LOANS MADE BY SUCH LENDER
(AND SECTION 2.02(C) SHALL APPLY, MUTATIS MUTANDIS, TO THE PAYMENT OBLIGATIONS
OF THE LENDERS), AND THE AGENT SHALL PROMPTLY PAY TO THE SWINGLINE LENDER THE
AMOUNTS SO RECEIVED BY IT FROM THE LENDERS.
THE AGENT SHALL NOTIFY THE BORROWER
OF ANY PARTICIPATIONS IN ANY SWINGLINE LOAN ACQUIRED PURSUANT TO THIS PARAGRAPH,
AND THEREAFTER PAYMENTS IN RESPECT OF SUCH SWINGLINE LOAN SHALL BE MADE TO THE
AGENT AND NOT TO THE SWINGLINE LENDER.
ANY AMOUNTS RECEIVED BY THE SWINGLINE
LENDER FROM THE BORROWER (OR OTHER PARTY ON BEHALF OF THE BORROWER) IN RESPECT
OF A SWINGLINE LOAN AFTER RECEIPT BY THE SWINGLINE LENDER OF THE PROCEEDS OF A
SALE OF PARTICIPATIONS THEREIN SHALL BE PROMPTLY REMITTED TO THE AGENT; ANY SUCH
AMOUNTS RECEIVED BY THE AGENT SHALL BE PROMPTLY REMITTED BY THE AGENT TO THE
LENDERS THAT SHALL HAVE MADE THEIR PAYMENTS PURSUANT TO THIS PARAGRAPH AND TO
THE SWINGLINE LENDER, AS THEIR INTERESTS MAY APPEAR.
THE PURCHASE OF
PARTICIPATIONS IN A SWINGLINE LOAN PURSUANT TO THIS PARAGRAPH SHALL NOT RELIEVE
THE BORROWER OF ANY DEFAULT IN THE PAYMENT THEREOF.
SECTION 2.06.
INTEREST ELECTIONS.
(A)
EACH STANDBY BORROWING INITIALLY SHALL
BE OF THE TYPE SPECIFIED IN THE APPLICABLE STANDBY BORROWING REQUEST AND, IN THE
CASE OF A EURODOLLAR STANDBY BORROWING, SHALL HAVE AN INITIAL INTEREST PERIOD AS
SPECIFIED IN SUCH STANDBY BORROWING REQUEST.
THEREAFTER, THE BORROWER MAY ELECT
TO CONVERT SUCH BORROWING TO A BORROWING OF A DIFFERENT TYPE OR TO CONTINUE SUCH
BORROWING AND, IN THE CASE OF A EURODOLLAR STANDBY BORROWING, MAY ELECT INTEREST
PERIODS THEREFOR, ALL AS PROVIDED IN THIS SECTION.
THE BORROWER MAY ELECT
DIFFERENT OPTIONS WITH RESPECT TO DIFFERENT PORTIONS OF THE AFFECTED BORROWING,
IN WHICH CASE EACH SUCH PORTION SHALL BE ALLOCATED RATABLY AMONG THE LENDERS
HOLDING THE LOANS COMPRISING SUCH BORROWING, AND THE LOANS COMPRISING EACH SUCH
PORTION SHALL BE CONSIDERED A SEPARATE BORROWING.
THIS SECTION SHALL NOT APPLY
TO COMPETITIVE BORROWINGS OR SWINGLINE BORROWINGS, WHICH MAY NOT BE CONVERTED OR
CONTINUED.
(B)
TO MAKE AN ELECTION PURSUANT TO THIS SECTION, THE BORROWER SHALL NOTIFY THE
AGENT OF SUCH ELECTION (EACH, AN "INTEREST ELECTION REQUEST") BY TELEPHONE BY
THE TIME THAT A STANDBY BORROWING REQUEST WOULD BE REQUIRED UNDER SECTION 2.04
IF THE BORROWER WERE REQUESTING A STANDBY BORROWING OF THE TYPE RESULTING FROM
SUCH ELECTION TO BE MADE ON THE EFFECTIVE DATE OF SUCH ELECTION.
EACH SUCH
TELEPHONIC INTEREST ELECTION REQUEST SHALL BE IRREVOCABLE AND SHALL BE CONFIRMED
PROMPTLY BY HAND DELIVERY OR
25
TELECOPY TO THE AGENT OF A WRITTEN INTEREST ELECTION REQUEST IN A FORM APPROVED
BY THE AGENT AND SIGNED BY THE BORROWER.
(C)
EACH TELEPHONIC AND WRITTEN INTEREST ELECTION REQUEST SHALL SPECIFY THE
FOLLOWING INFORMATION IN COMPLIANCE WITH SECTION 2.02:
(I)
THE BORROWING TO WHICH SUCH INTEREST ELECTION REQUEST APPLIES AND, IF
DIFFERENT OPTIONS ARE BEING ELECTED WITH RESPECT TO DIFFERENT PORTIONS THEREOF,
THE PORTIONS THEREOF TO BE ALLOCATED TO EACH RESULTING BORROWING (IN WHICH CASE
THE INFORMATION TO BE SPECIFIED PURSUANT TO