Common use of Interest on the Term Loans Clause in Contracts

Interest on the Term Loans. Subject to Section 2.3 hereof, the outstanding principal amount of the Term Loans shall bear interest at a rate per annum equal to the Adjusted Base Rate plus the Applicable Margin. Notwithstanding the foregoing, (i) any portion of the Term Loans which is not paid when due shall automatically bear interest until paid in full at the Post-Default Rate, (ii) during the period when any Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1 shall have occurred and be continuing, the outstanding principal balance of the Term Loans shall automatically bear interest, after as well as before judgment, at the Post-Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1), following written notice delivered to the Borrowers from the Lender, the outstanding principal balance of the Term Loans shall bear interest, after as well as before judgment, at the Post-Default Rate during the period beginning on the date such Event of Default first occurred, and ending on the date such Event of Default is cured or waived. Accrued interest on the outstanding principal balance of the Term Loans shall be payable in arrears on the first day of each month; provided that interest accrued at the Post-Default Rate shall be payable on demand, and all accrued interest on the (x) Equipment Term Loan shall be payable on each date that any portion of the principal of the Equipment Term Loan shall be payable hereunder and on the Equipment Term Loan Maturity Date, and (y) Real Estate Term Loan shall be payable on each date that any portion of the principal of the Real Estate Term Loan shall be payable hereunder and on the Real Estate Term Loan Maturity Date. All interest hereunder shall be computed on the basis of a year of 360 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

Interest on the Term Loans. Subject to Section 2.3 hereof, the outstanding principal amount of the Term Loans shall bear interest at a rate per annum equal to the Adjusted LIBOR Daily Floating Rate plus the Applicable Margin, or, if the Borrowers shall notify the Lender in writing that the Borrowers shall so desire, the Base Rate plus the Applicable Margin. Notwithstanding the foregoing, (i) any portion of the Term Loans which is not paid when due shall automatically bear interest until paid in full at the Post-Default Rate, (ii) during the period when any Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1 shall have occurred and be continuing, the outstanding principal balance of the Term Loans shall automatically bear interest, after as well as before judgment, at the Post-Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1), following written notice delivered to the Borrowers from the Lender, the outstanding principal balance of the Term Loans shall bear interest, after as well as before judgment, at the Post-Default Rate during the period beginning on the date such Event of Default first occurred, and ending on the date such Event of Default is cured or waived. Accrued interest on the outstanding principal balance of the Term Loans shall be payable in arrears on the first day of each month; provided that interest accrued at the Post-Default Rate shall be payable on demand, and all accrued interest on the (x) Existing Equipment Term Loan shall be payable on each date that any portion of the principal of the Existing Equipment Term Loan shall be payable hereunder and on the Existing Equipment Term Loan Maturity Date, and (y) Massachusetts Real Estate Term Loan shall be payable on each date that any portion of the principal of the Massachusetts Real Estate Term Loan shall be payable hereunder and on the Massachusetts Real Estate Term Loan Maturity Date, and (z) Michigan Real Estate Term Loan shall be payable on each date that any portion of the principal of the Michigan Real Estate Term Loan shall be payable hereunder and on the Michigan Real Estate Term Loan Maturity Date. All interest hereunder shall be computed on the basis of a year of 360 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). Notwithstanding this Section 2.2(c), subject to Section 8.5(b), the Borrowers may elect to fix the rate of interest on one or more of the Term Loans pursuant to a Hedging Agreement.

Interest on the Term Loans. Subject to Section 2.3 2.2 hereof, the outstanding principal amount of the Term Loans shall bear interest at a rate per annum equal to either (x) the Adjusted Base Rate plus the Applicable Margin or (y) the Three Month LIBOR Rate plus the Applicable Margin, as the Borrower may elect in accordance with Section 2.2(a). Notwithstanding the foregoing, (i) any portion of the Term Loans which is not paid when due or within any applicable grace or cure period shall automatically bear interest until paid in full at the Post-Default Rate, (ii) during the period when any Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1 8.1 shall have occurred and be continuing, the outstanding principal balance of the Term Loans shall automatically bear interest, after as well as before judgment, at the Post-Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of Default of the type described in clauses (g), (h) or (i) of Section 9.18.1), following written notice delivered to the Borrowers Borrower from the LenderAgent at the request of the Required Lenders, the outstanding principal balance of the Term Loans shall bear interest, after as well as before judgment, at the Post-Default Rate during the period beginning on the date such Event of Default first occurred, and ending on the date such Event of Default is cured or waived. Accrued interest on the outstanding principal balance of the Term Loans constituting Base Rate Loans shall be payable in arrears on the first day last Business Day of each monthmonth and accrued interest on the outstanding principal balance of Term Loans constituting LIBOR Loans shall be payable in arrears on each Quarterly Date; provided that interest accrued at the Post-Default Rate shall be payable on demand, and all accrued interest on the (x) Equipment a Term Loan shall be payable on each date that any portion of the principal of the Equipment such Term Loan shall be payable hereunder and on the Equipment Term Loan Maturity Date, and (y) Real Estate Term Loan shall be payable on each date that any portion of the principal of the Real Estate Term Loan shall be payable hereunder and on the Real Estate Term Loan Maturity Date. All interest hereunder shall be computed on the basis of a year of 360 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Adjusted Base Rate and the Three Month LIBOR Rate shall be determined by the Agent, and such determination shall be conclusive absent manifest error.

Interest on the Term Loans. (i) Subject to Section 2.3 2.2 hereof, the outstanding principal amount of the Term Loans shall bear interest at a rate per annum equal to either (x) the Adjusted Base Rate plus the Applicable Margin or (y) the Three Month LIBOR Rate plus the Applicable Margin, as the Borrower may elect in accordance with Section 2.2(a). Notwithstanding the foregoing, (i) any portion of the Term Loans which is not paid when due or within any applicable grace or cure period shall automatically bear interest until paid in full at the Post-Default Rate, (ii) during the period when any Event of Default of the type described in clauses (g), (h) or (i) of Section 9.1 8.1 shall have occurred and be continuing, the outstanding principal balance of the Term Loans shall automatically bear interest, after as well as before judgment, at the Post-Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of Default of the type described in clauses (g), (h) or (i) of Section 9.18.1), following written notice delivered to the Borrowers Borrower from the LenderAgent at the request of the Required Lenders, the outstanding principal balance of the Term Loans shall bear interest, after as well as before judgment, at the Post-Default Rate during the period beginning on the date such Event of Default first occurred, and ending on the date such Event of Default is cured or waived. Accrued Except as otherwise expresssly permitted under clause (ii) of this Section 2.1(b), accrued interest on the outstanding principal balance of the Term Loans, whether constituting Base Rate Loans or LIBOR Loans, shall be payable in cash in arrears on the first day last Business Day of each month; provided that interest accrued at the Post-Default Rate shall be payable on demand, and all accrued interest on the (x) Equipment a Term Loan shall be payable on each date that any portion of the principal of the Equipment such Term Loan shall be payable hereunder and on the Equipment Term Loan Maturity Date, and (y) Real Estate Term Loan shall be payable on each date that any portion of the principal of the Real Estate Term Loan shall be payable hereunder and on the Real Estate Term Loan Maturity Date. All interest hereunder shall be computed on the basis of a year of 360 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Adjusted Base Rate and the Three Month LIBOR Rate shall be determined by the Agent, and such determination shall be conclusive absent manifest error. (ii) Notwithstanding anything to the contrary set forth herein, at any time after the First Amendment Effective Date until the occurrence of any Event of Default (other than the Financial Reporting Defaults and any Specified Financial Covenant Defaults (as such terms are defined in the Fourth Forbearance Agreement and Amendment No. 1 to Credit Agreement, dated as of May 7, 2009)), in lieu of making cash payments for the entire amount of interest accrued and owing on the last Business Day of any month in respect of the outstanding Term Loans, the Borrower may make an election (a “PIK Election”) to cause a portion not in excess of 2.00% per annum of the accrued interest required to be paid in respect of the Term Loans as of the last Business Day of such month to be “paid-in-kind” (a “PIK Payment”), provided, that in no event shall the Borrower make a PIK Election with respect to accrued interest in respect of the Term Loans in excess of 2.00% per annum. In the event the Borrower makes any PIK Election, the PIK Payment applicable to such PIK Election shall be added to the outstanding principal amount of the Term Loans on the first Quarterly Date to occur after the date of such PIK Election, and, thereafter, the outstanding principal amount of the Term Loans, as increased by the amount of all PIK Payments added to the principal amount of the Term Loans on or prior to such Quarterly Date, shall continue to bear interest from and after such Quarterly Date as provided in this Section 2.1(b) until the entire principal amount of the Term Loans shall have been paid in full. Unless the context otherwise requires, for all purposes of this Agreement and the other Loan Documents, references to the “principal amount” of the Term Loans shall be deemed, as of any date of determination, to refer to the outstanding principal amount of the Term Loans after giving effect to the addition of all PIK Payments through such date of determination. If the Borrower desires to make a PIK Election, the Borrower shall provide the Administrative Agent with notice, in writing, not less than three (3) Business Days prior to the last Business Day of the applicable month for which the Borrower desires to make a PIK Payment, which notice shall specify the amount of the PIK Payment that will be added to the principal amount of the Term Loans on the next Quarterly Date and the amount of the accrued interest in respect of the Term Loans that the Borrower shall pay in cash on the last Business Day of the month in which such PIK Election is made. Notwithstanding anything to the contrary set forth in this Section 2.1(b)(ii), if, during the Forbearance Period (as defined in the Fourth Forbearance Agreement and Amendment No. 1 to Credit Agreement, dated as of May 7, 2009), the Borrower makes any PIK Election, the PIK Payment applicable to such PIK Election shall be added to the outstanding principal amount of the Term Loans on the last Business Day of the month in which such PIK Election is made, and the outstanding principal amount of the Term Loans after giving effect to such PIK Payment shall continue to bear interest from and after such Business Day as provided in this Section 2.1(b) until the entire principal amount of the Term Loans shall have been paid in full.