PERIOD IN RESPECT OF EURODOLLAR
LOANS, THE BORROWER HAS FAILED TO ELECT A NEW INTEREST PERIOD TO BE APPLICABLE
THERETO AS PROVIDED IN PARAGRAPH (A) ABOVE, THE BORROWER SHALL BE DEEMED TO HAVE
ELECTED TO CONTINUE SUCH BORROWING OF EURODOLLAR LOANS INTO A BORROWING OF ABR
LOANS EFFECTIVE AS OF THE EXPIRATION DATE OF SUCH CURRENT INTEREST PERIOD.
2.7.
Pro rata Borrowings.
Each Borrowing of
Revolving Credit Loans under this Agreement shall be granted by the Lenders pro
rata on the basis of their Applicable Percentages.
It is understood that no
Lender shall be responsible for any default by any other Lender in its
obligation to make Loans hereunder and that each Lender shall be obligated to
make the Loans provided to be made by it hereunder, regardless of the failure of
any other Lender to fulfill its commitments hereunder.
2.8.
Interest.
(A)
THE UNPAID PRINCIPAL AMOUNT OF EACH ABR
LOAN SHALL BEAR INTEREST FROM THE DATE OF THE BORROWING THEREOF UNTIL MATURITY
(WHETHER BY ACCELERATION OR OTHERWISE) AT A RATE PER ANNUM THAT SHALL AT ALL
TIMES BE THE ABR MARGIN PLUS THE ABR IN EFFECT FROM TIME TO TIME.
(B)
THE UNPAID PRINCIPAL AMOUNT OF EACH
EURODOLLAR LOAN SHALL BEAR INTEREST FROM THE DATE OF THE BORROWING THEREOF UNTIL
MATURITY THEREOF (WHETHER BY ACCELERATION OR OTHERWISE) AT A RATE PER ANNUM THAT
SHALL AT ALL TIMES BE THE EURODOLLAR MARGIN IN EFFECT FROM TIME TO TIME PLUS THE
RELEVANT EURODOLLAR RATE.
42
(C)
IF ALL OR A PORTION OF (I) THE PRINCIPAL
AMOUNT OF ANY LOAN OR (II) ANY INTEREST PAYABLE THEREON OR FEE SHALL NOT BE PAID
WHEN DUE (WHETHER AT THE STATED MATURITY, BY ACCELERATION OR OTHERWISE), SUCH
OVERDUE AMOUNT SHALL BEAR INTEREST AT A RATE PER ANNUM THAT IS (X) IN THE CASE
OF OVERDUE PRINCIPAL, THE RATE THAT WOULD OTHERWISE BE APPLICABLE THERETO PLUS
2% OR (Y) IN THE CASE OF ANY OVERDUE INTEREST OR FEE, TO THE EXTENT PERMITTED BY
APPLICABLE LAW, THE RATE DESCRIBED IN SECTION 2.8(A) PLUS 2% FROM AND INCLUDING
THE DATE OF SUCH NON-PAYMENT TO BUT EXCLUDING THE DATE ON WHICH SUCH AMOUNT IS
PAID IN FULL (AFTER AS WELL AS BEFORE JUDGMENT).
(D)
ACCRUED INTEREST ON EACH LOAN SHALL BE
PAYABLE IN ARREARS ON EACH INTEREST PAYMENT DATE FOR SUCH LOAN AND UPON
TERMINATION OF THE COMMITMENTS; PROVIDED THAT (I) IN THE EVENT OF ANY REPAYMENT
OR PREPAYMENT OF ANY LOAN (OTHER THAN A PREPAYMENT OF AN ABR LOAN THAT IS A
REVOLVING CREDIT LOAN PRIOR TO THE MATURITY DATE), ACCRUED INTEREST ON THE
PRINCIPAL AMOUNT REPAID OR PREPAID SHALL BE PAYABLE ON THE DATE OF SUCH
REPAYMENT OR PREPAYMENT AND (II) IN THE EVENT OF ANY CONVERSION OF ANY
EURODOLLAR LOAN PRIOR TO THE END OF THE CURRENT INTEREST PERIOD THEREFOR,
ACCRUED INTEREST ON SUCH LOAN SHALL BE PAYABLE ON THE EFFECTIVE DATE OF SUCH
CONVERSION.
(E)
ALL COMPUTATIONS OF INTEREST HEREUNDER
SHALL BE MADE IN ACCORDANCE WITH SECTION 5.5.
(F)
THE ADMINISTRATIVE AGENT, UPON
DETERMINING