BE APPLICABLE TO SUCH
LOANS, PROVIDED THAT NO EUROCURRENCY LOAN MAY BE CONTINUED AS SUCH (I) WHEN ANY
EVENT OF DEFAULT HAS OCCURRED AND IS CONTINUING AND THE ADMINISTRATIVE AGENT
HAS, OR THE REQUIRED LENDERS HAVE DETERMINED IN ITS OR THEIR SOLE DISCRETION NOT
TO PERMIT SUCH CONTINUATIONS OR (II) AFTER THE DATE THAT IS ONE MONTH PRIOR TO
THE MATURITY DATE, AND PROVIDED, FURTHER, THAT IF THE BORROWER SHALL FAIL TO
GIVE ANY REQUIRED NOTICE AS DESCRIBED ABOVE IN THIS PARAGRAPH OR IF SUCH
CONTINUATION IS NOT PERMITTED PURSUANT TO THE PRECEDING PROVISO, SUCH LOANS
SHALL BE CONVERTED AUTOMATICALLY TO BASE RATE LOANS ON THE LAST DAY OF SUCH THEN
EXPIRING INTEREST PERIOD.
UPON RECEIPT OF ANY SUCH NOTICE THE ADMINISTRATIVE
AGENT SHALL PROMPTLY NOTIFY EACH RELEVANT LENDER THEREOF.
3.6.
Minimum Amounts and Maximum Number of Eurocurrency Tranches.
Notwithstanding anything to the contrary in this Agreement, all borrowings,
conversions, continuations and optional prepayments of Eurocurrency Loans and
all selections of Interest Periods shall be in such amounts and be made pursuant
to such elections so that, (a) after giving effect thereto, the aggregate
principal amount of the Eurocurrency Loans comprising each Eurocurrency Tranche
shall be equal to $5,000,000 or a whole multiple of $1,000,000 in excess thereof
and (b) no more than 12 Eurocurrency Tranches shall be outstanding at any one
time.
37
3.7.
Interest Rates; Payment Dates; Prepayment Premium.
(a) Each
Eurocurrency Loan shall bear interest for each day during each Interest Period
with respect thereto at a rate per annum equal to the Eurocurrency Rate
determined for such day plus the Applicable Margin.
(B)
EACH BASE RATE LOAN SHALL BEAR INTEREST AT A RATE PER ANNUM EQUAL TO THE
BASE RATE PLUS THE APPLICABLE MARGIN.
(C)
(I) IF ALL OR A PORTION OF THE PRINCIPAL AMOUNT OF ANY LOAN SHALL NOT BE
PAID WHEN DUE (WHETHER AT THE STATED MATURITY, BY ACCELERATION OR OTHERWISE),
ALL OUTSTANDING LOANS (WHETHER OR NOT OVERDUE) SHALL BEAR INTEREST AT A RATE PER
ANNUM THAT IS EQUAL TO THE RATE THAT WOULD OTHERWISE BE APPLICABLE THERETO
PURSUANT TO THE FOREGOING PROVISIONS OF THIS SECTION PLUS 2%, AND (II) IF ALL OR
A PORTION OF ANY INTEREST PAYABLE ON ANY LOAN OR OTHER AMOUNT PAYABLE HEREUNDER
SHALL NOT BE PAID WHEN DUE (WHETHER AT THE STATED MATURITY, BY ACCELERATION OR
OTHERWISE), SUCH OVERDUE AMOUNT SHALL BEAR INTEREST AT A RATE PER ANNUM EQUAL TO
THE RATE THEN APPLICABLE TO BASE RATE LOANS PLUS 2%, IN EACH CASE, WITH RESPECT
TO CLAUSES (I) AND (II) ABOVE, FROM THE DATE OF SUCH NON-PAYMENT UNTIL SUCH
AMOUNT IS PAID IN FULL (AFTER AS WELL AS BEFORE JUDGMENT).
(D)
INTEREST SHALL BE PAYABLE IN ARREARS ON EACH INTEREST PAYMENT DATE,
PROVIDED THAT INTEREST ACCRUING PURSUANT TO PARAGRAPH (C) OF THIS SECTION SHALL
BE PAYABLE FROM TIME TO TIME ON DEMAND.
(E)
IN THE EVENT THAT ALL OR ANY PORTION OF THE LOANS ARE REPAID, EITHER
PURSUANT TO SECTION 3.3 OR SECTION 3.4, OR REPRICED IN A