), Revolving Commitment Fees and commitment other fees hereunder, such interest or fees shall be calculated for actual days elapsed on the basis of a 360-day year and (b) interest on Loans which are Alternate Base Rate Loans where the interest is based on the Alternate Base Rate, such interest shall be calculated for actual days elapsed on the basis of a 365/366-day year. Interest shall be payable for the day a Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m., Los Angeles p.m. (New York time, ) at the place of payment. Whenever If any payment of principal of or interest on a Loan, any fees or any other amounts payable to be made the Administrative Agent or any Lender hereunder shall be stated to be become due on a day that which is not a Business Day, such payment shall be made on the next succeeding Business DayDay and, and in the case of a principal payment, such extension of time shall in such case be included in the computation of payment of computing interest; provided, however, that, if fees and commissions in connection with such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest errorpayment.

Appears in 1 contract

Sources: Credit Agreement (Walgreens Boots Alliance, Inc.)

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Base Rate Loan and each Daily Simple SOFR Loan shall be payable on each Payment Date, commencing with the first such date Payment Date to occur after the date hereofClosing Date, on any date on which a Base Rate Loan is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Rate Loan converted into a LIBOR Loan on a day other than a Payment Date shall be payable on the date of conversionany prepayment of such Loan (whether or not as a result of acceleration) on the amount prepaid, and on the Facility Termination Date. Interest accrued on each LIBOR Term SOFR Loan shall be payable on the last day of its applicable Interest Period, on the date of any date prepayment of such Loan (whether or not as a result of acceleration) on which the LIBOR Loan is amount prepaid, whether by acceleration or otherwise, and at maturityon the Facility Termination Date. Interest accrued on each LIBOR Term SOFR Loan having an Interest Period longer than three months shall also be payable on the last day of each three-month interval during such Interest Period. Interest accrued pursuant to Section 2.11 is payable on Loans demand. Interest and commitment fees hereunder shall be calculated for actual days elapsed on the basis of a 360-day year, except that interest computed by reference to the Alternate Base Rate shall be calculated for actual days elapsed on the basis of a 365/366-day year. 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. Interest shall be payable for the day a Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m., Los Angeles before noon (Chicago time, at the place of payment). Whenever If any payment to be made hereunder shall be stated to be of principal of or interest on a Loan becomes due on a day that is not a Business Day, such payment shall be made on the next immediately succeeding Business Day, and Day unless such extension of time shall succeeding Business Day falls in such case be included in the computation of payment of interest; provided, however, that, if such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following a new calendar month, then in which case such payment interest or principal shall instead be made payable on the next immediately preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error.

Appears in 1 contract

Sources: Credit Agreement (Century Communities, Inc.)

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Base Reference Rate Loan shall be payable in arrears on the first Business Day of each Payment Datecalendar month, commencing with the first such date to occur after the date hereofClosing Date, on any date on which a Base Reference Rate Loan is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Reference Rate Loan converted into a LIBOR Fixed Rate Loan on a day other than a Payment Date an interest payment date shall be payable on the date of conversion. Interest accrued on each LIBOR Fixed Rate Loan shall be payable on the last day of its applicable Interest Period, on any date on which the LIBOR Fixed Rate Loan is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each LIBOR Loan having an Interest Period longer than three months shall also be payable on the last day of each three-month interval during such Interest Period. Interest on Fixed Rate Loans and commitment fees shall be calculated for actual days elapsed on the basis of a 360-day year and interest on Reference Rate Loans shall be calculated for actual days elapsed on the basis of 365-day year. Interest shall be payable for the day a Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m., Los Angeles time, at the place of payment. Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest; providedPROVIDED, howeverHOWEVER, that, if such extension would cause any payment of interest on or principal of any LIBOR Fixed Rate Loan to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error.

Appears in 1 contract

Sources: Credit Agreement (Star Telecommunications Inc)

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Alternate Base Rate Loan shall be payable in arrears on each Payment Date, commencing with the first such date to occur after the date hereofBorrowing Date with respect to such Alternate Base Rate Loan, on any date on which a the Alternate Base Rate Loan is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Rate Loan converted into a LIBOR Loan on a day other than a Payment Date shall be payable on the date of conversionMaturity Date. Interest accrued on each LIBOR SOFR Rate Loan shall be payable on the last day of its applicable Interest Period, on any date on which the LIBOR such SOFR Rate Loan is prepaid, whether by acceleration or otherwise, and at maturityon the Maturity Date. Interest accrued on each LIBOR Term SOFR Loan having an Interest Period longer than three (3) months shall also be payable on the last day of each three-month interval during such Interest Period. Interest accrued pursuant to Section 2.09 shall be payable on demand. With respect to (a) interest on all Loans (other than Alternate Base Rate Loans where the interest is based on the Alternate Base Rate) and commitment other fees hereunder, such interest or fees shall be calculated for actual days elapsed on the basis of a 360-day year and (b) interest on Loans which are Alternate Base Rate Loans where the interest is based on the Alternate Base Rate, such interest shall be calculated for actual days elapsed on the basis of a 365/366-day year. Interest shall be payable for the day a Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m., Los Angeles p.m. (New York time, ) at the place of payment. Whenever If any payment of principal of or interest on a Loan, any fees or any other amounts payable to be made the Administrative Agent or any Lender hereunder shall be stated to be become due on a day that which is not a Business Day, such payment shall be made on the next succeeding Business DayDay and, and in the case of a principal payment, such extension of time shall in such case be included in the computation of payment of computing interest; provided, however, that, if fees and commissions in connection with such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest errorpayment.

Appears in 1 contract

Sources: Delayed Draw Term Loan Credit Agreement (Walgreens Boots Alliance, Inc.)

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Alternate Base Rate Loan and each LIBOR Daily Floating Rate Loan shall be payable in arrears on each Payment Date, commencing with the first such date to occur after the date hereofBorrowing Date with respect to such Alternate Base Rate Loan or LIBOR Daily Floating Rate Loan, as applicable, and on any date on which a the Alternate Base Rate Loan or LIBOR Daily Floating Rate Loan, as applicable, is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Rate Loan converted into a LIBOR Loan on a day other than a Payment Date shall be payable on the date of conversion. Interest accrued on each Eurocurrency Loan (other than LIBOR Loan Daily Floating Rate Loans) shall be payable on the last day of its applicable Interest Period, Period and on any date on which the LIBOR such Eurocurrency Loan is prepaid, whether by acceleration or otherwise, and at maturityon the Facility Termination Date. Interest accrued on each LIBOR Eurocurrency Loan having an Interest Period longer than three (3) months shall also be payable on the last day of each three-month interval during such Interest Period. Interest accrued pursuant to Section 2.11 shall be payable on demand. With respect to (a) interest on all Loans (other than Alternate Base Rate Loans where the interest is based on the Alternate Base Rate), Commitment Fees and commitment other fees hereunder, such interest or fees shall be calculated for actual days elapsed on the basis of a 360-day year and (b) interest on Loans which are Alternate Base Rate Loans where the interest is based on the Alternate Base Rate, such interest shall be calculated for actual days elapsed on the basis of a 365/366-day year. Interest shall be payable for the day a Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m., Los Angeles p.m. (New York time, ) at the place of payment. Whenever If any payment of principal of or interest on a Loan, any fees or any other amounts payable to be made the Administrative Agent or any Lender hereunder shall be stated to be become due on a day that which is not a Business Day, such payment shall be made on the next succeeding Business DayDay and, and in the case of a principal payment, such extension of time shall in such case be included in the computation of payment of computing interest; provided, however, that, if fees and commissions in connection with such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest errorpayment.

Appears in 1 contract

Sources: Term Loan Credit Agreement (Walgreens Boots Alliance, Inc.)

Interest Payment Dates; Interest and Fee Basis. Interest accrued ---------------------- on each Base Rate Loan shall be payable on each Payment Date, commencing with the first such date to occur after the date hereof, on any date on which a Base Rate Loan is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Rate Loan converted into a LIBOR Loan on a day other than a Payment Date shall be payable on the date of conversion. Interest accrued on each LIBOR Loan shall be payable on the last day of its applicable Interest Period, on any date on which the LIBOR Loan is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each LIBOR Loan having an Interest Period longer than three months shall also be payable on the last day of each three-month interval during such Interest Period. Interest on Loans and commitment fees shall be calculated for actual days elapsed on the basis of a 360-day year. Interest shall be payable for the day a Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m.12:00 noon, Los Angeles time, at the place of payment. Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest; provided, however, that, if such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank Lender of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error.

Appears in 1 contract

Sources: Credit Agreement (Petco Animal Supplies Inc)

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Alternate Base Rate Loan and each LIBOR Daily Floating Rate Loan shall be payable in arrears on each Payment Date, commencing with the first such date to occur after the date hereofBorrowing Date with respect to such Alternate Base Rate Loan or LIBOR Daily Floating Rate Loan, as applicable, and on any date on which a the Alternate Base Rate Loan or LIBOR Daily Floating Rate Loan, as applicable, is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Rate Loan converted into a LIBOR Loan on a day other than a Payment Date shall be payable on the date of conversion. Interest accrued on each Eurocurrency Loan (other than LIBOR Loan Daily Floating Rate Loans) shall be payable on the last day of its applicable Interest Period, Period and on any date on which the LIBOR such Eurocurrency Loan is prepaid, whether by acceleration or otherwise, and at maturityon the applicable Facility Termination Date. Interest accrued on each LIBOR Eurocurrency Loan having an Interest Period longer than three (3) months shall also be payable on the last day of each three-month interval during such Interest Period. Interest accrued pursuant to ‎‎Section 2.11 shall be payable on demand. With respect to (a) interest on all Loans (other than Alternate Base Rate Loans where the interest is based on the Alternate Base Rate), Commitment Fees and commitment other fees hereunder, such interest or fees shall be calculated for actual days elapsed on the basis of a 360-day year and (b) interest on Loans which are Alternate Base Rate Loans where the interest is based on the Alternate Base Rate, such interest shall be calculated for actual days elapsed on the basis of a 365/366-day year. Interest shall be payable for the day a Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m., Los Angeles p.m. (New York time, ) at the place of payment. Whenever If any payment of principal of or interest on a Loan, any fees or any other amounts payable to be made the Administrative Agent or any Lender hereunder shall be stated to be become due on a day that which is not a Business Day, such payment shall be made on the next succeeding Business DayDay and, and in the case of a principal payment, such extension of time shall in such case be included in the computation of payment of computing interest; provided, however, that, if fees and commissions in connection with such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest errorpayment.

Appears in 1 contract

Sources: Revolving Credit Agreement (Walgreens Boots Alliance, Inc.)

Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Base Rate Loan Advance, Same Day Dollar Advance or Tranche B Same Day Multi-Currency Advance shall be payable by the applicable Borrower on each Payment Date, commencing with the first such date to occur after the date hereof, on any date on which a Base Rate Loan such Advance is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Rate Loan Advance, Same Day Dollar Advance or Tranche B Same Day Multi-Currency Advance converted into a LIBOR Loan Eurocurrency Rate Advance on a day other than a Payment Date shall be payable by the applicable Borrower on the date of conversion. Interest accrued on each LIBOR Loan Eurocurrency Rate Advance shall be payable by the applicable Borrower on the last day of its applicable Interest Period, on any date on which the LIBOR Loan such Eurocurrency Rate Advance is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each LIBOR Loan Eurocurrency Rate Advance having an Interest Period longer than three months shall also be payable by the applicable Borrower on the last day of each three-month interval during such Interest Period. Interest accrued on Loans each Swing Loan shall be paid by the applicable Borrower on the Maturity Date therefor and on any date on which such Swing Loan is prepaid, whether due to acceleration or otherwise. Interest and commitment fees shall be calculated for actual days elapsed on the basis of a 360-day year, except for interest on Base Rate Loans calculated by reference to the “prime rate” of Bank of America and Swing Loans denominated in Sterling and Revolving Loans denominated in Sterling, which shall be calculated for actual days elapsed on the basis of a 365-day year or when appropriate, a 366-day year. Interest shall be payable by the applicable Borrower for the day a Loan is made but not for the day of any payment on the amount paid if payment is received prior to 2:00 p.m., Los Angeles noon (local time, ) at the place of payment. Whenever If any payment to be made hereunder of principal of or interest on a Loan shall be stated to be become due on a day that which is not a Business Day, such payment shall be made by the applicable Borrower on the next succeeding Business DayDay and, and in the case of a principal payment, such extension of time shall in such case be included in the computation of payment of interest; provided, however, that, if computing interest in connection with such extension would cause any payment of interest on or principal of any LIBOR Loan to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day, and such shortened time shall in such case be used in the computation of payment of interest. Each determination by the Bank of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest errorpayment.

Appears in 1 contract

Sources: Five Year Revolving Credit Agreement (Visa Inc.)