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
BORROWING, SUCH BORROWING SHALL BE IN AN AGGREGATE PRINCIPAL AMOUNT OF
$5,000,000 OR AN INTEGRAL MULTIPLE OF $1,000,000 IN EXCESS THEREOF.
AT THE TIME
THAT EACH ABR BORROWING IS MADE, SUCH BORROWING SHALL BE IN AN AGGREGATE
PRINCIPAL AMOUNT OF $1,000,000 OR AN INTEGRAL MULTIPLE OF $1,000,000 IN EXCESS
THEREOF; PROVIDED THAT AN ABR BORROWING OR AN EURODOLLAR BORROWING MAY BE IN AN
AGGREGATE AMOUNT THAT IS EQUAL TO THE ENTIRE UNUSED BALANCE OF THE TOTAL
COMMITMENTS.
BORROWINGS OF MORE THAN ONE TYPE MAY BE OUTSTANDING AT THE SAME
TIME; PROVIDED THAT THERE SHALL NOT AT ANY TIME BE MORE THAN A TOTAL OF FIVE (5)
EURODOLLAR BORROWINGS OUTSTANDING.
(D)
NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT, THE
BORROWER SHALL NOT BE ENTITLED TO REQUEST, OR TO ELECT TO CONVERT OR CONTINUE,
ANY BORROWING IF THE INTEREST PERIOD REQUESTED WITH RESPECT THERETO WOULD END
AFTER THE MATURITY DATE.
SECTION 2.03.
REQUESTS FOR BORROWINGS.
TO REQUEST A BORROWING, THE BORROWER
SHALL NOTIFY THE ADMINISTRATIVE AGENT OF SUCH REQUEST IN WRITING (A) IN THE CASE
OF A EURODOLLAR BORROWING, NOT LATER THAN 11:00 A.M., NEW YORK CITY TIME, THREE
(3) BUSINESS DAYS BEFORE THE DATE OF THE PROPOSED BORROWING OR (B) IN THE CASE
OF AN ABR BORROWING, NOT LATER THAN
14
11:00 A.M., NEW YORK CITY TIME, ONE (1) BUSINESS DAY BEFORE THE DATE OF THE
PROPOSED BORROWING.
EACH SUCH BORROWING REQUEST SHALL BE IRREVOCABLE AND SHALL
BE MADE BY HAND DELIVERY OR TELECOPY TO THE ADMINISTRATIVE AGENT OF A WRITTEN
BORROWING REQUEST IN THE FORM ATTACHED HERETO AS EXHIBIT B (WITH BLANKS
APPROPRIATELY COMPLETED IN CONFORMITY HEREWITH) SPECIFYING THE FOLLOWING
INFORMATION IN COMPLIANCE WITH SECTION 2.02:
(I)
THE AGGREGATE AMOUNT OF THE REQUESTED BORROWING;
(II)
THE DATE OF SUCH BORROWING, WHICH SHALL BE A BUSINESS DAY;
(III)
WHETHER SUCH BORROWING IS TO BE AN ABR BORROWING OR A EURODOLLAR
BORROWING;
(IV)
IN THE CASE OF A EURODOLLAR BORROWING, THE INITIAL INTEREST PERIOD
TO BE APPLICABLE THERETO, WHICH SHALL BE A PERIOD CONTEMPLATED BY THE DEFINITION
OF THE TERM "INTEREST PERIOD"; AND
(V)
THE LOCATION AND NUMBER OF THE BORROWER'S ACCOUNT TO WHICH FUNDS
ARE TO BE DISBURSED, WHICH SHALL COMPLY WITH THE REQUIREMENTS OF SECTION 2.04
AND WHICH SHALL BE ACCOUNT # 230-254-632 AT JPMORGAN CHASE BANK, N.A., ABA #
021-000-021, WITH REFERENCE TO "CAPITAL TRUST, INC.", UNLESS TWO (2) OFFICERS OF
THE BORROWER PROVIDE WRITTEN NOTICE OF A DIFFERENT ACCOUNT.
If no election as to the Type of Borrowing is specified, then the requested
Borrowing shall be an Eurodollar Borrowing with an Interest Period of one
month.
If no Interest Period is specified with respect to any requested
Eurodollar Borrowing, then the Borrower shall be