THE SUM OF 2% PLUS THE RATE OTHERWISE APPLICABLE TO BASE RATE LOANS FOR SUCH
DAY.
(B)
EACH CD LOAN SHALL BEAR INTEREST ON THE
OUTSTANDING PRINCIPAL AMOUNT THEREOF, FOR EACH DAY DURING EACH INTEREST PERIOD
APPLICABLE THERETO, AT A RATE PER ANNUM EQUAL TO THE SUM OF THE CD MARGIN FOR
SUCH DAY PLUS THE ADJUSTED CD RATE APPLICABLE TO SUCH INTEREST PERIOD; PROVIDED
THAT IF ANY CD LOAN SHALL, AS A RESULT OF CLAUSE (2)(B) OF THE DEFINITION OF
INTEREST PERIOD, HAVE AN INTEREST PERIOD OF LESS THAN 30 DAYS, SUCH CD LOAN
SHALL BEAR INTEREST DURING SUCH INTEREST PERIOD AT THE RATE APPLICABLE TO BASE
RATE LOANS DURING SUCH PERIOD.
SUCH INTEREST SHALL BE PAYABLE FOR EACH INTEREST
PERIOD ON THE LAST DAY THEREOF AND, IF SUCH INTEREST PERIOD IS LONGER THAN 90
DAYS, AT INTERVALS OF 90 DAYS AFTER THE FIRST DAY THEREOF AND, WITH RESPECT TO
THE PRINCIPAL AMOUNT OF ANY CD LOAN THAT IS PREPAID OR CONVERTED TO A BASE RATE
LOAN OR EURO-DOLLAR LOAN, ON THE DATE OF SUCH PREPAYMENT OR CONVERSION.
ANY
OVERDUE PRINCIPAL OF OR INTEREST ON ANY CD LOAN SHALL BEAR INTEREST, PAYABLE ON
DEMAND, FOR EACH DAY UNTIL PAID AT A RATE PER ANNUM EQUAL TO THE SUM OF 2% PLUS
THE HIGHER OF (I) THE SUM OF THE CD MARGIN FOR SUCH DAY PLUS THE ADJUSTED CD
RATE APPLICABLE TO SUCH LOAN ON THE DAY BEFORE SUCH PAYMENT WAS DUE AND (II) THE
RATE APPLICABLE TO BASE RATE LOANS FOR SUCH DAY.
18
The "Adjusted CD Rate" applicable to any Interest Period means a rate per annum
determined pursuant to the following formula:
ACDR =
[
CDBR
]*
[]
+ AR
[1.00
-
DRP]
ACDR = Adjusted CD Rate
CDBR = CD Base Rate
DRP = Domestic Reserve Percentage
AR = Assessment Rate
*The amount in brackets being rounded upward, if necessary, to the next higher
1/100 of l%
The "CD Base Rate" applicable to any Interest Period is the rate of interest
determined by the Administrative Agent to be the average (rounded upward, if
necessary, to the next higher 1/100 of 1%) of the prevailing rates per annum bid
at 10:00 A.M. (New York City time) (or as soon thereafter as practicable) on the
first day of such Interest Period by two or more New York certificate of deposit
dealers of recognized standing for the purchase at face value from the CD
Reference Bank of its certificates of deposit in an amount comparable to the
principal amount of the CD Loan of such CD Reference Bank to which such Interest
Period applies and having a maturity comparable to such Interest Period.
"Domestic Reserve Percentage" means for any day that percentage (expressed as a
decimal) which is in effect on such day, as prescribed by the Board of Governors
of the Federal Reserve System (or any successor) for determining the maximum
reserve requirement (including without limitation any basic, supplemental or
emergency reserves) for a member bank