REDUCED BY SUCH
AMOUNT.
PROMPTLY AFTER RECEIPT THEREOF, AGENT SHALL TRANSFER SUCH FUNDS TO
ISSUING LENDER.
BORROWER HEREBY AGREES TO EACH SUCH SALE AND ASSIGNMENT.
EACH
REVOLVING LOAN LENDER UNCONDITIONALLY AGREES TO PURCHASE ITS PRO RATA SHARE OF
AN OUTSTANDING LETTER OF CREDIT ADVANCE ON (I) THE BUSINESS DAY ON WHICH DEMAND
THEREFOR IS MADE BY ISSUING LENDER, PROVIDED NOTICE OF SUCH DEMAND IS GIVEN NOT
LATER THAN 11:00 A.M. (CHARLOTTE, NORTH CAROLINA TIME) ON SUCH BUSINESS DAY, OR
(II) THE FIRST BUSINESS DAY NEXT SUCCEEDING SUCH DEMAND IF NOTICE OF SUCH DEMAND
IS GIVEN AFTER SUCH TIME.
UPON ANY SUCH ASSIGNMENT BY ISSUING LENDER TO ANY
REVOLVING LOAN LENDER OF A PORTION OF A LETTER OF CREDIT ADVANCE, ISSUING LENDER
REPRESENTS AND WARRANTS TO SUCH REVOLVING LOAN LENDER THAT ISSUING LENDER IS THE
LEGAL AND BENEFICIAL OWNER OF SUCH INTEREST BEING ASSIGNED BY IT, FREE AND CLEAR
OF ANY LIENS, BUT MAKES NO OTHER REPRESENTATION OR WARRANTY AND ASSUMES NO
RESPONSIBILITY WITH RESPECT TO SUCH LETTER OF CREDIT ADVANCE, THE LOAN DOCUMENTS
OR ANY LENDER PARTY.
IF AND TO THE EXTENT THAT ANY REVOLVING LOAN LENDER SHALL
NOT HAVE SO MADE THE AMOUNT OF SUCH LETTER OF CREDIT ADVANCE AVAILABLE TO THE
AGENT, SUCH REVOLVING LOAN LENDER AGREES TO PAY TO AGENT FORTHWITH ON DEMAND OF
AGENT SUCH AMOUNT TOGETHER WITH INTEREST THEREON, FOR EACH DAY FROM THE DATE OF
DEMAND BY ISSUING LENDER UNTIL THE DATE SUCH AMOUNT IS PAID TO AGENT FOR ITS
ACCOUNT OR THE ACCOUNT OF ISSUING LENDER, AS APPLICABLE, AT A RATE PER ANNUM
EQUAL TO THE GREATER OF (I) THE FEDERAL FUNDS RATE, OR (II) THE ADJUSTED ABR
RATE.
4.7
FAILURE TO PURCHASE PRO RATA SHARE OF LETTER OF CREDIT ADVANCES.
THE FAILURE OF ANY LENDER TO PURCHASE ITS PRO RATA SHARE OF ANY LETTER OF CREDIT
ADVANCE AS REQUIRED IN SECTION 4.6 SHALL NOT RELIEVE ANY OTHER LENDER OF ITS
OBLIGATION HEREUNDER TO PURCHASE ITS PRO RATA SHARE OF SUCH LETTER OF CREDIT
ADVANCE, BUT NO LENDER SHALL BE RESPONSIBLE FOR THE FAILURE OF ANY OTHER LENDER
TO PURCHASE ITS PRO RATA SHARE OF ANY LETTER OF CREDIT ADVANCE.
4.8
LETTER OF CREDIT REPORTS.
ISSUING LENDER SHALL FURNISH TO AGENT
AND EACH REVOLVING LOAN LENDER ON REQUEST (SUCH REQUEST TO BE MADE NOT MORE
FREQUENTLY THAN MONTHLY) A WRITTEN REPORT SUMMARIZING ISSUANCE AND EXPIRATION
DATES OF THE LETTERS OF CREDIT ISSUED BY ISSUING LENDER AND DRAWINGS UNDER ALL
LETTERS OF CREDIT.
ARTICLE V
5.
THE TERM LOAN
5.1
GENERAL TERMS.
SUBJECT TO THE TERMS HEREOF, TERM LOAN LENDERS
WILL LEND TO BORROWERS IN A SINGLE TERM LOAN BORROWING AT THE CLOSING, AN AMOUNT
WHICH SHALL NOT EXCEED THE TERM LOAN COMMITMENT, WHICH TERM LOAN BORROWING SHALL
CONSIST OF TERM LOAN ADVANCES MADE SIMULTANEOUSLY BY THE TERM LOAN LENDERS PRO
RATA.
5.2
THE TERM NOTES.
BORROWERS' OBLIGATION TO REPAY THE TERM LOAN
SHALL BE EVIDENCED BY THE TERM NOTES.
47
5.3
INTEREST RATE.
INTEREST ON THE TERM LOAN SHALL BE CALCULATED AS