CONVERT SUCH LOAN TO A DIFFERENT TYPE OR TO CONTINUE SUCH LOAN AND, IN
THE CASE OF A LIBOR LOAN, MAY ELECT INTEREST PERIODS, ALL AS PROVIDED IN THIS
SECTION 2.02.
BORROWER MAY ELECT DIFFERENT OPTIONS WITH RESPECT TO DIFFERENT
PORTIONS OF THE AFFECTED LOAN, IN WHICH CASE EACH SUCH PORTION SHALL BE
ALLOCATED RATABLY AMONG THE LENDERS.
(G)
TO MAKE AN ELECTION PURSUANT TO THIS SECTION 2.02, BORROWER SHALL
NOTIFY THE ADMINISTRATIVE AGENT OF SUCH ELECTION BY TELEPHONE BY THE TIME THAT A
LOAN REQUEST WOULD BE REQUIRED UNDER SECTION 2.03 IF BORROWER WERE REQUESTING A
LOAN OF THE TYPE RESULTING FROM SUCH ELECTION TO BE MADE ON THE EFFECTIVE DATE
OF SUCH ELECTION.
EACH SUCH INTEREST RATE ELECTION MADE TELEPHONICALLY SHALL BE
IRREVOCABLE AND SHALL BE CONFIRMED PROMPTLY BY HAND DELIVERY OR
26
TELECOPY TO THE ADMINISTRATIVE AGENT OF A WRITTEN INTEREST RATE ELECTION IN A
FORM APPROVED BY THE ADMINISTRATIVE AGENT AND SIGNED BY BORROWER.
(H)
EACH TELEPHONIC AND WRITTEN INTEREST RATE ELECTION SHALL SPECIFY
(I) THE LOAN TO WHICH SUCH INTEREST RATE ELECTION APPLIES AND, IF DIFFERENT
OPTIONS ARE BEING ELECTED WITH RESPECT TO DIFFERENT PORTIONS THEREOF, THE
PORTIONS THEREOF TO BE ALLOCATED TO EACH RESULTING LOANS (IN WHICH CASE THE
INFORMATION TO BE SPECIFIED PURSUANT TO CLAUSES (III) AND (IV) OF THIS PARAGRAPH
SHALL BE SPECIFIED FOR EACH RESULTING LOAN); (II) THE EFFECTIVE DATE OF THE
ELECTION MADE PURSUANT TO SUCH INTEREST RATE ELECTION, WHICH SHALL BE A BUSINESS
DAY; (III) WHETHER THE RESULTING LOAN IS TO BE A BASE RATE LOAN OR A LIBOR LOAN;
AND (IV) IF THE RESULTING LOAN IS A LIBOR LOAN, THE INTEREST PERIOD TO BE
APPLICABLE THERETO AFTER GIVING EFFECT TO SUCH ELECTION, WHICH SHALL BE A PERIOD
CONTEMPLATED BY THE DEFINITION OF THE TERM "INTEREST PERIOD".
IF ANY SUCH
INTEREST RATE ELECTION REQUESTS A LIBOR LOAN BUT DOES NOT SPECIFY AN INTEREST
PERIOD, THEN BORROWER SHALL BE DEEMED TO HAVE SELECTED AN INTEREST PERIOD OF ONE
MONTH'S DURATION.
(I)
PROMPTLY FOLLOWING RECEIPT OF AN INTEREST RATE ELECTION, THE
ADMINISTRATIVE AGENT SHALL ADVISE EACH LENDER OF THE DETAILS THEREOF AND OF SUCH
LENDER'S PORTION OF EACH RESULTING LOAN.
(J)
IF BORROWER FAILS TO DELIVER A TIMELY INTEREST RATE ELECTION WITH
RESPECT TO ANY LIBOR LOAN PRIOR TO THE END OF THE INTEREST PERIOD APPLICABLE
THERETO, THEN, UNLESS SUCH LIBOR LOAN IS REPAID AS PROVIDED HEREIN AT THE END OF
SUCH INTEREST PERIOD, SUCH LIBOR LOAN SHALL BE CONVERTED TO A BASE RATE LOAN AT
THE END OF SUCH INTEREST PERIOD.
NOTWITHSTANDING ANY CONTRARY PROVISION HEREOF,
IF AN EVENT OF DEFAULT HAS OCCURRED AND IS CONTINUING AND THE ADMINISTRATIVE
AGENT, AT THE REQUEST OF THE REQUIRED LENDERS, SO NOTIFIES BORROWER, THEN, SO
LONG AS AN EVENT OF DEFAULT IS CONTINUING, (I) NO OUTSTANDING LOAN MAY BE
CONVERTED TO OR CONTINUED AS A LIBOR LOAN AND (II) UNLESS REPAID, EACH LIBOR
LOAN SHALL BE CONVERTED TO A BASE RATE LOAN AT THE END OF THE INTEREST PERIOD
APPLICABLE THERETO.
SECTION