SUCH INTEREST ELECTION REQUEST, WHICH SHALL BE A BUSINESS DAY;
(III)
WHETHER THE RESULTING BORROWING IS TO BE AN
ABR BORROWING OR A EURODOLLAR BORROWING; AND
(IV)
IF THE RESULTING BORROWING IS A EURODOLLAR
BORROWING, 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 but does
not specify an Interest Period, then the Borrower shall be deemed to have
selected an Interest Period of one month's duration.
(D)
PROMPTLY FOLLOWING RECEIPT OF AN INTEREST
ELECTION REQUEST, THE ADMINISTRATIVE AGENT SHALL ADVISE EACH APPLICABLE LENDER
OF THE DETAILS THEREOF AND OF SUCH LENDER'S PORTION OF EACH RESULTING BORROWING.
(E)
IF THE BORROWER FAILS TO DELIVER A TIMELY
INTEREST ELECTION REQUEST WITH RESPECT TO A EURODOLLAR BORROWING PRIOR TO THE
END OF THE INTEREST PERIOD APPLICABLE THERETO, THEN, UNLESS SUCH BORROWING IS
REPAID AS PROVIDED HEREIN, AT THE END OF SUCH INTEREST PERIOD SUCH BORROWING
SHALL BE CONVERTED TO AN ABR BORROWING.
NOTWITHSTANDING ANY CONTRARY PROVISION
25
HEREOF, IF AN EVENT OF DEFAULT HAS OCCURRED AND IS CONTINUING AND THE
ADMINISTRATIVE AGENT, AT THE REQUEST OF THE REQUIRED LENDERS, SO NOTIFIES
BORROWER, THEN, SO LONG AS AN EVENT OF DEFAULT IS CONTINUING (I) NO REQUEST MAY
BE MADE FOR A EURODOLLAR BORROWING AND NO OUTSTANDING BORROWING MAY BE CONVERTED
TO OR CONTINUED AS A EURODOLLAR BORROWING AND (II) EACH EURODOLLAR BORROWING,
UNLESS REPAID AS PROVIDED HEREIN, SHALL BE CONVERTED TO AN ABR BORROWING AT THE
END OF THE INTEREST PERIOD APPLICABLE THERETO.
Section 2.08.
Termination, Reduction and Increase of
Commitments.
(a)
Unless previously terminated, the Revolving Loan Commitments
shall terminate on the Maturity Date.
(B)
THE BORROWER MAY AT ANY TIME TERMINATE, OR
FROM TIME TO TIME REDUCE, THE REVOLVING LOAN COMMITMENTS; PROVIDED THAT EACH
REDUCTION OF THE REVOLVING LOAN COMMITMENTS SHALL BE IN AN AMOUNT THAT IS AN
INTEGRAL MULTIPLE OF $100,000 AND NOT LESS THAN $5,000,000.
(C)
THE BORROWER SHALL NOTIFY THE
ADMINISTRATIVE AGENT OF ANY ELECTION TO TERMINATE OR REDUCE THE REVOLVING LOAN
COMMITMENTS UNDER PARAGRAPH (B) OF THIS SECTION AT LEAST THREE BUSINESS DAYS
PRIOR TO THE EFFECTIVE DATE OF SUCH TERMINATION OR REDUCTION, SPECIFYING SUCH
ELECTION AND THE EFFECTIVE DATE THEREOF.
PROMPTLY FOLLOWING RECEIPT OF ANY
NOTICE, THE ADMINISTRATIVE AGENT SHALL ADVISE THE APPLICABLE LENDERS OF THE
CONTENTS THEREOF.
EACH NOTICE DELIVERED BY THE BORROWER PURSUANT TO THIS
SECTION SHALL BE IRREVOCABLE; PROVIDED THAT A NOTICE OF TERMINATION OF THE
REVOLVING LOAN COMMITMENTS DELIVERED BY THE BORROWER MAY STATE THAT SUCH NOTICE
IS CONDITIONED UPON THE EFFECTIVENESS OF OTHER CREDIT FACILITIES, IN WHICH CASE
SUCH NOTICE MAY BE REVOKED BY THE BORROWER (BY NOTICE TO THE ADMINISTRATIVE
AGENT ON OR PRIOR TO THE SPECIFIED EFFECTIVE DATE) IF SUCH CONDITION IS NOT
SATISFIED.
ANY TERMINATION OR REDUCTION OF THE REVOLVING LOAN COMMITMENTS SHALL
BE PERMANENT.
EACH REDUCTION OF THE REVOLVING LOAN COMMITMENTS SHALL BE MADE
RATABLY AMONG THE LENDERS