BE ENTITLED TO REQUEST ANY
CONVERSION, ROLLOVER OR CONTINUATION THAT, IF MADE, WOULD RESULT IN MORE THAN
EIGHT EURODOLLAR BORROWINGS OR BANKERS' ACCEPTANCES HAVING MORE THAN EIGHT
DIFFERENT INTEREST PERIODS BEING OUTSTANDING HEREUNDER AT ANY ONE TIME.
THIS
SECTION SHALL NOT APPLY TO BORROWINGS OF SWINGLINE LOANS, WHICH MAY NOT BE
CONVERTED OR CONTINUED.
67
(B)
INTEREST ELECTION NOTICE.
TO MAKE AN ELECTION PURSUANT TO THIS
SECTION, THE APPLICABLE BORROWER SHALL DELIVER, BY HAND DELIVERY OR TELECOPIER,
A DULY COMPLETED AND EXECUTED INTEREST ELECTION REQUEST TO THE APPLICABLE
ADMINISTRATIVE AGENT NOT LATER THAN THE TIME THAT A BORROWING REQUEST WOULD BE
REQUIRED UNDER SECTION 2.03 IF SUCH BORROWER WERE REQUESTING A REVOLVING
BORROWING OF THE TYPE RESULTING FROM SUCH ELECTION TO BE MADE ON THE EFFECTIVE
DATE OF SUCH ELECTION.
EACH INTEREST ELECTION REQUEST SHALL BE IRREVOCABLE.
EACH 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, OR IF OUTSTANDING BORROWINGS ARE BEING COMBINED, ALLOCATION TO EACH
RESULTING BORROWING (IN WHICH CASE THE INFORMATION TO BE SPECIFIED PURSUANT TO
CLAUSES (III), (IV) AND (V) BELOW SHALL BE SPECIFIED FOR EACH RESULTING
BORROWING);
(II)
THE EFFECTIVE DATE OF THE ELECTION MADE PURSUANT TO SUCH INTEREST
ELECTION REQUEST, WHICH SHALL BE A BUSINESS DAY;
(III)
THE APPROVED CURRENCY OF THE RESULTING BORROWING;
(IV)
WHETHER THE RESULTING BORROWING IS TO BE AN ABR BORROWING,
CANADIAN PRIME RATE BORROWING, A EURODOLLAR BORROWING OR AN ADVANCE BY WAY OF
BANKERS' ACCEPTANCE; AND
(V)
IF THE RESULTING BORROWING IS A EURODOLLAR BORROWING OR AN ADVANCE
BY WAY OF BANKERS' ACCEPTANCE, THE INTEREST PERIOD TO BE APPLICABLE THERETO
AFTER GIVING EFFECT TO SUCH ELECTION, WHICH SHALL BE A PERIOD CONTEMPLATED BY
THE DEFINITION OF THE TERM "INTEREST PERIOD".
If any such Interest Election Request requests a Eurodollar Borrowing or an
advance by way of Bankers' Acceptance but does not specify an Interest Period,
then such Borrower shall be deemed to have selected an Interest Period of one
month's duration.
Promptly following receipt of an Interest Election Request, such Administrative
Agent shall advise each Lender of the details thereof and of such Lender's
portion of each resulting Borrowing.
(C)
AUTOMATIC CONVERSION TO ABR BORROWING OR CANADIAN PRIME RATE
BORROWINGS.
IF AN INTEREST ELECTION REQUEST WITH RESPECT TO A EURODOLLAR
BORROWING OR A BANKERS' ACCEPTANCE IS NOT TIMELY DELIVERED PRIOR TO THE END OF
THE INTEREST PERIOD APPLICABLE THERETO, THEN, UNLESS SUCH BORROWING OR BANKERS'
ACCEPTANCE IS REPAID AS PROVIDED HEREIN, AT THE END OF SUCH INTEREST PERIOD SUCH
EURODOLLAR BORROWING OR BANKERS' ACCEPTANCE SHALL BE CONVERTED TO (I) IN THE
CASE OF A EURODOLLAR BORROWING, AN ABR BORROWING AND (II) IN THE CASE OF A
BANKERS' ACCEPTANCE, A CANADIAN PRIME RATE BORROWING.
NOTWITHSTANDING ANY
CONTRARY PROVISION HEREOF, IF AN EVENT OF DEFAULT HAS OCCURRED AND IS
CONTINUING, THE APPLICABLE ADMINISTRATIVE AGENT OR THE REQUIRED LENDERS MAY
REQUIRE, BY NOTICE TO