ON WHICH THE CONVERSION OR CONTINUATION SELECTED IN SUCH
NOTICE IS TO BE EFFECTIVE, WHICH SHALL COMPLY WITH THE APPLICABLE CLAUSE OF
SECTION 2.07(A) ABOVE;
(III)
IF THE LOANS COMPRISING SUCH GROUP ARE TO BE CONVERTED, THE NEW
TYPE OF LOANS AND, IF THE LOANS RESULTING FROM SUCH CONVERSION ARE TO BE
EURO-DOLLAR LOANS, THE DURATION OF THE NEXT SUCCEEDING INTEREST PERIOD
APPLICABLE THERETO; AND
(IV)
IF SUCH LOANS ARE TO BE CONTINUED AS EURO-DOLLAR LOANS FOR AN
ADDITIONAL INTEREST PERIOD, THE DURATION OF SUCH ADDITIONAL INTEREST PERIOD.
Each Interest Period specified in a Notice of Interest Rate Election shall
comply with the provisions of the definition of Interest Period.
AES Fourth Amended and Restated Credit Agreement
45
(C)
PROMPTLY AFTER RECEIVING A NOTICE OF INTEREST RATE ELECTION FROM THE
BORROWER PURSUANT TO SECTION 2.07(A) ABOVE, THE AGENT SHALL NOTIFY EACH BANK OF
THE CONTENTS THEREOF AND SUCH NOTICE SHALL NOT THEREAFTER BE REVOCABLE BY THE
BORROWER.
(D)
THE BORROWER SHALL NOT BE ENTITLED TO ELECT TO CONVERT ANY LOANS TO, OR
CONTINUE ANY LOANS FOR AN ADDITIONAL INTEREST PERIOD AS, EURO-DOLLAR LOANS IF
(I) THE AGGREGATE PRINCIPAL AMOUNT OF ANY GROUP OF LOANS CONSISTING OF ALL
EURO-DOLLAR LOANS CREATED OR CONTINUED AS A RESULT OF SUCH ELECTION WOULD BE
LESS THAN $5,000,000 OR (II) A DEFAULT SHALL HAVE OCCURRED AND BE CONTINUING
WHEN THE BORROWER DELIVERS NOTICE OF SUCH ELECTION TO THE AGENT.
(E)
IF ANY LOAN IS CONVERTED TO A DIFFERENT TYPE OF LOAN, THE BORROWER SHALL
PAY, ON THE DATE OF SUCH CONVERSION, THE INTEREST ACCRUED TO SUCH DATE ON THE
PRINCIPAL AMOUNT BEING CONVERTED.
Section 2.08
Commitment Fee.
The Borrower shall pay to the Agent, for the account of the Revolving Credit
Loan Banks, ratably in proportion to their Revolving Credit Loan Commitments, a
commitment fee of 1⁄2 of 1% per annum on the daily amount by which the aggregate
amount of the Revolving Credit Loan Commitments exceeds the aggregate Total
Outstandings.
Such commitment fee shall accrue from and including the Effective
Date to but excluding the Termination Date (or earlier date of termination of
the Revolving Credit Loan Commitments in their entirety).
Accrued commitment
fees under this Section 2.08 shall be payable quarterly in arrears on each
March 31, June 30, September 30 and December 31 and upon the date of termination
of the Revolving Credit Commitments in their entirety.
Section 2.09
Termination or Reduction of Revolving Credit Loan Commitments.
(A)
OPTIONAL.
THE BORROWER MAY, UPON AT LEAST THREE DOMESTIC BUSINESS DAYS'
NOTICE TO THE AGENT, (I) TERMINATE THE REVOLVING CREDIT LOAN COMMITMENTS IN
THEIR ENTIRETY AT ANY TIME, IF NO REVOLVING CREDIT LOANS OR REVOLVING LETTERS OF
CREDIT ARE OUTSTANDING AT SUCH TIME OR (II) RATABLY REDUCE FROM TIME TO TIME BY
AN AGGREGATE AMOUNT OF $5,000,000 OR ANY LARGER MULTIPLE THEREOF, THE AGGREGATE
AMOUNT OF THE REVOLVING CREDIT LOAN COMMITMENTS IN EXCESS OF THE AGGREGATE TOTAL
OUTSTANDINGS.
(B)
MANDATORY.
(I)
SCHEDULED TERMINATION.
THE REVOLVING CREDIT LOAN
COMMITMENTS SHALL TERMINATE ON THE TERMINATION