A HIGHER INTEGRAL MULTIPLE OF $500,000.
(B)
PROCEDURES AT END OF AN INTEREST PERIOD.
UNLESS THE BORROWER REQUESTS A NEW LIBOR RATE
15
ADVANCE IN ACCORDANCE WITH THE PROCEDURES SET FORTH BELOW, OR PREPAYS THE
PRINCIPAL OF AN OUTSTANDING LIBOR RATE ADVANCE AT THE EXPIRATION OF AN INTEREST
PERIOD, THE LENDER SHALL AUTOMATICALLY AND WITHOUT REQUEST OF THE BORROWER
CONVERT EACH LIBOR RATE ADVANCE TO A FLOATING RATE ADVANCE ON THE LAST DAY OF
THE RELEVANT INTEREST PERIOD.
SO LONG AS NO DEFAULT PERIOD EXISTS, THE BORROWER
MAY CAUSE ALL OR ANY PART OF ANY OUTSTANDING LIBOR RATE ADVANCE TO CONTINUE TO
BEAR INTEREST AT A LIBOR RATE AFTER THE END OF THE THEN APPLICABLE INTEREST
PERIOD BY NOTIFYING THE LENDER NOT LATER THAN 11:00 A.M., DENVER, COLORADO TIME,
ON A BANKING DAY WHICH IS AT LEAST THREE (3) BANKING DAYS PRIOR TO THE FIRST DAY
OF THE NEW INTEREST PERIOD.
EACH SUCH NOTICE SHALL BE IN WRITING (IN THE FORM
OF EXHIBIT E) OR BY TELEPHONE OR TELECOPY TRANSMISSION, TO BE CONFIRMED IN
WRITING BY THE BORROWER IF THE LENDER SO REQUESTS, SHALL BE EFFECTIVE WHEN
RECEIVED BY THE LENDER, SHALL BE BY (I) AN OFFICER OF THE BORROWER; OR (II) A
PERSON DESIGNATED AS THE BORROWER'S AGENT BY AN OFFICER OF THE BORROWER IN A
WRITING DELIVERED TO THE LENDER; OR (III) A PERSON WHOM THE LENDER REASONABLY
BELIEVES TO BE AN OFFICER OF THE BORROWER OR SUCH A DESIGNATED AGENT, AND SHALL
SPECIFY THE FIRST DAY OF THE APPLICABLE INTEREST PERIOD, THE AMOUNT OF THE
EXPIRING LIBOR RATE ADVANCE TO BE CONTINUED AND THE APPLICABLE INTEREST PERIOD.
EACH NEW INTEREST PERIOD SHALL BEGIN ON A BANKING DAY AND THE AMOUNT OF EACH
ADVANCE BEARING A NEW LIBOR RATE SHALL BE EQUAL TO $1,000,000 OR A HIGHER
INTEGRAL MULTIPLE OF $500,000.
(C)
SETTING AND NOTICE OF RATES.
THE LENDER
SHALL DETERMINE THE APPLICABLE LIBOR RATE FOR EACH INTEREST PERIOD BETWEEN THE
OPENING OF BUSINESS AND 1:00 P.M., DENVER, COLORADO TIME, ON THE SECOND BANKING
DAY PRECEDING THE BEGINNING OF SUCH INTEREST PERIOD, AND SHALL NOTIFY THE
BORROWER THEREOF BY TELEPHONE OR IN WRITING.
EACH SUCH DETERMINATION OF THE
APPLICABLE LIBOR RATE SHALL BE CONCLUSIVE AND BINDING UPON THE PARTIES HERETO,
IN THE ABSENCE OF DEMONSTRABLE ERROR.
THE LENDER, UPON WRITTEN REQUEST OF THE
BORROWER, SHALL DELIVER TO THE BORROWER A STATEMENT SHOWING THE COMPUTATIONS
USED BY THE LENDER IN DETERMINING THE APPLICABLE LIBOR RATE.
(D)
FUNDING LOSSES.
THE BORROWER SHALL, UPON
DEMAND BY THE LENDER (WHICH DEMAND SHALL BE ACCOMPANIED BY A STATEMENT SETTING
FORTH THE BASIS FOR THE CALCULATIONS OF THE AMOUNT BEING CLAIMED), INDEMNIFY THE
LENDER AGAINST ANY LOSS OR EXPENSE WHICH THE LENDER MAY HAVE SUSTAINED OR
INCURRED (INCLUDING ANY NET LOSS OR EXPENSE INCURRED BY REASON OF THE
LIQUIDATION OR REEMPLOYMENT OF DEPOSITS OR OTHER FUNDS ACQUIRED BY THE LENDER TO
FUND OR MAINTAIN LIBOR RATE ADVANCES) OR WHICH THE LENDER MAY BE DEEMED TO HAVE
SUSTAINED OR INCURRED, AS REASONABLY DETERMINED BY