REQUESTED BY BORROWING AGENT.
THE RIGHTS OF AGENT UNDER THIS
SUBSECTION ARE SUBJECT TO THE PROVISIONS OF SECTION 16.2(B).
(C)
SUBLIMIT FOR REVOLVING ADVANCES MADE
AGAINST ELIGIBLE INVENTORY.
THE AGGREGATE AMOUNT OF REVOLVING ADVANCES MADE TO
BORROWER AGAINST (I) ELIGIBLE INVENTORY SHALL NOT EXCEED IN THE AGGREGATE, AT
ANY TIME OUTSTANDING $17,500,000, AND (II) ELIGIBLE INVENTORY IN-TRANSIT SHALL
NOT EXCEED IN THE AGGREGATE, AT ANY TIME OUTSTANDING $2,000,000.
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2.2.
PROCEDURE FOR REVOLVING ADVANCES BORROWING.
(A)
BORROWING AGENT ON BEHALF OF ANY BORROWER
MAY NOTIFY AGENT PRIOR TO 1:00 P.M. (NEW YORK TIME) ON A BUSINESS DAY OF A
BORROWER'S REQUEST TO INCUR, ON THAT DAY, A REVOLVING ADVANCE HEREUNDER.
SHOULD
ANY AMOUNT REQUIRED TO BE PAID AS INTEREST HEREUNDER, OR AS FEES OR OTHER
CHARGES UNDER THIS AGREEMENT OR ANY OTHER AGREEMENT WITH AGENT OR LENDERS, OR
WITH RESPECT TO ANY OTHER OBLIGATION, BECOME DUE, SAME SHALL BE DEEMED A REQUEST
FOR A REVOLVING ADVANCE MAINTAINED AS A DOMESTIC RATE LOAN AS OF THE DATE SUCH
PAYMENT IS DUE, IN THE AMOUNT REQUIRED TO PAY IN FULL SUCH INTEREST, FEE, CHARGE
OR OBLIGATION UNDER THIS AGREEMENT OR ANY OTHER AGREEMENT WITH AGENT OR LENDERS,
AND SUCH REQUEST SHALL BE IRREVOCABLE.
(B)
NOTWITHSTANDING THE PROVISIONS OF SUBSECTION
(A) ABOVE, IN THE EVENT ANY BORROWER DESIRES TO OBTAIN A EURODOLLAR RATE LOAN,
BORROWING AGENT SHALL GIVE AGENT WRITTEN NOTICE BY NO LATER THAN 1:00 P.M. (NEW
YORK TIME) ON THE DAY WHICH IS THREE (3) BUSINESS DAYS PRIOR TO THE DATE SUCH
EURODOLLAR RATE LOAN IS TO BE BORROWED, SPECIFYING (I) THE DATE OF THE PROPOSED
BORROWING (WHICH SHALL BE A BUSINESS DAY), (II) THE TYPE OF BORROWING AND THE
AMOUNT ON THE DATE OF SUCH ADVANCE TO BE BORROWED, WHICH AMOUNT SHALL BE IN A
MINIMUM AMOUNT OF $1,000,000 AND IN INTEGRAL MULTIPLES OF $500,000 THEREAFTER,
AND (III) THE DURATION OF THE FIRST INTEREST PERIOD THEREFOR.
INTEREST PERIODS
FOR EURODOLLAR RATE LOANS SHALL BE FOR ONE, TWO OR THREE MONTHS; PROVIDED, IF AN
INTEREST PERIOD WOULD END ON A DAY THAT IS NOT A BUSINESS DAY, IT SHALL END ON
THE NEXT SUCCEEDING BUSINESS DAY UNLESS SUCH DAY FALLS IN THE NEXT SUCCEEDING
CALENDAR MONTH IN WHICH CASE THE INTEREST PERIOD SHALL END ON THE NEXT PRECEDING
BUSINESS DAY.
NO EURODOLLAR RATE LOAN SHALL BE MADE AVAILABLE TO ANY BORROWER
DURING THE CONTINUANCE OF A DEFAULT OR AN EVENT OF DEFAULT.
AFTER GIVING EFFECT
TO EACH REQUESTED EURODOLLAR RATE LOAN, INCLUDING THOSE WHICH ARE CONVERTED FROM
A DOMESTIC RATE LOAN UNDER SECTION 2.2(D), THERE SHALL NOT BE OUTSTANDING MORE
THAN THREE (3) EURODOLLAR RATE LOANS, IN THE AGGREGATE.
(C)
EACH INTEREST PERIOD OF A EURODOLLAR RATE
LOAN SHALL COMMENCE ON THE DATE SUCH EURODOLLAR RATE LOAN IS MADE AND SHALL END
ON SUCH DATE AS BORROWING AGENT MAY ELECT AS SET FORTH IN SUBSECTION (B)(III)
ABOVE PROVIDED THAT THE EXACT LENGTH OF EACH INTEREST PERIOD SHALL BE DETERMINED
IN ACCORDANCE WITH THE PRACTICE OF THE INTERBANK MARKET FOR OFFSHORE