No Interest Period Loans; Default Interest Sample Clauses

No Interest Period Loans; Default Interest. During the Forbearance Period, no Loan will be made, converted or continued as a LIBOR Loan or Canadian BA Rate Loan. Commencing on the Effective Date, (a) the Obligations which would otherwise accrue interest pursuant to Section 3.1.1(a) of the Loan Agreement shall accrue interest at the Default Rate and (b) fees payable in respect of Letters of Credit under Section 3.2.2(a)(i) and 3.2.2(b)(i) of the Loan Agreement shall be increased by 2.00% per annum above the rate otherwise applicable thereto in accordance with such Section (the additional amounts accruing pursuant to clauses (a) and (b) above that exceeds the interest or fee rate otherwise applicable thereto being collectively referred to as the “Accrued Excess Default Amount”); provided, that the Accrued Excess Default Amount will not be due and payable until the Termination Date and will be automatically waived if Full Payment of the Obligations (other than the Accrued Excess Default Amount and the Forbearance Fee (as defined below)) occurs on or before the Termination Date. For the avoidance of doubt, (i) during the Forbearance Period, interest on the Loans shall continue to be paid in cash at the Base Rate (or Canadian Prime Rate, as applicable) plus the Applicable Margin and in accordance with Section 3.1.1(c) of the Loan Agreement and Letter of Credit fees shall continue to be paid in cash at the Applicable Margin for LIBOR Loans (or Canadian BA Rate Loans, as applicable) and in accordance with Section 3.2.2 of the Loan Agreement, respectively, and (ii) (A) failure by the Borrowers to make Full Payment of the Obligations (other than the Accrued Excess Default Amount and the Forbearance Fee) on or before the Termination Date or (B) the occurrence of a Termination Event shall cause the Accrued Excess Default Amount to become immediately due and payable.