LOANS OF THE RELEVANT TYPE.
UPON THE EXECUTION AND DELIVERY OF
ANY SUCH NOTE, ANY EXISTING NOTE PAYABLE TO SUCH BANK SHALL BE RETURNED TO
BORROWER AND REPLACED OR MODIFIED ACCORDINGLY.
EACH REFERENCE IN THIS AGREEMENT
TO THE "NOTE" OF SUCH BANK SHALL BE DEEMED TO REFER TO AND INCLUDE ANY OR ALL OF
SUCH NOTES, AS THE CONTEXT MAY REQUIRE.
(B)
UPON RECEIPT OF ANY BANK'S NOTE PURSUANT TO SECTION 3.1(A), THE
ADMINISTRATIVE AGENT SHALL FORWARD SUCH NOTE TO SUCH BANK.
SUCH BANK SHALL
RECORD THE DATE, AMOUNT, CURRENCY, TYPE AND MATURITY OF EACH LOAN MADE BY IT AND
THE DATE AND AMOUNT OF EACH
34
PAYMENT OF PRINCIPAL MADE BY THE BORROWER, WITH RESPECT THERETO, AND MAY, IF
SUCH BANK SO ELECTS IN CONNECTION WITH ANY TRANSFER OR ENFORCEMENT OF ITS NOTE,
ENDORSE ON THE APPROPRIATE SCHEDULE APPROPRIATE NOTATIONS TO EVIDENCE THE
FOREGOING INFORMATION WITH RESPECT TO EACH SUCH LOAN THEN OUTSTANDING; PROVIDED
THAT THE FAILURE OF SUCH BANK TO MAKE ANY SUCH RECORDATION OR ENDORSEMENT SHALL
NOT AFFECT THE OBLIGATIONS OF THE BORROWER HEREUNDER OR UNDER THE NOTES.
EACH
BANK IS HEREBY IRREVOCABLY AUTHORIZED BY THE BORROWER SO TO ENDORSE ITS NOTE AND
TO ATTACH TO AND MAKE A PART OF ITS NOTE A CONTINUATION OF ANY SUCH SCHEDULE AS
AND WHEN REQUIRED.
(C)
THE COMMITTED LOANS SHALL MATURE, AND THE PRINCIPAL AMOUNT THEREOF
SHALL BE DUE AND PAYABLE, ON THE MATURITY DATE.
THE SWINGLINE LOANS SHALL
MATURE, AND THE PRINCIPAL AMOUNT THEREOF SHALL BE DUE AND PAYABLE, IN ACCORDANCE
WITH SECTION 2.3(B)(III).
(D)
EACH MONEY MARKET LOAN INCLUDED IN ANY MONEY MARKET BORROWING
SHALL MATURE, AND THE PRINCIPAL AMOUNT THEREOF SHALL BE DUE AND PAYABLE,
TOGETHER WITH ACCRUED INTEREST THEREON, ON THE EARLIER TO OCCUR OF (I) LAST DAY
OF THE INTEREST PERIOD APPLICABLE TO SUCH BORROWING OR (II) THE MATURITY DATE.
(E)
THERE SHALL BE NO MORE THAN TEN (10) EURO-CURRENCY GROUPS OF LOANS
AND NO MORE THAN TEN (10) MONEY MARKET LOANS OUTSTANDING AT ANY ONE TIME.
SECTION 2.7.
Method of Electing Interest Rates. (a) The Loans included in
each Committed Borrowing shall bear interest initially at the type of rate
specified by the Borrower, in the applicable Notice of Borrowing or as otherwise
provided in Section 2.3 with respect to Mandatory Borrowings.
Thereafter, the
Borrower may from time to time elect to change or continue the type of interest
rate borne by each Group of Loans (subject in each case to the provisions of
Article VIII and without affecting the currency of any particular Loan), as
follows:
(I)
IF SUCH LOANS ARE BASE RATE LOANS, THE BORROWER MAY ELECT TO
CONVERT ALL OR ANY PORTION OF SUCH LOANS TO EURO-CURRENCY LOANS OR LOANS BEARING
INTEREST AT THE OFFERED RATE AS OF ANY EURO-CURRENCY BUSINESS DAY;
(II)
IF SUCH LOANS ARE EURO-CURRENCY LOANS OR LOANS BEARING INTEREST
AT THE OFFERED RATE, THE BORROWER MAY ELECT TO CONVERT ALL OR ANY PORTION OF
SUCH LOANS TO BASE RATE LOANS (IF SUCH LOANS ARE DOLLAR