OF SUCH LOAN.
A REQUEST
FOR A PRIME LOAN MUST BE RECEIVED BY THE BANK NO LATER THAN 11:00 A.M. CHICAGO,
ILLINOIS TIME, ON THE DAY IT IS TO BE FUNDED.
A REQUEST FOR A LIBOR LOAN MUST
BE (I) RECEIVED BY THE BANK NO LATER THAN 11:00 A.M. CHICAGO, ILLINOIS TIME,
THREE DAYS BEFORE THE DAY IT IS TO BE FUNDED, AND (II) IN AN AMOUNT EQUAL TO ONE
HUNDRED THOUSAND AND 00/100 DOLLARS ($100,000.00) OR A HIGHER INTEGRAL MULTIPLE
OF ONE HUNDRED THOUSAND AND 00/100 DOLLARS ($100,000.00).
THE PROCEEDS OF EACH
LOAN SHALL BE MADE AVAILABLE AT THE OFFICE OF THE BANK BY CREDIT TO THE ACCOUNT
OF A BORROWER OR BY OTHER MEANS REQUESTED BY THE BORROWERS AND ACCEPTABLE TO THE
BANK.
THE BORROWER HEREBY IRREVOCABLY CONFIRMS, RATIFIES AND APPROVES ALL SUCH
ADVANCES BY THE BANK AND DOES HEREBY INDEMNIFY THE BANK AGAINST LOSSES AND
EXPENSES (INCLUDING COURT COSTS, ATTORNEYS' AND PARALEGALS' FEES) AND SHALL HOLD
THE BANK HARMLESS WITH RESPECT THERETO.
(B)
LIBOR CONVERSION AND CONTINUATION PROCEDURES.
EACH LIBOR LOAN
SHALL AUTOMATICALLY RENEW FOR THE INTEREST PERIOD SPECIFIED IN THE INITIAL
REQUEST RECEIVED
12
BY THE BANK PURSUANT TO SECTION 2.2(A), AT THE THEN CURRENT LIBOR RATE UNLESS
THE BORROWER, PURSUANT TO A SUBSEQUENT WRITTEN NOTICE RECEIVED BY THE BANK,
SHALL ELECT A DIFFERENT INTEREST PERIOD OR THE CONVERSION OF ALL OR A PORTION OF
SUCH LIBOR LOAN TO A PRIME LOAN.
EACH INTEREST PERIOD OCCURRING AFTER THE
INITIAL INTEREST PERIOD WITH RESPECT TO ANY LIBOR LOAN SHALL COMMENCE ON THE
SAME DAY OF EACH APPLICABLE MONTH AS THE FIRST DAY OF THE INITIAL INTEREST
PERIOD.
WHENEVER THE LAST DAY OF ANY INTEREST PERIOD WITH RESPECT TO ANY LIBOR
LOAN WOULD OTHERWISE OCCUR ON A DAY OTHER THAN A BUSINESS DAY, THE LAST DAY OF
SUCH INTEREST PERIOD SHALL BE EXTENDED TO OCCUR ON THE NEXT SUCCEEDING BUSINESS
DAY.
WHENEVER AN INTEREST PERIOD WITH RESPECT TO ANY LIBOR LOAN WOULD OTHERWISE
END ON A DAY OF A MONTH FOR WHICH THERE IS NO NUMERICALLY CORRESPONDING DAY IN
THE CALENDAR MONTH, SUCH INTEREST PERIOD SHALL END ON THE LAST DAY OF SUCH
CALENDAR MONTH, UNLESS SUCH DAY IS NOT A BUSINESS DAY, IN WHICH EVENT SUCH
INTEREST PERIOD SHALL BE EXTENDED TO END ON THE NEXT BUSINESS DAY.
UPON RECEIPT
BY THE BANK OF SUCH SUBSEQUENT NOTICE, THE BORROWER MAY, SUBJECT TO THE TERMS
AND CONDITIONS OF THIS AGREEMENT, ELECT, AS OF THE LAST DAY OF THE APPLICABLE
INTEREST PERIOD, TO CONTINUE ANY LIBOR LOAN HAVING AN INTEREST PERIOD EXPIRING
ON SUCH DAY FOR A DIFFERENT INTEREST PERIOD, OR TO CONVERT ANY SUCH LIBOR LOAN
TO A PRIME LOAN.
SUCH NOTICE SHALL, IN THE CASE OF A CONVERSION TO A PRIME
LOAN, BE GIVEN BEFORE 11:00 A.M., CHICAGO TIME, ON THE PROPOSED DATE OF SUCH
CONVERSION, AND IN THE CASE OF CONVERSION TO A LIBOR LOAN HAVING A DIFFERENT
INTEREST PERIOD, BE GIVEN BEFORE 11:00 A.M., CHICAGO TIME, AT LEAST THREE
BUSINESS DAYS PRIOR TO THE