Common use of Regular Interest Clause in Contracts

Regular Interest. (a) Except as set forth in Section 3.1(ii), interest on each Loan hereunder shall accrue at one of the following per annum rates selected by Borrower: (1) unless prior notice is given to Bank pursuant to subpart (2) of this Section 3.1(i)(a), the Applicable Margin plus the Prime Rate (a “Prime Rate Loan”), or (2) upon a minimum of two New York Banking Days prior notice, the Applicable Margin plus the 1, 2 or 3 month LIBOR rate quoted by Bank from Telerate Page 3750 or any successor thereto (which shall be the LIBOR rate in effect two New York Banking Days prior to the making of such Loan), adjusted for any reserve requirement and any subsequent costs arising from a change in government regulation (a “LIBOR Rate Loan”). (b) In the event Borrower does not select (within the time periods prescribed under Section 2.6 or Section 3.1(v), as applicable) another interest rate option at least two New York Banking Days before the end of the Loan Period for a LIBOR Rate Loan, Bank may at any time after the end of the Loan Period convert the LIBOR Rate Loan to a Prime Rate Loan, but until such conversion, the funds advanced under the LIBOR Rate Loan shall continue to accrue interest at the same rate as the interest rate in effect for such LIBOR Rate Loan prior to the end of the Loan Period. (c) No LIBOR Rate Loan may extend beyond the Facility Termination Date. In any event, if the Loan Period for a LIBOR Rate Loan should happen to extend beyond the Facility Termination Date, such Loan must be prepaid on the Facility Termination Date. Bank’s internal records of applicable interest rates shall be determinative in the absence of manifest error. Each LIBOR Rate Loan shall be in a minimum principal amount of $1,000,000 and in integral multiples of $100,000. Borrower may not, in the aggregate, have more than three LIBOR Rate Loans outstanding at any time. A LIBOR Rate Loan may not be requested by Borrower if an Event of Default has occurred and is continuing. Notwithstanding anything to the contrary in this Section 3.1, no portion of the Loans which represents any unreimbursed drawings under any Letter of Credit can be made as, converted into, or continued as, a LIBOR Rate Loan. (d) If a LIBOR Rate Loan is prepaid prior to the end of the Loan Period for such Loan, whether voluntarily or because prepayment is required due to the Loans maturing, the cure of any Deficiency, or the acceleration of the Loans upon an Event of Default or otherwise, Borrower will pay all of Bank’s costs, expenses and the Interest Differential (as determined by Bank) incurred as a result of such prepayment. The term “Interest Differential” means that sum equal to the greater of zero or the financial loss incurred by Bank resulting from prepayment, calculated as the difference between the amount of interest Bank would have earned (from like investments in the Money Markets as of the first day of the LIBOR Rate Loan) had prepayment not occurred and the interest Bank will actually earn (from like investments in the Money Markets as of the date of prepayment) as a result of the redeployment of funds from the prepayment. Because of the short-term nature of this credit facility, Borrower agrees that the Interest Differential shall not be discounted to its present value. Any prepayment of a LIBOR Rate Loan shall be in an amount equal to the remaining entire principal balance of such Loan. The Obligations described under this Section 3.1(i)(d) shall survive any termination of this Agreement.

Regular Interest. Subject to the provisions of clauses (ab) Except as set forth in Section 3.1(ii), interest on each Loan hereunder shall accrue at one of the following per annum rates selected by Borrower: and (1) unless prior notice is given to Bank pursuant to subpart (2c) of this Section 3.1(i)(a)3.3, the Applicable Margin Issuer shall pay interest on the unpaid principal amount of each Restructured Dollar Note owing to each Holder until such principal amount shall be paid in full, in arrears, on each Interest Payment Date at the following rates per annum: (i) Each Long-Term Dollar LIBOR Note shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the LIBO Rate for such Interest Period plus the Prime Rate (a “Prime Rate Loan”), or (2) upon a minimum of two New York Banking Days prior notice, the Long-Term Dollar Applicable Margin plus the 1, 2 or 3 month LIBOR rate quoted by Bank from Telerate Page 3750 or any successor thereto (which shall be the LIBOR rate in effect two New York Banking Days prior to the making of such Loan), adjusted for any reserve requirement and any subsequent costs arising from a change in government regulation (a “LIBOR Rate Loan”)Margin. (bii) In the event Borrower does not select (within the time periods prescribed under Section 2.6 or Section 3.1(v), as applicable) another Each Long-Term Dollar Fixed Rate Note shall bear interest rate option at least two New York Banking Days before the end of the Loan for each day during each Interest Period for a LIBOR Rate Loan, Bank may at any time after the end of the Loan Period convert the LIBOR Rate Loan to a Prime Rate Loan, but until such conversion, the funds advanced under the LIBOR Rate Loan shall continue to accrue interest with respect thereto at the same rate as the interest rate in effect for such LIBOR Rate Loan prior to the end of the Loan PeriodLong-Term Dollar Fixed Rate. (ciii) No Each Medium-Term Dollar LIBOR Rate Loan may extend beyond the Facility Termination Date. In any event, if the Loan Note shall bear interest for each day during each Interest Period for with respect thereto at a LIBOR Rate Loan should happen to extend beyond the Facility Termination Date, such Loan must be prepaid on the Facility Termination Date. Bank’s internal records of applicable interest rates shall be determinative in the absence of manifest error. Each LIBOR Rate Loan shall be in a minimum principal amount of $1,000,000 and in integral multiples of $100,000. Borrower may not, in the aggregate, have more than three LIBOR Rate Loans outstanding at any time. A LIBOR Rate Loan may not be requested by Borrower if an Event of Default has occurred and is continuing. Notwithstanding anything rate per annum equal to the contrary in this Section 3.1, no portion of the Loans which represents any unreimbursed drawings under any Letter of Credit can be made as, converted into, or continued as, a LIBOR LIBO Rate Loanfor such Interest Period plus three and one-half percent (3.5%) per annum. (div) If Each Medium-Term Dollar Fixed Rate Note shall bear interest for each day during each Interest Period with respect thereto at the Medium-Term Dollar Fixed Rate. (v) Each Subordinated Dollar LIBOR Note shall bear interest for each day during each Interest Period with respect thereto (A) in cash at a LIBOR Rate Loan is prepaid prior to the end of the Loan Period for such Loan, whether voluntarily or because prepayment is required due to the Loans maturing, the cure of any Deficiency, or the acceleration of the Loans upon an Event of Default or otherwise, Borrower will pay all of Bank’s costs, expenses and the Interest Differential (as determined by Bank) incurred as a result of such prepayment. The term “Interest Differential” means that sum rate per annum equal to the greater of zero or LIBO Rate for such Interest Period plus the financial loss incurred by Bank resulting from prepaymentSubordinated Dollar Applicable Margin, calculated as the difference between the amount of interest Bank would have earned and (from like investments B) in the Money Markets as form of (I) a Subordinated Dollar LIBOR PIK Note 2014 at the first Subordinated Dollar PIK Rate for Interest Periods through but not including January 1, 2014 and (II) a Subordinated Dollar LIBOR PIK Note 2019 at the Subordinated Dollar PIK Rate for any Interest Period thereafter. (vi) Each Subordinated Dollar Fixed Rate Note shall bear interest for each day of during each Interest Period with respect thereto (A) in cash at the LIBOR Rate LoanSubordinated Dollar Fixed Rate, and (B) had prepayment not occurred and the interest Bank will actually earn (from like investments in the Money Markets as form of (I) a Subordinated Dollar Fixed Rate PIK Note 2014 at the date of prepaymentSubordinated Dollar PIK Rate for Interest Periods through but not including January 1, 2014 and (II) as a result of Subordinated Dollar Fixed Rate PIK Note 2019 at the redeployment of funds from the prepayment. Because of the short-term nature of this credit facility, Borrower agrees that the Subordinated Dollar PIK Rate for any Interest Differential Period thereafter. (vii) Each Subordinated Dollar LIBOR PIK Note shall not be discounted to its present value. Any prepayment of bear interest for each day during each Interest Period with respect thereto (A) in cash at a LIBOR Rate Loan shall be in an amount rate per annum equal to the remaining entire principal balance LIBO Rate for such Interest Period plus the Subordinated Dollar Applicable Margin, and (B) in the form of such Loan. The Obligations described under this Section 3.1(i)(d(I) a Subordinated Dollar LIBOR PIK Note 2014 at the Subordinated Dollar PIK Rate for Interest Periods through but not including January 1, 2014 and (II) a Subordinated Dollar LIBOR PIK Note 2019 at the Subordinated Dollar PIK Rate for any Interest Period thereafter. (viii) Each Subordinated Dollar Fixed Rate PIK Note shall survive bear interest for each day during each Interest Period with respect thereto (A) in cash at the Subordinated Dollar Fixed Rate, and (B) in the form of (I) a Subordinated Dollar Fixed Rate PIK Note 2014 at the Subordinated Dollar PIK Rate for Interest Periods through but not including January 1, 2014 and (II) a Subordinated Dollar Fixed Rate PIK Note 2019 at the Subordinated Dollar PIK Rate for any termination of this AgreementInterest Period thereafter.