THE L/C CASH COLLATERAL ACCOUNT.
SECTION 2.4
INTEREST ON NOTES.
(A)
FLOATING RATE FUNDINGS. UNLESS THE BORROWER ELECTS A LIBO RATE
PURSUANT TO THIS SECTION, THE PRINCIPAL BALANCE OF THE NOTES SHALL BEAR INTEREST
AT THE FLOATING RATE.
(B)
LIBO RATE FUNDINGS. SO LONG AS NO DEFAULT OR EVENT OF DEFAULT
EXISTS, THE BORROWER MAY REQUEST THAT A PORTION OF ANY REQUESTED BORROWING
CONSTITUTE A LIBO RATE FUNDING, OR MAY CONVERT ALL OR ANY PART OF ANY
OUTSTANDING FLOATING RATE FUNDING INTO A LIBO RATE FUNDING, OR MAY REQUEST THAT
A LIBO RATE FUNDING BE CONVERTED AT THE END OF THE APPLICABLE INTEREST PERIOD TO
ANOTHER LIBO RATE FUNDING, BY GIVING NOTICE TO THE ADMINISTRATIVE AGENT OF SUCH
REQUEST OR CONVERSION NOT LATER THAN 10:30 A.M. ON A BUSINESS DAY WHICH IS AT
LEAST THREE BUSINESS DAYS PRIOR TO THE DATE OF THE REQUESTED BORROWING OR
CONVERSION. EACH SUCH NOTICE SHALL BE EFFECTIVE UPON RECEIPT BY THE
ADMINISTRATIVE AGENT, SHALL BE IN WRITING OR BY TELEPHONE OR TELECOPY
TRANSMISSION, SHALL SPECIFY THE DATE AND AMOUNT OF SUCH BORROWING OR CONVERSION,
AND THE INTEREST PERIOD THEREFOR. THE INTEREST PERIOD APPLICABLE TO EACH LIBO
RATE FUNDING SHALL BEGIN ON A BUSINESS DAY, AND THE AMOUNT OF EACH LIBO RATE
FUNDING SHALL BE EQUAL TO $1,000,000 OR AN INTEGRAL MULTIPLE OF $500,000 GREATER
THAN $1,000,000. SUBJECT TO THE TERMS AND CONDITIONS HEREOF, THE PRINCIPAL
AMOUNT SPECIFIED BY THE BORROWER IN THE APPLICABLE REQUEST FOR A LIBO RATE
FUNDING SHALL BEAR INTEREST FROM AND INCLUDING THE FIRST DAY OF
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THE INTEREST PERIOD SPECIFIED THEREIN TO BUT NOT INCLUDING THE LAST DAY OF SUCH
INTEREST PERIOD, AT THE LIBO RATE APPLICABLE THERETO, DETERMINED AS SET FORTH
HEREIN. UNLESS THE BORROWER REQUESTS A NEW LIBO RATE FUNDING IN ACCORDANCE WITH
THE PROCEDURES SET FORTH ABOVE, OR PREPAYS THE PRINCIPAL OF AN OUTSTANDING LIBO
RATE FUNDING AT THE EXPIRATION OF AN INTEREST PERIOD, THE LENDERS SHALL
AUTOMATICALLY AND WITHOUT REQUEST OF THE BORROWER CONVERT EACH LIBO RATE FUNDING
TO A FLOATING RATE FUNDING ON THE LAST DAY OF THE RELEVANT INTEREST PERIOD.
(C)
SETTING OF LIBO RATES. THE APPLICABLE LIBO RATE FOR EACH INTEREST
PERIOD SHALL BE DETERMINED BY THE ADMINISTRATIVE AGENT BETWEEN THE OPENING OF
BUSINESS AND NOON ON THE SECOND BUSINESS DAY PRIOR TO THE BEGINNING OF SUCH
INTEREST PERIOD, WHEREUPON NOTICE THEREOF (WHICH MAY BE BY TELEPHONE) SHALL BE
GIVEN BY THE ADMINISTRATIVE AGENT TO THE BORROWER AND EACH OF THE LENDERS. EACH
SUCH DETERMINATION OF THE APPLICABLE LIBO RATE SHALL BE CONCLUSIVE AND BINDING
UPON THE PARTIES HERETO, IN THE ABSENCE OF DEMONSTRABLE ERROR. THE
ADMINISTRATIVE AGENT, UPON WRITTEN REQUEST OF THE BORROWER, SHALL DELIVER TO THE
BORROWER A STATEMENT SHOWING THE COMPUTATIONS USED BY THE ADMINISTRATIVE AGENT
IN DETERMINING THE APPLICABLE LIBO RATE HEREUNDER.
(D)
LIMITATIONS ON LIBO RATE FUNDINGS. IN NO EVENT SHALL MORE THAN
FOUR LIBO RATE FUNDINGS BE OUTSTANDING AT ANY ONE TIME. IN NO EVENT MAY THE
BORROWER REQUEST A LIBO RATE FUNDING IF, AFTER GIVING