SEC Filings

8-K
PERNIX THERAPEUTICS HOLDINGS, INC. filed this Form 8-K on 02/27/2019
Entire Document
 

2.6               Interest Rates and Fees: Rates, Payments, and Calculations.

 

(a)                Interest Rates. Except as provided in Section ‎2.6(c), the Obligations shall bear interest (from the date of incurrence through but excluding the date of repayment or prepayment (whether by acceleration or otherwise)) as follows:

 

(i)                 if the relevant Obligation is a LIBOR Rate Loan, at a per annum rate equal to the LIBOR Rate plus 6.00%, and

 

(ii)               otherwise, at a per annum rate equal to the Base Rate plus 5.00% per annum.

 

(b)                Fees. With respect to each New Money General Purpose Loan, the Borrower shall pay to Agent, for the account of each Lender holding a New Money General Purpose Loan, a fee in an amount equal to 1.00% per annum on such Lender’s New Money General Purpose Loan, which fee with respect to any New Money General Purpose Loan shall be fully earned on the Funding Date of such New Money General Purpose Loan, and which shall be due and payable on the earlier of (i) the Maturity Date and (ii) the termination of the Commitments and payment or other discharge of the outstanding principal amount of all Loans.

 

(c)                Default Rate. Automatically upon the occurrence and during the continuation of an Event of Default (unless waived by the Required Lenders), all Obligations that have been charged to the Loan Account pursuant to the terms hereof shall bear interest at a per annum rate equal to two (2) percentage points above the per annum rate otherwise applicable thereunder.

 

(d)                [Reserved].

 

(e)                Computation. All interest and fees chargeable under the Loan Documents shall be computed on the basis of a 365/366 day year, for the actual number of days elapsed in the period during which the interest or fees accrue.

 

(f)                 Intent to Limit Charges to Maximum Lawful Rate. In no event shall the interest rate or rates payable under this Agreement, plus any other amounts paid in connection herewith, exceed the highest rate permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable. Borrower and the Lender Group, in executing and delivering this Agreement, intend legally to agree upon the rate or rates of interest and manner of payment stated within it; provided, that, anything contained herein to the contrary notwithstanding, if such rate or rates of interest or manner of payment exceeds the maximum allowable under applicable law, then, ipso facto, as of the date of this Agreement, Borrower is and shall be liable only for the payment of such maximum amount as is allowed by law, and payment received from Borrower in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the Obligations to the extent of such excess.

 

(g)                Payment. All interest and all other fees payable hereunder or under any of the other Loan Documents shall be due and payable in cash, in arrears, on the Interest Payment Date (or, if earlier, the Maturity Date) and, with respect to accrued and unpaid interest on any Loan being prepaid or repaid, the date of such prepayment or repayment, and (ii) all costs and expenses payable hereunder or under any of the other Loan Documents, and all Lender Group Expenses shall be due and payable on the earlier of (x) the first day of the month following the date on which the applicable costs, expenses, or Lender Group Expenses were first incurred or (y) the date on which demand therefor is made by Agent (it being acknowledged and agreed that any charging of such costs, expenses or Lender Group Expenses to the Loan Account pursuant to the provisions of the following sentence shall be deemed to

 

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