IF SUCH NEW
REVOLVING CREDIT LOANS ARE LIBOR RATE LOANS, THE DURATION OF THE INITIAL LIBOR
RATE PERIOD APPLICABLE THERETO; AND
(IV)
IF SUCH REVOLVING CREDIT LOANS ARE TO BE CONTINUED AS LIBOR RATE LOANS FOR
AN ADDITIONAL LIBOR RATE PERIOD, THE DURATION OF SUCH ADDITIONAL LIBOR RATE
PERIOD.
EACH LIBOR RATE PERIOD SPECIFIED IN A NOTICE OF INTEREST RATE SELECTION SHALL
COMPLY WITH THE PROVISIONS OF THE DEFINITION OF LIBOR RATE PERIOD.
NO
CONVERSION INTO A LIBOR RATE LOAN AND NO CONTINUATION OF A LIBOR RATE LOAN SHALL
BE PERMITTED WHEN A DEFAULT OR EVENT OF DEFAULT HAS OCCURRED AND IS CONTINUING.
IF THE APPLICABLE BORROWER FAILS TO DELIVER A TIMELY NOTICE OF INTEREST RATE
SELECTION TO THE AGENT FOR ANY LIBOR RATE LOANS TO SUCH BORROWER SUCH REVOLVING
CREDIT LOANS SHALL BE CONVERTED INTO CHASE MANHATTAN BANK RATE LOANS ON THE LAST
DAY OF THE THEN CURRENT LIBOR RATE PERIOD APPLICABLE THERETO.
ANYTHING HEREIN TO THE CONTRARY NOTWITHSTANDING, AT NO TIME SHALL THERE BE
OUTSTANDING MORE THAN THREE (3) DIFFERENT LIBOR RATE PERIODS RELATING TO LIBOR
RATE LOANS IN THE AGGREGATE FOR ALL BORROWERS.
Section 6.02.
Interest.
Each applicable Borrower shall pay interest on the
outstanding unpaid principal amount of its Revolving Credit Loans for each day
from and including the date such Revolving Credit Loan is made until but
excluding the date such Revolving Credit Loan is paid in full, at one of the
following rates per annum:
(1)
CHASE MANHATTAN BANK RATE LOAN.
FOR A CHASE MANHATTAN BANK RATE LOAN, A
RATE PER ANNUM EQUAL AT ALL TIMES TO THE SUM OF THE CHASE MANHATTAN BANK RATE IN
EFFECT FOR SUCH DAY PLUS THE APPLICABLE MARGIN; AND
72
(2)
LIBOR RATE LOAN.
FOR A LIBOR RATE LOAN, A RATE PER ANNUM EQUAL AT ALL
TIMES DURING EACH LIBOR RATE PERIOD OF SUCH REVOLVING CREDIT LOAN TO THE SUM OF
THE LIBOR RATE FOR SUCH LIBOR RATE PERIOD PLUS THE APPLICABLE MARGIN.
ALL ACCRUED AND UNPAID INTEREST ON THE REVOLVING CREDIT LOANS (INCLUDING ACCRUED
AND UNPAID INTEREST UNDER THE SEPTEMBER 1999 AGREEMENT AS OF THE CLOSING DATE)
WILL BE PAYABLE IN ARREARS ON EACH QUARTERLY PAYMENT DATE, REGARDLESS OF
INTEREST RATE, AND SHALL BE CALCULATED BASED ON A 360 DAY YEAR.
THE AGENT SHALL
BE ENTITLED TO CHARGE THE APPLICABLE BORROWER'S ACCOUNT WITH THE APPLICABLE
INTEREST RATE(S) UNTIL ALL SUCH OBLIGATIONS HAVE BEEN PAID IN FULL.
THE INTEREST RATE ON CHASE MANHATTAN BANK RATE LOANS SHALL CHANGE WHEN THE CHASE
MANHATTAN BANK RATE CHANGES.
INTEREST ON THE CHASE MANHATTAN BANK RATE LOANS
AND THE LIBOR RATE LOANS SHALL NOT EXCEED THE MAXIMUM AMOUNT PERMITTED UNDER
APPLICABLE LAW.
UPON THE OCCURRENCE OF AN EVENT OF DEFAULT INTEREST WILL ACCRUE
AT THE DEFAULT RATE OF INTEREST AS PROVIDED IN SECTION 12.02.
AGENT SHALL DETERMINE EACH INTEREST RATE APPLICABLE TO THE REVOLVING CREDIT
LOANS HEREUNDER.
AGENT SHALL GIVE PROMPT NOTICE TO THE APPLICABLE BORROWER AND
EACH LENDER OF EACH RATE OF INTEREST SO DETERMINED, AND ITS DETERMINATION
THEREOF SHALL