SUBSIDIARIES ON A CONSOLIDATED BASIS OR ANY SIMILAR REFERENCE SHALL, IN EACH
CASE, BE DEEMED TO INCLUDE EACH VARIABLE INTEREST ENTITY THAT KKR FINANCIAL IS
REQUIRED TO CONSOLIDATE PURSUANT TO GAAP AS IF SUCH VARIABLE INTEREST ENTITY
WERE A SUBSIDIARY AS DEFINED HEREIN.
1.04
ROUNDING.
ANY FINANCIAL RATIOS REQUIRED TO BE MAINTAINED BY KKR
FINANCIAL PURSUANT TO THIS AGREEMENT SHALL BE CALCULATED BY DIVIDING THE
APPROPRIATE COMPONENT BY THE OTHER COMPONENT,
28
CARRYING THE RESULT TO ONE PLACE MORE THAN THE NUMBER OF PLACES BY WHICH SUCH
RATIO IS EXPRESSED HEREIN AND ROUNDING THE RESULT UP OR DOWN TO THE NEAREST
NUMBER (WITH A ROUNDING-UP IF THERE IS NO NEAREST NUMBER).
1.05
EXCHANGE RATES; CURRENCY EQUIVALENTS.
(A)
THE ADMINISTRATIVE AGENT SHALL DETERMINE THE SPOT RATES AS OF EACH
REVALUATION DATE TO BE USED FOR CALCULATING THE DOLLAR EQUIVALENT OF ANY
PARTICULAR AMOUNTS HEREIN SPECIFIED THAT ARE DENOMINATED IN ALTERNATE
CURRENCIES.
SUCH SPOT RATES SHALL BECOME EFFECTIVE AS OF SUCH REVALUATION DATE
AND SHALL BE THE SPOT RATES EMPLOYED IN CONVERTING ANY AMOUNTS BETWEEN THE
APPLICABLE CURRENCIES UNTIL THE NEXT REVALUATION DATE TO OCCUR.
EXCEPT FOR
PURPOSES OF FINANCIAL STATEMENTS DELIVERED BY THE BORROWERS HEREUNDER OR
CALCULATING FINANCIAL COVENANTS HEREUNDER OR EXCEPT AS OTHERWISE PROVIDED
HEREIN, THE APPLICABLE AMOUNT OF ANY CURRENCY (OTHER THAN DOLLARS) FOR PURPOSES
OF THE LOAN DOCUMENTS SHALL BE SUCH DOLLAR EQUIVALENT AMOUNT AS SO DETERMINED BY
THE ADMINISTRATIVE AGENT.
(B)
WHEREVER IN THIS AGREEMENT IN CONNECTION WITH A BORROWING,
CONVERSION, CONTINUATION OR PREPAYMENT OF A FIXED PERIOD EURODOLLAR LOAN, AN
AMOUNT, SUCH AS A REQUIRED MINIMUM OR MULTIPLE AMOUNT, IS EXPRESSED IN DOLLARS,
BUT SUCH BORROWING OR FIXED PERIOD EURODOLLAR LOAN IS DENOMINATED IN AN
ALTERNATE CURRENCY, SUCH AMOUNT SHALL BE THE RELEVANT ALTERNATE CURRENCY
EQUIVALENT OF SUCH DOLLAR AMOUNT (ROUNDED TO THE NEAREST UNIT OF SUCH ALTERNATE
CURRENCY, WITH 0.5 OF A UNIT BEING ROUNDED UPWARD), AS DETERMINED BY THE
ADMINISTRATIVE AGENT.
1.06
TIMES OF DAY.
UNLESS OTHERWISE SPECIFIED, ALL REFERENCES HEREIN TO
TIMES OF DAY SHALL BE REFERENCES TO EASTERN TIME (DAYLIGHT OR STANDARD, AS
APPLICABLE).
ARTICLE II.
THE COMMITMENTS AND BORROWINGS
2.01
REVOLVING LOANS.
SUBJECT TO THE TERMS AND CONDITIONS SET FORTH
HEREIN, EACH LENDER SEVERALLY AGREES TO MAKE REVOLVING LOANS TO THE BORROWERS
FROM TIME TO TIME, ON ANY BUSINESS DAY DURING THE AVAILABILITY PERIOD, IN AN
AGGREGATE AMOUNT NOT TO EXCEED AT ANY TIME OUTSTANDING THE AMOUNT OF SUCH
LENDER'S COMMITMENT; PROVIDED THAT, AFTER GIVING EFFECT TO ANY REVOLVING LOAN,
(I) THE TOTAL REVOLVING CREDIT EXPOSURE DOES NOT EXCEED THE LINE CAP, AND
(II) THE AGGREGATE AMOUNT OF SUCH LENDER'S REVOLVING CREDIT EXPOSURE DOES NOT
EXCEED SUCH LENDER'S COMMITMENT.
WITHIN THE LIMITS OF EACH LENDER'S COMMITMENT,
AND SUBJECT TO THE OTHER TERMS AND CONDITIONS HEREOF, THE BORROWERS MAY BORROW
UNDER THIS SECTION 2.01, PREPAY UNDER SECTION 2.05, AND REBORROW UNDER THIS
SECTION 2.01.
REVOLVING LOANS MAY BE BASE RATE LOANS, FIXED PERIOD EURODOLLAR
LOANS OR DAILY FLOATING EURODOLLAR LOANS, AS FURTHER PROVIDED HEREIN.
NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, EACH