THE APPLICABLE MARGINS AND THE APPLICABLE COMMITMENT RATE SHALL BE
DETERMINED BY
24
REFERENCE TO THE SENIOR DEBT RATING IN ACCORDANCE WITH THE FOLLOWING TABLE AND
THE PROVISIONS OF THIS SECTION 2.05:
Senior Debt
Rating
Applicable
LIBOR
Margin
Applicable
ABR
Margin
Applicable Commitment Rate
Usage>50%
Usage <50%
BBB-/Baa3
1.25
%
-0-
0.20
%
0.25
%
BB+/Ba1
1.50
-0-
0.275
%
0.30
%
BB/Ba2
1.625
%
-0-
0.30
%
0.375
%
BB-/Ba3
1.75
%
0.25
%
0.375
%
0.45
%
B+/B1 & Below or no Senior Debt Rating
2.00
%
0.50
%
0.50
%
0.60
%
At any time at which (A) Fitch does not publicly announce a rating of the
Borrower's unsecured long-term debt, and (B) Moody's or S&P (but not both)
publicly announces a rating of the Borrower's unsecured long-term debt, the
Applicable Margin and Applicable Commitment Rate shall be determined in
accordance with the foregoing table, except that (A) the Applicable LIBOR Margin
set forth in the Table above shall be increased by 0.075% and (B) the Applicable
Commitment Rate set forth in the Table shall be increased by 0.025%.
(b)
The Applicable Margin and the Applicable
Commitment Rate shall be adjusted, from time to time, effective (as applicable)
on the first Business Day after any change in the Senior Debt Ratings that
results in any change in the Applicable Margins or Applicable Commitment Rate,
provided, however, that any change in the Applicable LIBOR Margin shall only
apply to LIBOR Loans for Interest Periods commencing after such change in the
Applicable LIBOR Margin is effective.
SECTION 2.06
CONVERSIONS AND RENEWALS.
THE BORROWER MAY ELECT FROM TIME TO
TIME TO CONVERT ALL OR A PART OF ONE TYPE OF LOAN INTO ANOTHER TYPE OF LOAN OR
TO RENEW ALL OR PART OF A LOAN BY GIVING THE AGENT NOTICE AT LEAST ONE (1)
BUSINESS DAY BEFORE CONVERSION INTO AN ABR LOAN, AND AT LEAST THREE (3) BUSINESS
DAYS BEFORE THE CONVERSION INTO OR RENEWAL OF A LIBOR LOAN, SPECIFYING:
(1) THE
RENEWAL OR CONVERSION DATE; (2) THE AMOUNT OF THE LOAN TO BE CONVERTED OR
RENEWED; (3) IN THE CASE OF CONVERSIONS, THE TYPE OF LOAN TO BE CONVERTED INTO;
AND (4) IN THE CASE OF RENEWALS OF OR A CONVERSION INTO A LIBOR LOAN, THE
DURATION OF THE INTEREST PERIOD APPLICABLE THERETO; PROVIDED THAT (A) THE
MINIMUM PRINCIPAL AMOUNT OF EACH LIBOR LOAN OUTSTANDING AFTER A RENEWAL OR
CONVERSION SHALL BE ONE MILLION DOLLARS ($1,000,000) AND THE MINIMUM AMOUNT OF
EACH ABR LOAN OUTSTANDING AFTER A RENEWAL OR CONVERSION SHALL BE TWO HUNDRED
FIFTY THOUSAND DOLLARS ($250,000) AND IN EACH CASE IN INTEGRAL MULTIPLES OF
$100,000 IF IN EXCESS OF SUCH MINIMUM AMOUNTS, AND (B) LIBOR LOANS MAY BE
CONVERTED ON A BUSINESS DAY THAT IS NOT THE LAST DAY OF THE INTEREST PERIOD FOR
SUCH LOAN ONLY IF THE BORROWER PAYS ON THE DATE OF CONVERSION ALL AMOUNTS DUE
PURSUANT TO SECTION 2.17 HEREOF; AND (C) THE BORROWER MAY NOT RENEW A LIBOR LOAN
OR CONVERT