2.3(F) HEREOF,
BORROWER MAY ELECT TO CONVERT THE APPLICABLE INTEREST RATE FROM A LIBOR RATE TO
A BASE RATE EFFECTIVE UPON THE EXPIRATION OF THE THEN CURRENT LIBOR RATE PERIOD;
PROVIDED, HOWEVER, THAT THERE SHALL NOT HAVE OCCURRED AND BE CONTINUING ANY
EVENT OF DEFAULT. IF BORROWER WISHES TO CONVERT THE APPLICABLE INTEREST RATE ON
ANY LOAN PORTION AS PERMITTED BY THE PRECEDING SENTENCE, AN AUTHORIZED BORROWER
REPRESENTATIVE SHALL GIVE AGENT NOTICE THEREOF (WHICH SHALL BE IRREVOCABLE) TO
AGENT TO THE ATTENTION OF AN AUTHORIZED AGENT REPRESENTATIVE PRIOR TO 3:00 P.M.
(NEW YORK CITY TIME) ON THE DAY THAT IS NOT LESS THAN THREE (3) LIBOR BANKING
DAYS PRIOR TO THE PROPOSED CONVERSION DATE SPECIFYING (A) THE PRINCIPAL AMOUNT
OF THE LOAN PORTION WITH RESPECT TO WHICH SUCH CONVERSION SHALL OCCUR, AND
(B) THE PROPOSED CONVERSION DATE, WHICH SHALL BE DETERMINED IN ACCORDANCE WITH
THE PRECEDING SENTENCE.
(F)
INTEREST RATE CORRESPONDING TO INTEREST RATE PROTECTION
AGREEMENTS.
NOTWITHSTANDING ANYTHING TO THE CONTRARY SET FORTH IN THIS
SECTION 2.3, AT ALL TIMES THAT BORROWER IS REQUIRED TO CAUSE ONE OR MORE
INTEREST RATE PROTECTION AGREEMENTS TO BE IN EFFECT AS REQUIRED PURSUANT TO
SECTION 2.7(A) HEREOF, BORROWER SHALL CAUSE THE LOAN TO HAVE AN APPLICABLE
INTEREST RATE WHICH IS A LIBOR RATE HAVING A LIBOR RATE PERIOD OF ONE (1) MONTH.
IN CLARIFICATION OF THE FOREGOING, IN THE EVENT AND TO THE EXTENT THAT AS
PROVIDED IN SECTION 2.7(A) HEREOF, BORROWER IS PERMITTED TO DEFER THE EFFECT OF
ANY INTEREST RATE SWAP OR OTHER HEDGING ARRANGEMENT FOR A NOTIONAL AMOUNT
CORRESPONDING TO A LOAN PORTION WHICH IS THE SUBJECT OF ANY THEN-EXISTING LIBOR
RATE BEING LESS THAN OR EQUAL TO THE INTEREST RATE REFERRED TO IN CLAUSE
(I) THEREOF, BORROWER SHALL NOT BE REQUIRED TO HAVE AN APPLICABLE INTEREST RATE
WHICH IS A LIBOR RATE HAVING A LIBOR RATE PERIOD OF ONE (1) MONTH APPLY TO SUCH
LOAN PORTION UNTIL THE EXPIRATION OF SUCH THEN-EXISTING LIBOR RATE PERIOD .
(G)
NOTICE OF APPLICABLE INTEREST RATE CONVERSION.
AGENT SHALL
PROMPTLY NOTIFY EACH LENDER UPON ITS RECEIPT OF NOTICE FROM BORROWER PURSUANT TO
SECTION 2.3(C) OR (E) HEREOF ELECTING TO CONVERT TO AN APPLICABLE INTEREST RATE.
32
SECTION 2.4.
Principal Payments.
(A)
PRINCIPAL PAYMENT AT MATURITY.
BORROWER SHALL PAY THE UNPAID
PRINCIPAL BALANCE OF THE LOAN IN A SINGLE INSTALLMENT ON THE MATURITY DATE,
TOGETHER WITH ALL ACCRUED INTEREST AND ALL OTHER SUMS DUE UNDER THE LOAN
DOCUMENTS.
(B)
PREPAYMENT ON ACCOUNT OF RELEASES.
CONCURRENTLY WITH AND AS A
CONDITION TO A RELEASE PURSUANT TO SECTION 2.17 HEREOF, BORROWER SHALL MAKE A
PREPAYMENT OF THE LOAN IN THE AMOUNT OF THE RELEASE PAYMENT. CONCURRENTLY WITH
ANY SUCH PREPAYMENT OF PRINCIPAL, BORROWER SHALL PAY ALL SUMS REQUIRED TO BE
PAID PURSUANT TO AND SHALL OTHERWISE COMPLY WITH SECTION 2.4(F) HEREOF.
(C)
OPTIONAL PREPAYMENTS.
IN ADDITION TO PREPAYMENTS PURSUANT TO
SECTION 2.4(B), (D) AND (E) HEREOF, BORROWER MAY, UPON NOT LESS THAN TEN
(10) BUSINESS DAYS PRIOR NOTICE TO AGENT, PREPAY THE LOAN, IN WHOLE