THE ADMINISTRATIVE AGENT AT (I) A RATE PER ANNUM EQUAL TO
THE HIGHER OF THE FEDERAL FUNDS RATE AND THE INTEREST RATE APPLICABLE THERETO
PURSUANT TO SECTION 2.06, IN THE CASE OF THE BORROWER, AND (II) THE FEDERAL
FUNDS RATE, IN THE CASE OF SUCH LENDER.
IF SUCH LENDER SHALL REPAY TO THE
ADMINISTRATIVE AGENT SUCH CORRESPONDING AMOUNT, SUCH AMOUNT SO REPAID SHALL
CONSTITUTE SUCH LENDER'S LOAN INCLUDED IN SUCH BORROWING FOR PURPOSES OF THIS
AGREEMENT.
(D)
OBLIGATIONS OF LENDERS SEVERAL.
THE OBLIGATIONS OF THE LENDERS
HEREUNDER TO MAKE LOANS AND TO PURCHASE PARTICIPATION INTERESTS IN LETTERS OF
CREDIT AND SWING LINE LOANS ARE SEVERAL AND NOT JOINT.
THE FAILURE OF ANY
LENDER TO MAKE A LOAN REQUIRED TO BE MADE BY IT AS PART OF ANY BORROWING
HEREUNDER OR TO FUND AND PARTICIPATION INTEREST SHALL NOT RELIEVE ANY OTHER
LENDER OF ITS OBLIGATION, IF ANY, HEREUNDER TO MAKE ANY LOAN ON THE DATE OF SUCH
BORROWING OR FUND ANY SUCH PARTICIPATION INTEREST, BUT NO LENDER SHALL BE
RESPONSIBLE FOR THE FAILURE OF ANY OTHER LENDER TO MAKE THE LOAN TO BE MADE BY
SUCH OTHER LENDER ON SUCH DATE OF BORROWING OR FUND ITS PARTICIPATION INTEREST.
46
(E)
FAILED LOANS.
IF ANY LENDER SHALL FAIL TO MAKE ANY LOAN (A
"FAILED LOAN") WHICH SUCH LENDER IS OTHERWISE OBLIGATED HEREUNDER TO MAKE TO THE
BORROWER ON THE DATE OF BORROWING THEREOF, AND THE ADMINISTRATIVE AGENT SHALL
NOT HAVE RECEIVED NOTICE FROM THE BORROWER OR SUCH LENDER THAT ANY CONDITION
PRECEDENT TO THE MAKING OF THE FAILED LOAN HAS NOT BEEN SATISFIED, THEN, UNTIL
SUCH LENDER SHALL HAVE MADE OR BE DEEMED TO HAVE MADE (PURSUANT TO THE LAST
SENTENCE OF THIS SUBSECTION (E)) THE FAILED LOAN IN FULL OR THE ADMINISTRATIVE
AGENT SHALL HAVE RECEIVED NOTICE FROM THE BORROWER OR SUCH LENDER THAT ANY
CONDITION PRECEDENT TO THE MAKING OF THE FAILED LOAN WAS NOT SATISFIED AT THE
TIME THE FAILED LOAN WAS TO HAVE BEEN MADE, WHENEVER THE ADMINISTRATIVE AGENT
SHALL RECEIVE ANY AMOUNT FROM THE BORROWER FOR THE ACCOUNT OF SUCH LENDER, (I)
THE AMOUNT SO RECEIVED (UP TO THE AMOUNT OF SUCH FAILED LOAN) WILL, UPON RECEIPT
BY THE ADMINISTRATIVE AGENT, BE DEEMED TO HAVE BEEN PAID TO THE LENDER IN
SATISFACTION OF THE OBLIGATION FOR WHICH PAID, WITHOUT ACTUAL DISBURSEMENT OF
SUCH AMOUNT TO THE LENDER, (II) THE LENDER WILL BE DEEMED TO HAVE MADE THE SAME
AMOUNT AVAILABLE TO THE ADMINISTRATIVE AGENT FOR DISBURSEMENT AS A LOAN TO THE
BORROWER (UP TO THE AMOUNT OF SUCH FAILED LOAN) AND (III) THE ADMINISTRATIVE
AGENT WILL DISBURSE SUCH AMOUNT (UP TO THE AMOUNT OF THE FAILED LOAN) TO THE
BORROWER OR, IF THE ADMINISTRATIVE AGENT HAS PREVIOUSLY MADE SUCH AMOUNT
AVAILABLE TO THE BORROWER ON BEHALF OF SUCH LENDER PURSUANT TO THE PROVISIONS
HEREOF, REIMBURSE ITSELF (UP TO THE AMOUNT OF THE AMOUNT MADE AVAILABLE TO THE
BORROWER); PROVIDED, HOWEVER, THAT THE ADMINISTRATIVE AGENT SHALL HAVE NO
OBLIGATION TO DISBURSE ANY SUCH AMOUNT TO THE BORROWER