Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 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 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 Eurocurrency 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 (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 2% per annum, (ii) each ABR Advance shall bear interest at a rate per annum equal to the ABR in effect from time to time plus 2% per annum and the LC Fee shall be increased by 2% per annum, provided that, during the continuance of a Default under Section 7.6 or 7.7, the interest 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 Credit Extensions without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.8 or 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 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 as a Eurocurrency AdvanceEurodollar Loan. During the continuance of a Default 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 all Lenders to changes 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 plus 2% per annum, annum and (ii) each ABR Advance the Loan (or any portion thereof), if bearing interest at the Floating Rate, shall bear interest at a rate per annum equal to the ABR Alternate Base Rate in effect from time to time plus 2% per annum and the LC Fee shall be increased by 2% per annum, provided that, that during the continuance of a Default under Section 7.6 or 7.77.7 with respect to Borrower, the interest 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 Credit Extensions the Outstanding Loan to Borrower without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.9, 2.10 2.7 or 2.112.8, during the continuance of a Default or Unmatured 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 as a Eurocurrency 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 (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Eurodollar Interest Period at the rate otherwise applicable to such Eurodollar Interest Period plus 2% per annum, annum and (ii) each ABR Floating Rate Advance shall bear interest at a rate per annum equal to the ABR Floating Rate in effect from time to time plus 2% per annum and the LC Fee shall be increased by 2% per annum, provided that, during the continuance of a Default under Section 7.6 or 7.7, the interest 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 Credit Extensions Advances without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.7, 2.8 or 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 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 Portion may be made as, converted into or continued as a Eurocurrency AdvanceEurodollar Portion. 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 (i) each Eurocurrency Advance shall bear interest for the remainder outstanding principal balance of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum, Loans (iiwhether theretofore consisting of one or more Eurodollar Portions or Floating Rate Portions) each ABR Advance shall thereafter bear interest at a rate per annum equal to the ABR Alternative Base Rate in effect from time to time time, plus 2% per annum and the LC Fee shall be increased by 2% per annum6%, provided PROVIDED that, during the continuance of a Default under Section 7.6 7.4 or 7.77.5, the default interest rates rate set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above herein shall be applicable to all Credit Extensions the Loan without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.8 or 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 Borrower 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 as a Eurocurrency Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower 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 (i) each Eurocurrency (x) Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annumPeriod, and (iiy) each ABR Advance Floating Rate Advance, shall bear interest at a rate per annum equal to the ABR Floating Rate in effect from time to time plus 2% per annum and (ii) the LC Fee shall be increased by 2% per annum, provided that, during the continuance of a Default under Section 7.6 or 7.7, the interest rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iiiii) above shall be applicable to all Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Sources: Credit Agreement (MPW Industrial Services Group Inc)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.92.8, 2.10 2.9 or 2.112.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Borrower 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 as a Eurocurrency Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower 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 (i) each Eurocurrency (x) Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum, and (iiy) each ABR Floating Rate Advance shall bear interest at a rate per annum equal to the ABR Floating Rate in effect from time to time plus 2% per annum annum, and (ii) the LC Fee shall be increased by 2% per annum, provided that, during the continuance of a Default under Section 7.6 or 7.7, the interest rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iiiii) above shall be applicable to all Credit Extensions without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Sources: Credit Agreement (MPW Industrial Services Group Inc)
Rates Applicable After Default. Notwithstanding anything to the ------------------------------ contrary contained in Section 2.9, 2.10 2.9 or 2.112.10, during the continuance of a Default or Unmatured 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 as a Eurocurrency Eurodollar Advance. During the continuance of a Default (including the Borrower's failure to pay any Syndicated Loan at maturity) 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 (i) each Eurocurrency Advance shall bear interest for the remainder any overdue portion of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annumAdvances, (ii) each ABR Advance fees or any other Obligations hereunder shall bear interest at a rate per annum equal to the ABR in effect from time to time Floating Rate plus 2% per annum and the LC Fee shall be increased by 2% per annum, provided that, during the continuance of a Default under Section 7.6 or ----------- 7.7, the such interest rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above rate shall be applicable to all Credit Extensions Advances, fees and other --- Obligations hereunder without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Sources: 364 Day Credit Agreement (Mead Corp)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.8 or 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 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 Eurocurrency 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 (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 2% per annum, (ii) each ABR Floating Rate Advance shall bear interest at a rate per annum equal to the ABR Floating Rate in effect from time to time plus 2% per annum and the LC Letter of Credit Fee Rate shall be increased by 2% per annum, ; provided that, during the continuance of a Default under Section 7.6 or 7.7, the interest rates set forth in clauses (i) and (ii) above and the increase in the LC Letter of Credit Fee Rate set forth in clause (iii) above shall be applicable to all applicable Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.8 or 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 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 in interest rates), declare that no Advance may be made as, converted into or continued as a Eurocurrency 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 9.1 requiring unanimous consent of the Lenders to changes 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 2% per annum, annum and (ii) each ABR Floating Rate Advance or Overnight Funds Rate Advance shall bear interest at a rate per annum equal to the ABR Floating Rate in effect from time to time plus 2% per annum and the LC Fee shall be increased by 2% per annum, provided that, during the continuance of a Default under Section 7.6 8.1(f) or 7.7(g), the interest 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 Credit Extensions Advances without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.8 or 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 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 Eurocurrency 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 (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Eurodollar Interest Period at the rate otherwise applicable to such Eurodollar Interest Period plus 23% per annum, annum and (ii) each ABR Floating Rate Advance shall bear interest at a rate per annum equal to the ABR Floating Rate in effect from time to time plus 2% per annum and the LC Fee shall be increased by 23% per annum, provided PROVIDED that, during the continuance of a Default under Section 7.6 or 7.7, the interest 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 Credit Extensions Advances without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section SECTION 2.8 or 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 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 as a Eurocurrency 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 SECTION 8.2 requiring unanimous consent of the Lenders to changes 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 2% per annum, annum and (ii) each ABR Floating Rate Advance shall bear interest at a rate per annum equal to the ABR Floating Rate in effect from time to time plus 2% per annum and the LC Fee shall be increased by 2% per annum, provided ; PROVIDED that, during the continuance of a Default under Section SECTION 7.6 or 7.7, the interest 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 Credit Extensions Advances without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the ------------------------------ contrary contained in Section 2.8 or 2.9, 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 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 Eurocurrency Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by written 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 (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 2% per annum, annum and (ii) each ABR Floating Rate Advance shall bear interest at a rate per annum equal to the ABR Floating Rate in effect from time to time plus 2% per annum and the LC Fee shall be increased by 2% per annum, provided that, during the continuance of a Default under Section 7.6 or 7.7, the interest 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 Credit Extensions without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.8 or 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 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 reductions in interest rates), declare that no Revolving Credit Advance may be made as, converted into or continued as a Eurocurrency 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 9.2 requiring unanimous consent of the Lenders to changes reductions 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 plus 2% per annum, annum and (iib) each ABR Alternate Base Rate Advance shall bear interest at a rate per annum equal to the ABR Alternate Base Rate in effect from time to time plus 2% per annum and the LC Fee shall be increased by 2% per annum, provided that, during the continuance of a Default under Section 7.6 8.6 or 7.78.7, the interest rates set forth in clauses (ia) and (ii) above and the increase in the LC Fee set forth in clause (iiib) above shall be applicable to all Revolving Credit Extensions Advances without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.7, 2.8 or 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 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 Portion may be made as, converted into or continued as a Eurocurrency AdvanceEurodollar Portion. 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 (i) each Eurocurrency Advance shall bear interest for the remainder outstanding principal balance of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum, Loans (iiwhether theretofore consisting of one or more Eurodollar Portions or Floating Rate Portions) each ABR Advance shall thereafter bear interest at a rate per annum equal to the ABR Alternative Base Rate in effect from time to time time, plus 2% per annum and the LC Fee shall be increased by 2% per annum5%, provided that, during the continuance of a Default under Section 7.6 7.4 or 7.77.5, the default interest rates rate set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above herein shall be applicable to all Credit Extensions the Loan without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Sources: Loan Agreement (Great Lakes Reit)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.8 or 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 Borrower 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 as a Eurocurrency Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower 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 (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 23% per annum, (ii) each ABR Floating Rate Advance shall bear interest at a rate per annum equal to the ABR Floating Rate in effect from time to time plus 23% per annum and (iii) the LC Fee shall be increased by 23% per annum, provided that, during the continuance of a Default under Section 7.6 or 7.7, the interest 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 Credit Extensions without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.8 or 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 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 Eurocurrency 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 (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 2% per annum, annum and (ii) each ABR Floating Rate Advance shall bear interest at a rate per annum equal to the ABR Floating Rate in effect from time to time plus 2% per annum and the LC Fee shall be increased by 2% per annum, ; provided that, during the continuance of a Default under Section 7.6 or 7.7, the interest 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 Credit Extensions Advances without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.9, 2.10 2.8 or 2.11, 2.9 during the continuance of a Default or Unmatured Default 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 Revolving Credit Advance may be made as, converted into or continued as a Eurocurrency 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 (i) each Eurocurrency Advance, Floating Rate Advance and Swing Line Advance shall bear interest for the remainder of the applicable Interest Period in the case of Eurocurrency Advances) at the rate otherwise applicable to such Interest Period plus 23% per annum, (ii) each ABR Advance shall bear interest at a rate per annum equal to the ABR in effect from time to time plus 2% per annum and the LC Fee shall be increased by 2% per annum, ; provided that, during the continuance of a Default under Section 7.6 or 7.7, the interest 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 Credit Extensions Advances without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.8 or 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 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 may be made as, converted into or continued as a Eurocurrency 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 9.1 requiring unanimous consent of the Lenders to changes reductions in interest rates), ) declare that (i) each Eurocurrency i)each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum, annum and (ii) each ABR Advance (other than those under clause (i) above) and each Swingline Loan shall bear interest at a rate per annum equal to the ABR in effect from time to time Alternate Base Rate plus 2% per annum and the LC Fee shall be increased by 2% per annum, ; provided that, during the continuance of a Default under Section 7.6 or 7.7, the interest 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 Credit Extensions Advances and Swingline Loans without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Sources: Revolving Credit Agreement (Hovnanian Enterprises Inc)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.92.10, 2.10 2.11 or 2.112.12, during the continuance of a Default or Unmatured 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 as a Eurocurrency 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 (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 2% per annum, annum and (ii) each ABR Swingline Loan and each Floating Rate Advance shall bear interest at a rate per annum equal to the ABR Floating Rate in effect from time to time plus 2% per annum and the LC Fee shall be increased by 2% per annum, provided that, during the continuance of a Default under Section 7.6 or 7.7, the interest 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 Credit Extensions Advances without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.8 or 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 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 in interest rates), declare that no Advance may be made as, converted into or continued as a Eurocurrency Eurodollar Advance. During the continuance of a Default the Administrative Agent or 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 9.1 requiring unanimous consent of the Lenders to changes 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 2% per annum, annum and (ii) each ABR Floating Rate Advance shall bear interest at a rate per annum equal to the ABR Floating Rate in effect from time to time plus 2% per annum and the LC Fee shall be increased by 2% per annum, ; provided that, during the continuance of a Default under Section 7.6 or 7.77.3, the interest 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 Credit Extensions Advances without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Sources: Revolving Credit Agreement (Bok Financial Corp Et Al)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.8 or 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 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 Eurocurrency Eurodollar Advance. During the continuance of (a) a Default under Section 7.2, 7.6 or 7.7, or (b) at the option of the Required Lenders may, at their optionLenders, 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 any other Default, (i) each Eurocurrency Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate Eurodollar Rate otherwise applicable to such Interest Period plus 2% per annum, annum and (ii) each ABR Floating Rate Advance shall bear interest at a rate per annum equal to the ABR in effect from time Floating Rate otherwise applicable to time Floating Rate Advance, plus 2% per annum and the LC Fee shall be increased by 2% per annum, provided that, during the continuance of a Default under Section 7.6 or 7.7, the interest 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 Credit Extensions without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Sources: Credit Agreement (Pronet Inc /De/)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.9, 2.10 2.9 or 2.112.10, during the continuance of a Default or Unmatured 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 as a Eurocurrency 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 (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 2% per annum, and (ii) each ABR Floating Rate Advance shall bear interest at a rate per annum equal to the ABR Floating Rate in effect from time to time plus 2% per annum and the LC Fee shall be increased by 2% per annum, provided that, during the continuance of a Default under Section 7.6 or 7.7, the interest 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 Credit Extensions Advances without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Sources: 364 Day Credit Agreement (Pioneer Standard Electronics Inc)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.9, 2.10 2.3 or 2.112.5, during the continuance of a Default or Unmatured Event of 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 9.6(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 as a Eurocurrency Eurodollar Advance. During the continuance of a Default an Event of 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 9.6(a) requiring unanimous consent of the Lenders to changes 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 plus 2% per annum, (iiy) each ABR Floating Rate Advance shall bear interest at a rate per annum equal to the ABR in effect from time to time Floating Rate plus 2% per annum annum, and (z) the LC Fee shall be increased by 2% per annum, provided that, that during the continuance of a an Event of Default under Section 7.6 7.1(h) or 7.7(i), the interest rates and fees set forth in the preceding clauses (ix), (y) and (iiz) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Credit Extensions without any election or action on the part of the Administrative Agent or any Lenderthe Lenders.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section SECTION 2.8 or 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 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 as a Eurocurrency 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 SECTION 8.2 requiring unanimous consent of the Lenders to changes 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 2% per annum, annum and (ii) each ABR Floating Rate Advance shall bear interest at a rate per annum equal to the ABR Floating Rate in effect from time to time plus 2% per annum and the LC Fee shall be increased by 2% per annum, provided PROVIDED that, during the continuance of a Default under Section SECTION 7.6 or 7.7, the interest 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 Credit Extensions Advances without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.9, 2.10 2.11 or 2.112.12, during the continuance of a Default or Unmatured 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 as a Eurocurrency 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 (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 2% per annum, (ii) each ABR Advance shall bear interest at a rate per annum equal to the ABR Floating Rate in effect from time to time plus 2% based on Level IV Status (as determined in accordance with the Pricing Schedule) per annum and (ii) the LC Fee shall be increased by 2% per annum, provided that, during the continuance of a Default under Section 7.6 or 7.7, the interest rates set forth in clauses clause (i) and (ii) above and the increase in the LC Fee set forth in clause (iiiii) above shall be applicable to all Credit Extensions without any election or action on the part of the Administrative Agent or any Lender.
Appears in 1 contract
Sources: Credit Agreement (SCP Pool Corp)
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.8 or 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 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 as a Eurocurrency AdvanceEurodollar Loan. 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 (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 plus 2% per annum, (ii) each ABR Advance Floating Rate Loan shall bear interest at a rate per annum equal to the ABR Floating Rate in effect from time to time plus 2% per annum annum, and (iii) the LC Fee shall be increased by 2% per annum, provided that, during the continuance of a Default under Section 7.6 or 7.7, the interest 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 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 Section 2.92.2.3, 2.10 Section 2.2.4 or 2.112.8, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Borrower 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 as a Eurocurrency Eurodollar Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower 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 (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 2% four percent (4%) per annum, and (ii) each ABR Floating Rate Advance shall bear interest at a rate per annum equal to the ABR in effect from time Floating Rate otherwise applicable to time the Floating Rate Advance plus 2% per annum and the LC Fee shall be increased by 2% four percent (4%) per annum, provided that, during the continuance of a Default under Section 7.6 7.5 or 7.77.6, the interest 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 Credit Extensions Advances without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.8 or 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 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 Eurocurrency 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 (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 2% per annum, annum and (ii) each ABR Floating Rate Advance shall bear interest at a rate per annum equal to the ABR Floating Rate in effect from time to time plus 2% per annum and the LC Fee shall be increased by 2% per annum, provided PROVIDED that, during the continuance of a Default under Section 7.6 or 7.7, the interest 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 Credit Extensions Advances without any election or action on the part of the Agent or any Lender.
Appears in 1 contract
Sources: Credit Agreement (Tc Pipelines Lp)