(A) IN THE CASE OF A
BASE RATE LOAN OR A FIXED RATE LOAN, 11:00 A.M., MINNEAPOLIS TIME, ON THE
PROPOSED DATE OF SUCH BORROWING, AND (B) IN THE CASE OF A LIBOR LOAN,
11:00 A.M., MINNEAPOLIS TIME, AT LEAST THREE BUSINESS DAYS PRIOR TO THE PROPOSED
DATE OF SUCH BORROWING.
EACH SUCH NOTICE SHALL BE EFFECTIVE UPON RECEIPT BY
AGENT, SHALL BE IRREVOCABLE, AND SHALL SPECIFY THE DATE, AMOUNT AND TYPE OF
BORROWING AND, (I) IN THE CASE OF A LIBOR LOAN, THE INITIAL INTEREST PERIOD
THEREFOR, AND (II) IN THE CASE OF A FIXED RATE LOAN, THE INITIAL INTEREST PERIOD
THEREFOR AS WELL AS AN AMORTIZATION SCHEDULE REFLECTING EQUAL MONTHLY PAYMENTS
OVER THE LIFE OF SUCH FIXED RATE LOAN OVER THE INTEREST PERIOD THEREFOR
COMMENCING ON THE SAME DATE OF THE NEXT MONTH FOLLOWING THE BORROWING (OR SUCH
OTHER METHOD OF AMORTIZATION APPROVED IN WRITING BY THE LENDER PRIOR TO THE
COMMENCEMENT OF THE INTEREST PERIOD THEREFOR).
EACH BASE RATE LOAN SHALL BE IN
AN AGGREGATE AMOUNT OF AT LEAST $100,000 OR A HIGHER INTEGRAL MULTIPLE OF
$100,000.
EACH LIBOR LOAN SHALL BE IN AN AGGREGATE AMOUNT OF AT LEAST $100,000
OR A HIGHER INTEGRAL MULTIPLE OF $100,000.
EACH FIXED RATE LOAN SHALL BE IN AN
AGGREGATE AMOUNT OF AT LEAST $200,000 OR A HIGHER INTEGRAL MULTIPLE OF $100,000;
PROVIDED, HOWEVER, THAT THE LOAN PARTIES MAY NOT BORROW, CONVERT TO, OR
CONTINUE, MORE THAN EIGHTEEN (18) FIXED RATE LOANS, IN THE AGGREGATE, IN ANY
CALENDAR YEAR.
(B)
FOLLOWING RECEIPT OF A NOTICE OF BORROWING, AGENT SHALL PROMPTLY
NOTIFY EACH LENDER OF THE AMOUNT OF ITS APPLICABLE PERCENTAGE OF THE APPLICABLE
LOANS.
EACH LENDER SHALL MAKE THE AMOUNT OF ITS LOAN AVAILABLE TO AGENT IN
IMMEDIATELY AVAILABLE FUNDS AT ADMINISTRATIVE AGENT'S OFFICE NOT LATER THAN
1:00 P.M. ON THE BUSINESS DAY SPECIFIED IN THE APPLICABLE NOTICE OF BORROWING.
UPON SATISFACTION OF THE APPLICABLE CONDITIONS SET FORTH IN SECTION 12, AGENT
SHALL MAKE ALL FUNDS SO RECEIVED AVAILABLE TO THE COMPANY IN LIKE FUNDS AS
RECEIVED BY AGENT EITHER BY
19
(I) CREDITING THE ACCOUNT OF BORROWER ON THE BOOKS OF LASALLE WITH THE AMOUNT OF
SUCH FUNDS OR (II) WIRE TRANSFER OF SUCH FUNDS, IN EACH CASE IN ACCORDANCE WITH
INSTRUCTIONS PROVIDED TO (AND REASONABLY ACCEPTABLE TO) AGENT BY THE COMPANY;
PROVIDED, HOWEVER, THAT IF, ON THE DATE THE NOTICE OF BORROWING WITH RESPECT TO
SUCH BORROWING IS GIVEN BY THE COMPANY, THERE ARE UNREIMBURSED AMOUNTS
OUTSTANDING, THEN THE PROCEEDS OF SUCH BORROWING FIRST, SHALL BE APPLIED, TO THE
PAYMENT IN FULL OF ANY SUCH UNREIMBURSED AMOUNTS, AND SECOND, SHALL BE MADE
AVAILABLE TO THE COMPANY AS PROVIDED ABOVE.
2.2.3
CONVERSION AND CONTINUATION PROCEDURES.
(A)
SUBJECT TO SECTION 2.2.1, THE COMPANY MAY, UPON IRREVOCABLE
WRITTEN NOTICE TO AGENT IN ACCORDANCE WITH CLAUSE (B) BELOW:
(I)
ELECT, AS OF ANY BUSINESS DAY, TO CONVERT ANY LOANS (OR ANY PART
THEREOF IN AN AGGREGATE AMOUNT NOT LESS THAN $100,000 OR A HIGHER INTEGRAL
MULTIPLE OF $100,000) INTO LOANS OF THE