BE A PERIOD
CONTEMPLATED BY THE DEFINITION OF THE TERM "INTEREST PERIOD".
IF ANY SUCH
INTEREST RATE ELECTION REQUESTS A LIBOR LOAN BUT DOES NOT SPECIFY AN INTEREST
PERIOD, THEN BORROWER SHALL BE DEEMED TO HAVE SELECTED AN INTEREST PERIOD OF ONE
MONTH'S DURATION.
(I)
PROMPTLY FOLLOWING RECEIPT OF AN INTEREST RATE ELECTION, THE
ADMINISTRATIVE AGENT SHALL ADVISE EACH LENDER OF THE DETAILS THEREOF AND OF SUCH
LENDER'S PORTION OF EACH RESULTING LOAN.
(J)
IF BORROWER FAILS TO DELIVER A TIMELY INTEREST RATE ELECTION WITH
RESPECT TO ANY LIBOR LOAN PRIOR TO THE END OF THE INTEREST PERIOD APPLICABLE
THERETO, THEN, UNLESS SUCH LIBOR LOAN IS REPAID AS PROVIDED HEREIN AT THE END OF
SUCH INTEREST PERIOD, SUCH LIBOR LOAN SHALL BE CONVERTED TO A BASE RATE LOAN AT
THE END OF SUCH INTEREST PERIOD.
NOTWITHSTANDING ANY CONTRARY PROVISION 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 OUTSTANDING LOAN MAY BE
CONVERTED TO OR CONTINUED AS A LIBOR LOAN AND (II) UNLESS REPAID, EACH LIBOR
LOAN SHALL BE CONVERTED TO A BASE RATE LOAN AT THE END OF THE INTEREST PERIOD
APPLICABLE THERETO.
SECTION 2.04
REQUESTS FOR LOANS.
To request a Loan, Borrower shall notify the Administrative Agent of such
request by telephone (a) in the case of any Base Rate Loan, not later than 11:30
a.m., New York City time, on the same day of such proposed Loan, (b) in the case
of any LIBOR Loan, not later than 11:30 a.m., New York City time, three (3)
Business Days before the date of such proposed Loan.
Each such telephonic Loan
Request shall be irrevocable and shall be confirmed promptly by hand delivery or
telecopy to the Administrative Agent of a Loan Request in the form attached
hereto as Exhibit F and signed by Borrower.
Each such telephonic and written
Loan Request shall specify the following information in compliance with
Section 2.02 hereof:
(I)
THE AGGREGATE AMOUNT OF THE REQUESTED LOAN;
(II)
THE DATE OF SUCH LOAN, WHICH SHALL BE A BUSINESS DAY;
(III)
WHETHER SUCH LOAN IS TO BE A BASE RATE LOAN OR A LIBOR LOAN;
(IV)
WHETHER SUCH LOAN IS TO BE A TRANCHE A LOAN OR A TRANCHE B LOAN;
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(V)
THE LOCATION AND NUMBER OF BORROWER'S ACCOUNT TO WHICH FUNDS ARE
TO BE DISBURSED, WHICH SHALL COMPLY WITH THE REQUIREMENTS OF SECTION 2.05
HEREOF;
(VI)
WHETHER THE PROCEEDS OF SUCH LOAN SHALL BE USED FOR (X) WORKING
CAPITAL PURPOSES OR (Y) VESSEL ACQUISITION OR CAPACITY EXPANSION PURPOSES.
If no election as to the type of Loan is specified, then the requested Loan
shall be a Base Rate Loan.
If no Interest Period is specified with respect to
any requested LIBOR Loan, then Borrower shall be deemed to have selected an
Interest Period of one month's duration.
Promptly following receipt of a Loan
Request in