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Computation of Interest
Computation of Interest contract clause examples

Interim Interest. If the L/C Issuer for any Letter of Credit shall make any L/C Disbursement, then, unless the Borrowers shall reimburse such L/C Disbursement in full on the date such L/C Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such L/C Disbursement is made to but excluding the date that the Borrowers reimburse such L/C Disbursement, at the rate per annum then applicable to Daily SOFR Rate Loans; provided that if any Borrower fails to reimburse such L/C Disbursement when due pursuant to [clause (f) of this Section 2.03], then [Section 2.08(c)] shall apply. Interest accrued pursuant to this [clause (m)] shall be for account of such L/C Issuer, except that interest accrued on and after the date of payment by any Lender pursuant to [clause (f) of this Section 2.03] to reimburse such L/C Issuer shall be for account of such Lender to the extent of such payment.

First Amendment to Sixth Amended and Restated Credit Agreement
Source: SEC EDGAR database • Date: May 26, 2022 • SIC: 6798 • CIK: 6798

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