INTEGRAL MULTIPLE OF $100,000 OR SUCH DIFFERENT AMOUNT REQUESTED IN
A FUNDING REQUEST AS MAY BE CONSENTED TO BY THE LENDER.
(V)
THE LENDER SHALL DETERMINE THE LIBOR RATE
FOR EACH INTEREST PERIOD BETWEEN THE OPENING OF BUSINESS AND 11:00 AM ON THE
SECOND BUSINESS DAY BEFORE THE BEGINNING OF SUCH INTEREST PERIOD, WHEREUPON THE
LENDER SHALL GIVE NOTICE THEREOF (WHICH MAY BE BY TELEPHONE) TO THE BORROWER.
EACH SUCH DETERMINATION OF THE APPLICABLE LIBOR RATE SHALL BE CONCLUSIVE AND
BINDING UPON THE PARTIES HERETO, IN THE ABSENCE OF DEMONSTRABLE ERROR. THE
LENDER, UPON WRITTEN REQUEST OF THE BORROWER, SHALL DELIVER TO THE BORROWER A
STATEMENT SHOWING THE COMPUTATIONS USED BY THE LENDER IN DETERMINING THE
APPLICABLE LIBOR RATE HEREUNDER.
(VI)
UNLESS THE BORROWER REQUESTS A NEW LIBOR RATE
FUNDING IN ACCORDANCE WITH THE PROCEDURES SET FORTH ABOVE, OR PREPAYS THE
PRINCIPAL OF AN OUTSTANDING LIBOR RATE FUNDING AT THE EXPIRATION OF AN INTEREST
PERIOD, THE LENDER SHALL AUTOMATICALLY AND WITHOUT REQUEST OF THE BORROWER
CONVERT EACH LIBOR RATE FUNDING ON THE LAST DAY OF THE RELEVANT INTEREST PERIOD
TO A LIBOR RATE FUNDING WITH AN INTEREST PERIOD OF ONE MONTH AS THOUGH REQUESTED
BY THE BORROWER ON THE SECOND BUSINESS DAY PRIOR TO THE LAST DAY OF THE RELEVANT
INTEREST PERIOD.
(D)
MARGIN APPLICABLE TO LIBOR RATE FUNDINGS.
THE MARGIN SHALL BE ONE AND ONE QUARTER PERCENT (1.25%).
(E)
DEFAULT RATE. AT ANY TIME WHILE AN EVENT OF
DEFAULT EXISTS, UPON NOTICE TO THE BORROWER FROM THE LENDER, THE OUTSTANDING
PRINCIPAL BALANCE OF THE ADVANCES SHALL BEAR INTEREST AT A RATE PER ANNUM WHICH
IS 2% PER ANNUM IN EXCESS OF THE
23
OTHERWISE APPLICABLE INTEREST RATE (THE "DEFAULT RATE"), TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAWS. THE LENDER'S ELECTION TO CHARGE THE DEFAULT RATE
SHALL BE IN ITS SOLE DISCRETION AND SHALL NOT BE A WAIVER OF ANY OF ITS OTHER
RIGHTS AND REMEDIES.
(F)
USURY. IN NO CONTINGENCY OR EVENT
WHATSOEVER SHALL THE RATE OR AMOUNT OF INTEREST PAID BY THE BORROWER UNDER THIS
AGREEMENT, THE NOTE OR ANY OF THE OTHER LOAN DOCUMENTS EXCEED THE MAXIMUM RATE
OR AMOUNT PERMISSIBLE UNDER THE APPLICABLE LAW. IF A COURT DETERMINES THAT THE
BORROWER HAS PAID INTEREST TO THE LENDER HEREUNDER, UNDER THE NOTE OR UNDER ANY
OTHER LOAN DOCUMENT IN EXCESS OF THE MAXIMUM AMOUNT PERMITTED BY SUCH LAW,
(I) THE LENDER SHALL APPLY SUCH EXCESS TO ANY UNPAID PRINCIPAL OWED BY THE
BORROWER TO THE LENDER OR, IF THE AMOUNT OF SUCH EXCESS EXCEEDS THE UNPAID
BALANCE OF SUCH PRINCIPAL, THE LENDER SHALL PROMPTLY REFUND SUCH EXCESS INTEREST
TO THE BORROWER AND (II) THE PROVISIONS HEREOF SHALL BE DEEMED AMENDED TO
PROVIDE FOR THE FOREGOING. ALL SUMS PAID, OR AGREED TO BE PAID, BY THE BORROWER
WHICH ARE, OR HEREAFTER MAY BE CONSTRUED TO BE, COMPENSATION FOR THE USE,
FORBEARANCE OR DETENTION OF MONEY SHALL, TO THE EXTENT PERMITTED BY APPLICABLE
LAW, BE AMORTIZED, PRORATED, SPREAD AND ALLOCATED THROUGHOUT THE FULL TERM OF
ALL SUCH