REQUEST WOULD BE REQUIRED UNDER SECTION 2.03 IF THE BORROWER WERE REQUESTING A
REVOLVING BORROWING OF THE TYPE RESULTING FROM SUCH ELECTION TO BE MADE ON THE
EFFECTIVE DATE OF SUCH ELECTION.
EACH SUCH TELEPHONIC INTEREST ELECTION REQUEST
SHALL BE IRREVOCABLE AND SHALL BE CONFIRMED PROMPTLY BY HAND DELIVERY OR
TELECOPY TO THE ADMINISTRATIVE AGENT OF A WRITTEN INTEREST ELECTION REQUEST IN A
FORM APPROVED BY THE ADMINISTRATIVE AGENT AND SIGNED BY THE BORROWER.
NOTWITHSTANDING ANY CONTRARY PROVISION HEREIN, THIS SECTION SHALL NOT BE
CONSTRUED TO PERMIT THE BORROWER TO (I) CHANGE THE CURRENCY OF ANY BORROWING,
(II) ELECT AN INTEREST PERIOD FOR EUROCURRENCY LOANS THAT DOES NOT COMPLY WITH
SECTION 2.02(D) OR (III) CONVERT ANY BORROWING TO A BORROWING OF A TYPE NOT
AVAILABLE UNDER THE CLASS OF COMMITMENTS PURSUANT TO WHICH SUCH BORROWING WAS
MADE.
(C)
EACH TELEPHONIC AND WRITTEN 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,
THE PORTIONS THEREOF TO BE ALLOCATED TO EACH RESULTING BORROWING (IN WHICH CASE
THE INFORMATION TO BE SPECIFIED PURSUANT TO CLAUSES (III) AND (IV) 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)
WHETHER THE RESULTING BORROWING IS TO BE AN ABR BORROWING OR A
EUROCURRENCY BORROWING; AND
(IV)
IF THE RESULTING BORROWING IS A EUROCURRENCY BORROWING, THE INTEREST
PERIOD AND AGREED CURRENCY TO BE APPLICABLE THERETO AFTER GIVING EFFECT TO SUCH
ELECTION, WHICH INTEREST PERIOD SHALL BE A PERIOD CONTEMPLATED BY THE DEFINITION
OF THE TERM "INTEREST PERIOD".
If any such Interest Election Request requests a Eurocurrency 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 LENDER OF THE DETAILS THEREOF AND OF SUCH
LENDER'S PORTION OF EACH RESULTING BORROWING.
29
(E)
IF THE BORROWER FAILS TO DELIVER A TIMELY INTEREST ELECTION REQUEST WITH
RESPECT TO A EUROCURRENCY REVOLVING 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 (I) IN THE CASE OF A BORROWING
DENOMINATED IN DOLLARS, SUCH BORROWING SHALL BE CONVERTED TO AN ABR BORROWING
AND (II) IN THE CASE OF A BORROWING DENOMINATED IN A FOREIGN CURRENCY, SUCH
BORROWING SHALL AUTOMATICALLY CONTINUE AS A EUROCURRENCY BORROWING IN THE SAME
AGREED CURRENCY WITH AN INTEREST PERIOD OF ONE MONTH UNLESS (X) SUCH
EUROCURRENCY BORROWING IS OR WAS REPAID IN ACCORDANCE WITH SECTION 2.11 OR (Y)
THE BORROWER SHALL HAVE GIVEN THE ADMINISTRATIVE AGENT AN INTEREST ELECTION
REQUEST REQUESTING THAT, AT THE END OF SUCH INTEREST PERIOD, SUCH EUROCURRENCY
BORROWING CONTINUE AS A EUROCURRENCY BORROWING FOR THE SAME OR ANOTHER INTEREST