OF THE CONTENTS
THEREOF. EACH NOTICE DELIVERED BY THE BORROWER PURSUANT TO THIS SECTION SHALL BE
IRREVOCABLE; PROVIDED THAT A NOTICE OF TERMINATION OF THE AGGREGATE COMMITMENT
DELIVERED BY THE BORROWER MAY STATE THAT SUCH NOTICE IS CONDITIONED UPON THE
EFFECTIVENESS OF OTHER CREDIT FACILITIES, IN WHICH CASE SUCH NOTICE MAY BE
REVOKED BY THE BORROWER (BY NOTICE TO THE ADMINISTRATIVE AGENT ON OR PRIOR TO
THE SPECIFIED EFFECTIVE DATE) IF SUCH CONDITION IS NOT SATISFIED. ANY
TERMINATION OF THE AGGREGATE COMMITMENT SHALL BE PERMANENT. EACH REDUCTION OF
THE AGGREGATE COMMITMENT SHALL BE MADE RATABLY AMONG THE LENDERS IN ACCORDANCE
WITH THEIR RESPECTIVE COMMITMENT.
26
(D)
WITH RESPECT TO ANY SALE, TRANSFER OR
DISPOSITION OF BORROWING BASE PROPERTIES (OTHER THAN SALES, TRANSFERS OR
DISPOSITIONS PERMITTED UNDER SECTION 7.03(A)(VI)), THE BORROWING BASE SHALL BE
AUTOMATICALLY REDUCED BY AN AMOUNT EQUAL TO THE VALUE ASSIGNED TO SUCH BORROWING
BASE PROPERTIES BY THE ADMINISTRATIVE AGENT IN CONNECTION WITH THE MOST RECENT
REDETERMINATION OF THE BORROWING BASE PRECEDING THE DATE OF SUCH SALE (OR IN
CONNECTION WITH THE DETERMINATION OF THE INITIAL BORROWING BASE WITH RESPECT TO
ANY SALE OCCURRING PRIOR TO THE FIRST REDETERMINATION OF THE BORROWING BASE).
SECTION 2.03.
RESERVED.
SECTION 2.04.
LOANS AND BORROWINGS.
(A)
EACH LOAN SHALL BE MADE AS PART OF A
BORROWING CONSISTING OF LOANS MADE BY THE LENDERS RATABLY IN ACCORDANCE WITH
THEIR RESPECTIVE COMMITMENTS. THE FAILURE OF ANY LENDER TO MAKE ANY LOAN
REQUIRED TO BE MADE BY IT SHALL NOT RELIEVE ANY OTHER LENDER OF ITS OBLIGATIONS
HEREUNDER; PROVIDED THAT THE COMMITMENTS OF THE LENDERS ARE SEVERAL AND NO
LENDER SHALL BE RESPONSIBLE FOR ANY OTHER LENDER'S FAILURE TO MAKE LOANS AS
REQUIRED.
(B)
SUBJECT TO SECTION 2.15, EACH REVOLVING
BORROWING SHALL BE COMPRISED ENTIRELY OF ABR LOANS OR EURODOLLAR LOANS AS THE
BORROWER MAY REQUEST IN ACCORDANCE HEREWITH. EACH SWINGLINE LOAN SHALL BE AN ABR
LOAN. EACH LENDER AT ITS OPTION MAY MAKE ANY EURODOLLAR LOAN BY CAUSING ANY
DOMESTIC OR FOREIGN BRANCH OR AFFILIATE OF SUCH LENDER TO MAKE SUCH LOAN;
PROVIDED THAT ANY EXERCISE OF SUCH OPTION SHALL NOT AFFECT THE OBLIGATION OF THE
BORROWER TO REPAY SUCH LOAN IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT.
(C)
AT THE COMMENCEMENT OF EACH INTEREST PERIOD
FOR ANY EURODOLLAR REVOLVING BORROWING, SUCH BORROWING SHALL BE IN AN AGGREGATE
AMOUNT THAT IS AN INTEGRAL MULTIPLE OF $1,000,000 AND NOT LESS THAN $1,000,000.
AT THE TIME THAT EACH ABR REVOLVING BORROWING IS MADE, SUCH BORROWING SHALL BE
IN AN AGGREGATE AMOUNT THAT IS AN INTEGRAL MULTIPLE OF $1,000,000 AND NOT LESS
THAN $1,000,000; PROVIDED THAT AN ABR REVOLVING BORROWING MAY BE IN AN AGGREGATE
AMOUNT THAT IS EQUAL TO THE ENTIRE UNUSED BALANCE OF THE AGGREGATE COMMITMENT OR
THAT IS REQUIRED TO FINANCE THE REIMBURSEMENT OF AN LC DISBURSEMENT AS
CONTEMPLATED BY SECTION 2.07(E). EACH SWINGLINE LOAN SHALL BE IN AN AMOUNT THAT
IS NOT LESS THAN $500,000. BORROWINGS OF MORE THAN ONE TYPE MAY BE OUTSTANDING
AT THE SAME TIME; PROVIDED THAT THERE