Interest Rates; Payment of Principal and Interest. (i) The obligation of Borrower to repay all of the Loans made under Revolving Credit Facility shall be evidenced by the Notes. (ii) All of the Notes shall be payable to the order of each Bank at Agent's San Francisco main branch located at ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, San Francisco, California 94163, or at such other office of Agent as may be designated, from time to time, by Agent, for the account of each Bank, not later than 9:00 a.m., California time, on the date of payment. Upon receipt by Agent of such payments as are made in compliance with the terms of this Section 2.5(a), payments made by Borrower shall be deemed made to each Bank and shall constitute satisfaction of Borrower's obligations to each Bank with respect to the Loans so repaid. Agent shall, on either the Domestic Business Day that is the day upon which Agent receives a payment from Borrower if Agent shall have received such payment from Borrower by 9:00 a.m., California time, on that day, or on the next Domestic Business Day following the Domestic Business Day on which Agent receives a payment from Borrower if such payment is received after 9:00 a.m., California time, initiate payment to each Bank of its pro rata share of the Loans repaid. If Agent shall initiate such payment to a Bank later than the date set forth in the immediately preceding sentence, then Agent shall pay to such Bank, in addition to its pro rata share of the Loans repaid, interest on such amount at the customary rate set by Agent for the correction of errors among banks for the first three (3) Domestic Business Days and, thereafter, at the Base Rate. (b) Each Base Rate Loan shall bear interest, upon the unpaid principal balance thereof from the date advanced or converted, at a fluctuating rate, per annum, equal to the Base Rate plus the Applicable Base Rate Margin. Interest due on the Base Rate Loans shall be due and payable, in arrears, commencing on the first Quarterly Payment Date following the Closing Date, and continuing thereafter on each Quarterly Payment Date up to and including the Quarterly Payment Date immediately preceding the Maturity Date, and on the Maturity Date. (c) Each LIBOR Rate Loan owed to a Bank shall bear interest, upon the unpaid principal balance thereof, from the date advanced or converted, at a rate, per annum, equal to the LIBOR Rate for such Bank plus the Applicable LIBOR Rate Margin. Interest due on the LIBOR Rate Loans shall be due and payable, in arrears, on each Interest Payment Date applicable to that LIBOR Rate Loan. Anything to the contrary contained in this Agreement notwithstanding, Borrower shall not have more than six (6) LIBOR Rate Borrowings outstanding at any one time. (d) The aggregate principal amount of all Revolving Credit Facility Loans outstanding as of the Maturity Date shall be due and payable on the Maturity Date. (e) Anything to the contrary contained in this Agreement notwithstanding, Borrower shall not be obligated to pay, and Banks shall not b e entitled to charge, collect, receive, reserve, or take interest ("interest" being defined as the aggregate of all charges that constitute interest under applicable law that are contracted for, charged, reserved, received, or paid) in excess of the maximum rate allowed by applicable law. During any period of time in which the interest rate specified herein exceeds such maximum rate, interest shall accrue and be payable at such maximum rate; provided, however, that, if the interest rate declines below such maximum rate, interest shall continue to accrue and be payable at such maximum rate (so long as there remains any unpaid principal with respect to the Loans) until the interest that has been paid hereunder and under the Notes equals the amount of interest that would have been paid if interest had at all times accrued and been payable at the interest rate specified in this Section 2.5 without being limited to the maximum rate specified in this Section 2.5.
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Sources: Credit Agreement (Southdown Inc)
Interest Rates; Payment of Principal and Interest. (ia) The obligation of Borrower shall make each payment hereunder to repay all of Administrative Agent, for the Loans made under Revolving Credit Facility shall be evidenced by the Notes.
(ii) All of the Notes shall be payable to the order account of each Bank Lender, in immediately available Dollars at Administrative Agent's San Francisco main branch office located at ▇▇▇ 420 ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, San Francisco, California 94163, 94163 (or at such other office of Administrative Agent as may be designated, from time to time, by Administrative Agent, for the account of each Bank, ) not later than 9:00 10:00 a.m., California time, on the date of payment. Upon receipt by Agent payment (except in the case of (i) costs reimbursed pursuant to Sections 2.14 and 2.16, and (ii) interest paid in respect of a Eurodollar Rate Borrowing as to which any Lender (but not all Lenders) shall have requested and received prepayment of a Eurodollar Rate Loan and made a Base Rate Loan in a principal amount equal to the principal amount thereof pursuant to clause (i) of Section 2.15(a) or 2.17, the payment of such payments as are made in compliance with the terms of this Section 2.5(a), payments costs and interest being made by Borrower shall be deemed made to each Bank and shall constitute satisfaction of Borrower's obligations to each Bank with respect directly to the Loans so repaidLender or Lenders claiming same). Administrative Agent shall, on either the Domestic Business Day that which is the day upon on which Administrative Agent receives a payment from Borrower if Administrative Agent shall have received such payment from Borrower by 9:00 10:00 a.m., California time, on that day, or on the next Domestic Business Day following the Domestic Business Day on which Administrative Agent receives a payment from Borrower if such payment is received after 9:00 10:00 a.m., California time, initiate payment to each Bank Lender of its pro rata ratable share (according to its Commitment Percentage) of the Loans repaid. If Administrative Agent shall initiate such payment to a Bank Lender later than on the date set forth in the immediately preceding sentenceBusiness Day above provided, then Administrative Agent shall pay to such BankLender, in addition to its pro rata ratable share (according to its Commitment Percentage) of the Loans repaid, interest on such amount at the customary rate set by Agent for the correction of errors among banks for the first three (3) Domestic Business Days andamount, thereafteruntil payment is initiated, at the Base Federal Funds Rate.
(b) Each Subject to Section 2.5, each Base Rate Loan shall bear interest, upon the unpaid principal balance thereof thereof, from and including the date advanced or convertedconverted to but excluding the date of repayment or conversion thereof, at a fluctuating rate, per annum, equal to the lesser of: (i) the Base Rate plus the Applicable Base Rate Margin; and (ii) the Highest Lawful Rate. Interest due on the Base Rate Loans shall be due and payablepayable quarterly, in arrears, commencing on the first Quarterly Payment Date following the Closing Date, and continuing thereafter on each Quarterly Payment Date up to and including the Quarterly Payment Date immediately preceding the Maturity Date, and on the Maturity Date.Closing
(c) Each LIBOR Subject to Section 2.5, each Eurodollar Rate Loan owed to a Bank shall bear interest, upon the unpaid principal balance thereof, from and including the date advanced advanced, converted, or convertedcontinued to but excluding the date of repayment or conversion thereof, at a rate, per annum, equal to the LIBOR lesser of: (i) the Eurodollar Rate for such Bank plus the Applicable LIBOR Eurodollar Rate Margin; and (ii) the Highest Lawful Rate. Interest due on the LIBOR Eurodollar Rate Loans shall be due and payable, in arrears, on each Interest Payment Date applicable to that LIBOR Eurodollar Rate Loan. Anything Each Eurodollar Rate Loan shall be for a term equal to the contrary contained Interest Period permitted hereunder and requested by Borrower in this Agreement notwithstanding, Borrower shall not have more than six (6) LIBOR Rate Borrowings outstanding at any one timethe applicable Request for Credit Extension or Request for Conversion/Continuation; provided that no such Interest Period may extend beyond the Revolving Credit Facility Maturity Date in the case of a Revolving Loan or the Term Maturity Date in the case of a Term Loan.
(d) The aggregate Unless prepaid in accordance with the terms hereof, the outstanding principal amount balance of (i) all Revolving Credit Facility Loans outstanding as of the Maturity Date shall be due and payable payable, in full, on the Revolving Credit Facility Maturity Date and (ii) all Term Loans shall be due and payable, in full, on the Term Maturity Date.
(e) Anything If, as a result of the operation of any provision of this Agreement, Borrower repays a Eurodollar Rate Loan prior to the expiration of the Interest Period applicable thereto, then Borrower shall, concurrently with the repayment of any such Loan, pay any and all accrued and unpaid interest on the amount repaid.
(f) Notwithstanding anything to the contrary contained in this Agreement notwithstandingAgreement, Borrower shall may not be obligated to payhave, and Banks shall not b e entitled to chargein the aggregate, collect, receive, reserve, or take interest more than ("interest" being defined as the aggregate of all charges that constitute interest under applicable law that are contracted for, charged, reserved, received, or paidi) in excess of the maximum rate allowed by applicable law. During five Eurodollar Rate Borrowings outstanding at any period of time in which the interest rate specified herein exceeds such maximum rate, interest shall accrue and be payable at such maximum rate; provided, however, that, if the interest rate declines below such maximum rate, interest shall continue to accrue and be payable at such maximum rate (so long as there remains any unpaid principal with respect to the Loans) until the interest that has been paid hereunder and under the Notes equals Revolving Commitments and (ii) one Eurodollar Rate Borrowing outstanding at any time under the amount of interest that would have been paid if interest had at all times accrued and been payable at the interest rate specified in this Section 2.5 without being limited to the maximum rate specified in this Section 2.5Term Commitments.
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