withdrawn or such provision amended in accordance
herewith.
ARTICLE II
THE LOANS
SECTION 2.01
LOANS.
(A)
SUBJECT TO THE TERMS AND CONDITIONS HEREOF, EACH LENDER SEVERALLY
AGREES TO MAKE A LOAN (EACH, A " LOAN" AND COLLECTIVELY, THE "LOANS") TO
BORROWER DURING THE AVAILABILITY PERIOD IN A PRINCIPAL AMOUNT NOT IN EXCESS OF
SUCH LENDER'S COMMITMENT.
LOANS WHICH ARE PREPAID OR REPAID, IN WHOLE OR IN
PART, MAY NOT BE REBORROWED.
(B)
THE LOANS SHALL BE MADE BY THE LENDERS RATABLY IN ACCORDANCE WITH
THEIR RESPECTIVE COMMITMENTS.
THE FAILURE OF ANY LENDER TO MAKE ANY LOAN
REQUIRED TO BE MADE BY IT SHALL NOT RELIEVE ANY OTHER LENDER OF ITS OBLIGATIONS
HEREUNDER; PROVIDED THAT THE COMMITMENTS OF
25
LENDERS ARE SEVERAL AND NO LENDER SHALL BE RESPONSIBLE FOR ANY OTHER LENDER'S
FAILURE TO MAKE ANY LOAN AS REQUIRED.
SECTION 2.02
INTEREST.
(A)
BASE RATE LOANS SHALL, IN EACH CASE, BEAR INTEREST AT THE BASE
RATE PLUS THE APPLICABLE MARGIN.
(B)
LIBOR LOANS SHALL, IN EACH CASE, BEAR INTEREST AT THE ADJUSTED
LIBOR RATE FOR THE INTEREST PERIOD IN EFFECT FOR SUCH LIBOR LOAN PLUS THE
APPLICABLE MARGIN.
(C)
NOTWITHSTANDING THE FOREGOING, IF AN EVENT OF DEFAULT HAS OCCURRED
AND IS CONTINUING, THEN, SO LONG AS SUCH EVENT OF DEFAULT IS CONTINUING, ALL
PRINCIPAL OF EACH LOAN AND EACH FEE AND OTHER AMOUNT THEN DUE AND PAYABLE BY
BORROWER HEREUNDER SHALL BEAR INTEREST, AFTER AS WELL AS BEFORE JUDGMENT, AT A
RATE PER ANNUM EQUAL TO (I) IN THE CASE OF PRINCIPAL OF ANY LOAN, 6% PLUS THE
RATE OTHERWISE APPLICABLE TO SUCH LOAN AS PROVIDED IN THE PRECEDING PARAGRAPHS
OF THIS SECTION OR (II) IN THE CASE OF ANY OTHER AMOUNT, 6% PLUS THE BASE RATE
PLUS THE APPLICABLE MARGIN FOR BASE RATE LOANS.
(D)
ACCRUED INTEREST ON EACH LOAN SHALL BE PAYABLE IN ARREARS ON EACH
INTEREST PAYMENT DATE FOR SUCH LOAN, PROVIDED THAT (I) INTEREST ACCRUED PURSUANT
TO PARAGRAPH (C) OF THIS SECTION 2.02 SHALL BE PAYABLE ON DEMAND, (II) IN THE
EVENT OF ANY REPAYMENT OR PREPAYMENT OF ANY LOAN, ACCRUED INTEREST ON THE
PRINCIPAL AMOUNT REPAID OR PREPAID SHALL BE PAYABLE ON THE DATE OF SUCH
REPAYMENT OR PREPAYMENT AND (III) IN THE EVENT OF ANY CONVERSION OF ANY LIBOR
LOAN PRIOR TO THE END OF THE CURRENT INTEREST PERIOD THEREFOR, ACCRUED INTEREST
ON SUCH LIBOR LOAN SHALL BE PAYABLE ON THE EFFECTIVE DATE OF SUCH CONVERSION.
(E)
ALL INTEREST HEREUNDER SHALL BE COMPUTED ON THE BASIS OF A YEAR OF
360 DAYS FOR THE ACTUAL NUMBER OF DAYS ELAPSED (INCLUDING THE FIRST DAY BUT
EXCLUDING THE LAST DAY).
THE APPLICABLE BASE RATE, ADJUSTED LIBOR RATE OR LIBOR
SHALL BE DETERMINED BY THE ADMINISTRATIVE AGENT, AND SUCH DETERMINATION SHALL BE
CONCLUSIVE ABSENT CLEARLY DEMONSTRABLE ERROR.
(F)
THE LOANS INITIALLY SHALL BE OF THE TYPE SPECIFIED IN THE
APPLICABLE LOAN REQUEST AND, IN THE CASE OF A LIBOR LOAN, SHALL HAVE AN INITIAL
INTEREST PERIOD AS SPECIFIED IN SUCH LOAN REQUEST.
THEREAFTER, BORROWER MAY
ELECT TO