error.
51
SECTION 4.11
ASSUMPTIONS CONCERNING FUNDING OF LIBOR RATE LOANS.
CALCULATION OF ALL AMOUNTS PAYABLE TO THE LENDERS UNDER THIS ARTICLE 4 SHALL BE
MADE AS THOUGH EACH LENDER HAD ACTUALLY FUNDED OR COMMITTED TO FUND ITS LIBOR
RATE LOANS THROUGH THE PURCHASE OF AN UNDERLYING DEPOSIT IN AN AMOUNT EQUAL TO
THE AMOUNT OF SUCH RATABLE SHARE AND HAVING A MATURITY COMPARABLE TO THE
RELEVANT INTEREST PERIOD FOR SUCH LIBOR RATE LOAN; PROVIDED, HOWEVER, EACH
LENDER MAY FUND ITS LIBOR RATE LOANS IN ANY MANNER IT DEEMS FIT AND THE
FOREGOING ASSUMPTION SHALL BE UTILIZED ONLY FOR THE CALCULATION OF AMOUNTS
PAYABLE UNDER THIS ARTICLE 4.
SECTION 4.12
NOTICE OF CONVERSION OR CONTINUATION.
WHENEVER THE
BORROWER DESIRES, SUBJECT TO THE PROVISIONS OF SECTION 4.15, TO CONVERT AN
OUTSTANDING LOAN INTO A LOAN OR LOANS OF A DIFFERENT TYPE OR TO CONTINUE ALL OR
A PORTION OF AN OUTSTANDING LIBOR RATE LOAN FOR A SUBSEQUENT INTEREST PERIOD,
THE BORROWER SHALL NOTIFY THE ADMINISTRATIVE AGENT BY TELEPHONE OR IN WRITING
(WHICH NOTICE SHALL BE IRREVOCABLE) NOT LATER THAN 11:00 A.M. (LONDON TIME) ON
THE DATE TWO BUSINESS DAYS BEFORE THE DAY ON WHICH SUCH PROPOSED CONVERSION OR
CONTINUATION IS TO BE EFFECTIVE (AND SUCH EFFECTIVE DATE OF ANY CONTINUATION
SHALL BE THE LAST DAY OF THE INTEREST PERIOD FOR THE APPLICABLE LIBOR RATE
LOAN).
EACH SUCH NOTICE (A NOTICE OF CONVERSION OR CONTINUATION) SHALL
(I) IDENTIFY THE LOAN TO BE CONVERTED OR CONTINUED, THE AGGREGATE OUTSTANDING
PRINCIPAL BALANCE THEREOF AND, IF A LIBOR RATE LOAN, THE LAST DAY OF THE
INTEREST PERIOD APPLICABLE TO SUCH LOAN, (II) SPECIFY THE EFFECTIVE DATE OF SUCH
CONVERSION OR CONTINUATION, (III) SPECIFY THE PRINCIPAL AMOUNT OF SUCH LOAN TO
BE CONVERTED OR CONTINUED AND, IF CONVERTED, THE TYPE OR TYPES INTO WHICH THE
SAME IS TO BE CONVERTED, AND (IV) THE INTEREST PERIOD TO BE APPLICABLE TO THE
LIBOR RATE LOAN AS CONVERTED OR CONTINUED, AND SHALL, IF NOTICE THEREOF WAS
ORIGINALLY GIVEN BY TELEPHONE, BE IMMEDIATELY FOLLOWED BY A SIGNED, WRITTEN
CONFIRMATION THEREOF BY THE BORROWER IN A FORM ACCEPTABLE TO THE ADMINISTRATIVE
AGENT, PROVIDED THAT IF SUCH WRITTEN CONFIRMATION DIFFERS IN ANY RESPECT FROM
THE ACTION TAKEN BY THE LENDERS, THE RECORDS OF THE ADMINISTRATIVE AGENT SHALL
CONTROL ABSENT MANIFEST ERROR.
SECTION 4.13
CONVERSION OR CONTINUATION.
PROVIDED THAT NO EVENT OF
DEFAULT SHALL HAVE OCCURRED AND BE CONTINUING (BUT SUBJECT TO THE PROVISIONS OF
SECTIONS 4.12 AND 4.15), THE BORROWER MAY REQUEST THAT ALL OR ANY PART OF ANY
OUTSTANDING LOAN BE CONVERTED INTO A LOAN OR LOANS OF A DIFFERENT TYPE OR BE
CONTINUED AS A LOAN OR LOANS OF THE SAME TYPE, IN THE SAME AGGREGATE PRINCIPAL
AMOUNT, ON ANY BUSINESS DAY (WHICH, IN THE CASE OF CONTINUATION OF A LIBOR RATE
LOAN, SHALL BE THE LAST DAY OF THE INTEREST PERIOD APPLICABLE TO SUCH LOAN),
UPON NOTICE (WHICH NOTICE SHALL BE IRREVOCABLE) GIVEN IN ACCORDANCE WITH SECTION
4.12.
SECTION 4.14
DURATION OF INTEREST PERIODS; MAXIMUM NUMBER OF LIBOR