Common use of Rates Applicable After Default Clause in Contracts

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this Agreement, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Advance. Upon and during the continuance of any Default, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.

Appears in 6 contracts

Sources: Credit Agreement (Kelly Services Inc), Credit Agreement (Kelly Services Inc), Credit Agreement (Kelly Services Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this Agreement, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the then current Interest Period) as a Eurocurrency Advance, provided that, notwithstanding the foregoing, any outstanding Foreign Currency Advance may be continued for an Interest Period not to exceed one month after such notice to the Borrowers by the Required Lenders. Upon and during the continuance of any DefaultDefault under Section 7.2 with respect to principal, interest or fees, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, and (ii) each Floating Rate Advance and any other amount due under this Agreement shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time Floating Rate Loans plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above in clauses (i) and (ii) shall be applicable to all Advances without any election or action on the part of the Administrative Agent or any Lender.

Appears in 6 contracts

Sources: Credit Agreement (DIEBOLD NIXDORF, Inc), Credit Agreement (DIEBOLD NIXDORF, Inc), Incremental Amendment (DIEBOLD NIXDORF, Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8 or 2.9, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, annum and (iii) the LC Letter of Credit Fee payable with respect to each Facility LC Rate shall be increased by 2% per annum annum; provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the Letter of Credit Fee Rate set forth in clause (iii) above shall be applicable to all Advances applicable Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.

Appears in 5 contracts

Sources: Credit Agreement (Great Plains Energy Inc), Credit Agreement (Kansas City Power & Light Co), Credit Agreement (Kansas City Power & Light Co)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8 or 2.9, during the continuance of a Default or Unmatured Default with respect to a Borrower, the Required Lenders may, at their option, by notice to the Company such Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance to such Borrower may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Defaulta Default with respect to a Borrower, the Required Lenders may, at their option, by notice to the Company such Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance to such Borrower shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance to such Borrower shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus 2% per annum, annum and (iii) the LC Fee Rate payable with respect to each Facility LC by such Borrower shall be increased by 2% per annum annum, provided that, upon and that during the continuance of a Default under Section 7.6 or 7.7 with respect to any acceleration for any reason of any of the ObligationsBorrower, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee Rate set forth in clause (iii) above shall be applicable to all Advances Outstanding Credit Extensions to such Borrower without any election or action on the part of the Agent or any Lender.

Appears in 5 contracts

Sources: Credit Agreement (Pepco Holdings Inc), Credit Agreement (Pepco Holdings Inc), Credit Agreement (Potomac Electric Power Co)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8, 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, annum and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 4 contracts

Sources: Credit Agreement (Papa Johns International Inc), Credit Agreement (Magnetek Inc), Credit Agreement (Matrix Service Co)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9, 2.10 or 2.11, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, annum and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.

Appears in 4 contracts

Sources: Revolving Credit Agreement (Applebees International Inc), Revolving Credit Agreement (Applebees International Inc), 5 Year Revolving Credit Agreement (Applebees International Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.2.3 or 2.2.4, during the continuance of a Default or Unmatured Default with respect to any Borrower, the Required Lenders may, at their option, by notice to the Company such Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Ratable Advance to such Borrower may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Ratable Advance. Upon and during During the continuance of any Defaulta Default with respect to such Borrower, the Required Lenders may, at their option, by notice to the Company such Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (ia) each Eurocurrency Fixed Rate Advance made to such Borrower shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (iib) each Floating Rate ABR Advance made to such Borrower shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of a Default with respect to any acceleration for any reason of any of the ObligationsBorrower under Section 7.6 or 7.7, the interest rate rates set forth in clauses (a) and (b) above shall be applicable to all Advances of all Borrowers without any election or action on the part of the Agent or any Lender.

Appears in 4 contracts

Sources: 364 Day Credit Agreement (Nationwide Financial Services Inc/), Credit Agreement (Nationwide Financial Services Inc/), 364 Day Credit Agreement (Nationwide Financial Services Inc/)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.10, 2.11 or 2.12, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the beyond its current Interest Period) term as a Eurocurrency LIBOR Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency LIBOR Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate ABR Advance shall bear interest at a rate per annum equal to the Floating ABR Rate in effect from time otherwise applicable to time the ABR Advance plus 2% per annum, annum and (iii) the LC Facility Letter of Credit Fee payable with respect to each Facility LC shall be increased increase by 2% per annum annum; provided that, upon that such rates and during increase in the continuance Facility Letter of any acceleration for any reason of any of Credit Fee shall become applicable automatically without notice to the Obligations, the interest rate set forth above shall be applicable to all Advances without any Borrower or an election or action on by the part of the Administrative Agent or any LenderLender if a Default occurs under Section 8.7 or Section 8.8, or a Default occurs relating to the payment of principal or interest, unless waived by the Required Lenders.

Appears in 4 contracts

Sources: Revolving Credit Agreement (Duke Realty Limited Partnership/), Revolving Credit Agreement (Duke Realty Corp), Revolving Credit Agreement (Duke Realty Corp)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9 or 2.10, during the continuance of a any Default or Unmatured Default Default, the Required Lenders may, at their option, option and by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Advance. Upon and during During the continuance of any a Default, the Required Lenders may, at their option, option and by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, ; and (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum; provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.

Appears in 4 contracts

Sources: Five Year Credit Agreement (Cardinal Health Inc), Five Year Credit Agreement (Cardinal Health Inc), Credit Agreement (Cardinal Health Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, annum and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 4 contracts

Sources: Credit Agreement (Lancaster Colony Corp), Credit Agreement (BJS Wholesale Club Inc), Credit Agreement (Lancaster Colony Corp)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.2.3 or Section 2.2.4, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable Alternate Base Rate in effect from time to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) time plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus 2% per annum, annum and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum; provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.

Appears in 3 contracts

Sources: Credit Agreement (Puget Energy Inc /Wa), Credit Agreement (Puget Energy Inc /Wa), Credit Agreement (Puget Energy Inc /Wa)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this Agreement, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the then current Interest Period) as a Eurocurrency Advance, provided that, notwithstanding the foregoing, any outstanding Foreign Currency Advance may be continued for an Interest Period not to exceed one month after such notice to the Borrowers by the Required Lenders. Upon and during the continuance of any DefaultDefault under Section 7.2, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, and (ii) each Floating Rate Advance and any other amount due under this Agreement shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time Floating Rate Loans plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above in clauses (i) and (ii) shall be applicable to all Advances without any election or action on the part of the Administrative Agent or any Lender.

Appears in 3 contracts

Sources: Credit Agreement (Diebold Inc), Credit Agreement and Guaranty (Diebold Inc), Credit Agreement (Diebold Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementArticle II, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during If the continuance principal portion of any DefaultAdvance is not paid at maturity, whether by acceleration or otherwise, the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time the Floating Rate Advance plus 2% per annum. If any payment of interest, and fees or other amounts is not paid when due hereunder, whether by acceleration or otherwise, the Required Lenders may, at their option, by notice to the Borrower (iiiwhich notice may be revoked at the option of the Required Lenders notwithstanding Section 8.2) declare that such amounts shall bear interest at the LC Fee payable with respect to each Facility LC shall be increased by Floating Rate plus 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any Lenderannum.

Appears in 3 contracts

Sources: 364 Day Credit Agreement (Arvinmeritor Inc), 364 Day Credit Agreement (Arvinmeritor Inc), Revolving Credit Agreement (Arvinmeritor Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.2, during the continuance of a Default or Unmatured Default (except for (a) Unmatured Defaults that will be cured, and that the Borrower certifies will be cured, by the use of the proceeds of Revolving Credit Loans that the Borrower has requested hereunder or by the issuance, amendment or extension of a Letter of Credit that the Borrower has requested hereunder or (b) Unmatured Defaults (other than the failure to pay any Obligation hereunder) that are not reasonably likely to have a Material Adverse Effect and that the Borrower certifies that it reasonably expects to cure before the date on which the same becomes a Default) the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders adversely affected thereby to changes a reduction in an interest ratesrate under a Revolving Credit Facility), declare that no Advance Loan may be made as, converted into or continued (after the expiration of the current then applicable Interest PeriodPeriod therefor) as a Eurocurrency AdvanceFixed Rate Loan. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Advance Fixed Rate Loan shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period Fixed Rate Loan plus 2% per annum and (with ii) each ABR Loan shall bear interest at the Applicable Margin automatically adjusted rate per annum otherwise applicable to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) such ABR Loan plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 8.5 or 8.6, the interest rate rates set forth in clauses (i) and (ii) above shall be applicable to all Advances applicable Revolving Credit Loans without any election or action on the part of the Administrative Agent or any Lender.

Appears in 3 contracts

Sources: Credit Agreement (Horton D R Inc /De/), Credit Agreement (Horton D R Inc /De/), Credit Agreement (Horton D R Inc /De/)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8, 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance denominated in Dollars may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency AdvanceAdvance and no Advance denominated in a Foreign Currency may have an Interest Period longer than one (1) month. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum and (iv) any other amount due and payable hereunder (including interest and fees) shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee and other amounts set forth in clause (iii) and (iv) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 3 contracts

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

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.2(c) or Section 2.2(d), during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any such Default, the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance (and any Eurodollar Advance which is not paid at the end of the applicable Interest Period) shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) each Swing Line Loan shall bear interest a rate per annum equal to the LC Fee payable with respect to each Facility LC shall be increased by Swing Line Rate plus 2% per annum and (iv) Letter of Credit Fees shall be equal to the Applicable Margin for Letter of Credit Fees plus 2% per annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in Letter of Credit Fees set forth in clause (iii) above shall be applicable to all Advances applicable Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 3 contracts

Sources: Credit Agreement (Portland General Electric Co /Or/), Credit Agreement (Portland General Electric Co /Or/), Credit Agreement (Portland General Electric Co /Or/)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this Agreement, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the then current Interest Period) as a Fixed Rate Advance, provided that, notwithstanding the foregoing, any outstanding Eurocurrency AdvanceAdvance may be continued for an Interest Period not to exceed one month after such notice to the Borrowers by the Required Lenders. Upon and during the continuance of any Default, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Fixed Rate Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possibleprovided in the definition of "Applicable Margin", notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, and (ii) each Floating Rate Advance and any other amount due under this Agreement shall bear interest at a rate per annum equal to the Floating Rate otherwise applicable to Floating Rate Loans (with the Applicable Margin automatically adjusted to the highest amount provided in effect from time to time the definition of "Applicable Margin", notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above in clauses (i) and (ii) shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.

Appears in 3 contracts

Sources: Loan Agreement (Myers Industries Inc), Loan Agreement (Myers Industries Inc), Loan Agreement (Myers Industries Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, annum and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.

Appears in 3 contracts

Sources: Credit Agreement (Lancaster Colony Corp), Credit Agreement (Lancaster Colony Corp), Credit Agreement (Lancaster Colony Corp)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8, 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance denominated in Dollars may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency AdvanceAdvance and no Advance denominated in an Agreed Currency other than Dollars may have an Interest Period longer than one (1) month. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum and (iv) any other amount due and payable hereunder (including interest and fees) shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee and other amounts set forth in clause (iii) and (iv) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 3 contracts

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

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8 or 2.9, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the all Lenders to changes in the interest rates), declare that no Advance portion of the Loan to Borrower may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency AdvanceEurodollar Loan. Upon and during During the continuance of any a Default, the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the all Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance the Loan (or any portion thereof), if bearing interest at the Eurodollar Rate, shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate Advance the Loan (or any portion thereof), if bearing interest at the Alternate Base Rate, shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and that during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7 with respect to Borrower, the interest rate rates set forth in clauses (i) and (ii) above shall be applicable to all Advances the Outstanding Loan to Borrower without any election or action on the part of the Agent or any Lender.

Appears in 3 contracts

Sources: Loan Agreement (Potomac Electric Power Co), Loan Agreement (Delmarva Power & Light Co /De/), Loan Agreement (Potomac Electric Power Co)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8, 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, annum and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 2 contracts

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

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this Agreement, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the then current Interest Period) as a Fixed Rate Advance, provided that, notwithstanding the foregoing, any outstanding Eurocurrency AdvanceAdvance may be continued for an Interest Period not to exceed one month after such notice to the Borrowers by the Required Lenders. Upon and during the continuance of any DefaultDefault under Section 7.2, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Fixed Rate Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, and (ii) each Floating Rate Advance and any other amount due under this Agreement shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time Floating Rate Loans plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above in clauses (i) and (ii) shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.

Appears in 2 contracts

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

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementArticle II, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Fixed Rate Advance. Upon and during If the continuance principal portion of any DefaultAdvance is not paid at maturity, whether by acceleration or otherwise, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Fixed Rate Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time the Floating Rate Advance plus 2% per annum. If any payment of interest, and fees or other amounts is not paid when due hereunder, whether by acceleration or otherwise, the Required Lenders may, at their option, by notice to the Company (iiiwhich notice may be revoked at the option of the Required Lenders notwithstanding Section 8.2) declare that such amounts shall bear interest at the LC Fee payable with respect to each Facility LC shall be increased by Floating Rate plus 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any Lenderannum.

Appears in 2 contracts

Sources: Revolving Credit Agreement (Arvinmeritor Inc), 5 Year Revolving Credit Agreement (Arvinmeritor Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9, 2.10 or 2.11, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 2 contracts

Sources: Credit Agreement (Tecumseh Products Co), Credit Agreement (Tecumseh Products Co)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8 or 2.9, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 8.5 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 8.5 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate Advance (other than an Advance under the Swingline) shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, annum and (iii) each of the LC Fee payable with respect to each Facility LC Letter of Credit fees described in Section 2.20.1 shall be increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the Letter of Credit fees set forth in clause (iii) above shall be applicable to all Advances (other than an Advance under the Swingline) without any election or action on the part of the Administrative Agent or any Lender. If any Advance under the Swingline is not paid at maturity, whether by acceleration or otherwise, or during the continuance of a Default, LaSalle may, at its option, by written notice to Borrower and the Administrative Agent (which notice may be revoked at LaSalle’s option notwithstanding any provision of Section 8.5 requiring unanimous consent of the Lenders to changes in interest rates), declare that each Swingline Advance shall bear interest at a rate per annum equal to the otherwise applicable rate plus 2% per annum; provided that during the continuance of a Default under Section 7.6 or 7.7, the interest rate for all Swingline Advances shall be the rate per annum equal to the otherwise applicable rate plus 2% per annum without any election or action on the part of LaSalle.

Appears in 2 contracts

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

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.2.3 or Section 2.2.4, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 21% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 21% per annum and/or (iii) the Letter of Credit Fee Rate shall be increased by 1% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.7 or 7.8, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the Letter of Credit Fee Rate set forth in clause (iii) above shall be applicable to all Advances applicable Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.

Appears in 2 contracts

Sources: Credit Agreement (Madison Gas & Electric Co), Credit Agreement (Mge Energy Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSECTION 2.2.3 or 2.2.4, during the continuance of a Default or Unmatured Default with respect to any Borrower, the Required Lenders may, at their option, by notice to the Company such Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section SECTION 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Ratable Advance to such Borrower may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Ratable Advance. Upon and during During the continuance of any Defaulta Default with respect to such Borrower, the Required Lenders may, at their option, by notice to the Company such Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section SECTION 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (ia) each Eurocurrency Fixed Rate Advance made to such Borrower shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (iib) each Floating Rate ABR Advance made to such Borrower shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided PROVIDED that, upon and during the continuance of a Default with respect to any acceleration for any reason of any of the ObligationsBorrower under SECTION 7.6 or 7.7, the interest rate rates set forth in clauses (a) and (b) above shall be applicable to all Advances of all Borrowers without any election or action on the part of the Agent or any Lender.

Appears in 2 contracts

Sources: Credit Agreement (Nationwide Financial Services Inc/), 364 Day Credit Agreement (Nationwide Financial Services Inc/)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.2.3 or Section 2.2.4, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any such Default, the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate Advance (and any Eurodollar Advance which is not paid at the end of the applicable Interest Period) shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above shall be applicable to all applicable Advances without any election or action on the part of the Agent or any Lender.

Appears in 2 contracts

Sources: Credit Agreement (Portland General Electric Co /Or/), Credit Agreement (Portland General Electric Co /Or/)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8 or Section 2.9, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon the occurrence and during the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest interest, after as well as before judgment, for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period lesser of (with x) the Eurodollar Rate calculated by adding the Applicable Margin automatically adjusted to for Level V (as set forth on the highest amount possible, notwithstanding where the Applicable Margin would otherwise be setPricing Schedule) plus 2% per annumannum and (y) the Highest Lawful Rate, (ii) each Floating Rate Advance shall bear interest interest, after as well as before judgment, at a rate per annum equal to the lesser of (x) the Floating Rate in effect from time to time calculated by adding the Applicable Margin for Level V plus 2% per annum, annum and (y) the Highest Lawful Rate and (iii) the LC Fee payable with respect to each Facility LC shall be calculated by using the Applicable Margin for Level V increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or Section 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender. Default interest shall be payable on demand.

Appears in 2 contracts

Sources: Credit Agreement (Shaw Group Inc), Credit Agreement (Shaw Group Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8 or 2.9, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus 2% per annum, annum and (iii) the LC Letter of Credit Fee payable with respect to each Facility LC Rate shall be increased by 2% per annum annum; provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the Letter of Credit Fee Rate set forth in clause (iii) above shall be applicable to all Advances applicable Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.

Appears in 2 contracts

Sources: Credit Agreement (Great Plains Energy Inc), Credit Agreement (Great Plains Energy Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8 or 2.9, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance and Swing Loan shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, annum and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 2 contracts

Sources: Credit Agreement (Aetna Industries Inc), Credit Agreement (Aetna Industries Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8 or 2.9, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus two percent (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set2%) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus the Applicable Margin plus two percent (2% %) per annum, and (iii) the LC Letter of Credit Fee payable with respect to each Facility LC Rate shall be increased by two percent (2% %) per annum and (iv) each Swing Line Loan shall bear interest at a rate per annum equal to the Alternate Base Rate in effect from time to time plus the Applicable Margin plus two percent (2%) per annum; provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Sections 7.7 or 7.8, the interest rate rates set forth in clauses (i), (ii) and (iv) above and the increase in the Letter of Credit Fee Rate set forth in clause (iii) above shall be applicable to all Advances applicable Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.

Appears in 2 contracts

Sources: Credit Agreement (Great Plains Energy Inc), Credit Agreement (Great Plains Energy Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.10, 2.11 or 2.12, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the beyond its current Interest Period) term as a Eurocurrency LIBOR Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency LIBOR Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate ABR Advance shall bear interest at a rate per annum equal to the Floating ABR Rate in effect from time otherwise applicable to time the ABR Advance plus 2% per annum, and (iii) ; provided that such rates shall become applicable automatically without notice to the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any Borrower or an election or action on by the part of the Administrative Agent or any LenderLender if a Default occurs under Section 8.7 or Section 8.8, or a Default occurs relating to the payment of principal or interest unless waived by the Required Lenders.

Appears in 2 contracts

Sources: Term Loan Agreement (Duke Realty Corp), Term Loan Agreement (Duke Realty Limited Partnership/)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.2, during the continuance of a Default or Unmatured Default (except for (a) Unmatured Defaults that will be cured, and that the Borrower certifies will be cured, by the use of the proceeds of Revolving Credit Loans that the Borrower has requested hereunder or by the issuance, amendment or extension of a Letter of Credit that the Borrower has requested hereunder or (b) Unmatured Defaults (other than the failure to pay any Obligation hereunder) that are not reasonably likely to have a Material Adverse Effect and that the Borrower certifies that it reasonably expects to cure before the date on which the same becomes a Default) the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders adversely affected thereby to changes a reduction in an interest ratesrate under a Revolving Credit Facility), declare that no Advance Loan may be made as, converted into or continued (after the expiration of the current then applicable Interest PeriodPeriod therefor) as a Eurocurrency AdvanceFixed Rate Loan. Upon and during If any principal of or interest on any Loan or any fee or other amount payable by the continuance of any DefaultBorrower hereunder is not paid when due, the Required Lenders maywhether at stated maturity, at their optionupon acceleration, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Advance mandatory prepayment or otherwise, such overdue amount shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possibleinterest, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annumafter as well as before judgment, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to (A) in the Floating Rate in effect from time case of overdue principal of any Loan, the rate otherwise applicable to time such Loan as provided above plus 2% per annumannum or (B) in the case of any other amount, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during plus the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any LenderABR Loans as provided above.

Appears in 2 contracts

Sources: Credit Agreement (Horton D R Inc /De/), Credit Agreement (Horton D R Inc /De/)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8, 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 8.3 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 8.3 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, annum and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.

Appears in 2 contracts

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

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8 or 2.9, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period lesser of (with x) the Eurodollar Rate calculated by adding the Applicable Margin automatically adjusted to for Level VI (as set forth on the highest amount possible, notwithstanding where the Applicable Margin would otherwise be setPricing Schedule) plus 2% per annumannum and (y) the Highest Lawful Rate, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the lesser of (x) the Floating Rate in effect from time to time calculated by adding the Applicable Margin for Level VI plus 2% per annum, annum and (y) the Highest Lawful Rate and (iii) the LC Fee payable with respect to each Facility LC shall be calculated by using the Applicable Margin for Level VI increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 2 contracts

Sources: Credit Agreement (Shaw Group Inc), Credit Agreement (Shaw Group Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.2.3 or Section 2.2.4, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance Revolving Loan may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency AdvanceEurodollar Loan. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance Eurodollar Loan shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus 2% per annum, (ii) each Floating Rate Loan shall bear interest at a rate per annum equal to the Alternate Base Rate in effect from time to time plus 2% per annum, (iii) each LIBOR Market Index Rate Loan shall bear interest at a rate per annum equal to the Alternate Base Rate in effect from time to time plus 2% per annum and (iiiiv) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum; provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i), (ii) and (iii) above and the increase in the LC Fee set forth in clause (iv) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.

Appears in 2 contracts

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

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by written notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any a Default, the Required Lenders may, at their option, by written notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (ia) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (iib) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, annum and (iiic) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided thatannum; provided, upon and that during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (a) and (b) above and the increase in the LC Fee set forth in clause (c) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 2 contracts

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

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.10, 2.11 or 2.12, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders under a Facility to changes in interest ratesrates with respect to such Facility), declare that no Advance may be made as, converted into or continued (after the expiration of the beyond its current Interest Period) term as a Eurocurrency LIBOR Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders as under a Facility to changes and in interest rates) rates with respect to such Facility), declare that (i) each Eurocurrency LIBOR Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate ABR Advance shall bear interest at a rate per annum equal to the Floating ABR Rate in effect from time otherwise applicable to time the ABR Advance plus 2% per annum, annum and (iii) the LC Facility Letter of Credit Fee payable with respect to each Facility LC shall be increased increase by 2% per annum annum; provided that, upon that such rates and during increase in the continuance Facility Letter of any acceleration for any reason of any of Credit Fee shall become applicable automatically without notice to the Obligations, the interest rate set forth above shall be applicable to all Advances without any Borrower or an election or action on by the part of the Administrative Agent or any LenderLender if a Default occurs under Section 8.7 or Section 8.8, or a Default occurs relating to the payment of principal or interest, unless waived by the Required Lenders.

Appears in 2 contracts

Sources: Revolving Credit Agreement (Duke Realty Limited Partnership/), Revolving Credit and Term Loan Agreement (Duke Realty Limited Partnership/)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8, 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower, declare that no Advance may be made as, converted into or continued as a Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Advance. Upon and during the continuance of any Default, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Eurodollar Advance shall bear interest (after, as well as before judgment) for the remainder of the applicable Interest Period (and for each subsequent Interest Period during the continuance of such Default or Unmatured Default) if the Required Lenders have not prohibited Eurodollar Advances) at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest (after, as well as before judgment) at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) each Swing Line Loan shall bear interest (after, as well as before judgment) at a rate per annum equal to the Swing Line Rate in effect from time to time plus 2% per annum, (iv) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum and (v) all outstanding and past due fees hereunder which do not otherwise bear interest shall accrue interest (after, as well as before judgment) at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum; provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i), (ii) and (iii) above and the increase in the LC Fee set forth in clause (iv) above shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.

Appears in 2 contracts

Sources: Credit Agreement (Oge Energy Corp.), Credit Agreement (Oge Energy Corp)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this Agreement, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the then current Interest Period) as a Fixed Rate Advance, provided that, notwithstanding the foregoing, any outstanding Eurocurrency AdvanceAdvance may be continued for an Interest Period not to exceed one month after such notice to the Borrowers by the Required Lenders. Upon and during the continuance of any Default, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Fixed Rate Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possibleprovided in the definition of Applicable Margin, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, and (ii) each Floating Rate Advance and any other amount due under this Agreement shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time Floating Rate Loans plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above in clauses (i) and (ii) shall be applicable to all Advances without any election or action on the part of the Administrative Agent or any Lender.

Appears in 2 contracts

Sources: Loan Agreement (Myers Industries Inc), Loan Agreement (Myers Industries Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8 or 2.9, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, annum and (iii) the LC Letter of Credit Fee payable with respect to each Facility LC Rate shall be increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the Letter of Credit Fee Rate set forth in clause (iii) above shall be applicable to all Advances applicable Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 2 contracts

Sources: Credit Agreement (Northern States Power Co), Credit Agreement (Xcel Energy Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this Agreement, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the then current Interest Period) as a Eurocurrency Term Benchmark Advance. Upon and during the continuance of any DefaultDefault under Section 7.2 with respect to principal, interest or fees, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Term Benchmark Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, and (ii) each Floating Rate Advance and any other amount due under this Agreement shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time Floating Rate Loans plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above in clauses (i) and (ii) shall be applicable to all Advances without any election or action on the part of the Administrative Agent or any Lender.

Appears in 2 contracts

Sources: Senior Secured Superpriority Debtor in Possession Term Loan Credit Agreement (DIEBOLD NIXDORF, Inc), Senior Secured Superpriority Debtor in Possession Term Loan Credit Agreement (DIEBOLD NIXDORF, Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) no Advance Borrowing denominated in Dollars may be made as, converted into or continued as a Fixed Rate Borrowing, (after ii) unless repaid, each Eurocurrency Borrowing denominated in Dollars shall be converted to a Floating Rate Borrowing at the expiration end of the current Interest PeriodPeriod applicable thereto and (iii) as no Borrowing denominated in a Eurocurrency AdvanceQualified Foreign Global Currency having an Interest Period in excess of one month may be made or continued. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance Fixed Rate Borrowing shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate Advance Borrowing shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time the Floating Rate Borrowing plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.

Appears in 2 contracts

Sources: Credit Agreement (DDR Corp), Credit Agreement (Developers Diversified Realty Corp)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.2(c) or Section 2.2(d), during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency SOFR Advance. Upon and during During the continuance of any such Default, the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency SOFR Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance (and any SOFR Advance which is not paid at the end of the applicable Interest Period) shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) each Swing Line Loan shall bear interest a rate per annum equal to the LC Fee payable with respect to each Facility LC shall be increased by Swing Line Rate plus 2% per annum and (iv) Letter of Credit Fees shall be equal to the Applicable Margin for Letter of Credit Fees plus 2% per annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in Letter of Credit Fees set forth in clause (iii) above shall be applicable to all Advances applicable Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Portland General Electric Co /Or/)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this Agreement, during the continuance of a Default or Unmatured Default Default, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Term Benchmark Advance. Upon and during the continuance of any Default, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Term Benchmark Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Term Benchmark Advance during the Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, (iii) each RFR Advance shall bear interest at the rate otherwise applicable to such RFR Advance plus 2% per annum, and (iiiiv) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Kelly Services Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.2, during the continuance of a Default or Unmatured Default (except for (a) Unmatured Defaults that will be cured, and that the Borrower certifies will be cured, by the use of the proceeds of Revolving Credit Loans that the Borrower has requested hereunder or by the issuance, amendment or extension of a Letter of Credit that the Borrower has requested hereunder or (b) Unmatured Defaults (other than the failure to pay any Obligation hereunder) that are not reasonably likely to have a Material Adverse Effect and that the Borrower certifies that it reasonably expects to cure before the date on which the same becomes a Default) the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders adversely affected thereby to changes a reduction in an interest ratesrate under a Revolving Credit Facility), declare that no Advance Revolving Credit Loan may be made as, converted into or continued (after the expiration of the current then applicable Interest PeriodPeriod therefor) as a Eurocurrency AdvanceFixed Rate Loan. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Advance Fixed Rate Loan shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period Fixed Rate Loan plus 2% per annum and (with ii) each ABR Loan shall bear interest at the Applicable Margin automatically adjusted rate per annum otherwise applicable to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) such ABR Loan plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 8.5 or 8.6, the interest rate rates set forth in clauses (i) and (ii) above shall be applicable to all Advances applicable Revolving Credit Loans without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Horton D R Inc /De/)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) no Advance Borrowing may be made as, converted into or continued as a Term Benchmark Borrowing and (after ii) unless repaid, each Term Benchmark Borrowing shall be converted to an ABR Borrowing at the expiration end of the current Interest Period) as a Eurocurrency AdvancePeriod applicable thereto. Upon and during During the continuance of any a Default, the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance Term Benchmark Borrowing shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus two percent (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set2%) plus 2% per annum, annum and (ii) each Floating Rate Advance ABR Borrowing and RFR Borrowing shall bear interest at a rate per annum equal to the Floating Rate in effect from time interest rate otherwise applicable to time such Borrowing plus 2% per annum. If any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, and (iii) the LC Fee payable with respect to each Facility LC whether at stated maturity, upon acceleration or otherwise, such overdue amount shall be increased by 2% bear interest, after as well as before judgment, at a rate per annum provided that, upon and during equal to (i) in the continuance case of overdue principal of any acceleration for any reason Loan, two percent (2%) plus the rate otherwise applicable to such Loan or (ii) in the case of any of other amount, two percent (2%) plus the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any LenderABR Loans.

Appears in 1 contract

Sources: Credit Agreement (SITE Centers Corp.)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.10 or 2.11, during the continuance of a Default or Unmatured Default with respect to a Borrower, (a) the Required Lenders may, at their option, by notice to the Company such Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance to such Borrower may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency AdvanceEurodollar Advance and (b) the Swingline Lender may, at its option, declare that no Swingline Loans shall be made to such Borrower. Upon and during During the continuance of any Defaulta Default with respect to a Borrower, the Required Lenders may, at their option, by notice to the Company such Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance to such Borrower shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance and each Swingline Loan to such Borrower shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus 2% per annum, annum and (iii) the LC Fee Rate payable with respect to each Facility LC by such Borrower shall be increased by 2% per annum annum, provided that, upon and that during the continuance of a Default under Section 7.6 or 7.7 with respect to any acceleration for any reason of any of the ObligationsBorrower, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee Rate set forth in clause (iii) above shall be applicable to all Advances Outstanding Credit Extensions to such Borrower without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Sources: Fourth Amendment to Second Amended and Restated Credit Agreement (Baltimore Gas & Electric Co)

Rates Applicable After Default. (a) Notwithstanding anything to the contrary contained set forth in this AgreementSection 2.9 or 2.10, during the continuance of a any Default or Unmatured Default Default, the Required Lenders may, at their option, option and by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance Loan may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency AdvanceTerm SOFR Loan. Upon and Notwithstanding anything to the contrary set forth in Section 2.9 or 2.10, during the continuance of any Default or Unmatured Default, unless repaid, each Term SOFR Loan shall be converted to a Base Rate Loan at the end of the Interest Period applicable thereto. (b) During the continuance of a Default, the Required Lenders may, at their option, option and by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance Term SOFR Loan shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, ; and (ii) each Floating Base Rate Advance Loan shall bear interest at a rate per annum equal to the Floating Rate Base Rate, in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum ; provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Sources: 364 Day Credit Agreement (Cardinal Health Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8 or 2.9, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency LIBOR Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (ia) each Eurocurrency LIBOR Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (iib) each Floating Rate ABR Advance shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.4, 7.5 or 7.6, the interest rate rates set forth in clauses (a) and (b) above shall be applicable to all Advances without any election or action on the part of the Agent or any Lender. The exercise and enjoyment by the Lenders of any right under this Section 2.11 shall not be construed to waive any Default or Unmatured Default or limit or otherwise affect any right or remedy of the Lenders or the Agent by reason thereof.

Appears in 1 contract

Sources: Credit Agreement (State Auto Financial Corp)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this Agreement, during During the continuance of a Default or Unmatured Default under Section 7.02 the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 8.02 requiring unanimous consent of the Lenders to changes in interest ratesrates and which election and notice shall not be required after a Default or Unmatured Default under Section 7.05 or 7.06), declare that no Advance may interest on the overdue amount of the Loans shall be made as, converted into or continued payable at a rate (after as well as before the expiration commencement of any proceeding under any Debtor Relief Laws) equal to 2% per annum in excess of the current Interest Period) as a Eurocurrency Advance. Upon and during the continuance of rate otherwise payable thereon (and, with respect to any Defaultother overdue amounts, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Advance shall bear interest for at a rate equal to (x) with respect to amounts denominated in Sterling, the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with ▇▇▇▇▇ Rate plus the Applicable Margin automatically adjusted applicable to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) ▇▇▇▇▇ Loans plus 2% per annum, (iiy) each Floating with respect to amounts denominated in Dollars, the Alternate Base Rate Advance shall bear interest at a rate plus the Applicable Margin applicable to Alternate Base Rate Loans plus 2% per annum equal and (z) with respect to any Foreign Currency (other than Sterling), the Floating Overnight Rate applicable to such Foreign Currency plus the Applicable Margin applicable to Eurocurrency Loans denominated in effect from time to time such Foreign Currency plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action commencing on the part date of the Agent such Default and continuing until such Default is cured or any Lenderwaived.

Appears in 1 contract

Sources: Credit Agreement (Salesforce, Inc.)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8 or 2.9, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 21% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 21% per annum, annum and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 21% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Puget Sound Energy Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9, 2.10 or 2.11, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 23% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 23% per annum, annum and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 23% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.1 (f) or (g), the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Clark Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8 or 2.9, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), (i) declare that no Advance may be made as, converted into or continued as a Eurodollar Advance or a Euro-Canadian Advance, and (ii) declare that all outstanding Euro-Canadian Advances shall immediately convert to U.S. Dollars at the Spot Dollar Amount (as of the date of such declaration) and shall bear interest at the Floating Rate. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Advance. Upon and during the continuance of any Default, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (ix) each Eurocurrency Eurodollar Advance and Euro-Canadian Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (iiy) each Floating Rate Advance (including any Euro-Canadian Advance converted as set forth in clause (ii) above) shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iiiz) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason a Default under Section 7.6 or 7.7, the conversion of any of the ObligationsEuro-Canadian Advances set forth in clause (ii) above, the interest rate rates set forth in clauses (x) and (y) above, and the increase in the LC Fee set forth in clause (z) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Newpark Resources Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8 or 2.9, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Cardinal Health Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.2, during the continuance of a Default or Unmatured Default (except for (a) Unmatured Defaults that will be cured, and that the Borrower certifies will be cured, by the use of the proceeds of a Revolving Credit Advance that the Borrower has requested hereunder or by the issuance, amendment or extension of a Letter of Credit that the Borrower has requested hereunder or (b) Unmatured Defaults (other than the failure to pay any Obligation hereunder) that are not reasonably likely to have a Material Adverse Effect and that the Borrower certifies that it reasonably expects to cure before the date on which the same becomes a Default) the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders under the Revolving Credit Facility to changes in interest ratesrates under the Revolving Credit Facility), declare that no Revolving Credit Advance may be made as, converted into or continued (after the expiration of the current then applicable Interest PeriodPeriod therefor) as a Eurocurrency Fixed Rate Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Fixed Rate Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate ABR Advance shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 8.5 or 8.6, the interest rate rates set forth in clauses (i) and (ii) above shall be applicable to all Revolving Credit Advances without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Horton D R Inc /De/)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.10, 2.11 or 2.12, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the beyond its current Interest Period) term as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Base Rate Advance shall bear interest at a rate per annum equal to the Floating Base Rate in effect from time otherwise applicable to time the Base Rate Advance plus 2% per annum, and (iii) ; provided that such rates shall become applicable automatically without notice to the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any Borrower or an election or action on by the part of the Administrative Agent or any LenderLender if a Default occurs under Section 8.7 or Section 8.8, or a Default occurs relating to the payment of principal or interest unless waived by the Required Lenders.

Appears in 1 contract

Sources: Term Loan Agreement (Duke Realty Limited Partnership/)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.10 or 2.11, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the beyond its current Interest Period) term as a Eurocurrency LIBOR Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency LIBOR Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate ABR Advance shall bear interest at a rate per annum equal to the Floating ABR Rate in effect from time otherwise applicable to time the ABR Advance plus 2% per annum, annum and (iii) the LC Facility Letter of Credit Fee payable with respect to each Facility LC shall be increased increase by 2% per annum annum; provided that, upon that such rates and during increase in the continuance Facility Letter of any acceleration for any reason of any of Credit Fee shall become applicable automatically without notice to the Obligations, the interest rate set forth above shall be applicable to all Advances without any Borrower or an election or action on by the part of the Administrative Agent or any LenderLender if a Default occurs under Section 8.7 or Section 8.8, or a Default occurs relating to the payment of principal or interest unless waived by the Required Lenders.

Appears in 1 contract

Sources: Revolving Credit Agreement (Duke Realty Corp)

Rates Applicable After Default. (a) Notwithstanding anything to the contrary contained set forth in this AgreementSection 2.9 or 2.10, during the continuance of a any Default or Unmatured Default Default, the Required Lenders may, at their option, option and by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance Loan may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency AdvanceTerm SOFR Loan. Upon and Notwithstanding anything to the contrary set forth in Section 2.9 or 2.10, during the continuance of any Default or Unmatured Default, unless repaid, each Term SOFR Loan shall be converted to a Base Rate Loan at the end of the Interest Period applicable thereto. (b) During the continuance of a Default, the Required Lenders may, at their option, option and by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance Term SOFR Loan shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, ; and (ii) each Floating Base Rate Advance Loan shall bear interest at a rate per annum equal to the Floating Rate Base Rate, in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum ; provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Sources: Term Loan Credit Agreement (Cardinal Health Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9, 2.10 or 2.11, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate ABR Advance shall bear interest at a rate per annum equal to the Floating Rate ABR in effect from time to time plus 2% per annum, annum and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Kimball International Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSections 2.9, 2.10 or 2.12, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, annum and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 8.7 or 8.8, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Modine Manufacturing Co)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9, 2.10 or 2.11, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus two percent (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set2%) plus 2% per annum, annum and (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus two percent (2% %) per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by two percent (2% %) per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 8.7 or 8.8, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent Administrative Agent, the LC Issuers or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Core Laboratories N V)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSections 2.3, during the continuance of a Default or Unmatured Event of Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.1 requiring unanimous consent of the Lenders to changes reductions in interest rates), declare that no Advance portion of the Loan may be made maintained as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, an Event of Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.1 requiring unanimous consent of the Lenders as to changes and reductions in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% [***] per annum, annum and (ii) each Floating Rate Advance the portion of the Loan not accruing interest at the rate under clause (i) above shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus 2% the Applicable Margin plus [***] per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum ; provided that, upon and during the continuance of any acceleration for any reason an Event of any of the ObligationsDefault under Section 7(f) or 7(g), the interest rate rates set forth in clauses (i) and (ii) above shall be applicable to all Advances without any election or action on the part of the Administrative Agent or any Lender. Upon the occurrence and during the continuance of an Event of Default, all interest shall be payable on demand.

Appears in 1 contract

Sources: Term Loan Agreement (Guild Holdings Co)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9, 2.10 or 2.11, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, annum and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum; provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 8(f), the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Department 56 Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8, 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum and (iv) any other amount due and payable hereunder (including interest and fees) shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee and other amounts set forth in clause (iii) and (iv) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Actuant Corp)

Rates Applicable After Default. Notwithstanding anything to the ------------------------------ contrary contained in this AgreementSection 2.8 or 2.9, during the continuance of a Default or Unmatured Default Default, the Required Lenders may, at their option, by notice to Borrower and the Company Agent (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency LIBOR Advance. Upon and If any Advance is not paid at maturity, whether by acceleration or otherwise, or during the continuance of any a Default, the Required Lenders may, at their option, by written notice to Borrower and the Company Agent (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (ia) each Eurocurrency LIBOR Advance shall bear interest for the remainder of the applicable LIBOR Interest Period at the rate otherwise applicable to such LIBOR Interest Period plus Two Percent (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set2%) plus 2% per annum, and (iib) each Floating Rate ABR Advance shall bear interest at ---- a rate per annum equal to the Floating Rate in effect from time to time otherwise applicable rate plus Two Percent (2% %) ---- per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (a) and (b) above shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.. If any Advance under the Swingline is not paid at maturity, whether by acceleration or otherwise, or during the continuance of a Default, NCB may, at its option, by written notice to Borrower and the Agent (which notice may be revoked at its option notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that each Swingline Advance shall bear interest at a rate per annum equal to the otherwise applicable rate plus Two Percent (2%) per annum. ----

Appears in 1 contract

Sources: Credit Agreement (Finish Line Inc /De/)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.10 or 2.11, during the continuance of a Default or Unmatured Default with respect to a Borrower, (a) the Required Lenders may, at their option, by notice to the Company such Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance to such Borrower may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency AdvanceEurodollar Advance and (b) the Swingline Lender may, at its option, declare that no Swingline Loans shall be made to such Borrower. Upon and during During the continuance of any Defaulta Default with respect to a Borrower, the Required Lenders may, at their option, by notice to the Company such Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance to such Borrower shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance and each Swingline Loan to such Borrower shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus 2% per annum, annum and (iii) the LC Fee Rate payable with respect to each Facility LC by such Borrower shall be increased by 2% per annum annum, provided that, upon and that during the continuance of a Default under Section 7.6 or 7.7 with respect to any acceleration for any reason of any of the ObligationsBorrower, the interest rate rates set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.in clauses (i) and

Appears in 1 contract

Sources: Credit Agreement (Pepco Holdings Inc)

Rates Applicable After Default. Notwithstanding anything to the ------------------------------ contrary contained in this AgreementSection 2.10 or 2.11, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by written notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by written notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, annum and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum, provided that, upon and during -------- the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Luiginos Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8 or Section 2.9, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period lesser of (with x) the Eurodollar Rate calculated by adding the Applicable Margin automatically adjusted to for Level VI (as set forth on the highest amount possible, notwithstanding where the Applicable Margin would otherwise be setPricing Schedule) plus 2% per annumannum and (y) the Highest Lawful Rate, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the lesser of (x) the Floating Rate in effect from time to time calculated by adding the Applicable Margin for Level VI plus 2% per annum, annum and (y) the Highest Lawful Rate and (iii) the LC Fee payable with respect to each Facility LC shall be calculated by using the Applicable Margin for Level VI increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or Section 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Shaw Group Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.08, 2.09 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 8.03 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 8.03 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, annum and (iii) if the Facility LCs have not been secured by a deposit in the Facility LC Collateral Account as required hereby, the Facility LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 8.01(f) or (g), the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (NVR Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8, 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower, declare that no Advance may be made as, converted into or continued as a Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Advance. Upon and during the continuance of any Default, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) each Swing Line Loan shall bear interest at a rate per annum equal to the Swing Line Rate in effect from time to time plus 2% per annum, (iv) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum and (v) all outstanding and past due fees hereunder which do not otherwise bear interest shall accrue interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum; provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i), (ii) and (iii) above and the increase in the LC Fee set forth in clause (iv) above shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (OGE Enogex Partners L.P.)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8 or 2.9, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance Loan may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency AdvanceEurodollar Loan. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance Eurodollar Loan shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance Loan shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Franklin Covey Co)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8 or 2.9, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company (which Borrower(which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance and each Swing Line Loan bearing interest at an Agreed Swing Line Rate shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance and each Swing Line Loan bearing interest at the Floating Rate shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each rate used in determining the Facility LC fee payable pursuant to Section 2.19(d) shall be increased by an additional 2% per annum annum; provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate and fee rates set forth in clauses (i), (ii) and (iii) above shall be applicable to all Advances and Swing Line Loans without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Industrial Distribution Group Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.10 or 2.11, during the continuance of a Default or Unmatured Default with respect to a Borrower, the Required Lenders may, at their option, by notice to the Company such Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance to such Borrower may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Defaulta Default with respect to a Borrower, the Required Lenders may, at their option, by notice to the Company such Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance to such Borrower shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance to such Borrower shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus 2% per annum, annum and (iii) the LC Fee Rate payable with respect to each Facility LC by such Borrower shall be increased by 2% per annum annum, provided that, upon and that during the continuance of a Default under Section 7.6 or 7.7 with respect to any acceleration for any reason of any of the ObligationsBorrower, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee Rate set forth in clause (iii) above shall be applicable to all Advances Outstanding Credit Extensions to such Borrower without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Atlantic City Electric Co)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8, 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (as a Eurodollar Advance. From and after the expiration date upon which any payment of the current Interest Period) as a Eurocurrency Advance. Upon and during the continuance principal of any DefaultAdvance, any interest on any Advance or any LC Fees otherwise due hereunder is not timely paid as required hereunder, the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) the principal amount of each Eurocurrency Eurodollar Advance not timely paid shall bear interest for the remainder of the applicable Interest Period (or until earlier repaid) at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) the principal amount of each Floating Rate Advance not timely paid shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annumannum until repaid, and (iii) the LC Fee payable rate with respect to each Facility such unpaid amount of LC Fees shall be increased by 2% per annum and (iv) without duplication of any increases in the applicable interest rates imposed pursuant to the foregoing clauses (i) and (ii), that portion of the principal amount of any (x) Eurodollar Advance with respect to which a payment of interest is not timely paid shall bear interest for the remainder of the applicable Interest Period (or until such overdue interest amount is earlier repaid) at the rate otherwise applicable to such Interest Period plus 2% per annum, and (y) Floating Rate Advance upon which a payment of interest is not timely paid shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum until such overdue interest amount is repaid, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i), (ii) and (iv) above shall and the increase in the LC Fee set forth in clause (iii) above shall, in the event of any such late payment of principal, interest or LC Fees, be applicable to all Advances without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Maytag Corp)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this Agreement, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the then current Interest Period) as a Eurocurrency Advance, provided that, notwithstanding the foregoing, any outstanding Foreign Currency Advance may be continued for an Interest Period not to exceed one month after such notice to the Borrowers by the Required Lenders. Upon and during the continuance of any DefaultDefault under Section 7.2 with respect to principal, interest or fees, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, and (ii) each Floating Rate Advance and any other amount due under this Agreement shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time Floating Rate Loans plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.in clauses (i) and

Appears in 1 contract

Sources: Credit Agreement (DIEBOLD NIXDORF, Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) no Advance Borrowing may be made as, converted into or continued as a Term SOFR Borrowing and (after ii) unless repaid, each Term SOFR Borrowing shall be converted to a Base Rate Borrowing at the expiration end of the current Interest Period) as Period applicable thereto. During the continuance of a Eurocurrency Advance. Upon and Default described in Sections 7.1, 7.2, 7.7 or 7.8 or, at the option of the Required Lenders during the continuance of any Default, the Required Lenders may, at their option, other Default by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) declare that ), (i) each Eurocurrency Advance Term SOFR Borrowing shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus two percent (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set2%) plus 2% per annum, annum and (ii) each Floating Base Rate Advance Borrowing and Daily Simple SOFR Borrowing shall bear interest at a rate per annum equal to the Floating Rate in effect from time interest rate otherwise applicable to time such Borrowing plus 2% per annum. If any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, and (iii) the LC Fee payable with respect to each Facility LC whether at stated maturity, upon acceleration or otherwise, such overdue amount shall be increased by 2% bear interest, after as well as before judgment, at a rate per annum provided that, upon and during equal to (i) in the continuance case of overdue principal of any acceleration for any reason Loan, two percent (2%) plus the rate otherwise applicable to such Loan or (ii) in the case of any of other amount, two percent (2%) plus the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any LenderBase Rate Loans.

Appears in 1 contract

Sources: Credit Agreement (Curbline Properties Corp.)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) no Advance Borrowing may be made as, converted into or continued as a Term SOFR Borrowing and (after ii) unless repaid, each Term SOFR Borrowing shall be converted to a Base Rate Borrowing at the expiration end of the current Interest Period) as Period applicable thereto. During the continuance of a Eurocurrency Advance. Upon and Default described in Sections 7.1, 7.2, 7.7 or 7.8 or, at the option of the Required Lenders during the continuance of any Default, the Required Lenders may, at their option, other Default by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) declare that ), (i) each Eurocurrency Advance Term SOFR Borrowing shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus two percent (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set2%) plus 2% per annum, annum and (ii) each Floating Base Rate Advance Borrowing and Daily Simple SOFR Borrowing shall bear interest at a rate per annum equal LEGAL02/46224329v7 to the Floating Rate in effect from time interest rate otherwise applicable to time such Borrowing plus 2% per annum. If any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, and (iii) the LC Fee payable with respect to each Facility LC whether at stated maturity, upon acceleration or otherwise, such overdue amount shall be increased by 2% bear interest, after as well as before judgment, at a rate per annum provided that, upon and during equal to (i) in the continuance case of overdue principal of any acceleration for any reason Loan, two percent (2%) plus the rate otherwise applicable to such Loan or (ii) in the case of any of other amount, two percent (2%) plus the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any LenderBase Rate Loans.

Appears in 1 contract

Sources: Term Loan Agreement (Curbline Properties Corp.)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementArticle II, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance Loan may be made as, converted into or continued (after the expiration of the current Eurodollar Interest Period) as a Eurocurrency AdvanceEurodollar Loan. Upon and during the continuance of If any DefaultLoan is not paid at maturity, whether by acceleration or otherwise, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) declare that (i) each Eurocurrency Advance Eurodollar Loan shall bear interest (including interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding relating to the Company, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) for the remainder of the applicable Eurodollar Interest Period at the rate per annum otherwise applicable to such Eurodollar Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate Advance Loan shall bear interest (including interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding relating to the Company, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time Floating Rate Loans plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Meritor Automotive Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this Agreement, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the then current Interest Period) as a Eurocurrency Rate Advance, provided that, notwithstanding the foregoing, any outstanding Eurocurrency Advance may be continued for an Interest Period not to exceed one month after such notice to the Borrowers by the Required Lenders. Upon and during the continuance of any Default, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Rate Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possibleprovided in the definition of "Applicable Margin", notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, and (ii) each Floating Rate Advance and any other amount due under this Agreement shall bear interest at a rate per annum equal to the Floating Rate otherwise applicable to Floating Rate Loans (with the Applicable Margin automatically adjusted to the highest amount provided in effect from time to time the definition of "Applicable Margin", notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above in clauses (i) and (ii) shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Corrpro Companies Inc /Oh/)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9, 2.10 or 2.11, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, annum and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.1 (f) or (g), the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Clark Inc)

Rates Applicable After Default. Notwithstanding anything to the ------------------------------ contrary contained in this AgreementSection 2.8 or 2.9, during the continuance of a Default or Unmatured Default Default, the Required Lenders may, at their option, by notice to Borrower and the Company Agent (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency LIBOR Advance. Upon and If any Advance is not paid at maturity, whether by acceleration or otherwise, or during the continuance of any a Default, the Required Lenders may, at their option, by written notice to Borrower and the Company Agent (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (ia) each Eurocurrency LIBOR Advance shall bear interest for the remainder of the applicable LIBOR Interest Period at the rate otherwise applicable to such LIBOR Interest Period plus Two Percent (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set2%) plus 2% per annum, and (iib) each Floating Rate ABR Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time otherwise applicable rate plus ---- Two Percent (2% %) per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (a) and (b) above shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.. If any Advance under the Swingline is not paid at maturity, whether by acceleration or otherwise, or during the continuance of a Default, NBD may, at its option, by written notice to Borrower and the Agent (which notice may be revoked at its option notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that each Swingline Advance shall bear interest at a rate per annum equal to the otherwise applicable rate plus Two Percent (2%) per annum. ----

Appears in 1 contract

Sources: Credit Agreement (Finish Line Inc /De/)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementArticle II, during the continuance of a Default or Unmatured Default an Event of Default, the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 8.3 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Advance. Upon and during During the continuance of any Default, an Event of Default the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 8.3 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (ia) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (iib) each Floating Base Rate Advance and each U.S. Swing Loan shall bear interest at a rate per annum equal to the Floating Base Rate in effect from time to time plus 2% per annum, and (iiic) each Foreign Currency Swing Loan shall bear interest at a rate per annum equal to the LC Fee payable with respect rate otherwise applicable thereto from time to each Facility LC shall be increased by time plus 2% per annum and (d) each Euro Swing Loan shall bear interest at a rate per annum equal to the rate otherwise applicable thereto from time to time plus 2% per annum; provided that, upon and during the continuance of any acceleration for any reason an Event of any of the ObligationsDefault under Section 7.5, the interest rate rates set forth in clauses (a), (b), (c) and (d) above shall be applicable to all Advances and Swing Loans without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

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

Rates Applicable After Default. Notwithstanding anything to the ------------------------------- contrary contained in this AgreementSection 2.03(e) or 2.03(f), during the continuance of a Default or Unmatured Event of Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.06(a) requiring unanimous consent of the Lenders to changes in interest rates), declare that no Syndicated Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Fixed Rate Syndicated Advance. Upon and during During the continuance of any an Event of Default, (i) the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.06(a) requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (ix) each Eurocurrency Fixed Rate Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (iiy) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus 2% per annum, and (iiiii) the LC Fee payable with respect Swing Line Lender may, at its option, by notice to the Borrower (which notice may be revoked at the option of the Swing Line Lender notwithstanding any provision of Section 9.06(a) requiring unanimous consent for the Lenders to changes in interest rates), declare that each Facility LC Swing Line Advance shall be increased by 2% bear interest at a rate per annum provided that, upon and during equal to the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any LenderAlternate Base Rate plus two percent (2.0%) per annum.

Appears in 1 contract

Sources: Credit Agreement (National Data Corp)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSECTION 2.8 or 2.9, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section SECTION 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section SECTION 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided PROVIDED that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under SECTION 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above shall be applicable to all Advances without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Ch Energy Group Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, and (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided annum; PROVIDED that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Microchip Technology Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.10 or 2.11, during the continuance of a Default or Unmatured Default Default, (a) the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency AdvanceEurodollar Advance and (b) the Swingline Lender may, at its option, declare that no Swingline Loans shall be made to Borrower. Upon and during During the continuance of any a Default, the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate Advance and each Swingline Loan shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus 2% per annum, and provided that (iiiA) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above shall be applicable to all Advances Outstanding Credit Extensions to Borrower without any election or action on the part of the Agent or any LenderLender and (B) if the Agent has not received the Additional Board Authorization evidencing the authorization of the Borrower to accrue interest at the rates set forth in this Section 2.13, the Borrower shall immediately repay all outstanding amounts owing hereunder.

Appears in 1 contract

Sources: Credit Agreement (Pepco Holdings Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8 or 2.9, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus two percent (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set2%) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus the Applicable Margin plus two percent (2% %) per annum, and (iii) the LC Letter of Credit Fee payable with respect to each Facility LC Rate shall be increased by two percent (2% %) per annum and (iv) each Swing Line Loan shall bear interest at a rate per annum equal to the Alternate Base Rate in effect from time to time plus the Applicable .CHAR1\1170499v7 Margin plus two percent (2%) per annum; provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Sections 8.7 or 8.8, the interest rate rates set forth in clauses (i), (ii) and (iv) above and the increase in the Letter of Credit Fee Rate set forth in clause (iii) above shall be applicable to all Advances applicable Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Kansas City Power & Light Co)

Rates Applicable After Default. Notwithstanding anything anything, to the contrary contained in this AgreementSection 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum,, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, . and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Coachmen Industries Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Term Benchmark Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Term Benchmark Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, annum and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Lancaster Colony Corp)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.10 or 2.11, during the continuance of a Default or Unmatured Default Default, (a) the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency AdvanceEurodollar Advance and (b) the Swingline Lender may, at its option, declare that no Swingline Loans shall be made to Borrower. Upon and during During the continuance of any a Default, the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate Advance and each Swingline Loan shall bear interest at a rate per annum equal to the Floating Alternate Base Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and that during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above shall be applicable to all Advances Outstanding Credit Extensions to Borrower without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Pepco Holdings Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.2(c) or Section 2.2(d), during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any such Default, the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (ii) each Floating Rate Advance (and any Eurodollar Advance which is not paid at the end of the applicable Interest Period) shall bear interest at a rate per annum equal to the Floating Rate in effect from time plus 2% per annum and (iii) Letter of Credit Fees shall be equal to time the Applicable Margin for Letter of Credit Fees plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (i) and (ii) above and the increase in Letter of Credit Fees set forth in clause (iii) above shall be applicable to all Advances applicable Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Portland General Electric Co /Or/)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.2, during the continuance of a Default or Unmatured Default (except for (a) Unmatured Defaults that will be cured, and that the Borrower certifies will be cured, by the use of the proceeds of Revolving Credit Loans that the Borrower has requested hereunder or (b) Unmatured Defaults (other than the failure to pay any Obligation hereunder) that are not reasonably likely to have a Material Adverse Effect and that the Borrower certifies that it reasonably expects to cure before the date on which the same becomes a Default) the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 9.2 requiring unanimous consent of the Lenders adversely affected thereby to changes a reduction in an interest ratesrate under a Revolving Credit Facility), declare that no Advance Loan may be made as, converted into or continued (after the expiration of the current then applicable Interest PeriodPeriod therefor) as a Eurocurrency AdvanceFixed Rate Loan. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Advance Fixed Rate Loan shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period Fixed Rate Loan plus 2% per annum and (with ii) each ABR Loan shall bear interest at the Applicable Margin automatically adjusted rate per annum otherwise applicable to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) such ABR Loan plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 8.5 or 8.6, the interest rate rates set forth in clauses (i) and (ii) above shall be applicable to all Advances applicable Revolving Credit Loans without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Sources: 364 Day Credit Agreement (Horton D R Inc /De/)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.11 or 2.12, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by written notice to the Company Borrower Representative (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any a Default, the Required Lenders may, at their option, by written notice to the Company Borrower Representative (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (ia) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (iib) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, annum and (iiic) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided thatannum; provided, upon and that during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (a) and (b) above and the increase in the LC Fee set forth in clause (c) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Midas Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this Agreement, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the then current Interest Period) as a Eurocurrency Fixed Rate Advance, provided that, notwithstanding the foregoing, any outstanding Multicurrency Advance may be continued for an Interest Period not to exceed one month after such notice to the Borrowers by the Required Lenders. Upon and during the continuance of any DefaultDefault under Section 7.2, the Required Lenders may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and interest rates) declare that (i) each Eurocurrency Fixed Rate Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, and (ii) each Floating Rate Advance and any other amount due under this Agreement shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time Floating Rate Loans plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above in clauses (i) and (ii) shall be applicable to all Advances without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Diebold Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8, 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (ia) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (iib) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, annum and (iiic) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum annum, provided that, upon and during the continuance of any acceleration for any reason of any of the Obligationsa Default under Section 7.6 or 7.7, the interest rate rates set forth in clauses (a) and (b) above and the increase in the LC Fee set forth in clause (c) above shall be applicable to all Advances Credit Extensions without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Patterson Dental Co)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) no Advance Borrowing denominated in Dollars may be made as, converted into or continued as a Fixed Rate Borrowing, (after ii) unless repaid, each Eurocurrency Borrowing denominated in Dollars shall be converted to a Floating Rate Borrowing at the expiration end of the current Interest PeriodPeriod applicable thereto and (iii) as no Borrowing denominated in a Eurocurrency AdvanceQualified Foreign Global Currency having an Interest Period in excess of one month may be made or continued. Upon and during During the continuance of any Default, a Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (i) each Eurocurrency Advance Fixed Rate Borrowing shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, annum and (ii) each Floating Rate Advance Borrowing shall bear interest at a rate per annum equal to the Floating Rate in effect from time otherwise applicable to time the Floating Rate Borrowing plus 2% per annum, and (iii) the LC Fee payable with respect to each Facility LC shall be increased by 2% per annum provided that, upon and during the continuance of any acceleration for any reason of any of the Obligations, the interest rate set forth above shall be applicable to all Advances without any election or action on the part of the Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Developers Diversified Realty Corp)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8, 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Defaulta Default arising under Section 7.2, the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (ia) the overdue portion of each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (iib) the overdue portion of each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, annum and (iiic) the LC Fee payable with respect overdue portion of any other amount due hereunder shall bear interest at a rate per annum equal to each Facility LC shall be increased by the rate otherwise required hereby from time to time plus 2% per annum annum; provided that, upon and during that such additional interest shall only be payable until the continuance of any acceleration for any reason of any earlier of the Obligations, (a) the interest rate set forth above shall be applicable to all Advances without any election waiver or action on the part cure of the Agent applicable Default, (b) agreement of the Required Lenders to rescind the charging of such additional interest after Default or any Lender(c) payment in full of the overdue amount.

Appears in 1 contract

Sources: Credit Agreement (Unitrin Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementArticle II, during the continuance of a Default or Unmatured Default an Event of Default, the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 8.3 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the current Interest Period) as a Eurocurrency Advance. Upon and during During the continuance of any Default, an Event of Default the Required Lenders may, at their option, by notice to the Company Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 8.3 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that (ia) each Eurocurrency Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period (with the Applicable Margin automatically adjusted to the highest amount possible, notwithstanding where the Applicable Margin would otherwise be set) plus 2% per annum, (iib) each Floating Base Rate Advance and each U.S. Swing Loan shall bear interest at a rate per annum equal to the Floating Base Rate in effect from time to time plus 2% per annum, and (iiic) each Foreign Currency Swing Loan shall bear interest at a rate per annum equal to the LC Fee payable with respect rate otherwise applicable thereto from time to each Facility LC shall be increased by time plus 2% per annum and (d) each Euro Swing Loan shall bear interest at a rate per annum equal to the rate otherwise applicable thereto from time to time plus 2% per annum; provided that, upon and during the continuance of any acceleration for any reason an Event of any of the ObligationsDefault under Section 7.5, the interest rate rates set forth in clauses (a), (b), (c) and (d) above shall be applicable to all Advances and Swing Loans without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

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