PAYMENT OR PERFORMANCE.
WHEN THE PAYMENT OF
ANY OBLIGATION OR THE PERFORMANCE OF ANY COVENANT, DUTY OR OBLIGATION IS STATED
TO BE DUE OR PERFORMANCE REQUIRED ON A DAY WHICH IS NOT A BUSINESS DAY, THE DATE
OF SUCH PAYMENT OR PERFORMANCE SHALL EXTEND TO THE IMMEDIATELY SUCCEEDING
BUSINESS DAY AND SUCH EXTENSION OF TIME SHALL BE REFLECTED IN COMPUTING INTEREST
OR FEES, AS THE CASE MAY BE; PROVIDED, THAT WITH RESPECT TO ANY PAYMENT OF
INTEREST ON OR PRINCIPAL OF EURODOLLAR RATE LOANS, IF SUCH EXTENSION WOULD CAUSE
ANY SUCH PAYMENT TO BE MADE IN THE NEXT SUCCEEDING CALENDAR MONTH, SUCH PAYMENT
SHALL BE MADE ON THE IMMEDIATELY PRECEDING BUSINESS DAY.
ARTICLE II
THE CREDITS
SECTION 2.01.
COMMITMENTS.
SUBJECT TO THE TERMS AND CONDITIONS HEREIN
SET FORTH, EACH LENDER AGREES, SEVERALLY AND NOT JOINTLY, TO MAKE A LOAN TO THE
BORROWER ON THE CLOSING DATE IN A PRINCIPAL AMOUNT NOT TO EXCEED ITS
COMMITMENT.
AMOUNTS PAID OR PREPAID IN RESPECT OF LOANS MAY NOT BE REBORROWED.
SECTION 2.02.
LOANS.
(A)
EACH LOAN SHALL BE MADE AS PART OF A
BORROWING CONSISTING OF LOANS MADE BY THE LENDERS RATABLY IN ACCORDANCE WITH
THEIR COMMITMENTS; PROVIDED, HOWEVER, THAT THE FAILURE OF ANY LENDER TO MAKE ANY
LOAN SHALL NOT IN ITSELF RELIEVE ANY OTHER LENDER OF ITS OBLIGATION TO LEND
HEREUNDER (IT BEING UNDERSTOOD, HOWEVER, THAT NO LENDER SHALL BE RESPONSIBLE FOR
THE FAILURE OF ANY OTHER LENDER TO MAKE ANY LOAN REQUIRED TO BE MADE BY SUCH
OTHER LENDER).
(B)
SUBJECT TO SECTIONS 2.08 AND 2.15, EACH BORROWING SHALL BE COMPRISED
ENTIRELY OF ABR LOANS OR EURODOLLAR LOANS AS THE BORROWER MAY REQUEST PURSUANT
TO SECTION 2.03.
EACH LENDER MAY AT ITS OPTION MAKE ANY EURODOLLAR LOAN BY
CAUSING ANY DOMESTIC OR FOREIGN BRANCH
22
OR AFFILIATE OF SUCH LENDER TO MAKE SUCH LOAN; PROVIDED, THAT ANY EXERCISE OF
SUCH OPTION SHALL NOT AFFECT THE OBLIGATION OF THE BORROWER TO REPAY SUCH LOAN
IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT.
THE BORROWER MAY MAKE ONLY ONE
BORROWING UNDER THE COMMITMENT WHICH SHALL BE ON THE CLOSING DATE.
(C)
EACH LENDER SHALL MAKE EACH LOAN TO BE MADE BY IT HEREUNDER ON THE
PROPOSED DATE THEREOF BY WIRE TRANSFER OF IMMEDIATELY AVAILABLE FUNDS TO SUCH
ACCOUNT DESIGNATED BY THE BORROWER IN THE APPLICABLE BORROWING REQUEST AS THE
BORROWER MAY DESIGNATE NOT LATER THAN 1:00 P.M., NEW YORK CITY TIME.
SECTION 2.03.
BORROWING PROCEDURE.
IN ORDER TO REQUEST A LOAN, THE
BORROWER SHALL NOTIFY THE ADMINISTRATIVE AGENT OF SUCH REQUEST BY TELEPHONE
(A) IN THE CASE OF A EURODOLLAR LOAN, NOT LATER THAN 11:00 A.M., NEW YORK CITY
TIME, THREE BUSINESS DAYS BEFORE A PROPOSED LOAN, AND (B) IN THE CASE OF AN ABR
LOAN NOT LATER THAN 11:00 A.M., NEW YORK CITY TIME, ONE BUSINESS DAY BEFORE A
PROPOSED BORROWING.
EACH SUCH TELEPHONIC BORROWING REQUEST SHALL BE
IRREVOCABLE, AND SHALL BE CONFIRMED PROMPTLY BY HAND DELIVERY OR FAX TO THE
LENDERS OF A WRITTEN BORROWING REQUEST AND SHALL SPECIFY