EACH DAY DURING THE INTEREST PERIOD
APPLICABLE THERETO, AT A RATE PER ANNUM EQUAL TO THE SUM OF THE ADJUSTED
EURODOLLAR RATE FOR SUCH INTEREST PERIOD PLUS THE THEN APPLICABLE MARGIN.
SUCH
INTEREST SHALL BE JOINT AND SEVERAL OBLIGATIONS OF THE BORROWERS PAYABLE FOR
EACH INTEREST PERIOD ON EACH INTEREST PAYMENT DATE.
ANY OVERDUE PRINCIPAL OF OR
INTEREST ON ANY EURODOLLAR LOAN SHALL BEAR INTEREST, PAYABLE ON DEMAND, FOR EACH
DAY UNTIL PAID AT A RATE PER ANNUM EQUAL TO THE SUM OF 2% PLUS THE SUM OF (I)
THE ADJUSTED EURODOLLAR RATE APPLICABLE TO SUCH LOAN AT THE DATE SUCH PAYMENT
WAS DUE PLUS (II) THE APPLICABLE MARGIN FOR EURODOLLAR LOANS FOR SUCH DAY (OR,
IF THE CIRCUMSTANCES DESCRIBED IN SECTION 3.02 SHALL EXIST, AT A RATE PER ANNUM
EQUAL TO THE SUM OF 2% PLUS THE BASE RATE FOR SUCH DAY PLUS THE APPLICABLE
MARGIN FOR BASE RATE LOANS FOR SUCH DAY).
(D)
DETERMINATION AND NOTICE OF INTEREST RATES.
THE ADMINISTRATIVE
AGENT SHALL DETERMINE EACH INTEREST RATE APPLICABLE TO THE LOANS HEREUNDER.
THE
ADMINISTRATIVE AGENT SHALL GIVE PROMPT NOTICE TO THE COMPANY AND THE LENDERS OF
EACH RATE OF INTEREST SO DETERMINED, AND ITS DETERMINATION THEREOF SHALL BE
CONCLUSIVE IN THE ABSENCE OF MANIFEST ERROR.
(E)
DEFAULT INTEREST.
ANY OVERDUE PRINCIPAL OF AND, TO THE EXTENT
PERMITTED BY LAW, OVERDUE INTEREST ON ANY LOAN AND ANY OTHER AMOUNTS OWING
HEREIN OR UNDER THE OTHER TERM LOAN DOCUMENTS AND NOT PAID WHEN DUE SHALL BEAR
INTEREST, PAYABLE ON DEMAND, AT A PER ANNUM RATE EQUAL TO (I) IN THE CASE OF
PRINCIPAL OF ANY LOAN, THE RATE SET FORTH IN THE THIRD SENTENCE OF
SECTION 2.05(C) IN RESPECT OF EURODOLLAR LOANS OR IN THE THIRD SENTENCE OF
SECTION 2.05(B) IN RESPECT OF BASE RATE LOANS AND (II) IN THE CASE OF ANY OTHER
AMOUNT, IF EXPRESSLY PROVIDED FOR HEREIN, AT THE RATE SO PROVIDED AND OTHERWISE
AT THE BASE RATE PLUS THE APPLICABLE MARGIN FOR BASE RATE LOANS PLUS 2.00%.
40
SECTION 2.06
EXTENSION AND CONVERSION.
(A)
CONTINUATION AND CONVERSION OPTIONS.
THE LOANS SHALL BEAR
INTEREST INITIALLY AT THE TYPE OF RATE SPECIFIED BY THE BORROWERS IN THE NOTICE
OF BORROWING.
THEREAFTER, THE BORROWERS SHALL HAVE THE OPTION, ON ANY BUSINESS
DAY, TO ELECT TO CHANGE OR CONTINUE THE TYPE OF INTEREST RATE BORNE BY EACH
GROUP OF LOANS (SUBJECT IN EACH CASE TO THE PROVISIONS OF THE DEFINITION OF
"INTEREST PERIOD" AND TO SECTION 2.05 AND ARTICLE III), AS FOLLOWS:
(I)
IF SUCH LOANS ARE BASE RATE LOANS, THE BORROWERS MAY ELECT TO
CONVERT SUCH LOANS TO EURODOLLAR LOANS AS OF ANY BUSINESS DAY; AND
(II)
IF SUCH LOANS ARE EURODOLLAR LOANS, THE BORROWERS MAY ELECT TO
CONVERT SUCH LOANS TO BASE RATE LOANS OR ELECT TO CONTINUE SUCH LOANS AS
EURODOLLAR LOANS FOR AN ADDITIONAL INTEREST PERIOD, SUBJECT TO SECTION 3.05 IN
THE CASE OF ANY SUCH CONVERSION OR CONTINUATION EFFECTIVE ON ANY DAY OTHER THAN
THE LAST DAY OF THE THEN CURRENT INTEREST PERIOD APPLICABLE