Definition of Term B Loan Interest Rate

  1. Term B Loan Interest Rate means a rate equal to three and one-half (3.50%) percent per annum in excess of the Adjusted Eurodollar Rate (as such rate is determined from time to time in accordance with the Loan Agreement), provided, that, the Term B Loan Interest Rate shall be five and one-half (5.50%) percent per annum in excess of the Adjusted Eurodollar Rate, at the option of the Required Term B Loan Lenders, after notice to Agent, for the period from and after the date of the occurrence of any Event of Default, and for so long as such Event of Default is continuing as determined by Agent, notwithstanding anything to the contrary contained herein, if any of the conditions described in Sections 3.3(b)(i), 3.3(b)(ii) or 3.3(b)(iii) of the Loan Agreement exist with respect to Eurodollar Rate Loans, or if the adoption of or any change in any law, treaty, rule or regulation or final, non-appealable determination of an arbitrator or a court or other Governmental Authority or in the interpretation or application thereof, in each case, occurring after the Amendment No. 3 Effective Date shall make it unlawful for a Term B Loan Lender to make or maintain loans based on the Adjusted Eurodollar Rate, then such Term B Loan Lender may, at its option, after notice to Agent, convert the interest rate on the Term B Loan owing to it to one (1%) percent per annum in excess of the Prime Rate (or at the option of such Term B Loan Lender, after notice to Agent, for the period from and after the date of the occurrence of any Event of Default, and for so long as such Event of Default is continuing as determined by Agent, to three (3%) percent per annum in excess of the Prime Rate), and if at any time Agent does not receive a request from Lead Borrower for the Term B Loans to continue as Eurodollar Rate Loans for an additional Interest Period in accordance with Section 3.1(b) of the Loan Agreement, such request shall be deemed made for an Interest Period of one (1) month duration.

Definition of Term B Loan Interest Rate in Loan and Security Agreement

Term B Loan Interest Rate means a rate equal to three and one-half (3.50%) percent per annum in excess of the Adjusted Eurodollar Rate (as such rate is determined from time to time in accordance with the Loan Agreement), provided, that, the Term B Loan Interest Rate shall be five and one-half (5.50%) percent per annum in excess of the Adjusted Eurodollar Rate, at the option of the Required Term B Loan Lenders, after notice to Agent, for the period from and after the date of the occurrence of any Event of Default, and for so long as such Event of Default is continuing as determined by Agent, notwithstanding anything to the contrary contained herein, if any of the conditions described in Sections 3.3(b)(i), 3.3(b)(ii) or 3.3(b)(iii) of the Loan Agreement exist with respect to Eurodollar Rate Loans, or if the adoption of or any change in any law, treaty, rule or regulation or final, non-appealable determination of an arbitrator or a court or other Governmental Authority or in the interpretation or application thereof, in each case, occurring after the Amendment No. 3 Effective Date shall make it unlawful for a Term B Loan Lender to make or maintain loans based on the Adjusted Eurodollar Rate, then such Term B Loan Lender may, at its option, after notice to Agent, convert the interest rate on the Term B Loan owing to it to one (1%) percent per annum in excess of the Prime Rate (or at the option of such Term B Loan Lender, after notice to Agent, for the period from and after the date of the occurrence of any Event of Default, and for so long as such Event of Default is continuing as determined by Agent, to three (3%) percent per annum in excess of the Prime Rate), and if at any time Agent does not receive a request from Lead Borrower for the Term B Loans to continue as Eurodollar Rate Loans for an additional Interest Period in accordance with Section 3.1(b) of the Loan Agreement, such request shall be deemed made for an Interest Period of one (1) month duration.