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LIBOR Advances
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LIBOR Advances
. The interest rate
applicable to
each LIBOR
Advance shall
be
determined
in accordance with
Section 3.6(a) hereunder.
Subject to Sections
3.6 and 3.7, such rate shall apply during the entire
Interest Period
applicable to such LIBOR Advance,
and interest
calculated
thereon
shall be
payable
on the
Interest Payment Date
applicable to such LIBOR Advance.
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LIBOR Advances
. If such Advance is
a LIBOR Advance
, a
rate per annum
(
computed
on the actual
number of days
elapsed,
including
the
first day
and
excluding
the last,
based on
a 360 day
year
)
equal
at all times
during
the Interest Period
for such Advance to the
lesser of
(i) the LIBOR for such Interest Period
plus
the
Applicable Margin
and (ii) the
Maximum Rate
,
payable
in arrears
on the last
day of
such Interest Period, and on
the date
such LIBOR
Advance shall
be
paid in full
, and,
with respect to
LIBOR Advances
having
an Interest Period
in
excess
of
one month
, the numerically
corresponding day
to the
initial
day of such Interest Period in each
calendar month
during such Interest Period; provided, however, that if there is no numerically corresponding day in any such month or if the Interest Period begins on the last
Business Day
of a calendar month, interest shall be payable on the last Business Day of each calendar month during the Interest Period;
provided further
that
during the continuance of an Event of Default
, LIBOR Advances shall
bear
interest at a rate per annum equal at all times to the lesser of (i)
the rate
required
to be paid on such Advance
immediately
prior to the
date on which such Event of Default
commenced
plus two
percent
(2%) and (ii) the Maximum Rate.
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LIBOR Advances
. During such
periods
as such
Revolving Credit Advance
is
a LIBOR Advance
, a
rate per annum
equal
at all times
during each
Interest Period
for such Revolving Credit Advance to the
sum of
(x) LIBOR for such Interest Period for such Revolving Credit Advance
plus
(y) the
Applicable Interest Rate Margin
plus (z)
Mandatory Cost
, if any,
payable
in arrears
on the last
day of
such Interest Period and, if such Interest Period has a
duration of
more than six months
, on
the day
that occurs during such Interest Period six months from the
first day
of such Interest Period and on
the date
such LIBOR
Advance shall
be
paid in full
.
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LIBOR Advances
. LIBOR Advances shall
bear
interest
at the
rate per annum
equal to
the LIBOR Rate
applicable to
such Advance, which at no
time
shall
exceed
the
Highest Lawful Rate
.
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LIBOR Advances
. If, due to either (i)
the introduction
of or
any change
(other than any change by
way
of
imposition
or increase of reserve
requirements included
in the
calculation of the
LIBOR) in or in the
interpretation of
any
law or regulation
enacted
,
issued
or promulgated after the date of this
Agreement or
(ii) the
compliance with
any
guideline
,
rule
,
directive
or
request
from any
central bank
or other
Governmental Authority
(whether or not
having
the
force of law
) enacted, issued or promulgated after the date of this Agreement, there shall be any increase in
the cost
to any
Bank of
agreeing to make or
making
,
funding
,
converting
into,
continuing
or
maintaining
LIBOR Advances, then
the Borrower shall
from time to time
, within 10
days
of
written demand
by such Bank (with
a copy of
such demand to
the Administrative Agent
),
pay to
the Administrative Agent for
the account
of such Bank
additional amounts
(
without duplication
of any
other amounts payable
in
respect of increased costs
)
sufficient
to compensate
such Bank for such increased cost;
provided
, however, that, before making any such demand,
each Bank
agrees to
use commercially reasonable efforts
(
consistent with
its
internal policy
and legal and
regulatory restrictions
) to
designate
a
different
Applicable Lending Office
if the making of such a
designation
would
avoid
the need
for, or
reduce
the amount of, such increased cost and would not, in the reasonable
judgment
of such Bank, be otherwise disadvantageous to such Bank. A
certificate
as to the amount of such increased cost and
detailing
the calculation of such cost
submitted
to
the Borrower and the
Administrative Agent by
such Bank
at the time
such Bank
demands
payment
under this
Section
shall be
conclusive and binding
for all
purposes
,
absent
manifest error
.
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LIBOR Advances
.
Upon request
,
the Administrative Agent
, whose
determination
in
absence
of
manifest error
shall be conclusive, shall
determine the
available
LIBOR Basis
and shall notify
the Borrower
of such LIBOR Basis to apply for the applicable
LIBOR Advance
.
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LIBOR Advances
. LIBOR Advances shall
bear
interest
at the
rate per annum
equal to
the LIBOR Rate
applicable to
such Advance.
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LIBOR Advances
. The
unpaid principal amount
of each LIBOR
Advance shall
bear
interest prior to maturity
at a
rate per annum
equal to
the
LIBOR Rate
(
Reserve
Adjusted
)
in effect
for each
Interest Period
for such LIBOR Advance
plus
the
Applicable Margin
per annum.
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LIBOR Advances
.
The principal amount
of each
LIBOR Advance
is
due and payable
on the last
day of
the
applicable Interest Period
, which
principal payment
may be made by means of a
Refinancing Advance
in accordance with
the
terms of
Section
2.09 hereof (and subject to the
other provisions of this Agreement
).
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LIBOR Advances
. A
fixed rate
quoted
by the Bank
for 1, 2, 3, 6, or 12 months or for such other
period of time
that
the Bank may
quote and offer (
provided that
any such period of time does not
extend
beyond the
Expiration Date
) (the "
LIBOR Interest Period
") for advances in the
minimum amount
of $500,000.00. Such
interest rate shall
be the rate per annum
determined
by the Bank to be the rate as of
approximately
11:00 a.m. (
London time
) on
the date
that is two (2) LIBOR Business Days prior to
the beginning
of the
relevant Interest Period
quoted as the
British Bankers
Association
Interest Settlement Rate
for
deposits
in
dollars
(as
set forth
in
any service
selected
by the Bank which has been
nominated
by the British Bankers’ Association as an
authorized
information vendor
for
purpose of
displaying such rates) for a period
equal to
such Interest Period; provided that,
to the extent
that
an interest
rate is not
ascertainable
pursuant to
the foregoing provisions of this
definition
, the rate shall be the
interest rate per annum
determined by the Bank to be
the average
of
the rates
per annum at which deposits in dollars are
offered
for such relevant Interest Period to
major banks
in the
London interbank market
in London,
England
by any
affiliate of
the Bank at approximately 11:00 a.m. (London time) on the date that is two (2) LIBOR Business Days prior to the beginning of such Interest Period, in either
case
plus
2.25%,
adjusted
for any and all
assessments
,
surcharges
and
reserve requirements
and
rounded
upward, if
necessary
, to the next
higher
1/16 of one
percent
(the "
LIBOR Rate
"). An Advance
based
upon the LIBOR Rate is
hereinafter referred to as
a "LIBOR Advance." There may be no more than four (4)
Interest Periods
in effect
at any one time for LIBOR Advances. Interest on any
Advance shall
be
computed
on the
basis of
360
days per year
, but
charged
on the actual
number of days
elapsed.
The Borrower hereby
promises
and agrees to
pay interest
quarterly
in arrears
on all Variable Rate
Advances and
LIBOR Advances
on March
31,
June
30,
September
30, and
December 31
of
each year
. If interest is not
paid
as and when it is due, it shall be
added
to
the principal
, become and be
treated
as a part thereof, and shall thereafter
bear
like interest.
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