THE APPLICABLE MARGIN FOR BASE RATE LOANS.
(D)
ACCRUED INTEREST ON EACH LOAN SHALL BE PAYABLE IN ARREARS ON EACH
INTEREST PAYMENT DATE FOR SUCH LOAN, PROVIDED THAT (I) INTEREST ACCRUED PURSUANT
TO PARAGRAPH (C) OF THIS SECTION 2.03 SHALL BE PAYABLE ON DEMAND, (II) IN THE
EVENT OF ANY REPAYMENT OR PREPAYMENT OF ANY LOAN, ACCRUED INTEREST ON THE
PRINCIPAL AMOUNT REPAID OR PREPAID SHALL BE PAYABLE ON THE DATE OF SUCH
REPAYMENT OR PREPAYMENT AND (III) IN THE EVENT OF ANY CONVERSION OF ANY LIBOR
LOAN PRIOR TO THE END OF THE CURRENT INTEREST PERIOD THEREFOR, ACCRUED INTEREST
ON SUCH LIBOR LOAN SHALL BE PAYABLE ON THE EFFECTIVE DATE OF SUCH CONVERSION.
(E)
ALL INTEREST HEREUNDER SHALL BE COMPUTED ON THE BASIS OF A YEAR OF
360 DAYS FOR THE ACTUAL NUMBER OF DAYS ELAPSED (INCLUDING THE FIRST DAY BUT
EXCLUDING THE LAST DAY).
THE APPLICABLE BASE RATE, ADJUSTED LIBOR RATE OR LIBOR
SHALL BE DETERMINED BY THE ADMINISTRATIVE AGENT, AND SUCH DETERMINATION SHALL BE
CONCLUSIVE ABSENT CLEARLY DEMONSTRABLE ERROR.
(F)
EACH LOAN INITIALLY SHALL BE OF THE TYPE SPECIFIED IN THE
APPLICABLE LOAN REQUEST AND, IN THE CASE OF A LIBOR LOAN, SHALL HAVE AN INITIAL
INTEREST PERIOD AS SPECIFIED IN SUCH LOAN REQUEST.
THEREAFTER, BORROWER MAY
ELECT TO CONVERT SUCH LOAN TO A DIFFERENT TYPE OR TO CONTINUE SUCH LOAN AND, IN
THE CASE OF A LIBOR LOAN, MAY ELECT INTEREST PERIODS THEREFOR, ALL AS PROVIDED
IN THIS SECTION 2.03.
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 2.03, BORROWER SHALL
NOTIFY THE ADMINISTRATIVE AGENT OF SUCH ELECTION BY TELEPHONE BY THE TIME THAT A
LOAN REQUEST WOULD BE REQUIRED UNDER SECTION 2.04 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 TELECOPY TO THE
ADMINISTRATIVE AGENT OF A WRITTEN INTEREST RATE ELECTION IN A FORM APPROVED BY
THE ADMINISTRATIVE AGENT AND SIGNED BY BORROWER.
33
(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