RATE PLUS THE APPLICABLE TERM
LOAN LIBOR MARGIN PER ANNUM.
As of the Closing Date, the Applicable Margins are as follows:
Applicable Term Loan Index Margin
4.00
%
Applicable Term Loan LIBOR Margin
6.00
%
Applicable Unused Line Fee Margin
4.50
%
On and after the Project Opening, the Applicable Margins will be as follows:
Applicable Term Loan Index Margin
2.50
%
Applicable Term Loan LIBOR Margin
4.50
%
Applicable Unused Line Fee Margin
4.50
%
38
(B)
IF ANY PAYMENT ON ANY LOAN BECOMES DUE AND PAYABLE ON A DAY OTHER
THAN A BUSINESS DAY, THE MATURITY THEREOF WILL BE EXTENDED TO THE NEXT
SUCCEEDING BUSINESS DAY (EXCEPT AS SET FORTH IN THE DEFINITION OF LIBOR PERIOD)
AND, WITH RESPECT TO PAYMENTS OF PRINCIPAL, INTEREST THEREON SHALL BE PAYABLE AT
THE THEN APPLICABLE RATE DURING SUCH EXTENSION.
(C)
ALL COMPUTATIONS OF FEES CALCULATED ON A PER ANNUM BASIS AND
INTEREST SHALL BE MADE BY AGENT ON THE BASIS OF A 360-DAY YEAR, IN EACH CASE FOR
THE ACTUAL NUMBER OF DAYS OCCURRING IN THE PERIOD FOR WHICH SUCH FEES AND
INTEREST ARE PAYABLE.
THE INDEX RATE IS A FLOATING RATE DETERMINED FOR EACH
DAY.
EACH DETERMINATION BY AGENT OF AN INTEREST RATE AND FEES HEREUNDER SHALL
BE PRESUMPTIVE EVIDENCE OF THE CORRECTNESS OF SUCH RATES AND FEES, ABSENT
MANIFEST ERROR.
(D)
SO LONG AS AN EVENT OF DEFAULT HAS OCCURRED AND IS CONTINUING
UNDER SECTION 8.1(A), (F) OR (G) AND WITHOUT NOTICE OF ANY KIND, OR SO LONG AS
ANY OTHER EVENT OF DEFAULT HAS OCCURRED AND IS CONTINUING AND AT THE ELECTION OF
AGENT (OR UPON THE WRITTEN REQUEST OF REQUISITE LENDERS) CONFIRMED BY WRITTEN
NOTICE FROM AGENT TO BORROWER, THE INTEREST RATES APPLICABLE TO THE TERM LOAN
SHALL BE INCREASED BY TWO PERCENTAGE POINTS (2%) PER ANNUM ABOVE THE RATES OF
INTEREST OR THE RATE OF SUCH FEE OTHERWISE APPLICABLE HEREUNDER ("DEFAULT
RATE"), AND THE OUTSTANDING PRINCIPAL BALANCE OF THE TERM LOAN SHALL BEAR
INTEREST AT THE DEFAULT RATE APPLICABLE TO SUCH OBLIGATIONS.
INTEREST AT THE
DEFAULT RATE SHALL ACCRUE FROM THE INITIAL DATE OF SUCH EVENT OF DEFAULT UNTIL
THAT EVENT OF DEFAULT IS CURED OR WAIVED AND SHALL BE PAYABLE UPON DEMAND, BUT
IN ANY EVENT, SHALL BE PAYABLE ON THE NEXT REGULARLY SCHEDULED PAYMENT DATE SET
FORTH HEREIN FOR SUCH OBLIGATION.
(E)
BORROWER SHALL HAVE THE OPTION TO (I) CONVERT AT ANY TIME ALL OR
ANY PART OF THE OUTSTANDING TERM LOAN FROM INDEX RATE LOAN TO LIBOR LOAN,
(II) CONVERT ANY LIBOR LOAN TO AN INDEX RATE LOAN, SUBJECT TO PAYMENT OF THE
LIBOR BREAKAGE COSTS IN ACCORDANCE WITH SECTION 2.3(D) IF SUCH CONVERSION IS
MADE PRIOR TO THE EXPIRATION OF THE LIBOR PERIOD APPLICABLE THERETO, OR
(III) CONTINUE ALL OR ANY PORTION OF THE TERM LOAN AS A LIBOR LOAN UPON THE
EXPIRATION OF THE APPLICABLE LIBOR PERIOD AND THE SUCCEEDING LIBOR PERIOD OF
THAT CONTINUED PORTION OF THE TERM LOAN SHALL COMMENCE ON THE FIRST DAY AFTER
THE LAST DAY