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 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 Advance. Upon and during the continuance of any Default 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 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 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 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: Bridge Credit Agreement (Diebold Inc), Bridge Credit Agreement (Diebold Inc)

Rates Applicable After Default. Notwithstanding anything to ------------------------------ the contrary contained in this AgreementSection 2.3 or 2.5, during the continuance of a Default or 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 9.6(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 (after the expiration of the then current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any Default under Section 7.2 with respect to principal, interest or feesan 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 9.6(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 plus 2% per annum and annum, (iiy) 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 plus 2% per annum; , and (z) the LC Fee shall be increased by 2% per annum, provided that, upon and that during the continuance of any acceleration for any reason an Event of any of the ObligationsDefault under Section 7.1(h) or (i), the interest rate rates and fees set forth in the preceding clauses (ix), (y) and (iiz) shall be applicable to all Advances Credit Extensions without any election or action on the part of the Administrative Agent or any Lenderthe Lenders.

Appears in 2 contracts

Sources: Credit Agreement (National Data Corp), Credit Agreement (Global Payments Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8 or 2.9, during no Advance may be made as, converted into or continued as a Term SOFR Advance or Eurocurrency Advance (except with the consent of the Administrative Agent and the Required Lenders) when any Default has occurred and is continuing. During the continuance of a Default under Section 7.2, the Administrative Agent or the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Administrative Agent or the Required Lenders Lenders, as applicable, notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no (a) the overdue amount of each Term SOFR Advance may be made as, converted into or continued (after the expiration of the then current Interest Period) as a Eurocurrency Advance. Upon and during the continuance of any Default 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 Adjusted Term SOFR Rate or Eurocurrency Rate otherwise applicable to such Interest Period plus 2% per annum and annum, (iib) the overdue amount of each Floating Alternate Base Rate Advance and any other amount due under this Agreement shall bear interest at a rate per annum equal to the Floating Alternate Base Rate otherwise applicable in effect from time to Floating Rate Loans time plus 2% per annum and (c) the overdue amount of each ▇▇▇▇▇ Advance shall bear interest at a rate per annum equal to ▇▇▇▇▇ 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 (ia) and through (iic) 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 (Aon PLC), Credit Agreement (Aon PLC)

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 then current Interest Period) as a Eurocurrency AdvanceEurodollar Loan. Upon and during During the continuance of any Default under Section 7.2 with respect to principal, interest or feesa 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 plus 2% per annum and (ii) each the Loan (or any portion thereof), if bearing interest at the Floating Rate Advance and any other amount due under this Agreement Rate, shall bear interest at a rate per annum equal to the Floating Alternate Base Rate otherwise applicable in effect from time to Floating Rate Loans time plus 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 Administrative Agent or any Lender.

Appears in 1 contract

Sources: Short Term Loan Agreement (Pepco Holdings Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8 or 2.9, during no Advance may be made as, converted into or continued as a Term SOFR Advance or Eurocurrency Advance (except with the consent of the Administrative Agent and the Required Lenders) when any Default or Unmatured Default has occurred and is continuing. During the continuance of a Default under Section 7.2, the Administrative Agent or the Required Lenders may, at their option, by notice to the Company Borrowers (which notice may be revoked at the option of the Administrative Agent or the Required Lenders Lenders, as applicable, notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no (a) the overdue amount of each Term SOFR Advance may be made as, converted into or continued (after the expiration of the then current Interest Period) as a Eurocurrency Advance. Upon and during the continuance of any Default 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 Term SOFR Rate or Eurocurrency Rate otherwise applicable to such Interest Period plus 2% per annum and annum, (iib) the overdue amount of each Floating Alternate Base Rate Advance and any other amount due under this Agreement shall bear interest at a rate per annum equal to the Floating Alternate Base Rate otherwise applicable in effect from time to Floating Rate Loans time plus 2% per annum and (c) the overdue amount of each ▇▇▇▇▇ Advance shall bear interest at a rate per annum equal to ▇▇▇▇▇ 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 (ia) and through (iic) 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 (Aon PLC)

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 then current Interest Period) as a Eurocurrency Eurodollar Advance or a Transaction Rate Advance. Upon and during During the continuance of any a Default under Section 7.2 with respect to principal, interest or fees, 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 Transaction 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 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 in effect from time to Floating Rate Loans 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 7.1.6 or 7.1.7, 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 either Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Southwestern Energy 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 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 11.2 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 Eurodollar Advance. Upon and Notwithstanding anything to the contrary contained in Section 2.8, 2.9 or 2.10, during the continuance of any an Unmatured Default under Section 7.2 with respect to principal, interest or fees, 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 11.2 requiring unanimous consent of the Lenders as to changes and in interest rates) ), declare that no Advance may be made as or converted into a Eurodollar Advance. During the continuance of a Default, the Required Lenders may, at their option, by notice to the Borrower (which notice maybe revoked at the option of the Required Lenders notwithstanding any provision of Section 11.2 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 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 the Floating Rate Loans Advance 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 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 (U S Home Corp /De/)

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 then current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any (a) a Default under Section 7.2 with respect to principal7.2, interest 7.6 or fees7.7, or (b) at the option of the Required Lenders may, at their optionLenders, 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 ), 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 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 Advance, 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 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 (Pronet 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 any Default or Unmatured 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 then current Interest Period) as a Eurocurrency Advance. Upon and during During the continuance of any Default under Section 7.2 with respect to principal, interest or feesa 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 plus 2% per annum 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 in effect from time to Floating Rate Loans time plus 2% per annum; , and (iii) the LC Fee 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 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 2.3.5 or 2.3.6, 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 Committed Advance may be made as, converted into or continued (after the expiration of the then current Interest Period) as a Eurocurrency Eurodollar Committed Advance. Upon and during During the continuance of any a Default under Section 7.2 with respect to principal, interest or fees, 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 as to changes and in interest rates) ), declare that (i) each Eurocurrency Fixed Rate Advance shall bear interest for the remainder of the applicable Interest Period at the sum of the rate otherwise applicable to such Fixed Rate Advance during such Interest Period 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 sum of the Floating Rate otherwise applicable in effect from time to Floating Rate Loans 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 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 (Central Newspapers Inc)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.7 or 2.8, 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 9.1 requiring unanimous consent of the Lenders to changes reductions in interest rates), declare that no Advance may be made as, converted into or continued (after the expiration of the then current Interest Period) as a Eurocurrency Fixed Rate Advance. Upon and during the continuance of If any Default occurs under Section 7.2 with respect to principal7.6 or 7.7 or if any Advance is not paid at maturity, interest whether by acceleration or feesotherwise, 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 plus 2% per annum and (ii) each Floating Rate Advance and any (other amount due than those under this Agreement clause (i) above) shall bear interest at a rate per annum equal to the Floating Alternate Base Rate otherwise applicable to Floating Rate Loans plus 2% per annum; provided that, upon and during . During the continuance of any acceleration for any reason of any other Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the ObligationsRequired Lenders notwithstanding any provision of Section 9.1 requiring unanimous consent of the Lenders to reductions in interest rates), the interest rate set forth in clauses declare that (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 and (ii) each Advance (other than those under clause (i) above) shall be applicable bear interest at a rate per annum equal to all Advances without any election or action on the part of the Administrative Agent or any LenderAlternate Base Rate plus 2% per annum.

Appears in 1 contract

Sources: Credit Agreement (Mego Mortgage Corp)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.7, 2.8 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice from the Agent to the Company Borrower (which notice may be revoked at the option of the Required Lenders by notice from the Agent to the Borrower 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 Eurodollar Advance. Upon and during During the continuance of any a Default under Section 7.2 with respect to principal, interest or fees, 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 by notice from the Agent to the Borrower 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 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 in effect from time to Floating Rate Loans 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 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 (Kimball International 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 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 Fixed Rate Borrowing and (after ii) unless repaid, each Eurocurrency Borrowing shall be converted to a Floating Rate Borrowing at the expiration end of the then current Interest Period) as a Eurocurrency AdvancePeriod applicable thereto. Upon and during During the continuance of any Default under Section 7.2 with respect to principal, interest or feesa 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 plus 2% per annum and (ii) each Floating Rate Advance and any other amount due under this Agreement Borrowing shall bear interest at a rate per annum equal to the Floating Rate otherwise applicable to the Floating Rate Loans Borrowing 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 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 (DDR 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 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 then current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any a Default under Section 7.2 with respect to principal, interest or feesa 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 plus 2% per annum and (ii) each Floating Rate Advance and any other amount due under this Agreement to such Borrower shall bear interest at a rate per annum equal to the Floating Alternate Base Rate otherwise applicable in effect from time to Floating Rate Loans time plus 2% per 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 shall be applicable to all Advances outstanding Loans to such Borrower without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Sources: 364 Day Credit Agreement (Atlantic City Electric Transition Funding LLC)

Rates Applicable After Default. Notwithstanding anything to the contrary contained in this AgreementSection 2.8 or 2.9, during the continuance of a 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 Eurocurrency Advance in Dollars. 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 then current Interest Period) as a Eurocurrency Advance. Upon and during the continuance of any Default 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 plus 2% per annum and annum, (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 in effect from time to Floating Rate Loans time plus 2% per annum; annum and (iii) the letter of credit fee payable pursuant to Section 2.4.5 shall be increased by 2% per annum above the fee otherwise applicable, 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 and letter of credit fee set forth in clauses (i), (ii) and (iiiii) above shall be applicable to all Advances and Letters of Credit, respectively, without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Sources: Credit Agreement (Bio Rad Laboratories 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 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 then current Interest Period) as a Eurocurrency Eurodollar Advance. Upon and during During the continuance of any a Default under Section 7.2 with respect to principal, interest or fees, 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 Eurodollar Rate otherwise applicable to such Interest Period plus the Applicable Margin from time to time in effect 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 in effect from time to Floating Rate Loans time plus 2% per annum and (iii) each of the Letter of Credit fees described in Section 2.17.9 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 the Letter of Credit fees set forth in clause (iii) 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 (Vectren Corp)

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 Advance to such Borrower may be made as, converted into or continued (after the expiration of the then current Interest Period) as a Eurocurrency Eurodollar Ratable Advance or Swing Line Advance. Upon and during During the continuance of any a Default under Section 7.2 with respect to principal, interest or feessuch 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 plus 2% per annum and annum, (iib) each Floating Rate ABR Advance and any other amount due under this Agreement made to such Borrower shall bear interest at a rate per annum equal to the Floating Alternate Base Rate otherwise applicable in effect from time to Floating Rate Loans time plus 2% per annum and (c) the Letter of Credit fee set forth in Section 2.5(e) 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 (ia) and (iib) above shall be applicable to all Advances Extensions of Credit to all Borrowers without any election or action on the part of the Administrative Agent or any Lender.

Appears in 1 contract

Sources: Five Year Credit Agreement (Nationwide Financial Services 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 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 LIBOR Rate Borrowing and (after ii) unless repaid, each Eurocurrency Borrowing shall be converted to a Floating Rate Borrowing at the expiration end of the then current Interest Period) as a Eurocurrency AdvancePeriod applicable thereto. Upon and during During the continuance of any Default under Section 7.2 with respect to principal, interest or feesa 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 LIBOR Rate Borrowing 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 Floating Rate Advance and any other amount due under this Agreement Borrowing shall bear interest at a rate per annum equal to the Floating Rate otherwise applicable to the Floating Rate Loans Borrowing 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 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 (Retail Value Inc.)