MONTH.
INTEREST ON BASE RATE LOANS SHALL ACCRUE AT THE
ADJUSTED BASE RATE THEN IN EFFECT.
THE ADJUSTED BASE RATE SHALL INCREASE OR
DECREASE IN AN AMOUNT EQUAL TO EACH INCREASE OR DECREASE, RESPECTIVELY, IN THE
PRIME RATE, EFFECTIVE AS OF THE DATE OF EACH SUCH CHANGE.
INTEREST ON
EURODOLLAR LOANS SHALL BE PAYABLE BY BORROWER ON THE LAST DAY OF EACH INTEREST
PERIOD, AND, IF THE INTEREST PERIOD EXCEEDS THREE MONTHS, ALSO ON THE LAST DAY
OF THE THREE MONTH PERIOD COMMENCING ON THE FIRST DAY OF THE APPLICABLE INTEREST
PERIOD; ALL CALCULATED UPON THE OUTSTANDING PRINCIPAL AMOUNT OF SUCH EURODOLLAR
LOAN DURING THE IMMEDIATELY PRECEDING PERIOD AT THE ADJUSTED LIBOR RATE THEN IN
EFFECT.
ON AND AFTER ANY EVENT OF DEFAULT OR TERMINATION OR NON-RENEWAL OF THE
CREDIT FACILITIES UNDER THIS AGREEMENT, INTEREST ON ALL UNPAID OBLIGATIONS SHALL
ACCRUE AT A RATE EQUAL TO TWO AND ONE-HALF PERCENT (2.5%) PER ANNUM IN EXCESS OF
PRIME RATE (THE "DEFAULT RATE") UNTIL SUCH TIME AS ALL OBLIGATIONS ARE
INDEFEASIBLY PAID IN FULL
7
(NOTWITHSTANDING ENTRY OF ANY JUDGMENT AGAINST BORROWER OR THE EXERCISE OF ANY
OTHER RIGHT OR REMEDY BY AGENT OR ANY LENDER), AND ALL SUCH INTEREST SHALL BE
PAYABLE ON DEMAND.
IN NO EVENT SHALL CHARGES CONSTITUTING INTEREST EXCEED THE
RATE PERMITTED UNDER ANY APPLICABLE LAW OR REGULATION, AND IF ANY PROVISION OF
THIS AGREEMENT IS IN CONTRAVENTION OF ANY SUCH LAW OR REGULATION, SUCH PROVISION
SHALL BE DEEMED AMENDED TO CONFORM THERETO.
(B)
THE "PRIME RATE" IS THE RATE OF INTEREST PUBLICLY ANNOUNCED BY
AGENT, ITS SUCCESSORS AND ASSIGNS, IN SOUDERTON, PENNSYLVANIA, AS ITS "PRIME
RATE" WITH EACH CHANGE IN SUCH PRIME RATE BEING EFFECTIVE ON THE DATE OF SUCH
CHANGE (THE PRIME RATE IS NOT INTENDED TO BE THE LOWEST RATE OF INTEREST CHARGED
BY AGENT TO ITS BORROWERS).
THE "ADJUSTED BASE RATE" IS THE RATE OF INTEREST
EQUAL TO THE SUM OF THE PRIME RATE THEN IN EFFECT, PLUS THE APPLICABLE
PERCENTAGE FOR LOANS WHICH ARE BASE RATE LOANS AS SET FORTH IN SECTION 10.4(A).
(C)
"LIBOR" IS, WITH RESPECT TO ANY EURODOLLAR LOAN FOR THE INTEREST
PERIOD APPLICABLE THERETO, THE RATE OF INTEREST PER ANNUM (ROUNDED UPWARDS, IF
NECESSARY, TO THE NEAREST 1/100 OF 1%) APPEARING ON TELERATE PAGE 3750 (OR ANY
SUCCESSOR PAGE) - BRITISH BANKERS ASSOCIATION INTEREST SETTLEMENT RATES, AS THE
LONDON INTERBANK OFFERED RATE FOR DEPOSITS IN U.S. DOLLARS AT APPROXIMATELY
11:00 A.M. (LONDON TIME) TWO (2) BUSINESS DAYS PRIOR TO THE FIRST DAY OF SUCH
INTEREST PERIOD FOR A TERM COMPARABLE TO SUCH INTEREST PERIOD; PROVIDED,
HOWEVER, (I) IF MORE THAN ONE RATE IS SPECIFIED ON TELERATE PAGE 3750 (OR ANY
SUCCESSOR PAGE), THE APPLICABLE RATE SHALL BE THE ARITHMETIC MEAN OF ALL SUCH
RATES (II) IF SUCH RATE IS NOT REPORTED, THEN THE APPLICABLE RATE SHALL BE AS
DETERMINED BY THE AGENT FROM ANOTHER RECOGNIZED SOURCE OR INTERBANK QUOTATION,
AND PROVIDED, FURTHER, LIBOR SHALL BE INCREASED BY ANY THEN APPLICABLE OR
SUBSEQUENTLY IMPOSED EUROCURRENCY LIABILITY RESERVE REQUIREMENT IMPOSED