Ticking Interest. The Borrower shall pay to the Administrative Agent for the account of each Lender ticking interest (the “Ticking Interest”) at a rate per annum equal to 0.20% (provided that such rate shall be 0.30% at any time there are two Non-Investment Grade Ratings). The Ticking Interest shall accrue on the Commitments beginning on August 27, 2016 until the earlier of (x) the Closing Date and (y) the termination of the Commitments. Accrued Ticking Interest shall be due and payable on the earlier of (x) the Closing Date and (y) the termination of the Commitments.
Appears in 2 contracts
Sources: Senior Unsecured Bridge Credit Agreement, Senior Unsecured Bridge Credit Agreement (Avnet Inc)