LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached hereto, provided that upon the occurrence of an Event of Default hereunder such Portion shall, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) to the interest rate otherwise applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, at maturity of the applicable Notes, and default interest shall be due and payable upon demand. The Company shall notify the Agent on or before 11:00 a.m. (Kansas City time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the Agent, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 6 contracts
Sources: Unsecured Credit Agreement (Empire District Electric Co), Unsecured Credit Agreement (Empire District Electric Co), Unsecured Credit Agreement (Empire District Electric Co)
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached hereto, provided that upon if any LIBOR Portion is not paid when due (whether by lapse of time, acceleration, or otherwise), or at the occurrence election of an the Bank during the existence of any other Event of Default hereunder Default, such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation judgment until payment in full thereof, through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) 2.0% to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Base Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of 3 months, on the date occurring every 3 months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration, or otherwise) shall be due and payable upon demand. The Company Borrower shall notify the Agent Bank on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company Borrower shall notify the Agent Bank of the new Interest Period selected therefor, ; and in the event the Company Borrower shall fail to so notify the AgentBank, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 4 contracts
Sources: Credit Agreement (Diamond Management & Technology Consultants, Inc.), Credit Agreement (Accretive Health, Inc.), Credit Agreement (Accretive Health, Inc.)
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding 1% to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Domestic Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of three (3) months, on the date occurring every three (3) months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company shall notify the Agent Bank on or before 11:00 a.m. (Kansas City Los Angeles time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent Bank of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the AgentBank, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 3 contracts
Sources: Revolving Credit Agreement (Newport Corp), Credit Agreement (Newport Corp), Revolving Credit Agreement (Newport Corp)
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable LIBOR Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that if any LIBOR Portion is not paid when due (whether by lapse of time, acceleration or otherwise), or at the election of the Lender upon notice to the Company after the occurrence and during the continuation of an any other Event of Default hereunder Default, such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for until payment in full of the period from the date such Event of Default occurred and during the continuation thereof, amount then due through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) 2.0% to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Portion after defaultsuch Base Rate Portion. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto thereto, and, at maturity with respect to any LIBOR Portion with an Interest Period in excess of three months, on the applicable Noteslast day of every three-month period following the first day of such Interest Period and on the last day of such Interest Period, and default interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company shall notify the Agent Lender on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent Lender of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the AgentLender, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 3 contracts
Sources: Credit Agreement (Maf Bancorp Inc), Credit Agreement (Maf Bancorp Inc), Credit Agreement (Maf Bancorp Inc)
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable LIBOR Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR such Domestic Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of three (3) months, on the date occurring every three (3) months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company Borrower shall notify the Agent on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company Borrower shall notify the Agent of the new Interest Period selected therefor, and in the event the Company Borrower shall fail to so notify the Agent, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank Lender of each notice received from the Company Borrower pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuingprovision.
Appears in 2 contracts
Sources: Revolving and Term Credit Agreement (Hewitt Associates Inc), Revolving and Term Credit Agreement (Hewitt Associates Inc)
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shallshall thereafter bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for until payment in full thereof (but in no event after such time, if any, whether during or after the Interest Period then applicable thereto, as such default in payment shall be (x) cured within the grace period from provided therefor in Section 9.1(a) hereof or (y) waived in writing by the date such Event of Default occurred and during the continuation thereof, Lenders in their sole discretion) (1) through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and (2) if such default in payment shall not have yet been so cured or waived, effective at the end of such Interest Period Period, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR such Domestic Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of three (3) months, on the date occurring every three (3) months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company shall notify the Agent on or before 11:00 a.m. 1:00 p.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the Agent, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank Lender of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuingprovision.
Appears in 2 contracts
Sources: Credit Agreement (Apac Teleservices Inc), Credit Agreement (Apac Teleservices Inc)
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence of an Event of Default hereunder if any LIBOR Portion is not paid when due (whether by demand or otherwise), such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) 3% to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Prime Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Prime Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of 3 months, on the date occurring every 3 months after the date such Interest Period began and at maturity the end of the applicable Notes, such Interest Period; and default interest shall also be due and payable upon demand. The Company Customer shall notify the Agent Bank on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company Customer shall notify the Agent Bank of the new Interest Period selected therefor, ; and in the event the Company Customer shall fail to so notify the AgentBank, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Prime Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 2 contracts
Sources: Loan Authorization Agreement (Stake Technology LTD), Loan Authorization Agreement (Stake Technology LTD)
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable theretothereto (provided that if any Interest Period is longer than one month, then interest on the LIBOR Portion having such Interest Period shall be due and payable on the date occurring each month after the date such Interest Period began and on the last day of such Interest Period), and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Domestic Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto andand interest after maturity (whether by lapse of time, at maturity of the applicable Notes, and default interest acceleration or otherwise) shall be due and payable upon demand. The Company shall notify the Agent Bank on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent Bank of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the AgentBank, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 2 contracts
Sources: Credit Agreement (QMS Inc), Credit Agreement (JPS Packaging Co)
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding 1% to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for until payment in full of the period from the date such Event of Default occurred and during the continuation thereof, amount then due through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Portion after defaultsuch Domestic Rate Portion. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, at maturity of the applicable Notesthereto, and default interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company shall notify the Agent Lender on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent Lender of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the AgentLender, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 2 contracts
Sources: Credit Agreement (Maf Bancorp Inc), Credit Agreement (Maf Bancorp Inc)
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding two and three-quarters percent (2.75%) to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation until payment in full thereof, at the rate per annum determined by adding three and one-half percent (3.5%) to the interest rate which would otherwise be applicable thereto through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) to the interest rate otherwise applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Prime Rate Portion and shall thereafter bear interest until payment in full thereof at the interest rate applicable to the applicable ABR Prime Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto andand interest after maturity (whether by lapse of time, at maturity of the applicable Notes, and default interest acceleration or otherwise) shall be due and payable upon demand. The Company Sundance shall notify the Agent on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company Sundance shall notify the Agent of the new Interest Period selected therefor, and in the event the Company Sundance shall fail to so notify the Agent, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Prime Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank Upon the occurrence of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no an Event of Default and so long as such Event of Default continues, except as otherwise expressly provided herein, the Obligations shall have occurred bear interest for each day until paid (before and after judgment) at a rate ("Default Rate") per annum (based on a year of 360 days) which shall be continuingthree and one-half percent (3.5%) above the Prime Rate, such interest rate to change automatically from time to time effective as of the effective date of each change in the Prime Rate.
Appears in 2 contracts
Sources: Revolving Credit Loan Agreement (Sundance Homes Inc), Revolving Credit Loan Agreement (Sundance Homes Inc)
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding 1% to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for until payment in full of the period from the date such Event of Default occurred and during the continuation thereof, amount then due through the end of the Interest Period interest period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Portion after defaultsuch Domestic Rate Portion. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, at maturity of the applicable Notesthereto, and default interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company company shall notify the Agent Lender on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period interest period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent Lender of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the AgentLender, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 2 contracts
Sources: Credit Agreement (Maf Bancorp Inc), Credit Agreement (Maf Bancorp Inc)
LIBOR Portions. Each LIBOR Libor Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding (I) 2.25% unless and until all of the Interest Rate Reduction Conditions shall have been met to the Adjusted LIBOR Rate Libor for such Interest Period plus Period; and (II) 2.00% commencing with the Applicable Margindate on which all of the Interest Rate Reduction Conditions shall have been met to Libor for such Interest Period, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoprovided, provided however, that upon the occurrence of an any Event of Default hereunder such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) 4% to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Libor Portion shall automatically be converted into and added to the applicable ABR Prime Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Prime Rate Portion after defaultthe occurrence of an Event Default. At any time and from time to time, Borrower may identify no more than 5 Libor Portions of the outstanding principal balance of the Line of Credit. Each Libor Portion shall be in a minimum amount of $250,000.00. Interest on each LIBOR Libor Portion shall be due and payable on the last day of each Interest Period applicable thereto and at maturity (whether by lapse of time, acceleration or otherwise) and, with respect to any Interest Period applicable to a Libor Portion in excess of three (3) months, then on the date occurring every three (3) months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity shall be due and payable upon demand. The Company Borrower shall notify the Agent Lender on or before 11:00 9:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Libor Portion whether such LIBOR Libor Portion (or any portion thereof) is to continue as a LIBOR Libor Portion, in which event the Company Borrower shall notify the Agent Lender of the new Interest Period selected therefor, and in the event the Company Borrower shall fail to so notify the AgentLender, such LIBOR Libor Portion shall automatically be converted into and added to the applicable ABR Prime Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks Lender to create, continue or effect by conversion any LIBOR Libor Portion shall be conditioned upon the fact that at such the time no Event of Default shall have occurred and be continuing.
Appears in 1 contract
Sources: Loan and Security Agreement (Medicus Systems Corp /De/)
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company hereby promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise), such Portion shall, upon written notice from the Agent, shall bear interest (which the Company hereby promises to pay at the times hereinafter provided) ), whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation until payment in full thereof, through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate otherwise applicable thereto, thereto and effective at the end of such Interest Period Period, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR such Domestic Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and(provided that if any Interest Period is longer than three months, at maturity then interest on the LIBOR Portion having such Interest Period shall be due and payable on the date occurring every three months after the date such Interest Period began and on the last day of the applicable Notessuch Interest Period), and default interest after maturity shall be due and payable upon demand. The Company shall notify the Agent on or before 11:00 10:00 a.m. (Kansas City time) Chicago time on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the Agent, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank Lender of each notice received from the Company pursuant to the foregoing provisions. Each LIBOR Portion shall be in an amount equal to $500,000 or such greater amount which is an integral multiple of $100,000. Anything contained herein to the contrary notwithstanding, the obligation of the Banks Lenders to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such the time no Default or Event of Default shall have occurred and be continuing.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable LIBOR Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR such Domestic Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of 3 months, on the date occurring every 3 months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company shall notify the Agent on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the Agent, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank Lender of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuingprovision.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence and during the continuation of an any Event of Default hereunder hereunder, such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) 2.0% to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR relevant Base Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR relevant Base Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period in excess of three (3) months, on the date occurring every three (3) months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company Borrowers shall notify the Agent Bank on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company Borrowers shall notify the Agent Bank of the new Interest Period selected therefor, ; and in the event the Company Borrowers shall fail to so notify the AgentBank, such LIBOR Portion shall automatically be converted into and added to the applicable ABR relevant Base Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding 1.40% to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that if any LIBOR Portion is not paid when due (whether by lapse of time, acceleration, or otherwise), or at the election of ▇▇▇▇▇▇ upon notice to the occurrence Borrower during the existence of an any other Event of Default hereunder Default, such Portion shall, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) to the interest rate otherwise applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion of the Note and shall thereafter bear interest at the interest rate applicable to the applicable ABR Base Rate Portion after defaultof the Note. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of 3 months, on the date occurring every 3 months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration, or otherwise) shall be due and payable upon demand. The Company Borrower shall notify the Agent ▇▇▇▇▇▇ on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company Borrower shall notify the Agent ▇▇▇▇▇▇ of the new Interest Period selected therefor, ; and in the event the Company Borrower shall fail to so notify the Agent▇▇▇▇▇▇, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion of the Note as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises Borrowers promise to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached hereto, provided that upon the occurrence of an if any Event of Default hereunder such Portion shall, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default has occurred and during the continuation thereof, through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) to the interest rate otherwise applicable theretois continuing, and effective at the end of such the Interest Period such applicable to each LIBOR Portion, each LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Base Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, if an Interest Period is longer than three months, then at maturity the end of each three month period and at the applicable Notesend of such Interest Period, and default interest after maturity shall be due and payable upon demand. The Company Seminis shall notify the Administrative Agent on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company Seminis shall notify the Administrative Agent of the new Interest Period selected therefor, and in the event the Company Seminis shall fail to so notify the Administrative Agent, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion as of and on the last day of such Interest Period. The Administrative Agent shall promptly notify each Bank of each notice received from the Company Seminis pursuant to the foregoing provisions. Anything contained 17 herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such the time no Potential Default or Event of Default shall have occurred and be continuing.
Appears in 1 contract
Sources: Credit Agreement (Seminis Inc)
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that if any LIBOR Portion is not paid when due (whether by lapse of time, acceleration or otherwise), or at the election of the Bank upon notice to the occurrence Company during the existence of an any other Event of Default hereunder Default, such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Base Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of three (3) months, on the date occurring every three (3) months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company shall notify the Agent Bank on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event ‑5‑ the Company shall notify the Agent Bank of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the AgentBank, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises Borrowers promise to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise), such Portion shall, upon written notice from the Agent, shall bear interest (which the Company promises Borrowers promise to pay at the times hereinafter provided) ), whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation until payment in full thereof, through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate otherwise applicable thereto, and effective at the end of such Interest Period Period, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Domestic Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and(provided that if any Interest Period is longer than three months, at maturity then interest on the LIBOR Portion having such Interest Period shall be due and payable on the date occurring every three months after the date such Interest Period began and on the last day of the applicable Notessuch Interest Period), and default interest after maturity shall be due and payable upon demand. The Company Company, on behalf of the relevant Borrower, shall notify the Agent on or before 11:00 10:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the Agent, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank Lender of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks Lenders to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such the time no Default or Event of Default shall have occurred and be continuing.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company Borrower promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached hereto, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shall, upon written notice from the Agent, shall bear interest (which the Company Borrower promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred Portion became due and during the continuation until payment in full thereof, through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate otherwise applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR such Base Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, if an Interest Period is longer than three months, then at maturity the end of each three month period and at the applicable Notesend of such Interest Period, and default interest after maturity shall be due and payable upon demand. The Company Borrower shall notify the Administrative Agent on or before 11:00 a.m. 1:00 p.m. (Kansas City Charlotte time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company Borrower shall notify the Administrative Agent of the new Interest Period selected therefor, and in the event the Company Borrower shall fail to so notify the Administrative Agent, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion as of and on the last day of such Interest Period. The Administrative Agent shall promptly notify each Bank Lender of each notice received from the Company Borrower pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks Lenders to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such the time no Potential Default or Event of Default shall have occurred and be continuing. There shall be not more than six LIBOR Portions extant at any one time.
Appears in 1 contract
Sources: Replacement Credit Agreement (Strategic Timber Trust Inc)
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence and during the continuation of an Event of Default hereunder any Payment Default, such Portion shall, upon written notice from the Agent, shall bear interest (which the Company promises Borrowers jointly and severally promise to pay at the times hereinafter provided) pay), whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation judgment until payment in full thereof, through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Base Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of three months, on the date occurring every three months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration, or otherwise) shall be due and payable upon demand. The Company Either Borrower shall notify the Agent Bank on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company such Borrower shall notify the Agent Bank of the new Interest Period selected therefor, ; and in the event the Company neither Borrower shall fail to so notify the AgentBank, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 1 contract
Sources: Credit Agreement (Hub Group Inc)
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company hereby promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise), such Portion shall, upon written notice from the Agent, shall bear interest (which the Company hereby promises to pay at the times hereinafter provided) ), whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation until payment in full thereof, through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate otherwise applicable thereto, thereto and effective at the end of such Interest Period Period, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion and shall thereafter bear interest at the interest rate applicable per annum determined by adding 2% to the applicable ABR Portion after defaultBase Rate as in effect from time to time. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and(provided that if any Interest Period is longer than three months, at maturity then interest on the LIBOR Portion having such Interest Period shall be due and payable on the date occurring every three months after the date such Interest Period began and on the last day of the applicable Notessuch Interest Period), and default interest after maturity shall be due and payable upon demand. The Company shall notify the Agent on or before 11:00 10:00 a.m. (Kansas City time) Chicago time on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the Agent, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank Lender of each notice received from the Company pursuant to the foregoing provisions. Each LIBOR Portion shall be in an amount equal to $500,000 or such greater amount which is an integral multiple of $100,000. Anything contained herein to the contrary notwithstanding, the obligation of the Banks Lenders to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such the time no Default or Event of Default shall have occurred and be continuing.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding 2% to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Domestic Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of three (3) months, on the date occurring every three (3) months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company shall notify the Agent Bank on or before 11:00 a.m. (Kansas City Los Angeles time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent Bank of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the AgentBank, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 1 contract
Sources: Credit Agreement (Newport Corp)
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the then applicable LIBOR MARGIN determined at the rates and times specified in Section 2.4(b) to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shall, upon written notice from the Agent, shall bear interest (which the Company promises to pay at the times hereinafter herein provided) ), whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) per annum to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the Domestic Rate Portion of the applicable ABR Portion Note and shall thereafter bear interest at the interest rate applicable to the Domestic Rate Portion of the applicable ABR Portion Note after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, and at maturity (whether by lapse of the applicable Notestime, acceleration or otherwise), and default with respect to any Interest Period applicable to a LIBOR Portion in excess of three (3) months, then on the date occurring every three (3) months after the date such Interest Period began and at the end of such Interest Period, and interest after maturity shall be due and payable upon demand. The Company shall notify the Agent Lender on or before 11:00 a.m. (Kansas City Des Moines time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent Lender of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the AgentLender, such LIBOR Portion shall automatically be converted into and added to the Domestic Rate Portion of the applicable ABR Portion Note as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding 1.35% to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Domestic Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period in excess of three months, on the date occurring every three months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company Borrower shall notify the Agent Bank on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company Borrower shall notify the Agent Bank of the new Interest Period selected therefor, and in the event the Company Borrower shall fail to so notify the AgentBank, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Rate to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that if any LIBOR Portion is not paid when due (whether by lapse of time, acceleration, or otherwise), or at the election of the Bank upon notice to the occurrence Borrower during the existence of an any other Event of Default hereunder Default, such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation judgment until payment in full thereof, through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion of the relevant Note and shall thereafter bear interest at the interest rate applicable to the applicable ABR Base Rate Portion of such Note after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of 3 months, on the date occurring every 3 months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration, or otherwise) shall be due and payable upon demand. The Company Borrower shall notify the Agent Bank on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company Borrower shall notify the Agent Bank of the new Interest Period selected therefor, ; and in the event the Company Borrower shall fail to so notify the AgentBank, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion of the relevant Note as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company relevant Borrower hereby promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shall, upon written notice from the Agent, shall bear interest (which the Company Borrower hereby promises to pay at the times hereinafter herein provided) ), whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such the Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the Domestic Rate Portion of the applicable ABR Portion Notes after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of three (3) months, on the date occurring every three (3) months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity shall be due and payable upon demand. The Company Borrower shall notify the Agent on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company Borrower shall notify the Agent of the new Interest Period selected therefor, and in the event the Company Borrower shall fail to so notify the Agent, such LIBOR Portion shall automatically be converted into and added to the Domestic Rate Portion of the applicable ABR Portion Notes as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank Lender of each notice received from the Company Borrower pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuingprovision.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding two and one-half percent (2-1/2%) to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR such Domestic Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of 3 months, on the date occurring every 3 months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company shall notify the Agent on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the Agent, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank Lender of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuingprovision.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company hereby promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise), such Portion shall, upon written notice from the Agent, shall bear interest (which the Company hereby promises to pay at the times hereinafter provided) ), whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation until payment in full thereof, through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate otherwise applicable thereto, thereto and effective at the end of such Interest Period Period, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR such Base Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and(provided that if any Interest Period is longer than three months, at maturity then interest on the LIBOR Portion having such Interest Period shall be due and payable on the date occurring every three months after the date such Interest Period began and on the last day of the applicable Notessuch Interest Period), and default interest after maturity shall be due and payable upon demand. The Company shall notify the Agent on or before 11:00 10:00 a.m. (Kansas City time) Chicago time on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the Agent, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank Lender of each notice received from the Company pursuant to the foregoing provisions. Each LIBOR Portion shall be in an amount equal to $1,000,000 or such greater amount which is an integral multiple of $100,000. Anything contained herein to the contrary notwithstanding, the obligation of the Banks Lenders to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such the time no Default or Event of Default shall have occurred and be continuing.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that if any LIBOR Portion is not paid when due (whether by lapse of time, acceleration, or otherwise), or at the election of the Bank upon notice to the occurrence Borrower during the existence of an any other Event of Default hereunder Default, such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation judgment until payment in full thereof, through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) 2.0% to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Base Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of 3 months, on the date occurring every 3 months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration, or otherwise) shall be due and payable upon demand. The Company Borrower shall notify the Agent Bank on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company Borrower shall notify the Agent Bank of the new Interest Period selected therefor, ; and in the event the Company Borrower shall fail to so notify the AgentBank, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the then applicable LIBOR MARGIN determined at the rates and times specified in Section 2.4(b) to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shall, upon written notice from the Agent, shall bear interest (which the Company promises to pay at the times hereinafter herein provided) ), whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) per annum to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such unpaid LIBOR Portion shall automatically be converted into and added to the Domestic Rate Portion of the applicable ABR Portion Notes and shall thereafter bear interest at the interest rate applicable to the Domestic Rate Portion of the applicable ABR Notes after default until such converted Portion after defaultis paid in full. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, and at maturity (whether by lapse of the applicable Notestime, acceleration or otherwise), and default with respect to any Interest Period applicable to a LIBOR Portion in excess of three (3) months, then on the date occurring every three (3) months after the date such Interest Period began and at the end of such Interest Period, and interest after maturity, if any, shall be due and payable upon demand. The Company shall notify the Administrative Agent on or before 11:00 a.m. (Kansas City Des Moines time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Administrative Agent of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the Administrative Agent, such LIBOR Portion shall automatically be converted into and added to the Domestic Rate Portion of the applicable ABR Portion Notes as of and on the last day of such Interest Period. The Administrative Agent shall promptly notify each Bank Lender of each such notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuingprovision.
Appears in 1 contract
Sources: Senior Secured Revolving Credit Agreement (Homeservices Com Inc)
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable LIBOR Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR such Domestic Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of 3 months, on the date occurring every 3 months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company shall notify the Agent on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the Agent, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank Lender of each notice received from the Company pursuant to the foregoing provisionsprovision. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence and during the continuation of an Event any Payment Default (but if prior to acceleration, upon the election of Default hereunder the Bank), such Portion shall, upon written notice from the Agent, shall bear interest (which the Company promises Borrowers jointly and severally promise to pay at the times hereinafter provided) pay), whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation judgment until payment in full thereof, through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) 2.00% to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Base Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of three months, on the date occurring every three months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration, or otherwise) shall be due and payable upon demand. The Company Either Borrower shall notify the Agent Bank on or before 11:00 a.m. (Kansas City time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company such Borrower shall notify the Agent Bank of the new Interest Period selected therefor, ; and in the event the Company neither Borrower shall fail to so notify the AgentBank, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 1 contract
Sources: Credit Agreement (Hub Group Inc)
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable LIBOR Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for until payment in full thereof (i) if such Portion is denominated in U.S. Dollars at the period from rate per annum determined by adding 2% to the date such Event of Default occurred and during the continuation thereof, interest rate which would otherwise be applicable thereto through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) to the interest rate otherwise applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR such Domestic Rate Portion after defaultdefault and (ii) if such Portion is denominated in an Alternative Currency, at the rate per annum determined by adding 2% to the interest rate which would otherwise be applicable thereto at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of the Applicable Margin plus 2% plus the Overnight Foreign Currency Rate. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of 3 months, on the date occurring every 3 months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company shall notify the Agent on or before 11:00 a.m. (Kansas City Chicago time) on the third fourth Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR PortionPortion in the same currency, in which event the Company shall notify the Agent of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the Agent, such LIBOR Portion Portion, if denominated in U.S. Dollars, shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period or, if denominated in an Alternative Currency, shall automatically as of the last day of such Interest Period, be continued as a LIBOR Portion in the same amount and in the same currency and with an Interest Period of one month, subject to Section 7 hereof. The Agent shall promptly notify each Bank Lender of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks Lenders to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such the time no Default or Event of Default shall have occurred and be continuing. On the date the Company requests a Revolving Loan in an Alternative Currency, as provided in Section 2.4, the Agent shall promptly notify each Lender of the currency in which such Revolving Loan is requested. If a Lender determines that such Alternative Currency is not available to it in sufficient amount and for a sufficient term to enable it to advance or continue the Revolving Loan requested of it as part of such LIBOR Portion and so notifies the Agent no later than 2:00 p.m. (Chicago time) on the same day it receives notice from the Agent of such requested Revolving Loan, the Agent shall so notify the Company by 2:45 p.m. (Chicago time). If the Company nevertheless desires such Revolving Loan, it must notify the Agent by no later than 3:00 p.m. (Chicago time) on such day. If the Agent does not receive such notice from the Company by 3:00 p.m. (Chicago time), the Company shall automatically be deemed to have revoked its request for the Revolving Loan and the Agent will promptly notify the Lenders of such revocation. If the Company does give such notice by 3:00 p.m. (Chicago time), each Lender that did not notify the Agent by 2:00 p.m. (Chicago time) that the requested Alternative Currency is unavailable to it to fund the requested Revolving Loan shall, subject to Section 7 hereof, make its Revolving Loan in the requested Alternative Currency in accordance with Section 1.4 hereof. Each Lender that did so notify the Agent by 2:00 p.m. (Chicago time) that it would not be able to make the Revolving Loan requested from it shall, subject to Section 7 hereof, make a Revolving Loan denominated in U.S. Dollars in the Original Dollar Amount of, and with the same Interest Period as, the Revolving Loan such Lender was originally requested to make. Such Revolving Loan denominated in U.S. Dollars shall be made by the affected Lender on the same day as the other Lenders make their Revolving Loans denominated in the applicable Alternative Currency as part of the relevant LIBOR Portion, but shall bear interest with reference to the Adjusted LIBOR applicable to U.S. Dollars rather than the relevant Alternative Currency for the applicable Interest Period and shall be made available in accordance with the procedures for disbursing U.S. Dollar Loans under Section 1.4 hereof. Any Revolving Loan made in an Alternative Currency shall be advanced in such currency, and all payments of principal and interest thereon shall be made in such Alternative Currency.
Appears in 1 contract
Sources: Credit Agreement (Anicom Inc)
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding 1-1/2% to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable theretothereto (provided that if any Interest Period is longer than one month, then interest on the LIBOR Portion having such Interest Period shall be due and payable on the date occurring each month after the date such Interest Period began and on the last day of such Interest Period), and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Domestic Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto andand interest after maturity (whether by lapse of time, at maturity of the applicable Notes, and default interest acceleration or otherwise) shall be due and payable upon demand. The Company shall notify the Agent Bank on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent Bank of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the AgentBank, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Domestic Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of three (3) months, on the date occurring every three (3) months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company shall notify the Agent Bank on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent Bank of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the AgentBank, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shallto the extent overdue shall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Prime Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Prime Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of 3 months, on the date occurring every 3 months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company Parent shall notify the Agent Bank on or before 11:00 a.m. 2:00 p.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company Parent shall notify the Agent Bank of the new Interest Period selected therefor, and in the event the Company Parent shall fail to so notify the AgentBank, such LIBOR Portion shall automatically be converted into and added to the Prime Rate Portion of the applicable ABR Portion Note as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence and during the continuation of an Event of Default hereunder any Payment Default, such Portion shall, upon written notice from the Agent, shall bear interest (which the Company promises Borrowers hereby, jointly and severally, promise to pay at the all times hereinafter herein provided) ), whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Domestic Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of three months, on the date occurring every three months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company Any Borrower shall notify the Agent on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company such Borrower shall notify the Agent of the new Interest Period selected therefor, and in the event the Company such Borrower shall fail to so notify the Agent, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank Lender of each notice received from the Company such Borrower pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuingprovision.
Appears in 1 contract
Sources: Credit Agreement (Hub Group Inc)
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached hereto, provided that upon the occurrence if any LIBOR Portion is not paid when due, after giving effect to any grace periods (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shall, upon written notice from the Agent, shall bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred Portion became due and during the continuation until payment in full thereof, through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) 3% to the interest rate otherwise applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Domestic Rate Portion after defaultDefault. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, if an Interest Period is longer than three months, then at maturity the end of each three month period and at the applicable Notesend of such Interest Period, and default interest after maturity shall be due and payable upon demand. The Company shall notify the Agent Bank on or before 11:00 a.m. (Kansas City Chicago time) on the third at least three Business Day preceding the end of an Interest Period applicable to a an LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a an LIBOR Portion, in which event the Company shall notify the Agent Bank of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the AgentBank, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks Bank to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such the time no Default or Event of Default shall have occurred and be continuing.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that if any LIBOR Portion is not paid when due (whether by lapse of time, acceleration, or otherwise), or at the election of the Bank upon notice to the occurrence Borrower during the existence of an any other Event of Default hereunder Default, such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation judgment until payment in full thereof, through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion of the Note and shall thereafter bear interest at the interest rate applicable to the applicable ABR Base Rate Portion of such Note after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, at maturity of the applicable Notesthereto, and default interest after maturity (whether by lapse of time, acceleration, or otherwise) shall be due and payable upon demand. The Company Borrower shall notify the Agent Bank on or before 11:00 a.m. (Kansas City Cleveland time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company Borrower shall notify the Agent Bank of the new Interest Period selected therefor, ; and in the event the Company Borrower shall fail to so notify the AgentBank, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion of the relevant Note as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company relevant Borrower hereby promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable MarginPeriod, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPROVIDED that if any LIBOR Portion is not paid when due (whether by lapse of time, provided that upon the occurrence of an Event of Default hereunder acceleration or otherwise) such Portion shall, upon written notice from the Agent, shall bear interest (which the Company Borrower hereby promises to pay at the times hereinafter herein provided) ), whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such the Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the Domestic Rate Portion of the applicable ABR Portion Notes after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of three (3) months, on the date occurring every three (3) months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity shall be due and payable upon demand. The Company Borrower shall notify the Agent on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company Borrower shall notify the Agent of the new Interest Period selected therefor, and in the event the Company Borrower shall fail to so notify the Agent, such LIBOR Portion shall automatically be converted into and added to the Domestic Rate Portion of the applicable ABR Portion Notes as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank Lender of each notice received from the Company Borrower pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuingprovision.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises Borrowers promise to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal to the sum of the Adjusted LIBOR Rate for such Interest Period plus the Applicable Eurodollar Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached hereto, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise), such Portion shall, upon written notice from the Agent, shall bear interest (which the Company promises Borrowers promise to pay at the times hereinafter provided) ), whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation until payment in full thereof, through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) 4% to the interest rate otherwise applicable thereto, thereto and effective at the end of such Interest Period Period, and such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Domestic Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, at maturity of the applicable Notesthereto, and default interest after maturity shall be due and payable upon demand. The Company relevant Borrower shall notify the Agent on or before 11:00 a.m. (Kansas City time) 12:00 noon Chicago time on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company relevant Borrower shall notify the Agent of the new Interest Period selected therefor, and in the event the Company relevant Borrower shall fail to so notify the Agent, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank Lender of each notice received from the Company a Borrower pursuant to the foregoing provisionsprovisions no later than 2:00 p.m. Chicago time. Anything contained herein to the contrary notwithstanding, the obligation of the Banks Lenders to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such the time no Default or Event of Default shall have occurred and be continuing. Each LIBOR Portion shall be in the amount of $1,000,000 or such greater amount which is an integral multiple of $100,000.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding one and three-quarters percent (1 3/4%) to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shall, upon written notice from the Agent, shall bear interest (which the Company promises to pay at the times hereinafter herein provided) ), whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) the Default Rate to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Domestic Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and at maturity (whether by lapse of time, acceleration or otherwise) and, with respect to any Interest Period applicable to a LIBOR Portion in excess of three (3) months, then on the date occurring every three (3) months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity shall be due and payable upon demand. The Company shall notify the Agent Bank on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent Bank of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the AgentBank, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks Bank to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such the time no Default or Event of Default shall have occurred and be continuing. Each LIBOR Portion applicable to the Note shall be in a minimum amount of $1,000,000 or such greater amount which is an integral multiple of $100,000.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company relevant Borrower hereby promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shall, upon written notice from the Agent, shall bear interest (which the Company relevant Borrower hereby promises to pay at the times hereinafter herein provided) ), whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such the Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the Domestic Rate Portion of the applicable ABR Portion Notes after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of three (3) months, on the date occurring every three (3) months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity shall be due and payable upon demand. The Company Mort▇▇ (▇▇ich is acting on behalf of the Borrowers pursuant to Section 1.6 hereof) shall notify the Agent on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall Mort▇▇ ▇▇▇ll notify the Agent of the new Interest Period selected therefor, and in the event the Company shall Mort▇▇ ▇▇▇ll fail to so notify the Agent, such LIBOR Portion shall automatically be converted into and added to the Domestic Rate Portion of the applicable ABR Portion Notes as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank Lender of each notice received from the Company pursuant Mort▇▇ ▇▇▇suant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuingprovision.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Domestic Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of three months, on the date occurring every three months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company Either Borrower shall notify the Agent on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company Borrower shall notify the Agent of the new Interest Period selected therefor, and in the event the Company such Borrower shall fail to so notify the Agent, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank Lender of each notice received from the Company such Borrower pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuingprovision.
Appears in 1 contract
Sources: Credit Agreement (Hub Group Inc)
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable LIBOR Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for until payment in full thereof (i) if such Portion is denominated in U.S. Dollars at the period from rate per annum determined by adding 2% to the date such Event of Default occurred and during the continuation thereof, interest rate which would otherwise be applicable thereto through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) to the interest rate otherwise applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR such Domestic Rate Portion after defaultdefault and (ii) if such Portion is denominated in an Alternative Currency, at the rate per annum determined by adding 2% to the interest rate which would otherwise be applicable thereto at the time of such default until the end of the Interest Period applicable thereto and, thereafter, at a rate per annum equal to the sum of the Applicable Margin plus 2% plus the Overnight Foreign Currency Rate. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of 3 months, on the date occurring every 3 months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company shall notify the Agent on or before 11:00 a.m. (Kansas City Chicago time) on the third fourth Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR PortionPortion in the same currency, in which event the Company shall notify the Agent of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the Agent, such LIBOR Portion Portion, if denominated in U.S. Dollars, shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period or, if denominated in an Alternative Currency, shall automatically as of the last day of such Interest Period, be continued as a LIBOR Portion in the same amount and in the same currency and with an Interest Period of one month, subject to Section 7 hereof. The Agent shall promptly notify each Bank Lender of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks Lenders to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such the time no Default or Event of Default shall have occurred and be continuing.. On the date the Company requests a Loan in an Alternative Currency, as provided in Section 2.4, the Agent shall promptly notify each Lender of the currency in which such Loan is requested. If a Lender determines that such Alternative Currency is not available to it in sufficient amount and for a sufficient term to enable it to advance or continue the Loan requested of it as part of such LIBOR Portion and so notifies the Agent no later than 2:00<-1- 32>p.m. (Chicago time) on the same day it receives notice from the Agent of such requested Loan, the Agent shall so notify the Company by 2:45 p.m. (Chicago time). If the Company nevertheless desires such Loan, it must notify the Agent by no later than 3:00 p.m. (Chicago time) on such day. If the Agent does not receive such notice from the Company by 3:00 p.m. (Chicago time), the Company shall automatically be deemed to have revoked its request for the Loan and the Agent will promptly notify the Lenders of such revocation. If the Company does give such notice by 3:00 p.m. (Chicago time), each Lender that did not notify the Agent by 2:00 p.m. (Chicago time) that the requested Alternative Currency is unavailable to it to fund the requested Loan shall, subject to Section 7 hereof, make its Loan in the
Appears in 1 contract
Sources: Long Term Multicurrency Credit Agreement (Anicom Inc)
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding 3% to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear -3- interest at the interest rate applicable to the applicable ABR Domestic Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of 3 months, on the date occurring every 3 months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company shall notify the Agent Bank on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent Bank of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the AgentBank, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company hereby promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shall, upon written notice from the Agent, shall bear interest (which the Company hereby promises to pay at the times hereinafter herein provided) ), whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Domestic Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of three (3) months, on the date occurring every three (3) months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity shall be due and payable upon demand. The Company shall notify the Agent on or before 11:00 a.m. 12:00 noon (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the Agent, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank Lender of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuingprovision.
Appears in 1 contract
Sources: Credit Agreement (Hk Systems Inc)
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that if any LIBOR Portion is not paid when due (whether by lapse of time, acceleration or otherwise), or at the election of the Bank upon notice to the occurrence Company during the existence of an any other Event of Default hereunder Default, such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Base Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of three (3) months, on the date occurring every three (3) months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company shall notify the Agent Bank on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent Bank of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the AgentBank, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding 3% to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR such Domestic Rate Portion after default. Interest on each LIBOR Portion shall be due and payable quarterly in arrears on the last day of each Interest Period applicable thereto andMarch, June, September and December in each year and at maturity of the applicable NotesNotes (regardless of the duration of the relevant Interest Period), and default interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company shall notify the Agent on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the Agent, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank Lender of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuingprovision.
Appears in 1 contract
Sources: Credit Agreement (Harrington West Financial Group Inc/Ca)
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding .75% to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence of an Event of Default hereunder if any LIBOR Portion is not paid when due (whether by demand or otherwise), such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) 3% to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Prime Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Prime Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of 3 months, on the date occurring every 3 months alter the date such Interest Period began and at maturity the end of the applicable Notes, such Interest Period; and default interest shall also be due and payable upon demand. The Company Customer shall notify the Agent Bank on or before 11:00 a.m. am. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company Customer shall notify the Agent Bank of the new Interest Period selected therefor, ; and in the event the Company Customer shall fail to so notify the AgentBank, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Prime Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any Each LIBOR Portion shall be conditioned upon the fact that at in an amount equal to $1,000,000 or such time no Event greater amount which is an integral multiple of Default shall have occurred and be continuing$1,000,000.
Appears in 1 contract
Sources: Line of Credit Agreement (Community First Bankshares Inc)
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding 2.50% to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that if any LIBOR Portion is not paid when due (whether by lapse of time, acceleration, or otherwise), or at the election of the Bank upon notice to the occurrence Borrower during the existence of an Event of Default hereunder any other Default, such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) 2.0% to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Prime Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Prime Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of 3 months, on the date occurring every 3 months after the date such Interest Period began and at the end of such Interest Period; and interest after maturity of the applicable Notes, and default interest shall be due and payable upon demand. The Company Borrower shall notify the Agent Bank on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company Borrower shall notify the Agent Bank of the new Interest Period selected therefor, ; and in the event the Company Borrower shall fail to so notify the AgentBank, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Prime Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion of a Note shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding .95% to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if any LIBOR Portion is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR relevant Base Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR such Base Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of 3 months, on the date occurring every 3 months after the date such Interest Period began and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company Company, on behalf of the relevant Borrower, shall notify the Agent Bank on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent Bank of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the AgentBank, such LIBOR Portion shall automatically be converted into and added to the applicable ABR relevant Base Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal to the sum of 6% plus the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence if a LIBOR Portion or any part thereof is not paid when due (whether by lapse of an Event of Default hereunder time, acceleration or otherwise) such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, through the end of the Interest Period then applicable thereto until payment in full thereof at the rate per annum determined by adding two percent 3% to the greater of the (2%i) the sum of 6% plus the Base Rate as from time to time in effect or (ii) the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period to such LIBOR Portion shall automatically be converted into and added to the applicable ABR Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Portion after defaultPortion. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, if an Interest Period is longer than one (1) month, then at maturity the same day of each month following the applicable Notescommencement of such Interest Period and at the end of such Interest Period, and default interest after maturity shall be due and payable upon demand. The Company shall notify give written or telephonic notice to the Agent (which notice shall be irrevocable once given and, if given by telephone, shall be promptly confirmed in writing) on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the Agent, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, create or continue any LIBOR Portion or effect by conversion to convert any part of the Base Rate Portion into a LIBOR Portion shall be conditioned upon the fact that at such the time no Default or Event of Default shall have occurred and be continuing.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached hereto, provided that upon the occurrence of an Event of Default hereunder such Portion shall, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) to the interest rate otherwise applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, if an Interest Period is longer than three (3) months, then at maturity the end of each three month period and at the applicable Notesend of such Interest Period, and default interest after maturity shall be due and payable upon demand. The Company shall notify give written or telephonic notice to the Agent (which notice shall be irrevocable once given and, if given by telephone, shall be promptly confirmed in writing) on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Agent of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the Agent, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, create or continue any LIBOR Portion or effect by conversion to convert any part of the Base Rate Portion into a LIBOR Portion shall be conditioned upon the fact that at such the time no Default or Event of Default shall have occurred and be continuing, except that during the existence of a Default (but not an Event of Default) the Company may request the continuation of any LIBOR Portion into another LIBOR Portion with an Interest Period not in excess of one (1) month.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that if any LIBOR Portion is not paid when due (whether by lapse of time, acceleration, or otherwise), or at the election of Bank upon notice to Borrower during the occurrence existence of an any other Event of Default hereunder Default, such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for the period from the date such Event of Default occurred and during the continuation thereof, until payment in full thereof through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) 2.0% to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion and shall thereafter bear interest at the interest rate applicable to the applicable ABR Base Rate Portion after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period in excess of 3 months, on the date occurring every 3 months after the date such Interest Period began and at the end of such Interest Period; and interest after maturity of the applicable Notes, and default interest shall be due and payable upon demand. The Company Borrower shall notify the Agent Bank on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company Borrower shall notify the Agent Bank of the new Interest Period selected therefor, ; and in the event the Company Borrower shall fail to so notify Bank, such LIBOR Portion shall automatically be continued with an Interest Period of one month as of and on the Agent, last day of such Interest Period unless any Event of Default has occurred and is then continuing in which case such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that if any LIBOR Portion is not paid when due (whether by lapse of time, acceleration, or otherwise), or at the election of the Bank upon notice to the occurrence Borrower during the existence of an any other Event of Default hereunder Default, such Portion shallshall bear interest, upon written notice from the Agent, bear interest (which the Company promises to pay at the times hereinafter provided) whether before or after judgment, for judgment until the period from earlier of payment in full thereof or the date on which such Event of Default occurred and during the continuation thereofis cured, through the end of the Interest Period then applicable thereto at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion of the Note and shall thereafter bear interest at the interest rate applicable to the applicable ABR Base Rate Portion of such Note after default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, at maturity of the applicable Notesthereto, and default interest after maturity (whether by lapse of time, acceleration, or otherwise) shall be due and payable upon demand. The Company Borrower shall notify the Agent Bank on or before 11:00 a.m. (Kansas City Cleveland time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company Borrower shall notify the Agent Bank of the new Interest Period selected therefor, ; and in the event the Company Borrower shall fail to so notify the AgentBank, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Base Rate Portion of the relevant Note as of and on the last day of such Interest Period. The Agent shall promptly notify each Bank of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuing.
Appears in 1 contract
LIBOR Portions. Each LIBOR Portion shall bear interest (which the Company promises to pay at the times herein provided) for each Interest Period selected therefor at a rate per annum equal determined by adding the Applicable LIBOR Margin to the Adjusted LIBOR Rate for such Interest Period plus the Applicable Margin, as determined from time to time under the Pricing Schedule set forth in Exhibit B attached heretoPeriod, provided that upon the occurrence of an Event of if and so long as any Payment Default hereunder shall have occurred and be continuing such LIBOR Portion shall, upon written notice from the Agent, shall bear interest until such Payment Default no longer exists (which the Company promises to pay at the times hereinafter provided) whether before or after judgmentor, for the period from the date such Event of Default occurred and during the continuation thereofif earlier, through the end of the Interest Period then applicable thereto to such LIBOR Portion) at the rate per annum determined by adding two percent (2%) % to the interest rate which would otherwise be applicable thereto, and effective at the end of such Interest Period Period, if such Payment Default is then continuing, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion and shall thereafter bear interest until such Payment Default no longer exists at the interest rate applicable to such Domestic Rate Portion during the applicable ABR Portion after defaultcontinuance of a Payment Default. Interest on each LIBOR Portion shall be due and payable on the last day of each Interest Period applicable thereto and, with respect to any Interest Period applicable to a LIBOR Portion in excess of three (3) months, on the Business Day three (3) calendar months following the date such Interest Period commenced and at maturity the end of the applicable Notessuch Interest Period, and default interest after maturity (whether by lapse of time, acceleration or otherwise) shall be due and payable upon demand. The Company (which is acting on behalf of the Borrowers pursuant to Section 1.7 hereof) shall notify the Administrative Agent on or before 11:00 a.m. (Kansas City Chicago time) on the third Business Day preceding the end of an Interest Period applicable to a LIBOR Portion whether such LIBOR Portion (or any portion thereof) is to continue as a LIBOR Portion, in which event the Company shall notify the Administrative Agent of the new Interest Period selected therefor, and in the event the Company shall fail to so notify the Administrative Agent, such LIBOR Portion shall automatically be converted into and added to the applicable ABR Domestic Rate Portion as of and on the last day of such Interest Period. The Administrative Agent shall promptly notify each Bank Lender of each notice received from the Company pursuant to the foregoing provisions. Anything contained herein to the contrary notwithstanding, the obligation of the Banks to create, continue or effect by conversion any LIBOR Portion shall be conditioned upon the fact that at such time no Event of Default shall have occurred and be continuingprovision.
Appears in 1 contract